Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FSB | ||
Entity Registrant Name | FRANKLIN FINANCIAL NETWORK INC. | ||
Entity Central Index Key | 1,407,067 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 10,578,934 | ||
Entity Public Float | $ 218,248,223.68 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from financial institutions | $ 52,394 | $ 49,347 |
Certificates of deposit at other financial institutions | 250 | 250 |
Securities available for sale | 575,838 | 395,705 |
Securities held to maturity (fair value 2015-$161,969 and 2014-$53,741) | 158,200 | 53,332 |
Loans held for sale, at fair value | 14,079 | 18,462 |
Loans | 1,303,826 | 787,188 |
Allowance for loan losses | (11,587) | (6,680) |
Net loans | 1,292,239 | 780,508 |
Restricted equity securities, at cost | 7,998 | 5,349 |
Premises and equipment, net | 7,640 | 9,664 |
Accrued interest receivable | 7,299 | 3,545 |
Bank owned life insurance | 22,619 | 11,664 |
Deferred tax asset | 9,430 | 6,780 |
Assets held for sale | 1,640 | 4,080 |
Foreclosed assets | 200 | 715 |
Servicing rights, net | 3,455 | 3,053 |
Goodwill | 9,124 | 9,124 |
Core deposit intangible, net | 2,043 | 2,698 |
Other assets | 3,344 | 1,551 |
Total assets | 2,167,792 | 1,355,827 |
Deposits | ||
Non-interest bearing | 176,742 | 150,337 |
Interest bearing | 1,637,297 | 1,021,896 |
Total deposits | 1,814,039 | 1,172,233 |
Federal funds purchased and repurchase agreements | 101,086 | 39,078 |
Federal Home Loan Bank advances | 57,000 | 19,000 |
Accrued interest payable | 644 | 421 |
Other liabilities | 6,207 | 3,296 |
Total liabilities | 1,978,976 | 1,234,028 |
Shareholders' equity | ||
Preferred stock, no par value: 1,000,000 shares authorized; Senior non-cumulative preferred stock, no par value, $10,000 liquidation value: Series A, 10,000 shares authorized; 10,000 shares issued and outstanding at December 31, 2015 and 2014, respectively | 10,000 | 10,000 |
Common stock, no par value: 20,000,000 and 10,000,000 shares authorized; 10,571,377 and 7,756,411 issued at December 31, 2015 and 2014, respectively | 147,784 | 94,251 |
Retained earnings | 31,352 | 15,372 |
Accumulated other comprehensive income (loss) | (320) | 2,176 |
Total shareholders' equity | 188,816 | 121,799 |
Total liabilities and shareholders' equity | $ 2,167,792 | $ 1,355,827 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity securities, fair value | $ 161,969 | $ 53,741 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0 | $ 0 |
Common stock shares authorized | 20,000,000 | 10,000,000 |
Common stock shares issued | 10,571,377 | 7,756,411 |
Senior Non-cumulative Preferred Stock [Member] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, liquidation value | $ 10,000 | $ 10,000 |
Series A [Member] | ||
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 10,000 | 10,000 |
Preferred stock, shares outstanding | 10,000 | 10,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income and dividends | |||
Loans, including fees | $ 53,574 | $ 33,585 | $ 20,094 |
Securities: | |||
Taxable | 12,362 | 9,459 | 4,655 |
Tax-Exempt | 2,331 | 81 | 67 |
Dividends on restricted equity securities | 350 | 227 | 126 |
Federal funds sold and other | 104 | 80 | 40 |
Total interest income | 68,721 | 43,432 | 24,982 |
Interest expense | |||
Deposits | 8,688 | 5,301 | 3,693 |
Federal funds purchased and repurchase agreements | 306 | 176 | 144 |
Federal Home Loan Bank advances | 312 | 262 | 100 |
Total interest expense | 9,306 | 5,739 | 3,937 |
Net interest income | 59,415 | 37,693 | 21,045 |
Provision for loan losses | 5,030 | 2,374 | 907 |
Net interest income after provision for loan losses | 54,385 | 35,319 | 20,138 |
Noninterest income | |||
Service charges on deposit accounts | 113 | 53 | 52 |
Other service charges and fees | 2,644 | 1,777 | 1,112 |
Net gains on sale of loans | 6,959 | 5,814 | 4,403 |
Loan servicing fees, net | 227 | 254 | (365) |
Gain on sales and calls of securities | 833 | 259 | 88 |
Wealth management | 1,283 | 639 | 241 |
Other | 771 | 1,255 | 1,288 |
Total noninterest income | 12,830 | 10,051 | 6,819 |
Noninterest expense | |||
Salaries and employee benefits | 24,040 | 19,160 | 13,142 |
Occupancy and equipment | 6,589 | 4,729 | 2,792 |
FDIC assessment expense | 1,167 | 600 | 354 |
Net (gain) loss on sale and write-down of foreclosed assets | (26) | 96 | 223 |
Marketing | 956 | 728 | 283 |
Professional fees | 2,425 | 2,040 | 596 |
Other | 6,963 | 4,469 | 2,272 |
Total noninterest expense | 42,114 | 31,822 | 19,662 |
Income before income tax expense | 25,101 | 13,548 | 7,295 |
Income tax expense | 9,021 | 5,134 | 2,734 |
Net income | 16,080 | 8,414 | 4,561 |
Dividends paid on Series A preferred stock | (100) | (100) | (109) |
Net income available to common shareholders | $ 15,980 | $ 8,314 | $ 4,452 |
Earnings per share: | |||
Basic | $ 1.62 | $ 1.32 | $ 1.13 |
Diluted | $ 1.54 | $ 1.27 | $ 1.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 16,080 | $ 8,414 | $ 4,561 |
Unrealized gains/losses on securities: | |||
Unrealized holding gain (loss) arising during the period | (3,220) | 11,131 | (8,763) |
Reclassification adjustment for gains on sales and calls of securities included in net income | (833) | (259) | (88) |
Net unrealized gains (losses) | (4,053) | 10,872 | (8,851) |
Tax effect, includes $327, $102 and $34, respectively, income tax expense from gains on sales and calls of securities | 1,557 | (4,163) | 3,389 |
Total other comprehensive income (loss) | (2,496) | 6,709 | (5,462) |
Comprehensive income (loss) | $ 13,584 | $ 15,123 | $ (901) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Income tax expense from gains on sales and calls of securities | $ 327 | $ 102 | $ 34 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Initial Public Offering [Member] | Common Stock [Member]MidSouth Bank [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series A Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2012 | $ 51,356 | $ 10,000 | $ 37,821 | $ 2,606 | $ 929 | |||
Exercise of common stock options, includes net settlement of shares | 58 | $ 58 | ||||||
Beginning balance,shares at Dec. 31, 2012 | 3,621,154 | |||||||
Exercise of common stock options, includes net settlement of shares, number of shares | 5,755 | |||||||
Exercise of common stock warrants | 36 | $ 36 | ||||||
Exercise of common stock warrants, number of shares | 3,024 | |||||||
Dividends paid on Series A preferred stock | (109) | $ (109) | ||||||
Issuance of restricted stock, net of forfeitures | 28,685 | |||||||
Issuance of shares of common stock, net of stock offering costs | 14,191 | $ 14,191 | ||||||
Common stock, shares | 1,153,847 | |||||||
Stock based compensation expense, net of forfeitures | 364 | $ 364 | ||||||
Stock issued in conjunction with stock option exchange | (142) | $ (142) | ||||||
Stock issued in conjunction with stock option exchange, number of shares | 32,814 | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 227 | $ 227 | ||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 17,596 | |||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 83 | $ 83 | ||||||
Net income | 4,561 | 4,561 | ||||||
Other comprehensive (loss) income | (5,462) | (5,462) | ||||||
Ending balance at Dec. 31, 2013 | 65,163 | 10,000 | $ 52,638 | 7,058 | (4,533) | |||
Ending balance,shares at Dec. 31, 2013 | 4,862,875 | |||||||
Exercise of common stock options, includes net settlement of shares | 236 | $ 236 | ||||||
Exercise of common stock options, includes net settlement of shares, number of shares | 23,809 | 137,280 | ||||||
Dividends paid on Series A preferred stock | (100) | (100) | ||||||
Issuance of restricted stock, net of forfeitures | 83,191 | |||||||
Stock based compensation expense, net of forfeitures | 611 | $ 611 | ||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 275 | $ 275 | ||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 20,345 | |||||||
Stock and stock options (137,280 options) issued related to MidSouth Bank acquisition, net of stock issuance costs of $514 | 40,462 | $ 40,462 | ||||||
Common stock, shares | 2,766,191 | |||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 29 | 29 | ||||||
Net income | 8,414 | 8,414 | ||||||
Other comprehensive (loss) income | 6,709 | 6,709 | ||||||
Ending balance at Dec. 31, 2014 | 121,799 | 10,000 | $ 94,251 | 15,372 | 2,176 | |||
Ending balance,shares at Dec. 31, 2014 | 7,756,411 | |||||||
Exercise of common stock options, includes net settlement of shares | $ 1,301 | $ 1,301 | ||||||
Exercise of common stock options, includes net settlement of shares, number of shares | 138,901 | 125,478 | ||||||
Exercise of common stock warrants | $ 79 | $ 79 | ||||||
Exercise of common stock warrants, number of shares | 6,570 | |||||||
Dividends paid on Series A preferred stock | (100) | $ (100) | ||||||
Issuance of restricted stock, net of forfeitures | 28,229 | |||||||
Issuance of shares of common stock, net of stock offering costs | 50,423 | $ 50,423 | ||||||
Common stock, shares | 2,640,000 | |||||||
Stock based compensation expense, net of forfeitures | 860 | 860 | ||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 337 | $ 337 | ||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 14,689 | |||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 533 | $ 533 | ||||||
Net income | 16,080 | 16,080 | ||||||
Other comprehensive (loss) income | (2,496) | (2,496) | ||||||
Ending balance at Dec. 31, 2015 | $ 188,816 | $ 10,000 | $ 147,784 | $ 31,352 | $ (320) | |||
Ending balance,shares at Dec. 31, 2015 | 10,571,377 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from issuance of Stock options | 138,901 | ||
Proceeds from issuance of common stock, net of offering costs | $ 5,017 | ||
Common Stock [Member] | |||
Proceeds from issuance of Stock options | 125,478 | 23,809 | 5,755 |
Proceeds from issuance of common stock, net of offering costs | $ 809 | ||
Common Stock [Member] | MidSouth Bank [Member] | |||
Proceeds from issuance of Stock options | 137,280 | ||
Proceeds from issuance of common stock, net of offering costs | $ 514 | ||
Initial Public Offering [Member] | Common Stock [Member] | |||
Stock issued related to initial public offering, stock issuance costs | $ 5,017 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 16,080,000 | $ 8,414,000 | $ 4,561,000 |
Adjustments to reconcile net income to net cash from operating activities | |||
Depreciation and amortization on premises and equipment | 1,325,000 | 931,000 | 653,000 |
Accretion of purchase accounting adjustments | (1,897,000) | (1,589,000) | |
Net amortization of securities | 4,961,000 | 2,596,000 | 4,199,000 |
Amortization of loan servicing right asset | 909,000 | 727,000 | 1,265,000 |
Amortization of core deposit intangible | 655,000 | 362,000 | 0 |
Decrease in impairment of servicing asset | (90,000) | ||
Provision for loan losses | 5,030,000 | 2,374,000 | 907,000 |
Deferred income tax benefit | (1,058,000) | (130,000) | (396,000) |
Excess tax benefit related to the exchange of stock options | (83,000) | ||
Excess tax benefit related to the exercise of stock options | (533,000) | (29,000) | (83,000) |
Origination of loans held for sale | (301,190,000) | (262,955,000) | (307,592,000) |
Proceeds from sale of loans held for sale | 312,150,000 | 266,932,000 | 315,242,000 |
Net gain on sale of loans | (6,959,000) | (5,814,000) | (4,403,000) |
Gain on sale of available for sale securities | (684,000) | (259,000) | (88,000) |
Gain on call of held to maturity securities | (149,000) | ||
Income from bank owned life insurance | (611,000) | (288,000) | (268,000) |
(Gain) loss on sale of foreclosed assets | (16,000) | 96,000 | 223,000 |
Stock-based compensation | 860,000 | 611,000 | 364,000 |
Compensation expense related to common stock issued to 401(k) plan | 466,000 | 275,000 | 227,000 |
Recognition of deferred gain on sale of loans | (36,000) | (50,000) | (30,000) |
Recognition of deferred gain on sale of foreclosed assets | (10,000) | (5,000) | |
Loss on disposal of non-bank subsidiary | 32,000 | ||
Net change in: | |||
Accrued interest receivable and other assets | (5,599,000) | (82,000) | 249,000 |
Accrued interest payable and other liabilities | 3,584,000 | (219,000) | 572,000 |
Net cash from operating activities | 27,278,000 | 11,930,000 | 15,512,000 |
Available for sale securities: | |||
Sales | 107,300,000 | 44,181,000 | 16,290,000 |
Purchases | (498,977,000) | (198,452,000) | (189,962,000) |
Maturities, prepayments and calls | 204,147,000 | 93,339,000 | 78,650,000 |
Held to maturity securities: | |||
Purchases | (116,322,000) | (8,601,000) | (28,937,000) |
Maturities, prepayments and calls | 10,670,000 | 11,551,000 | 5,840,000 |
Net change in loans | (515,837,000) | (181,928,000) | (122,572,000) |
Purchase of bank owned life insurance | (10,344,000) | ||
Proceeds from sale of buildings held for sale | 4,080,000 | ||
Purchase of restricted equity securities | (2,649,000) | (745,000) | (774,000) |
Proceeds from sale of foreclosed assets | 531,000 | 1,166,000 | 2,477,000 |
Purchases of premises and equipment, net | (941,000) | (3,887,000) | (1,847,000) |
Decrease in interest bearing deposits in financial institutions | 100,000 | ||
Net cash provided from sale of non-bank subsidiary | 205,000 | ||
Net cash acquired from acquisition (See Note 2) | 12,197,000 | ||
Net cash from investing activities | (818,342,000) | (230,974,000) | (240,735,000) |
Cash flows from financing activities | |||
Increase in deposits | 641,867,000 | 246,629,000 | 166,657,000 |
Increase in federal funds purchased and repurchase agreements | 62,008,000 | 13,894,000 | 22,689,000 |
Proceeds from Federal Home Loan Bank advances | 157,000,000 | 15,000,000 | 40,000,000 |
Repayment of Federal Home Loan Bank advances | (119,000,000) | (25,000,000) | (25,000,000) |
Proceeds from exercise of common stock warrants | 79,000 | 36,000 | |
Proceeds from exercise of common stock options, including excess tax benefit | 1,834,000 | 265,000 | 58,000 |
Cash paid in conjunction with stock option exchange | (59,000) | ||
Proceeds from issuance of common stock, net of offering costs | 50,423,000 | (514,000) | 14,191,000 |
Dividends paid on preferred stock | (100,000) | (100,000) | (109,000) |
Net cash from financing activities | 794,111,000 | 250,174,000 | 218,463,000 |
Net change in cash and cash equivalents | 3,047,000 | 31,130,000 | (6,760,000) |
Cash and cash equivalents at beginning of period | 49,347,000 | 18,217,000 | 24,977,000 |
Cash and cash equivalents at end of period | 52,394,000 | 49,347,000 | 18,217,000 |
Supplemental information: | |||
Interest paid | 9,083,000 | 5,540,000 | 4,023,000 |
Income taxes paid | 9,738,000 | $ 5,692,000 | 2,750,000 |
Non-cash supplemental information: | |||
Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) | 40,976 | ||
Transfers from loans to foreclosed assets | $ 1,273,000 | 761,000 | |
Transfers from premises and equipment to assets held for sale | $ 1,640,000 | $ 4,080,000 | |
Transfer from additional paid-in-capital to common stock | $ 426,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Franklin Financial Network, Inc. was incorporated under the laws of the State of Tennessee on April 5, 2007. Franklin Synergy Bank was incorporated under the laws of the State of Tennessee and received its Certificate of Authority from the Tennessee Department of Financial Institutions and approval of FDIC insurance on November 2, 2007. Franklin Synergy Bank is also a Federal Reserve member bank. The Company provides financial services through its offices in Franklin, Brentwood, Spring Hill, Murfreesboro, Nashville, Nolensville, and Smyrna, Tennessee. Its primary deposit products are checking, savings, and certificate of deposit accounts, and its primary lending products are commercial and residential construction, commercial, installment loans and lines secured by home equity. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets, and consumer assets. Commercial loans are expected to be repaid by cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also focuses on electronic banking products such as internet banking, remote deposit capture and lockbox services. The Company purchased the assets of Banc Compliance Group LLC in May 2008 forming a wholly-owned subsidiary, Banc Compliance Group, Inc., which provided bank compliance and consulting services to community banks. The Company sold the assets of Banc Compliance Group, Inc. at December 31, 2014. On July 1, 2014 the Company completed its acquisition of MidSouth Bank, which was merged with and became part of Franklin Synergy Bank. On December 28, 2015, the Company invested in a wholly-owned subsidiary, Franklin Synergy Risk Management, Inc., which provides risk management services to the Company in the form of enhanced insurance coverages. Use of Estimates Cash Flows Interest-Bearing Deposits in Financial Institutions Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Loans Held for Sale Certain loans held for sale are sold with servicing rights retained. The carrying value of loans sold with retained servicing is reduced by the amount allocated to the servicing right. Gains and losses on sales of loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans held for sale, for which the fair value option has been elected, are recorded at fair value as of each balance sheet date. The fair value includes the servicing value of the loans. Loans Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Concentration of Credit Risk Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows in greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on a combination of the Bank’s loss history and loss history from the Bank’s peer group over the past three years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: Construction and land development loans include loans to finance the process of improving loans preparatory to erecting new structures or the on-site construction of industrial, commercial, residential or farm buildings. Construction and land development loans also include loans secured by vacant land, except land known to be used or usable for agricultural purposes. Construction loans generally are made for relatively short terms. They generally are more vulnerable to changes in economic conditions. Further, the nature of these loans is such that they are more difficult to evaluate and monitor. The risk of loss on a construction loan is dependent largely upon the accuracy of the initial estimate of the property’s value upon completion of the project and the estimated cost (including interest) of the project. Periodic site inspections are made on construction loans. Commercial real estate loans include loans secured by non-residential real estate, including farmland and improvements thereon. Often these loans are made to single borrowers or groups of related borrowers, and the repayment of these loans largely depends on the results of operations and management of these properties. Adverse economic conditions may affect the repayment ability of these loans. Residential real estate loans include loans secured by residential real estate, including single-family and multi-family dwellings. Mortgage title insurance and hazard insurance are normally required. Adverse economic conditions in the Company’s market area may reduce borrowers’ ability to repay these loans and may reduce the collateral securing these loans. Commercial and industrial loans include loans for commercial, industrial or agricultural purposes to business enterprises that are not secured by real estate. Commercial loans are typically made on the basis of the borrower’s ability to repay from the cash flow of the borrower’s business. Commercial and Agriculture loans are generally secured by accounts receivable, inventory and equipment. The collateral securing loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Consumer and other loans include loans to individuals for household, family and other personal expenditures that are not secured by real estate. Consumer loans are generally secured by customer deposit accounts, vehicles and other household goods. The collateral securing consumer loans may depreciate over time. Servicing Rights Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with loan servicing fees on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as loan servicing fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against mortgage loan servicing fee income. Late fees and ancillary fees related to loan servicing are not material. Transfers of Financial Assets Foreclosed Assets Assets Held for Sale Premises and Equipment Restricted Equity Securities Company Owned Life Insurance Goodwill and Other Intangible Assets Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from whole bank and branch acquisitions are amortized on an accelerated method over their estimated useful lives, which range from 7 to 10 years. Long-Term Assets Loan Commitments and Related Financial Instruments Mortgage Banking Derivatives Stock-Based Compensation Income Taxes A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Retirement Plans Comprehensive Income Earnings Per Common Share Loss Contingencies Restrictions on Cash Dividend Restriction Fair Value of Financial Instruments Operating Segments Reclassifications |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 2 - ACQUISITIONS Acquisition of MidSouth Bank On July 1, 2014 the Company completed the acquisition of MidSouth Bank (“MidSouth”), pursuant to the terms of the Agreement and Plan of Reorganization and Bank Merger (the “merger agreement”) dated November 19, 2013. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding preferred and common stock of MidSouth. The purchase price consisted of both cash and stock. MidSouth’s common shareholders received 0.425926 shares of FFN common stock for each share of MidSouth common stock. MidSouth’s preferred shareholders received 0.851852 shares of FFN common stock for each share of MidSouth preferred stock. Each MidSouth Series 2009A warrant holder received 0.18 shares of FFN common stock for each MidSouth Series 2009A warrant, and each Series 2011-A warrant holder received 0.146667 shares of FFN common stock for each MidSouth Series 2011-A warrant. In lieu of issuing fractional shares of FFN common stock, FFN paid former MidSouth shareholders an amount in cash determined by multiplying (i) $13.50 by (ii) the fraction of a share (rounded to the nearest ten thousandth when expressed in decimal form) of FFN common stock. MidSouth common stock options were converted into options to purchase shares of FFN common stock based on the 0.425926 exchange ratio, with the new exercise price becoming the exercise price of the MidSouth options divided by the exchange ratio. On the date of the merger, 2,766,191 shares of FFN common stock were exchanged for the common and preferred stock, and common stock warrants of MidSouth in accordance with the proration and allocation procedures contained in the merger agreement and as noted above. Subsequently, cash totaling $100 was paid to dissenting MidSouth shareholders representing 7,427 shares of FFN common stock. In addition, $18 of cash was paid to MidSouth shareholders for fractional shares in accordance with the merger agreement. Based on a valuation of the FFN’s common stock as of July 1, 2014, the resulting purchase price was $41,094. The following table summarizes the purchase price calculation: Number of Per share Number of FFN Common Shares 3,873 0.425926 1,650 Convertible Voting Preferred Stock, 2009-A 1,018 0.851852 867 Convertible Voting Preferred Stock, 2011-A 242 0.851852 206 Series 2009-A Stock Warrants (strike price $3.25) 193 0.185185 36 Series 2011-A Stock Warrants (strike price $3.68) 44 0.153333 7 2,766 Multiplied by FFN common stock value at acquisition date $ 14.50 Fair value of FFN common stock issued (“Stock Consideration”) $ 40,110 Cash consideration paid for fractional shares 18 Cash consideration paid for dissenting shares 100 Fair value of MidSouth stock options converted to FFN stock options 866 Total acquisition consideration $ 41,094 On July 1, 2014 the Company purchased MidSouth. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Based on appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimate of foreclosed assets that were acquired. The table below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the July 1, 2014 purchase date. In Thousands July 1, 2014 Measurement July 1, 2014 Assets: Cash and due from banks $ 1,369 $ — $ 1,369 Interest-bearing accounts at other financial institutions 10,946 10,946 Securities, available-for-sale 57,431 57,431 Loans held for sale 7,071 7,071 Loans 184,345 184,345 Certificates of deposit at other financial institutions 250 250 Restricted equity securities 1,572 1,572 Bank premises and equipment, net 6,650 6,650 Bank-owned life insurance 3,144 3,144 Accrued interest receivable 728 728 Foreclosed assets 800 (260 ) 540 Core deposit intangible 3,060 3,060 Deferred tax asset 6,753 100 6,853 Goodwill 8,964 160 9,124 Other assets 747 747 Total assets acquired $ 293,830 $ — $ 293,830 Liabilities: Deposits $ 244,415 $ — $ 244,415 Short-term borrowings 6,893 6,893 Other liabilities 1,428 1,428 Total liabilities assumed $ 252,736 $ — $ 252,736 At December 31, 2015, there were no circumstances or significant changes that have occurred in 2015 related to the acquisition of MidSouth that, in management’s assessment, would necessitate recording impairment of goodwill. In the acquisition, the Company purchased $184,345 of loans at fair value, net of $7,347 estimated discount to the outstanding principal balance. Of the total loans acquired, management identified loans totaling $5,527 as credit impaired. All loans that were on non-accrual status and all loan relationships that were identified as substandard or impaired as of the acquisition date were considered by management to be credit-impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of July 1, 2014 for purchased credit-impaired (“PCI”) loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 8,510 Non-accretable difference (1,745 ) Cash flows expected to be collected 6,765 Accretable yield (1,238 ) Total purchased credit-impaired loans $ 5,527 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance at acquisition date. Unpaid Fair Loans: Residential real estate $ 39,425 $ 38,618 Commercial real estate 82,465 80,566 Construction and land development 43,766 42,454 Commercial loans 16,311 15,352 Consumer and other loans 1,865 1,828 Purchased credit-impaired 7,860 5,527 Total earning assets $ 191,692 $ 184,345 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $3,060, which will be amortized utilizing an accelerated amortization method over an estimated economic life of 8.2 years. When determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-forma information Pro-forma data for the years ended December 31, 2014 and 2013 listed in the table below presents pro-forma information as if the MidSouth acquisition occurred at the beginning of 2013. Because the MidSouth transaction closed on July 1, 2014, and its actual results are included in the Company’s actual operating results for the year ended December 31, 2015, there is no pro forma information for that period. Years ended 2014 2013 Net interest income $ 41,312 $ 32,022 Net income available to common shareholders 8,055 5,722 Earnings per share—basic $ 1.04 $ 0.88 Earnings per share—diluted $ 1.02 $ 0.87 Supplemental pro forma earnings for 2014 were adjusted to exclude $2,157 of acquisition-related costs incurred in 2014, $1,478 of discount accretion and $250 of premium amortization related to the fair value adjustments to acquisition-date assets and liabilities. Supplemental pro forma earnings for 2013 were adjusted to include these items, as appropriate. Acquisition of Civic Bank & Trust On December 14, 2015, the Company and Civic Bank & Trust (“Civic”), a Tennessee state bank headquartered in Nashville, Tennessee, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire Civic in an all-stock transaction valued at approximately $28.6 million. Under the terms of the agreement, Civic will be merged with and into Franklin Synergy Bank, with Franklin Synergy Bank continuing as the surviving institution in the Merger. According to the terms of the merger agreement, each Civic common shareholder will have the right to receive shares of Franklin Synergy common stock for each share of Civic common stock based on conversion ratio that has not yet been determined. The merger is expected to qualify as a tax-free reorganization for Civic shareholders. Civic operates two branch offices in the Nashville metropolitan area and as of December 31, 2015, had $145.1 million in total assets, which included $85.7 million in total loans, and $104.6 million in total deposits. The acquisition is expected to close in the second quarter of 2016 and is subject to regulatory approval, Civic shareholder approval, and other customary conditions as set forth in the merger agreement. In addition, the merger agreement provides that, upon termination of the merger agreement in certain circumstances, Civic may be required to pay the Company a termination fee of $1.25 million. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 3 - SECURITIES The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at December 31, 2015 and 2014 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). Amortized Gross Gross Fair December 31, 2015 U.S. government sponsored entities and agencies $ 6,792 $ 72 $ (47 ) $ 6,817 Mortgage-backed securities: residential 502,916 2,386 (4,347 ) 500,955 Mortgage-backed securities: commercial 19,993 22 (180 ) 19,835 State and political subdivisions 46,664 1,570 (3 ) 48,231 Total $ 576,365 $ 4,050 $ (4,577 ) $ 575,838 Amortized Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 30,070 $ 417 $ (314 ) $ 30,173 U.S. Treasury securities 20,000 — — 20,000 Mortgage-backed securities: residential 335,677 4,593 (1,203 ) 339,067 Mortgage-backed securities: commercial 6,432 33 — 6,465 Total $ 392,179 $ 5,043 $ (1,517 ) $ 395,705 The amortized cost and fair value of the held to maturity securities portfolio at December 31, 2015 and 2014 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair December 31, 2015 U.S. government sponsored entities and agencies $ 3,300 $ 11 $ (72 ) $ 3,239 Mortgage backed securities: residential 30,398 410 (408 ) 30,400 State and political subdivisions 124,502 3,841 (13 ) 128,330 Total $ 158,200 $ 4,262 $ (493 ) $ 161,969 Amortized Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 5,550 $ 162 $ (87 ) $ 5,625 Mortgage backed securities: residential 38,587 555 (562 ) 38,580 State and political subdivisions 9,195 351 (10 ) 9,536 Total $ 53,332 $ 1,068 $ (659 ) $ 53,741 Sales and calls of available for sale securities were as follows: 2015 2014 2013 Proceeds $ 113,300 $ 44,181 $ 16,290 Gross gains 972 422 163 Gross losses (288 ) (163 ) (75 ) Calls of held to maturity securities resulted in gross gains of $148 during 2015. The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. December 31, 2015 Amortized Fair Available for sale Three months or less $ — $ — Over three months through one year — — Over one year through five years 2,060 2,096 Over five years through ten years 1,982 2,018 Over ten years 49,414 50,934 Mortgage-backed securities: commercial 19,993 19,835 Mortgage-backed securities: residential 502,916 500,955 Total $ 576,365 $ 575,838 Held to maturity Three months or less $ — $ — Over three months through one year — — Over one year through five years 1,304 1,353 Over five years through ten years 4,264 4,358 Over ten years 122,234 125,858 Mortgage-backed securities: residential 30,398 30,400 Total $ 158,200 $ 161,969 Securities pledged at December 31, 2015 and 2014 had a carrying amount of $595,524 and $366,764 and were pledged to secure public deposits and repurchase agreements. At December 31, 2015 and 2014, there were no holdings of securities of any one issuer, other than the U.S. government-sponsored entities and agencies, in an amount greater than 10% of shareholders’ equity. The following table summarizes the securities with unrealized and unrecognized losses at December 31, 2015 and 2014, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Available for sale U.S. government sponsored entities and agencies $ 2,703 $ (47 ) $ — $ — $ 2,703 $ (47 ) Mortgage-backed securities: residential 313,570 (3,691 ) 23,319 (656 ) 336,889 (4,347 ) Mortgage-backed securities: commercial 15,980 (180 ) — — 15,980 (180 ) State and political subdivisions 716 (3 ) — — 716 (3 ) Total available for sale $ 332,969 $ (3,921 ) $ 23,319 $ (656 ) $ 356,288 $ (4,577 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ 1,957 $ (43 ) $ 971 $ (29 ) $ 2,928 $ (72 ) Mortgage-backed securities: residential 9,788 (97 ) 5,481 (311 ) 15,269 (408 ) State and political subdivisions 3,351 (13 ) — — 3,351 (13 ) Total held to maturity $ 15,096 $ (153 ) $ 6,452 $ (340 ) $ 21,548 $ (493 ) Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Available for sale U.S. government sponsored entities and agencies $ 9,999 $ (1 ) $ 8,232 $ (313 ) $ 18,231 $ (314 ) Mortgage-backed securities: residential 59,078 (323 ) 41,939 (880 ) 101,017 (1,203 ) Total available for sale $ 69,077 $ (324 ) $ 50,171 $ (1,193 ) $ 119,248 $ (1,517 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ — $ — $ 2,913 $ (87 ) $ 2,913 $ (87 ) Mortgage-backed securities: residential 5,246 (25 ) 13,001 (537 ) 18,247 (562 ) State and political subdivisions 507 (1 ) 592 (9 ) 1,099 (10 ) Total held to maturity $ 5,753 $ (26 ) $ 16,506 $ (633 ) $ 33,037 $ (659 ) Unrealized losses on debt securities have not been recognized into income because the issuers bonds are of high credit quality (rated AA or higher), management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the bonds approach maturity. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans | NOTE 4 - LOANS Loans at December 31, 2015 and 2014 were as follows: December 31, December 31, Loans that are not PCI loans Construction and land development $ 372,767 $ 239,225 Commercial real estate: Nonfarm, nonresidential 353,268 240,975 Other 10,955 5,377 Residential real estate: Closed-end 1-4 family 162,933 130,631 Other 112,001 83,129 Commercial and industrial 283,888 76,570 Consumer and other 6,577 8,025 Loans before net deferred loan fees 1,302,389 783,932 Deferred loan fees, net (2,476 ) (1,059 ) Total loans that are not PCI loans 1,299,913 782,873 PCI loans Construction and land development 78 77 Commercial real estate: Nonfarm, nonresidential 1,460 1,798 Other — — Residential real estate: Closed-end 1-4 family 562 706 Other 1 108 Commercial and industrial 1,812 1,624 Consumer and other — 2 Total PCI loans 3,913 4,315 Allowance for loan losses (11,587 ) (6,680 ) Total loans, net of allowance for loan losses $ 1,292,239 $ 780,508 The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2015, 2014 and 2013: Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision for loan losses 496 1,652 76 2,755 51 5,030 Loans charged-off — — (32 ) (48 ) (135 ) (215 ) Recoveries — — 26 1 65 92 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Beginning balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 Provision for loan losses 1,138 523 385 371 (43 ) 2,374 Loans charged-off — (540 ) (61 ) (58 ) — (659 ) Recoveries — — 65 — — 65 Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Construction Commercial Residential Commercial Consumer Total December 31, 2013 Allowance for loan losses: Beginning balance $ 1,342 $ 1,267 $ 893 $ 275 $ 206 $ 3,983 Provision for loan losses 210 244 480 81 (108 ) 907 Loans charged-off — — (107 ) (19 ) — (126 ) Recoveries — — 136 — — 136 Total ending allowance balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 For the years ended December 31, 2015 or 2014, there was $9 and $0, respectively, in allowance for loan losses for PCI loans. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 and 2014. Purchased and PCI loans are also included in the table. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 113 $ — $ 113 Collectively evaluated for impairment 3,186 3,137 1,861 3,245 36 11,465 Purchased credit-impaired loans — 9 — — — 9 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Loans: Individually evaluated for impairment $ 1,943 $ 908 $ 1,185 $ 134 $ — $ 4,170 Collectively evaluated for impairment 370,824 363,315 273,749 283,754 6,577 1,298,219 Purchased credit-impaired loans 78 1,460 563 1,812 — 3,913 Total ending loans balance $ 372,845 $ 365,683 $ 275,497 $ 285,700 $ 6,577 $ 1,306,302 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 18 $ — $ 18 Collectively evaluated for impairment 2,690 1,494 1,791 632 55 6,662 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Loans: Individually evaluated for impairment $ — $ 835 $ 93 $ 18 $ — $ 946 Collectively evaluated for impairment 239,225 245,517 213,667 76,552 8,025 782,986 Purchased credit-impaired loans 77 1,798 814 1,624 2 4,315 Total ending loans balance $ 239,302 $ 248,150 $ 214,574 $ 78,194 $ 8,027 $ 788,247 Loans collectively evaluated for impairment reported at December 31, 2015 include certain loans acquired from MidSouth on July 1, 2014. The acquired loans were recorded at estimated fair value at date of acquisition, which included an estimated credit discount. On July 1, 2014, acquired non-PCI loans were recorded at an estimated fair value of $178,818, comprised of contractually unpaid principal totaling $183,832 net of estimated discounts totaling $5,014 which included both credit and interest rate discount components. As of December 31, 2015, these non-PCI loans had a carrying value of $99,328, comprised of contractually unpaid principal totaling $101,889 and discounts totaling $2,561. Management evaluated these loans for credit deterioration since acquisition and determined that no allowance for loan losses was necessary at December 31, 2015. The following table presents information related to impaired loans by class of loans as of December 31, 2015 and 2014: Unpaid Recorded Allowance for December 31, 2015 With no allowance recorded: Construction and land development $ 1,943 $ 1,943 $ — Commercial real estate: Nonfarm, nonresidential 2,495 908 — Residential real estate: Closed-end 1-4 family 476 476 — Other 709 709 — Commercial and industrial 21 21 — Subtotal 5,644 4,057 — With an allowance recorded: Commercial and industrial 113 113 113 Subtotal 113 113 113 Total $ 5,757 $ 4,170 $ 113 December 31, 2014 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,422 $ 835 $ — Residential real estate: Closed-end 1-4 family 93 93 — Subtotal 2,515 928 — With an allowance recorded: Commercial and industrial 18 18 18 Subtotal 18 18 18 Total $ 2,533 $ 946 $ 18 The following table presents the average recorded investment of impaired loans by class of loans for the years ended December 31, 2015, 2014 and 2013: Average Recorded Investment 2015 2014 2013 With no allowance recorded: Construction and land development $ 494 $ — $ — Commercial real estate: Nonfarm, nonresidential 882 587 1,986 Residential real estate: Closed-end 1-4 family 261 94 37 Other 415 — — Commercial and industrial 62 2 — Consumer and other 10 2 — Subtotal 2,124 683 2,023 With an allowance recorded: Commercial real estate: Nonfarm, nonresidential — 893 893 Residential real estate: Closed-end 1-4 family — 359 359 Commercial and industrial 60 53 53 Consumer and other 8 — — Subtotal 68 1,305 1,305 Total $ 2,192 $ 1,988 $ 1,988 The impact on net interest income for these loans was not material to the Company’s results of operations for the years ended December 31, 2015, 2014 and 2013. The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2015 and 2014: Nonaccrual Loans Past Due December 31, 2015 Construction and land development $ — $ 1,943 Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 family 41 435 Other — — Commercial and industrial 32 — Consumer and other — — Total $ 908 $ 2,378 December 31, 2014 Construction and land development $ — $ — Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 family — 316 Other — — Commercial and industrial — — Consumer and other — — Total $ 835 $ 316 Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of December 31, 2015 and 2014 by class of loans: 30-59 60-89 Greater Total Loans PCI Total December 31, 2015 Construction and land development $ — $ 149 $ 1,943 $ 2,092 $ 370,675 $ 78 $ 372,845 Commercial real estate: Nonfarm, nonresidential 258 — 835 1,093 352,175 1,460 354,728 Other — — — — 10,955 — 10,955 Residential real estate: Closed-end 1-4 family 213 — 476 689 162,244 562 163,495 Other 30 — — 30 111,971 1 112,002 Commercial and industrial 86 32 — 118 283,770 1,812 285,700 Consumer and other 2 — — 2 6,575 — 6,577 $ 589 $ 181 $ 3,254 $ 4,024 $ 1,289,365 $ 3,913 $ 1,306,302 December 31, 2014 Construction and land development $ 354 $ — $ — $ 354 $ 238,871 $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential — — 835 835 240,140 1,798 242,773 Other — — — — 5,377 — 5,377 Residential real estate: Closed-end 1-4 family 299 165 316 780 129,851 706 131,337 Other 52 — — 52 83,077 108 83,237 Commercial and industrial — 212 — 212 76,358 1,624 78,194 Consumer and other — — — — 8,025 2 8,027 $ 705 $ 377 $ 1,151 $ 2,233 $ 781,699 $ 4,315 $ 788,247 Credit Quality Indicators: Special Mention. Substandard. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. The following table includes PCI loans, which are included in the “Substandard” column. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of December 31, 2015 and 2014: Pass Special Substandard Total December 31, 2015 Construction and land development $ 370,824 $ — $ 2,021 $ 372,845 Commercial real estate: Nonfarm, nonresidential 352,451 — 2,277 354,728 Other 10,955 — — 10,955 Residential real estate: Closed-end 1-4 family 162,160 — 1,335 163,495 Other 111,292 — 710 112,002 Commercial and industrial 284,144 — 1,556 285,700 Consumer and other 6,577 — — 6,577 $ 1,298,403 $ — $ 7,899 $ 1,306,302 December 31, 2014 Construction and land development $ 239,225 $ — $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential 239,584 — 3,189 242,773 Other 5,377 — — 5,377 Residential real estate: Closed-end 1-4 family 128,869 — 2,468 131,337 Other 83,129 — 108 83,237 Commercial and industrial 76,552 — 1,642 78,194 Consumer and other 8,025 — 2 8,027 $ 780,761 $ — $ 7,486 $ 788,247 Purchased Credit-Impaired (“PCI”) Loans Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount has been recognized as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of December 31, 2015 and 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. December 31, December 31, Contractually required principal and interest $ 5,618 $ 6,532 Non-accretable difference (352 ) (1,270 ) Cash flows expected to be collected 5,266 5,262 Accretable yield (1,353 ) (947 ) Carrying value of acquired loans 3,913 4,315 Allowance for loan losses (9 ) — Carrying value less allowance for loan losses $ 3,904 $ 4,315 Management adjusted estimates of future expected losses, cash flows and renewal assumptions during the year ended December 31, 2015. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the years ended December 31, 2015 and 2014. Activity during the year ended December 31, 2015 Dec 31, 2014 Effect of Income All other Dec 31, 2015 Contractually required principal and interest $ 6,532 $ — $ — $ (914 ) $ 5,618 Non-accretable difference (1,270 ) — 839 79 (352 ) Cash flows expected to be collected 5,262 — 839 (835 ) 5,266 Accretable yield (947 ) — 837 (1,243 ) (1,353 ) Carrying value of acquired loans $ 4,315 $ — $ 1,676 $ (2,078 ) $ 3,913 Activity during the year ended December 31, 2014 Dec 31, 2013 Effect of Income All other Dec 31, 2014 Contractually required principal and interest $ — $ 8,510 $ — $ (1,978 ) $ 6,532 Non-accretable difference — (1,745 ) — 475 (1,270 ) Cash flows expected to be collected — 6,765 — (1,503 ) 5,262 Accretable yield — (1,238 ) 216 75 (947 ) Carrying value of acquired loans $ — $ 5,527 $ 216 $ (1,428 ) $ 4,315 Troubled Debt Restructurings The Company’s loan portfolio contains no loans that have been modified in a troubled debt restructuring as of December 31, 2015, 2014 and 2013. |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Loan Servicing | NOTE 5 - LOAN SERVICING Loans serviced for others are not reported as assets. The principal balances of these loans at December 31, 2015 and 2014 are as follows: 2015 2014 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 463,952 $ 414,222 Other 4,037 3,986 Custodial escrow balances maintained in connection with serviced loans were $2,494 and $1,968 at year-end 2015 and 2014. The related loan servicing rights activity for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Servicing rights: Beginning of year $ 3,053 $ 2,640 $ 2,401 Additions 1,311 1,140 1,414 Amortized to expense (909 ) (727 ) (1,265 ) Decrease in impairment — — 90 End of year $ 3,455 $ 3,053 $ 2,640 The components of net loan servicing fees for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Loan servicing fees, net: Loan servicing fees $ 1,136 $ 981 $ 810 Amortization of loan servicing fees (909 ) (727 ) (1,265 ) Decrease in impairment — — 90 Total $ 227 $ 254 $ (365 ) The fair value of servicing rights was estimated by management to be approximately $4,635 at December 31, 2015. Fair value for 2014 was determined using a weighted average discount rate of 10.5% and a weighted average prepayment speed of 10.2%. At December 31, 2014, the fair value of servicing rights was estimated by management to be approximately $4,180. Fair value for 2014 was determined using weighted average discount rate of 10.5% and a weighted average prepayment speed of 10.8%. |
Premises and Equipment and Rela
Premises and Equipment and Related Party Leases | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment and Related Party Leases | NOTE 6 - PREMISES AND EQUIPMENT AND RELATED PARTY LEASES Year-end premises and equipment were as follows: 2015 2014 Construction in progress $ 282 $ 1,128 Land and land improvements 33 693 Buildings 150 1,170 Leasehold improvements 5,783 4,804 Furniture, fixtures, and equipment 4,652 4,129 Computer equipment and software 2,480 2,223 Automobiles 29 — 13,409 14,147 Accumulated depreciation (5,769 ) (4,483 ) $ 7,640 $ 9,664 Depreciation and amortization expense was $1,325, $931 and $653 for the years ended December 31, 2015, 2014 and 2013, respectively. Operating Leases: Related Other Total 2016 $ 2,691 $ 588 $ 3,279 2017 2,915 451 3,366 2018 2,958 408 3,366 2019 3,002 384 3,386 2020 3,047 388 3,435 Thereafter 32,422 3,119 35,541 Total $ 47,035 $ 5,338 $ 52,373 As of December 31, 2015, the Company transferred the buildings, land and land improvements associated with its properties located at 1 East College Street and 123 East College Street in Murfreesboro to assets held for sale. As of December 31, 2015, these assets were classified totaled $1,640. The buildings involved in this transfer will likely be leased by the Company upon completion of the sale transaction. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 7 – GOODWILL AND INTANGIBLE ASSETS Goodwill 2015 2014 Beginning of year $ 9,124 $ 157 Acquired goodwill — 9,124 Decrease from disposal of subsidiary — (157 ) Impairment — — End of year $ 9,124 $ 9,124 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2015, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. Acquired Intangible Assets The following table represents acquired intangible assets at December 31, 2015 and 2014: 2015 2014 Gross Carrying Accumulated Gross Carrying Accumulated Acquired intangible assets: Core deposit intangibles $ 3,060 $ (1,017 ) $ 3,060 $ (362 ) Aggregate amortization expense was $655 for 2015 and $362 for 2014. There was no amortization expense for 2013. The following table presents estimated amortization expense for each of the next five years: 2016 $ 564 2017 473 2018 382 2019 291 2020 201 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 8 - DEPOSITS At December 31, 2015 and 2014, time deposits in denominations of $250 or greater totaled $310,741 and $105,711, respectively. At December 31, 2015 and 2014, the Company had $290 and $371, respectively, of deposit accounts in overdraft status and thus have been reclassified to loans on the accompanying consolidated balance sheets. Scheduled maturities of time deposits for the next five years were as follows: 2016 $ 509,960 2017 124,475 2018 54,460 2019 34,068 2020 31,476 |
Federal Funds Purchased and Rep
Federal Funds Purchased and Repurchase Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Federal Funds Purchased and Repurchase Agreements | NOTE 9 - FEDERAL FUNDS PURCHASED AND REPURCHASE AGREEMENTS As of December 31, 2015 and 2014, the Bank had federal funds lines (or the equivalent thereof) with correspondent banks totaling $134,400 and $115,400, respectively. There was $39,825 and $16,825 in outstanding federal funds purchased at December 31, 2015 and 2014, respectively. Our subsidiary bank enters into borrowing arrangements with our retail business customers and correspondent banks through agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these short-term borrowing arrangements. At maturity the securities underlying the agreements are returned to the Company. At December 31, 2015 and December 31, 2014, these short-term borrowings totaled $61,261 and $22,253, respectively, and are secured by securities with carrying amounts of $73,478 and $26,187, respectively. At December 31, 2015, the Company had $36,261 in repurchase agreements that had one-day maturities and $25,000 in a repurchase agreement that had a 30-day maturity. Information concerning securities sold under agreements to repurchase is summarized as follows: 2015 2014 2013 Average daily balance during the year $ 38,241 $ 12,792 $ 3,525 Average interest rate during the year 0.53 % 0.58 % 0.71 % Maximum month-end balance during the year $ 61,261 $ 24,466 $ 5,077 Weighted average interest rate at year end 0.64 % 0.56 % 0.73 % The following table provides additional details as of December 31, 2015: As of December 31, 2015 U.S. Mortgage- State and Total Market value of securities pledged $ 1,282 $ 68 $ 74,562 $ 75,912 Borrowings related to pledged amounts $ 982 $ — $ 60,279 $ 61,261 Market value pledged as a % of borrowings 131 % — % 124 % 124 % |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | NOTE 10 - FEDERAL HOME LOAN BANK ADVANCES The Bank has established a line of credit with the Federal Home Loan Bank of Cincinnati (“FHLB”), which is secured by a blanket pledge of 1-4 family residential mortgage loans. The extent of the line is dependent, in part, on available collateral. The arrangement is structured so that the carrying value of the loans pledged amounts 125% on residential 1-4 family loans of the principal balance of the advances from the FHLB. At December 31, 2015 and 2014, the Company had received advances from the FHLB totaling $57,000 and $19,000, respectively. At December 31, 2014, the schedule maturities of these advances and interest rates were as follows: Scheduled Weighted 2016 $ 40,000 0.45 % 2017 10,000 1.27 % 2018 7,000 1.61 % 2019 — — 2020 — — Thereafter — — Total $ 57,000 0.74 % Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. Qualifying loans totaling approximately $162,305 were pledged as security under a blanket pledge agreement with the FHLB at December 31, 2015. Based on this collateral and the Company’s holdings of FHLB stock, the Bank is eligible to borrow up to an additional $38,503 as of December 31, 2015. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | NOTE 11 - BENEFIT PLANS A 401(k) benefit plan was adopted to begin benefits on May 1, 2008. The 401(k) benefit plan allows employee contributions of their compensation subject to certain limitations. Employee contributions are matched in the Company’s common stock equal to 100% of the first 2% of the compensation contributed and 50% of the next 4% of the compensation contributed. Expense for the years ending December 31, 2015, 2014 and 2013 was $466, $387 and $270, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 - INCOME TAXES A reconciliation of the income tax expense for the years ended December 31, 2015, 2014 and 2013 to the “expected” tax expense, which was computed by applying the statutory federal income tax rate of 35 percent for 2015 and 2014 and 34 percent for 2013 to income before income tax expense, is as follows: 2015 2014 2013 Computed “expected” tax expense $ 8,785 $ 4,742 $ 2,480 Increase (reduction) in tax expense resulting from: State tax expense, net of federal tax effect 1,031 593 305 Effect of statutory rate changes enacted in 2014 — (223 ) — Non-deductible merger costs 20 150 — Incentive stock options 58 104 19 Bank owned life insurance (214 ) (101 ) (92 ) Tax-exempt interest income, net of expense (703 ) (49 ) (40 ) Other (44 ) (82 ) 62 Income tax expense $ 9,021 $ 5,134 $ 2,734 Income tax expense (benefit) was as follows: 2015 2014 2013 Current expense Federal $ 8,302 $ 4,444 $ 2,613 State 1,777 820 517 Deferred expense Federal (867 ) (222 ) (343 ) State (191 ) 92 (53 ) Income tax expense $ 9,021 $ 5,134 $ 2,734 The sources of deferred income tax assets (liabilities) at December 31, 2015 and 2014 and the tax effect is as follows: 2015 2014 Deferred tax assets: Organizational and start-up costs $ 135 $ 155 Allowance for loan losses 3,715 1,343 Unrealized loss on securities 207 — Net operating loss carry forward 4,802 5,290 Purchase accounting fair value adjustments 2,231 2,980 Accrued other expenses 511 340 Nonaccrual loan interest 496 538 Capital loss carryforward — 95 Loan fees 971 396 Other 367 389 13,435 11,526 Valuation allowance — (95 ) 13,435 11,431 2015 2014 Deferred tax liabilities: Mortgage servicing rights $ (1,319 ) $ (1,174 ) Premises and equipment (1,113 ) (675 ) Prepaid expenses (571 ) (177 ) Unrealized gain on securities — (1,385 ) Purchase accounting fair value adjustments (873 ) (1,190 ) Mortgage banking derivatives (94 ) (1 ) Other (35 ) (49 ) (4,005 ) (4,651 ) Net deferred tax asset $ 9,430 $ 6,780 At December 31, 2015, the federal net operating loss remaining from the acquisition of MidSouth Bank totaled $13.7 million, which will expire at various dates from 2025 to 2031. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. The Company does not have any uncertain tax positions and does not have any interest and penalties recorded in the income statement for the years ended December 31, 2015, 2014 and 2013. The Company and its subsidiary are subject to U.S. federal income tax as well as income tax of the state of Tennessee. The Company is no longer subject to examination by taxing authorities for years before 2012. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13 - RELATED PARTY TRANSACTIONS The Company enters into various credit arrangements with its executive officers, directors and their affiliates. These arrangements generally take the form of commercial lines of credit, personal lines of credit, mortgage loans, term loans or revolving arrangements secured by personal residences. Loans to principal officers, directors, and their affiliates during 2015 were as follows: Beginning balance $ 4,536 New loans 10,203 Effect of changes in composition of related parties — Repayments (1,526 ) Ending balance $ 13,213 Deposits from principal officers, directors, and their affiliates at year end 2015 and 2014 were $6,441 and $5,543. The Company entered into a 15-year lease agreement for a branch and administrative facility in downtown Franklin, Tennessee on May 7, 2010. The Company also entered into a 15-year lease for its Berry Farms branch in Franklin, Tennessee, on June 12, 2013 with certain outside directors of the Company. The Berry Farms branch opened during 2013. During 2014, the Company entered into 15-year lease agreements for an addition to its branch and administrative facility in downtown Franklin and for its Cool Springs branch in Franklin, Tennessee. During 2015, the Company entered into 15 year lease agreements for three of its Rutherford County branches that were acquired during the acquisition of MidSouth Bank during 2014. As of December 31, 2014, these buildings were classified as held-for-sale and the lease agreements were executed upon completion of the sale in 2015. During 2015, the Company also entered into a lease agreement to expand its downtown Franklin location by adding a mortgage facility and parking garage. The expansion to the downtown Franklin location was not complete as of December 31, 2015. Rent expense attributable to the related party leases in 2015, 2014 and 2013, was $2,296, $1,222 and $559, respectively. Rent commitments to related parties, before considering renewal options that generally are present, are disclosed in Note 6. The Company also paid a company affiliated with an outside director $369 and $3,152 for construction of leasehold improvements during 2015 and 2014. In addition, the Company also paid a company affiliated with an outside director $666 and $212 for the procurement of various insurance policies during the years ending December 31, 2015 and 2014. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | NOTE 14 - SHARE-BASED PAYMENTS In connection with the Company’s 2010 private offering, 32,425 warrants were issued to shareholders, one warrant for every twenty shares of common stock purchased. Each warrant allows the shareholders to purchase an additional share of common stock at $12.00 per share. The warrants were issued with an effective date of March 30, 2010 and will be exercisable in whole or in part up to seven years following the date of issuance. The warrants are detachable from the common stock. There were 6,570 warrants exercised during the year ended December 31, 2015, for which the Company received cash proceeds of $79. The exercised warrants had an intrinsic value of $71 at the date of exercise. No warrants were exercised during 2014. At December 31, 2015, there were 25,307 outstanding warrants associated with the 2010 offering. Since the common stock of the Company is registered under the Securities Act and has been traded on a national securities exchange at $15.00 or more for forty-five (45) consecutive days, the Company may redeem the 2010 warrants at any time with not less than thirty (30) days’ written notice to the holders of such 2010 warrants, in whole or in part, at a redemption price of $1.00 per warrant; provided, however, that the holder of the 2010 warrant may exercise the 2010 warrant, in whole or in part, during such thirty (30) day period. The Company has two share based compensation plans as described below. Total compensation cost that has been charged against income for those plans was $860, $611, and $364, respectively, for 2015, 2014, and 2013. The total income tax benefit was $533, $29, and $83, respectively, for 2015, 2014 and 2013. Stock Option Plan Employee, organizer and director awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have a vesting period of three to five years and have a ten-year contractual term. The Company assigns discretion to its Board of Directors to make grants either as qualified incentive stock options or as non-qualified stock options. All employee grants are intended to be treated as qualified incentive stock options, if allowable. All other grants are expected to be treated as non-qualified. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected stock price volatility is based on historical volatilities of a peer group. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. On the date of the merger, 322,300 MidSouth common stock options were converted into 137,280 options to purchase shares of FFN common stock with an exercise price of $8.57 per option pursuant to the terms of the merger agreement (see Note 2). Using the Black-Scholes option valuation model, the grant date fair value was estimated to be $6.31 per converted option based on the $14.50 fair value per share of FFN common stock at July 1, 2014. No post combination expense was required related to the converted options. The fair value of options granted was determined using the following weighted-average assumptions as of grant date. 2015 2014 2013 Risk-free interest rate 1.84 % 1.82 % 1.65 % Expected term 7.5 years 5.9 years 7.5 years Expected stock price volatility 25.00 % 10.87 % 12.63 % Dividend yield 0.22 % 0.23 % 0.99 % The weighted average fair value of options granted for the years ending December 31, 2015, 2014 and 2013 was $6.44, 4.12, and $1.92, respectively. A summary of the activity in the stock option plans for the year ended December 31, 2015 follows: Shares Weighted Weighted Aggregate Outstanding at beginning of year 1,210,660 $ 11.32 6.53 $ 7,244 Granted 245,449 20.82 Exercised (138,901 ) 11.53 Forfeited, expired, or cancelled (4,417 ) 19.02 Outstanding at period end 1,312,791 $ 13.04 6.23 $ 24,070 Vested or expected to vest 1,247,151 $ 13.04 6.23 $ 22,867 Exercisable at period end 785,725 $ 10.72 4.82 $ 16,232 2015 2014 2013 Stock options exercised: Intrinsic value of options exercised $ 1,727 $ 187 $ 17 Cash received from options exercised 1,301 236 58 Tax benefit realized from option exercises 451 29 83 As of December 31, 2015, there was $1,718 of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.6 years. Restricted Share Award Plan A summary of activity for non-vested restricted share awards for the year ended December 31, 2015 is as follows: Non-vested Shares Shares Weighted-Average Non-vested at December 31, 2014 102,710 $ 13.93 Granted 31,938 20.69 Vested (25,075 ) 13.99 Forfeited (3,709 ) 15.99 Non-vested at December 31, 2015 105,864 15.89 Compensation expense associated with the restricted share awards is recognized on a straight-line basis over the time period that the restrictions associated with the awards lapse based on the total cost of the award at the grant date. As of December 31, 2015, there was $1,408 of total unrecognized compensation cost related to non-vested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 3.3 years. The total fair value of shares vested during the years ended December 31, 2015 and 2014 was $560 and $124. There were no restricted shares that vested during 2013. |
Regulatory Capital Matters
Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Matters | NOTE 15 - REGULATORY CAPITAL MATTERS 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 final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Capital amounts and ratios for December 31, 2014 are calculated using Basel I rules. Management believes as of December 31, 2015, the Company and Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2015, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. Actual and required capital amounts and ratios are presented below as of December 31, 2015 and 2014 for the Company and Bank. Actual Required For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio December 31, 2015 Company common equity Tier 1 capital to risk-weighted assets $ 167,562 10.08 % $ 74,768 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 186,243 11.21 % $ 132,922 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 174,656 10.51 % $ 99,691 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 174,656 8.48 % $ 82,362 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 172,205 10.36 % $ 74,772 4.50 % $ 108,004 6.50 % Bank Total Capital to risk weighted assets $ 183,792 11.06 % $ 132,928 8.00 % $ 166,160 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 172,205 10.36 % $ 99,696 6.00 % $ 132,928 8.00 % Bank Tier 1 (Core) Capital to average assets $ 172,205 8.36 % $ 82,357 4.00 % $ 102,946 5.00 % December 31, 2014 Company Total Capital to risk weighted assets $ 114,475 12.30 % $ 74,464 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 107,795 11.58 % $ 37,232 4.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 107,795 8.57 % $ 50,291 4.00 % N/A N/A Bank Total Capital to risk weighted assets $ 113,830 12.23 % $ 74,447 8.00 % $ 93,059 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 107,150 11.51 % $ 37,223 4.00 % $ 55,835 6.00 % Bank Tier 1 (Core) Capital to average assets $ 107,150 8.52 % $ 50,279 4.00 % $ 62,849 5.00 % Dividend Restrictions |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 16 - FAIR VALUE 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. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of asset and liability: Securities Derivatives Impaired Loans Foreclosed Assets Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been review and verified by the Company. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Loans Held For Sale: Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 6,817 $ — Mortgage-backed securities-residential — 500,955 — Mortgage-backed securities-commercial — 19,835 — State and political subdivisions — 48,231 — Total securities available for sale $ — $ 575,838 $ — Loans held for sale $ — $ 14,079 $ — Mortgage banking derivatives $ — $ 411 $ — Financial Liabilities Mortgage banking derivatives $ — $ 29 $ — Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 30,173 $ — U.S. Treasury Bills 20,000 — — Mortgage-backed securities-residential — 339,067 — Mortgage-backed securities-commercial — 6,465 — State and political subdivisions — — — Total securities available for sale $ 20,000 $ 375,705 $ — Loans held for sale $ — $ 18,462 $ — Mortgage banking derivatives $ — $ 285 $ — Financial Liabilities Mortgage banking derivatives $ — $ 132 $ — As of December 31, 2015, the unpaid principal balance of loans held for sale was $13,754, resulting in an unrealized gain of $325 included in gains on sale of loans. None of these loans are 90 days or more past due or on nonaccrual as of December 31, 2015. At December 31, 2014, the unpaid principal balance of loans held for sale was $17,898, resulting in an unrealized gain of $564 included in gains on sale of loans. There were no loans held for sale carried at fair value as of December 31, 2013. There were no transfers between level 1 and 2 during 2015 and 2014. At December 31, 2015 and 2014, there were no collateral dependent impaired loans carried at fair value. Foreclosed assets measured at fair value less costs to sell, had a net carrying amount of $200 and $715 as of December 31, 2015 and 2014, respectively. There were no properties at December 31, 2015 that had required write-downs to fair value resulting in no write downs for the years ended December 31, 2015 and 2014. Foreclosed assets measured at fair value less costs to sell were written down to fair value resulting in a write-down of $190 for the year ended December 31, 3013. The carrying amounts and estimated fair values of financial instruments, at December 31, 2015 and 2014 are as follows: Fair Value Measurements at Carrying December 31, 2015 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 52,394 $ 52,394 $ — $ — $ 52,394 Securities available for sale 575,838 — 575,838 — 575,838 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 158,200 — 161,969 — 161,969 Loans held for sale 14,079 — 14,079 — 14,079 Net loans 1,292,239 — — 1,279,849 1,279,849 Restricted equity securities 7,998 n/a n/a n/a n/a Servicing rights, net 3,455 — 4,635 — 4,635 Accrued interest receivable 7,299 3 3,780 3,516 7,299 Financial liabilities Deposits $ 1,814,039 $ 1,062,587 $ 748,961 $ — $ 1,811,548 Federal funds purchased and repurchase agreements 101,086 — 101,086 — 101,086 Federal Home Loan Bank advances 57,000 — 56,931 — 56,931 Accrued interest payable 644 100 544 — 644 Fair Value Measurements at Carrying December 31, 2014 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 49,347 $ 49,347 $ — $ — $ 49,347 Securities available for sale 395,705 20,000 375,705 — 395,705 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 53,332 — 53,741 — 53,741 Loans held for sale 18,462 — 18,462 — 18,462 Net loans 780,508 — — 782,745 782,745 Restricted equity securities 5,349 n/a n/a n/a n/a Servicing rights, net 3,053 — 4,180 — 4,180 Accrued interest receivable 3,545 — 1,368 2,177 3,545 Financial liabilities Deposits $ 1,172,233 $ 848,158 $ 326,644 $ — $ 1,174,802 Federal funds purchased and repurchase agreements 39,078 — 39,078 — 39,078 Federal Home Loan Bank advances 19,000 — 19,146 — 19,146 Accrued interest payable 421 33 388 — 421 The methods and assumptions not previously described used to estimate fair value are described as follows: (a) Cash and Cash Equivalents: (b) Loans: (c) Restricted Equity Securities: (d) Mortgage Servicing Rights: (e) Deposits: (f) Federal Funds Purchased and Repurchase Agreements: (g) Federal Home Loan Bank Advances: (h) Accrued Interest Receivable/Payable: (i) Off-balance Sheet Instruments: |
Mortgage Banking Derivatives
Mortgage Banking Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Mortgage Banking Derivatives | NOTE 17 - MORTGAGE BANKING DERIVATIVES Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge relationships. At year-end 2015, the Company had approximately $42,486 of interest rate lock commitments and approximately $41,236 of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected by a derivative asset and liability of $411 and $29, respectively, at December 31, 2015. At year-end 2014, the Company had approximately $28,182 of interest rate lock commitments and approximately $36,849 of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected by a derivative asset and liability of $285 and $132, respectively, at December 31, 2014. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sale of loans. The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below: 2015 2014 2013 Forward contracts related to mortgage loans held for sale and interest rate contracts $ 103 $ (411 ) $ 321 Interest rate contracts for customers 126 100 (427 ) The following table reflects the amount and market value of mortgage banking derivatives included in the consolidated balance sheet as of December 31: 2015 2014 Notional Fair Notional Fair Included in other assets (liabilities): Interest rate contracts for customers $ 42,486 $ 411 $ 28,182 $ 285 Forward contracts related to mortgage loans held for sale $ 41,236 $ (29 ) $ 36,849 $ (132 ) |
Loan Commitments and Other Rela
Loan Commitments and Other Related Activities | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Loan Commitments and Other Related Activities | NOTE 18 - LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. The contractual amounts of financial instruments with off-balance-sheet risk at year end were as follows: 2015 2014 Fixed Variable Fixed Variable Commitments to make loans $ 42,486 $ — $ 27,907 $ 275 Unused lines of credit 150,030 234,949 91,301 137,237 Standby letters of credit 1,342 13,131 1,679 10,410 Commitments to make loans are generally made for periods of 365 days or less. The fixed rate loan commitments have interest rates ranging from 3.125% to 5.125% and maturities ranging from 10 years to 30 years. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Preferred Stock | NOTE 19 - PREFERRED STOCK On September 27, 2011, as part of the Small Business Lending Fund (“SBLF”), the Company entered into a Small Business Lending Fund Securities Purchase Agreement (“SBLF Purchase Agreement”) with the United States Department of the Treasury (“Treasury”). Under the SBLF Purchase Agreement, the Company issued 10,000 shares of preferred stock series A to the Treasury. The preferred stock series A shares qualify as Tier 1 capital and will pay quarterly dividends. The initial dividend rate was 3.96%. As of December 31, 2015, the dividend rate was 1%. The dividend rate can fluctuate between 1% and 5% during the next four quarters based on the growth in qualified small business loans. As of December 31, 2015 and 2014, the Company had dividends in arrears of $25 and $25, respectively. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of Franklin Financial Network, Inc. follows: CONDENSED BALANCE SHEETS December 31, 2015 2014 ASSETS Cash and cash equivalents $ 1,913 $ 496 Investment in banking subsidiaries 186,322 121,154 Investment in other subsidiaries 262 — Other assets 929 300 Total assets $ 189,426 $ 121,950 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 610 $ 151 Shareholders’ equity 188,816 121,799 Total liabilities and shareholders’ equity $ 189,426 $ 121,950 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years ended December 31, 2015 2014 2013 Dividends from subsidiaries $ 150 $ 575 $ 25 Other income 488 235 170 Other expense 2,270 1,499 725 Loss before income tax and undistributed subsidiary income (1,632 ) (689 ) (530 ) Income tax expense (benefit) (689 ) (324 ) (175 ) Equity in undistributed subsidiary income 17,023 8,779 4,916 Net income $ 16,080 $ 8,414 $ 4,561 Comprehensive income $ 13,584 $ 15,123 $ (901 ) CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2015 2014 2013 Cash flows from operating activities Net income $ 16,080 $ 8,414 $ 4,561 Adjustments: Equity in undistributed subsidiary income (17,023 ) (8,779 ) (4,916 ) Excess tax benefit related to the exchange of stock options (279 ) (29 ) (11 ) Stock-based compensation 45 39 81 Compensation expense related to common stock issued to 401(k) plan 14 15 10 Loss on disposal of subsidiary — 32 — Change in other assets (629 ) 77 (74 ) Change in other liabilities 463 92 (53 ) Net cash from operating activities (1,329 ) (139 ) (402 ) Cash flows from investing activities Investments in subsidiaries (49,809 ) (12,396 ) (13,773 ) Net cash acquired from acquisition — 12,197 — Net cash from the disposal of subsidiary — 205 — Net cash from investing activities (49,809 ) 6 (13,773 ) Cash flows from financing activities Proceeds from exercise of common stock warrants 79 — 36 Proceeds from exercise of common stock options 1,834 265 58 Cash paid for stock option exchange, including tax benefit — — 11 Proceeds from issuance of common stock, net of offering costs 50,423 (514 ) 14,191 Proceeds from subsidiaries related to issuance of common stock related to 401(k) plan 319 260 — Dividends paid on preferred stock (100 ) (100 ) (109 ) Net cash from financing activities 52,555 (89 ) 14,187 Net change in cash and cash equivalents 1,417 (222 ) 12 Beginning cash and cash equivalents 496 718 706 Ending cash and cash equivalents $ 1,913 $ 496 $ 718 Non-cash supplemental information: Transfers from subsidiary stock based compensation expense to parent company only additional paid-in capital $ 815 $ 572 $ 430 Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) — 40,976 — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 21 - EARNINGS PER SHARE The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow: Years Ended December 31, 2015 2014 2013 Basic Net income available to common shareholders $ 15,980 $ 8,314 $ 4,452 Less: earnings allocated to participating securities (174 ) (94 ) (20 ) Net income allocated to common shareholders $ 15,806 $ 8,220 $ 4,432 Weighted average common shares outstanding including participating securities 9,885,233 6,320,316 3,933,731 Less: Participating securities (107,923 ) (71,586 ) (17,563 ) Average shares 9,777,310 6,248,730 3,916,168 Basic earnings per common share $ 1.62 $ 1.32 $ 1.13 Diluted Net income allocated to common shareholders $ 15,806 $ 8,220 $ 4,432 Weighted average common shares outstanding for basic earnings per common share 9,777,310 6,248,730 3,916,168 Add: Dilutive effects of assumed exercises of stock options 491,318 230,290 102,027 Add: Dilutive effects of assumed exercises of stock warrants 13,581 6,810 2,481 Average shares and dilutive potential common shares 10,282,209 6,485,830 4,020,676 Dilutive earnings per common share $ 1.54 $ 1.27 $ 1.10 Stock options for 245,992, 2,000, and 124,869 shares of common stock were not considered in computing diluted earnings per common share for the year ended December 31, 2015, 2014, and 2013, because they were antidilutive. |
Capital Offering
Capital Offering | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Capital Offering | NOTE 22 - CAPITAL OFFERING The Company commenced its initial public offering on March 26, 2015. The Company issued 2,640,000 shares of common stock at a price of $21.00 per share and began trading on the New York Stock Exchange on March 26, 2015, under the ticker symbol “FSB”. Net proceeds were as follows: Gross proceeds $ 55,440 Less: Stock offering costs (5,017 ) Net proceeds from issuance of common stock $ 50,423 The proceeds of the offering were used primarily to provide capital to Franklin Synergy Bank to support continued growth. |
Quarterly Financial Results (Un
Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Results (Unaudited) | NOTE 23 – QUARTERLY FINANCIAL RESULTS (UNAUDITED) The following table provides a summary of selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014: 2015 2014 Fourth Third Second First Fourth Third Second First Income Statement Data ($): Interest income $ 20,081 $ 19,301 $ 15,413 $ 13,926 $ 13,742 $ 12,692 $ 8,699 $ 8,299 Interest expense 2,886 2,565 2,086 1,769 1,619 1,565 1,351 1,204 Net interest income 17,195 16,736 13,327 12,157 12,123 11,127 7,348 7,095 Provision for loan losses 1,876 1,724 805 625 885 664 440 385 Noninterest income 2,996 3,795 2,830 3,209 2,954 3,277 2,432 1,388 Noninterest expense 11,098 10,850 10,551 9,615 9,891 10,392 6,080 5,459 Net income before taxes 7,217 7,957 4,801 5,126 4,301 3,348 3,260 2,639 Income tax expense 2,553 2,807 1,667 1,994 1,466 1,333 1,225 1,110 Net income 4,664 5,150 3,134 3,132 2,835 2,015 2,035 1,529 Net income available to common shareholders 4,639 5,125 3,109 3,107 2,810 1,990 2,010 1,504 Earnings per share, basic $ 0.44 $ 0.49 $ 0.30 $ 0.39 $ 0.36 $ 0.26 $ 0.41 $ 0.31 Earnings per share, diluted $ 0.41 $ 0.46 $ 0.28 $ 0.37 $ 0.34 $ 0.25 $ 0.40 $ 0.30 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Franklin Financial Network, Inc. was incorporated under the laws of the State of Tennessee on April 5, 2007. Franklin Synergy Bank was incorporated under the laws of the State of Tennessee and received its Certificate of Authority from the Tennessee Department of Financial Institutions and approval of FDIC insurance on November 2, 2007. Franklin Synergy Bank is also a Federal Reserve member bank. The Company provides financial services through its offices in Franklin, Brentwood, Spring Hill, Murfreesboro, Nashville, Nolensville, and Smyrna, Tennessee. Its primary deposit products are checking, savings, and certificate of deposit accounts, and its primary lending products are commercial and residential construction, commercial, installment loans and lines secured by home equity. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets, and consumer assets. Commercial loans are expected to be repaid by cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also focuses on electronic banking products such as internet banking, remote deposit capture and lockbox services. The Company purchased the assets of Banc Compliance Group LLC in May 2008 forming a wholly-owned subsidiary, Banc Compliance Group, Inc., which provided bank compliance and consulting services to community banks. The Company sold the assets of Banc Compliance Group, Inc. at December 31, 2014. On July 1, 2014 the Company completed its acquisition of MidSouth Bank, which was merged with and became part of Franklin Synergy Bank. On December 28, 2015, the Company invested in a wholly-owned subsidiary, Franklin Synergy Risk Management, Inc., which provides risk management services to the Company in the form of enhanced insurance coverages. |
Use of Estimates | Use of Estimates |
Cash Flows | Cash Flows |
Interest-Bearing Deposits in Financial Institutions | Interest-Bearing Deposits in Financial Institutions |
Securities | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Loans Held for Sale | Loans Held for Sale Certain loans held for sale are sold with servicing rights retained. The carrying value of loans sold with retained servicing is reduced by the amount allocated to the servicing right. Gains and losses on sales of loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans held for sale, for which the fair value option has been elected, are recorded at fair value as of each balance sheet date. The fair value includes the servicing value of the loans. |
Loans | Loans Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Concentration of Credit Risk | Concentration of Credit Risk |
Purchased Credit Impaired Loans | Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows in greater than the carrying amount, it is recognized as part of future interest income. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on a combination of the Bank’s loss history and loss history from the Bank’s peer group over the past three years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: Construction and land development loans include loans to finance the process of improving loans preparatory to erecting new structures or the on-site construction of industrial, commercial, residential or farm buildings. Construction and land development loans also include loans secured by vacant land, except land known to be used or usable for agricultural purposes. Construction loans generally are made for relatively short terms. They generally are more vulnerable to changes in economic conditions. Further, the nature of these loans is such that they are more difficult to evaluate and monitor. The risk of loss on a construction loan is dependent largely upon the accuracy of the initial estimate of the property’s value upon completion of the project and the estimated cost (including interest) of the project. Periodic site inspections are made on construction loans. Commercial real estate loans include loans secured by non-residential real estate, including farmland and improvements thereon. Often these loans are made to single borrowers or groups of related borrowers, and the repayment of these loans largely depends on the results of operations and management of these properties. Adverse economic conditions may affect the repayment ability of these loans. Residential real estate loans include loans secured by residential real estate, including single-family and multi-family dwellings. Mortgage title insurance and hazard insurance are normally required. Adverse economic conditions in the Company’s market area may reduce borrowers’ ability to repay these loans and may reduce the collateral securing these loans. Commercial and industrial loans include loans for commercial, industrial or agricultural purposes to business enterprises that are not secured by real estate. Commercial loans are typically made on the basis of the borrower’s ability to repay from the cash flow of the borrower’s business. Commercial and Agriculture loans are generally secured by accounts receivable, inventory and equipment. The collateral securing loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Consumer and other loans include loans to individuals for household, family and other personal expenditures that are not secured by real estate. Consumer loans are generally secured by customer deposit accounts, vehicles and other household goods. The collateral securing consumer loans may depreciate over time. |
Servicing Rights | Servicing Rights Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with loan servicing fees on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as loan servicing fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against mortgage loan servicing fee income. Late fees and ancillary fees related to loan servicing are not material. |
Transfers of Financial Assets | Transfers of Financial Assets |
Foreclosed Assets | Foreclosed Assets |
Assets Held for Sale | Assets Held for Sale |
Premises and Equipment | Premises and Equipment |
Restricted Equity Securities | Restricted Equity Securities |
Company Owned Life Insurance | Company Owned Life Insurance |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from whole bank and branch acquisitions are amortized on an accelerated method over their estimated useful lives, which range from 7 to 10 years. |
Long-Term Assets | Long-Term Assets |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Mortgage Banking Derivatives | Mortgage Banking Derivatives |
Stock-Based Compensation | Stock-Based Compensation |
Income Taxes | Income Taxes A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Retirement Plans | Retirement Plans |
Comprehensive Income | Comprehensive Income |
Earnings Per Common Share | Earnings Per Common Share |
Loss Contingencies | Loss Contingencies |
Restrictions on Cash | Restrictions on Cash |
Dividend Restriction | Dividend Restriction |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Operating Segments | Operating Segments |
Reclassifications | Reclassifications |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Calculation | The following table summarizes the purchase price calculation: Number of Per share Number of FFN Common Shares 3,873 0.425926 1,650 Convertible Voting Preferred Stock, 2009-A 1,018 0.851852 867 Convertible Voting Preferred Stock, 2011-A 242 0.851852 206 Series 2009-A Stock Warrants (strike price $3.25) 193 0.185185 36 Series 2011-A Stock Warrants (strike price $3.68) 44 0.153333 7 2,766 Multiplied by FFN common stock value at acquisition date $ 14.50 Fair value of FFN common stock issued (“Stock Consideration”) $ 40,110 Cash consideration paid for fractional shares 18 Cash consideration paid for dissenting shares 100 Fair value of MidSouth stock options converted to FFN stock options 866 Total acquisition consideration $ 41,094 |
Summary of Preliminary Estimates of Fair Value of the Assets Purchased , Including Goodwill, and Liabilities Assumed | The table below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the July 1, 2014 purchase date. In Thousands July 1, 2014 Measurement July 1, 2014 Assets: Cash and due from banks $ 1,369 $ — $ 1,369 Interest-bearing accounts at other financial institutions 10,946 10,946 Securities, available-for-sale 57,431 57,431 Loans held for sale 7,071 7,071 Loans 184,345 184,345 Certificates of deposit at other financial institutions 250 250 Restricted equity securities 1,572 1,572 Bank premises and equipment, net 6,650 6,650 Bank-owned life insurance 3,144 3,144 Accrued interest receivable 728 728 Foreclosed assets 800 (260 ) 540 Core deposit intangible 3,060 3,060 Deferred tax asset 6,753 100 6,853 Goodwill 8,964 160 9,124 Other assets 747 747 Total assets acquired $ 293,830 $ — $ 293,830 Liabilities: Deposits $ 244,415 $ — $ 244,415 Short-term borrowings 6,893 6,893 Other liabilities 1,428 1,428 Total liabilities assumed $ 252,736 $ — $ 252,736 |
Contractually Required Principal and Interest Cash Payments, Management's Estimates of Expected Total Cash Payments | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of July 1, 2014 for purchased credit-impaired (“PCI”) loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 8,510 Non-accretable difference (1,745 ) Cash flows expected to be collected 6,765 Accretable yield (1,238 ) Total purchased credit-impaired loans $ 5,527 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance at acquisition date. Unpaid Fair Loans: Residential real estate $ 39,425 $ 38,618 Commercial real estate 82,465 80,566 Construction and land development 43,766 42,454 Commercial loans 16,311 15,352 Consumer and other loans 1,865 1,828 Purchased credit-impaired 7,860 5,527 Total earning assets $ 191,692 $ 184,345 |
Pro-Forma Financial Information and Actual Results of Acquisition | Pro-forma data for the years ended December 31, 2014 and 2013 listed in the table below presents pro-forma information as if the MidSouth acquisition occurred at the beginning of 2013. Because the MidSouth transaction closed on July 1, 2014, and its actual results are included in the Company’s actual operating results for the year ended December 31, 2015, there is no pro forma information for that period. Years ended 2014 2013 Net interest income $ 41,312 $ 32,022 Net income available to common shareholders 8,055 5,722 Earnings per share—basic $ 1.04 $ 0.88 Earnings per share—diluted $ 1.02 $ 0.87 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Amortized Cost and Fair Value of Available for Sale Securities | The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at December 31, 2015 and 2014 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). Amortized Gross Gross Fair December 31, 2015 U.S. government sponsored entities and agencies $ 6,792 $ 72 $ (47 ) $ 6,817 Mortgage-backed securities: residential 502,916 2,386 (4,347 ) 500,955 Mortgage-backed securities: commercial 19,993 22 (180 ) 19,835 State and political subdivisions 46,664 1,570 (3 ) 48,231 Total $ 576,365 $ 4,050 $ (4,577 ) $ 575,838 Amortized Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 30,070 $ 417 $ (314 ) $ 30,173 U.S. Treasury securities 20,000 — — 20,000 Mortgage-backed securities: residential 335,677 4,593 (1,203 ) 339,067 Mortgage-backed securities: commercial 6,432 33 — 6,465 Total $ 392,179 $ 5,043 $ (1,517 ) $ 395,705 |
Schedule of Amortized Cost and Fair Value of Held to Maturity Securities Portfolio | The amortized cost and fair value of the held to maturity securities portfolio at December 31, 2015 and 2014 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair December 31, 2015 U.S. government sponsored entities and agencies $ 3,300 $ 11 $ (72 ) $ 3,239 Mortgage backed securities: residential 30,398 410 (408 ) 30,400 State and political subdivisions 124,502 3,841 (13 ) 128,330 Total $ 158,200 $ 4,262 $ (493 ) $ 161,969 Amortized Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 5,550 $ 162 $ (87 ) $ 5,625 Mortgage backed securities: residential 38,587 555 (562 ) 38,580 State and political subdivisions 9,195 351 (10 ) 9,536 Total $ 53,332 $ 1,068 $ (659 ) $ 53,741 |
Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity | The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. December 31, 2015 Amortized Fair Available for sale Three months or less $ — $ — Over three months through one year — — Over one year through five years 2,060 2,096 Over five years through ten years 1,982 2,018 Over ten years 49,414 50,934 Mortgage-backed securities: commercial 19,993 19,835 Mortgage-backed securities: residential 502,916 500,955 Total $ 576,365 $ 575,838 Held to maturity Three months or less $ — $ — Over three months through one year — — Over one year through five years 1,304 1,353 Over five years through ten years 4,264 4,358 Over ten years 122,234 125,858 Mortgage-backed securities: residential 30,398 30,400 Total $ 158,200 $ 161,969 |
Schedule of Unrealized Losses and Fair Value by Major Security Type | The following table summarizes the securities with unrealized and unrecognized losses at December 31, 2015 and 2014, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Available for sale U.S. government sponsored entities and agencies $ 2,703 $ (47 ) $ — $ — $ 2,703 $ (47 ) Mortgage-backed securities: residential 313,570 (3,691 ) 23,319 (656 ) 336,889 (4,347 ) Mortgage-backed securities: commercial 15,980 (180 ) — — 15,980 (180 ) State and political subdivisions 716 (3 ) — — 716 (3 ) Total available for sale $ 332,969 $ (3,921 ) $ 23,319 $ (656 ) $ 356,288 $ (4,577 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ 1,957 $ (43 ) $ 971 $ (29 ) $ 2,928 $ (72 ) Mortgage-backed securities: residential 9,788 (97 ) 5,481 (311 ) 15,269 (408 ) State and political subdivisions 3,351 (13 ) — — 3,351 (13 ) Total held to maturity $ 15,096 $ (153 ) $ 6,452 $ (340 ) $ 21,548 $ (493 ) Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Available for sale U.S. government sponsored entities and agencies $ 9,999 $ (1 ) $ 8,232 $ (313 ) $ 18,231 $ (314 ) Mortgage-backed securities: residential 59,078 (323 ) 41,939 (880 ) 101,017 (1,203 ) Total available for sale $ 69,077 $ (324 ) $ 50,171 $ (1,193 ) $ 119,248 $ (1,517 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ — $ — $ 2,913 $ (87 ) $ 2,913 $ (87 ) Mortgage-backed securities: residential 5,246 (25 ) 13,001 (537 ) 18,247 (562 ) State and political subdivisions 507 (1 ) 592 (9 ) 1,099 (10 ) Total held to maturity $ 5,753 $ (26 ) $ 16,506 $ (633 ) $ 33,037 $ (659 ) |
Available-for-sale Securities [Member] | |
Summary of Sales and Calls of Securities | Sales and calls of available for sale securities were as follows: 2015 2014 2013 Proceeds $ 113,300 $ 44,181 $ 16,290 Gross gains 972 422 163 Gross losses (288 ) (163 ) (75 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Loans | Loans at December 31, 2015 and 2014 were as follows: December 31, December 31, Loans that are not PCI loans Construction and land development $ 372,767 $ 239,225 Commercial real estate: Nonfarm, nonresidential 353,268 240,975 Other 10,955 5,377 Residential real estate: Closed-end 1-4 family 162,933 130,631 Other 112,001 83,129 Commercial and industrial 283,888 76,570 Consumer and other 6,577 8,025 Loans before net deferred loan fees 1,302,389 783,932 Deferred loan fees, net (2,476 ) (1,059 ) Total loans that are not PCI loans 1,299,913 782,873 PCI loans Construction and land development 78 77 Commercial real estate: Nonfarm, nonresidential 1,460 1,798 Other — — Residential real estate: Closed-end 1-4 family 562 706 Other 1 108 Commercial and industrial 1,812 1,624 Consumer and other — 2 Total PCI loans 3,913 4,315 Allowance for loan losses (11,587 ) (6,680 ) Total loans, net of allowance for loan losses $ 1,292,239 $ 780,508 |
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 years ended December 31, 2015, 2014 and 2013: Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision for loan losses 496 1,652 76 2,755 51 5,030 Loans charged-off — — (32 ) (48 ) (135 ) (215 ) Recoveries — — 26 1 65 92 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Beginning balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 Provision for loan losses 1,138 523 385 371 (43 ) 2,374 Loans charged-off — (540 ) (61 ) (58 ) — (659 ) Recoveries — — 65 — — 65 Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Construction Commercial Residential Commercial Consumer Total December 31, 2013 Allowance for loan losses: Beginning balance $ 1,342 $ 1,267 $ 893 $ 275 $ 206 $ 3,983 Provision for loan losses 210 244 480 81 (108 ) 907 Loans charged-off — — (107 ) (19 ) — (126 ) Recoveries — — 136 — — 136 Total ending allowance balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 |
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 impairment method as of December 31, 2015 and 2014. Purchased and PCI loans are also included in the table. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 113 $ — $ 113 Collectively evaluated for impairment 3,186 3,137 1,861 3,245 36 11,465 Purchased credit-impaired loans — 9 — — — 9 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Loans: Individually evaluated for impairment $ 1,943 $ 908 $ 1,185 $ 134 $ — $ 4,170 Collectively evaluated for impairment 370,824 363,315 273,749 283,754 6,577 1,298,219 Purchased credit-impaired loans 78 1,460 563 1,812 — 3,913 Total ending loans balance $ 372,845 $ 365,683 $ 275,497 $ 285,700 $ 6,577 $ 1,306,302 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 18 $ — $ 18 Collectively evaluated for impairment 2,690 1,494 1,791 632 55 6,662 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Loans: Individually evaluated for impairment $ — $ 835 $ 93 $ 18 $ — $ 946 Collectively evaluated for impairment 239,225 245,517 213,667 76,552 8,025 782,986 Purchased credit-impaired loans 77 1,798 814 1,624 2 4,315 Total ending loans balance $ 239,302 $ 248,150 $ 214,574 $ 78,194 $ 8,027 $ 788,247 |
Summary of Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of December 31, 2015 and 2014: Unpaid Recorded Allowance for December 31, 2015 With no allowance recorded: Construction and land development $ 1,943 $ 1,943 $ — Commercial real estate: Nonfarm, nonresidential 2,495 908 — Residential real estate: Closed-end 1-4 family 476 476 — Other 709 709 — Commercial and industrial 21 21 — Subtotal 5,644 4,057 — With an allowance recorded: Commercial and industrial 113 113 113 Subtotal 113 113 113 Total $ 5,757 $ 4,170 $ 113 December 31, 2014 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,422 $ 835 $ — Residential real estate: Closed-end 1-4 family 93 93 — Subtotal 2,515 928 — With an allowance recorded: Commercial and industrial 18 18 18 Subtotal 18 18 18 Total $ 2,533 $ 946 $ 18 The following table presents the average recorded investment of impaired loans by class of loans for the years ended December 31, 2015, 2014 and 2013: Average Recorded Investment 2015 2014 2013 With no allowance recorded: Construction and land development $ 494 $ — $ — Commercial real estate: Nonfarm, nonresidential 882 587 1,986 Residential real estate: Closed-end 1-4 family 261 94 37 Other 415 — — Commercial and industrial 62 2 — Consumer and other 10 2 — Subtotal 2,124 683 2,023 With an allowance recorded: Commercial real estate: Nonfarm, nonresidential — 893 893 Residential real estate: Closed-end 1-4 family — 359 359 Commercial and industrial 60 53 53 Consumer and other 8 — — Subtotal 68 1,305 1,305 Total $ 2,192 $ 1,988 $ 1,988 |
Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2015 and 2014: Nonaccrual Loans Past Due December 31, 2015 Construction and land development $ — $ 1,943 Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 family 41 435 Other — — Commercial and industrial 32 — Consumer and other — — Total $ 908 $ 2,378 December 31, 2014 Construction and land development $ — $ — Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 family — 316 Other — — Commercial and industrial — — Consumer and other — — Total $ 835 $ 316 |
Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans | The following table presents the aging of the recorded investment in past due loans as of December 31, 2015 and 2014 by class of loans: 30-59 60-89 Greater Total Loans PCI Total December 31, 2015 Construction and land development $ — $ 149 $ 1,943 $ 2,092 $ 370,675 $ 78 $ 372,845 Commercial real estate: Nonfarm, nonresidential 258 — 835 1,093 352,175 1,460 354,728 Other — — — — 10,955 — 10,955 Residential real estate: Closed-end 1-4 family 213 — 476 689 162,244 562 163,495 Other 30 — — 30 111,971 1 112,002 Commercial and industrial 86 32 — 118 283,770 1,812 285,700 Consumer and other 2 — — 2 6,575 — 6,577 $ 589 $ 181 $ 3,254 $ 4,024 $ 1,289,365 $ 3,913 $ 1,306,302 December 31, 2014 Construction and land development $ 354 $ — $ — $ 354 $ 238,871 $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential — — 835 835 240,140 1,798 242,773 Other — — — — 5,377 — 5,377 Residential real estate: Closed-end 1-4 family 299 165 316 780 129,851 706 131,337 Other 52 — — 52 83,077 108 83,237 Commercial and industrial — 212 — 212 76,358 1,624 78,194 Consumer and other — — — — 8,025 2 8,027 $ 705 $ 377 $ 1,151 $ 2,233 $ 781,699 $ 4,315 $ 788,247 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of December 31, 2015 and 2014: Pass Special Substandard Total December 31, 2015 Construction and land development $ 370,824 $ — $ 2,021 $ 372,845 Commercial real estate: Nonfarm, nonresidential 352,451 — 2,277 354,728 Other 10,955 — — 10,955 Residential real estate: Closed-end 1-4 family 162,160 — 1,335 163,495 Other 111,292 — 710 112,002 Commercial and industrial 284,144 — 1,556 285,700 Consumer and other 6,577 — — 6,577 $ 1,298,403 $ — $ 7,899 $ 1,306,302 December 31, 2014 Construction and land development $ 239,225 $ — $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential 239,584 — 3,189 242,773 Other 5,377 — — 5,377 Residential real estate: Closed-end 1-4 family 128,869 — 2,468 131,337 Other 83,129 — 108 83,237 Commercial and industrial 76,552 — 1,642 78,194 Consumer and other 8,025 — 2 8,027 $ 780,761 $ — $ 7,486 $ 788,247 |
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Purchased Credit-Impaired ("PCI") Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of December 31, 2015 and 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. December 31, December 31, Contractually required principal and interest $ 5,618 $ 6,532 Non-accretable difference (352 ) (1,270 ) Cash flows expected to be collected 5,266 5,262 Accretable yield (1,353 ) (947 ) Carrying value of acquired loans 3,913 4,315 Allowance for loan losses (9 ) — Carrying value less allowance for loan losses $ 3,904 $ 4,315 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments, Managements Estimate of Expected Total Cash Payments and Carrying Value of Loans | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the years ended December 31, 2015 and 2014. Activity during the year ended December 31, 2015 Dec 31, 2014 Effect of Income All other Dec 31, 2015 Contractually required principal and interest $ 6,532 $ — $ — $ (914 ) $ 5,618 Non-accretable difference (1,270 ) — 839 79 (352 ) Cash flows expected to be collected 5,262 — 839 (835 ) 5,266 Accretable yield (947 ) — 837 (1,243 ) (1,353 ) Carrying value of acquired loans $ 4,315 $ — $ 1,676 $ (2,078 ) $ 3,913 Activity during the year ended December 31, 2014 Dec 31, 2013 Effect of Income All other Dec 31, 2014 Contractually required principal and interest $ — $ 8,510 $ — $ (1,978 ) $ 6,532 Non-accretable difference — (1,745 ) — 475 (1,270 ) Cash flows expected to be collected — 6,765 — (1,503 ) 5,262 Accretable yield — (1,238 ) 216 75 (947 ) Carrying value of acquired loans $ — $ 5,527 $ 216 $ (1,428 ) $ 4,315 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Loans Serviced Not Reported as Assets | Loans serviced for others are not reported as assets. The principal balances of these loans at December 31, 2015 and 2014 are as follows: 2015 2014 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 463,952 $ 414,222 Other 4,037 3,986 |
Related Loan Servicing Rights Activity | The related loan servicing rights activity for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Servicing rights: Beginning of year $ 3,053 $ 2,640 $ 2,401 Additions 1,311 1,140 1,414 Amortized to expense (909 ) (727 ) (1,265 ) Decrease in impairment — — 90 End of year $ 3,455 $ 3,053 $ 2,640 |
Components of Net Loan Servicing Fees | The components of net loan servicing fees for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Loan servicing fees, net: Loan servicing fees $ 1,136 $ 981 $ 810 Amortization of loan servicing fees (909 ) (727 ) (1,265 ) Decrease in impairment — — 90 Total $ 227 $ 254 $ (365 ) |
Premises and Equipment and Re38
Premises and Equipment and Related Party Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Year-end premises and equipment were as follows: 2015 2014 Construction in progress $ 282 $ 1,128 Land and land improvements 33 693 Buildings 150 1,170 Leasehold improvements 5,783 4,804 Furniture, fixtures, and equipment 4,652 4,129 Computer equipment and software 2,480 2,223 Automobiles 29 — 13,409 14,147 Accumulated depreciation (5,769 ) (4,483 ) $ 7,640 $ 9,664 |
Summary of Operating Lease Rent Commitments Over the Initial Lease Terms | Rent commitments, over the initial lease terms and intended renewal periods were as follows: Related Other Total 2016 $ 2,691 $ 588 $ 3,279 2017 2,915 451 3,366 2018 2,958 408 3,366 2019 3,002 384 3,386 2020 3,047 388 3,435 Thereafter 32,422 3,119 35,541 Total $ 47,035 $ 5,338 $ 52,373 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Goodwill | Goodwill 2015 2014 Beginning of year $ 9,124 $ 157 Acquired goodwill — 9,124 Decrease from disposal of subsidiary — (157 ) Impairment — — End of year $ 9,124 $ 9,124 |
Schedule of Acquired Intangible Assets | The following table represents acquired intangible assets at December 31, 2015 and 2014: 2015 2014 Gross Carrying Accumulated Gross Carrying Accumulated Acquired intangible assets: Core deposit intangibles $ 3,060 $ (1,017 ) $ 3,060 $ (362 ) |
Schedule of Estimated Amortization Expense | The following table presents estimated amortization expense for each of the next five years: 2016 $ 564 2017 473 2018 382 2019 291 2020 201 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Maturities of Time Deposits | Scheduled maturities of time deposits for the next five years were as follows: 2016 $ 509,960 2017 124,475 2018 54,460 2019 34,068 2020 31,476 |
Federal Funds Purchased and R41
Federal Funds Purchased and Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Summary of Information Concerning Securities Sold under Agreements to Repurchase | Information concerning securities sold under agreements to repurchase is summarized as follows: 2015 2014 2013 Average daily balance during the year $ 38,241 $ 12,792 $ 3,525 Average interest rate during the year 0.53 % 0.58 % 0.71 % Maximum month-end balance during the year $ 61,261 $ 24,466 $ 5,077 Weighted average interest rate at year end 0.64 % 0.56 % 0.73 % |
Additional Details of Securities Sold under Agreement to Repurchase | The following table provides additional details as of December 31, 2015: As of December 31, 2015 U.S. Mortgage- State and Total Market value of securities pledged $ 1,282 $ 68 $ 74,562 $ 75,912 Borrowings related to pledged amounts $ 982 $ — $ 60,279 $ 61,261 Market value pledged as a % of borrowings 131 % — % 124 % 124 % |
Federal Home Loan Bank Advanc42
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Maturities of Advances and Interest Rates | At December 31, 2015 and 2014, the Company had received advances from the FHLB totaling $57,000 and $19,000, respectively. At December 31, 2014, the schedule maturities of these advances and interest rates were as follows: Scheduled Weighted 2016 $ 40,000 0.45 % 2017 10,000 1.27 % 2018 7,000 1.61 % 2019 — — 2020 — — Thereafter — — Total $ 57,000 0.74 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of the Income Tax Expense Computed by Statutory Federal Income Tax Rate of 35 Percent and 34 Percent to Income Before Income Tax Expense | A reconciliation of the income tax expense for the years ended December 31, 2015, 2014 and 2013 to the “expected” tax expense, which was computed by applying the statutory federal income tax rate of 35 percent for 2015 and 2014 and 34 percent for 2013 to income before income tax expense, is as follows: 2015 2014 2013 Computed “expected” tax expense $ 8,785 $ 4,742 $ 2,480 Increase (reduction) in tax expense resulting from: State tax expense, net of federal tax effect 1,031 593 305 Effect of statutory rate changes enacted in 2014 — (223 ) — Non-deductible merger costs 20 150 — Incentive stock options 58 104 19 Bank owned life insurance (214 ) (101 ) (92 ) Tax-exempt interest income, net of expense (703 ) (49 ) (40 ) Other (44 ) (82 ) 62 Income tax expense $ 9,021 $ 5,134 $ 2,734 |
Component of Income Tax Expense Benefit | Income tax expense (benefit) was as follows: 2015 2014 2013 Current expense Federal $ 8,302 $ 4,444 $ 2,613 State 1,777 820 517 Deferred expense Federal (867 ) (222 ) (343 ) State (191 ) 92 (53 ) Income tax expense $ 9,021 $ 5,134 $ 2,734 |
Sources of Deferred Income Tax Assets and Liabilities | The sources of deferred income tax assets (liabilities) at December 31, 2015 and 2014 and the tax effect is as follows: 2015 2014 Deferred tax assets: Organizational and start-up costs $ 135 $ 155 Allowance for loan losses 3,715 1,343 Unrealized loss on securities 207 — Net operating loss carry forward 4,802 5,290 Purchase accounting fair value adjustments 2,231 2,980 Accrued other expenses 511 340 Nonaccrual loan interest 496 538 Capital loss carryforward — 95 Loan fees 971 396 Other 367 389 13,435 11,526 Valuation allowance — (95 ) 13,435 11,431 2015 2014 Deferred tax liabilities: Mortgage servicing rights $ (1,319 ) $ (1,174 ) Premises and equipment (1,113 ) (675 ) Prepaid expenses (571 ) (177 ) Unrealized gain on securities — (1,385 ) Purchase accounting fair value adjustments (873 ) (1,190 ) Mortgage banking derivatives (94 ) (1 ) Other (35 ) (49 ) (4,005 ) (4,651 ) Net deferred tax asset $ 9,430 $ 6,780 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Principal Officers, Directors, and Their Affiliates | Loans to principal officers, directors, and their affiliates during 2015 were as follows: Beginning balance $ 4,536 New loans 10,203 Effect of changes in composition of related parties — Repayments (1,526 ) Ending balance $ 13,213 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value Assumptions of Stock Options | The fair value of options granted was determined using the following weighted-average assumptions as of grant date. 2015 2014 2013 Risk-free interest rate 1.84 % 1.82 % 1.65 % Expected term 7.5 years 5.9 years 7.5 years Expected stock price volatility 25.00 % 10.87 % 12.63 % Dividend yield 0.22 % 0.23 % 0.99 % |
Summary of Company's Stock Option Activities | A summary of the activity in the stock option plans for the year ended December 31, 2015 follows: Shares Weighted Weighted Aggregate Outstanding at beginning of year 1,210,660 $ 11.32 6.53 $ 7,244 Granted 245,449 20.82 Exercised (138,901 ) 11.53 Forfeited, expired, or cancelled (4,417 ) 19.02 Outstanding at period end 1,312,791 $ 13.04 6.23 $ 24,070 Vested or expected to vest 1,247,151 $ 13.04 6.23 $ 22,867 Exercisable at period end 785,725 $ 10.72 4.82 $ 16,232 |
Summary of Stock Options Exercised | 2015 2014 2013 Stock options exercised: Intrinsic value of options exercised $ 1,727 $ 187 $ 17 Cash received from options exercised 1,301 236 58 Tax benefit realized from option exercises 451 29 83 |
Summary of Activity for Nonvested Restricted Share Awards | A summary of activity for non-vested restricted share awards for the year ended December 31, 2015 is as follows: Non-vested Shares Shares Weighted-Average Non-vested at December 31, 2014 102,710 $ 13.93 Granted 31,938 20.69 Vested (25,075 ) 13.99 Forfeited (3,709 ) 15.99 Non-vested at December 31, 2015 105,864 15.89 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below as of December 31, 2015 and 2014 for the Company and Bank. Actual Required For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio December 31, 2015 Company common equity Tier 1 capital to risk-weighted assets $ 167,562 10.08 % $ 74,768 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 186,243 11.21 % $ 132,922 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 174,656 10.51 % $ 99,691 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 174,656 8.48 % $ 82,362 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 172,205 10.36 % $ 74,772 4.50 % $ 108,004 6.50 % Bank Total Capital to risk weighted assets $ 183,792 11.06 % $ 132,928 8.00 % $ 166,160 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 172,205 10.36 % $ 99,696 6.00 % $ 132,928 8.00 % Bank Tier 1 (Core) Capital to average assets $ 172,205 8.36 % $ 82,357 4.00 % $ 102,946 5.00 % December 31, 2014 Company Total Capital to risk weighted assets $ 114,475 12.30 % $ 74,464 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 107,795 11.58 % $ 37,232 4.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 107,795 8.57 % $ 50,291 4.00 % N/A N/A Bank Total Capital to risk weighted assets $ 113,830 12.23 % $ 74,447 8.00 % $ 93,059 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 107,150 11.51 % $ 37,223 4.00 % $ 55,835 6.00 % Bank Tier 1 (Core) Capital to average assets $ 107,150 8.52 % $ 50,279 4.00 % $ 62,849 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 6,817 $ — Mortgage-backed securities-residential — 500,955 — Mortgage-backed securities-commercial — 19,835 — State and political subdivisions — 48,231 — Total securities available for sale $ — $ 575,838 $ — Loans held for sale $ — $ 14,079 $ — Mortgage banking derivatives $ — $ 411 $ — Financial Liabilities Mortgage banking derivatives $ — $ 29 $ — Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 30,173 $ — U.S. Treasury Bills 20,000 — — Mortgage-backed securities-residential — 339,067 — Mortgage-backed securities-commercial — 6,465 — State and political subdivisions — — — Total securities available for sale $ 20,000 $ 375,705 $ — Loans held for sale $ — $ 18,462 $ — Mortgage banking derivatives $ — $ 285 $ — Financial Liabilities Mortgage banking derivatives $ — $ 132 $ — |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments, at December 31, 2015 and 2014 are as follows: Fair Value Measurements at Carrying December 31, 2015 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 52,394 $ 52,394 $ — $ — $ 52,394 Securities available for sale 575,838 — 575,838 — 575,838 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 158,200 — 161,969 — 161,969 Loans held for sale 14,079 — 14,079 — 14,079 Net loans 1,292,239 — — 1,279,849 1,279,849 Restricted equity securities 7,998 n/a n/a n/a n/a Servicing rights, net 3,455 — 4,635 — 4,635 Accrued interest receivable 7,299 3 3,780 3,516 7,299 Financial liabilities Deposits $ 1,814,039 $ 1,062,587 $ 748,961 $ — $ 1,811,548 Federal funds purchased and repurchase agreements 101,086 — 101,086 — 101,086 Federal Home Loan Bank advances 57,000 — 56,931 — 56,931 Accrued interest payable 644 100 544 — 644 Fair Value Measurements at Carrying December 31, 2014 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 49,347 $ 49,347 $ — $ — $ 49,347 Securities available for sale 395,705 20,000 375,705 — 395,705 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 53,332 — 53,741 — 53,741 Loans held for sale 18,462 — 18,462 — 18,462 Net loans 780,508 — — 782,745 782,745 Restricted equity securities 5,349 n/a n/a n/a n/a Servicing rights, net 3,053 — 4,180 — 4,180 Accrued interest receivable 3,545 — 1,368 2,177 3,545 Financial liabilities Deposits $ 1,172,233 $ 848,158 $ 326,644 $ — $ 1,174,802 Federal funds purchased and repurchase agreements 39,078 — 39,078 — 39,078 Federal Home Loan Bank advances 19,000 — 19,146 — 19,146 Accrued interest payable 421 33 388 — 421 |
Mortgage Banking Derivatives (T
Mortgage Banking Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Net Gains (Losses) Relating to Free-Standing Derivative Instruments Used for Risk Management | The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below: 2015 2014 2013 Forward contracts related to mortgage loans held for sale and interest rate contracts $ 103 $ (411 ) $ 321 Interest rate contracts for customers 126 100 (427 ) |
Summary of Amount and Market Value of Mortgage Banking Derivatives Included in Consolidated Balance Sheet | The following table reflects the amount and market value of mortgage banking derivatives included in the consolidated balance sheet as of December 31: 2015 2014 Notional Fair Notional Fair Included in other assets (liabilities): Interest rate contracts for customers $ 42,486 $ 411 $ 28,182 $ 285 Forward contracts related to mortgage loans held for sale $ 41,236 $ (29 ) $ 36,849 $ (132 ) |
Loan Commitments and Other Re49
Loan Commitments and Other Related Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk | The contractual amounts of financial instruments with off-balance-sheet risk at year end were as follows: 2015 2014 Fixed Variable Fixed Variable Commitments to make loans $ 42,486 $ — $ 27,907 $ 275 Unused lines of credit 150,030 234,949 91,301 137,237 Standby letters of credit 1,342 13,131 1,679 10,410 |
Parent Company Only Condensed50
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2015 2014 ASSETS Cash and cash equivalents $ 1,913 $ 496 Investment in banking subsidiaries 186,322 121,154 Investment in other subsidiaries 262 — Other assets 929 300 Total assets $ 189,426 $ 121,950 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 610 $ 151 Shareholders’ equity 188,816 121,799 Total liabilities and shareholders’ equity $ 189,426 $ 121,950 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years ended December 31, 2015 2014 2013 Dividends from subsidiaries $ 150 $ 575 $ 25 Other income 488 235 170 Other expense 2,270 1,499 725 Loss before income tax and undistributed subsidiary income (1,632 ) (689 ) (530 ) Income tax expense (benefit) (689 ) (324 ) (175 ) Equity in undistributed subsidiary income 17,023 8,779 4,916 Net income $ 16,080 $ 8,414 $ 4,561 Comprehensive income $ 13,584 $ 15,123 $ (901 ) |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2015 2014 2013 Cash flows from operating activities Net income $ 16,080 $ 8,414 $ 4,561 Adjustments: Equity in undistributed subsidiary income (17,023 ) (8,779 ) (4,916 ) Excess tax benefit related to the exchange of stock options (279 ) (29 ) (11 ) Stock-based compensation 45 39 81 Compensation expense related to common stock issued to 401(k) plan 14 15 10 Loss on disposal of subsidiary — 32 — Change in other assets (629 ) 77 (74 ) Change in other liabilities 463 92 (53 ) Net cash from operating activities (1,329 ) (139 ) (402 ) Cash flows from investing activities Investments in subsidiaries (49,809 ) (12,396 ) (13,773 ) Net cash acquired from acquisition — 12,197 — Net cash from the disposal of subsidiary — 205 — Net cash from investing activities (49,809 ) 6 (13,773 ) Cash flows from financing activities Proceeds from exercise of common stock warrants 79 — 36 Proceeds from exercise of common stock options 1,834 265 58 Cash paid for stock option exchange, including tax benefit — — 11 Proceeds from issuance of common stock, net of offering costs 50,423 (514 ) 14,191 Proceeds from subsidiaries related to issuance of common stock related to 401(k) plan 319 260 — Dividends paid on preferred stock (100 ) (100 ) (109 ) Net cash from financing activities 52,555 (89 ) 14,187 Net change in cash and cash equivalents 1,417 (222 ) 12 Beginning cash and cash equivalents 496 718 706 Ending cash and cash equivalents $ 1,913 $ 496 $ 718 Non-cash supplemental information: Transfers from subsidiary stock based compensation expense to parent company only additional paid-in capital $ 815 $ 572 $ 430 Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) — 40,976 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The factors used in the earnings per share computation follow: Years Ended December 31, 2015 2014 2013 Basic Net income available to common shareholders $ 15,980 $ 8,314 $ 4,452 Less: earnings allocated to participating securities (174 ) (94 ) (20 ) Net income allocated to common shareholders $ 15,806 $ 8,220 $ 4,432 Weighted average common shares outstanding including participating securities 9,885,233 6,320,316 3,933,731 Less: Participating securities (107,923 ) (71,586 ) (17,563 ) Average shares 9,777,310 6,248,730 3,916,168 Basic earnings per common share $ 1.62 $ 1.32 $ 1.13 Diluted Net income allocated to common shareholders $ 15,806 $ 8,220 $ 4,432 Weighted average common shares outstanding for basic earnings per common share 9,777,310 6,248,730 3,916,168 Add: Dilutive effects of assumed exercises of stock options 491,318 230,290 102,027 Add: Dilutive effects of assumed exercises of stock warrants 13,581 6,810 2,481 Average shares and dilutive potential common shares 10,282,209 6,485,830 4,020,676 Dilutive earnings per common share $ 1.54 $ 1.27 $ 1.10 |
Capital Offering (Tables)
Capital Offering (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Net Proceeds | symbol “FSB”. Net proceeds were as follows: Gross proceeds $ 55,440 Less: Stock offering costs (5,017 ) Net proceeds from issuance of common stock $ 50,423 |
Quarterly Financial Results (53
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Consolidated Quarterly Financial Data | The following table provides a summary of selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014: 2015 2014 Fourth Third Second First Fourth Third Second First Income Statement Data ($): Interest income $ 20,081 $ 19,301 $ 15,413 $ 13,926 $ 13,742 $ 12,692 $ 8,699 $ 8,299 Interest expense 2,886 2,565 2,086 1,769 1,619 1,565 1,351 1,204 Net interest income 17,195 16,736 13,327 12,157 12,123 11,127 7,348 7,095 Provision for loan losses 1,876 1,724 805 625 885 664 440 385 Noninterest income 2,996 3,795 2,830 3,209 2,954 3,277 2,432 1,388 Noninterest expense 11,098 10,850 10,551 9,615 9,891 10,392 6,080 5,459 Net income before taxes 7,217 7,957 4,801 5,126 4,301 3,348 3,260 2,639 Income tax expense 2,553 2,807 1,667 1,994 1,466 1,333 1,225 1,110 Net income 4,664 5,150 3,134 3,132 2,835 2,015 2,035 1,529 Net income available to common shareholders 4,639 5,125 3,109 3,107 2,810 1,990 2,010 1,504 Earnings per share, basic $ 0.44 $ 0.49 $ 0.30 $ 0.39 $ 0.36 $ 0.26 $ 0.41 $ 0.31 Earnings per share, diluted $ 0.41 $ 0.46 $ 0.28 $ 0.37 $ 0.34 $ 0.25 $ 0.40 $ 0.30 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |
Date of acquisition | Jul. 1, 2014 |
Maturity of cash, deposits with other financial institutions | 90 days |
Loan past due | 90 days |
Nonaccrual loans and loans past due | 90 days |
Non-accrual status | 90 days |
Tax benefit | 50.00% |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of intangible assets | 7 years |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2015USD ($)Branch | Dec. 14, 2015USD ($) | Jul. 01, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)Branch | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||
Acquisition completed date | Jul. 1, 2014 | |||||
Goodwill | $ 9,124 | $ 9,124 | $ 9,124 | $ 157 | ||
Acquisition related costs | 2,157 | |||||
Discount accretion | 1,478 | |||||
Premium amortization related to the fair value adjustments | 250 | |||||
PCI Loans [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired loans with credit impaired | 3,913 | $ 3,913 | $ 4,315 | |||
Dissenting Preferred Shares [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Common stock issued | shares | 7,427 | |||||
MidSouth Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition completed date | Jul. 1, 2014 | |||||
Name of the acquired entity | MidSouth Bank | |||||
Acquisition agreement date | Nov. 19, 2013 | |||||
Goodwill | $ 9,124 | |||||
Business acquisition, percentage of shares acquired | 100.00% | |||||
Lieu of fractional shares description | In lieu of issuing fractional shares of FFN common stock, FFN paid former MidSouth shareholders an amount in cash determined by multiplying (i) $13.50 by (ii) the fraction of a share (rounded to the nearest ten thousandth when expressed in decimal form) of FFN common stock. | |||||
Common stock issued | shares | 2,766,191 | |||||
Total consideration paid | $ 41,094 | |||||
Loans acquired at fair value | 184,345 | $ 184,345 | ||||
Estimated discount to outstanding principal loan balance, value | 7,347 | |||||
Core deposit intangible | $ 3,060 | |||||
MidSouth Bank [Member] | PCI Loans [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired loans with credit impaired | $ 5,527 | $ 5,527 | ||||
MidSouth Bank [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares received by acquiree | $ / shares | $ 0.425926 | |||||
MidSouth Bank [Member] | Preferred Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares received by acquiree | $ / shares | $ 0.851852 | |||||
MidSouth Bank [Member] | Dissenting Preferred Shares [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration paid | $ 100 | |||||
MidSouth Bank [Member] | Fractional Shares [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration paid | $ 18 | |||||
MidSouth Bank [Member] | Series 2009-A Stock Warrants [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares received by acquiree | $ / shares | $ 0.18 | |||||
MidSouth Bank [Member] | Series 2011-A Stock Warrants [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares received by acquiree | $ / shares | $ 0.146667 | |||||
MidSouth Bank [Member] | Core Deposit Intangibles [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Core deposit intangible | $ 3,060 | |||||
Estimated economic life | 8 years 2 months 12 days | |||||
Civic Bank & Trust [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branch offices operated | Branch | 2 | 2 | ||||
Assets to acquire in proposed merger | $ 145,100 | $ 145,100 | ||||
Loans to acquire in proposed merger | 85,700 | 85,700 | ||||
Deposits to acquire in proposed merge | 104,600 | 104,600 | ||||
Receivable in certain circumstances for termination of contract | $ 1,250 | $ 1,250 | ||||
Civic Bank & Trust [Member] | Tennessee [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Name of the acquired entity | Civic Bank & Trust ("Civic") | |||||
Acquisition agreement date | Dec. 14, 2015 | |||||
Value of acquisition | $ 28,600 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | Jul. 01, 2014USD ($)$ / sharesshares |
MidSouth Bank [Member] | |
Business Acquisition [Line Items] | |
Total FFN common shares exchanged, net | 2,766,191 |
Total Stock Consideration-Fair value of FFN common stock issued | $ | $ 40,110 |
Fair value of FFN stock options granted to MidSouth option holders | $ | 866 |
Total acquisition consideration | $ | $ 41,094 |
MidSouth Bank [Member] | Common Stock [Member] | |
Business Acquisition [Line Items] | |
Common shares, number of MidSouth shares Outstanding | 3,873 |
Purchase price, per share exchange Ratio | 0.425926 |
Total FFN common shares exchanged, net | 1,650 |
Multiplied by FFN common stock value per share | $ / shares | $ 14.50 |
MidSouth Bank [Member] | Convertible Voting Preferred Stock, 2009-A [Member] | |
Business Acquisition [Line Items] | |
Convertible voting preferred stock, number of MidSouth shares outstanding | 1,018 |
Purchase price, per share exchange Ratio | 0.851852 |
Total FFN common shares exchanged, net | 867 |
MidSouth Bank [Member] | Convertible Voting Preferred Stock, 2011-A [Member] | |
Business Acquisition [Line Items] | |
Convertible voting preferred stock, number of MidSouth shares outstanding | 242 |
Purchase price, per share exchange Ratio | 0.851852 |
Total FFN common shares exchanged, net | 206 |
MidSouth Bank [Member] | Series 2009-A Stock Warrants [Member] | |
Business Acquisition [Line Items] | |
Stock warrants, number of MidSouth Shares Outstanding | 193 |
Purchase price, per share exchange Ratio | 0.185185 |
Total FFN common shares exchanged, net | 36 |
MidSouth Bank [Member] | Series 2011-A Stock Warrants [Member] | |
Business Acquisition [Line Items] | |
Stock warrants, number of MidSouth Shares Outstanding | 44 |
Purchase price, per share exchange Ratio | 0.153333 |
Total FFN common shares exchanged, net | 7 |
Fractional Shares [Member] | MidSouth Bank [Member] | |
Business Acquisition [Line Items] | |
Cash consideration paid | $ | $ 18 |
Dissenting Preferred Shares [Member] | |
Business Acquisition [Line Items] | |
Total FFN common shares exchanged, net | 7,427 |
Dissenting Preferred Shares [Member] | MidSouth Bank [Member] | |
Business Acquisition [Line Items] | |
Cash consideration paid | $ | $ 100 |
Acquisitions - Summary of Pur57
Acquisitions - Summary of Purchase Price Calculation (Parenthetical) (Detail) - MidSouth Bank [Member] | Jul. 01, 2014$ / shares |
Series 2009-A Stock Warrants [Member] | |
Business Acquisition [Line Items] | |
Stock warrants strike price | $ 3.25 |
Series 2011-A Stock Warrants [Member] | |
Business Acquisition [Line Items] | |
Stock warrants strike price | $ 3.68 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Estimates of Fair Value of the Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 01, 2014 | Dec. 31, 2013 |
Assets | ||||
Goodwill | $ 9,124 | $ 9,124 | $ 157 | |
MidSouth Bank [Member] | ||||
Assets | ||||
Cash and due from banks | $ 1,369 | |||
Interest-bearing accounts at other financial institutions | 10,946 | |||
Securities, available-for-sale | 57,431 | |||
Loans held for sale | 7,071 | |||
Loans | 184,345 | |||
Certificates of deposit at other financial institutions | 250 | |||
Restricted equity securities | 1,572 | |||
Bank premises and equipment, net | 6,650 | |||
Bank-owned life insurance | 3,144 | |||
Accrued interest receivable | 728 | |||
Foreclosed assets | 540 | |||
Core deposit intangible | 3,060 | |||
Deferred tax asset | 6,853 | |||
Goodwill | 9,124 | |||
Other assets | 747 | |||
Total assets acquired | 293,830 | |||
Liabilities | ||||
Deposits | 244,415 | |||
Short-term borrowings | 6,893 | |||
Other liabilities | 1,428 | |||
Total liabilities assumed | 252,736 | |||
MidSouth Bank [Member] | As Initially Reported [Member] | ||||
Assets | ||||
Cash and due from banks | 1,369 | |||
Interest-bearing accounts at other financial institutions | 10,946 | |||
Securities, available-for-sale | 57,431 | |||
Loans held for sale | 7,071 | |||
Loans | 184,345 | |||
Certificates of deposit at other financial institutions | 250 | |||
Restricted equity securities | 1,572 | |||
Bank premises and equipment, net | 6,650 | |||
Bank-owned life insurance | 3,144 | |||
Accrued interest receivable | 728 | |||
Foreclosed assets | 800 | |||
Core deposit intangible | 3,060 | |||
Deferred tax asset | 6,753 | |||
Goodwill | 8,964 | |||
Other assets | 747 | |||
Total assets acquired | 293,830 | |||
Liabilities | ||||
Deposits | 244,415 | |||
Short-term borrowings | 6,893 | |||
Other liabilities | 1,428 | |||
Total liabilities assumed | 252,736 | |||
MidSouth Bank [Member] | Measurement Period Adjustments [Member] | ||||
Assets | ||||
Foreclosed assets | (260) | |||
Deferred tax asset | 100 | |||
Goodwill | $ 160 |
Acquisitions - Contractually Re
Acquisitions - Contractually Required Principal and Interest Cash Payments, Management's Estimates of Expected Total Cash Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 01, 2014 |
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 5,618 | $ 6,532 | |
Non-accretable difference | $ (352) | $ (1,270) | |
MidSouth Bank [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 8,510 | ||
Non-accretable difference | (1,745) | ||
Cash flows expected to be collected | 6,765 | ||
Accretable yield | (1,238) | ||
Total purchased credit-impaired loans | $ 5,527 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) - MidSouth Bank [Member] $ in Thousands | Jul. 01, 2014USD ($) |
Unpaid Principal Value [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | $ 191,692 |
Unpaid Principal Value [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 39,425 |
Unpaid Principal Value [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 82,465 |
Unpaid Principal Value [Member] | Construction and Land Development [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 43,766 |
Unpaid Principal Value [Member] | Commercial Loan [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 16,311 |
Unpaid Principal Value [Member] | Consumer and Other Loans [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 1,865 |
Unpaid Principal Value [Member] | Purchased Credit Impaired [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 7,860 |
Fair Value [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 184,345 |
Fair Value [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 38,618 |
Fair Value [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 80,566 |
Fair Value [Member] | Construction and Land Development [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 42,454 |
Fair Value [Member] | Commercial Loan [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 15,352 |
Fair Value [Member] | Consumer and Other Loans [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | 1,828 |
Fair Value [Member] | Purchased Credit Impaired [Member] | |
Business Acquisition [Line Items] | |
Unpaid principal amount and Fair value of acquired loans | $ 5,527 |
Acquisitions - Pro-Forma Financ
Acquisitions - Pro-Forma Financial Information and Actual Results of Acquisition (Detail) - MidSouth Bank [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 41,312 | $ 32,022 |
Net income available to common shareholders | $ 8,055 | $ 5,722 |
Earnings per share-basic | $ 1.04 | $ 0.88 |
Earnings per share-diluted | $ 1.02 | $ 0.87 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 576,365 | $ 392,179 |
Gross Unrealized Gains | 4,050 | 5,043 |
Gross Unrealized Losses | (4,577) | (1,517) |
Fair Value | 575,838 | 395,705 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,792 | 30,070 |
Gross Unrealized Gains | 72 | 417 |
Gross Unrealized Losses | (47) | (314) |
Fair Value | 6,817 | 30,173 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 502,916 | 335,677 |
Gross Unrealized Gains | 2,386 | 4,593 |
Gross Unrealized Losses | (4,347) | (1,203) |
Fair Value | 500,955 | 339,067 |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,993 | 6,432 |
Gross Unrealized Gains | 22 | 33 |
Gross Unrealized Losses | (180) | |
Fair Value | 19,835 | 6,465 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,664 | |
Gross Unrealized Gains | 1,570 | |
Gross Unrealized Losses | (3) | |
Fair Value | $ 48,231 | |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,000 | |
Fair Value | $ 20,000 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Held to Maturity Securities Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 158,200 | $ 53,332 |
Gross Unrecognized Gains | 4,262 | 1,068 |
Gross Unrecognized Losses | (493) | (659) |
Fair Value | 161,969 | 53,741 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,300 | 5,550 |
Gross Unrecognized Gains | 11 | 162 |
Gross Unrecognized Losses | (72) | (87) |
Fair Value | 3,239 | 5,625 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 30,398 | 38,587 |
Gross Unrecognized Gains | 410 | 555 |
Gross Unrecognized Losses | (408) | (562) |
Fair Value | 30,400 | 38,580 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 124,502 | 9,195 |
Gross Unrecognized Gains | 3,841 | 351 |
Gross Unrecognized Losses | (13) | (10) |
Fair Value | $ 128,330 | $ 9,536 |
Securities - Summary of Sales a
Securities - Summary of Sales and Calls of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities [Abstract] | |||
Proceeds | $ 113,300 | $ 44,181 | $ 16,290 |
Gross gains | 972 | 422 | 163 |
Gross losses | $ (288) | $ (163) | $ (75) |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities |
Marketable Securities [Line Items] | ||
Held to maturity securities gross gains | $ 148 | |
Carrying value of pledged securities | $ 595,524 | $ 366,764 |
Other than US Government Sponsored Entities and Agencies [Member] | ||
Marketable Securities [Line Items] | ||
Amount of holdings of securities of any one issuer | Securities | 0 | 0 |
Securities - Schedule of Amor66
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for sale | ||
Amortized Cost, Three months or less | $ 0 | |
Amortized Cost, Over three months through one year | 0 | |
Amortized Cost, Over one year through five years | 2,060 | |
Amortized Cost, Over five years through ten years | 1,982 | |
Amortized Cost, Over ten years | 49,414 | |
Amortized Cost | 576,365 | $ 392,179 |
Held to maturity | ||
Amortized Cost, Three months or less | 0 | |
Amortized Cost, Over three months through one year | 0 | |
Amortized Cost, Over one year through five years | 1,304 | |
Amortized Cost, Over five years through ten years | 4,264 | |
Amortized Cost, Over ten years | 122,234 | |
Amortized Cost, Mortgage-backed securities: residential | 30,398 | |
Amortized Cost | 158,200 | 53,332 |
Available for sale | ||
Fair Value, Three months or less | 0 | |
Fair Value, Over three months through one year | 0 | |
Fair Value, Over one year through five years | 2,096 | |
Fair Value, Over five years through ten years | 2,018 | |
Fair Value, Over ten years | 50,934 | |
Mortgage-backed securities: commercial | 19,835 | |
Mortgage-backed securities: residential | 500,955 | |
Fair Value, Total | 575,838 | 395,705 |
Held to maturity | ||
Fair Value, Three months or less | 0 | |
Fair Value, Over three months through one year | 0 | |
Fair Value, Over one year through five years | 1,353 | |
Fair Value, Over five years through ten years | 4,358 | |
Fair Value, Over ten years | 125,858 | |
Fair Value, Mortgage-backed securities: residential | 30,400 | |
Fair Value, Total | 161,969 | 53,741 |
Mortgage-Backed Securities: Commercial [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 19,993 | |
Amortized Cost | 19,993 | 6,432 |
Available for sale | ||
Fair Value, Total | 19,835 | 6,465 |
Mortgage-Backed Securities: Residential [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 502,916 | |
Amortized Cost | 502,916 | 335,677 |
Held to maturity | ||
Amortized Cost | 30,398 | 38,587 |
Available for sale | ||
Fair Value, Total | 500,955 | 339,067 |
Held to maturity | ||
Fair Value, Total | $ 30,400 | $ 38,580 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses and Fair Value by Major Security Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | $ 332,969 | $ 69,077 |
Less Than 12 Months Available for sale Unrealized Losses | (3,921) | (324) |
12 Months or Longer Available for sale Fair Value | 23,319 | 50,171 |
12 Months or Longer Available for sale Unrealized Losses | (656) | (1,193) |
Available for sale Fair Value, Total | 356,288 | 119,248 |
Available for sale Unrealized Losses, Total | (4,577) | (1,517) |
Less Than 12 Months Held to maturity Fair Value | 15,096 | 5,753 |
Less Than 12 Months Held to maturity Unrealized Losses | (153) | (26) |
12 Months or Longer Held to maturity Fair Value | 6,452 | 16,506 |
12 Months or Longer Held to maturity Unrealized Losses | (340) | (633) |
Held to maturity Fair Value, Total | 21,548 | 33,037 |
Held to maturity Unrealized Losses, Total | (493) | (659) |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 2,703 | 9,999 |
Less Than 12 Months Available for sale Unrealized Losses | (47) | (1) |
12 Months or Longer Available for sale Fair Value | 8,232 | |
12 Months or Longer Available for sale Unrealized Losses | (313) | |
Available for sale Fair Value, Total | 2,703 | 18,231 |
Available for sale Unrealized Losses, Total | (47) | (314) |
Less Than 12 Months Held to maturity Fair Value | 1,957 | |
Less Than 12 Months Held to maturity Unrealized Losses | (43) | |
12 Months or Longer Held to maturity Fair Value | 971 | 2,913 |
12 Months or Longer Held to maturity Unrealized Losses | (29) | (87) |
Held to maturity Fair Value, Total | 2,928 | 2,913 |
Held to maturity Unrealized Losses, Total | (72) | (87) |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 313,570 | 59,078 |
Less Than 12 Months Available for sale Unrealized Losses | (3,691) | (323) |
12 Months or Longer Available for sale Fair Value | 23,319 | 41,939 |
12 Months or Longer Available for sale Unrealized Losses | (656) | (880) |
Available for sale Fair Value, Total | 336,889 | 101,017 |
Available for sale Unrealized Losses, Total | (4,347) | (1,203) |
Less Than 12 Months Held to maturity Fair Value | 9,788 | 5,246 |
Less Than 12 Months Held to maturity Unrealized Losses | (97) | (25) |
12 Months or Longer Held to maturity Fair Value | 5,481 | 13,001 |
12 Months or Longer Held to maturity Unrealized Losses | (311) | (537) |
Held to maturity Fair Value, Total | 15,269 | 18,247 |
Held to maturity Unrealized Losses, Total | (408) | (562) |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 15,980 | |
Less Than 12 Months Available for sale Unrealized Losses | (180) | |
Available for sale Fair Value, Total | 15,980 | |
Available for sale Unrealized Losses, Total | (180) | |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 716 | |
Less Than 12 Months Available for sale Unrealized Losses | (3) | |
Available for sale Fair Value, Total | 716 | |
Available for sale Unrealized Losses, Total | (3) | |
Less Than 12 Months Held to maturity Fair Value | 3,351 | 507 |
Less Than 12 Months Held to maturity Unrealized Losses | (13) | (1) |
12 Months or Longer Held to maturity Fair Value | 592 | |
12 Months or Longer Held to maturity Unrealized Losses | (9) | |
Held to maturity Fair Value, Total | 3,351 | 1,099 |
Held to maturity Unrealized Losses, Total | $ (13) | $ (10) |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 1,302,389 | $ 783,932 | ||
Deferred loan fees, net | (2,476) | (1,059) | ||
Total loans that are not PCI loans | 1,299,913 | 782,873 | ||
Allowance for loan losses | (11,587) | (6,680) | $ (4,900) | $ (3,983) |
Net loans | 1,292,239 | 780,508 | ||
Construction and Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Construction and land development | 372,767 | 239,225 | ||
Allowance for loan losses | (3,186) | (2,690) | (1,552) | (1,342) |
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 283,888 | 76,570 | ||
Allowance for loan losses | (3,358) | (650) | (337) | (275) |
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer and other | 6,577 | 8,025 | ||
Allowance for loan losses | (36) | (55) | $ (98) | $ (206) |
PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,913 | 4,315 | ||
PCI Loans [Member] | Construction and Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 78 | 77 | ||
PCI Loans [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,812 | 1,624 | ||
PCI Loans [Member] | Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2 | |||
Commercial Real Estate Financing Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonfarm, nonresidential | 353,268 | 240,975 | ||
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,460 | 1,798 | ||
Commercial Real Estate, Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other | 10,955 | 5,377 | ||
Real Estate Residential Closed-end 1-4 Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Closed-end 1-4 family | 162,933 | 130,631 | ||
Real Estate Residential Closed-end 1-4 Family [Member] | PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 562 | 706 | ||
Residential Real Estate, Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other | 112,001 | 83,129 | ||
Residential Real Estate, Other [Member] | PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 1 | $ 108 |
Loans - Activity in Allowance f
Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $ 6,680 | $ 4,900 | $ 6,680 | $ 4,900 | $ 3,983 | ||||||
Provision for loan losses | $ 1,876 | $ 1,724 | $ 805 | 625 | $ 885 | $ 664 | $ 440 | 385 | 5,030 | 2,374 | 907 |
Loans charged-off | (215) | (659) | (126) | ||||||||
Recoveries | 92 | 65 | 136 | ||||||||
Total ending allowance balance | 11,587 | 6,680 | 11,587 | 6,680 | 4,900 | ||||||
Construction and Land Development [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 2,690 | 1,552 | 2,690 | 1,552 | 1,342 | ||||||
Provision for loan losses | 496 | 1,138 | 210 | ||||||||
Total ending allowance balance | 3,186 | 2,690 | 3,186 | 2,690 | 1,552 | ||||||
Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,494 | 1,511 | 1,494 | 1,511 | 1,267 | ||||||
Provision for loan losses | 1,652 | 523 | 244 | ||||||||
Loans charged-off | (540) | ||||||||||
Total ending allowance balance | 3,146 | 1,494 | 3,146 | 1,494 | 1,511 | ||||||
Residential Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,791 | 1,402 | 1,791 | 1,402 | 893 | ||||||
Provision for loan losses | 76 | 385 | 480 | ||||||||
Loans charged-off | (32) | (61) | (107) | ||||||||
Recoveries | 26 | 65 | 136 | ||||||||
Total ending allowance balance | 1,861 | 1,791 | 1,861 | 1,791 | 1,402 | ||||||
Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 650 | 337 | 650 | 337 | 275 | ||||||
Provision for loan losses | 2,755 | 371 | 81 | ||||||||
Loans charged-off | (48) | (58) | (19) | ||||||||
Recoveries | 1 | ||||||||||
Total ending allowance balance | 3,358 | 650 | 3,358 | 650 | 337 | ||||||
Consumer and Other [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $ 55 | $ 98 | 55 | 98 | 206 | ||||||
Provision for loan losses | 51 | (43) | (108) | ||||||||
Loans charged-off | (135) | ||||||||||
Recoveries | 65 | ||||||||||
Total ending allowance balance | $ 36 | $ 55 | $ 36 | $ 55 | $ 98 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unpaid principal amount | $ 5,757,000 | $ 2,533,000 | |||
Allowance for loan losses | 11,587,000 | 6,680,000 | $ 4,900,000 | $ 3,983,000 | |
Loans receivable carrying amount | 1,302,389,000 | 783,932,000 | |||
Non PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Estimated credit discount | 2,561,000 | $ 5,014,000 | |||
Estimated fair value | 178,818,000 | ||||
Unpaid principal amount | 101,889,000 | $ 183,832,000 | |||
Allowance for loan losses | 0 | ||||
Loans receivable carrying amount | 99,328,000 | ||||
PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses for PCI loans | $ 9,000 | $ 0 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | $ 113 | $ 18 | ||
Allowance for loan losses, Collectively evaluated for impairment | 11,465 | 6,662 | ||
Total ending allowance balance | 11,587 | 6,680 | $ 4,900 | $ 3,983 |
Loans, Individually evaluated for impairment | 4,170 | 946 | ||
Loans, Collectively evaluated for impairment | 1,298,219 | 782,986 | ||
Aging of Recorded Investment, Total | 1,306,302 | 788,247 | ||
PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 9 | 0 | ||
Purchased credit-impaired loans | 3,913 | 4,315 | ||
Construction and Land Development [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Collectively evaluated for impairment | 3,186 | 2,690 | ||
Total ending allowance balance | 3,186 | 2,690 | 1,552 | 1,342 |
Loans, Individually evaluated for impairment | 1,943 | |||
Loans, Collectively evaluated for impairment | 370,824 | 239,225 | ||
Aging of Recorded Investment, Total | 372,845 | 239,302 | ||
Construction and Land Development [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 78 | 77 | ||
Commercial Real Estate [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Collectively evaluated for impairment | 3,137 | 1,494 | ||
Total ending allowance balance | 3,146 | 1,494 | 1,511 | 1,267 |
Loans, Individually evaluated for impairment | 908 | 835 | ||
Loans, Collectively evaluated for impairment | 363,315 | 245,517 | ||
Aging of Recorded Investment, Total | 365,683 | 248,150 | ||
Commercial Real Estate [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 9 | |||
Purchased credit-impaired loans | 1,460 | 1,798 | ||
Residential Real Estate [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Collectively evaluated for impairment | 1,861 | 1,791 | ||
Total ending allowance balance | 1,861 | 1,791 | 1,402 | 893 |
Loans, Individually evaluated for impairment | 1,185 | 93 | ||
Loans, Collectively evaluated for impairment | 273,749 | 213,667 | ||
Aging of Recorded Investment, Total | 275,497 | 214,574 | ||
Residential Real Estate [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 563 | 814 | ||
Commercial and Industrial [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | 113 | 18 | ||
Allowance for loan losses, Collectively evaluated for impairment | 3,245 | 632 | ||
Total ending allowance balance | 3,358 | 650 | 337 | 275 |
Loans, Individually evaluated for impairment | 134 | 18 | ||
Loans, Collectively evaluated for impairment | 283,754 | 76,552 | ||
Aging of Recorded Investment, Total | 285,700 | 78,194 | ||
Commercial and Industrial [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 1,812 | 1,624 | ||
Consumer and Other [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Collectively evaluated for impairment | 36 | 55 | ||
Total ending allowance balance | 36 | 55 | $ 98 | $ 206 |
Loans, Collectively evaluated for impairment | 6,577 | 8,025 | ||
Aging of Recorded Investment, Total | $ 6,577 | 8,027 | ||
Consumer and Other [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | $ 2 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | $ 5,644 | $ 2,515 | |
Unpaid Principal Balance | 5,757 | 2,533 | |
Recorded Investment, With no allowance recorded | 4,057 | 928 | |
Recorded Investment | 4,170 | 946 | |
Unpaid Principal Balance, With an allowance recorded | 113 | 18 | |
Recorded Investment, With an allowance recorded | 113 | 18 | |
Allowance for Loan Losses Allocated | 113 | 18 | |
Average Recorded Investment, With no allowance recorded | 2,124 | 683 | $ 2,023 |
Average Recorded Investment, With an allowance recorded | 68 | 1,305 | 1,305 |
Average Recorded Investment | 2,192 | 1,988 | 1,988 |
Commercial Real Estate Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 2,495 | 2,422 | |
Recorded Investment, With no allowance recorded | 908 | 835 | |
Average Recorded Investment, With no allowance recorded | 882 | 587 | 1,986 |
Average Recorded Investment, With an allowance recorded | 893 | 893 | |
Real Estate Residential Closed-end 1-4 Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 476 | 93 | |
Recorded Investment, With no allowance recorded | 476 | 93 | |
Average Recorded Investment, With no allowance recorded | 261 | 94 | 37 |
Average Recorded Investment, With an allowance recorded | 359 | 359 | |
Residential Real Estate, Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 709 | ||
Recorded Investment, With no allowance recorded | 709 | ||
Average Recorded Investment, With no allowance recorded | 415 | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 21 | ||
Recorded Investment, With no allowance recorded | 21 | ||
Unpaid Principal Balance, With an allowance recorded | 113 | 18 | |
Recorded Investment, With an allowance recorded | 113 | 18 | |
Allowance for Loan Losses Allocated | 113 | 18 | |
Average Recorded Investment, With no allowance recorded | 62 | 2 | |
Average Recorded Investment, With an allowance recorded | 60 | 53 | $ 53 |
Construction and Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 1,943 | ||
Recorded Investment, With no allowance recorded | 1,943 | ||
Average Recorded Investment, With no allowance recorded | 494 | ||
Consumer and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, With no allowance recorded | 10 | $ 2 | |
Average Recorded Investment, With an allowance recorded | $ 8 |
Loans - Schedule of Recorded In
Loans - Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 908 | $ 835 |
Recorded Investment, Loans Past Due Over 90 Days | 2,378 | 316 |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | 835 | 835 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | 41 | |
Recorded Investment, Loans Past Due Over 90 Days | 435 | $ 316 |
Construction and Land Development [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Loans Past Due Over 90 Days | 1,943 | |
Commercial and Industrial Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 32 |
Loans - Schedule of Aging of Re
Loans - Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 4,024 | $ 2,233 |
Aging of Recorded Investment, Loans Not Past Due | 1,289,365 | 781,699 |
Aging of Recorded Investment, Total | 1,306,302 | 788,247 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2,092 | 354 |
Aging of Recorded Investment, Loans Not Past Due | 370,675 | 238,871 |
Aging of Recorded Investment, Total | 372,845 | 239,302 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 118 | 212 |
Aging of Recorded Investment, Loans Not Past Due | 283,770 | 76,358 |
Aging of Recorded Investment, Total | 285,700 | 78,194 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2 | |
Aging of Recorded Investment, Loans Not Past Due | 6,575 | 8,025 |
Aging of Recorded Investment, Total | 6,577 | 8,027 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 3,913 | 4,315 |
PCI Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 78 | 77 |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,812 | 1,624 |
PCI Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 2 | |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,093 | 835 |
Aging of Recorded Investment, Loans Not Past Due | 352,175 | 240,140 |
Aging of Recorded Investment, Total | 354,728 | 242,773 |
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,460 | 1,798 |
Commercial Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 10,955 | 5,377 |
Aging of Recorded Investment, Total | 10,955 | 5,377 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 689 | 780 |
Aging of Recorded Investment, Loans Not Past Due | 162,244 | 129,851 |
Aging of Recorded Investment, Total | 163,495 | 131,337 |
Real Estate Residential Closed-end 1-4 Family [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 562 | 706 |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 30 | 52 |
Aging of Recorded Investment, Loans Not Past Due | 111,971 | 83,077 |
Aging of Recorded Investment, Total | 112,002 | 83,237 |
Residential Real Estate, Other [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1 | 108 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 589 | 705 |
30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 354 | |
30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 86 | |
30 to 59 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2 | |
30 to 59 Days Past Due [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 258 | |
30 to 59 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 213 | 299 |
30 to 59 Days Past Due [Member] | Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 30 | 52 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 181 | 377 |
60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 149 | |
60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 32 | 212 |
60 to 89 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 165 | |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 3,254 | 1,151 |
Greater Than 90 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,943 | |
Greater Than 90 Days Past Due [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 835 | 835 |
Greater Than 90 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 476 | $ 316 |
Loans - Summary of Risk Categor
Loans - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 1,306,302 | $ 788,247 |
Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 372,845 | 239,302 |
Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 285,700 | 78,194 |
Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,577 | 8,027 |
Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 354,728 | 242,773 |
Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 10,955 | 5,377 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 163,495 | 131,337 |
Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 112,002 | 83,237 |
Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,298,403 | 780,761 |
Pass [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 370,824 | 239,225 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 284,144 | 76,552 |
Pass [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,577 | 8,025 |
Pass [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 352,451 | 239,584 |
Pass [Member] | Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 10,955 | 5,377 |
Pass [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 162,160 | 128,869 |
Pass [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 111,292 | 83,129 |
Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 7,899 | 7,486 |
Substandard [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,021 | 77 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,556 | 1,642 |
Substandard [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2 | |
Substandard [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,277 | 3,189 |
Substandard [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,335 | 2,468 |
Substandard [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 710 | $ 108 |
Loans -Summary of Total Contrac
Loans -Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Purchased Credit-Impaired ("PCI") Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 5,618 | $ 6,532 |
Non-accretable difference | (352) | (1,270) |
Cash flows expected to be collected | 5,266 | 5,262 |
Accretable yield | (1,353) | (947) |
Carrying value of acquired loans | 3,913 | 4,315 |
Allowance for loan losses | (9) | |
Carrying value less allowance for loan losses | $ 3,904 | $ 4,315 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments, Managements Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 5,618 | $ 6,532 |
Non-accretable difference | (352) | (1,270) |
Cash flows expected to be collected | 5,266 | 5,262 |
Accretable yield | (1,353) | (947) |
Carrying value of acquired loans | 3,913 | 4,315 |
Contractually required principal and interest, Effect of Acquisitions | 8,510 | |
Non-accretable difference, Effect of Acquisitions | (1,745) | |
Cash flows expected to be collected, Effect of Acquisitions | 6,765 | |
Accretable yield, Effect of Acquisitions | (1,238) | |
Carrying value of acquired loans, Effect of Acquisitions | 5,527 | |
Contractually required principal and interest, Income Accretion | 0 | 0 |
Non-accretable difference, Income Accretion | 839 | |
Cash flows expected to be collected, Income Accretion | 839 | |
Accretable yield, Income Accretion | 837 | 216 |
Carrying value of acquired loans, Income Accretion | 216 | |
Contractually required principal and interest, All other Adjustments | (914) | (1,978) |
Non-accretable difference, All other Adjustments | 79 | 475 |
Cash flows expected to be collected, All other Adjustments | (835) | (1,503) |
Accretable yield, All other Adjustments | $ (1,243) | 75 |
Carrying value of acquired loans, All other Adjustments | $ (1,428) |
Loan Servicing - Schedule of Lo
Loan Servicing - Schedule of Loans Serviced Not Reported as Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Mortgage Corporation [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 463,952 | $ 414,222 |
Other Serviced Loans [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 4,037 | $ 3,986 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | ||
Escrow balances maintained | $ 2,494 | $ 1,968 |
Fair value of servicing rights | $ 4,635 | $ 4,180 |
Weighted average discount rate | 10.50% | 10.50% |
Weighted average prepayment speed | 10.20% | 10.80% |
Loan Servicing - Related Loan S
Loan Servicing - Related Loan Servicing Rights Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset At Amortized Value Additional Disclosures [Abstract] | |||
Beginning of year | $ 3,053 | $ 2,640 | $ 2,401 |
Additions | 1,311 | 1,140 | 1,414 |
Amortized to expense | (909) | (727) | (1,265) |
Decrease in impairment | 90 | ||
End of year | $ 3,455 | $ 3,053 | $ 2,640 |
Loan Servicing - Components of
Loan Servicing - Components of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | |||
Loan servicing fees | $ 1,136 | $ 981 | $ 810 |
Amortization of loan servicing fees | (909) | (727) | (1,265) |
Decrease in impairment | 90 | ||
Total | $ 227 | $ 254 | $ (365) |
Premises and Equipment and Re82
Premises and Equipment and Related Party Leases - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 13,409 | $ 14,147 |
Accumulated depreciation | (5,769) | (4,483) |
Property plant and equipment net | 7,640 | 9,664 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 282 | 1,128 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 33 | 693 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 150 | 1,170 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 5,783 | 4,804 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 4,652 | 4,129 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 2,480 | $ 2,223 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 29 |
Premises and Equipment and Re83
Premises and Equipment and Related Party Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |||
Depreciation and amortization on premises and equipment | $ 1,325 | $ 931 | $ 653 |
Rent expense | 2,912 | 2,049 | $ 1,311 |
Assets held for sale | $ 1,640 | $ 4,080 |
Premises and Equipment and Re84
Premises and Equipment and Related Party Leases - Summary of Operating Lease Rent Commitments Over the Initial Lease Terms and Intended Renewal Periods (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating And Capital Leases Revenues And Rent Expense [Line Items] | |
2,016 | $ 3,279 |
2,017 | 3,366 |
2,018 | 3,366 |
2,019 | 3,386 |
2,020 | 3,435 |
Thereafter | 35,541 |
Total | 52,373 |
Related Parties [Member] | |
Operating And Capital Leases Revenues And Rent Expense [Line Items] | |
2,016 | 2,691 |
2,017 | 2,915 |
2,018 | 2,958 |
2,019 | 3,002 |
2,020 | 3,047 |
Thereafter | 32,422 |
Total | 47,035 |
Other [Member] | |
Operating And Capital Leases Revenues And Rent Expense [Line Items] | |
2,016 | 588 |
2,017 | 451 |
2,018 | 408 |
2,019 | 384 |
2,020 | 388 |
Thereafter | 3,119 |
Total | $ 5,338 |
Goodwill and Intangible Asset85
Goodwill and Intangible Assets - Summary of Change in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning of year | $ 9,124 | $ 157 |
Acquired goodwill | 9,124 | |
Decrease from disposal of subsidiary | (157) | |
Impairment | 0 | 0 |
End of year | $ 9,124 | $ 9,124 |
Goodwill and Intangible Asset86
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2014 | |
Core deposit intangible, net | $ 2,043,000 | $ 2,698,000 | ||
Core deposit intangibles, accumulated amortization | 1,017,000 | 362,000 | ||
Aggregate amortization expense | 655,000 | 362,000 | $ 0 | |
MidSouth Bank [Member] | ||||
Core deposit intangible, net | $ 2,043,000 | $ 2,698,000 | ||
Core deposit intangible | $ 3,060,000 | |||
MidSouth Bank [Member] | Core Deposit Intangibles [Member] | ||||
Core deposit intangible | $ 3,060,000 | |||
Estimated economic life | 8 years 2 months 12 days |
Goodwill and Intangible Asset87
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Core deposit intangibles, Gross Carrying Amount | $ 3,060 | $ 3,060 |
Core deposit intangibles, Accumulated Amortization | $ (1,017) | $ (362) |
Goodwill and Intangible Asset88
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - MidSouth Bank [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 564 |
2,017 | 473 |
2,018 | 382 |
2,019 | 291 |
2,020 | $ 201 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fees And Commissions Income [Abstract] | ||
Time Deposits, $250,000 or More | $ 310,741 | $ 105,711 |
Deposit accounts in overdraft status reclassified to loans | $ 290 | $ 371 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Time Deposits [Abstract] | |
2,016 | $ 509,960 |
2,017 | 124,475 |
2,018 | 54,460 |
2,019 | 34,068 |
2,020 | $ 31,476 |
Federal Funds Purchased and R91
Federal Funds Purchased and Repurchase Agreements - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal Home Loan Bank, Advances, Maximum Amount Available | $ 38,503,000 | |
Outstanding federal funds purchased | 39,825,000 | $ 16,825,000 |
Total short-term borrowings | 61,261,000 | 22,253,000 |
Secured by securities with carrying value | 73,478,000 | 26,187,000 |
One-Day Maturities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total short-term borrowings | 36,261,000 | |
30-day Maturity [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total short-term borrowings | 25,000,000 | |
Federal Funds Purchased [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal Home Loan Bank, Advances, Maximum Amount Available | $ 134,400,000 | $ 115,400,000 |
Federal Funds Purchased and R92
Federal Funds Purchased and Repurchase Agreements - Summary of Information Concerning Securities Sold under Agreements to Repurchase (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | |||
Average daily balance during the year | $ 38,241,000 | $ 12,792,000 | $ 3,525,000 |
Average interest rate during the year | 0.53% | 0.58% | 0.71% |
Maximum month-end balance during the year | $ 61,261,000 | $ 24,466,000 | $ 5,077,000 |
Weighted average interest rate at year end | 0.64% | 0.56% | 0.73% |
Federal Funds Purchased and R93
Federal Funds Purchased and Repurchase Agreements - Additional Details of Securities Sold under Agreement to Repurchase (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 75,912 |
Borrowings related to pledged amounts | $ 61,261 |
Market value pledged as a % of borrowings | 124.00% |
U.S. Government Sponsored Entities and Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 1,282 |
Borrowings related to pledged amounts | $ 982 |
Market value pledged as a % of borrowings | 131.00% |
Mortgage-Backed Securities: Residential [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 68 |
Mortgage-Backed Securities: Commercial [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | 74,562 |
Borrowings related to pledged amounts | $ 60,279 |
Market value pledged as a % of borrowings | 124.00% |
Federal Home Loan Bank Advanc94
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Advances received from the FHLB | $ 57,000,000 | $ 19,000,000 |
Loans pledged as security | 162,305,000 | |
Federal Home Loan Bank, Advances, Maximum Amount Available | $ 38,503,000 | |
Federal Home Loan Bank of Cincinnati [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Percentage of residential 1-4 family loans equivalent to Carrying value of the loans pledged | 125.00% |
Federal Home Loan Bank Advanc95
Federal Home Loan Bank Advances - Schedule of Maturities of Advances and Interest Rates (Detail) $ in Thousands | Dec. 31, 2014USD ($) |
Federal Home Loan Banks [Abstract] | |
2,016 | $ 40,000 |
2,017 | 10,000 |
2,018 | 7,000 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 57,000 |
2,016 | 0.45% |
2,017 | 1.27% |
2,018 | 1.61% |
2,019 | 0.00% |
2,020 | 0.00% |
Thereafter | 0.00% |
Total | 0.74% |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | May. 01, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Postemployment Benefits Disclosure [Line Items] | ||||
Expense for the period | $ 466 | $ 387 | $ 270 | |
Employee Contribution Up to First 2% [Member] | ||||
Postemployment Benefits Disclosure [Line Items] | ||||
Contribution equivalent to the company's common stock | 100.00% | |||
Employee Contribution on Next 4% [Member] | ||||
Postemployment Benefits Disclosure [Line Items] | ||||
Contribution equivalent to the company's common stock | 50.00% |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of the Income Tax Expense Computed by Statutory Federal Income Tax Rate of 34 Percent to Income Before Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Computed "expected" tax expense | $ 8,785 | $ 4,742 | $ 2,480 | ||||||||
State tax expense, net of federal tax effect | 1,031 | 593 | 305 | ||||||||
Effect of statutory rate changes enacted in 2014 | (223) | ||||||||||
Non-deductible merger costs | 20 | 150 | |||||||||
Incentive stock options | 58 | 104 | 19 | ||||||||
Bank owned life insurance | (214) | (101) | (92) | ||||||||
Tax-exempt interest income, net of expense | (703) | (49) | (40) | ||||||||
Other | (44) | (82) | 62 | ||||||||
Income tax expense | $ 2,553 | $ 2,807 | $ 1,667 | $ 1,994 | $ 1,466 | $ 1,333 | $ 1,225 | $ 1,110 | $ 9,021 | $ 5,134 | $ 2,734 |
Income Taxes - Component of Inc
Income Taxes - Component of Income Tax Expense Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current expense | |||||||||||
Federal | $ 8,302 | $ 4,444 | $ 2,613 | ||||||||
State | 1,777 | 820 | 517 | ||||||||
Deferred expense | |||||||||||
Federal | (867) | (222) | (343) | ||||||||
State | (191) | 92 | (53) | ||||||||
Income tax expense | $ 2,553 | $ 2,807 | $ 1,667 | $ 1,994 | $ 1,466 | $ 1,333 | $ 1,225 | $ 1,110 | $ 9,021 | $ 5,134 | $ 2,734 |
Income Taxes - Sources of Defer
Income Taxes - Sources of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Organizational and start-up costs | $ 135 | $ 155 |
Allowance for loan losses | 3,715 | 1,343 |
Unrealized loss on securities | 207 | |
Net operating loss carry forward | 4,802 | 5,290 |
Purchase accounting fair value adjustments | 2,231 | 2,980 |
Accrued other expenses | 511 | 340 |
Nonaccrual loan interest | 496 | 538 |
Capital loss carryforward | 95 | |
Loan fees | 971 | 396 |
Other | 367 | 389 |
Deferred tax assets gross | 13,435 | 11,526 |
Valuation allowance | (95) | |
Total deferred tax assets | 13,435 | 11,431 |
Deferred tax liabilities: | ||
Mortgage servicing rights | (1,319) | (1,174) |
Premises and equipment | (1,113) | (675) |
Prepaid expenses | (571) | (177) |
Unrealized gain on securities | (1,385) | |
Purchase accounting fair value adjustments | (873) | (1,190) |
Mortgage banking derivatives | (94) | (1) |
Other | (35) | (49) |
Total deferred tax liabilities | (4,005) | (4,651) |
Net deferred tax asset (liability) | $ 9,430 | $ 6,780 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Uncertain tax positions | $ 0 | $ 0 | $ 0 |
Interest and penalties | 0 | $ 0 | $ 0 |
MidSouth Bank [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses acquired from acquisition | $ 13,700,000 | ||
MidSouth Bank [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Expiration date of net operating losses acquired from acquisition | 2,025 | ||
MidSouth Bank [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Expiration date of net operating losses acquired from acquisition | 2,031 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Loans to Principal Officers, Directors, and Their Affiliates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Transactions [Abstract] | |
Beginning balance | $ 4,536 |
New loans | 10,203 |
Effect of changes in composition of related parties | 0 |
Repayments | (1,526) |
Ending balance | $ 13,213 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Deposits from principal officers, directors, and their affiliates | $ 6,441 | $ 5,543 | |
Rent Expense | 2,296 | 1,222 | $ 559 |
Procurement of various insurance policies | $ 10,344 | ||
Downtown Franklin [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Lease agreement date | May 7, 2010 | ||
Berry Farms Branch [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Lease agreement date | Jun. 12, 2013 | ||
Related Parties [Member] | |||
Related Party Transaction [Line Items] | |||
Construction of leasehold improvements | $ 369 | 3,152 | |
Procurement of various insurance policies | $ 666 | $ 212 | |
Downtown Franklin Two [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Cool Springs Franklin [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Rutherford County [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | Jul. 01, 2014$ / sharesshares | Feb. 28, 2015shares | Jun. 30, 2014shares | Apr. 30, 2013shares | Apr. 30, 2010shares | Dec. 31, 2015USD ($)Plans$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2007shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of warrants exercised | 6,570 | 0 | |||||||
Cash proceeds on warrants exercised | $ | $ 79,000 | $ 36,000 | |||||||
Aggregate intrinsic value of warrants exercised | $ | $ 71,000 | ||||||||
Trigger value of 2010 warrant, price per share | $ / shares | $ 15 | ||||||||
Warrants, contingent redemption price | $ / shares | $ 1 | ||||||||
Number of share-based compensation plans | Plans | 2 | ||||||||
Compensation cost charged against income | $ | $ 860,000 | $ 611,000 | 364,000 | ||||||
Excess tax benefit related to the exercise of stock options | $ | $ 533,000 | $ 29,000 | $ 83,000 | ||||||
Number of shares authorized for issuance | 2,345,825 | ||||||||
Exercise price of options | $ / shares | $ 13.04 | ||||||||
Share-based compensation arrangements by share-based payment award, estimated grant date fair value | $ / shares | $ 14.50 | $ 6.44 | $ 4.12 | $ 1.92 | |||||
Unrecognized compensation cost, nonvested stock options | $ | $ 1,718,000 | ||||||||
Unrecognized compensation cost, period of recognition | 1 year 7 months 6 days | ||||||||
Total fair value of shares vested | $ | $ 560,000 | $ 124,000 | |||||||
Shares, Vested | 0 | ||||||||
2010 Offering [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant shares issued | 32,425 | ||||||||
Warrant exercise price per share | $ / shares | $ 12 | ||||||||
Warrants exercisable period | 7 years | ||||||||
Warrants outstanding | 25,307 | ||||||||
2007 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options authorized | 551,250 | ||||||||
Increase in shares authorized | 1,500,000 | ||||||||
Increased number of authorized shares | 4,000,000 | 2,000,000 | |||||||
Options contractual term | 10 years | ||||||||
2007 Stock Option Plan [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of shares | 3 years | ||||||||
2007 Stock Option Plan [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of shares | 5 years | ||||||||
Two Thousand Ten Amended Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options authorized | 1,000,000 | ||||||||
MidSouth Bank [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options to purchase shares of common stock | 137,280 | ||||||||
Exercise price of options | $ / shares | $ 8.57 | ||||||||
Share-based compensation arrangements by share-based payment award, estimated grant date fair value | $ / shares | $ 6.31 | ||||||||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ | $ 0 | ||||||||
Common Stock [Member] | MidSouth Bank [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock options converted | 322,300 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation cost, nonvested stock options | $ | $ 1,408,000 | ||||||||
Unrecognized compensation cost, period of recognition | 3 years 3 months 18 days | ||||||||
Restricted Stock [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of shares | 3 years | ||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of shares | 5 years |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions of Stock Options (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.84% | 1.82% | 1.65% |
Expected term | 7 years 6 months | 5 years 10 months 24 days | 7 years 6 months |
Expected stock price volatility | 25.00% | 10.87% | 12.63% |
Dividend yield | 0.22% | 0.23% | 0.99% |
Share-Based Payments - Summary
Share-Based Payments - Summary of Company's Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares, Outstanding, Beginning Balance | 1,210,660 | |
Shares, Granted | 245,449 | |
Shares, Exercised | (138,901) | |
Shares, Forfeited, expired, or canceled | (4,417) | |
Shares, Outstanding, Ending Balance | 1,312,791 | 1,210,660 |
Shares, Vested or expected to vest | 1,247,151 | |
Shares, Exercisable at period end | 785,725 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 11.32 | |
Weighted Average Exercise Price, Granted | 20.82 | |
Weighted Average Exercise Price, Exercised | 11.53 | |
Weighted Average Exercise Price, Forfeited, expired, or cancelled | 19.02 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 13.04 | $ 11.32 |
Weighted Average Exercise Price, Vested or expected to vest | 13.04 | |
Weighted Average Exercise Price, Exercisable at period end | $ 10.72 | |
Weighted Average Remaining Contractual Term, beginning of year | 6 years 2 months 23 days | 6 years 6 months 11 days |
Weighted Average Remaining Contractual Term, Vested or expected to vest | 6 years 2 months 23 days | |
Weighted Average Remaining Contractual Term, Exercisable at period end | 4 years 9 months 26 days | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 24,070 | $ 7,244 |
Aggregate Intrinsic Value, Vested or expected to vest | 22,867 | |
Aggregate Intrinsic Value, Exercisable at period end | $ 16,232 |
Share-Based Payments - Summa106
Share-Based Payments - Summary of Stock Options Exercised (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock options exercised: | |||
Intrinsic value of options exercised | $ 1,727 | $ 187 | $ 17 |
Cash received from options exercised | 1,301 | 236 | 58 |
Tax benefit realized from option exercises | $ 451 | $ 29 | $ 83 |
Share-Based Payments - Summa107
Share-Based Payments - Summary of Activity for Nonvested Restricted Share Awards (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Nonvested, Beginning Balance | shares | 102,710 |
Shares, Granted | shares | 31,938 |
Shares, Vested | shares | (25,075) |
Shares, Forfeited | shares | (3,709) |
Shares, Nonvested, Ending Balance | shares | 105,864 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning Balance | $ / shares | $ 13.93 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 20.69 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 13.99 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 15.99 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending Balance | $ / shares | $ 15.89 |
Regulatory Capital Matters - Ac
Regulatory Capital Matters - Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Bank common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 167,562 | |
Total Capital to risk weighted assets | 186,243 | $ 114,475 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 174,656 | 107,795 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 174,656 | $ 107,795 |
Bank common equity Tier 1 capital to risk weighted assets | 10.08% | |
Total Capital to risk weighted assets, Actual Ratio | 11.21% | 12.30% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 10.51% | 11.58% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 8.48% | 8.57% |
Bank common equity Tier 1 capital to risk weighted assets | $ 74,768 | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 132,922 | $ 74,464 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 99,691 | 37,232 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 82,362 | $ 50,291 |
Bank common equity Tier 1 capital to risk weighted assets | 4.50% | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Bank common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 172,205 | |
Total Capital to risk weighted assets | 183,792 | $ 113,830 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 172,205 | 107,150 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 172,205 | $ 107,150 |
Bank common equity Tier 1 capital to risk weighted assets | 10.36% | |
Total Capital to risk weighted assets, Actual Ratio | 11.06% | 12.23% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 10.36% | 11.51% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 8.36% | 8.52% |
Bank common equity Tier 1 capital to risk weighted assets | $ 74,772 | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 132,928 | $ 74,447 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 99,696 | 37,223 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 82,357 | $ 50,279 |
Bank common equity Tier 1 capital to risk weighted assets | 4.50% | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank common equity Tier 1 capital to risk-weighted assets | $ 108,004 | |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 166,160 | $ 93,059 |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 132,928 | 55,835 |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 102,946 | $ 62,849 |
Bank common equity Tier 1 capital to risk-weighted assets | 6.50% | |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 10.00% | 10.00% |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 8.00% | 6.00% |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | 5.00% |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Description of dividend restriction pertaining to the dividends that the company could declare | 25,887 plus any 2016 net profits retained to the date of declaration |
Fair Value - Additional informa
Fair Value - Additional information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Fair value measurements, valuation techniques | For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs). | ||
Change in fair value related to loans held for sale | $ 6,959,000 | $ 5,814,000 | $ 4,403,000 |
Loans held for sale carried at fair value | 14,079,000 | 18,462,000 | |
Carrying amount of impaired loans with specific allocations | 4,170,000 | 946,000 | |
Foreclosed assets | 200,000 | 715,000 | |
Write-down value during period | 0 | 0 | 190,000 |
Fair Value [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Loans held for sale carried at fair value | 14,079,000 | 18,462,000 | |
Carrying amount of impaired loans with specific allocations | 0 | 0 | |
Loans Held For Sale [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Unpaid principal balance of loans held for sale | 13,754,000 | 17,898,000 | |
Change in fair value related to loans held for sale | $ 325,000 | $ 564,000 | |
Maximum [Member] | Loans Held For Sale [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Term of loan | 90 days | ||
Loans held for sale carried at fair value | $ 0 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 575,838 | $ 395,705 |
Loans held for sale | 14,079 | 18,462 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 6,817 | 30,173 |
Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 500,955 | 339,067 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 19,835 | 6,465 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,000 | |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 48,231 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,000 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,000 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 575,838 | 375,705 |
Loans held for sale | 14,079 | 18,462 |
Mortgage banking derivatives | 411 | 285 |
Mortgage banking derivatives | 29 | 132 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 6,817 | 30,173 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 500,955 | 339,067 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 19,835 | $ 6,465 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 48,231 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 52,394 | $ 49,347 | $ 18,217 | $ 24,977 |
Securities available for sale | 575,838 | 395,705 | ||
Certificates of deposit held at other financial institutions | 250 | 250 | ||
Securities held to maturity, Carrying Amount | 158,200 | 53,332 | ||
Securities held to maturity, Fair Value | 161,969 | 53,741 | ||
Loans held for sale, Fair Value | 14,079 | 18,462 | ||
Net loans, Carrying Amount | 1,292,239 | 780,508 | ||
Servicing rights, net, Carrying Amount | 3,455 | 3,053 | ||
Servicing rights, net, Fair Value | 4,635 | 4,180 | ||
Accrued interest receivable | 7,299 | 3,545 | ||
Deposits, Carrying Amount | 1,814,039 | 1,172,233 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 101,086 | 39,078 | ||
Federal Home Loan Bank advances, Carrying Amount | 57,000 | 19,000 | ||
Accrued interest payable | 644 | 421 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents , Fair Value | 52,394 | 49,347 | ||
Securities available for sale | 575,838 | 395,705 | ||
Certificates of deposit held at other financial institutions, Fair Value | 250 | 250 | ||
Securities held to maturity, Fair Value | 161,969 | 53,741 | ||
Loans held for sale, Fair Value | 14,079 | 18,462 | ||
Net loans, Fair Value | 1,279,849 | 782,745 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 4,635 | 4,180 | ||
Accrued interest receivable | 7,299 | 3,545 | ||
Deposits, Fair Value | 1,811,548 | 1,174,802 | ||
Federal funds purchased and repurchase agreements, Fair Value | 101,086 | 39,078 | ||
Federal Home Loan Bank advances, Fair Value | 56,931 | 19,146 | ||
Accrued interest payable | 644 | 421 | ||
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents , Fair Value | 52,394 | 49,347 | ||
Securities available for sale | 20,000 | |||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 3 | |||
Deposits, Fair Value | 1,062,587 | 848,158 | ||
Accrued interest payable | 100 | 33 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 575,838 | 375,705 | ||
Certificates of deposit held at other financial institutions, Fair Value | 250 | 250 | ||
Securities held to maturity, Fair Value | 161,969 | 53,741 | ||
Loans held for sale, Fair Value | 14,079 | 18,462 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 4,635 | 4,180 | ||
Accrued interest receivable | 3,780 | 1,368 | ||
Deposits, Fair Value | 748,961 | 326,644 | ||
Federal funds purchased and repurchase agreements, Fair Value | 101,086 | 39,078 | ||
Federal Home Loan Bank advances, Fair Value | 56,931 | 19,146 | ||
Accrued interest payable | 544 | 388 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net loans, Fair Value | 1,279,849 | 782,745 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 3,516 | 2,177 | ||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | 52,394 | 49,347 | ||
Securities available for sale | 575,838 | 395,705 | ||
Certificates of deposit held at other financial institutions | 250 | 250 | ||
Securities held to maturity, Carrying Amount | 158,200 | 53,332 | ||
Loans held for sale, Carrying Amount | 14,079 | 18,462 | ||
Net loans, Carrying Amount | 1,292,239 | 780,508 | ||
Restricted equity securities, Carrying Amount | 7,998 | 5,349 | ||
Servicing rights, net, Carrying Amount | 3,455 | 3,053 | ||
Accrued interest receivable | 7,299 | 3,545 | ||
Deposits, Carrying Amount | 1,814,039 | 1,172,233 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 101,086 | 39,078 | ||
Federal Home Loan Bank advances, Carrying Amount | 57,000 | 19,000 | ||
Accrued interest payable | $ 644 | $ 421 |
Mortgage Banking Derivatives -
Mortgage Banking Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative assets | $ 411 | $ 285 |
Derivative liability | 29 | 132 |
Mortgage banking derivatives - interest rate locks [Member] | ||
Derivative [Line Items] | ||
Mortgage banking derivatives | 42,486 | 28,182 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Mortgage banking derivatives | $ 41,236 | $ 36,849 |
Mortgage Banking Derivatives114
Mortgage Banking Derivatives - Summary of Net Gains (Losses) Relating to Free-Standing Derivative Instruments Used for Risk Management (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative instruments | $ 103 | $ (411) | $ 321 |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative instruments | $ 126 | $ 100 | $ (427) |
Mortgage Banking Derivatives115
Mortgage Banking Derivatives - Summary of Amount and Market Value of Mortgage Banking Derivatives Included in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 42,486 | $ 28,182 |
Fair Value | 411 | 285 |
Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 41,236 | 36,849 |
Fair Value | $ (29) | $ (132) |
Loan Commitments and Other R116
Loan Commitments and Other Related Activities - Summary of Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Unused Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 150,030 | $ 91,301 |
Variable Rate | 234,949 | 137,237 |
Commitments to Make Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 42,486 | 27,907 |
Variable Rate | 275 | |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 1,342 | 1,679 |
Variable Rate | $ 13,131 | $ 10,410 |
Loan Commitments and Other R117
Loan Commitments and Other Related Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Purchase Commitment [Line Items] | |
Commitments to make loans period | 365 days or less |
Fixed rate loan commitments | 3.125% |
Fixed rate loan commitments | 5.125% |
Minimum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Fixed rate loan maturity period | 10 years |
Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Fixed rate loan maturity period | 30 years |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 27, 2011 |
Class of Stock [Line Items] | |||
Dividend rate | 1.00% | 3.96% | |
Dividends in arrears | $ 25 | $ 25 | |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock share issued | 10,000 | ||
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Dividend rate | 1.00% | ||
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Dividend rate | 5.00% |
Parent Company only Condense119
Parent Company only Condensed Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 52,394 | $ 49,347 | $ 18,217 | $ 24,977 |
Other assets | 3,344 | 1,551 | ||
Total assets | 2,167,792 | 1,355,827 | ||
LIABILITIES AND EQUITY | ||||
Shareholders' equity | 188,816 | 121,799 | 65,163 | 51,356 |
Total liabilities and shareholders' equity | 2,167,792 | 1,355,827 | ||
Franklin Financial Network, Inc. [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,913 | 496 | $ 718 | $ 706 |
Investment in banking subsidiaries | 186,322 | 121,154 | ||
Investment in other subsidiaries | 262 | |||
Other assets | 929 | 300 | ||
Total assets | 189,426 | 121,950 | ||
LIABILITIES AND EQUITY | ||||
Accrued expenses and other liabilities | 610 | 151 | ||
Shareholders' equity | 188,816 | 121,799 | ||
Total liabilities and shareholders' equity | $ 189,426 | $ 121,950 |
Parent Company only Condense120
Parent Company only Condensed Financial Information - Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Income tax expense (benefit) | $ 2,553 | $ 2,807 | $ 1,667 | $ 1,994 | $ 1,466 | $ 1,333 | $ 1,225 | $ 1,110 | $ 9,021 | $ 5,134 | $ 2,734 |
Net income | $ 4,664 | $ 5,150 | $ 3,134 | $ 3,132 | $ 2,835 | $ 2,015 | $ 2,035 | $ 1,529 | 16,080 | 8,414 | 4,561 |
Comprehensive income | 13,584 | 15,123 | (901) | ||||||||
Franklin Financial Network, Inc. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 150 | 575 | 25 | ||||||||
Other income | 488 | 235 | 170 | ||||||||
Other expense | 2,270 | 1,499 | 725 | ||||||||
Loss before income tax and undistributed subsidiary income | (1,632) | (689) | (530) | ||||||||
Income tax expense (benefit) | (689) | (324) | (175) | ||||||||
Equity in undistributed subsidiary income | 17,023 | 8,779 | 4,916 | ||||||||
Net income | 16,080 | 8,414 | 4,561 | ||||||||
Comprehensive income | $ 13,584 | $ 15,123 | $ (901) |
Parent Company only Condense121
Parent Company only Condensed Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||||||||||
Net income | $ 4,664 | $ 5,150 | $ 3,134 | $ 3,132 | $ 2,835 | $ 2,015 | $ 2,035 | $ 1,529 | $ 16,080 | $ 8,414 | $ 4,561 |
Adjustments: | |||||||||||
Excess tax benefit related to the exchange of stock options | (83) | ||||||||||
Stock-based compensation | 860 | 611 | 364 | ||||||||
Compensation expense related to common stock issued to 401(k) plan | 860 | 611 | 364 | ||||||||
Loss on disposal of subsidiary | 32 | ||||||||||
Net cash from operating activities | 27,278 | 11,930 | 15,512 | ||||||||
Cash flows from investing activities | |||||||||||
Net cash acquired from acquisition | 12,197 | ||||||||||
Net cash from investing activities | (818,342) | (230,974) | (240,735) | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of common stock warrants | 79 | 36 | |||||||||
Cash paid for stock option exchange, including tax benefit | (59) | ||||||||||
Proceeds from issuance of common stock, net of offering costs | 50,423 | (514) | 14,191 | ||||||||
Dividends paid on preferred stock | (100) | (100) | (109) | ||||||||
Net cash from financing activities | 794,111 | 250,174 | 218,463 | ||||||||
Net change in cash and cash equivalents | 3,047 | 31,130 | (6,760) | ||||||||
Cash and cash equivalents at beginning of period | 49,347 | 18,217 | 49,347 | 18,217 | 24,977 | ||||||
Cash and cash equivalents at end of period | 52,394 | 49,347 | 52,394 | $ 49,347 | 18,217 | ||||||
Non-cash supplemental information: | |||||||||||
Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) | 40,976 | ||||||||||
Franklin Financial Network, Inc. [Member] | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 16,080 | $ 8,414 | 4,561 | ||||||||
Adjustments: | |||||||||||
Equity in undistributed subsidiary income | (17,023) | (8,779) | (4,916) | ||||||||
Excess tax benefit related to the exchange of stock options | (279) | (29) | (11) | ||||||||
Stock-based compensation | 45 | 39 | 81 | ||||||||
Compensation expense related to common stock issued to 401(k) plan | 14 | 15 | 10 | ||||||||
Loss on disposal of subsidiary | 32 | ||||||||||
Change in other assets | (629) | 77 | (74) | ||||||||
Change in other liabilities | 463 | 92 | (53) | ||||||||
Net cash from operating activities | (1,329) | (139) | (402) | ||||||||
Cash flows from investing activities | |||||||||||
Investments in subsidiaries | (49,809) | (12,396) | (13,773) | ||||||||
Net cash acquired from acquisition | 12,197 | ||||||||||
Net cash from the disposal of subsidiary | 205 | ||||||||||
Net cash from investing activities | (49,809) | 6 | (13,773) | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of common stock warrants | 79 | 36 | |||||||||
Proceeds from exercise of common stock options | 1,834 | 265 | 58 | ||||||||
Cash paid for stock option exchange, including tax benefit | 11 | ||||||||||
Proceeds from issuance of common stock, net of offering costs | 50,423 | (514) | 14,191 | ||||||||
Proceeds from subsidiaries related to issuance of common stock related to 401(k) plan | 319 | 260 | |||||||||
Dividends paid on preferred stock | (100) | (100) | (109) | ||||||||
Net cash from financing activities | 52,555 | (89) | 14,187 | ||||||||
Net change in cash and cash equivalents | 1,417 | (222) | 12 | ||||||||
Cash and cash equivalents at beginning of period | $ 496 | $ 718 | 496 | 718 | 706 | ||||||
Cash and cash equivalents at end of period | $ 1,913 | $ 496 | 1,913 | 496 | 718 | ||||||
Non-cash supplemental information: | |||||||||||
Transfers from subsidiary stock based compensation expense to parent company only additional paid-in capital | $ 815 | $ 572 | $ 430 | ||||||||
Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) | 40,976 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic | |||||||||||
Net income available to common shareholders | $ 4,639 | $ 5,125 | $ 3,109 | $ 3,107 | $ 2,810 | $ 1,990 | $ 2,010 | $ 1,504 | $ 15,980 | $ 8,314 | $ 4,452 |
Less: earnings allocated to participating securities | (174) | (94) | (20) | ||||||||
Net income allocated to common shareholders | $ 15,806 | $ 8,220 | $ 4,432 | ||||||||
Weighted average common shares outstanding including participating securities | 9,885,233 | 6,320,316 | 3,933,731 | ||||||||
Less: Participating securities | (107,923) | (71,586) | (17,563) | ||||||||
Average shares | 9,777,310 | 6,248,730 | 3,916,168 | ||||||||
Basic earnings per common share | $ 0.44 | $ 0.49 | $ 0.30 | $ 0.39 | $ 0.36 | $ 0.26 | $ 0.41 | $ 0.31 | $ 1.62 | $ 1.32 | $ 1.13 |
Diluted | |||||||||||
Net income allocated to common shareholders | $ 15,806 | $ 8,220 | $ 4,432 | ||||||||
Weighted average common shares outstanding for basic earnings per common share | 9,777,310 | 6,248,730 | 3,916,168 | ||||||||
Add: Dilutive effects of assumed exercises of stock options | 491,318 | 230,290 | 102,027 | ||||||||
Add: Dilutive effects of assumed exercises of stock warrants | 13,581 | 6,810 | 2,481 | ||||||||
Average shares and dilutive potential common shares | 10,282,209 | 6,485,830 | 4,020,676 | ||||||||
Dilutive earnings per common share | $ 0.41 | $ 0.46 | $ 0.28 | $ 0.37 | $ 0.34 | $ 0.25 | $ 0.40 | $ 0.30 | $ 1.54 | $ 1.27 | $ 1.10 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Stock options to purchase shares of the Company's common stock | 245,992 | 2,000 | 124,869 |
Capital Offering - Additional I
Capital Offering - Additional Information (Detail) | Mar. 26, 2015$ / sharesshares |
Equity [Abstract] | |
Offering price per share in private placement | $ / shares | $ 21 |
Common shares issued | shares | 2,640,000 |
Capital Offering - Schedule of
Capital Offering - Schedule of Net Proceeds (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Proceeds from Issuance or Sale of Equity [Abstract] | |
Gross proceeds | $ 55,440 |
Less: Stock offering costs | (5,017) |
Net proceeds from issuance of common stock | $ 50,423 |
Quarterly Financial Results 126
Quarterly Financial Results (Unaudited) - Summary of Selected Consolidated Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Data ($): | |||||||||||
Interest income | $ 20,081 | $ 19,301 | $ 15,413 | $ 13,926 | $ 13,742 | $ 12,692 | $ 8,699 | $ 8,299 | $ 68,721 | $ 43,432 | $ 24,982 |
Interest expense | 2,886 | 2,565 | 2,086 | 1,769 | 1,619 | 1,565 | 1,351 | 1,204 | 9,306 | 5,739 | 3,937 |
Net interest income | 17,195 | 16,736 | 13,327 | 12,157 | 12,123 | 11,127 | 7,348 | 7,095 | 59,415 | 37,693 | 21,045 |
Provision for loan losses | 1,876 | 1,724 | 805 | 625 | 885 | 664 | 440 | 385 | 5,030 | 2,374 | 907 |
Noninterest income | 2,996 | 3,795 | 2,830 | 3,209 | 2,954 | 3,277 | 2,432 | 1,388 | 12,830 | 10,051 | 6,819 |
Noninterest expense | 11,098 | 10,850 | 10,551 | 9,615 | 9,891 | 10,392 | 6,080 | 5,459 | 42,114 | 31,822 | 19,662 |
Net income before taxes | 7,217 | 7,957 | 4,801 | 5,126 | 4,301 | 3,348 | 3,260 | 2,639 | 25,101 | 13,548 | 7,295 |
Income tax expense | 2,553 | 2,807 | 1,667 | 1,994 | 1,466 | 1,333 | 1,225 | 1,110 | 9,021 | 5,134 | 2,734 |
Net income | 4,664 | 5,150 | 3,134 | 3,132 | 2,835 | 2,015 | 2,035 | 1,529 | 16,080 | 8,414 | 4,561 |
Net income available to common shareholders | $ 4,639 | $ 5,125 | $ 3,109 | $ 3,107 | $ 2,810 | $ 1,990 | $ 2,010 | $ 1,504 | $ 15,980 | $ 8,314 | $ 4,452 |
Earnings per share, basic | $ 0.44 | $ 0.49 | $ 0.30 | $ 0.39 | $ 0.36 | $ 0.26 | $ 0.41 | $ 0.31 | $ 1.62 | $ 1.32 | $ 1.13 |
Earnings per share, diluted | $ 0.41 | $ 0.46 | $ 0.28 | $ 0.37 | $ 0.34 | $ 0.25 | $ 0.40 | $ 0.30 | $ 1.54 | $ 1.27 | $ 1.10 |