Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | ||
Jun. 30, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | |
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q2 | ||
Trading Symbol | PBIB | ||
Entity Registrant Name | PORTER BANCORP, INC. | ||
Entity Central Index Key | 1,358,356 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 19,301,217 | ||
Nonvoting Common Stock | |||
Common stock, shares outstanding | 6,458,000 | 6,458,000 | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 7,403 | $ 14,169 |
Interest bearing deposits in banks | 63,987 | 66,011 |
Cash and cash equivalents | 71,390 | 80,180 |
Securities available for sale | 151,758 | 190,791 |
Securities held to maturity (fair value of $43,677 and $44,498, respectively) | 42,202 | 42,325 |
Loans held for sale | 125 | 8,926 |
Loans, net of allowance of $16,809 and $19,364, respectively | 631,512 | 605,635 |
Premises and equipment, net | 19,167 | 19,507 |
Other real estate owned | 39,545 | 46,197 |
Federal Home Loan Bank stock | 7,323 | 7,323 |
Bank owned life insurance | 9,320 | 9,167 |
Accrued interest receivable and other assets | 6,998 | 7,938 |
Total assets | 979,340 | 1,017,989 |
Deposits | ||
Non-interest bearing | 108,800 | 114,910 |
Interest bearing | 795,351 | 811,931 |
Total deposits | 904,151 | 926,841 |
Repurchase agreements | 1,265 | 1,341 |
Federal Home Loan Bank advances | 3,430 | 15,752 |
Accrued interest payable and other liabilities | 10,949 | 10,640 |
Subordinated capital note | 4,500 | 4,950 |
Junior subordinated debentures | 25,000 | 25,000 |
Total liabilities | 949,295 | 984,524 |
Stockholders' equity | ||
Preferred stock | 2,771 | 8,552 |
Common stock, no par, 86,000,000 shares authorized, 19,301,223 and 14,890,514 voting, and 6,458,000 and 0 non-voting shares issued and outstanding, respectively | 119,019 | 113,238 |
Additional paid-in capital | 21,623 | 21,442 |
Retained deficit | (109,131) | (107,595) |
Accumulated other comprehensive income (loss) | (4,237) | (2,172) |
Total common stockholders' equity | 27,274 | 24,913 |
Total stockholders' equity | 30,045 | 33,465 |
Total liabilities and stockholders' equity | 979,340 | 1,017,989 |
Preferred stock Series B | ||
Stockholders' equity | ||
Preferred stock | 2,229 | |
Total stockholders' equity | 2,229 | |
Preferred stock Series D | ||
Stockholders' equity | ||
Preferred stock | 3,552 | |
Total stockholders' equity | 3,552 | |
Preferred stock Series E | ||
Stockholders' equity | ||
Preferred stock | 1,644 | 1,644 |
Total stockholders' equity | 1,644 | 1,644 |
Preferred stock Series F | ||
Stockholders' equity | ||
Preferred stock | 1,127 | 1,127 |
Total stockholders' equity | $ 1,127 | $ 1,127 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, None in scaling factor is -9223372036854775296 | Jun. 30, 2015 | Dec. 31, 2014 |
Securities held to maturity, fair value | $ 43,677 | $ 44,498 |
Loans, allowance | $ 16,809 | $ 19,364 |
Preferred stock, no par | ||
Common stock, no par | ||
Common stock, shares authorized | 86,000,000 | 86,000,000 |
Preferred stock Series B | ||
Preferred stock, issued | 0 | 40,536 |
Preferred stock, outstanding | 0 | 40,536 |
Preferred stock Series D | ||
Preferred stock, issued | 0 | 64,580 |
Preferred stock, outstanding | 0 | 64,580 |
Preferred stock Series E | ||
Preferred stock, issued | 6,198 | 6,198 |
Preferred stock, outstanding | 6,198 | 6,198 |
Preferred stock, Liquidation preference | $ 6,200 | $ 6,200 |
Preferred stock Series F | ||
Preferred stock, issued | 4,304 | 4,304 |
Preferred stock, outstanding | 4,304 | 4,304 |
Preferred stock, Liquidation preference | $ 4,300 | $ 4,300 |
Voting Common Stock | ||
Common stock, shares issued | 19,301,223 | 14,890,514 |
Common stock, shares outstanding | 19,301,223 | 14,890,514 |
Nonvoting Common Stock | ||
Common stock, shares issued | 6,458,000 | 0 |
Common stock, shares outstanding | 6,458,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income | ||||
Loans, including fees | $ 7,846 | $ 8,572 | $ 15,601 | $ 16,893 |
Taxable securities | 1,010 | 1,215 | 2,136 | 2,388 |
Tax exempt securities | 190 | 235 | 393 | 476 |
Fed funds sold and other | 121 | 144 | 240 | 306 |
Interest and Dividend Income, Operating, Total | 9,167 | 10,166 | 18,370 | 20,063 |
Interest expense | ||||
Deposits | 1,607 | 2,319 | 3,299 | 4,680 |
Federal Home Loan Bank advances | 24 | 32 | 51 | 65 |
Subordinated capital note | 41 | 47 | 83 | 97 |
Junior subordinated debentures | 155 | 153 | 307 | 305 |
Federal funds purchased and other | 1 | 1 | 1 | 2 |
Interest Expense, Total | 1,828 | 2,552 | 3,741 | 5,149 |
Net interest income | 7,339 | 7,614 | 14,629 | 14,914 |
Provision for loan losses | 6,300 | 0 | 6,300 | |
Net interest income after provision for loan losses | 7,339 | 1,314 | 14,629 | 8,614 |
Non-interest income | ||||
Service charges on deposit accounts | 475 | 487 | 884 | 955 |
Bank card interchange fees | 229 | 205 | 432 | 366 |
Other real estate owned rental income | 372 | 18 | 729 | 25 |
Net gain on sales of securities | 199 | 2 | 1,696 | 46 |
Other | 290 | 237 | 520 | 472 |
Noninterest Income, Total | 1,565 | 949 | 4,261 | 1,864 |
Non-interest expense | ||||
Salaries and employee benefits | 4,028 | 3,949 | 7,875 | 7,690 |
Occupancy and equipment | 828 | 896 | 1,698 | 1,788 |
Professional fees | 714 | 484 | 1,693 | 773 |
FDIC Insurance | 564 | 571 | 1,134 | 1,111 |
Data processing expense | 278 | 280 | 582 | 549 |
State franchise and deposit tax | 285 | 405 | 570 | 830 |
Other real estate owned expense | 2,932 | 774 | 3,665 | 1,436 |
Loan collection expense | 291 | 1,249 | 574 | 1,788 |
Other | 1,114 | 1,196 | 2,635 | 2,341 |
Noninterest Expense, Total | 11,034 | 9,804 | 20,426 | 18,306 |
Loss before income taxes | (2,130) | (7,541) | (1,536) | (7,828) |
Income tax benefit | (1,307) | 0 | (1,307) | |
Net loss | (2,130) | (6,234) | (1,536) | (6,521) |
Less: | ||||
Dividends on preferred stock | 789 | 1,574 | ||
Earnings allocated to participating securities | (91) | (693) | (269) | (772) |
Net loss attributable to common shareholders | $ (2,039) | $ (6,330) | $ (1,267) | $ (7,323) |
Basic and diluted loss per common share | $ (0.08) | $ (0.53) | $ (0.06) | $ (0.61) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net loss | $ (2,130) | $ (6,234) | $ (1,536) | $ (6,521) |
Unrealized gain (loss) on securities: | ||||
Unrealized gain (loss) arising during the period | (1,762) | 2,139 | (433) | 3,781 |
Amortization during the period of net unrealized loss transferred to held to maturity | 32 | 33 | 64 | 67 |
Reclassification adjustment for gains included in net income | (199) | (2) | (1,696) | (46) |
Net unrealized gain/(loss) recognized in comprehensive income | (1,929) | 2,170 | (2,065) | 3,802 |
Tax effect | (1,307) | (1,307) | ||
Other comprehensive income (loss) | (1,929) | 863 | (2,065) | 2,495 |
Comprehensive income (loss) | $ (4,059) | $ (5,371) | $ (3,601) | $ (4,026) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Voting Common Stock | Nonvoting Common Stock | Series B Preferred Stock | Series D Preferred Stock | non-voting noncumulative non-convertible Series E perpetual preferred stock | non-voting noncumulative non-convertible Series F perpetual preferred stock | Common Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning Balances (in shares) at Dec. 31, 2014 | 14,890,514 | 40,536 | 64,580 | 6,198 | 4,304 | 14,890,514 | |||||
Beginning Balances at Dec. 31, 2014 | $ 33,465 | $ 2,229 | $ 3,552 | $ 1,644 | $ 1,127 | $ 113,238 | $ 21,442 | $ (107,595) | $ (2,172) | ||
Issuance of unvested stock (in shares) | 915,740 | 915,740 | |||||||||
Issuance of unvested stock | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 |
Terminated stock | (538,479) | (538,479) | (538,479) | ||||||||
Forfeited unvested stock (in shares) | (20,152) | (20,152) | |||||||||
Forfeited unvested stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Stock-based compensation expense | 181 | 181 | |||||||||
Net loss | (1,536) | (1,536) | |||||||||
Net change in accumulated other comprehensive loss, net of taxes | (2,065) | (2,065) | |||||||||
Conversion of preferred stock to common and non-voting common (in shares) | 4,053,600 | 6,458,000 | (40,536) | (64,580) | 10,511,600 | ||||||
Conversion of preferred stock to common and non-voting common | $ (2,229) | $ (3,552) | $ 5,781 | ||||||||
Ending Balances (in shares) at Jun. 30, 2015 | 19,301,223 | 6,458,000 | 6,198 | 4,304 | 25,759,223 | ||||||
Ending Balances at Jun. 30, 2015 | $ 30,045 | $ 1,644 | $ 1,127 | $ 119,019 | $ 21,623 | $ (109,131) | $ (4,237) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Cash flows from operating activities | |||||
Net loss | $ (2,130) | $ (6,234) | $ (1,536) | $ (6,521) | $ (11,200) |
Adjustments to reconcile net loss to net cash from operating activities | |||||
Depreciation and amortization | 814 | 852 | |||
Provision for loan losses | 6,300 | 0 | 6,300 | 7,100 | |
Net amortization on securities | 721 | 773 | |||
Stock-based compensation expense | 181 | 283 | |||
Tax benefit from OCI components | (1,307) | 0 | (1,307) | ||
Net loss (gain) on sales of loans held for sale | 232 | (34) | |||
Loans originated for sale | (4,146) | (1,574) | |||
Proceeds from sales of loans held for sale | 4,075 | 1,477 | |||
Net (gain) loss on sales of other real estate owned | (40) | (54) | (43) | (54) | |
Net write-down of other real estate owned | 2,630 | 650 | |||
Net realized gain on sales of investment securities | (199) | (2) | (1,696) | (46) | |
Earnings on bank owned life insurance, net of premium expense | (153) | (128) | |||
Net change in accrued interest receivable and other assets | 742 | (588) | |||
Net change in accrued interest payable and other liabilities | 309 | 205 | |||
Net cash from operating activities | 2,130 | 288 | |||
Cash flows from investing activities | |||||
Purchases of available for sale securities | (16,800) | (21,990) | |||
Sales and calls of available for sale securities | 9,972 | 675 | 44,110 | 1,004 | |
Maturities and prepayments of available for sale securities | 10,756 | 6,804 | |||
Proceeds from mandatory redemption of Federal Home Loan Bank stock | 2,749 | ||||
Proceeds from sale of other real estate owned | 5,020 | 4,281 | |||
Proceeds from sales of loans not originated for sale | 8,640 | ||||
Loan originations and payments, net | (26,974) | 25,997 | |||
Purchases of premises and equipment, net | (134) | (284) | |||
Net cash from investing activities | 24,618 | 18,561 | |||
Cash flows from financing activities | |||||
Net change in deposits | (22,690) | (36,890) | |||
Net change in repurchase agreements | (76) | (19) | |||
Repayment of Federal Home Loan Bank advances | (17,322) | (358) | |||
Advances from Federal Home Loan Bank | 5,000 | 10,000 | |||
Repayment of subordinated capital note | (450) | (450) | |||
Net cash from financing activities | (35,538) | (27,717) | |||
Net change in cash and cash equivalents | (8,790) | (8,868) | |||
Beginning cash and cash equivalents | 80,180 | 111,134 | 111,134 | ||
Ending cash and cash equivalents | $ 71,390 | $ 102,266 | 71,390 | 102,266 | $ 80,180 |
Supplemental cash flow information: | |||||
Interest paid | 3,622 | 4,872 | |||
Income taxes paid (refunded) | 0 | 0 | |||
Supplemental non-cash disclosure: | |||||
Transfer from loans to other real estate | 955 | 30,866 | |||
Financed sales of other real estate owned | $ 0 | $ 0 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the entire year. A description of other significant accounting policies is presented in the notes to the Consolidated Financial Statements for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K. Use of Estimates Reclassifications |
Going Concern Considerations an
Going Concern Considerations and Future Plans | 6 Months Ended |
Jun. 30, 2015 | |
Going Concern Considerations and Future Plans | Note 2 – Going Concern Considerations and Future Plans The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the foreseeable future. However, the events and circumstances described in this Note create substantial doubt about the Company’s ability to continue as a going concern. During the first six months of 2015, we reported net loss attributable to common shareholders of $1.3 million, compared with net loss attributable to common shareholders of $7.3 million for the first six months of 2014. The improvement for 2015 is primarily attributable to no loan loss provision expense incurred in 2015, compared to $6.3 million provision expense recorded in 2014. At June 30, 2015, we continued to be involved in various legal proceedings in which we dispute the material factual allegations against us. After conferring with our legal advisors, we believe we have meritorious grounds on which to prevail. If we do not prevail, the ultimate outcome of any one of these matters could have a material adverse effect on our financial condition, results of operations, or cash flows. These matters are more fully described in Note 13 – “Contingencies”. For the year ended December 31, 2014, we reported a net loss of $11.2 million. This loss was attributable primarily to loan loss provision of $7.1 million, OREO expense of $5.8 million resulting from fair value write-downs driven by new appraisals and reduced marketing prices, and ongoing operating expense, along with $3.0 million in loan collection expenses. We also had lower net interest margin due to lower average loans outstanding, loans re-pricing at lower rates, and the level of non-performing loans in our portfolio. After deductions for dividends and accretion on preferred stock of $2.4 million, allocating losses to participating securities of $3.2 million, and the effect of the exchange of preferred stock for common stock of $36.1 million, net income attributable to common shareholders was $19.4 million for the year ended December 31, 2014, compared with a net loss attributable to common shareholders of $3.4 million for the year ended December 31, 2013. In June 2011, the Bank agreed to a Consent Order with the FDIC and KDFI in which the Bank agreed, among other things, to improve asset quality, reduce loan concentrations, and maintain a minimum Tier 1 leverage ratio of 9% and a minimum total risk based capital ratio of 12%. In October 2012, the Bank entered into a revised Consent Order with the FDIC and KDFI again agreeing to maintain a minimum Tier 1 leverage ratio of 9% and a minimum total risk based capital ratio of 12%. The Bank also agreed that if it should be unable to reach the required capital levels, and if directed in writing by the FDIC, then the Bank would within 30 days develop, adopt and implement a written plan to sell or merge itself into another federally insured financial institution or otherwise immediately obtain a sufficient capital investment into the Bank to fully meet the capital requirements. We expect to continue to work with our regulators toward capital ratio compliance. The revised Consent Order also requires the Bank to continue to adhere to the plans implemented in response to the June 2011 Consent Order, and includes the substantive provisions of the June 2011 Consent Order. The revised Consent Order was included in our Current Report on 8-K filed on September 19, 2012. As of June 30, 2015, the capital ratios required by the Consent Order had not been met. In order to meet these capital requirements, the Board of Directors and management are continuing to evaluate and implement strategies to achieve the following objectives: • Increasing capital through the issuance of common stock to new and existing shareholders. • Continuing to operate the Company and Bank in a safe and sound manner. We have reduced our lending concentrations, and the size of our balance sheet while continuing to remediate non-performing loans, and reduce other noninterest expense through the disposition of OREO. • Continuing to improve our internal processes and procedures, distribution of labor, and work-flow to ensure we have adequately and appropriately deployed resources in an efficient manner in the current environment. • Executing on our commitment to improve credit quality and reduce loan concentrations and balance sheet risk. • We have reduced the size of our loan portfolio significantly from $1.3 billion at December 31, 2010 to $648.3 million at June 30, 2015. • We have reduced our construction and development loans to less than 75% of total risk-based capital at June 30, 2015. • We have reduced our non-owner occupied commercial real estate loans, construction and development loans, and multi-family residential real estate loans. These loans represented 248% of total risk-based capital at June 30, 2015, down from 262% at December 31, 2014. • Executing on our commitment to sell OREO and reinvest in quality income producing assets. • Our acquisition of real estate assets through the loan remediation process increased during 2014, as we acquired $32.3 million of OREO in 2014 compared with $20.6 million during 2013. We acquired $955,000 in the first six months of 2015. However, nonaccrual loans totaled $30.2 million at June 30, 2015, and we expect to resolve many of these loans by foreclosure which could result in further additions to our OREO portfolio. • We incurred OREO losses totaling $2.6 million during the first six months of 2015, comprised of $2.6 million in fair value write-downs to reflect reductions in listing prices for certain properties as well as updated appraisals, offset by $43,000 in net gain on sales of OREO. OREO expense may be elevated in future periods given the current size of the OREO portfolio and as we work to sell these properties. Currently, $12.7 million of OREO property is subject to a contract for sale or letter of intent. • To ensure we maximize the value we receive upon the sale of OREO, we continually evaluate sales opportunities. Proceeds from the sale of OREO totaled $5.0 million for the six months ended June 30, 2015, and $4.3 million for the six months ended June 30, 2014. • Real estate construction represents 41% of the OREO portfolio at June 30, 2015 compared with 40% at December 31, 2014. Commercial real estate represents 37% of the OREO portfolio at June 30, 2015 compared with 31% at December 31, 2014, and 1-4 family residential properties represent 12% of the portfolio at June 30, 2015 compared with 17% at December 31, 2014. Bank regulatory agencies can exercise discretion when an institution does not meet the terms of a consent order. Based on individual circumstances, the agencies may issue mandatory directives, impose monetary penalties, initiate changes in management, or take more serious adverse actions such as directing a bank to seek a buyer or taking a bank into receivership. The Company’s liquid assets were $1.3 million at June 30, 2015. Since the Bank is unlikely to be in a position to pay dividends to the parent company for the foreseeable future, cash inflows for the parent are limited to earnings on investment securities, sales of investment securities, interest on deposits with the Bank, the issuance of new debt, or the issuance of capital securities. Ongoing operating expenses of the parent company are forecast at approximately $1.0 million for 2015. Effective with the fourth quarter of 2011, we began deferring interest payments on the junior subordinated debentures relating to our trust preferred securities. Deferring interest payments on the junior subordinated debentures resulted in a deferral of distributions on our trust preferred securities. If we defer distributions on our trust preferred securities for 20 consecutive quarters, we must pay all deferred distributions in full or we will be in default. Our deferral period expires in the third quarter of 2016. Deferred distributions on our trust preferred securities, which totaled $2.5 million as of June 30, 2015, are cumulative, and unpaid distributions accrue and compound on each subsequent payment date. If as a result of a default we become subject to any liquidation, dissolution or winding up, holders of the trust preferred securities will be entitled to receive the liquidation amounts to which they are entitled, including all accrued and unpaid distributions, before any distribution can be made to our shareholders. In addition, the holders of our Series E and Series F Preferred Shares will be entitled to receive liquidation distributions totaling $10.5 million before any distribution can be made to the holders of our common shares. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Securities | Note 3 – Securities The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: Amortized Gross Gains Gross Unrealized Losses Fair Value (in thousands) June 30, 2015 Available for sale U.S. Government and federal agency $ 31,749 $ 91 $ (507 ) $ 31,333 Agency mortgage-backed: residential 109,688 1,174 (559 ) 110,303 State and municipal 6,834 318 (10 ) 7,142 Corporate bonds 2,312 30 (13 ) 2,329 Other debt securities 572 79 — 651 Total available for sale $ 151,155 $ 1,692 $ (1,089 ) $ 151,758 Amortized Gross Gross Losses Fair Value Held to maturity State and municipal $ 42,202 $ 1,505 $ (30 ) $ 43,677 Total held to maturity $ 42,202 $ 1,505 $ (30 ) $ 43,677 December 31, 2014 Available for sale U.S. Government and federal agency $ 35,725 $ 308 $ (590 ) $ 35,443 Agency mortgage-backed: residential 121,985 1,970 (357 ) 123,598 State and municipal 11,690 722 (8 ) 12,404 Corporate bonds 18,087 853 (252 ) 18,688 Other debt securities 572 86 — 658 Total available for sale $ 188,059 $ 3,939 $ (1,207 ) $ 190,791 Amortized Gross Gross Losses Fair Value Held to maturity State and municipal $ 42,325 $ 2,173 $ — $ 44,498 Total held to maturity $ 42,325 $ 2,173 $ — $ 44,498 Sales and calls of available for sale securities were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) Proceeds $ 9,972 $ 675 $ 44,110 $ 1,004 Gross gains 281 2 1,832 46 Gross losses 82 — 136 — The amortized cost and fair value of the debt investment securities portfolio are shown by contractual maturity. Contractual maturities may differ from actual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities not due at a single maturity date are detailed separately. June 30, 2015 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ 5,915 $ 5,973 One to five years 8,742 9,029 Five to ten years 26,238 25,802 Beyond ten years 572 651 Agency mortgage-backed: residential 109,688 110,303 Total $ 151,155 $ 151,758 Held to maturity One to five years $ 13,952 $ 14,412 Five to ten years 24,693 25,561 Beyond ten years 3,557 3,704 Total $ 42,202 $ 43,677 Securities pledged at June 30, 2015 and December 31, 2014 had carrying values of approximately $52.9 million and $80.8 million, respectively, and were pledged to secure public deposits and repurchase agreements. At June 30, 2015 and December 31, 2014, we held securities issued by the Commonwealth of Kentucky or municipalities in the Commonwealth of Kentucky having a book value of $17.9 million and $19.1 million, respectively. Additionally, at June 30, 2015 and December 31, 2014, we held securities issued by the State of Texas or municipalities in the State of Texas having a book value of $4.3 million and $4.4 million, respectively. At June 30, 2015 and December 31, 2014, there were no other holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. Securities with unrealized losses at June 30, 2015 and December 31, 2014, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) June 30, 2015 Available for sale U.S. Government and federal agency $ 8,242 $ (55 ) $ 15,228 $ (452 ) $ 23,470 $ (507 ) Agency mortgage-backed: residential 36,994 (314 ) 3,958 (245 ) 40,952 (559 ) State and municipal 470 (10 ) — — 470 (10 ) Corporate bonds 1,536 (13 ) — — 1,536 (13 ) Total available for sale temporarily impaired $ 47,242 $ (392 ) $ 19,186 $ (697 ) $ 66,428 $ (1,089 ) Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Held to maturity State and municipal $ — $ — $ 966 $ (30 ) $ 966 $ (30 ) Total held to maturity temporarily impaired $ — $ — $ 966 $ (30 ) $ 966 $ (30 ) December 31, 2014 Available for sale U.S. Government and federal agency $ 7,778 $ (60 ) $ 18,681 $ (530 ) $ 26,459 $ (590 ) Agency mortgage-backed: residential 6,960 (12 ) 17,938 (345 ) 24,898 (357 ) State and municipal 569 (8 ) — — 569 (8 ) Corporate bonds 4,884 (119 ) 1,660 (133 ) 6,544 (252 ) Total temporarily impaired $ 20,191 $ (199 ) $ 38,279 $ (1,008 ) $ 58,470 $ (1,207 ) There were no held to maturity securities in an unrecognized loss position at December 31, 2014. The Company evaluates securities for other than temporary impairment (OTTI) on a quarterly basis. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, underlying credit quality of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the sector or industry trends and cycles affecting the issuer, and the results of reviews of the issuer’s financial condition. Management currently intends to hold all securities with unrealized losses until recovery, which for fixed income securities may be at maturity. As of June 30, 2015, management does not believe securities within our portfolio with unrealized losses should be classified as other than temporarily impaired. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Loans | Note 4 – Loans Loans were as follows: June 30, 2015 December 31, 2014 (in thousands) Commercial $ 78,742 $ 60,936 Commercial Real Estate: Construction 39,014 33,173 Farmland 77,935 77,419 Nonfarm nonresidential 160,518 175,452 Residential Real Estate: Multi-family 44,702 41,891 1-4 Family 206,564 197,278 Consumer 9,958 11,347 Agriculture 30,391 26,966 Other 497 537 Subtotal 648,321 624,999 Less: Allowance for loan losses (16,809 ) (19,364 ) Loans, net $ 631,512 $ 605,635 The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2015 and 2014: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) June 30, 2015: Beginning balance $ 2,046 $ 10,680 $ 5,221 $ 244 $ 391 $ 15 $ 18,597 Provision for loan losses (296 ) (330 ) 604 10 3 9 — Loans charged off (99 ) (1,224 ) (809 ) (62 ) (37 ) (33 ) (2,264 ) Recoveries 295 87 44 34 2 14 476 Ending balance $ 1,946 $ 9,213 $ 5,060 $ 226 $ 359 $ 5 $ 16,809 June 30, 2014: Beginning balance $ 3,608 $ 13,929 $ 7,071 $ 383 $ 415 $ 9 $ 25,415 Provision for loan losses (329 ) 6,074 560 (28 ) 38 (15 ) 6,300 Loans charged off (308 ) (6,894 ) (1,048 ) (51 ) (21 ) (1 ) (8,323 ) Recoveries 144 1,250 290 35 3 19 1,741 Ending balance $ 3,115 $ 14,359 $ 6,873 $ 339 $ 435 $ 12 $ 25,133 The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2015 and 2014: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) June 30, 2015: Beginning balance $ 2,046 $ 10,931 $ 5,787 $ 274 $ 319 $ 7 $ 19,364 Provision for loan losses (27 ) (323 ) 220 22 107 1 — Loans charged off (474 ) (1,593 ) (1,291 ) (130 ) (70 ) (33 ) (3,591 ) Recoveries 401 198 344 60 3 30 1,036 Ending balance $ 1,946 $ 9,213 $ 5,060 $ 226 $ 359 $ 5 $ 16,809 June 30, 2014: Beginning balance $ 3,221 $ 16,414 $ 7,762 $ 416 $ 305 $ 6 $ 28,124 Provision for loan losses 116 4,947 1,094 (9 ) 151 1 6,300 Loans charged off (454 ) (8,368 ) (2,356 ) (179 ) (30 ) (18 ) (11,405 ) Recoveries 232 1,366 373 111 9 23 2,114 Ending balance $ 3,115 $ 14,359 $ 6,873 $ 339 $ 435 $ 12 $ 25,133 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2015: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1 $ 671 $ 170 $ — $ — $ — $ 842 Collectively evaluated for impairment 1,945 8,542 4,890 226 359 5 15,967 Total ending allowance balance $ 1,946 $ 9,213 $ 5,060 $ 226 $ 359 $ 5 $ 16,809 Loans: Loans individually evaluated for impairment $ 1,555 $ 27,478 $ 19,728 $ 20 $ 230 $ — $ 49,011 Loans collectively evaluated for impairment 77,187 249,989 231,538 9,938 30,161 497 599,310 Total ending loans balance $ 78,742 $ 277,467 $ 251,266 $ 9,958 $ 30,391 $ 497 $ 648,321 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of December 31, 2014: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 33 $ 491 $ 227 $ 1 $ — $ — $ 752 Collectively evaluated for impairment 2,013 10,440 5,560 273 319 7 18,612 Total ending allowance balance $ 2,046 $ 10,931 $ 5,787 $ 274 $ 319 $ 7 $ 19,364 Loans: Loans individually evaluated for impairment $ 2,022 $ 48,141 $ 21,384 $ 61 $ 263 $ 122 $ 71,993 Loans collectively evaluated for impairment 58,914 237,903 217,785 11,286 26,703 415 553,006 Total ending loans balance $ 60,936 $ 286,044 $ 239,169 $ 11,347 $ 26,966 $ 537 $ 624,999 Impaired Loans Impaired loans include restructured loans and loans on nonaccrual or classified as doubtful, whereby collection of the total amount is improbable, or loss, whereby all or a portion of the loan has been written off or a specific allowance for loss has been provided. The following tables present information related to loans individually evaluated for impairment by class of loans as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 1,792 $ 1,548 $ — $ 1,605 $ 5 $ 1,730 $ 5 Commercial real estate: Construction 1,599 1,012 — 2,475 4 3,016 8 Farmland 6,893 4,447 — 4,659 3 4,685 26 Nonfarm nonresidential 25,674 17,291 — 20,356 72 21,043 137 Residential real estate: Multi-family 34 34 — 17 — 38 — 1-4 Family 16,616 13,900 — 14,235 110 14,579 244 Consumer 85 20 — 22 — 25 — Agriculture 297 230 — 231 — 241 — Other — — — 62 2 82 4 Subtotal 52,990 38,482 — 43,662 196 45,439 424 With An Allowance Recorded: Commercial 7 7 1 10 — 22 — Commercial real estate: Construction — — — — — — — Farmland — — — — — 105 — Nonfarm nonresidential 8,150 4,728 671 2,615 6 7,266 12 Residential real estate: Multi-family 4,221 4,221 64 4,235 55 4,246 102 1-4 Family 1,573 1,573 106 1,628 14 1,676 39 Consumer — — — 4 — 13 — Agriculture — — — — — — — Other — — — — — — — Subtotal 13,951 10,529 842 8,492 75 13,328 153 Total $ 66,941 $ 49,011 $ 842 $ 52,154 $ 271 $ 58,767 $ 577 As of December 31, 2014 Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 2,546 $ 1,978 $ — $ 2,359 $ 54 $ 2,447 $ 55 Commercial real estate: Construction 4,714 4,100 — 5,488 3 6,340 6 Farmland 6,636 4,739 — 6,403 31 6,899 48 Nonfarm nonresidential 34,437 22,418 — 42,897 275 47,731 458 Residential real estate: Multi-family 81 81 — 323 — 2,719 — 1-4 Family 18,496 15,266 — 21,844 131 26,156 417 Consumer 93 29 — 10 — 9 — Agriculture 276 263 — 264 — 283 3 Other 367 122 — 180 2 330 9 Subtotal 67,646 48,996 — 79,768 496 92,914 996 With An Allowance Recorded: Commercial 145 44 33 1,115 2 1,534 20 Commercial real estate: Construction — — — 665 5 863 11 Farmland 658 315 38 — — 82 — Nonfarm nonresidential 19,454 16,569 453 13,308 63 15,370 171 Residential real estate: Multi-family 4,266 4,266 91 4,301 39 4,533 76 1-4 Family 1,791 1,771 136 1,749 19 1,907 38 Consumer 32 32 1 44 — 58 1 Agriculture — — — — — — — Other — — — — — — — Subtotal 26,346 22,997 752 21,182 128 24,347 317 Total $ 93,992 $ 71,993 $ 752 $ 100,950 $ 624 $ 117,261 $ 1,313 Cash basis income recognized for the three and six months ended June 30, 2015 was $29,000 and $102,000, respectively, compared to $225,000 and $422,000 for the three and six months ended June 30, 2014. Troubled Debt Restructuring A troubled debt restructuring (TDR) occurs when the Company has agreed to a loan modification in the form of a concession for a borrower who is experiencing financial difficulty. The majority of the Company’s TDRs involve a reduction in interest rate, a deferral of principal for a stated period of time, or an interest only period. All TDRs are considered impaired and the Company has allocated reserves for these loans to reflect the present value of the concessionary terms granted to the borrower. The following table presents the types of TDR loan modifications by portfolio segment outstanding as of June 30, 2015 and December 31, 2014: TDRs Performing to Modified TDRs Not Performing to Modified Total TDRs (in thousands) June 30, 2015 Commercial Rate reduction $ 8 $ 69 $ 77 Principal deferral — 869 869 Commercial Real Estate: Construction Rate reduction 265 337 602 Farmland Principal deferral — 2,365 2,365 Nonfarm nonresidential Rate reduction 5,504 11,366 16,870 Principal deferral 655 — 655 Residential Real Estate: Multi-family Rate reduction 4,221 — 4,221 1-4 Family Rate reduction 7,895 — 7,895 Total TDRs $ 18,548 $ 15,006 $ 33,554 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2014 Commercial Rate reduction $ 14 $ — $ 14 Principal deferral — 869 869 Commercial Real Estate: Construction Rate reduction 268 3,379 3,647 Farmland Principal deferral — 2,365 2,365 Other Rate reduction 8,622 13,894 22,516 Principal deferral 671 — 671 Residential Real Estate: Multi-family Rate reduction 4,266 — 4,266 1-4 Family Rate reduction 8,112 — 8,112 Consumer Rate reduction 32 — 32 Total TDRs $ 21,985 $ 20,507 $ 42,492 At June 30, 2015 and December 31, 2014, 55% and 52%, respectively, of the Company’s TDRs were performing according to their modified terms. The Company allocated $824,000 and $579,000 in reserves to borrowers whose loan terms have been modified in TDRs as of June 30, 2015, and December 31, 2014, respectively. The Company has committed to lend no additional amounts to customers as of June 30, 2015 and December 31, 2014 to borrowers with outstanding loans classified as TDRs. Management periodically reviews renewals/modifications of previously identified TDRs, for which there was no principal forgiveness, to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification did not contain a concessionary interest rate or other concessionary terms, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed as the borrower has complied with the terms of the loan at the date of renewal/modification and there was a reasonable expectation that the borrower would continue to comply with the terms of the loan subsequent to the date of the renewal/modification. In this instance, the TDR was originally considered a restructuring in a prior year as a result of a modification with an interest rate that was not commensurate with the risk of the underlying loan. Additionally, TDR classification can be removed in circumstances in which the Company performs a non-concessionary re-modification of the loan at terms that were considered to be at market for loans with comparable risk. Management expects the borrower will continue to perform under the re-modified terms based on the borrower’s past history of performance. No TDR loan modifications occurred during the three or six months ended June 30, 2015 or June 30, 2014. During the first six months of 2015 and 2014, no TDRs defaulted on their restructured loan within the 12 month period following the loan modification. A default is considered to have occurred once the TDR is past due 90 days or more or it has been placed on nonaccrual. Nonperforming Loans Nonperforming loans include impaired loans not on accrual and smaller balance homogeneous loans, such as residential mortgage and consumer loans, that are collectively evaluated for impairment. The following table presents the recorded investment in nonaccrual and loans past due 90 days and still on accrual by class of loan as of June 30, 2015, and December 31, 2014: Nonaccrual Loans Past Due 90 Days And Over Still Accruing June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (in thousands) Commercial $ 1,548 $ 1,978 $ — $ — Commercial Real Estate: Construction 747 3,831 — — Farmland 4,447 5,054 — — Nonfarm nonresidential 15,859 26,892 — — Residential Real Estate: Multi-family 34 80 — — 1-4 Family 7,330 8,925 92 151 Consumer 20 30 — — Agriculture 230 263 — — Other — 122 — — Total $ 30,215 $ 47,175 $ 92 $ 151 The following table presents the aging of the recorded investment in past due loans as of June 30, 2015 and December 31, 2014: 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) June 30, 2015 Commercial $ 28 $ — $ — $ 1,548 $ 1,576 Commercial Real Estate: Construction — — — 747 747 Farmland 267 61 — 4,447 4,775 Nonfarm nonresidential 152 238 — 15,859 16,249 Residential Real Estate: Multi-family — — — 34 34 1-4 Family 1,442 335 92 7,330 9,199 Consumer 52 4 — 20 76 Agriculture — 12 — 230 242 Other — — — — — Total $ 1,941 $ 650 $ 92 $ 30,215 $ 32,898 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) December 31, 2014 Commercial $ 86 $ — $ — $ 1,978 $ 2,064 Commercial Real Estate: Construction — — — 3,831 3,831 Farmland 400 14 — 5,054 5,468 Nonfarm nonresidential 241 318 — 26,892 27,451 Residential Real Estate: Multi-family — — — 80 80 1-4 Family 3,124 601 151 8,925 12,801 Consumer 109 47 — 30 186 Agriculture — — — 263 263 Other — — — 122 122 Total $ 3,960 $ 980 $ 151 $ 47,175 $ 52,266 Credit Quality Indicators We categorize all loans into risk categories at origination based upon original underwriting. Thereafter, we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends. Additionally, loans are analyzed continuously through our internal and external loan review processes. Borrower relationships in excess of $500,000 are routinely analyzed through our credit administration processes which classify the loans as to credit risk. The following definitions are used for risk ratings: Watch – Special Mention – Substandard – Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “Pass” rated loans. As of June 30, 2015, and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Watch Special Mention Substandard Doubtful Total (in thousands) June 30, 2015 Commercial $ 68,226 $ 4,266 $ — $ 6,250 $ — $ 78,742 Commercial Real Estate: Construction 31,715 5,582 — 1,717 — 39,014 Farmland 65,245 5,768 — 6,922 — 77,935 Nonfarm nonresidential 114,410 20,813 1,351 23,944 — 160,518 Residential Real Estate: Multi-family 35,769 4,958 — 3,975 — 44,702 1-4 Family 162,179 18,719 69 25,597 — 206,564 Consumer 9,095 307 298 258 — 9,958 Agriculture 22,707 7,299 — 385 — 30,391 Other 497 — — — — 497 Total $ 509,843 $ 67,712 $ 1,718 $ 69,048 $ — $ 648,321 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2014 Commercial $ 49,440 $ 5,063 $ — $ 6,433 $ — $ 60,936 Commercial Real Estate: Construction 25,266 2,990 — 4,917 — 33,173 Farmland 61,672 7,922 — 7,825 — 77,419 Nonfarm nonresidential 111,426 21,017 3,747 39,262 — 175,452 Residential Real Estate: Multi-family 31,526 6,039 — 4,326 — 41,891 1-4 Family 145,450 23,928 131 27,769 — 197,278 Consumer 10,115 537 311 384 — 11,347 Agriculture 25,816 704 — 446 — 26,966 Other 415 — — 122 — 537 Total $ 461,126 $ 68,200 $ 4,189 $ 91,484 $ — $ 624,999 |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2015 | |
Other Real Estate Owned | Note 5 – Other Real Estate Owned Other real estate owned (OREO) is real estate acquired as a result of foreclosure or by deed in lieu of foreclosure. It is classified as real estate owned until such time as it is sold. When property is acquired as a result of foreclosure or by deed in lieu of foreclosure, it is recorded at its fair market value less cost to sell. Any write-down of the property at the time of acquisition is charged to the allowance for loan losses. Costs incurred in order to perfect the lien prior to foreclosure may be capitalized if the fair value less the cost to sell exceeds the balance of the loan at the time of transfer to OREO. Examples of eligible costs to be capitalized are payments of delinquent property taxes to clear tax liens or payments to contractors and subcontractors to clear mechanics’ liens. Fair value of OREO is determined on an individual property basis. To determine the fair value of OREO for smaller dollar single family homes, we consult with internal real estate sales staff and external realtors, investors, and appraisers. If the internally evaluated market price is below our underlying investment in the property, appropriate write-downs are taken. For larger dollar residential and commercial real estate properties, we obtain a new appraisal of the subject property or have staff from our special assets group or in our centralized appraisal department evaluate the latest in-file appraisal in connection with the transfer to other real estate owned. We typically obtain updated appraisals within five quarters of the anniversary date of ownership unless a sale is imminent. Subsequent reductions in fair value are recorded as non-interest expense when a new appraisal indicates a decline in value or in cases where a listing price is lowered below the appraised amount. The following table presents the major categories of OREO at the period-ends indicated: June 30, 2015 December 31, 2014 (in thousands) Commercial Real Estate: Construction, land development, and other land $ 16,303 $ 18,748 Farmland 231 669 Nonfarm nonresidential 14,664 14,860 Residential Real Estate: Multi-family 3,864 4,988 1-4 Family 4,790 7,998 39,852 47,263 Valuation allowance (307 ) (1,066 ) $ 39,545 $ 46,197 For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) OREO Valuation Allowance Activity: Beginning balance $ 492 $ 208 $ 1,066 $ 230 Provision to allowance 2,330 400 2,630 650 Write-downs (2,515 ) (409 ) (3,389 ) (681 ) Ending balance $ 307 $ 199 $ 307 $ 199 Residential loans secured by 1-4 family residential properties in the process of foreclosure totaled $2.1 million and $3.6 million at June 30, 2015 and December 31, 2014, respectively. Currently, $12.7 million of OREO property is subject to a contract for sale or letter of intent. Net activity relating to other real estate owned during the three months ended June 30, 2015 and 2014 is as follows: For the Six Months Ended June 30, 2015 2014 (in thousands) OREO Activity OREO as of January 1 $ 46,197 $ 30,892 Real estate acquired 955 30,867 Valuation adjustment writedowns (2,630 ) (650 ) Gain/(loss) on sale 43 54 Proceeds from sale of properties (5,020 ) (4,281 ) OREO as of June 30 $ 39,545 $ 56,882 Expenses related to other real estate owned include: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) Net (gain) loss on sales $ (40 ) $ (54 ) $ (43 ) $ (54 ) Provision to allowance 2,330 400 2,630 650 Operating expense 642 428 1,078 840 Total $ 2,932 $ 774 $ 3,665 $ 1,436 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
Deposits | Note 6 – Deposits The following table shows ending deposit balances by category as of: June 30, 2015 December 31, 2014 (in thousands) Non-interest bearing $ 108,800 $ 114,910 Interest checking 84,627 91,086 Money market 110,529 109,734 Savings 35,942 36,430 Certificates of deposit 564,253 574,681 Total $ 904,151 $ 926,841 Time deposits of $250,000 or more were $34.2 million and $34.4 million at June 30, 2015 and December 31, 2014, respectively. Scheduled maturities of all time deposits at June 30, 2015 were as follows (in thousands): Year 1 $ 327,242 Year 2 159,912 Year 3 10,715 Year 4 13,874 Year 5 52,510 Thereafter — $ 564,253 |
Advances from the Federal Home
Advances from the Federal Home Loan Bank | 6 Months Ended |
Jun. 30, 2015 | |
Advances from the Federal Home Loan Bank | Note 7 – Advances from the Federal Home Loan Bank Advances from the Federal Home Loan Bank were as follows: June 30, December 31, 2015 2014 (in thousands) Monthly amortizing advances with fixed rates from 0.00% to 5.25% and maturities ranging from 2017 through 2033, averaging 2.79% at June 30, 2015 and 1.02% at December 31, 2014 $ 3,430 $ 15,752 Each advance is payable based upon the terms on agreement, with a prepayment penalty. New advances are limited to a one year maturity or less. No prepayment penalties were incurred during 2015 or 2014. The advances are collateralized by first mortgage loans. The borrowing capacity is based on the market value of the underlying pledged loans. At June 30, 2015, our additional borrowing capacity with the FHLB was $23.8 million. The availability of our borrowing capacity could be affected by our financial condition and the FHLB could require additional collateral or, among other things, exercise its right to deny a funding request, at its discretion. |
Fair Values Measurement
Fair Values Measurement | 6 Months Ended |
Jun. 30, 2015 | |
Fair Values Measurement | Note 8 – Fair Values Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use various valuation techniques to determine fair value, including market, income and cost approaches. There are three levels of inputs that may be used to measure fair values: Level 1: Level 2: Level 3: In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When that occurs, we classify the fair value hierarchy on the lowest level of input that is significant to the fair value measurement. We used the following methods and significant assumptions to estimate fair value. Securities: Impaired Loans: Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualities such as location, size, and income production capacity relative to the subject property of the appraisal. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. We routinely apply an internal discount to the value of appraisals used in the fair value evaluation of our impaired loans. The deductions to the appraisal take into account changing business factors and market conditions, as well as potential value impairment in cases where our appraisal date predates a likely change in market conditions. These deductions range from 10% for routine real estate collateral to 25% for real estate that is determined (1) to have a thin trading market or (2) to be specialized collateral. This is in addition to estimated discounts for cost to sell of six to ten percent. We also apply discounts to the expected fair value of collateral for impaired loans where the likely resolution involves litigation or foreclosure. Resolution of this nature generally results in receiving lower values for real estate collateral in a more aggressive sales environment. We have utilized discounts ranging from 10% to 33% in our impairment evaluations when applicable. Impaired loans are evaluated quarterly for additional impairment. We obtain updated appraisals on properties securing our loans when circumstances are warranted such as at the time of renewal or when market conditions have significantly changed. This determination is made on a property-by-property basis in light of circumstances in the broader economic climate and our assessment of deterioration of real estate values in the market in which the property is located. The first stage of our assessment involves management’s inspection of the property in question. Management also engages in conversations with local real estate professionals, investors, and market participants to determine the likely marketing time and value range for the property. The second stage involves an assessment of current trends in the regional market. After thorough consideration of these factors, management will either internally evaluate fair value or order a new appraisal. Other Real Estate Owned (OREO) For larger dollar commercial real estate properties, we obtain a new appraisal of the subject property or have staff in our special assets group or centralized appraisal department evaluate the latest in-file appraisal in connection with the transfer to other real estate owned. In some of these circumstances, an appraisal is in process at quarter end, and we must make our best estimate of the fair value of the underlying collateral based on our internal evaluation of the property, review of the most recent appraisal, and discussions with the currently engaged appraiser. We generally obtain updated appraisals within five quarters of the anniversary date of ownership unless a sale is imminent. We routinely apply an internal discount to the value of appraisals used in the fair value evaluation of our OREO. The deductions to the appraisal take into account changing business factors and market conditions, as well as potential value impairment in cases where our appraisal date predates a likely change in market conditions. These deductions range from 10% for routine real estate collateral to 25% for real estate that is determined (1) to have a thin trading market or (2) to be specialized collateral. This is in addition to estimated discounts for cost to sell of six to ten percent. Financial assets measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 are summarized below: Fair Value Measurements at June 30, 2015 Using (in thousands) Quoted Prices In Significant Active Markets for Significant Other Unobservable Carrying Identical Assets Observable Inputs Inputs Description Value (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government and federal agency $ 31,333 $ — $ 31,333 $ — Agency mortgage-backed: residential 110,303 — 110,303 — State and municipal 7,142 — 7,142 — Corporate bonds 2,329 — 2,329 — Other debt securities 651 — — 651 Total $ 151,758 $ — $ 151,107 $ 651 Fair Value Measurements at December 31, 2014 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government and federal agency $ 35,443 $ — $ 35,443 $ — Agency mortgage-backed: residential 123,598 — 123,598 — State and municipal 12,404 — 12,404 — Corporate bonds 18,688 — 18,688 — Other debt securities 658 — — 658 Total $ 190,791 $ — $ 190,133 $ 658 There were no transfers between Level 1 and Level 2 during 2015 or 2014. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods ended June 30, 2015 and 2014: Other Debt Securities 2015 2014 (in thousands) Balances of recurring Level 3 assets at January 1 $ 658 $ 632 Total gain (loss) for the period: Included in other comprehensive income (loss) (7 ) 19 Balance of recurring Level 3 assets at June 30 $ 651 $ 651 Our other debt security valuation is determined internally by calculating discounted cash flows using the security’s coupon rate of 6.5% and an estimated current market rate of 8.25% based upon the current yield curve plus spreads that adjust for volatility, credit risk, and optionality. We also consider the issuer’s publicly filed financial information as well as assumptions regarding the likelihood of deferrals and defaults. Financial assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2015 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial $ 7 $ — $ — $ 7 Commercial real estate: Construction — — — — Farmland — — — — Nonfarm nonresidential 3,770 — — 3,770 Residential real estate: Multi-family — — — — 1-4 Family 1,467 — — 1,467 Consumer — — — — Other — — — — Other real estate owned, net: Commercial real estate: Construction 16,178 — — 16,178 Farmland 230 — — 230 Nonfarm nonresidential 14,551 — — 14,551 Residential real estate: Multi-family 3,834 — — 3,834 1-4 Family 4,752 — — 4,752 Fair Value Measurements at December 31, 2014 Using (in thousands) Description Carrying Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial $ 12 $ — $ — $ 12 Commercial real estate: Construction — — — — Farmland 278 — — 278 Other 15,825 — — 15,825 Residential real estate: Multi-family — — — — 1-4 Family 1,635 — — 1,635 Consumer 31 — — 31 Other — — — — Other real estate owned, net: Commercial real estate: Construction 18,325 — — 18,325 Farmland 654 — — 654 Other 14,525 — — 14,525 Residential real estate: Multi-family 4,875 — — 4,875 1-4 Family 7,818 — — 7,818 Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $5.2 million at June 30, 2015 with a valuation allowance of $742,000, resulting in no additional provision for loan losses for the three and six months ended June 30, 2015. Impaired loans had a carrying amount of $13.3 million with a valuation allowance of $1.6 million, with an additional provision of $5.2 million for the three and six months ended June 30, 2014. At December 31, 2014, impaired loans had a carrying amount of $18.4 million, with a valuation allowance of $622,000. OREO, which is measured at the lower of carrying or fair value less estimated costs to sell, had a net carrying amount of $39.5 million as of June 30, 2015, compared with $56.9 million at June 30, 2014 and $46.2 million at December 31, 2014. Fair value write-downs of $2.6 million and $650,000 were recorded on OREO for the six months ended June 30, 2015 and 2014, respectively. The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2015: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Impaired loans – Commercial $ 7 Market value approach Adjustment for receivables and inventory discounts 11% - 14% (13%) Impaired loans – Commercial real estate $ 3,770 Sales comparison approach Adjustment for differences between the comparable sales 2% - 17% (10%) Income approach Discount or capitalization rate 8% - 10% (9%) Impaired loans – Residential real estate $ 1,467 Sales comparison approach Adjustment for differences between the comparable sales 1% - 16% (7%) Other real estate owned – Commercial real estate $ 30,959 Sales comparison approach Adjustment for differences between the comparable sales 0% - 69% (22%) 8% - 20% (13%) Income approach Discount or capitalization rate Other real estate owned – Residential real estate $ 8,586 Sales comparison approach Adjustment for differences between the comparable sales 0% - 15% (5%) The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2014: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Impaired loans – Commercial $ 12 Market value approach Adjustment for receivables and inventory discounts 16% - 32% (24%) Impaired loans – Commercial real estate $ 16,103 Sales comparison approach Income approach Adjustment for differences between the comparable sales Discount or capitalization rate 0% - 62% (14%) 8% - 9% (8%) Impaired loans – Residential real estate $ 1,635 Sales comparison approach Adjustment for differences between the comparable sales 0% - 39% (11%) Other real estate owned – Commercial real estate $ 33,504 Sales comparison approach Income approach Adjustment for differences between the comparable sales Discount or capitalization rate 0% - 45% (18%) 9% - 20% (13%) Other real estate owned – Residential real estate $ 12,693 Sales comparison approach Adjustment for differences between the comparable sales 0% - 15% (6%) Carrying amount and estimated fair values of financial instruments were as follows for the periods indicated: Fair Value Measurements at June 30, 2015 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 71,390 $ 58,734 $ 12,656 $ — $ 71,390 Securities available for sale 151,758 — 151,107 651 151,758 Securities held to maturity 42,202 — 43,677 — 43,677 Federal Home Loan Bank stock 7,323 N/A N/A N/A N/A Loans held for sale 125 — 125 — 125 Loans, net 631,512 — — 642,894 642,894 Accrued interest receivable 3,256 — 1,111 2,145 3,256 Financial liabilities Deposits $ 904,151 $ 108,800 $ 790,086 $ — $ 898,886 Securities sold under agreements to repurchase 1,265 — 1,265 — 1,265 Federal Home Loan Bank advances 3,430 — 3,438 — 3,438 Subordinated capital notes 4,500 — — 4,351 4,351 Junior subordinated debentures 25,000 — — 14,644 14,644 Accrued interest payable 2,977 — 564 2,413 2,977 Fair Value Measurements at December 31, 2014 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 80,180 $ 49,007 $ 31,173 $ — $ 80,180 Securities available for sale 190,791 — 190,133 658 190,791 Securities held to maturity 42,325 — 44,498 — 44,498 Federal Home Loan Bank stock 7,323 N/A N/A N/A N/A Loans held for sale 8,926 — 8,926 — 8,926 Loans, net 605,635 — — 615,914 615,914 Accrued interest receivable 3,503 — 1,389 2,114 3,503 Financial liabilities Deposits $ 926,841 $ 114,910 $ 804,508 $ — $ 919,418 Securities sold under agreements to repurchase 1,341 — 1,341 — 1,341 Federal Home Loan Bank advances 15,752 — 15,758 — 15,758 Subordinated capital notes 4,950 — — 4,765 4,765 Junior subordinated debentures 25,000 — — 14,214 14,214 Accrued interest payable 2,858 — 751 2,107 2,858 The methods and assumptions, not previously presented, used to estimate fair values are described as follows: (a) Cash and Cash Equivalents The carrying amounts of cash and short-term instruments approximate fair values and are classified as either Level 1 or Level 2. Non-interest bearing deposits are Level 1 whereas interest bearing due from bank accounts and fed funds sold are Level 2. (b) FHLB Stock It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. (c) Loans, Net Fair values of loans, excluding loans held for sale, are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. (d) Loans Held for Sale The fair value of loans held for sale is estimated based upon binding contracts and and/or quotes from third party investors resulting in a Level 2 classification. (e) Deposits The fair values disclosed for non-interest bearing deposits are, by definition, equal to the amount payable on demand at the reporting date resulting in a Level 1 classification. The carrying amounts of variable rate interest bearing deposits approximate their fair values at the reporting date resulting in a Level 2 classification. Fair values for fixed rate interest bearing deposits are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. (f) Securities Sold Under Agreements to Repurchase The carrying amounts of borrowings under repurchase agreements approximate their fair values resulting in a Level 2 classification. ( g) Other Borrowings The fair values of the Company’s FHLB advances are estimated using discounted cash flow analyses based on the current borrowing rates resulting in a Level 2 classification. The fair values of the Company’s subordinated capital notes and junior subordinated debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. (h) Accrued Interest Receivable/Payable The carrying amounts of accrued interest approximate fair value resulting in a Level 2 or Level 3 classification based on the level of the asset or liability with which the accrual is associated. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes | Note 9 – Income Taxes Deferred tax assets and liabilities were due to the following as of: June 30, December 31, 2015 2014 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 34,095 $ 32,111 Allowance for loan losses 5,883 6,777 Other real estate owned write-down 9,379 10,000 Alternative minimum tax credit carry-forward 692 692 Net assets from acquisitions 670 668 Other than temporary impairment on securities 46 46 Net unrealized loss on securities 144 — New market tax credit carry-forward 208 208 Nonaccrual loan interest 846 958 Amortization of non-compete agreements 13 14 Other 1,810 1,701 53,786 53,175 Deferred tax liabilities: FHLB stock dividends 928 928 Fixed assets 236 264 Originated mortgage servicing rights 42 53 Net unrealized gain on securities — 579 Other 669 703 1,875 2,527 Net deferred tax assets before valuation allowance 51,911 50,648 Valuation allowance (51,911 ) (50,648 ) Net deferred tax asset $ — $ — Our estimate of the realizability of the deferred tax asset is dependent on our estimate of projected future levels of taxable income. In analyzing future taxable income levels, we considered all evidence currently available, both positive and negative. Based on our analysis, we established a valuation allowance for all deferred tax assets as of December 31, 2011. The valuation allowance remains in effect as of June 30, 2015. The calculation for the income tax provision or benefit generally does not consider the tax effects of changes in other comprehensive income, or OCI, which is a component of stockholders’ equity on the balance sheet. However, an exception is provided in certain circumstances, such as when there is a full valuation allowance against net deferred tax assets, there is a loss from continuing operations and there is income in other components of the financial statements. In such a case, pre-tax income from other categories, such as changes in OCI, must be considered in determining a tax benefit to be allocated to the loss from continuing operations. No tax benefit or expense was recognized for the six months ended June 30, 2015, and a tax benefit of $1.3 million was allocated to continuing operations for the six months ended June 30, 2014. The June 30, 2014 tax benefit is entirely due to gains in other comprehensive income that are presented in current operations in accordance with applicable accounting standards. The Company does not have any beginning and ending unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. There were no interest and penalties recorded in the income statement or accrued for the six months ended June 30, 2015 or June 30, 2014 related to unrecognized tax benefits. On June 24, 2015, the Board of Directors approved the adoption of a tax benefits preservation plan designed to preserve the value of certain of the Company’s deferred tax assets primarily associated with net operating loss carryforwards (NOLs) under Section 382 of the Internal Revenue Code. NOLs can generally be used to offset future taxable income and therefore reduce federal income tax obligations. However, the Company’s ability to use its NOLs would be limited if there was an “ownership change” under Section 382. This would occur if shareholders owning (or deemed to own under the tax rules) 5% or more of the Company’s increase their aggregate ownership of the Company by more than 50 percentage points over a defined period of time. The plan is intended to reduce the likelihood of an “ownership change” occurring as a result of the buying and selling of the Company’s common stock. In connection with the tax benefits preservation plan, the Company declared a dividend of one preferred stock purchase right for each share of common stock outstanding as of the close of business on July 10, 2015. Any shareholder or group that acquires beneficial ownership of 5% or more of the Company (an “acquiring person”) could be subject to significant dilution in its holdings if the Company’s board of directors does not approve such acquisition. Existing shareholders holding 5% or more of the Company will not be considered acquiring persons unless they acquire additional shares, subject to certain exceptions described in the plan. In addition, in its discretion, the Board of Directors may exempt certain transactions and certain persons whose acquisition of securities is determined by the board not to jeopardize the Company’s deferred tax assets. The rights will expire upon the earlier of (i) June 29, 2018, (ii) the beginning of a taxable year with respect to which the Board of Directors determines that no tax benefits may be carried forward, (iii) the repeal or amendment of Section 382 or any successor statute, if the Board of Directors determines that the plan is no longer needed to preserve the tax benefits, and (iv) certain other events as described in the plan. The Company and its subsidiaries are subject to U.S. federal income tax and the Company is subject to income tax in the Commonwealth of Kentucky. The Company is no longer subject to examination by taxing authorities for years before 2011. |
Stock Plans and Stock Based Com
Stock Plans and Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Stock Plans and Stock Based Compensation | Note 10 – Stock Plans and Stock Based Compensation The Company has two stock incentive plans. The Porter Bancorp, Inc. 2006 Stock Incentive Plan permits the issuance of up to 1,563,050 shares of the Company’s common stock upon the grant of stock awards. As of June 30, 2015, the Company had issued and outstanding 1,019,109 unvested shares net of forfeitures and vesting under the stock incentive plan. Shares issued under the plan vest annually on the anniversary date of the grant over three to ten years. The Company has 291,902 shares remaining available for issuance under the plan. The Porter Bancorp, Inc. 2006 Non-Employee Directors Stock Ownership Incentive Plan permits the issuance of up to 700,000 shares of the Company’s voting common stock upon the grant of stock awards. The Plan awards restricted shares having a fair market value of $25,000 annually to each non-employee director. Unvested shares are granted automatically under the plan at fair market value on the date of grant and vest on December 31 in the year of grant. The Company has issued and outstanding 115,740 unvested shares, net of forfeitures and vesting, to non-employee directors. At June 30, 2015, 185,774 shares remain available for issuance under this plan. Upon the sale of our Series A preferred shares by the U.S. Treasury at a discount to face amount on December 4, 2014, restricted shares previously granted to senior executives became subject to permanent transfer restrictions. On March 25, 2015, the Compensation Committee modified the equity compensation arrangements with our four named executive officers to restore the incentive that was intended by including equity grants in their employment agreements. The Compensation Committee and the named executive officers mutually agreed to terminate 538,479 restricted shares that were subject to permanent restrictions on transfer. We then awarded 800,000 new service-based restricted shares to our named executive officers. The new awards were accounted for as a modification and vest over four years, with one-third of the shares vesting on each of the second, third and fourth anniversaries of the date of grant. The modification results in incremental compensation expense of approximately $233,000 and will be amortized in accordance with the vesting schedule. The fair value of the 2015 unvested shares issued to employees was $712,000, or $0.89 per weighted-average share. The fair value of the 2015 unvested shares issued to directors was $125,000, or $1.08 per weighted-average share. The Company recorded $181,000 and $283,000 of stock-based compensation during the first six months of 2015 and 2014, respectively, to salaries and employee benefits. We expect substantially all of the unvested shares outstanding at the end of the period will vest according to the vesting schedule. No deferred tax benefit was recognized related to this expense for either period. The following table summarizes unvested share activity as of and for the periods indicated for the Stock Incentive Plan: Six Months Ended Twelve Months Ended Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 770,440 $ 1.33 787,426 $ 1.56 Granted 800,000 0.89 122,220 0.93 Vested (80,185 ) 1.81 (133,227 ) 2.20 Terminated (450,994 ) 1.25 — — Forfeited (20,152 ) 1.06 (5,979 ) 4.21 Outstanding, ending 1,019,109 $ 0.99 770,440 $ 1.33 The following table summarizes unvested share activity as of and for the periods indicated for the Non-Employee Directors Stock Ownership Incentive Plan: Six Months Ended Twelve Months Ended June 30, 2015 December 31, 2014 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 5,052 $ 1.65 47,428 $ 1.69 Granted 115,740 1.08 166,668 0.90 Vested (5,052 ) 1.65 (154,222 ) 0.98 Forfeited — — (54,822 ) 1.29 Outstanding, ending 115,740 $ 1.08 5,052 $ 1.65 Unrecognized stock based compensation expense related to unvested shares for the remainder of 2015 and beyond is estimated as follows (in thousands): July 2015 – December 2015 $ 269 2016 257 2017 156 2018 149 2019 & thereafter — |
Earnings (Loss) per Share
Earnings (Loss) per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings (Loss) per Share | Note 11 – Earnings (Loss) per Share The factors used in the basic and diluted loss per share computations follow: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands, except share and per share data) Net loss $ (2,130 ) $ (6,234 ) $ (1,536 ) $ (6,521 ) Less: Preferred stock dividends — 789 — 1,574 Earnings allocated to unvested shares (91 ) (517 ) (60 ) (569 ) Earnings allocated to Series C preferred — (176 ) (209 ) (203 ) Net loss attributable to common shareholders, basic and diluted $ (2,039 ) $ (6,330 ) $ (1,267 ) $ (7,323 ) Basic Weighted average common shares including unvested common shares outstanding 25,687,579 13,293,226 25,554,292 13,256,911 Less: Weighted average unvested common shares 1,098,072 979,211 990,545 931,092 Weighted average Series B preferred — — 1,343,735 — Weighted average Series C preferred — 332,894 — 332,894 Weighted average Series D preferred — — 2,140,774 — Weighted average common shares outstanding 24,589,507 11,981,121 21,079,238 11,992,925 Basic loss per common share $ (0.08 ) $ (0.53 ) $ (0.06 ) $ (0.61 ) Diluted Add: Dilutive effects of assumed exercises of common and Preferred Series C stock warrants — — — — Weighted average common shares and potential common shares 24,589,507 11,981,121 21,079,238 11,992,925 Diluted loss per common share $ (0.08 ) $ (0.53 ) $ (0.06 ) $ (0.61 ) The Company had no outstanding stock options at June 30, 2015 or 2014. A warrant for the purchase of 330,561 shares of the Company’s common stock at an exercise price of $15.88 was outstanding at June 30, 2015 and 2014 but was not included in the diluted EPS computation as inclusion would have been anti-dilutive. Additionally, warrants for the purchase of 650,544 and 1,449,459 shares of non-voting common stock at an exercise price of $10.95 per share were outstanding at June 30, 2015 and 2014, respectively, but were not included in the diluted EPS computation as inclusion would have been anti-dilutive. |
Capital Requirements and Restri
Capital Requirements and Restrictions on Retained Earnings | 6 Months Ended |
Jun. 30, 2015 | |
Capital Requirements and Restrictions on Retained Earnings | Note 12 – Capital Requirements and Restrictions on Retained Earnings Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The Basel III regulatory capital reforms became effective for the Company and Bank on January 1, 2015, and include new minimum risk-based capital and leverage ratios. These rules refine the definition of what constitutes “capital” for purposes of calculating those ratios, including the definitions of Tier 1 capital and Tier 2 capital. The final rules allowed banks and their holding companies with less than $250 billion in assets a one-time opportunity to opt-out of a requirement to include unrealized gains and losses in accumulated other comprehensive income in their capital calculation. The Company and the Bank opted out of this requirement. On June 24, 2011, the Bank entered into a Consent Order with the FDIC and the Kentucky Department of Financial Institutions. The consent order required the Bank to complete a management study, to maintain Tier 1 capital as a percentage of total assets of at least 9% and a total risk based capital ratio of at least 12%, to develop a plan to reduce our risk position in each substandard asset in excess of $1 million, to complete board review of the adequacy of the allowance for loan losses prior to quarterly Call Report submissions, to adopt procedures which strengthen the loan review function and ensure timely and accurate grading of credit relationships, to charge-off all assets classified as loss, to develop a plan to reduce concentrations of construction and development loans to not more than 75% of total risk based capital and non-owner occupied commercial real estate loans to not more than 250% of total risk based capital, to limit asset growth to no more than 5% in any quarter or 10% annually, not to extend additional credit to any borrower classified substandard unless the board of directors first adopts a detailed statement why the extension is in the best interest of the bank, and not to declare or pay any dividend without the prior consent of our regulators. We are also restricted from accepting, renewing, or rolling-over brokered deposits without the prior receipt of a waiver on a case-by-case basis from our regulators. On September 21, 2011, we entered into a Written Agreement with the Federal Reserve Bank of St. Louis in which we made formal commitments to use our financial and management resources to serve as a source of strength for the Bank and to assist the Bank in addressing weaknesses identified by the FDIC and the KDFI, to pay no dividends without prior written approval, to pay no interest or principal on subordinated debentures or trust preferred securities without prior written approval, and to submit an acceptable plan to maintain sufficient capital. In October 2012, the Bank entered into a revised Consent Order with the FDIC and KDFI again agreeing to maintain a minimum Tier 1 leverage ratio of 9% and a minimum total risk based capital ratio of 12%. The Bank cannot be considered well-capitalized while under the Consent Order. The Bank also agreed that if it should be unable to reach the required capital levels, and if directed in writing by the FDIC, then the Bank would within 30 days develop, adopt and implement a written plan to sell or merge itself into another federally insured financial institution or otherwise immediately obtain a capital investment into the Bank sufficient to fully meet the capital requirements. We have not been directed by the FDIC to implement such a plan. The revised Consent Order also requires the Bank to continue to adhere to the plans implemented in response to the June 2011 Consent Order, and includes the substantive provisions of the June 2011 Consent Order. As of June 30, 2015, the capital ratios required by the Consent Order had not been met. The following table shows the ratios and amounts of Common Equity Tier 1, Tier 1 capital and total capital to risk-adjusted assets and the leverage ratios for Porter Bancorp, Inc. and the Bank at the dates indicated (dollars in thousands): Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio As of June 30, 2015: Total risk-based capital (to risk-weighted assets) Consolidated $ 72,471 10.25 % $ 56,542 8.00 % Bank 72,858 10.34 56,388 8.00 Total common equity Tier I risk-based capital (to risk-weighted assets) Consolidated 31,267 4.42 31,805 4.50 Bank 59,449 8.43 31,718 4.50 Tier I capital (to risk-weighted assets) Consolidated 42,548 6.02 42,407 6.00 Bank 59,449 8.43 42,291 6.00 Tier I capital (to average assets) Consolidated 42,548 4.25 40,039 4.00 Bank 59,449 5.95 39,988 4.00 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio As of December 31, 2014: Total risk-based capital (to risk-weighted assets) Consolidated $ 73,595 10.61 % $ 55,483 8.00 % Bank 73,174 10.57 55,383 8.00 Tier I capital (to risk-weighted assets) Consolidated 46,459 6.70 27,741 4.00 Bank 59,438 8.59 27,691 4.00 Tier I capital (to average assets) Consolidated 46,459 4.51 41,193 4.00 Bank 59,438 5.78 41,143 4.00 The Consent Order requires the Bank to achieve the minimum capital ratios presented below: Actual as of June 30, 2015 Ratio Required by Consent Order Amount Ratio Amount Ratio Total capital to risk-weighted assets $ 72,858 10.34 % $ 84,582 12.00 % Tier I capital to average assets 59,449 5.95 89,973 9.00 At June 30, 2015, the Bank’s Tier 1 leverage ratio was 5.95%, and its total risk-based capital ratio was 10.34%, which are below the 9% and 12% minimum capital ratios required by the Consent Order. Bank regulatory agencies can exercise discretion when an institution does not meet the terms of a Consent Order. Based on individual circumstances, the agencies may issue mandatory directives, impose monetary penalties, initiate changes in management, or take more serious adverse actions. Kentucky banking laws limit the amount of dividends that may be paid to a holding company by its subsidiary banks without prior approval. These laws limit the amount of dividends that may be paid in any calendar year to current year’s net income, as defined in the laws, combined with the retained net income of the preceding two years, less any dividends declared during those periods. The Bank has agreed with its primary regulators to obtain their written consent prior to declaring or paying any future dividends. As a practical matter, the Bank cannot pay dividends to the Company for the foreseeable future. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Contingencies | Note 13 – Contingencies We are defendants in various legal proceedings. Litigation is subject to inherent uncertainties and unfavorable rulings could occur. We record contingent liabilities resulting from claims against us when a loss is assessed to be probable and the amount of the loss is reasonably estimable. Assessing probability of loss and estimating probable losses requires analysis of multiple factors, including in some cases judgments about the potential actions of third party claimants and courts. Recorded contingent liabilities are based on the best information available and actual losses in any future period are inherently uncertain. Currently, we have accrued approximately $2.2 million related to ongoing litigation matters for which we believe liability is probable and reasonably estimable. Accruals are not made in cases where liability is not probable or the amount cannot be reasonably estimated. Aside from the amounts currently accrued, there is nothing that is reasonably probable. We disclose legal matters when we believe liability is reasonably possible and may be material to our consolidated financial statements. Signature Point Litigation. Signature Point Condominiums LLC, et al. v. PBI Bank, et al After conferring with its legal advisors, the Bank believes the findings and damages are excessive and contrary to law, and that it has meritorious grounds on which it has moved to appeal. The Bank’s Notice of Appeal was filed on October 25, 2013. After a number of procedural issues were resolved, the Bank filed its appellate brief on September 30, 2014. Appellee’s brief was filed on December 1, 2014. We will continue to defend this matter vigorously. Although we have made provisions in our consolidated financial statements for this self-insured matter, the amount of our legal accrual is less than the original amount of the damages awarded, plus accrued interest. The ultimate outcome of this matter could have a material adverse effect on our financial condition, results of operations or cash flows. SBAV LP Litigation. SBAV LP v. Porter Bancorp, et. al., Miller’s Health System Inc. Employee Stock Ownership Plan. Thomas E. Perez, Secretary of the United States Department of Labor v. PBI Bank, Inc. AIT Laboratories Employee Stock Ownership Plan. Thomas E. Perez, Secretary of the United States Department of Labor v. PBI Bank, Inc. and Michael A. Evans United States Department of Justice Investigation. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the entire year. A description of other significant accounting policies is presented in the notes to the Consolidated Financial Statements for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K. |
Use of Estimates | Use of Estimates |
Reclassifications | Reclassifications |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses | The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: Amortized Gross Gains Gross Unrealized Losses Fair Value (in thousands) June 30, 2015 Available for sale U.S. Government and federal agency $ 31,749 $ 91 $ (507 ) $ 31,333 Agency mortgage-backed: residential 109,688 1,174 (559 ) 110,303 State and municipal 6,834 318 (10 ) 7,142 Corporate bonds 2,312 30 (13 ) 2,329 Other debt securities 572 79 — 651 Total available for sale $ 151,155 $ 1,692 $ (1,089 ) $ 151,758 Amortized Gross Gross Losses Fair Value Held to maturity State and municipal $ 42,202 $ 1,505 $ (30 ) $ 43,677 Total held to maturity $ 42,202 $ 1,505 $ (30 ) $ 43,677 December 31, 2014 Available for sale U.S. Government and federal agency $ 35,725 $ 308 $ (590 ) $ 35,443 Agency mortgage-backed: residential 121,985 1,970 (357 ) 123,598 State and municipal 11,690 722 (8 ) 12,404 Corporate bonds 18,087 853 (252 ) 18,688 Other debt securities 572 86 — 658 Total available for sale $ 188,059 $ 3,939 $ (1,207 ) $ 190,791 Amortized Gross Gross Losses Fair Value Held to maturity State and municipal $ 42,325 $ 2,173 $ — $ 44,498 Total held to maturity $ 42,325 $ 2,173 $ — $ 44,498 |
Sales and Calls of Available for Sale Securities | Sales and calls of available for sale securities were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) Proceeds $ 9,972 $ 675 $ 44,110 $ 1,004 Gross gains 281 2 1,832 46 Gross losses 82 — 136 — |
Amortized Cost and Fair Value of Debt Investment Securities Portfolio by Contractual Maturity | June 30, 2015 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ 5,915 $ 5,973 One to five years 8,742 9,029 Five to ten years 26,238 25,802 Beyond ten years 572 651 Agency mortgage-backed: residential 109,688 110,303 Total $ 151,155 $ 151,758 Held to maturity One to five years $ 13,952 $ 14,412 Five to ten years 24,693 25,561 Beyond ten years 3,557 3,704 Total $ 42,202 $ 43,677 |
Securities with Unrealized Losses | Securities with unrealized losses at June 30, 2015 and December 31, 2014, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) June 30, 2015 Available for sale U.S. Government and federal agency $ 8,242 $ (55 ) $ 15,228 $ (452 ) $ 23,470 $ (507 ) Agency mortgage-backed: residential 36,994 (314 ) 3,958 (245 ) 40,952 (559 ) State and municipal 470 (10 ) — — 470 (10 ) Corporate bonds 1,536 (13 ) — — 1,536 (13 ) Total available for sale temporarily impaired $ 47,242 $ (392 ) $ 19,186 $ (697 ) $ 66,428 $ (1,089 ) Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Held to maturity State and municipal $ — $ — $ 966 $ (30 ) $ 966 $ (30 ) Total held to maturity temporarily impaired $ — $ — $ 966 $ (30 ) $ 966 $ (30 ) December 31, 2014 Available for sale U.S. Government and federal agency $ 7,778 $ (60 ) $ 18,681 $ (530 ) $ 26,459 $ (590 ) Agency mortgage-backed: residential 6,960 (12 ) 17,938 (345 ) 24,898 (357 ) State and municipal 569 (8 ) — — 569 (8 ) Corporate bonds 4,884 (119 ) 1,660 (133 ) 6,544 (252 ) Total temporarily impaired $ 20,191 $ (199 ) $ 38,279 $ (1,008 ) $ 58,470 $ (1,207 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans | Loans were as follows: June 30, 2015 December 31, 2014 (in thousands) Commercial $ 78,742 $ 60,936 Commercial Real Estate: Construction 39,014 33,173 Farmland 77,935 77,419 Nonfarm nonresidential 160,518 175,452 Residential Real Estate: Multi-family 44,702 41,891 1-4 Family 206,564 197,278 Consumer 9,958 11,347 Agriculture 30,391 26,966 Other 497 537 Subtotal 648,321 624,999 Less: Allowance for loan losses (16,809 ) (19,364 ) Loans, net $ 631,512 $ 605,635 |
Activity in Allowance for Loan Losses by Portfolio Segment | The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2015 and 2014: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) June 30, 2015: Beginning balance $ 2,046 $ 10,680 $ 5,221 $ 244 $ 391 $ 15 $ 18,597 Provision for loan losses (296 ) (330 ) 604 10 3 9 — Loans charged off (99 ) (1,224 ) (809 ) (62 ) (37 ) (33 ) (2,264 ) Recoveries 295 87 44 34 2 14 476 Ending balance $ 1,946 $ 9,213 $ 5,060 $ 226 $ 359 $ 5 $ 16,809 June 30, 2014: Beginning balance $ 3,608 $ 13,929 $ 7,071 $ 383 $ 415 $ 9 $ 25,415 Provision for loan losses (329 ) 6,074 560 (28 ) 38 (15 ) 6,300 Loans charged off (308 ) (6,894 ) (1,048 ) (51 ) (21 ) (1 ) (8,323 ) Recoveries 144 1,250 290 35 3 19 1,741 Ending balance $ 3,115 $ 14,359 $ 6,873 $ 339 $ 435 $ 12 $ 25,133 The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2015 and 2014: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) June 30, 2015: Beginning balance $ 2,046 $ 10,931 $ 5,787 $ 274 $ 319 $ 7 $ 19,364 Provision for loan losses (27 ) (323 ) 220 22 107 1 — Loans charged off (474 ) (1,593 ) (1,291 ) (130 ) (70 ) (33 ) (3,591 ) Recoveries 401 198 344 60 3 30 1,036 Ending balance $ 1,946 $ 9,213 $ 5,060 $ 226 $ 359 $ 5 $ 16,809 June 30, 2014: Beginning balance $ 3,221 $ 16,414 $ 7,762 $ 416 $ 305 $ 6 $ 28,124 Provision for loan losses 116 4,947 1,094 (9 ) 151 1 6,300 Loans charged off (454 ) (8,368 ) (2,356 ) (179 ) (30 ) (18 ) (11,405 ) Recoveries 232 1,366 373 111 9 23 2,114 Ending balance $ 3,115 $ 14,359 $ 6,873 $ 339 $ 435 $ 12 $ 25,133 |
Balance in Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2015: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1 $ 671 $ 170 $ — $ — $ — $ 842 Collectively evaluated for impairment 1,945 8,542 4,890 226 359 5 15,967 Total ending allowance balance $ 1,946 $ 9,213 $ 5,060 $ 226 $ 359 $ 5 $ 16,809 Loans: Loans individually evaluated for impairment $ 1,555 $ 27,478 $ 19,728 $ 20 $ 230 $ — $ 49,011 Loans collectively evaluated for impairment 77,187 249,989 231,538 9,938 30,161 497 599,310 Total ending loans balance $ 78,742 $ 277,467 $ 251,266 $ 9,958 $ 30,391 $ 497 $ 648,321 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of December 31, 2014: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 33 $ 491 $ 227 $ 1 $ — $ — $ 752 Collectively evaluated for impairment 2,013 10,440 5,560 273 319 7 18,612 Total ending allowance balance $ 2,046 $ 10,931 $ 5,787 $ 274 $ 319 $ 7 $ 19,364 Loans: Loans individually evaluated for impairment $ 2,022 $ 48,141 $ 21,384 $ 61 $ 263 $ 122 $ 71,993 Loans collectively evaluated for impairment 58,914 237,903 217,785 11,286 26,703 415 553,006 Total ending loans balance $ 60,936 $ 286,044 $ 239,169 $ 11,347 $ 26,966 $ 537 $ 624,999 |
Loans Individually Evaluated for Impairment by Class of Loans | The following tables present information related to loans individually evaluated for impairment by class of loans as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 1,792 $ 1,548 $ — $ 1,605 $ 5 $ 1,730 $ 5 Commercial real estate: Construction 1,599 1,012 — 2,475 4 3,016 8 Farmland 6,893 4,447 — 4,659 3 4,685 26 Nonfarm nonresidential 25,674 17,291 — 20,356 72 21,043 137 Residential real estate: Multi-family 34 34 — 17 — 38 — 1-4 Family 16,616 13,900 — 14,235 110 14,579 244 Consumer 85 20 — 22 — 25 — Agriculture 297 230 — 231 — 241 — Other — — — 62 2 82 4 Subtotal 52,990 38,482 — 43,662 196 45,439 424 With An Allowance Recorded: Commercial 7 7 1 10 — 22 — Commercial real estate: Construction — — — — — — — Farmland — — — — — 105 — Nonfarm nonresidential 8,150 4,728 671 2,615 6 7,266 12 Residential real estate: Multi-family 4,221 4,221 64 4,235 55 4,246 102 1-4 Family 1,573 1,573 106 1,628 14 1,676 39 Consumer — — — 4 — 13 — Agriculture — — — — — — — Other — — — — — — — Subtotal 13,951 10,529 842 8,492 75 13,328 153 Total $ 66,941 $ 49,011 $ 842 $ 52,154 $ 271 $ 58,767 $ 577 As of December 31, 2014 Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 2,546 $ 1,978 $ — $ 2,359 $ 54 $ 2,447 $ 55 Commercial real estate: Construction 4,714 4,100 — 5,488 3 6,340 6 Farmland 6,636 4,739 — 6,403 31 6,899 48 Nonfarm nonresidential 34,437 22,418 — 42,897 275 47,731 458 Residential real estate: Multi-family 81 81 — 323 — 2,719 — 1-4 Family 18,496 15,266 — 21,844 131 26,156 417 Consumer 93 29 — 10 — 9 — Agriculture 276 263 — 264 — 283 3 Other 367 122 — 180 2 330 9 Subtotal 67,646 48,996 — 79,768 496 92,914 996 With An Allowance Recorded: Commercial 145 44 33 1,115 2 1,534 20 Commercial real estate: Construction — — — 665 5 863 11 Farmland 658 315 38 — — 82 — Nonfarm nonresidential 19,454 16,569 453 13,308 63 15,370 171 Residential real estate: Multi-family 4,266 4,266 91 4,301 39 4,533 76 1-4 Family 1,791 1,771 136 1,749 19 1,907 38 Consumer 32 32 1 44 — 58 1 Agriculture — — — — — — — Other — — — — — — — Subtotal 26,346 22,997 752 21,182 128 24,347 317 Total $ 93,992 $ 71,993 $ 752 $ 100,950 $ 624 $ 117,261 $ 1,313 |
Types of Troubled Debt Restructuring Loan Modification by Portfolio Segment Outstanding | The following table presents the types of TDR loan modifications by portfolio segment outstanding as of June 30, 2015 and December 31, 2014: TDRs Performing to Modified TDRs Not Performing to Modified Total TDRs (in thousands) June 30, 2015 Commercial Rate reduction $ 8 $ 69 $ 77 Principal deferral — 869 869 Commercial Real Estate: Construction Rate reduction 265 337 602 Farmland Principal deferral — 2,365 2,365 Nonfarm nonresidential Rate reduction 5,504 11,366 16,870 Principal deferral 655 — 655 Residential Real Estate: Multi-family Rate reduction 4,221 — 4,221 1-4 Family Rate reduction 7,895 — 7,895 Total TDRs $ 18,548 $ 15,006 $ 33,554 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2014 Commercial Rate reduction $ 14 $ — $ 14 Principal deferral — 869 869 Commercial Real Estate: Construction Rate reduction 268 3,379 3,647 Farmland Principal deferral — 2,365 2,365 Other Rate reduction 8,622 13,894 22,516 Principal deferral 671 — 671 Residential Real Estate: Multi-family Rate reduction 4,266 — 4,266 1-4 Family Rate reduction 8,112 — 8,112 Consumer Rate reduction 32 — 32 Total TDRs $ 21,985 $ 20,507 $ 42,492 |
Nonperforming Loans | The following table presents the recorded investment in nonaccrual and loans past due 90 days and still on accrual by class of loan as of June 30, 2015, and December 31, 2014: Nonaccrual Loans Past Due 90 Days And Over Still Accruing June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (in thousands) Commercial $ 1,548 $ 1,978 $ — $ — Commercial Real Estate: Construction 747 3,831 — — Farmland 4,447 5,054 — — Nonfarm nonresidential 15,859 26,892 — — Residential Real Estate: Multi-family 34 80 — — 1-4 Family 7,330 8,925 92 151 Consumer 20 30 — — Agriculture 230 263 — — Other — 122 — — Total $ 30,215 $ 47,175 $ 92 $ 151 The following table presents the aging of the recorded investment in past due loans as of June 30, 2015 and December 31, 2014: 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) June 30, 2015 Commercial $ 28 $ — $ — $ 1,548 $ 1,576 Commercial Real Estate: Construction — — — 747 747 Farmland 267 61 — 4,447 4,775 Nonfarm nonresidential 152 238 — 15,859 16,249 Residential Real Estate: Multi-family — — — 34 34 1-4 Family 1,442 335 92 7,330 9,199 Consumer 52 4 — 20 76 Agriculture — 12 — 230 242 Other — — — — — Total $ 1,941 $ 650 $ 92 $ 30,215 $ 32,898 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) December 31, 2014 Commercial $ 86 $ — $ — $ 1,978 $ 2,064 Commercial Real Estate: Construction — — — 3,831 3,831 Farmland 400 14 — 5,054 5,468 Nonfarm nonresidential 241 318 — 26,892 27,451 Residential Real Estate: Multi-family — — — 80 80 1-4 Family 3,124 601 151 8,925 12,801 Consumer 109 47 — 30 186 Agriculture — — — 263 263 Other — — — 122 122 Total $ 3,960 $ 980 $ 151 $ 47,175 $ 52,266 |
Risk Category of Loans by Class of Loans | As of June 30, 2015, and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Watch Special Mention Substandard Doubtful Total (in thousands) June 30, 2015 Commercial $ 68,226 $ 4,266 $ — $ 6,250 $ — $ 78,742 Commercial Real Estate: Construction 31,715 5,582 — 1,717 — 39,014 Farmland 65,245 5,768 — 6,922 — 77,935 Nonfarm nonresidential 114,410 20,813 1,351 23,944 — 160,518 Residential Real Estate: Multi-family 35,769 4,958 — 3,975 — 44,702 1-4 Family 162,179 18,719 69 25,597 — 206,564 Consumer 9,095 307 298 258 — 9,958 Agriculture 22,707 7,299 — 385 — 30,391 Other 497 — — — — 497 Total $ 509,843 $ 67,712 $ 1,718 $ 69,048 $ — $ 648,321 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2014 Commercial $ 49,440 $ 5,063 $ — $ 6,433 $ — $ 60,936 Commercial Real Estate: Construction 25,266 2,990 — 4,917 — 33,173 Farmland 61,672 7,922 — 7,825 — 77,419 Nonfarm nonresidential 111,426 21,017 3,747 39,262 — 175,452 Residential Real Estate: Multi-family 31,526 6,039 — 4,326 — 41,891 1-4 Family 145,450 23,928 131 27,769 — 197,278 Consumer 10,115 537 311 384 — 11,347 Agriculture 25,816 704 — 446 — 26,966 Other 415 — — 122 — 537 Total $ 461,126 $ 68,200 $ 4,189 $ 91,484 $ — $ 624,999 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Major Categories of Other Real Estate Owned | The following table presents the major categories of OREO at the period-ends indicated: June 30, 2015 December 31, 2014 (in thousands) Commercial Real Estate: Construction, land development, and other land $ 16,303 $ 18,748 Farmland 231 669 Nonfarm nonresidential 14,664 14,860 Residential Real Estate: Multi-family 3,864 4,988 1-4 Family 4,790 7,998 39,852 47,263 Valuation allowance (307 ) (1,066 ) $ 39,545 $ 46,197 |
Other Real Estate Owned Valuation Allowance Activity | For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) OREO Valuation Allowance Activity: Beginning balance $ 492 $ 208 $ 1,066 $ 230 Provision to allowance 2,330 400 2,630 650 Write-downs (2,515 ) (409 ) (3,389 ) (681 ) Ending balance $ 307 $ 199 $ 307 $ 199 Residential loans secured by 1-4 family residential properties in the process of foreclosure totaled $2.1 million and $3.6 million at June 30, 2015 and December 31, 2014, respectively. Currently, $12.7 million of OREO property is subject to a contract for sale or letter of intent. Net activity relating to other real estate owned during the three months ended June 30, 2015 and 2014 is as follows: For the Six Months Ended June 30, 2015 2014 (in thousands) OREO Activity OREO as of January 1 $ 46,197 $ 30,892 Real estate acquired 955 30,867 Valuation adjustment writedowns (2,630 ) (650 ) Gain/(loss) on sale 43 54 Proceeds from sale of properties (5,020 ) (4,281 ) OREO as of June 30 $ 39,545 $ 56,882 |
Expenses Related to Other Real Estate Owned | Expenses related to other real estate owned include: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) Net (gain) loss on sales $ (40 ) $ (54 ) $ (43 ) $ (54 ) Provision to allowance 2,330 400 2,630 650 Operating expense 642 428 1,078 840 Total $ 2,932 $ 774 $ 3,665 $ 1,436 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Deposit Balances by Category | The following table shows ending deposit balances by category as of: June 30, 2015 December 31, 2014 (in thousands) Non-interest bearing $ 108,800 $ 114,910 Interest checking 84,627 91,086 Money market 110,529 109,734 Savings 35,942 36,430 Certificates of deposit 564,253 574,681 Total $ 904,151 $ 926,841 |
Scheduled Maturities of All Time Deposits | Scheduled maturities of all time deposits at June 30, 2015 were as follows (in thousands): Year 1 $ 327,242 Year 2 159,912 Year 3 10,715 Year 4 13,874 Year 5 52,510 Thereafter — $ 564,253 |
Advances from the Federal Hom26
Advances from the Federal Home Loan Bank (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Advances from Federal Home Loan Bank | Advances from the Federal Home Loan Bank were as follows: June 30, December 31, 2015 2014 (in thousands) Monthly amortizing advances with fixed rates from 0.00% to 5.25% and maturities ranging from 2017 through 2033, averaging 2.79% at June 30, 2015 and 1.02% at December 31, 2014 $ 3,430 $ 15,752 |
Fair Values Measurement (Tables
Fair Values Measurement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Financial Assets Measured at Fair Value on Recurring and Non Recurring Basis | Financial assets measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 are summarized below: Fair Value Measurements at June 30, 2015 Using (in thousands) Quoted Prices In Significant Active Markets for Significant Other Unobservable Carrying Identical Assets Observable Inputs Inputs Description Value (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government and federal agency $ 31,333 $ — $ 31,333 $ — Agency mortgage-backed: residential 110,303 — 110,303 — State and municipal 7,142 — 7,142 — Corporate bonds 2,329 — 2,329 — Other debt securities 651 — — 651 Total $ 151,758 $ — $ 151,107 $ 651 Fair Value Measurements at December 31, 2014 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government and federal agency $ 35,443 $ — $ 35,443 $ — Agency mortgage-backed: residential 123,598 — 123,598 — State and municipal 12,404 — 12,404 — Corporate bonds 18,688 — 18,688 — Other debt securities 658 — — 658 Total $ 190,791 $ — $ 190,133 $ 658 Financial assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2015 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial $ 7 $ — $ — $ 7 Commercial real estate: Construction — — — — Farmland — — — — Nonfarm nonresidential 3,770 — — 3,770 Residential real estate: Multi-family — — — — 1-4 Family 1,467 — — 1,467 Consumer — — — — Other — — — — Other real estate owned, net: Commercial real estate: Construction 16,178 — — 16,178 Farmland 230 — — 230 Nonfarm nonresidential 14,551 — — 14,551 Residential real estate: Multi-family 3,834 — — 3,834 1-4 Family 4,752 — — 4,752 Fair Value Measurements at December 31, 2014 Using (in thousands) Description Carrying Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial $ 12 $ — $ — $ 12 Commercial real estate: Construction — — — — Farmland 278 — — 278 Other 15,825 — — 15,825 Residential real estate: Multi-family — — — — 1-4 Family 1,635 — — 1,635 Consumer 31 — — 31 Other — — — — Other real estate owned, net: Commercial real estate: Construction 18,325 — — 18,325 Farmland 654 — — 654 Other 14,525 — — 14,525 Residential real estate: Multi-family 4,875 — — 4,875 1-4 Family 7,818 — — 7,818 |
Reconciliation of all Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs Level 3 | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods ended June 30, 2015 and 2014: Other Debt Securities 2015 2014 (in thousands) Balances of recurring Level 3 assets at January 1 $ 658 $ 632 Total gain (loss) for the period: Included in other comprehensive income (loss) (7 ) 19 Balance of recurring Level 3 assets at June 30 $ 651 $ 651 |
Qualitative Information About Level Three Fair Value Measurements for Financial Instruments Measured at Fair Value on Non-Recurring Basis | The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2015: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Impaired loans – Commercial $ 7 Market value approach Adjustment for receivables and inventory discounts 11% - 14% (13%) Impaired loans – Commercial real estate $ 3,770 Sales comparison approach Adjustment for differences between the comparable sales 2% - 17% (10%) Income approach Discount or capitalization rate 8% - 10% (9%) Impaired loans – Residential real estate $ 1,467 Sales comparison approach Adjustment for differences between the comparable sales 1% - 16% (7%) Other real estate owned – Commercial real estate $ 30,959 Sales comparison approach Adjustment for differences between the comparable sales 0% - 69% (22%) 8% - 20% (13%) Income approach Discount or capitalization rate Other real estate owned – Residential real estate $ 8,586 Sales comparison approach Adjustment for differences between the comparable sales 0% - 15% (5%) The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2014: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Impaired loans – Commercial $ 12 Market value approach Adjustment for receivables and inventory discounts 16% - 32% (24%) Impaired loans – Commercial real estate $ 16,103 Sales comparison approach Income approach Adjustment for differences between the comparable sales Discount or capitalization rate 0% - 62% (14%) 8% - 9% (8%) Impaired loans – Residential real estate $ 1,635 Sales comparison approach Adjustment for differences between the comparable sales 0% - 39% (11%) Other real estate owned – Commercial real estate $ 33,504 Sales comparison approach Income approach Adjustment for differences between the comparable sales Discount or capitalization rate 0% - 45% (18%) 9% - 20% (13%) Other real estate owned – Residential real estate $ 12,693 Sales comparison approach Adjustment for differences between the comparable sales 0% - 15% (6%) |
Carrying Amount and Estimated Fair Values of Financial Instruments | Carrying amount and estimated fair values of financial instruments were as follows for the periods indicated: Fair Value Measurements at June 30, 2015 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 71,390 $ 58,734 $ 12,656 $ — $ 71,390 Securities available for sale 151,758 — 151,107 651 151,758 Securities held to maturity 42,202 — 43,677 — 43,677 Federal Home Loan Bank stock 7,323 N/A N/A N/A N/A Loans held for sale 125 — 125 — 125 Loans, net 631,512 — — 642,894 642,894 Accrued interest receivable 3,256 — 1,111 2,145 3,256 Financial liabilities Deposits $ 904,151 $ 108,800 $ 790,086 $ — $ 898,886 Securities sold under agreements to repurchase 1,265 — 1,265 — 1,265 Federal Home Loan Bank advances 3,430 — 3,438 — 3,438 Subordinated capital notes 4,500 — — 4,351 4,351 Junior subordinated debentures 25,000 — — 14,644 14,644 Accrued interest payable 2,977 — 564 2,413 2,977 Fair Value Measurements at December 31, 2014 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 80,180 $ 49,007 $ 31,173 $ — $ 80,180 Securities available for sale 190,791 — 190,133 658 190,791 Securities held to maturity 42,325 — 44,498 — 44,498 Federal Home Loan Bank stock 7,323 N/A N/A N/A N/A Loans held for sale 8,926 — 8,926 — 8,926 Loans, net 605,635 — — 615,914 615,914 Accrued interest receivable 3,503 — 1,389 2,114 3,503 Financial liabilities Deposits $ 926,841 $ 114,910 $ 804,508 $ — $ 919,418 Securities sold under agreements to repurchase 1,341 — 1,341 — 1,341 Federal Home Loan Bank advances 15,752 — 15,758 — 15,758 Subordinated capital notes 4,950 — — 4,765 4,765 Junior subordinated debentures 25,000 — — 14,214 14,214 Accrued interest payable 2,858 — 751 2,107 2,858 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were due to the following as of: June 30, December 31, 2015 2014 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 34,095 $ 32,111 Allowance for loan losses 5,883 6,777 Other real estate owned write-down 9,379 10,000 Alternative minimum tax credit carry-forward 692 692 Net assets from acquisitions 670 668 Other than temporary impairment on securities 46 46 Net unrealized loss on securities 144 — New market tax credit carry-forward 208 208 Nonaccrual loan interest 846 958 Amortization of non-compete agreements 13 14 Other 1,810 1,701 53,786 53,175 Deferred tax liabilities: FHLB stock dividends 928 928 Fixed assets 236 264 Originated mortgage servicing rights 42 53 Net unrealized gain on securities — 579 Other 669 703 1,875 2,527 Net deferred tax assets before valuation allowance 51,911 50,648 Valuation allowance (51,911 ) (50,648 ) Net deferred tax asset $ — $ — |
Stock Plans and Stock Based C29
Stock Plans and Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Unvested Share Activity | The following table summarizes unvested share activity as of and for the periods indicated for the Stock Incentive Plan: Six Months Ended Twelve Months Ended Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 770,440 $ 1.33 787,426 $ 1.56 Granted 800,000 0.89 122,220 0.93 Vested (80,185 ) 1.81 (133,227 ) 2.20 Terminated (450,994 ) 1.25 — — Forfeited (20,152 ) 1.06 (5,979 ) 4.21 Outstanding, ending 1,019,109 $ 0.99 770,440 $ 1.33 |
Summary of Unvested Share Activity for Non-Employee Directors | The following table summarizes unvested share activity as of and for the periods indicated for the Non-Employee Directors Stock Ownership Incentive Plan: Six Months Ended Twelve Months Ended June 30, 2015 December 31, 2014 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 5,052 $ 1.65 47,428 $ 1.69 Granted 115,740 1.08 166,668 0.90 Vested (5,052 ) 1.65 (154,222 ) 0.98 Forfeited — — (54,822 ) 1.29 Outstanding, ending 115,740 $ 1.08 5,052 $ 1.65 |
Unrecognized Stock Based Compensation Expense Related to Unvested Shares | Unrecognized stock based compensation expense related to unvested shares for the remainder of 2015 and beyond is estimated as follows (in thousands): July 2015 – December 2015 $ 269 2016 257 2017 156 2018 149 2019 & thereafter — |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Computation of Basic and Diluted Loss Per Share | The factors used in the basic and diluted loss per share computations follow: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands, except share and per share data) Net loss $ (2,130 ) $ (6,234 ) $ (1,536 ) $ (6,521 ) Less: Preferred stock dividends — 789 — 1,574 Earnings allocated to unvested shares (91 ) (517 ) (60 ) (569 ) Earnings allocated to Series C preferred — (176 ) (209 ) (203 ) Net loss attributable to common shareholders, basic and diluted $ (2,039 ) $ (6,330 ) $ (1,267 ) $ (7,323 ) Basic Weighted average common shares including unvested common shares outstanding 25,687,579 13,293,226 25,554,292 13,256,911 Less: Weighted average unvested common shares 1,098,072 979,211 990,545 931,092 Weighted average Series B preferred — — 1,343,735 — Weighted average Series C preferred — 332,894 — 332,894 Weighted average Series D preferred — — 2,140,774 — Weighted average common shares outstanding 24,589,507 11,981,121 21,079,238 11,992,925 Basic loss per common share $ (0.08 ) $ (0.53 ) $ (0.06 ) $ (0.61 ) Diluted Add: Dilutive effects of assumed exercises of common and Preferred Series C stock warrants — — — — Weighted average common shares and potential common shares 24,589,507 11,981,121 21,079,238 11,992,925 Diluted loss per common share $ (0.08 ) $ (0.53 ) $ (0.06 ) $ (0.61 ) |
Capital Requirements and Rest31
Capital Requirements and Restrictions on Retained Earnings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Ratios and Amounts of Common Equity Tier One, Tier One Capital and Total Capital to Risk-Adjusted Assets and Leverage Ratios | The following table shows the ratios and amounts of Common Equity Tier 1, Tier 1 capital and total capital to risk-adjusted assets and the leverage ratios for Porter Bancorp, Inc. and the Bank at the dates indicated (dollars in thousands): Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio As of June 30, 2015: Total risk-based capital (to risk-weighted assets) Consolidated $ 72,471 10.25 % $ 56,542 8.00 % Bank 72,858 10.34 56,388 8.00 Total common equity Tier I risk-based capital (to risk-weighted assets) Consolidated 31,267 4.42 31,805 4.50 Bank 59,449 8.43 31,718 4.50 Tier I capital (to risk-weighted assets) Consolidated 42,548 6.02 42,407 6.00 Bank 59,449 8.43 42,291 6.00 Tier I capital (to average assets) Consolidated 42,548 4.25 40,039 4.00 Bank 59,449 5.95 39,988 4.00 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio As of December 31, 2014: Total risk-based capital (to risk-weighted assets) Consolidated $ 73,595 10.61 % $ 55,483 8.00 % Bank 73,174 10.57 55,383 8.00 Tier I capital (to risk-weighted assets) Consolidated 46,459 6.70 27,741 4.00 Bank 59,438 8.59 27,691 4.00 Tier I capital (to average assets) Consolidated 46,459 4.51 41,193 4.00 Bank 59,438 5.78 41,143 4.00 |
Consent Order to Achieve the Minimum Capital Ratios | The Consent Order requires the Bank to achieve the minimum capital ratios presented below: Actual as of June 30, 2015 Ratio Required by Consent Order Amount Ratio Amount Ratio Total capital to risk-weighted assets $ 72,858 10.34 % $ 84,582 12.00 % Tier I capital to average assets 59,449 5.95 89,973 9.00 |
Basis of Presentation and Sum32
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) | Jun. 30, 2015 |
Significant Accounting Policies [Line Items] | |
Ownership Interest in PBI Bank | 100.00% |
Going Concern Considerations 33
Going Concern Considerations and Future Plans - Additional Information (Detail) - Entity [Domain] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2012 | Jun. 24, 2011 | Dec. 31, 2010 | |
Recent Developments [Line Items] | |||||||||
Net income (loss) attributable to common shareholders, basic and diluted | $ (2,039,000) | $ (6,330,000) | $ (1,267,000) | $ (7,323,000) | $ 19,400,000 | $ (3,400,000) | |||
Provision for loan losses | 6,300,000 | 0 | 6,300,000 | 7,100,000 | |||||
Net loss | (2,130,000) | (6,234,000) | (1,536,000) | (6,521,000) | (11,200,000) | ||||
Other real estate owned expense | 2,932,000 | 774,000 | 3,665,000 | 1,436,000 | 5,800,000 | ||||
Loan collection expenses | 291,000 | 1,249,000 | 574,000 | 1,788,000 | 3,000,000 | ||||
Dividends and accretion on preferred stock | 2,400,000 | ||||||||
(Earnings) loss allocated to participating securities | $ (91,000) | (693,000) | $ (269,000) | (772,000) | 3,200,000 | ||||
Effect of preferred stock exchange | $ 36,100,000 | ||||||||
Tier I leverage ratio, regulatory minimum | 4.00% | 4.00% | 4.00% | ||||||
Total risk-based capital, regulatory minimum | 8.00% | 8.00% | 8.00% | ||||||
Gross loans | $ 648,321,000 | $ 648,321,000 | $ 624,999,000 | $ 1,300,000,000 | |||||
OREO acquired during the period | 955,000 | 32,300,000 | $ 20,600,000 | ||||||
Nonaccrual loans | 30,215,000 | 30,215,000 | $ 47,175,000 | ||||||
Net write-down of other real estate owned | 2,630,000 | 650,000 | |||||||
Gain (loss) on sale of OREO | 40,000 | 54,000 | 43,000 | 54,000 | |||||
Proceeds from sale of OREO | 5,000,000 | 4,300,000 | |||||||
Liquid assets | $ 1,300,000 | $ 1,300,000 | |||||||
Junior subordinated debentures | |||||||||
Recent Developments [Line Items] | |||||||||
Maximum number of consecutive quarters the company has the option to defer interest payments | 20 | 20 | |||||||
Deferred distributions on our trust preferred securities | $ 2,500,000 | $ 2,500,000 | |||||||
Parent | Scenario, Forecast | |||||||||
Recent Developments [Line Items] | |||||||||
Operating expenses for 2015 | $ 1,000,000 | ||||||||
Real estate construction | Other real estate owned, net | |||||||||
Recent Developments [Line Items] | |||||||||
Percentage of OREO portfolio | 41.00% | 41.00% | 40.00% | ||||||
Commercial Real Estate | |||||||||
Recent Developments [Line Items] | |||||||||
Provision for loan losses | $ (330,000) | $ 6,074,000 | $ (323,000) | $ 4,947,000 | |||||
Gross loans | $ 277,467,000 | $ 277,467,000 | $ 286,044,000 | ||||||
Commercial Real Estate | Other real estate owned, net | |||||||||
Recent Developments [Line Items] | |||||||||
Percentage of OREO portfolio | 37.00% | 37.00% | 31.00% | ||||||
Pricing Strategy Change | |||||||||
Recent Developments [Line Items] | |||||||||
Fair value adjustments and loss on sale of OREO | $ 2,600,000 | ||||||||
Net write-down of other real estate owned | 2,600,000 | ||||||||
Gain (loss) on sale of OREO | 43,000 | ||||||||
Property subject to a contract for sale or letter of intent | $ 12,700,000 | 12,700,000 | |||||||
Series E Preferred Stock And Series F Preferred Stock | |||||||||
Recent Developments [Line Items] | |||||||||
Preferred stock, Liquidation preference | $ 10,500,000 | $ 10,500,000 | |||||||
1-4 Family | Other real estate owned, net | |||||||||
Recent Developments [Line Items] | |||||||||
Percentage of OREO portfolio | 12.00% | 12.00% | 17.00% | ||||||
Consent order | |||||||||
Recent Developments [Line Items] | |||||||||
Tier I leverage ratio, regulatory minimum | 9.00% | 9.00% | |||||||
Total risk-based capital, regulatory minimum | 12.00% | 12.00% | |||||||
Consent order | Construction and development loans | |||||||||
Recent Developments [Line Items] | |||||||||
Maximum concentration of loans to total risk based capital | 75.00% | 75.00% | 75.00% | ||||||
Consent order | Non-owner occupied commercial real estate loans | |||||||||
Recent Developments [Line Items] | |||||||||
Maximum concentration of loans to total risk based capital | 250.00% | ||||||||
Concentration of loans to total risk based capital | 248.00% | 248.00% | 262.00% |
Fair Value of Available for Sal
Fair Value of Available for Sale Securities, Held to Maturity Securities and Related Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | $ 151,155 | $ 188,059 |
Available for sale, Gross Unrealized Gains | 1,692 | 3,939 |
Available for sale, Gross Unrealized Losses | (1,089) | (1,207) |
Available for sale, Fair Value | 151,758 | 190,791 |
Held to maturity, Amortized Cost | 42,202 | 42,325 |
Held to maturity, Gross Unrealized Gains | 1,505 | 2,173 |
Held to maturity, Gross Unrealized Losses | (30) | |
Held to maturity, Fair Value | 43,677 | 44,498 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held to maturity, Amortized Cost | 42,202 | 42,325 |
Held to maturity, Gross Unrealized Gains | 1,505 | 2,173 |
Held to maturity, Gross Unrealized Losses | (30) | |
Held to maturity, Fair Value | 43,677 | 44,498 |
State and municipal | Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 6,834 | 11,690 |
Available for sale, Gross Unrealized Gains | 318 | 722 |
Available for sale, Gross Unrealized Losses | (10) | (8) |
Available for sale, Fair Value | 7,142 | 12,404 |
Held to maturity, Gross Unrealized Losses | (30) | |
U.S. Government and federal agency | Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 31,749 | 35,725 |
Available for sale, Gross Unrealized Gains | 91 | 308 |
Available for sale, Gross Unrealized Losses | (507) | (590) |
Available for sale, Fair Value | 31,333 | 35,443 |
Agency mortgage-backed: residential | Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 109,688 | 121,985 |
Available for sale, Gross Unrealized Gains | 1,174 | 1,970 |
Available for sale, Gross Unrealized Losses | (559) | (357) |
Available for sale, Fair Value | 110,303 | 123,598 |
Corporate bonds | Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 2,312 | 18,087 |
Available for sale, Gross Unrealized Gains | 30 | 853 |
Available for sale, Gross Unrealized Losses | (13) | (252) |
Available for sale, Fair Value | 2,329 | 18,688 |
Other | Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 572 | 572 |
Available for sale, Gross Unrealized Gains | 79 | 86 |
Available for sale, Fair Value | $ 651 | $ 658 |
Sales and Calls of Available fo
Sales and Calls of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gain (Loss) on Investments [Line Items] | ||||
Proceeds | $ 9,972 | $ 675 | $ 44,110 | $ 1,004 |
Gross gains | 281 | $ 2 | 1,832 | $ 46 |
Gross losses | $ 82 | $ 136 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Debt Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available for sale, amortized Cost | ||
Available for sale, within one year | $ 5,915 | |
Available for sale, one to five years | 8,742 | |
Available for sale, five to ten years | 26,238 | |
Available for sale, beyond ten years | 572 | |
Available for sale, agency mortgage-backed: residential | 109,688 | |
Total | 151,155 | |
Held to maturity, amortized Cost | ||
Held to maturity, one to five years | 13,952 | |
Five to ten years | 24,693 | |
Beyond ten years | 3,557 | |
Total | 42,202 | $ 42,325 |
Available for sale, fair value | ||
Available for sale, within one year | 5,973 | |
Available for sale, one to five years | 9,029 | |
Available for sale, five to ten years | 25,802 | |
Available for sale, beyond ten years | 651 | |
Available for sale, agency mortgage-backed: residential | 110,303 | |
Total | 151,758 | |
Held to maturity, fair value | ||
Held to maturity, one to five years | 14,412 | |
Five to ten years | 25,561 | |
Beyond ten years | 3,704 | |
Total | $ 43,677 | $ 44,498 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Jun. 30, 2015USD ($)Entity | Dec. 31, 2014USD ($)Entity |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities pledged, carrying values | $ 52,900,000 | $ 80,800,000 |
Available for sale securities | $ 151,758,000 | |
Number of issuer of holdings of securities other than U.S. Government and its agencies greater than 10% of stockholders' equity | Entity | 0 | 0 |
Held to maturity securities | $ 0 | |
KENTUCKY | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities | $ 17,900,000 | 19,100,000 |
TEXAS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities | $ 4,300,000 | $ 4,400,000 |
Securities with Unrealized Loss
Securities with Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Unrealized Loss Position [Line Items] | ||
Available for sale Fair value, less than 12 months | $ 47,242 | $ 20,191 |
Available for sale Unrealized loss, less than 12 months | (392) | (199) |
Available for sale Fair value, 12 months or more | 19,186 | 38,279 |
Available for sale Unrealized loss, 12 months or more | (697) | (1,008) |
Available for sale Fair value, total | 66,428 | 58,470 |
Available for sale Unrealized loss, total | (1,089) | (1,207) |
Held to maturity Fair value, less than 12 months | 0 | |
Held to maturity Unrealized loss, less than 12 months | 0 | |
Held to maturity Fair value, 12 months or more | 966 | |
Held to maturity Unrealized loss, 12 months or more | (30) | |
Held to maturity Fair value, total | 966 | |
Held to maturity Unrealized loss, total | (30) | |
State and municipal | ||
Investments, Unrealized Loss Position [Line Items] | ||
Held to maturity Unrealized loss, total | (30) | |
Debt securities | State and municipal | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available for sale Fair value, less than 12 months | 470 | 569 |
Available for sale Unrealized loss, less than 12 months | (10) | (8) |
Available for sale Fair value, total | 470 | 569 |
Available for sale Unrealized loss, total | (10) | (8) |
Held to maturity Fair value, less than 12 months | 0 | |
Held to maturity Unrealized loss, less than 12 months | 0 | |
Held to maturity Fair value, 12 months or more | 966 | |
Held to maturity Unrealized loss, 12 months or more | (30) | |
Held to maturity Fair value, total | 966 | |
Held to maturity Unrealized loss, total | (30) | |
Debt securities | U.S. Government and federal agency | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available for sale Fair value, less than 12 months | 8,242 | 7,778 |
Available for sale Unrealized loss, less than 12 months | (55) | (60) |
Available for sale Fair value, 12 months or more | 15,228 | 18,681 |
Available for sale Unrealized loss, 12 months or more | (452) | (530) |
Available for sale Fair value, total | 23,470 | 26,459 |
Available for sale Unrealized loss, total | (507) | (590) |
Debt securities | Agency mortgage-backed: residential | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available for sale Fair value, less than 12 months | 36,994 | 6,960 |
Available for sale Unrealized loss, less than 12 months | (314) | (12) |
Available for sale Fair value, 12 months or more | 3,958 | 17,938 |
Available for sale Unrealized loss, 12 months or more | (245) | (345) |
Available for sale Fair value, total | 40,952 | 24,898 |
Available for sale Unrealized loss, total | (559) | (357) |
Debt securities | Corporate bonds | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available for sale Fair value, less than 12 months | 1,536 | 4,884 |
Available for sale Unrealized loss, less than 12 months | (13) | (119) |
Available for sale Fair value, 12 months or more | 1,660 | |
Available for sale Unrealized loss, 12 months or more | (133) | |
Available for sale Fair value, total | 1,536 | 6,544 |
Available for sale Unrealized loss, total | $ (13) | $ (252) |
Loans (Detail)
Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2010 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 648,321 | $ 624,999 | $ 1,300,000 |
Less: Allowance for loan losses | (16,809) | (19,364) | |
Loans, net | 631,512 | 605,635 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 78,742 | 60,936 | |
Less: Allowance for loan losses | (1,946) | (2,046) | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 277,467 | 286,044 | |
Less: Allowance for loan losses | (9,213) | (10,931) | |
Commercial Real Estate | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 39,014 | 33,173 | |
Commercial Real Estate | Farmland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 77,935 | 77,419 | |
Commercial Real Estate | Nonfarm nonresidential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 160,518 | 175,452 | |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 251,266 | 239,169 | |
Less: Allowance for loan losses | (5,060) | (5,787) | |
Residential Real Estate | Multi-Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 44,702 | 41,891 | |
Residential Real Estate | 1-4 Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 206,564 | 197,278 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 9,958 | 11,347 | |
Less: Allowance for loan losses | (226) | (274) | |
Agriculture | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 30,391 | 26,966 | |
Less: Allowance for loan losses | (359) | (319) | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 497 | 537 | |
Less: Allowance for loan losses | $ (5) | $ (7) |
Activity in Allowance for Loan
Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 18,597 | $ 25,415 | $ 19,364 | $ 28,124 | $ 28,124 |
Provision for loan losses | 6,300 | 0 | 6,300 | 7,100 | |
Loans charged off | (2,264) | (8,323) | (3,591) | (11,405) | |
Recoveries | 476 | 1,741 | 1,036 | 2,114 | |
Ending balance | 16,809 | 25,133 | 16,809 | 25,133 | 19,364 |
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 2,046 | 3,608 | 2,046 | 3,221 | 3,221 |
Provision for loan losses | (296) | (329) | (27) | 116 | |
Loans charged off | (99) | (308) | (474) | (454) | |
Recoveries | 295 | 144 | 401 | 232 | |
Ending balance | 1,946 | 3,115 | 1,946 | 3,115 | 2,046 |
Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 10,680 | 13,929 | 10,931 | 16,414 | 16,414 |
Provision for loan losses | (330) | 6,074 | (323) | 4,947 | |
Loans charged off | (1,224) | (6,894) | (1,593) | (8,368) | |
Recoveries | 87 | 1,250 | 198 | 1,366 | |
Ending balance | 9,213 | 14,359 | 9,213 | 14,359 | 10,931 |
Residential Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 5,221 | 7,071 | 5,787 | 7,762 | 7,762 |
Provision for loan losses | 604 | 560 | 220 | 1,094 | |
Loans charged off | (809) | (1,048) | (1,291) | (2,356) | |
Recoveries | 44 | 290 | 344 | 373 | |
Ending balance | 5,060 | 6,873 | 5,060 | 6,873 | 5,787 |
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 244 | 383 | 274 | 416 | 416 |
Provision for loan losses | 10 | (28) | 22 | (9) | |
Loans charged off | (62) | (51) | (130) | (179) | |
Recoveries | 34 | 35 | 60 | 111 | |
Ending balance | 226 | 339 | 226 | 339 | 274 |
Agriculture | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 391 | 415 | 319 | 305 | 305 |
Provision for loan losses | 3 | 38 | 107 | 151 | |
Loans charged off | (37) | (21) | (70) | (30) | |
Recoveries | 2 | 3 | 3 | 9 | |
Ending balance | 359 | 435 | 359 | 435 | 319 |
Other | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 15 | 9 | 7 | 6 | 6 |
Provision for loan losses | 9 | (15) | 1 | 1 | |
Loans charged off | (33) | (1) | (33) | (18) | |
Recoveries | 14 | 19 | 30 | 23 | |
Ending balance | $ 5 | $ 12 | $ 5 | $ 12 | $ 7 |
Balance in Allowance for Loan L
Balance in Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2010 |
Allowance for loan losses: | |||
Individually evaluated for impairment | $ 842 | $ 752 | |
Collectively evaluated for impairment | 15,967 | 18,612 | |
Total ending allowance balance | 16,809 | 19,364 | |
Loans: | |||
Loans individually evaluated for impairment | 49,011 | 71,993 | |
Loans collectively evaluated for impairment | 599,310 | 553,006 | |
Total ending loans balance | 648,321 | 624,999 | $ 1,300,000 |
Commercial | |||
Allowance for loan losses: | |||
Individually evaluated for impairment | 1 | 33 | |
Collectively evaluated for impairment | 1,945 | 2,013 | |
Total ending allowance balance | 1,946 | 2,046 | |
Loans: | |||
Loans individually evaluated for impairment | 1,555 | 2,022 | |
Loans collectively evaluated for impairment | 77,187 | 58,914 | |
Total ending loans balance | 78,742 | 60,936 | |
Commercial Real Estate | |||
Allowance for loan losses: | |||
Individually evaluated for impairment | 671 | 491 | |
Collectively evaluated for impairment | 8,542 | 10,440 | |
Total ending allowance balance | 9,213 | 10,931 | |
Loans: | |||
Loans individually evaluated for impairment | 27,478 | 48,141 | |
Loans collectively evaluated for impairment | 249,989 | 237,903 | |
Total ending loans balance | 277,467 | 286,044 | |
Residential Real Estate | |||
Allowance for loan losses: | |||
Individually evaluated for impairment | 170 | 227 | |
Collectively evaluated for impairment | 4,890 | 5,560 | |
Total ending allowance balance | 5,060 | 5,787 | |
Loans: | |||
Loans individually evaluated for impairment | 19,728 | 21,384 | |
Loans collectively evaluated for impairment | 231,538 | 217,785 | |
Total ending loans balance | 251,266 | 239,169 | |
Consumer | |||
Allowance for loan losses: | |||
Individually evaluated for impairment | 1 | ||
Collectively evaluated for impairment | 226 | 273 | |
Total ending allowance balance | 226 | 274 | |
Loans: | |||
Loans individually evaluated for impairment | 20 | 61 | |
Loans collectively evaluated for impairment | 9,938 | 11,286 | |
Total ending loans balance | 9,958 | 11,347 | |
Agriculture | |||
Allowance for loan losses: | |||
Collectively evaluated for impairment | 359 | 319 | |
Total ending allowance balance | 359 | 319 | |
Loans: | |||
Loans individually evaluated for impairment | 230 | 263 | |
Loans collectively evaluated for impairment | 30,161 | 26,703 | |
Total ending loans balance | 30,391 | 26,966 | |
Other | |||
Allowance for loan losses: | |||
Collectively evaluated for impairment | 5 | 7 | |
Total ending allowance balance | 5 | 7 | |
Loans: | |||
Loans individually evaluated for impairment | 122 | ||
Loans collectively evaluated for impairment | 497 | 415 | |
Total ending loans balance | $ 497 | $ 537 |
Loans Individually Evaluated fo
Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | $ 66,941 | $ 66,941 | $ 93,992 | ||
Recorded Investment | 49,011 | 49,011 | 71,993 | ||
Allowance For Loan Losses Allocated | 842 | 842 | 752 | ||
Average Recorded Investment | 52,154 | $ 100,950 | 58,767 | $ 117,261 | |
Interest Income Recognized | 271 | 624 | 577 | 1,313 | |
Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 1,555 | 1,555 | 2,022 | ||
Commercial Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 27,478 | 27,478 | 48,141 | ||
Residential Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 19,728 | 19,728 | 21,384 | ||
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 20 | 20 | 61 | ||
Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 230 | 230 | 263 | ||
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 122 | ||||
Impaired Financing Receivables with No Related Allowance | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 52,990 | 52,990 | 67,646 | ||
Recorded Investment | 38,482 | 38,482 | 48,996 | ||
Average Recorded Investment | 43,662 | 79,768 | 45,439 | 92,914 | |
Interest Income Recognized | 196 | 496 | 424 | 996 | |
Impaired Financing Receivables with No Related Allowance | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 1,792 | 1,792 | 2,546 | ||
Recorded Investment | 1,548 | 1,548 | 1,978 | ||
Average Recorded Investment | 1,605 | 2,359 | 1,730 | 2,447 | |
Interest Income Recognized | 5 | 54 | 5 | 55 | |
Impaired Financing Receivables with No Related Allowance | Commercial Real Estate | Construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 1,599 | 1,599 | 4,714 | ||
Recorded Investment | 1,012 | 1,012 | 4,100 | ||
Average Recorded Investment | 2,475 | 5,488 | 3,016 | 6,340 | |
Interest Income Recognized | 4 | 3 | 8 | 6 | |
Impaired Financing Receivables with No Related Allowance | Commercial Real Estate | Farmland | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 6,893 | 6,893 | 6,636 | ||
Recorded Investment | 4,447 | 4,447 | 4,739 | ||
Average Recorded Investment | 4,659 | 6,403 | 4,685 | 6,899 | |
Interest Income Recognized | 3 | 31 | 26 | 48 | |
Impaired Financing Receivables with No Related Allowance | Commercial Real Estate | Nonfarm nonresidential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 25,674 | 25,674 | 34,437 | ||
Recorded Investment | 17,291 | 17,291 | 22,418 | ||
Average Recorded Investment | 20,356 | 42,897 | 21,043 | 47,731 | |
Interest Income Recognized | 72 | 275 | 137 | 458 | |
Impaired Financing Receivables with No Related Allowance | Residential Real Estate | Multi-Family | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 34 | 34 | 81 | ||
Recorded Investment | 34 | 34 | 81 | ||
Average Recorded Investment | 17 | 323 | 38 | 2,719 | |
Impaired Financing Receivables with No Related Allowance | Residential Real Estate | 1-4 Family | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 16,616 | 16,616 | 18,496 | ||
Recorded Investment | 13,900 | 13,900 | 15,266 | ||
Average Recorded Investment | 14,235 | 21,844 | 14,579 | 26,156 | |
Interest Income Recognized | 110 | 131 | 244 | 417 | |
Impaired Financing Receivables with No Related Allowance | Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 85 | 85 | 93 | ||
Recorded Investment | 20 | 20 | 29 | ||
Average Recorded Investment | 22 | 10 | 25 | 9 | |
Impaired Financing Receivables with No Related Allowance | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 297 | 297 | 276 | ||
Recorded Investment | 230 | 230 | 263 | ||
Average Recorded Investment | 231 | 264 | 241 | 283 | |
Interest Income Recognized | 3 | ||||
Impaired Financing Receivables with No Related Allowance | Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 367 | ||||
Recorded Investment | 122 | ||||
Average Recorded Investment | 62 | 180 | 82 | 330 | |
Interest Income Recognized | 2 | 2 | 4 | 9 | |
Impaired Financing Receivables with An Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 13,951 | 13,951 | 26,346 | ||
Recorded Investment | 10,529 | 10,529 | 22,997 | ||
Allowance For Loan Losses Allocated | 842 | 842 | 752 | ||
Average Recorded Investment | 8,492 | 21,182 | 13,328 | 24,347 | |
Interest Income Recognized | 75 | 128 | 153 | 317 | |
Impaired Financing Receivables with An Allowance Recorded | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 7 | 7 | 145 | ||
Recorded Investment | 7 | 7 | 44 | ||
Allowance For Loan Losses Allocated | 1 | 1 | 33 | ||
Average Recorded Investment | 10 | 1,115 | 22 | 1,534 | |
Interest Income Recognized | 2 | 20 | |||
Impaired Financing Receivables with An Allowance Recorded | Commercial Real Estate | Construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 665 | 863 | |||
Interest Income Recognized | 5 | 11 | |||
Impaired Financing Receivables with An Allowance Recorded | Commercial Real Estate | Farmland | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 658 | ||||
Recorded Investment | 315 | ||||
Allowance For Loan Losses Allocated | 38 | ||||
Average Recorded Investment | 105 | 82 | |||
Impaired Financing Receivables with An Allowance Recorded | Commercial Real Estate | Nonfarm nonresidential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 8,150 | 8,150 | 19,454 | ||
Recorded Investment | 4,728 | 4,728 | 16,569 | ||
Allowance For Loan Losses Allocated | 671 | 671 | 453 | ||
Average Recorded Investment | 2,615 | 13,308 | 7,266 | 15,370 | |
Interest Income Recognized | 6 | 63 | 12 | 171 | |
Impaired Financing Receivables with An Allowance Recorded | Residential Real Estate | Multi-Family | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 4,221 | 4,221 | 4,266 | ||
Recorded Investment | 4,221 | 4,221 | 4,266 | ||
Allowance For Loan Losses Allocated | 64 | 64 | 91 | ||
Average Recorded Investment | 4,235 | 4,301 | 4,246 | 4,533 | |
Interest Income Recognized | 55 | 39 | 102 | 76 | |
Impaired Financing Receivables with An Allowance Recorded | Residential Real Estate | 1-4 Family | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 1,573 | 1,573 | 1,791 | ||
Recorded Investment | 1,573 | 1,573 | 1,771 | ||
Allowance For Loan Losses Allocated | 106 | 106 | 136 | ||
Average Recorded Investment | 1,628 | 1,749 | 1,676 | 1,907 | |
Interest Income Recognized | 14 | 19 | 39 | 38 | |
Impaired Financing Receivables with An Allowance Recorded | Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 32 | ||||
Recorded Investment | 32 | ||||
Allowance For Loan Losses Allocated | $ 1 | ||||
Average Recorded Investment | $ 4 | $ 44 | $ 13 | 58 | |
Interest Income Recognized | $ 1 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Cash Basis Income Recognized | $ 29,000 | $ 225,000 | $ 102,000 | $ 422,000 | |
TDR loan modifications | 0 | 0 | |||
TDRs defaulted on restructured loan amount | 0 | $ 0 | |||
Minimum outstanding loan balance for credit risk analysis | $ 500,000 | $ 500,000 | |||
Troubled Debt Restructurings Term Modification One | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of Company's TDRs that were performing according to modified terms | 55.00% | 55.00% | 52.00% | ||
Reserves to customers whose loan terms have been modified in TDRs outstanding | $ 824,000 | $ 824,000 | $ 579,000 | ||
Commitment to lend additional amount to customers with outstanding loans classified as TDRs | $ 0 | $ 0 | $ 0 |
Types of Troubled Debt Restruct
Types of Troubled Debt Restructuring Loan Modification by Portfolio Segment Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | $ 33,554 | $ 42,492 |
Commercial | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 77 | 14 |
Commercial | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 869 | 869 |
Commercial Real Estate | Construction | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 602 | 3,647 |
Commercial Real Estate | Farmland | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 2,365 | 2,365 |
Commercial Real Estate | Other | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 22,516 | |
Commercial Real Estate | Other | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 671 | |
Commercial Real Estate | Nonfarm nonresidential | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 16,870 | |
Commercial Real Estate | Nonfarm nonresidential | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 655 | |
Residential Real Estate | Multi-Family | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 4,221 | 4,266 |
Residential Real Estate | 1-4 Family | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 7,895 | 8,112 |
Consumer | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 32 | |
TDRs Performing to Modified Terms | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 18,548 | 21,985 |
TDRs Performing to Modified Terms | Commercial | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 8 | 14 |
TDRs Performing to Modified Terms | Commercial Real Estate | Construction | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 265 | 268 |
TDRs Performing to Modified Terms | Commercial Real Estate | Other | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 8,622 | |
TDRs Performing to Modified Terms | Commercial Real Estate | Other | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 671 | |
TDRs Performing to Modified Terms | Commercial Real Estate | Nonfarm nonresidential | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 5,504 | |
TDRs Performing to Modified Terms | Commercial Real Estate | Nonfarm nonresidential | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 655 | |
TDRs Performing to Modified Terms | Residential Real Estate | Multi-Family | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 4,221 | 4,266 |
TDRs Performing to Modified Terms | Residential Real Estate | 1-4 Family | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 7,895 | 8,112 |
TDRs Performing to Modified Terms | Consumer | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 32 | |
TDRs Not Performing to Modified Terms | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 15,006 | 20,507 |
TDRs Not Performing to Modified Terms | Commercial | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 69 | |
TDRs Not Performing to Modified Terms | Commercial | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 869 | 869 |
TDRs Not Performing to Modified Terms | Commercial Real Estate | Construction | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 337 | 3,379 |
TDRs Not Performing to Modified Terms | Commercial Real Estate | Farmland | Principal Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | 2,365 | 2,365 |
TDRs Not Performing to Modified Terms | Commercial Real Estate | Other | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | $ 13,894 | |
TDRs Not Performing to Modified Terms | Commercial Real Estate | Nonfarm nonresidential | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructuring | $ 11,366 |
Recorded Investment in Nonaccru
Recorded Investment in Nonaccrual and Loans Past due 90 Days and Still on Accrual by Class of Loan (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 30,215 | $ 47,175 |
Loans Past Due 90 Day And Over Still Accruing | 92 | 151 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,548 | 1,978 |
Commercial Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 747 | 3,831 |
Commercial Real Estate | Farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,447 | 5,054 |
Commercial Real Estate | Nonfarm nonresidential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 15,859 | 26,892 |
Residential Real Estate | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 34 | 80 |
Residential Real Estate | 1-4 Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,330 | 8,925 |
Loans Past Due 90 Day And Over Still Accruing | 92 | 151 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 20 | 30 |
Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 230 | 263 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 122 |
Aging of Recorded Investment in
Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days And Over Past Due | $ 92 | $ 151 |
Nonaccrual | 30,215 | 47,175 |
Financing receivable, Past Due | 32,898 | 52,266 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 1,941 | 3,960 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 650 | 980 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,548 | 1,978 |
Financing receivable, Past Due | 1,576 | 2,064 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 28 | 86 |
Commercial Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 747 | 3,831 |
Financing receivable, Past Due | 747 | 3,831 |
Commercial Real Estate | Farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,447 | 5,054 |
Financing receivable, Past Due | 4,775 | 5,468 |
Commercial Real Estate | Farmland | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 267 | 400 |
Commercial Real Estate | Farmland | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 61 | 14 |
Commercial Real Estate | Nonfarm nonresidential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 15,859 | 26,892 |
Financing receivable, Past Due | 16,249 | 27,451 |
Commercial Real Estate | Nonfarm nonresidential | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 152 | 241 |
Commercial Real Estate | Nonfarm nonresidential | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 238 | 318 |
Residential Real Estate | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 34 | 80 |
Financing receivable, Past Due | 34 | 80 |
Residential Real Estate | 1-4 Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days And Over Past Due | 92 | 151 |
Nonaccrual | 7,330 | 8,925 |
Financing receivable, Past Due | 9,199 | 12,801 |
Residential Real Estate | 1-4 Family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 1,442 | 3,124 |
Residential Real Estate | 1-4 Family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 335 | 601 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 20 | 30 |
Financing receivable, Past Due | 76 | 186 |
Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 52 | 109 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | 4 | 47 |
Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 230 | 263 |
Financing receivable, Past Due | 242 | 263 |
Agriculture | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, Past Due | $ 12 | |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 122 | |
Financing receivable, Past Due | $ 122 |
Risk Category of Loans by Class
Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2010 |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | $ 648,321 | $ 624,999 | $ 1,300,000 |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 78,742 | 60,936 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 277,467 | 286,044 | |
Commercial Real Estate | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 39,014 | 33,173 | |
Commercial Real Estate | Farmland | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 77,935 | 77,419 | |
Commercial Real Estate | Nonfarm nonresidential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 160,518 | 175,452 | |
Residential Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 251,266 | 239,169 | |
Residential Real Estate | Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 44,702 | 41,891 | |
Residential Real Estate | 1-4 Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 206,564 | 197,278 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 9,958 | 11,347 | |
Agriculture | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 30,391 | 26,966 | |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 497 | 537 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 509,843 | 461,126 | |
Pass | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 68,226 | 49,440 | |
Pass | Commercial Real Estate | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 31,715 | 25,266 | |
Pass | Commercial Real Estate | Farmland | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 65,245 | 61,672 | |
Pass | Commercial Real Estate | Nonfarm nonresidential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 114,410 | 111,426 | |
Pass | Residential Real Estate | Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 35,769 | 31,526 | |
Pass | Residential Real Estate | 1-4 Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 162,179 | 145,450 | |
Pass | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 9,095 | 10,115 | |
Pass | Agriculture | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 22,707 | 25,816 | |
Pass | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 497 | 415 | |
Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 67,712 | 68,200 | |
Watch | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 4,266 | 5,063 | |
Watch | Commercial Real Estate | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 5,582 | 2,990 | |
Watch | Commercial Real Estate | Farmland | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 5,768 | 7,922 | |
Watch | Commercial Real Estate | Nonfarm nonresidential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 20,813 | 21,017 | |
Watch | Residential Real Estate | Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 4,958 | 6,039 | |
Watch | Residential Real Estate | 1-4 Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 18,719 | 23,928 | |
Watch | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 307 | 537 | |
Watch | Agriculture | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 7,299 | 704 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 1,718 | 4,189 | |
Special Mention | Commercial Real Estate | Nonfarm nonresidential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 1,351 | 3,747 | |
Special Mention | Residential Real Estate | 1-4 Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 69 | 131 | |
Special Mention | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 298 | 311 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 69,048 | 91,484 | |
Substandard | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 6,250 | 6,433 | |
Substandard | Commercial Real Estate | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 1,717 | 4,917 | |
Substandard | Commercial Real Estate | Farmland | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 6,922 | 7,825 | |
Substandard | Commercial Real Estate | Nonfarm nonresidential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 23,944 | 39,262 | |
Substandard | Residential Real Estate | Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 3,975 | 4,326 | |
Substandard | Residential Real Estate | 1-4 Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 25,597 | 27,769 | |
Substandard | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | 258 | 384 | |
Substandard | Agriculture | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | $ 385 | 446 | |
Substandard | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans | $ 122 |
Major Categories of Other Real
Major Categories of Other Real Estate Owned (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Real Estate Properties [Line Items] | ||||||
Other Real Estate Owned, Gross | $ 39,852 | $ 47,263 | ||||
Valuation allowance | (307) | $ (492) | (1,066) | $ (199) | $ (208) | $ (230) |
Other real estate owned | 39,545 | 46,197 | $ 56,882 | $ 30,892 | ||
Commercial Real Estate | Construction, Land Development and Other Land | ||||||
Real Estate Properties [Line Items] | ||||||
Other Real Estate Owned, Gross | 16,303 | 18,748 | ||||
Commercial Real Estate | Farmland | ||||||
Real Estate Properties [Line Items] | ||||||
Other Real Estate Owned, Gross | 231 | 669 | ||||
Commercial Real Estate | Nonfarm nonresidential | ||||||
Real Estate Properties [Line Items] | ||||||
Other Real Estate Owned, Gross | 14,664 | 14,860 | ||||
Residential Real Estate | Multi-Family | ||||||
Real Estate Properties [Line Items] | ||||||
Other Real Estate Owned, Gross | 3,864 | 4,988 | ||||
Residential Real Estate | 1-4 Family | ||||||
Real Estate Properties [Line Items] | ||||||
Other Real Estate Owned, Gross | $ 4,790 | $ 7,998 |
Other Real Estate Owned Valuati
Other Real Estate Owned Valuation Allowance Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
SEC Schedule III, Real Estate, Write-down or Reserve [Line Items] | ||||
Beginning balance | $ 492 | $ 208 | $ 1,066 | $ 230 |
Provision to allowance | 2,330 | 400 | 2,630 | 650 |
Write-downs | (2,515) | (409) | (3,389) | (681) |
Ending balance | $ 307 | $ 199 | $ 307 | $ 199 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Pricing Strategy Change | ||
Real Estate Properties [Line Items] | ||
Value of OREO property subject to a contract for sale or letter of intent | $ 12.7 | |
Residential Real Estate | 1-4 Family | ||
Real Estate Properties [Line Items] | ||
Properties in the process of foreclosure | $ 2.1 | $ 3.6 |
Net Activity Relating to Other
Net Activity Relating to Other Real Estate Owned Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Real Estate Properties [Line Items] | ||||
OREO as of January 1 | $ 46,197 | $ 30,892 | ||
Real estate acquired | 955 | 30,867 | ||
Valuation adjustment | $ (2,330) | $ (400) | (2,630) | (650) |
Gain/(loss) on sale | 40 | 54 | 43 | 54 |
Proceeds from sale of properties | (5,020) | (4,281) | ||
OREO as of June 30 | $ 39,545 | $ 56,882 | 39,545 | 56,882 |
Writedowns | ||||
Real Estate Properties [Line Items] | ||||
Valuation adjustment | $ (2,630) | $ (650) |
Expenses Related to Other Real
Expenses Related to Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | |||||
Net (gain) loss on sales | $ (40) | $ (54) | $ (43) | $ (54) | |
Provision to allowance | 2,330 | 400 | 2,630 | 650 | |
Operating expense | 642 | 428 | 1,078 | 840 | |
Total | $ 2,932 | $ 774 | $ 3,665 | $ 1,436 | $ 5,800 |
Schedule of Deposit Balances by
Schedule of Deposit Balances by Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Non-interest bearing | $ 108,800 | $ 114,910 |
Interest checking | 84,627 | 91,086 |
Money market | 110,529 | 109,734 |
Savings | 35,942 | 36,430 |
Certificates of deposit | 564,253 | 574,681 |
Total deposits | $ 904,151 | $ 926,841 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Deposit Liabilities [Line Items] | ||
Time deposits of $250,000 or more | $ 34.2 | $ 34.4 |
Scheduled Maturities of All Tim
Scheduled Maturities of All Time Deposits (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Deposit Liabilities [Line Items] | |
Year 1 | $ 327,242 |
Year 2 | 159,912 |
Year 3 | 10,715 |
Year 4 | 13,874 |
Year 5 | 52,510 |
Thereafter | 0 |
Time Deposits, Total | $ 564,253 |
Advances from Federal Home Loan
Advances from Federal Home Loan Bank (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Monthly amortizing advances with fixed rates from 0.00% to 5.25% and maturities ranging from 2017 through 2033, averaging 2.79% at June 30, 2015 and 1.02% at December 31, 2014 | $ 3,430 | $ 15,752 |
Advances from Federal Home Lo57
Advances from Federal Home Loan Bank (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances from federal home loan bank, fixed rate from | 0.00% | |
Advances from federal home loan bank, fixed rate to | 5.25% | |
Advances from federal home loan bank, average rate | 2.79% | 1.02% |
Advances from federal home loan bank, maturities from | 2,017 | |
Advances from federal home loan bank, maturities through | 2,033 |
Advances from Federal Home Lo58
Advances from Federal Home Loan Bank - Additional Information (Detail) - Federal Home Loan Bank Advances - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Prepayment Penalty | $ 0 | $ 0 |
Additional borrowing capacity with the Federal Home Loan Bank | $ 23,800,000 | |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
New advances maturity period | 1 year |
Fair Values Measurement - Addit
Fair Values Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value Measurements [Line Items] | |||||
Other debt security valuation, coupon rate | 6.50% | 6.50% | |||
Other debt security valuation, estimated current market rate | 8.25% | 8.25% | |||
Impaired loans, carrying amount | $ 5,200,000 | $ 13,300,000 | $ 5,200,000 | $ 13,300,000 | $ 18,400,000 |
Impaired loans, valuation allowance | 842,000 | 842,000 | 752,000 | ||
Impaired loans, additional provision for loan loss | 0 | 5,200,000 | 0 | 5,200,000 | |
Other real estate owned, net carrying amount | 39,500,000 | 56,900,000 | 39,500,000 | 56,900,000 | 46,200,000 |
Other real estate owned, write-downs | 2,600,000 | 650,000 | $ 2,600,000 | 650,000 | |
Other real estate owned, net | Routine Real Estate Collateral | |||||
Fair Value Measurements [Line Items] | |||||
Internal discount rate used in fair value evaluation | 10.00% | ||||
Other real estate owned, net | Thin Trading Market or Specialized Collateral | |||||
Fair Value Measurements [Line Items] | |||||
Internal discount rate used in fair value evaluation | 25.00% | ||||
Other real estate owned, net | Minimum | |||||
Fair Value Measurements [Line Items] | |||||
Estimated discounts for cost to sell | 6.00% | ||||
Other real estate owned, net | Maximum | |||||
Fair Value Measurements [Line Items] | |||||
Estimated discounts for cost to sell | 10.00% | ||||
Impaired Loans | |||||
Fair Value Measurements [Line Items] | |||||
Impaired loans, valuation allowance | $ 742,000 | $ 1,600,000 | $ 742,000 | $ 1,600,000 | $ 622,000 |
Impaired Loans | Routine Real Estate Collateral | |||||
Fair Value Measurements [Line Items] | |||||
Internal discount rate used in fair value evaluation | 10.00% | ||||
Impaired Loans | Thin Trading Market or Specialized Collateral | |||||
Fair Value Measurements [Line Items] | |||||
Internal discount rate used in fair value evaluation | 25.00% | ||||
Impaired Loans | Minimum | |||||
Fair Value Measurements [Line Items] | |||||
Internal discount rate used in fair value evaluation | 10.00% | ||||
Estimated discounts for cost to sell | 6.00% | ||||
Impaired Loans | Maximum | |||||
Fair Value Measurements [Line Items] | |||||
Internal discount rate used in fair value evaluation | 33.00% | ||||
Estimated discounts for cost to sell | 10.00% |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring and Non Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 151,758 | $ 190,791 |
U.S. Government and federal agency | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 31,333 | 35,443 |
Agency mortgage-backed: residential | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 110,303 | 123,598 |
State and municipal | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7,142 | 12,404 |
Corporate bonds | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,329 | 18,688 |
Other | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 651 | 658 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 151,107 | 190,133 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 651 | 658 |
Loans fair value | 642,894 | 615,914 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 151,758 | 190,791 |
Fair Value, Measurements, Recurring | U.S. Government and federal agency | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 31,333 | 35,443 |
Fair Value, Measurements, Recurring | Agency mortgage-backed: residential | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 110,303 | 123,598 |
Fair Value, Measurements, Recurring | State and municipal | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7,142 | 12,404 |
Fair Value, Measurements, Recurring | Corporate bonds | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,329 | 18,688 |
Fair Value, Measurements, Recurring | Other | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 651 | 658 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 151,107 | 190,133 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government and federal agency | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 31,333 | 35,443 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed: residential | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 110,303 | 123,598 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | State and municipal | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7,142 | 12,404 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,329 | 18,688 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 651 | 658 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 651 | 658 |
Fair Value, Measurements, Nonrecurring | Other real estate owned, net | Commercial Real Estate | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 16,178 | 18,325 |
Fair Value, Measurements, Nonrecurring | Other real estate owned, net | Commercial Real Estate | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 230 | 654 |
Fair Value, Measurements, Nonrecurring | Other real estate owned, net | Commercial Real Estate | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 14,525 | |
Fair Value, Measurements, Nonrecurring | Other real estate owned, net | Commercial Real Estate | Nonfarm nonresidential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 14,551 | |
Fair Value, Measurements, Nonrecurring | Other real estate owned, net | Residential Real Estate | Multi-Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 3,834 | 4,875 |
Fair Value, Measurements, Nonrecurring | Other real estate owned, net | Residential Real Estate | 1-4 Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 4,752 | 7,818 |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 7 | 12 |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Commercial Real Estate | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 278 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Commercial Real Estate | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 15,825 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Commercial Real Estate | Nonfarm nonresidential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 3,770 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Residential Real Estate | 1-4 Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 1,467 | 1,635 |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 31 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other real estate owned, net | Commercial Real Estate | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 16,178 | 18,325 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other real estate owned, net | Commercial Real Estate | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 230 | 654 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other real estate owned, net | Commercial Real Estate | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 14,525 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other real estate owned, net | Commercial Real Estate | Nonfarm nonresidential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 14,551 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other real estate owned, net | Residential Real Estate | Multi-Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 3,834 | 4,875 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other real estate owned, net | Residential Real Estate | 1-4 Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 4,752 | 7,818 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 7 | 12 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans | Commercial Real Estate | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 278 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans | Commercial Real Estate | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 15,825 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans | Commercial Real Estate | Nonfarm nonresidential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | 3,770 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans | Residential Real Estate | 1-4 Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | $ 1,467 | 1,635 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans fair value | $ 31 |
Reconciliation of all Assets Me
Reconciliation of all Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs Level 3 (Detail) - Other - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balances of recurring Level 3 assets at January 1 | $ 658 | $ 632 |
Included in other comprehensive income (loss) | (7) | 19 |
Balance of recurring Level 3 assets at June 30 | $ 651 | $ 651 |
Qualitative Information About L
Qualitative Information About Level Three Fair Value Measurements for Financial Instruments Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans | Commercial | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 7 | $ 12 |
Valuation Technique(s) | Market value approach | |
Unobservable Input(s) | Adjustment for receivables and inventory discounts | |
Discount or capitalization rate | 13.00% | 24.00% |
Impaired Loans | Commercial | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount or capitalization rate | 11.00% | 16.00% |
Impaired Loans | Commercial | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount or capitalization rate | 14.00% | 32.00% |
Impaired Loans | Commercial Real Estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 3,770 | $ 16,103 |
Adjustment for differences between the comparable sales | 10.00% | 14.00% |
Valuation Technique(s) | Sales comparison approach | |
Unobservable Input(s) | Adjustment for differences between the comparable sales | |
Discount or capitalization rate | 9.00% | 8.00% |
Impaired Loans | Commercial Real Estate | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique(s) | Income approach | |
Unobservable Input(s) | Discount or capitalization rate | |
Impaired Loans | Commercial Real Estate | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 2.00% | 0.00% |
Discount or capitalization rate | 8.00% | 8.00% |
Impaired Loans | Commercial Real Estate | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 17.00% | 62.00% |
Discount or capitalization rate | 10.00% | 9.00% |
Impaired Loans | Residential Real Estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 1,467 | $ 1,635 |
Adjustment for differences between the comparable sales | 7.00% | 11.00% |
Valuation Technique(s) | Sales comparison approach | |
Unobservable Input(s) | Adjustment for differences between the comparable sales | |
Impaired Loans | Residential Real Estate | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 1.00% | 0.00% |
Impaired Loans | Residential Real Estate | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 16.00% | 39.00% |
Other real estate owned, net | Commercial Real Estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 30,959 | $ 33,504 |
Adjustment for differences between the comparable sales | 22.00% | 18.00% |
Valuation Technique(s) | Sales comparison approach | |
Unobservable Input(s) | Adjustment for differences between the comparable sales | |
Discount or capitalization rate | 13.00% | 13.00% |
Other real estate owned, net | Commercial Real Estate | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique(s) | Income approach | |
Unobservable Input(s) | Discount or capitalization rate | |
Other real estate owned, net | Commercial Real Estate | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 0.00% | 0.00% |
Discount or capitalization rate | 8.00% | 9.00% |
Other real estate owned, net | Commercial Real Estate | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 69.00% | 45.00% |
Discount or capitalization rate | 20.00% | 20.00% |
Other real estate owned, net | Residential Real Estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 8,586 | $ 12,693 |
Adjustment for differences between the comparable sales | 5.00% | 6.00% |
Valuation Technique(s) | Sales comparison approach | |
Unobservable Input(s) | Adjustment for differences between the comparable sales | |
Other real estate owned, net | Residential Real Estate | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 0.00% | 0.00% |
Other real estate owned, net | Residential Real Estate | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Adjustment for differences between the comparable sales | 15.00% | 15.00% |
Carrying Amount and Estimated F
Carrying Amount and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||
Securities available for sale | $ 151,758 | $ 190,791 |
Securities held to maturity | 43,677 | 44,498 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and cash equivalents | 58,734 | 49,007 |
Financial liabilities | ||
Deposits | 108,800 | 114,910 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Cash and cash equivalents | 12,656 | 31,173 |
Securities available for sale | 151,107 | 190,133 |
Securities held to maturity | 43,677 | 44,498 |
Loans held for sale | 125 | 8,926 |
Accrued interest receivable | 1,111 | 1,389 |
Financial liabilities | ||
Deposits | 790,086 | 804,508 |
Securities sold under agreements to repurchase | 1,265 | 1,341 |
Federal Home Loan Bank advances | 3,438 | 15,758 |
Accrued interest payable | 564 | 751 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Securities available for sale | 651 | 658 |
Loans, net | 642,894 | 615,914 |
Accrued interest receivable | 2,145 | 2,114 |
Financial liabilities | ||
Accrued interest payable | 2,413 | 2,107 |
Significant Unobservable Inputs (Level 3) | Subordinated capital notes | ||
Financial liabilities | ||
Subordinated capital notes | 4,351 | 4,765 |
Significant Unobservable Inputs (Level 3) | Junior subordinated debentures | ||
Financial liabilities | ||
Subordinated capital notes | 14,644 | 14,214 |
Carrying Amount | ||
Financial assets | ||
Cash and cash equivalents | 71,390 | 80,180 |
Securities available for sale | 151,758 | 190,791 |
Securities held to maturity | 42,202 | 42,325 |
Federal Home Loan Bank stock | 7,323 | 7,323 |
Loans held for sale | 125 | 8,926 |
Loans, net | 631,512 | 605,635 |
Accrued interest receivable | 3,256 | 3,503 |
Financial liabilities | ||
Deposits | 904,151 | 926,841 |
Securities sold under agreements to repurchase | 1,265 | 1,341 |
Federal Home Loan Bank advances | 3,430 | 15,752 |
Accrued interest payable | 2,977 | 2,858 |
Carrying Amount | Subordinated capital notes | ||
Financial liabilities | ||
Subordinated capital notes | 4,500 | 4,950 |
Carrying Amount | Junior subordinated debentures | ||
Financial liabilities | ||
Subordinated capital notes | 25,000 | 25,000 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 71,390 | 80,180 |
Securities available for sale | 151,758 | 190,791 |
Securities held to maturity | 43,677 | 44,498 |
Loans held for sale | 125 | 8,926 |
Loans, net | 642,894 | 615,914 |
Accrued interest receivable | 3,256 | 3,503 |
Financial liabilities | ||
Deposits | 898,886 | 919,418 |
Securities sold under agreements to repurchase | 1,265 | 1,341 |
Federal Home Loan Bank advances | 3,438 | 15,758 |
Accrued interest payable | 2,977 | 2,858 |
Fair Value | Subordinated capital notes | ||
Financial liabilities | ||
Subordinated capital notes | 4,351 | 4,765 |
Fair Value | Junior subordinated debentures | ||
Financial liabilities | ||
Subordinated capital notes | $ 14,644 | $ 14,214 |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carry-forward | $ 34,095 | $ 32,111 |
Allowance for loan losses | 5,883 | 6,777 |
Other real estate owned write-down | 9,379 | 10,000 |
Alternative minimum tax credit carry-forward | 692 | 692 |
Net assets from acquisitions | 670 | 668 |
Other than temporary impairment on securities | 46 | 46 |
Net unrealized loss on securities | 144 | |
New market tax credit carry-forward | 208 | 208 |
Nonaccrual loan interest | 846 | 958 |
Amortization of non-compete agreements | 13 | 14 |
Other | 1,810 | 1,701 |
Deferred Tax Assets, Gross, Total | 53,786 | 53,175 |
Deferred tax liabilities: | ||
FHLB stock dividends | 928 | 928 |
Fixed assets | 236 | 264 |
Originated mortgage servicing rights | 42 | 53 |
Net unrealized gain on securities | 579 | |
Other | 669 | 703 |
Deferred Tax Liabilities, Net, Total | 1,875 | 2,527 |
Net deferred tax assets before valuation allowance | 51,911 | 50,648 |
Valuation allowance | (51,911) | (50,648) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Line Items] | |||
Income tax benefit | $ (1,307,000) | $ 0 | $ (1,307,000) |
Interest and penalties | $ 0 | $ 0 | |
Individual shareholder's ownership percentage that would limit the company's ability to utilize its NOL | 5.00% | ||
Aggregate ownership percentage that would limit the company's ability to utilize its NOL | 50.00% |
Stock Plans and Stock Based C66
Stock Plans and Stock Based Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares terminated | 538,479 | |
Stock-based compensation | $ 181,000 | $ 283,000 |
Employee | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 181,000 | |
Unvested Shares | Employee | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of unvested shares issued | $ 712,000 | |
Fair value of unvested shares issued per weighted-average share | $ 0.89 | |
Unvested Shares | Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of unvested shares issued | $ 125,000 | |
Fair value of unvested shares issued per weighted-average share | $ 1.08 | |
Service Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
New service-based restricted shares issued | 800,000 | |
Incremental compensation expense after modification | $ 233,000 | |
2006 Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized | 1,563,050 | |
Unvested shares issued, net of forfeitures and vesting | 1,019,109 | |
Shares remaining available for issuance | 291,902 | |
2006 Stock Incentive Plan | Unvested Shares | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
2006 Stock Incentive Plan | Unvested Shares | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 10 years | |
2006 Non-Employee Directors Stock Ownership Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested shares issued, net of forfeitures and vesting | 115,740 | |
Shares remaining available for issuance | 185,774 | |
Restricted shares award, fair market value | $ 25,000 | |
Unvested shares issued, net of forfeitures and vesting, issued | 115,740 | |
2006 Non-Employee Directors Stock Ownership Incentive Plan | Amendment | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized | 700,000 |
Summary of Unvested Share Activ
Summary of Unvested Share Activity (Detail) - Unvested Shares - Stock Incentive Plan - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Shares | ||
Outstanding, beginning | 770,440 | 787,426 |
Granted | 800,000 | 122,220 |
Vested | (80,185) | (133,227) |
Terminated | (450,994) | |
Forfeited | (20,152) | (5,979) |
Outstanding, ending | 1,019,109 | 770,440 |
Weighted Average Grant Price | ||
Outstanding, beginning | $ 1.33 | $ 1.56 |
Granted | 0.89 | 0.93 |
Vested | 1.81 | 2.20 |
Terminated | 1.25 | |
Forfeited | 1.06 | 4.21 |
Outstanding, ending | $ 0.99 | $ 1.33 |
Summary of Unvested Share Act68
Summary of Unvested Share Activity for Non-Employee Directors (Detail) - Unvested Shares - Non Employee Director - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Shares | ||
Outstanding, beginning | 5,052 | 47,428 |
Granted | 115,740 | 166,668 |
Vested | (5,052) | (154,222) |
Forfeited | (54,822) | |
Outstanding, ending | 115,740 | 5,052 |
Weighted Average Exercise Price | ||
Outstanding, beginning | $ 1.65 | $ 1.69 |
Granted | 1.08 | 0.90 |
Vested | 1.65 | 0.98 |
Forfeited | 1.29 | |
Outstanding, ending | $ 1.08 | $ 1.65 |
Unrecognized Stock Based Compen
Unrecognized Stock Based Compensation Expense Related to Unvested Shares (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
July 2015 - December 2015 | $ 269 |
2,016 | 257 |
2,017 | 156 |
2,018 | 149 |
2019 & thereafter | $ 0 |
Computation of Basic and Dilute
Computation of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||||
Net income (loss) | $ (2,130) | $ (6,234) | $ (1,536) | $ (6,521) | $ (11,200) | |
Less: | ||||||
Preferred stock dividends | 789 | 1,574 | ||||
Earnings allocated to Series C preferred | (91) | (693) | (269) | (772) | 3,200 | |
Net loss attributable to common shareholders, basic and diluted | $ (2,039) | $ (6,330) | $ (1,267) | $ (7,323) | $ 19,400 | $ (3,400) |
Basic | ||||||
Weighted average common shares outstanding | 24,589,507 | 11,981,121 | 21,079,238 | 11,992,925 | ||
Basic income (loss) per common share | $ (0.08) | $ (0.53) | $ (0.06) | $ (0.61) | ||
Diluted | ||||||
Add: Dilutive effects of assumed exercises of common and Preferred Series C stock warrants | 0 | 0 | 0 | 0 | ||
Weighted average common shares and potential common shares | 24,589,507 | 11,981,121 | 21,079,238 | 11,992,925 | ||
Diluted loss per common share | $ (0.08) | $ (0.53) | $ (0.06) | $ (0.61) | ||
Unvested Shares | ||||||
Less: | ||||||
Earnings allocated to Series C preferred | $ (91) | $ (517) | $ (60) | $ (569) | ||
Basic | ||||||
Weighted average common shares outstanding | 1,098,072 | 979,211 | 990,545 | 931,092 | ||
Preferred Stock Dividends | ||||||
Less: | ||||||
Preferred stock dividends | $ 789 | $ 1,574 | ||||
Series C Preferred Stock | ||||||
Less: | ||||||
Earnings allocated to Series C preferred | $ (176) | $ (209) | $ (203) | |||
Basic | ||||||
Weighted average common shares outstanding | 332,894 | 332,894 | ||||
Common Stock | ||||||
Less: | ||||||
Net loss attributable to common shareholders, basic and diluted | $ (2,039) | $ (6,330) | $ (1,267) | $ (7,323) | ||
Common Stock and Series C Preferred Stock | Unvested Shares | ||||||
Basic | ||||||
Weighted average common shares including unvested common shares outstanding | 25,687,579 | 13,293,226 | 25,554,292 | 13,256,911 | ||
Series B Preferred Stock | ||||||
Basic | ||||||
Weighted average common shares outstanding | 1,343,735 | |||||
Series D Preferred Stock | ||||||
Basic | ||||||
Weighted average common shares outstanding | 2,140,774 |
Earnings (Loss) per Share - Add
Earnings (Loss) per Share - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock | ||
Earnings Per Share Disclosure [Line Items] | ||
Warrant exercise price | $ 15.88 | $ 15.88 |
Nonvoting Common Stock | ||
Earnings Per Share Disclosure [Line Items] | ||
Warrant exercise price | $ 10.95 | $ 10.95 |
Warrant | Common Stock | ||
Earnings Per Share Disclosure [Line Items] | ||
Shares/warrants of common stock not considered in computing diluted earnings per share | 330,561 | 330,561 |
Warrant | Nonvoting Common Stock | ||
Earnings Per Share Disclosure [Line Items] | ||
Shares/warrants of common stock not considered in computing diluted earnings per share | 650,544 | 1,449,459 |
Capital Requirements and Rest72
Capital Requirements and Restrictions on Retained Earnings - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Oct. 31, 2012 | Jun. 24, 2011 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Maximum asset for opt-out requirement in capital calculation | $ 250,000,000,000 | |||
Tier I leverage ratio, regulatory minimum | 4.00% | 4.00% | ||
Total risk-based capital, regulatory minimum | 8.00% | 8.00% | ||
Tier 1 leverage ratio | 4.25% | 4.51% | ||
Total risk-based capital | 10.25% | 10.61% | ||
PBI Bank | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier I leverage ratio, regulatory minimum | 4.00% | 4.00% | ||
Tier 1 leverage ratio | 5.95% | 5.78% | ||
Total risk-based capital | 10.34% | |||
Consent order | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier I leverage ratio, regulatory minimum | 9.00% | 9.00% | ||
Total risk-based capital, regulatory minimum | 12.00% | 12.00% | ||
Minimum substandard asset subject to risk position reduction | $ 1,000,000 | |||
Maximum asset growth rate, quarterly | 5.00% | |||
Maximum asset growth rate, annually | 10.00% | |||
Consent order | Construction and development loans | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Maximum concentration of loans to total risk based capital | 75.00% | 75.00% | ||
Consent order | Non-owner occupied commercial real estate loans | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Maximum concentration of loans to total risk based capital | 250.00% |
Ratios and Amounts of Common Eq
Ratios and Amounts of Common Equity Tier One, Tier One Capital and Total Capital to Risk-Adjusted Assets and Leverage Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital to risk-weighted assets, actual amount | $ 72,471 | $ 73,595 |
Total common equity tier I risk-based capital to risk-weighted assets, actual amount | 31,267 | |
Tier I capital to risk-weighted assets, actual amount | 42,548 | 46,459 |
Tier I capital to average assets, actual amount | $ 42,548 | $ 46,459 |
Total risk-based capital to risk-weighted assets, actual ratio | 10.25% | 10.61% |
Total common equity tier I risk-based capital to risk-weighted assets, actual ratio | 4.42% | |
Tier I capital to risk-weighted assets, actual ratio | 6.02% | 6.70% |
Tier I capital to average assets, actual ratio | 4.25% | 4.51% |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 56,542 | $ 55,483 |
Total common equity tier I risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | 31,805 | |
Tier I capital to risk-weighted assets, for capital adequacy purposes, amount | 42,407 | 27,741 |
Tier I capital to average assets, for capital adequacy purposes, amount | $ 40,039 | $ 41,193 |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 8.00% | 8.00% |
Total common equity tier I risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 4.50% | |
Tier I capital to risk-weighted assets, for capital adequacy purposes, ratio | 6.00% | 4.00% |
Tier I capital to average assets, for capital adequacy purposes, ratio | 4.00% | 4.00% |
Porter Bancorp and PBI Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital to risk-weighted assets, actual amount | $ 72,858 | $ 73,174 |
Total common equity tier I risk-based capital to risk-weighted assets, actual amount | $ 59,449 | |
Total risk-based capital to risk-weighted assets, actual ratio | 10.34% | 10.57% |
Total common equity tier I risk-based capital to risk-weighted assets, actual ratio | 8.43% | |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 56,388 | $ 55,383 |
Total common equity tier I risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 31,718 | |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 8.00% | 8.00% |
Total common equity tier I risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 4.50% | |
Porter Bancorp | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital to risk-weighted assets, actual amount | $ 59,449 | $ 59,438 |
Tier I capital to risk-weighted assets, actual ratio | 8.43% | 8.59% |
Tier I capital to risk-weighted assets, for capital adequacy purposes, amount | $ 42,291 | $ 27,691 |
Tier I capital to risk-weighted assets, for capital adequacy purposes, ratio | 6.00% | 4.00% |
PBI Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital to risk-weighted assets, actual amount | $ 72,858 | |
Tier I capital to average assets, actual amount | $ 59,449 | $ 59,438 |
Total risk-based capital to risk-weighted assets, actual ratio | 10.34% | |
Tier I capital to average assets, actual ratio | 5.95% | 5.78% |
Tier I capital to average assets, for capital adequacy purposes, amount | $ 39,988 | $ 41,143 |
Tier I capital to average assets, for capital adequacy purposes, ratio | 4.00% | 4.00% |
Consent Order to Achieve the Mi
Consent Order to Achieve the Minimum Capital Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Reconciliation of Stockholders' Equity to Regulatory Capital [Line Items] | ||
Total capital to risk-weighted assets | $ 72,471 | $ 73,595 |
Total capital to risk-weighted assets | 10.25% | 10.61% |
Tier I capital to average assets | 4.25% | 4.51% |
PBI Bank | ||
Reconciliation of Stockholders' Equity to Regulatory Capital [Line Items] | ||
Total capital to risk-weighted assets | $ 72,858 | |
Tier I capital to average assets | $ 59,449 | |
Total capital to risk-weighted assets | 10.34% | |
Tier I capital to average assets | 5.95% | 5.78% |
Total capital to risk-weighted assets | $ 84,582 | |
Tier I capital to average assets | $ 89,973 | |
Total capital to risk-weighted assets | 12.00% | |
Tier I capital to average assets | 9.00% | |
PBI Bank | Tier I | ||
Reconciliation of Stockholders' Equity to Regulatory Capital [Line Items] | ||
Tier I capital to average assets | 5.95% |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | Dec. 26, 2013USD ($) | Jul. 16, 2013USD ($) | Jun. 18, 2010Plaintiff | Jun. 30, 2009USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2012USD ($) |
Commitments and Contingencies Disclosure [Line Items] | ||||||
Accrued contingent liabilities | $ 2,200,000 | |||||
Laws affected | Plaintiffs asserted claims of fraud, breach of fiduciary duty, breach of the duty of good faith and fair dealing, tortious interference with prospective business advantage and conspiracy to commit fraud, negligence, and conspiracy against the Bank. | |||||
Number of Plaintiffs | Plaintiff | 3 | |||||
Original release of obligations | $ 26,000,000 | |||||
Loss Contingency damage sought by plaintiff, description | The plaintiff seeks damages in an amount in excess of $4,500,000, or the difference between the $5,000,016 purchase price and the value of the securities when tendered by the plaintiff, plus interest at the applicable statutory rate, costs and reasonable attorneys' fees. | |||||
Alleged imprudent and disloyal purchase of company stock | $ 40,000,000 | |||||
Alleged approved seller financing percentage | 100.00% | |||||
ESOP purchase of all stock of AIT Holding Company | $ 90,000,000 | |||||
Compensatory Damages | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Damages awarded to plaintiffs | $ 1,515,000 | |||||
Punitive Damages | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Damages awarded to plaintiffs | $ 5,500,000 | |||||
Minimum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Loss contingency damage sought by plaintiff | $ 4,500,000 | |||||
Maximum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Loss contingency damage sought by plaintiff | $ 5,000,016 |