Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,758,458 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from financial institutions | $ 55,749 | $ 52,394 |
Certificates of deposit at other financial institutions | 1,055 | 250 |
Securities available for sale | 670,756 | 575,838 |
Securities held to maturity (fair value 2016-$243,946 and 2015-$161,969) | 235,050 | 158,200 |
Loans held for sale, at fair value | 26,819 | 14,079 |
Loans | 1,654,058 | 1,303,826 |
Allowance for loan losses | (15,590) | (11,587) |
Net loans | 1,638,468 | 1,292,239 |
Restricted equity securities, at cost | 11,829 | 7,998 |
Premises and equipment, net | 8,796 | 7,640 |
Accrued interest receivable | 7,871 | 7,299 |
Bank owned life insurance | 23,105 | 22,619 |
Deferred tax asset | 5,590 | 9,430 |
Assets held for sale | 1,640 | |
Foreclosed assets | 0 | 200 |
Servicing rights, net | 3,566 | 3,455 |
Goodwill | 9,124 | 9,124 |
Core deposit intangible, net | 1,612 | 2,043 |
Other assets | 3,805 | 3,344 |
Total assets | 2,703,195 | 2,167,792 |
Deposits | ||
Non-interest bearing | 232,118 | 176,742 |
Interest bearing | 1,985,836 | 1,637,297 |
Total deposits | 2,217,954 | 1,814,039 |
Federal funds purchased and repurchase agreements | 45,843 | 101,086 |
Federal Home Loan Bank advances | 162,000 | 57,000 |
Subordinated notes, net of issuance costs | 58,292 | |
Accrued interest payable | 1,399 | 644 |
Other liabilities | 8,063 | 6,207 |
Total liabilities | 2,493,551 | 1,978,976 |
Shareholders' equity | ||
Preferred stock, no par value: 1,000,000 shares authorized; Senior non-cumulative preferred stock, Series A, no par value, $1,000 liquidation value per share, 10,000 shares authorized; no shares outstanding at September 30, 2016 and 10,000 shares issued and outstanding at December 31, 2015 | 10,000 | |
Common stock, no par value; 20,000,000 shares authorized; 10,757,483 and 10,571,377 shares issued and outstanding at September 30, 2016 and December 31 2015, respectively | 150,852 | 147,784 |
Retained earnings | 51,591 | 31,352 |
Accumulated other comprehensive income (loss) | 7,201 | (320) |
Total shareholders' equity | 209,644 | 188,816 |
Total liabilities and shareholders' equity | $ 2,703,195 | $ 2,167,792 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Held-to-maturity securities, fair value | $ 243,946 | $ 161,969 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, no par value | ||
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 10,757,483 | 10,571,377 |
Common stock, share outstanding | 10,757,483 | 10,571,377 |
Series A [Member] | Senior Non-cumulative Preferred Stock [Member] | ||
Preferred stock, no par value | ||
Preferred stock, liquidation value, per share | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 10,000 | |
Preferred stock, shares outstanding | 0 | 10,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income and dividends | ||||
Loans, including fees | $ 20,192 | $ 14,744 | $ 56,864 | $ 38,071 |
Securities: | ||||
Taxable | 3,889 | 3,462 | 11,402 | 9,084 |
Tax-exempt | 1,457 | 966 | 3,776 | 1,155 |
Dividends on restricted equity securities | 133 | 100 | 354 | 250 |
Federal funds sold and other | 53 | 29 | 175 | 80 |
Total interest income | 25,724 | 19,301 | 72,571 | 48,640 |
Interest expense | ||||
Deposits | 3,683 | 2,417 | 10,118 | 5,963 |
Federal funds purchased and repurchase agreements | 69 | 69 | 237 | 232 |
Federal Home Loan Bank advances | 215 | 79 | 511 | 225 |
Subordinated notes and other borrowings | 1,082 | 1,820 | ||
Total interest expense | 5,049 | 2,565 | 12,686 | 6,420 |
Net interest income | 20,675 | 16,736 | 59,885 | 42,220 |
Provision for loan losses | 1,392 | 1,724 | 4,095 | 3,154 |
Net interest income after provision for loan losses | 19,283 | 15,012 | 55,790 | 39,066 |
Noninterest income | ||||
Service charges on deposit accounts | 44 | 44 | 139 | 78 |
Other service charges and fees | 845 | 679 | 2,245 | 1,987 |
Net gains on sale of loans | 2,942 | 2,463 | 6,859 | 5,573 |
Wealth management | 446 | 327 | 1,343 | 914 |
Loan servicing fees, net | (40) | 84 | (2) | 187 |
Gain on sale or call of securities | 430 | 5 | 1,535 | 529 |
Net gain on sale of foreclosed assets | 30 | 3 | 36 | 30 |
Other | 179 | 193 | 432 | 566 |
Total noninterest income | 4,876 | 3,798 | 12,587 | 9,864 |
Noninterest expense | ||||
Salaries and employee benefits | 7,979 | 6,208 | 22,099 | 17,960 |
Occupancy and equipment | 2,001 | 1,683 | 5,563 | 4,961 |
FDIC assessment expense | 570 | 362 | 1,388 | 792 |
Marketing | 206 | 277 | 611 | 695 |
Professional fees | 935 | 516 | 3,006 | 1,382 |
Amortization of core deposit intangible | 138 | 160 | 431 | 499 |
Indirect expenses related to public offering | 314 | |||
Other | 1,879 | 1,647 | 5,354 | 4,443 |
Total noninterest expense | 13,708 | 10,853 | 38,452 | 31,046 |
Income before income tax expense | 10,451 | 7,957 | 29,925 | 17,884 |
Income tax expense | 3,421 | 2,807 | 9,663 | 6,468 |
Net income | 7,030 | 5,150 | 20,262 | 11,416 |
Dividends paid on Series A preferred stock | (25) | (23) | (75) | |
Net income available to common shareholders | $ 7,030 | $ 5,125 | $ 20,239 | $ 11,341 |
Earnings per share: | ||||
Basic | $ 0.66 | $ 0.49 | $ 1.90 | $ 1.17 |
Diluted | $ 0.62 | $ 0.46 | $ 1.80 | $ 1.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,030 | $ 5,150 | $ 20,262 | $ 11,416 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gain (loss) arising during the period | (3,664) | 7,871 | 13,910 | 4,006 |
Reclassification adjustment for gains included in net income | (430) | (5) | (1,535) | (529) |
Net unrealized gains (losses) | (4,094) | 7,866 | 12,375 | 3,477 |
Tax effect | 1,606 | (3,090) | (4,854) | (1,401) |
Total other comprehensive income (loss) | (2,488) | 4,776 | 7,521 | 2,076 |
Comprehensive income | $ 4,542 | $ 9,926 | $ 27,783 | $ 13,492 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Initial Public Offering [Member] | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Initial Public Offering [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series A Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2014 | $ 121,799 | $ 10,000 | $ 94,251 | $ 15,372 | $ 2,176 | |||
Beginning balance, shares at Dec. 31, 2014 | 7,756,411 | |||||||
Exercise of common stock options, net | 780 | $ 780 | ||||||
Exercise of common stock options, net, number of shares | 80,331 | |||||||
Exercise of common stock warrants | 60 | $ 60 | ||||||
Exercise of common stock warrants, number of shares | 4,970 | |||||||
Dividends paid on Series A preferred stock | (75) | $ (75) | ||||||
Issuance of restricted stock, net of forfeitures | 28,229 | |||||||
Stock based compensation expense, net of restricted share forfeitures | 619 | $ 619 | ||||||
Stock issued related to initial public offering, net of stock issuance costs | $ 50,423 | $ 50,423 | ||||||
Common stock, shares | 2,640,000 | |||||||
Stock issued (divestment) in conjunction with 401(k) employer match, net of distributions | 365 | $ 365 | ||||||
Stock issued (divestment) in conjunction with 401(k) employer match, net of distributions, number of shares | 14,689 | |||||||
Excess tax benefit from exercise of stock options | 147 | $ 147 | ||||||
Net income | 11,416 | 11,416 | ||||||
Other comprehensive income | 2,076 | 2,076 | ||||||
Ending balance at Sep. 30, 2015 | 187,610 | 10,000 | $ 146,645 | 26,713 | 4,252 | |||
Ending balance, shares at Sep. 30, 2015 | 10,524,630 | |||||||
Beginning balance at Dec. 31, 2015 | 188,816 | 10,000 | $ 147,784 | 31,352 | (320) | |||
Beginning balance, shares at Dec. 31, 2015 | 10,571,377 | |||||||
Redemption of Series A preferred stock | $ (10,000) | |||||||
Exercise of common stock options, net | $ 1,357 | $ 1,357 | ||||||
Exercise of common stock options, net, number of shares | 167,899 | 152,003 | ||||||
Exercise of common stock warrants | $ 79 | $ 79 | ||||||
Exercise of common stock warrants, number of shares | 6,575 | |||||||
Dividends paid on Series A preferred stock | (23) | $ (23) | ||||||
Stock based compensation expense, net of restricted share forfeitures | 1,201 | $ 1,201 | ||||||
Issuance of restricted stock, net of forfeitures | 34,480 | |||||||
Stock issued (divestment) in conjunction with 401(k) employer match, net of distributions | 185 | $ 185 | ||||||
Stock issued (divestment) in conjunction with 401(k) employer match, net of distributions, number of shares | 6,952 | |||||||
Excess tax benefit from restricted stock vesting | 94 | $ 94 | ||||||
Excess tax benefit from exercise of stock options | 522 | 522 | ||||||
Net income | 20,262 | 20,262 | ||||||
Other comprehensive income | 7,521 | 7,521 | ||||||
Ending balance at Sep. 30, 2016 | $ 209,644 | $ 150,852 | $ 51,591 | $ 7,201 | ||||
Ending balance, shares at Sep. 30, 2016 | 10,757,483 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net income | $ 20,262 | $ 11,416 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization on premises and equipment | 986 | 996 |
Accretion of purchase accounting adjustments | (488) | (1,551) |
Net amortization of securities | 5,428 | 3,426 |
Amortization of loan servicing right asset | 905 | 644 |
Amortization of core deposit intangible | 431 | 499 |
Amortization of debt issuance costs | 79 | |
Provision for loan losses | 4,095 | 3,154 |
Deferred income tax benefit | (1,015) | (567) |
Origination of loans held for sale | (260,598) | (236,831) |
Proceeds from sale of loans held for sale | 253,701 | 245,194 |
Net gain on sale of loans | (6,859) | (5,573) |
Gain on sale of available for sale securities | (1,535) | (380) |
Gain on call of held to maturity securities | (149) | |
Income from bank owned life insurance | (486) | (444) |
Net gain on foreclosed assets | (36) | (30) |
Loss on sale of assets held for sale | 98 | |
Stock-based compensation | 1,201 | 619 |
Compensation expense related to common stock issued to 401(k) plan | 404 | 356 |
Deferred gain on sale of loans | (46) | (27) |
Net change in: | ||
Accrued interest receivable and other assets | (1,033) | (3,986) |
Accrued interest payable and other liabilities | 2,261 | 2,190 |
Net cash from operating activities | 17,755 | 18,956 |
Securities available for sale : | ||
Sales | 74,203 | 52,064 |
Purchases | (223,432) | (467,067) |
Maturities, prepayments and calls | 64,502 | 187,222 |
Securities held to maturity : | ||
Purchases | (92,646) | (88,550) |
Maturities, prepayments and calls | 14,088 | 9,394 |
Net change in loans | (349,944) | (335,238) |
Purchase of bank owned life insurance | (10,344) | |
Proceeds from sale of assets held for sale | 1,542 | 4,080 |
Purchase of restricted equity securities | (3,831) | (2,342) |
Proceeds from sale of foreclosed assets | 336 | 531 |
Purchases of premises and equipment, net | (2,142) | (692) |
Increase in certificates of deposits at other financial institutions | (805) | |
Net cash from investing activities | (518,129) | (650,942) |
Cash flows from financing activities | ||
Increase in deposits | 403,915 | 542,422 |
Decrease in federal funds purchased and repurchase agreements | (55,243) | (1,460) |
Proceeds from Federal Home Loan Bank advances | 305,000 | 157,000 |
Repayment of Federal Home Loan Bank advances | (200,000) | (119,000) |
Proceeds from other borrowings | 10,000 | |
Repayment of other borrowings | (10,000) | |
Proceeds from issuance of subordinated notes, net of issuance costs | 58,213 | |
Proceeds from exercise of common stock warrants | 79 | 60 |
Proceeds from exercise of common stock options, including excess tax benefit | 1,879 | 927 |
Excess tax benefit from restricted stock vesting | 94 | |
Proceeds from issuance of common stock, net of offering costs | 50,423 | |
Divestment of common stock issued to 401(k) plan | (185) | |
Redemption of Series A preferred stock | (10,000) | |
Dividends paid on preferred stock | (23) | (75) |
Net cash from financing activities | 503,729 | 630,297 |
Net change in cash and cash equivalents | 3,355 | (1,689) |
Cash and cash equivalents at beginning of period | 52,394 | 49,347 |
Cash and cash equivalents at end of period | 55,749 | 47,658 |
Supplemental information: | ||
Interest paid | 11,931 | 6,254 |
Income taxes paid | $ 9,650 | $ 6,339 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1—BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included as required by Regulation S-X, Rule 10-01. All such adjustments are of a normal recurring nature. It is suggested that these interim consolidated financial statements and notes be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2016. These consolidated financial statements include the accounts of Franklin Financial Network, Inc. (“FFN”), and its wholly-owned subsidiaries, Franklin Synergy Bank (“Franklin Synergy” or the “Bank”) and Franklin Synergy Risk Management, Inc. (collectively, the “Company”). Franklin Synergy Investments of Tennessee, Inc., Franklin Synergy Investments of Nevada, Inc., and Franklin Synergy Preferred Capital, Inc. are direct or indirect subsidiaries of the Bank and are included in these consolidated financial statements. Significant intercompany transactions and accounts are eliminated in consolidation. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 2—SECURITIES The following table summarizes the amortized cost and fair value of the securities available for sale portfolio at September 30, 2016 and December 31, 2015 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Gross Gross Fair September 30, 2016 U.S. government sponsored entities and agencies $ 3,000 $ 138 $ — $ 3,138 Mortgage-backed securities: residential 546,805 10,346 (354 ) 556,797 Mortgage-backed securities: commercial 19,526 233 — 19,759 State and political subdivisions 89,576 1,820 (334 ) 91,062 Total $ 658,907 $ 12,537 $ (688 ) $ 670,756 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 The amortized cost and fair value of the securities held to maturity portfolio at September 30, 2016 and December 31, 2015 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair September 30, 2016 U.S. government sponsored entities and agencies $ 203 $ 7 $ — $ 210 Mortgage backed securities: residential 112,071 1,014 (124 ) 112,961 State and political subdivisions 122,776 7,999 — 130,775 Total $ 235,050 $ 9,020 $ (124 ) $ 243,946 Gross 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 The proceeds from sales and calls of securities available for sale and the associated gains and losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds $ 11,939 $ 19,776 $ 74,203 $ 54,064 Gross gains 430 $ 95 1,920 485 Gross losses — (90 ) (385 ) (105 ) The proceeds from calls of securities held to maturity that were called at a price in excess of par value and the associated gains were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds $ — — $ — $ 2,300 Gross gains — — — 149 Gross losses — — — — 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. September 30, 2016 Amortized Fair Available for sale Over one year through five years $ 3,000 $ 3,138 Over ten years 89,576 91,062 Mortgage-backed securities: residential 546,805 556,797 Mortgage-backed securities: commercial 19,526 19,759 Total $ 658,907 $ 670,756 Held to maturity Over one year through five years $ 706 $ 750 Over five years through ten years 5,073 5,351 Over ten years 117,200 124,884 Mortgage-backed securities: residential 112,071 112,961 Total $ 235,050 $ 243,946 Securities pledged at September 30, 2016 and December 31, 2015 had a carrying amount of $742,828 and $595,524, respectively, and were pledged to secure public deposits and repurchase agreements. At September 30, 2016 and December 31, 2015, 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 September 30, 2016 and December 31, 2015, 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 September 30, 2016 Available for sale Mortgage-backed securities: residential $ 36,585 $ (269 ) $ 13,659 $ (85 ) $ 50,244 $ (354 ) State and political subdivisions 43,314 (334 ) — — 43,314 (334 ) Total available for sale $ 79,899 $ (603 ) $ 13,659 $ (85 ) $ 93,558 $ (688 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity Mortgage-backed securities: residential $ 19,200 $ (54 ) $ 3,826 $ (70 ) $ 23,026 $ (124 ) Total held to maturity $ 19,200 $ (54 ) $ 3,826 $ (70 ) $ 23,026 $ (124 ) 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 ) Unrealized and unrecognized 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 | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans | NOTE 3—LOANS Loans at September 30, 2016 and December 31, 2015 were as follows: September 30, December 31, Loans that are not PCI loans Construction and land development $ 474,255 $ 372,767 Commercial real estate: Nonfarm, nonresidential 403,382 353,268 Other 26,866 10,955 Residential real estate: Closed-end 1-4 family 228,672 162,933 Other 142,374 112,001 Commercial and industrial 372,784 283,888 Consumer and other 3,458 6,577 Loans before net deferred loan fees 1,651,791 1,302,389 Deferred loan fees, net (820 ) (2,476 ) Total loans that are not PCI loans 1,650,971 1,299,913 PCI loans Construction and land development $ 81 $ 78 Commercial real estate: Nonfarm, nonresidential 576 1,460 Other — — Residential real estate: Closed-end 1-4 family 497 562 Other — 1 Commercial and industrial 1,933 1,812 Consumer and other — — Total PCI loans 3,087 3,913 Allowance for loan losses (15,590 ) (11,587 ) Total loans, net of allowance for loan losses $ 1,638,468 $ 1,292,239 The following table presents the activity in the allowance for loan losses by portfolio segment for the three month periods ended September 30, 2016 and 2015: Construction Commercial Residential Commercial Consumer Total Three Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 3,624 $ 3,865 $ 2,060 $ 4,655 $ 49 $ 14,253 Provision for loan losses 427 43 451 455 16 1,392 Loans charged-off (11 ) — (40 ) — (19 ) (70 ) Recoveries — — 13 — 2 15 Total ending allowance balance $ 4,040 $ 3,908 $ 2,484 $ 5,110 $ 48 $ 15,590 Three Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,567 $ 2,321 $ 1,739 $ 1,324 $ 65 $ 8,016 Provision for loan losses 461 135 (71 ) 1,253 (54 ) 1,724 Loans charged-off — — (15 ) (15 ) (33 ) (63 ) Recoveries — — 6 — 61 67 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 The following table presents the activity in the allowance for loan losses by portfolio segment for the nine-month periods ended September 30, 2016 and 2015: Construction Commercial Residential Commercial Consumer Total Nine Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Provision for loan losses 865 762 609 1,817 42 4,095 Loans charged-off (11 ) — (39 ) (65 ) (35 ) (150 ) Recoveries — — 53 — 5 58 Total ending allowance balance $ 4,040 $ 3,908 $ 2,484 $ 5,110 $ 48 $ 15,590 Nine Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision for loan losses $ 338 962 (114 ) 1,927 41 3,154 Loans charged-off — — (32 ) (15 ) (121 ) (168 ) Recoveries — — 14 — 64 78 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 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 September 30, 2016 and December 31, 2015. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and deferred loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total September 30, 2016 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 115 $ — $ 115 Collectively evaluated for impairment 4,040 3,908 2,484 4,995 48 15,475 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 4,040 $ 3,908 $ 2,484 $ 5,110 $ 48 $ 15,590 Loans: Individually evaluated for impairment $ — $ 835 $ 1,070 $ 509 $ — $ 2,414 Collectively evaluated for impairment 474,255 429,413 369,976 372,275 3,458 1,649,377 Purchased credit-impaired loans 81 576 497 1,933 — 3,087 Total ending loans balance $ 474,336 $ 430,824 $ 371,543 $ 374,717 $ 3,458 $ 1,654,878 December 31, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 113 $ — $ 113 Construction Commercial Residential Commercial Consumer Total 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 Loans collectively evaluated for impairment reported at September 30, 2016 include certain acquired loans. At September 30, 2016, these non-PCI loans had a carrying value of $82,669, comprised of contractually unpaid principal totaling $84,848 and discounts totaling $2,179. Management evaluated these loans for credit deterioration since acquisition and determined that $32 in allowance for loan losses was necessary at September 30, 2016. The following table presents information related to impaired loans by class of loans as of September 30, 2016 and December 31, 2015: Unpaid * Recorded Allowance for September 30, 2016 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,421 $ 835 $ — Residential real estate: Closed-end 1-4 family 238 238 — Other 832 832 — Commercial and industrial 19 19 — Consumer and other — — — Subtotal 3,510 1,924 — With an allowance recorded: Commercial and industrial 490 490 115 Subtotal 490 490 115 Total $ 4,000 $ 2,414 $ 115 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 * The following table presents the average recorded investment of impaired loans by class of loans for the three months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, Average Recorded Investment 2016 2015 2016 2015 With no allowance recorded: Construction and land development $ — $ — $ 340 $ — Commercial real estate: Nonfarm, nonresidential 1,427 918 1,307 873 Residential real estate: Closed-end 1-4 family 451 33 533 188 Other 837 712 768 317 Commercial and industrial 46 23 110 77 Consumer and other — 25 10 8 Subtotal 2,761 1,711 3,068 1,463 With an allowance recorded: Commercial and industrial $ 490 $ 90 $ 247 $ 50 Residential real estate: Closed-end 1-4 family 70 — 23 — Consumer and other — 16 — 10 Subtotal 560 106 270 60 Total $ 3,321 $ 1,817 $ 3,338 $ 1,523 The impact on net interest income for these loans was not material to the Company’s results of operations for the three and nine months ended September 30, 2016 and 2015. 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 September 30, 2016 and December 31, 2015: Nonaccrual Loans Past Due September 30, 2016 Construction and land development $ — $ 149 Commercial real estate: Nonfarm, nonresidential 835 — Residential real estate: Other 123 — Commercial and industrial 490 — Total $ 1,448 $ 149 December 31, 2015 Construction and land development $ — $ 1,943 Commercial real estate: Nonfarm, nonresidential 835 — Residential real estate: Closed-end 1-4 family 41 435 Commercial and industrial 32 — Total $ 908 $ 2,378 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 September 30, 2016 and December 31, 2015 by class of loans: 30-59 60-89 Greater Total Loans PCI Total September 30, 2016 Construction and land development $ 1,950 $ — $ 149 $ 2,099 $ 472,156 $ 81 $ 474,336 Commercial real estate: Nonfarm, nonresidential 79 — 835 914 402,468 576 403,958 Other — — — — 26,866 — 26,866 Residential real estate: Closed-end 1-4 family 11 — — 11 228,661 497 229,169 Other 714 — 123 837 141,537 — 142,374 Commercial and industrial 521 875 490 1,886 370,898 1,933 374,717 Consumer and other — — — — 3,458 — 3,458 $ 3,275 $ 875 $ 1,597 $ 5,747 $ 1,646,044 $ 3,087 $ 1,654,878 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 $ 1,298,365 $ 3,913 $ 1,306,302 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 September 30, 2016 and December 31, 2015: Pass Special Substandard Total September 30, 2016 Construction and land development $ 472,980 $ — $ 1,356 $ 474,336 Commercial real estate: Nonfarm, nonresidential 395,852 1,791 6,315 403,958 Other 26,866 — — 26,866 Residential real estate: Closed-end 1-4 family 228,144 — 1,025 229,169 Other 141,305 — 1,069 142,374 Commercial and industrial 368,860 — 5,857 374,717 Consumer and other 3,458 — — 3,458 $ 1,637,465 $ 1,791 $ 15,622 $ 1,654,878 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: 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 Purchased Credit-impaired (“PCI”) loans Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount is 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 September 30, 2016 and December 31, 2015. Sept 30, 2016 Dec 31, 2015 Contractually required principal and interest $ 4,276 $ 5,618 Non-accretable difference (321 ) (352 ) Cash flows expected to be collected 3,955 5,266 Accretable yield (868 ) (1,353 ) Carrying value of acquired loans 3,087 3,913 Allowance for loan losses — (9 ) Carrying value less allowance for loan losses $ 3,087 $ 3,904 Management adjusted estimates of future expected losses, cash flows and renewal assumptions during the quarter ended September 30, 2016. These adjustments resulted in changes in expected cash flows, accretable yield, and the non-accretable difference for the three and nine months ended September 30, 2016. 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 three-month periods ended September 30, 2016 and 2015. Activity during the three month period ended September 30, 2016 Jun 30, 2016 Effect of Income All other Sep 30, 2016 Contractually required principal and interest $ 4,462 $ — $ — $ (186 ) $ 4,276 Non-accretable difference (319 ) — — (2 ) (321 ) Cash flows expected to be collected 4,143 — — (188 ) 3,955 Accretable yield (1,067 ) — 115 84 (868 ) Carrying value of acquired loans $ 3,076 $ — $ 115 $ (104 ) $ 3,087 Activity during the three month period ended September 30, 2015 Jun 30, 2015 Effect of Income All other Sep 30, 2015 Contractually required principal and interest $ 6,000 $ — $ — $ (128 ) $ 5,872 Non-accretable difference (973 ) — 839 (173 ) (307 ) Cash flows expected to be collected 5,027 — 839 (301 ) 5,565 Accretable yield (749 ) — 447 (1,350 ) (1,652 ) Carrying value of acquired loans $ 4,278 $ — $ 1,286 $ (1,651 ) $ 3,913 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 nine-month periods ended September 30, 2016 and 2015. Activity during the nine month period ended September 30, 2016 Dec 31, 2015 Effect of Income All other Sep 30, 2016 Contractually required principal and interest $ 5,618 $ — $ — $ (1,342 ) $ 4,276 Non-accretable difference (352 ) — — 31 (321 ) Cash flows expected to be collected 5,266 — — (1,311 ) 3,955 Accretable yield (1,353 ) — 444 41 (868 ) Carrying value of acquired loans $ 3,913 $ — $ 444 $ (1,270 ) $ 3,087 Activity during the nine month period ended September 30, 2015 Dec 31, 2014 Effect of Income All other Sep 30, 2015 Contractually required principal and interest $ 6,532 $ — $ — $ (660 ) $ 5,872 Non-accretable difference (1,270 ) — 839 124 (307 ) Cash flows expected to be collected 5,262 — 839 (536 ) 5,565 Accretable yield (947 ) — 637 (1,342 ) (1,652 ) Carrying value of acquired loans $ 4,315 $ — $ 1,476 $ (1,878 ) $ 3,913 Troubled Debt Restructurings The Company’s loan portfolio contains no loans that have been modified in a troubled debt restructuring. |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Loan Servicing | NOTE 4—LOAN SERVICING Loans serviced for others are not reported as assets. The principal balances of these loans at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 491,466 $ 463,952 Other 3,249 4,037 The components of net loan servicing fees for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Loan servicing fees, net: Loan servicing fees $ 309 $ 287 $ 903 $ 831 Amortization of loan servicing fees (349 ) (203 ) (905 ) (644 ) Change in impairment — — — — Total $ (40 ) $ 84 $ (2 ) $ 187 The fair value of servicing rights was estimated by management to be approximately $3,948 at September 30, 2016. Fair value for September 30, 2016 was determined using a weighted average discount rate of 10.5% and a weighted average prepayment speed of 14.7%. At December 31, 2015, the fair value of servicing rights was estimated by management to be approximately $4,635. Fair value for December 31, 2015 was determined using weighted average discount rate of 10.5% and a weighted average prepayment speed of 10.2%. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 9 Months Ended |
Sep. 30, 2016 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreement to Repurchase | NOTE 5—SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE 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 September 30, 2016 and December 31, 2015, these short-term borrowings totaled $37,343 and $61,261, respectively, and were secured by securities with carrying amounts of $38,333 and $73,478, respectively. At September 30, 2016, all of the Company’s repurchase agreements had one-day maturities. The following table provides additional details as of September 30, 2016: As of September 30, 2016 U.S. Mortgage- State and Total Fair value of securities pledged $ 210 $ 59 $ 40,565 $ 40,834 Borrowings related to pledged amounts $ — $ — $ 37,343 $ 37,343 Fair value pledged as a % of borrowings — % — % 109 % 109 % |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | NOTE 6—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 6,575 and 4,970 warrants exercised during the nine months ended September 30, 2016 and 2015, respectively. A summary of the stock warrant activity for the nine months ended September 30, 2016 and 2015 follows: September 30, September 30, Stock warrants exercised: Intrinsic value of warrants exercised $ 136 $ 46 Cash received from warrants exercised 79 60 At September 30, 2016, there were 18,732 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 $406 and $248 and $1,201 and $619 for the three and nine months ended September 30, 2016 and 2015, respectively. The total income tax benefit related to vesting of restricted stock and exercises of stock options was $616 and $147 for the nine months ended September 30, 2016 and 2015. The total income tax benefit for the three months ended September 30, 2016 was $107. There was no excess tax benefit from the exercise of stock options for the three months ended September 30, 2015. 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 the Company’s common stock. 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. The fair value of options granted was determined using the following weighted-average assumptions as of grant date. September 30, September 30, Risk-free interest rate 1.60 % 1.84 % Expected term 7.5 years 7.5 years Expected stock price volatility 30.09 % 25.00 % Dividend yield 0.24 % 0.22 % The weighted average fair value of options granted for the nine months ended September 30, 2016 and 2015 were $9.78 and $6.41, respectively. A summary of the activity in the stock option plans for the nine months ended September 30, 2016 follows: Shares Weighted Weighted Aggregate Outstanding at beginning of year 1,312,791 $ 13.04 6.23 $ 24,070 Granted 272,087 27.99 Exercised (167,899 ) 11.27 Forfeited, expired, or cancelled (2,415 ) 19.43 Outstanding at period end 1,414,564 $ 16.12 6.49 $ 30,103 Vested or expected to vest 1,343,836 $ 16.12 6.49 $ 28,598 Exercisable at period end 784,022 $ 11.53 4.83 $ 20,282 For the nine months 2016 2015 Stock options exercised: Intrinsic value of options exercised $ 3,463 $ 839 Cash received from options exercised 1,357 780 Tax benefit realized from option exercises 522 147 As of September 30, 2016, there was $3,583 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 4.1 years. Restricted Share Award Plan A summary of activity for non-vested restricted share awards for the nine months ended September 30, 2016 is as follows: Non-vested Shares Shares Weighted-Average Grant-Date Non-vested at December 31, 2015 105,864 $ 15.89 Granted 36,396 28.45 Vested (32,607 ) 16.70 Forfeited (1,916 ) 16.00 Non-vested at September 30, 2016 107,737 $ 18.80 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 September 30, 2016, there was $1,917 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 3.2 years. The total fair value of shares vested during the nine months ended September 30, 2016 and 2015 was $974 and $520, respectively. |
Regulatory Capital Matters
Regulatory Capital Matters | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Matters | NOTE 7—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 Basel III rules additionally provide for countercyclical capital requirements so that the required amount of capital increases in times of economic expansion and decreases in times of economic contraction, consistent with safety and soundness. Under the Basel III rules, banks must maintain a capital conservation buffer consisting of additional Common Equity Tier 1 Capital equal to 2.5% of risk-weighted assets above each of the required minimum capital levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying certain discretionary bonuses. This new capital conservation buffer requirement was phased in beginning January 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented at 2.5% in January 2019. 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 September 30, 2016, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. Management believes, as of September 30, 2016, that the Company and Bank met all capital adequacy requirements to which they are subject. 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 September 30, 2016 and December 31, 2015 for the Company and Bank: Actual Required (1) To Be Well Amount Ratio Amount Ratio Amount Ratio September 30, 2016 Company common equity Tier 1 capital to risk-weighted assets $ 188,225 9.09 % $ 93,188 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 262,107 12.66 % $ 165,667 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 188,225 9.09 % $ 124,250 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 188,225 7.15 % $ 105,361 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 243,995 11.77 % $ 93,314 4.50 % $ 134,787 6.50 % Bank Total Capital to risk weighted assets $ 259,585 12.52 % $ 165,892 8.00 % $ 207,365 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 243,995 11.77 % $ 124,419 6.00 % $ 165,892 8.00 % Bank Tier 1 (Core) Capital to average assets $ 243,995 9.26 % $ 105,343 4.00 % $ 131,678 5.00 % 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 % (1) Dividend Restrictions |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 8—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. 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 reviewed 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 $ — $ 3,138 $ — Mortgage-backed securities-residential — 556,797 — Mortgage-backed securities-commercial — 19,759 — State and political subdivisions — 91,062 — Total securities available for sale $ — $ 670,056 $ — Loans held for sale $ — $ 26,819 $ — Mortgage banking derivatives $ — $ 858 $ — Financial Liabilities Mortgage banking derivatives $ — $ 87 $ — 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 $ — As of September 30, 2016, the unpaid principal balance of loans held for sale was $25,937 resulting in an unrealized gain of $882 included in gains on sale of loans. 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. For the three months ended September 30, 2016 and 2015, the change in fair value related to loans held for sale, which is included in gain on sale of loans, was $326 and $248, respectively. For the nine months ended September 30, 2016 and 2015, the change in fair value related to loans held for sale, which is included in gain on sale of loans, was $558 and ($22), respectively. None of these loans were 90 days or more past due or on nonaccrual as of September 30, 2016 and December 31, 2015. There were no transfers between level 1 and 2 during 2016 or 2015. Assets measured at fair value on a non-recurring basis are summarized below: There was one collateral dependent impaired loan carried at fair value as of September 30, 2016 that totaled $375. For the three and nine months ended September 30, 2016 and 2015, $115 and $0 in additional provision for loan losses was recorded related to impaired loans recorded at fair value of collateral. There were no collateral dependent impaired loans carried at fair value as of December 31, 2015. Foreclosed assets measured at fair value less costs to sell, had a net carrying amount of zero as of September 30, 2016 and $200 as of December 31, 2015. There were no properties at September 30, 2016 or 2015 that had required write-downs to fair value resulting in no write downs for the three and nine months ended September 30, 2016 and 2015, respectively. The carrying amounts and estimated fair values of financial instruments, at September 30, 2016 and December 31, 2015 are as follows: Carrying Fair Value Measurements at Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 55,749 $ 55,749 $ — $ — $ 55,749 Certificates of deposit held at other financial institutions 1,055 — 1,055 — 1,055 Securities available for sale 670,756 — 670,756 — 670,756 Securities held to maturity 235,050 — 243,946 — 243,946 Loans held for sale 26,819 — 26,819 — 26,819 Net loans 1,638,468 — — 1,621,695 1,621,695 Restricted equity securities 11,829 n/a n/a n/a n/a Servicing rights, net 3,566 — 3,948 — 3,948 Accrued interest receivable 7,871 — 3,634 4,237 7,871 Financial liabilities Deposits $ 2,217,954 $ 1,223,120 $ 996,482 $ — $ 2,219,602 Federal funds purchased and repurchase agreements 45,843 — 45,843 — 45,843 Federal Home Loan Bank advances 162,000 — 162,024 — 162,024 Subordinated notes, net 58,292 — — 61,867 61,867 Accrued interest payable 1,399 123 915 361 1,399 Carrying Fair Value Measurements at Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 52,394 $ 52,394 $ — $ — $ 52,394 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities available for sale 575,838 — 575,838 — 575,838 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 The methods and assumptions not previously described used to estimate fair values 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) Subordinated Notes: (i) Accrued Interest Receivable/Payable: (j) Off-balance Sheet Instruments: |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 9—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: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic Net income available to common shareholders $ 7,030 $ 5,125 $ 20,239 $ 11,341 Less: earnings allocated to participating securities (69 ) (52 ) (213 ) (127 ) Net income allocated to common shareholders $ 6,961 $ 5,073 $ 20,026 $ 11,214 Weighted average common shares outstanding including participating securities 10,721,253 10,516,290 10,652,223 9,668,497 Less: Participating securities (105,343 ) (107,502 ) (111,937 ) (108,617 ) Average shares 10,615,910 10,408,788 10,540,286 9,559,880 Basic earnings per common share $ 0.66 $ 0.49 $ 1.90 $ 1.17 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Diluted Net income allocated to common shareholders $ 6,961 $ 5,073 $ 20,026 $ 11,214 Weighted average common shares outstanding for basic earnings per common share 10,615,910 10,408,788 10,540,286 9,559,880 Add: Dilutive effects of assumed exercises of stock options 612,955 534,148 585,326 466,955 Add: Dilutive effects of assumed exercises of stock warrants 13,370 13,265 12,937 13,257 Average shares and dilutive potential common shares 11,242,235 10,956,201 11,138,549 10,040,092 Dilutive earnings per common share $ 0.62 $ 0.46 $ 1.80 $ 1.12 For the three months ended September 30, 2016 and 2015, stock options for 272,087 and 226,040 shares of common stock were not considered in computing diluted earnings per common share because they were antidilutive. Stock options for 151,544 and 228,691 shares of common stock were not considered in computing diluted earnings per common share for the nine months ended September 30, 2016 and 2015 because they were antidilutive. |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | NOTE 10—SUBORDINATED NOTES On March 31, 2016, the Company completed the issuance of $40,000 in aggregate principal amount of fixed-to-floating rate Subordinated Notes due 2026 (the “March 2016 Notes”) in a public offering to accredited institutional investors. The March 2016 Notes will mature on March 30, 2026, unless redeemed prior to that date. The Company may redeem the March 2016 Notes in whole or in part on or after March 30, 2021, and in whole, but not in part, at any time within 90 days following a “Regulatory Capital Treatment Event”, as defined in the First Supplemental Indenture, dated as of March 31, 2016, between the Company and U.S. Bank National Association, as trustee (the “Supplemental Indenture”) governing the March 2016 Notes. The redemption price for any redemption will be 100% of the principal amount of the March 2016 Notes, plus unpaid interest, if any, accrued to but excluding the date of redemption. Any early redemption of the March 2016 Notes will be subject to the receipt of the approval of the Federal Reserve to the extent then required under applicable laws or regulations, including capital regulations. There is no sinking fund for the March 2016 Notes. The March 2016 Notes initially bear interest at 6.875% per year, payable semi-annually in arrears on March 30 and September 30 of each year, beginning on September 30, 2016, and going through March 29, 2021. Thereafter, the March 2016 Notes will bear interest at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus a spread of 5.636%, with interest payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, beginning on June 30, 2021. The March 2016 Notes are unsecured and will rank at least equally with all of the Company’s other unsecured subordinated indebtedness and will be effectively subordinated to all of our secured debt to the extent of the value of the collateral securing such debt. The March 2016 Notes will be subordinated in right of payment to all of our existing and future senior indebtedness, and will rank structurally junior to all existing and future liabilities of our subsidiaries including, in the case of the Bank, its depositors, and any preferred equity holders of our subsidiaries. The holders of the March 2016 Notes may be fully subordinated to interests held by the U.S. government in the event that we enter into a receivership, insolvency, liquidation, or similar proceeding. The sale of the March 2016 Notes yielded net proceeds of approximately $38,843 after deducting the placement agents’ fees and estimated expenses payable by the Company. The Company used the net proceeds from the offering to pay off a $10 million borrowing that had been used to redeem the shares of Senior Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) issued to the United States Department of the Treasury (“Treasury”) in connection with the Company’s participation in the Small Business Lending Fund and to fund future growth of the Bank. The issuance costs related to the March 2016 Notes amounted to $1,382 and are being amortized as interest expense over the ten-year term of the March 2016 Notes. On June 30, 2016, the Company completed the issuance of an additional $20,000 aggregate principal amount of its 7.00% fixed-to-floating rate subordinated notes due 2026 (the “June 2016 Notes”) to certain institutional accredited investors in a private offering in reliance on the exemption from the registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and the provisions of Rule 506 of Regulation D thereunder. The June 2016 Notes have a stated maturity of July 1, 2026, and bear interest at a fixed rate of 7.00% per year through June 30, 2021, computed on the basis of a 360-day year consisting of twelve 30-day months, payable semi-annually in arrears on January 1 and July 1 of each year beginning on January 1, 2017. Beginning July 1, 2021 through the maturity date or an early redemption date, the interest rate shall reset quarterly to an interest rate per year equal to the then current three-month LIBOR rate plus 604 basis points, computed on the basis of a 360-day year and the actual number of days elapsed, payable quarterly in arrears. The June 2016 Notes are redeemable, in whole or in part, on or after July 1, 2021 and at any time upon the occurrence of certain events set forth in the June 2016 Notes. Any early redemption of the March 2016 Notes will be subject to the receipt of the approval of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to the extent then required under applicable laws or regulations, including capital regulations. There is no sinking fund for the June 2016 Notes. Principal and interest on the June 2016 Notes are subject to acceleration only in limited circumstances. The June 2016 Notes are unsecured, subordinated obligations of the Company and rank junior in right to payment to the Company’s current and future senior indebtedness and equal with the Company’s previously issued March 2016 Notes The June 2016 Notes are unsecured and will rank at least equally with all of the Company’s other unsecured subordinated indebtedness and will be effectively subordinated to all of our secured debt to the extent of the value of the collateral securing such debt. The June 2016 Notes will be subordinated in right of payment to all of our existing and future senior indebtedness, and will rank structurally junior to all existing and future liabilities of our subsidiaries including, in the case of the Bank, its depositors, and any preferred equity holders of our subsidiaries. The holders of the June 2016 Notes may be fully subordinated to interests held by the U.S. government in the event that we enter into a receivership, insolvency, liquidation, or similar proceeding. The issuance costs related to the June 2016 Notes were $404 and are being amortized as interest expense over the ten-year term of the June 2016 Notes. For regulatory capital purposes, the March 2016 Notes and the June 2016 Notes are treated as Tier 2 capital, subject to certain limitations, and are included in total regulatory capital when calculating the Company’s total capital to risk weighted assets ratio as indicated in Note 7 of these consolidated financial statements. As of September 30, 2016, the Company’s subordinated notes, net of issuance costs, totaled $58,292. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Amortized Cost and Fair Value of Securities Available for Sale | The following table summarizes the amortized cost and fair value of the securities available for sale portfolio at September 30, 2016 and December 31, 2015 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Gross Gross Fair September 30, 2016 U.S. government sponsored entities and agencies $ 3,000 $ 138 $ — $ 3,138 Mortgage-backed securities: residential 546,805 10,346 (354 ) 556,797 Mortgage-backed securities: commercial 19,526 233 — 19,759 State and political subdivisions 89,576 1,820 (334 ) 91,062 Total $ 658,907 $ 12,537 $ (688 ) $ 670,756 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 |
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity Portfolio | The amortized cost and fair value of the securities held to maturity portfolio at September 30, 2016 and December 31, 2015 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair September 30, 2016 U.S. government sponsored entities and agencies $ 203 $ 7 $ — $ 210 Mortgage backed securities: residential 112,071 1,014 (124 ) 112,961 State and political subdivisions 122,776 7,999 — 130,775 Total $ 235,050 $ 9,020 $ (124 ) $ 243,946 Gross 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 |
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. September 30, 2016 Amortized Fair Available for sale Over one year through five years $ 3,000 $ 3,138 Over ten years 89,576 91,062 Mortgage-backed securities: residential 546,805 556,797 Mortgage-backed securities: commercial 19,526 19,759 Total $ 658,907 $ 670,756 Held to maturity Over one year through five years $ 706 $ 750 Over five years through ten years 5,073 5,351 Over ten years 117,200 124,884 Mortgage-backed securities: residential 112,071 112,961 Total $ 235,050 $ 243,946 |
Schedule of Unrealized Losses and Fair Value by Major Security Type | The following table summarizes the securities with unrealized and unrecognized losses at September 30, 2016 and December 31, 2015, 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 September 30, 2016 Available for sale Mortgage-backed securities: residential $ 36,585 $ (269 ) $ 13,659 $ (85 ) $ 50,244 $ (354 ) State and political subdivisions 43,314 (334 ) — — 43,314 (334 ) Total available for sale $ 79,899 $ (603 ) $ 13,659 $ (85 ) $ 93,558 $ (688 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity Mortgage-backed securities: residential $ 19,200 $ (54 ) $ 3,826 $ (70 ) $ 23,026 $ (124 ) Total held to maturity $ 19,200 $ (54 ) $ 3,826 $ (70 ) $ 23,026 $ (124 ) 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 ) |
Securities Available-for-sale [Member] | |
Summary of Sales and Calls of Securities | The proceeds from sales and calls of securities available for sale and the associated gains and losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds $ 11,939 $ 19,776 $ 74,203 $ 54,064 Gross gains 430 $ 95 1,920 485 Gross losses — (90 ) (385 ) (105 ) |
Securities Held-to-maturity [Member] | |
Summary of Sales and Calls of Securities | The proceeds from calls of securities held to maturity that were called at a price in excess of par value and the associated gains were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds $ — — $ — $ 2,300 Gross gains — — — 149 Gross losses — — — — |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Summary of Loans | Loans at September 30, 2016 and December 31, 2015 were as follows: September 30, December 31, Loans that are not PCI loans Construction and land development $ 474,255 $ 372,767 Commercial real estate: Nonfarm, nonresidential 403,382 353,268 Other 26,866 10,955 Residential real estate: Closed-end 1-4 family 228,672 162,933 Other 142,374 112,001 Commercial and industrial 372,784 283,888 Consumer and other 3,458 6,577 Loans before net deferred loan fees 1,651,791 1,302,389 Deferred loan fees, net (820 ) (2,476 ) Total loans that are not PCI loans 1,650,971 1,299,913 PCI loans Construction and land development $ 81 $ 78 Commercial real estate: Nonfarm, nonresidential 576 1,460 Other — — Residential real estate: Closed-end 1-4 family 497 562 Other — 1 Commercial and industrial 1,933 1,812 Consumer and other — — Total PCI loans 3,087 3,913 Allowance for loan losses (15,590 ) (11,587 ) Total loans, net of allowance for loan losses $ 1,638,468 $ 1,292,239 |
Activity in Allowance for Loan Losses by Portfolio Segment | The following table presents the activity in the allowance for loan losses by portfolio segment for the three month periods ended September 30, 2016 and 2015: Construction Commercial Residential Commercial Consumer Total Three Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 3,624 $ 3,865 $ 2,060 $ 4,655 $ 49 $ 14,253 Provision for loan losses 427 43 451 455 16 1,392 Loans charged-off (11 ) — (40 ) — (19 ) (70 ) Recoveries — — 13 — 2 15 Total ending allowance balance $ 4,040 $ 3,908 $ 2,484 $ 5,110 $ 48 $ 15,590 Three Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,567 $ 2,321 $ 1,739 $ 1,324 $ 65 $ 8,016 Provision for loan losses 461 135 (71 ) 1,253 (54 ) 1,724 Loans charged-off — — (15 ) (15 ) (33 ) (63 ) Recoveries — — 6 — 61 67 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 The following table presents the activity in the allowance for loan losses by portfolio segment for the nine-month periods ended September 30, 2016 and 2015: Construction Commercial Residential Commercial Consumer Total Nine Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Provision for loan losses 865 762 609 1,817 42 4,095 Loans charged-off (11 ) — (39 ) (65 ) (35 ) (150 ) Recoveries — — 53 — 5 58 Total ending allowance balance $ 4,040 $ 3,908 $ 2,484 $ 5,110 $ 48 $ 15,590 Nine Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision for loan losses $ 338 962 (114 ) 1,927 41 3,154 Loans charged-off — — (32 ) (15 ) (121 ) (168 ) Recoveries — — 14 — 64 78 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 |
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 September 30, 2016 and December 31, 2015. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and deferred loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total September 30, 2016 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 115 $ — $ 115 Collectively evaluated for impairment 4,040 3,908 2,484 4,995 48 15,475 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 4,040 $ 3,908 $ 2,484 $ 5,110 $ 48 $ 15,590 Loans: Individually evaluated for impairment $ — $ 835 $ 1,070 $ 509 $ — $ 2,414 Collectively evaluated for impairment 474,255 429,413 369,976 372,275 3,458 1,649,377 Purchased credit-impaired loans 81 576 497 1,933 — 3,087 Total ending loans balance $ 474,336 $ 430,824 $ 371,543 $ 374,717 $ 3,458 $ 1,654,878 December 31, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 113 $ — $ 113 Construction Commercial Residential Commercial Consumer Total 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 |
Summary of Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of September 30, 2016 and December 31, 2015: Unpaid * Recorded Allowance for September 30, 2016 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,421 $ 835 $ — Residential real estate: Closed-end 1-4 family 238 238 — Other 832 832 — Commercial and industrial 19 19 — Consumer and other — — — Subtotal 3,510 1,924 — With an allowance recorded: Commercial and industrial 490 490 115 Subtotal 490 490 115 Total $ 4,000 $ 2,414 $ 115 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 * The following table presents the average recorded investment of impaired loans by class of loans for the three months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, Average Recorded Investment 2016 2015 2016 2015 With no allowance recorded: Construction and land development $ — $ — $ 340 $ — Commercial real estate: Nonfarm, nonresidential 1,427 918 1,307 873 Residential real estate: Closed-end 1-4 family 451 33 533 188 Other 837 712 768 317 Commercial and industrial 46 23 110 77 Consumer and other — 25 10 8 Subtotal 2,761 1,711 3,068 1,463 With an allowance recorded: Commercial and industrial $ 490 $ 90 $ 247 $ 50 Residential real estate: Closed-end 1-4 family 70 — 23 — Consumer and other — 16 — 10 Subtotal 560 106 270 60 Total $ 3,321 $ 1,817 $ 3,338 $ 1,523 |
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 September 30, 2016 and December 31, 2015: Nonaccrual Loans Past Due September 30, 2016 Construction and land development $ — $ 149 Commercial real estate: Nonfarm, nonresidential 835 — Residential real estate: Other 123 — Commercial and industrial 490 — Total $ 1,448 $ 149 December 31, 2015 Construction and land development $ — $ 1,943 Commercial real estate: Nonfarm, nonresidential 835 — Residential real estate: Closed-end 1-4 family 41 435 Commercial and industrial 32 — Total $ 908 $ 2,378 |
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 September 30, 2016 and December 31, 2015 by class of loans: 30-59 60-89 Greater Total Loans PCI Total September 30, 2016 Construction and land development $ 1,950 $ — $ 149 $ 2,099 $ 472,156 $ 81 $ 474,336 Commercial real estate: Nonfarm, nonresidential 79 — 835 914 402,468 576 403,958 Other — — — — 26,866 — 26,866 Residential real estate: Closed-end 1-4 family 11 — — 11 228,661 497 229,169 Other 714 — 123 837 141,537 — 142,374 Commercial and industrial 521 875 490 1,886 370,898 1,933 374,717 Consumer and other — — — — 3,458 — 3,458 $ 3,275 $ 875 $ 1,597 $ 5,747 $ 1,646,044 $ 3,087 $ 1,654,878 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 $ 1,298,365 $ 3,913 $ 1,306,302 |
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 September 30, 2016 and December 31, 2015: Pass Special Substandard Total September 30, 2016 Construction and land development $ 472,980 $ — $ 1,356 $ 474,336 Commercial real estate: Nonfarm, nonresidential 395,852 1,791 6,315 403,958 Other 26,866 — — 26,866 Residential real estate: Closed-end 1-4 family 228,144 — 1,025 229,169 Other 141,305 — 1,069 142,374 Commercial and industrial 368,860 — 5,857 374,717 Consumer and other 3,458 — — 3,458 $ 1,637,465 $ 1,791 $ 15,622 $ 1,654,878 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: 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 |
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 September 30, 2016 and December 31, 2015. Sept 30, 2016 Dec 31, 2015 Contractually required principal and interest $ 4,276 $ 5,618 Non-accretable difference (321 ) (352 ) Cash flows expected to be collected 3,955 5,266 Accretable yield (868 ) (1,353 ) Carrying value of acquired loans 3,087 3,913 Allowance for loan losses — (9 ) Carrying value less allowance for loan losses $ 3,087 $ 3,904 |
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 three-month periods ended September 30, 2016 and 2015. Activity during the three month period ended September 30, 2016 Jun 30, 2016 Effect of Income All other Sep 30, 2016 Contractually required principal and interest $ 4,462 $ — $ — $ (186 ) $ 4,276 Non-accretable difference (319 ) — — (2 ) (321 ) Cash flows expected to be collected 4,143 — — (188 ) 3,955 Accretable yield (1,067 ) — 115 84 (868 ) Carrying value of acquired loans $ 3,076 $ — $ 115 $ (104 ) $ 3,087 Activity during the three month period ended September 30, 2015 Jun 30, 2015 Effect of Income All other Sep 30, 2015 Contractually required principal and interest $ 6,000 $ — $ — $ (128 ) $ 5,872 Non-accretable difference (973 ) — 839 (173 ) (307 ) Cash flows expected to be collected 5,027 — 839 (301 ) 5,565 Accretable yield (749 ) — 447 (1,350 ) (1,652 ) Carrying value of acquired loans $ 4,278 $ — $ 1,286 $ (1,651 ) $ 3,913 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 nine-month periods ended September 30, 2016 and 2015. Activity during the nine month period ended September 30, 2016 Dec 31, 2015 Effect of Income All other Sep 30, 2016 Contractually required principal and interest $ 5,618 $ — $ — $ (1,342 ) $ 4,276 Non-accretable difference (352 ) — — 31 (321 ) Cash flows expected to be collected 5,266 — — (1,311 ) 3,955 Accretable yield (1,353 ) — 444 41 (868 ) Carrying value of acquired loans $ 3,913 $ — $ 444 $ (1,270 ) $ 3,087 Activity during the nine month period ended September 30, 2015 Dec 31, 2014 Effect of Income All other Sep 30, 2015 Contractually required principal and interest $ 6,532 $ — $ — $ (660 ) $ 5,872 Non-accretable difference (1,270 ) — 839 124 (307 ) Cash flows expected to be collected 5,262 — 839 (536 ) 5,565 Accretable yield (947 ) — 637 (1,342 ) (1,652 ) Carrying value of acquired loans $ 4,315 $ — $ 1,476 $ (1,878 ) $ 3,913 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 491,466 $ 463,952 Other 3,249 4,037 |
Components of Net Loan Servicing Fees | The components of net loan servicing fees for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Loan servicing fees, net: Loan servicing fees $ 309 $ 287 $ 903 $ 831 Amortization of loan servicing fees (349 ) (203 ) (905 ) (644 ) Change in impairment — — — — Total $ (40 ) $ 84 $ (2 ) $ 187 |
Securities Sold Under Agreeme21
Securities Sold Under Agreement to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Brokers and Dealers [Abstract] | |
Additional Details of Securities Sold under Agreement to Repurchase | The following table provides additional details as of September 30, 2016: As of September 30, 2016 U.S. Mortgage- State and Total Fair value of securities pledged $ 210 $ 59 $ 40,565 $ 40,834 Borrowings related to pledged amounts $ — $ — $ 37,343 $ 37,343 Fair value pledged as a % of borrowings — % — % 109 % 109 % |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Warrant Activity | A summary of the stock warrant activity for the nine months ended September 30, 2016 and 2015 follows: September 30, September 30, Stock warrants exercised: Intrinsic value of warrants exercised $ 136 $ 46 Cash received from warrants exercised 79 60 |
Fair Value Assumptions of Stock Options | The fair value of options granted was determined using the following weighted-average assumptions as of grant date. September 30, September 30, Risk-free interest rate 1.60 % 1.84 % Expected term 7.5 years 7.5 years Expected stock price volatility 30.09 % 25.00 % Dividend yield 0.24 % 0.22 % |
Summary of Company's Stock Option Activities | A summary of the activity in the stock option plans for the nine months ended September 30, 2016 follows: Shares Weighted Weighted Aggregate Outstanding at beginning of year 1,312,791 $ 13.04 6.23 $ 24,070 Granted 272,087 27.99 Exercised (167,899 ) 11.27 Forfeited, expired, or cancelled (2,415 ) 19.43 Outstanding at period end 1,414,564 $ 16.12 6.49 $ 30,103 Vested or expected to vest 1,343,836 $ 16.12 6.49 $ 28,598 Exercisable at period end 784,022 $ 11.53 4.83 $ 20,282 |
Summary of Stock Options Exercised | For the nine months 2016 2015 Stock options exercised: Intrinsic value of options exercised $ 3,463 $ 839 Cash received from options exercised 1,357 780 Tax benefit realized from option exercises 522 147 |
Summary of Activity for Nonvested Restricted Share Awards | A summary of activity for non-vested restricted share awards for the nine months ended September 30, 2016 is as follows: Non-vested Shares Shares Weighted-Average Grant-Date Non-vested at December 31, 2015 105,864 $ 15.89 Granted 36,396 28.45 Vested (32,607 ) 16.70 Forfeited (1,916 ) 16.00 Non-vested at September 30, 2016 107,737 $ 18.80 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below as of September 30, 2016 and December 31, 2015 for the Company and Bank: Actual Required (1) To Be Well Amount Ratio Amount Ratio Amount Ratio September 30, 2016 Company common equity Tier 1 capital to risk-weighted assets $ 188,225 9.09 % $ 93,188 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 262,107 12.66 % $ 165,667 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 188,225 9.09 % $ 124,250 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 188,225 7.15 % $ 105,361 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 243,995 11.77 % $ 93,314 4.50 % $ 134,787 6.50 % Bank Total Capital to risk weighted assets $ 259,585 12.52 % $ 165,892 8.00 % $ 207,365 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 243,995 11.77 % $ 124,419 6.00 % $ 165,892 8.00 % Bank Tier 1 (Core) Capital to average assets $ 243,995 9.26 % $ 105,343 4.00 % $ 131,678 5.00 % 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 % |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 $ — $ 3,138 $ — Mortgage-backed securities-residential — 556,797 — Mortgage-backed securities-commercial — 19,759 — State and political subdivisions — 91,062 — Total securities available for sale $ — $ 670,056 $ — Loans held for sale $ — $ 26,819 $ — Mortgage banking derivatives $ — $ 858 $ — Financial Liabilities Mortgage banking derivatives $ — $ 87 $ — 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 $ — |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments, at September 30, 2016 and December 31, 2015 are as follows: Carrying Fair Value Measurements at Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 55,749 $ 55,749 $ — $ — $ 55,749 Certificates of deposit held at other financial institutions 1,055 — 1,055 — 1,055 Securities available for sale 670,756 — 670,756 — 670,756 Securities held to maturity 235,050 — 243,946 — 243,946 Loans held for sale 26,819 — 26,819 — 26,819 Net loans 1,638,468 — — 1,621,695 1,621,695 Restricted equity securities 11,829 n/a n/a n/a n/a Servicing rights, net 3,566 — 3,948 — 3,948 Accrued interest receivable 7,871 — 3,634 4,237 7,871 Financial liabilities Deposits $ 2,217,954 $ 1,223,120 $ 996,482 $ — $ 2,219,602 Federal funds purchased and repurchase agreements 45,843 — 45,843 — 45,843 Federal Home Loan Bank advances 162,000 — 162,024 — 162,024 Subordinated notes, net 58,292 — — 61,867 61,867 Accrued interest payable 1,399 123 915 361 1,399 Carrying Fair Value Measurements at Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 52,394 $ 52,394 $ — $ — $ 52,394 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities available for sale 575,838 — 575,838 — 575,838 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The factors used in the earnings per share computation follow: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic Net income available to common shareholders $ 7,030 $ 5,125 $ 20,239 $ 11,341 Less: earnings allocated to participating securities (69 ) (52 ) (213 ) (127 ) Net income allocated to common shareholders $ 6,961 $ 5,073 $ 20,026 $ 11,214 Weighted average common shares outstanding including participating securities 10,721,253 10,516,290 10,652,223 9,668,497 Less: Participating securities (105,343 ) (107,502 ) (111,937 ) (108,617 ) Average shares 10,615,910 10,408,788 10,540,286 9,559,880 Basic earnings per common share $ 0.66 $ 0.49 $ 1.90 $ 1.17 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Diluted Net income allocated to common shareholders $ 6,961 $ 5,073 $ 20,026 $ 11,214 Weighted average common shares outstanding for basic earnings per common share 10,615,910 10,408,788 10,540,286 9,559,880 Add: Dilutive effects of assumed exercises of stock options 612,955 534,148 585,326 466,955 Add: Dilutive effects of assumed exercises of stock warrants 13,370 13,265 12,937 13,257 Average shares and dilutive potential common shares 11,242,235 10,956,201 11,138,549 10,040,092 Dilutive earnings per common share $ 0.62 $ 0.46 $ 1.80 $ 1.12 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 658,907 | $ 576,365 |
Gross Unrealized Gains | 12,537 | 4,050 |
Gross Unrealized Losses | (688) | (4,577) |
Fair Value | 670,756 | 575,838 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,000 | 6,792 |
Gross Unrealized Gains | 138 | 72 |
Gross Unrealized Losses | (47) | |
Fair Value | 3,138 | 6,817 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 546,805 | 502,916 |
Gross Unrealized Gains | 10,346 | 2,386 |
Gross Unrealized Losses | (354) | (4,347) |
Fair Value | 556,797 | 500,955 |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,526 | 19,993 |
Gross Unrealized Gains | 233 | 22 |
Gross Unrealized Losses | (180) | |
Fair Value | 19,759 | 19,835 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 89,576 | 46,664 |
Gross Unrealized Gains | 1,820 | 1,570 |
Gross Unrealized Losses | (334) | (3) |
Fair Value | $ 91,062 | $ 48,231 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 235,050 | $ 158,200 |
Gross Unrecognized Gains | 9,020 | 4,262 |
Gross Unrecognized Losses | (124) | (493) |
Fair Value | 243,946 | 161,969 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 203 | 3,300 |
Gross Unrecognized Gains | 7 | 11 |
Gross Unrecognized Losses | (72) | |
Fair Value | 210 | 3,239 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 112,071 | 30,398 |
Gross Unrecognized Gains | 1,014 | 410 |
Gross Unrecognized Losses | (124) | (408) |
Fair Value | 112,961 | 30,400 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 122,776 | 124,502 |
Gross Unrecognized Gains | 7,999 | 3,841 |
Gross Unrecognized Losses | (13) | |
Fair Value | $ 130,775 | $ 128,330 |
Securities - Summary of Proceed
Securities - Summary of Proceeds from Sales and Calls of Securities Available for Sale and Associated Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale Securities [Abstract] | ||||
Proceeds | $ 11,939 | $ 19,776 | $ 74,203 | $ 54,064 |
Gross gains | $ 430 | 95 | 1,920 | 485 |
Gross losses | $ (90) | $ (385) | $ (105) |
Securities - Summary of Proce29
Securities - Summary of Proceeds from Calls of Securities Held to Maturity Called at Price In Excess of Par Value and Associated Gains (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Held-to-maturity Securities [Abstract] | ||||
Proceeds | $ 2,300 | |||
Gross gains | 149 | |||
Gross losses | $ 0 | $ 0 | $ 0 | $ 0 |
Securities - Schedule of Amor30
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available for sale | ||
Amortized Cost, Over one year through five years | $ 3,000 | |
Amortized Cost, Over ten years | 89,576 | |
Amortized Cost | 658,907 | $ 576,365 |
Held to maturity | ||
Amortized Cost, Over one year through five years | 706 | |
Amortized Cost, Over five years through ten years | 5,073 | |
Amortized Cost, Over ten years | 117,200 | |
Amortized Cost, Mortgage-backed securities: residential | 112,071 | |
Amortized Cost | 235,050 | 158,200 |
Available for sale | ||
Fair Value, Over one year through five years | 3,138 | |
Fair Value, Over ten years | 91,062 | |
Mortgage-backed securities: residential | 556,797 | |
Mortgage-backed securities: commercial | 19,759 | |
Fair Value, Total | 670,756 | 575,838 |
Held to maturity | ||
Fair Value, Over one year through five years | 750 | |
Fair Value, Over five years through ten years | 5,351 | |
Fair Value, Over ten years | 124,884 | |
Fair Value, Mortgage-backed securities: residential | 112,961 | |
Fair Value, Total | 243,946 | 161,969 |
Mortgage-Backed Securities: Commercial [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 19,526 | |
Amortized Cost | 19,526 | 19,993 |
Available for sale | ||
Fair Value, Total | 19,759 | 19,835 |
Mortgage-Backed Securities: Residential [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 546,805 | |
Amortized Cost | 546,805 | 502,916 |
Held to maturity | ||
Amortized Cost | 112,071 | 30,398 |
Available for sale | ||
Fair Value, Total | 556,797 | 500,955 |
Held to maturity | ||
Fair Value, Total | $ 112,961 | $ 30,400 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Sep. 30, 2016USD ($)Securities | Dec. 31, 2015USD ($)Securities |
Marketable Securities [Line Items] | ||
Carrying value of pledged securities | $ | $ 742,828 | $ 595,524 |
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 Unreal
Securities - Schedule of Unrealized Losses and Fair Value by Major Security Type (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | $ 79,899 | $ 332,969 |
Less Than 12 Months Available for sale Unrealized Losses | (603) | (3,921) |
12 Months or Longer Available for sale Fair Value | 13,659 | 23,319 |
12 Months or Longer Available for sale Unrealized Losses | (85) | (656) |
Available for sale Fair Value, Total | 93,558 | 356,288 |
Available for sale Unrealized Losses, Total | (688) | (4,577) |
Less Than 12 Months Held to maturity Fair Value | 19,200 | 15,096 |
Less Than 12 Months Held to maturity Unrealized Losses | (54) | (153) |
12 Months or Longer Held to maturity Fair Value | 3,826 | 6,452 |
12 Months or Longer Held to maturity Unrealized Losses | (70) | (340) |
Held to maturity Fair Value, Total | 23,026 | 21,548 |
Held to maturity Unrealized Losses, Total | (124) | (493) |
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 | |
Less Than 12 Months Available for sale Unrealized Losses | (47) | |
Available for sale Fair Value, Total | 2,703 | |
Available for sale Unrealized Losses, Total | (47) | |
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 | |
12 Months or Longer Held to maturity Unrealized Losses | (29) | |
Held to maturity Fair Value, Total | 2,928 | |
Held to maturity Unrealized Losses, Total | (72) | |
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 | 36,585 | 313,570 |
Less Than 12 Months Available for sale Unrealized Losses | (269) | (3,691) |
12 Months or Longer Available for sale Fair Value | 13,659 | 23,319 |
12 Months or Longer Available for sale Unrealized Losses | (85) | (656) |
Available for sale Fair Value, Total | 50,244 | 336,889 |
Available for sale Unrealized Losses, Total | (354) | (4,347) |
Less Than 12 Months Held to maturity Fair Value | 19,200 | 9,788 |
Less Than 12 Months Held to maturity Unrealized Losses | (54) | (97) |
12 Months or Longer Held to maturity Fair Value | 3,826 | 5,481 |
12 Months or Longer Held to maturity Unrealized Losses | (70) | (311) |
Held to maturity Fair Value, Total | 23,026 | 15,269 |
Held to maturity Unrealized Losses, Total | (124) | (408) |
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 | 43,314 | 716 |
Less Than 12 Months Available for sale Unrealized Losses | (334) | (3) |
Available for sale Fair Value, Total | 43,314 | 716 |
Available for sale Unrealized Losses, Total | $ (334) | (3) |
Less Than 12 Months Held to maturity Fair Value | 3,351 | |
Less Than 12 Months Held to maturity Unrealized Losses | (13) | |
Held to maturity Fair Value, Total | 3,351 | |
Held to maturity Unrealized Losses, Total | $ (13) |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 1,651,791 | $ 1,302,389 | ||||
Deferred loan fees, net | (820) | (2,476) | ||||
Total loans that are not PCI loans | 1,650,971 | 1,299,913 | ||||
Allowance for loan losses | (15,590) | $ (14,253) | (11,587) | $ (9,744) | $ (8,016) | $ (6,680) |
Net loans | 1,638,468 | 1,292,239 | ||||
Construction and Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction and land development | 474,255 | 372,767 | ||||
Allowance for loan losses | (4,040) | (3,624) | (3,186) | (3,028) | (2,567) | (2,690) |
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 372,784 | 283,888 | ||||
Allowance for loan losses | (5,110) | (4,655) | (3,358) | (2,562) | (1,324) | (650) |
Consumer and Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer and other | 3,458 | 6,577 | ||||
Allowance for loan losses | (48) | $ (49) | (36) | $ (39) | $ (65) | $ (55) |
PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 3,087 | 3,913 | ||||
PCI Loans [Member] | Construction and Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 81 | 78 | ||||
PCI Loans [Member] | Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,933 | 1,812 | ||||
Commercial Real Estate Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonfarm, nonresidential | 403,382 | 353,268 | ||||
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 576 | 1,460 | ||||
Commercial Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 26,866 | 10,955 | ||||
Real Estate Residential Closed-end 1-4 Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Closed-end 1-4 family | 228,672 | 162,933 | ||||
Real Estate Residential Closed-end 1-4 Family [Member] | PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 497 | 562 | ||||
Residential Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | $ 142,374 | 112,001 | ||||
Residential Real Estate, Other [Member] | PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 1 |
Loans - Activity in Allowance f
Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 14,253 | $ 8,016 | $ 11,587 | $ 6,680 |
Provision for loan losses | 1,392 | 1,724 | 4,095 | 3,154 |
Loans charged-off | (70) | (63) | (150) | (168) |
Recoveries | 15 | 67 | 58 | 78 |
Total ending allowance balance | 15,590 | 9,744 | 15,590 | 9,744 |
Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 3,624 | 2,567 | 3,186 | 2,690 |
Provision for loan losses | 427 | 461 | 865 | 338 |
Loans charged-off | (11) | (11) | ||
Total ending allowance balance | 4,040 | 3,028 | 4,040 | 3,028 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 3,865 | 2,321 | 3,146 | 1,494 |
Provision for loan losses | 43 | 135 | 762 | 962 |
Total ending allowance balance | 3,908 | 2,456 | 3,908 | 2,456 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,060 | 1,739 | 1,861 | 1,791 |
Provision for loan losses | 451 | (71) | 609 | (114) |
Loans charged-off | (40) | (15) | (39) | (32) |
Recoveries | 13 | 6 | 53 | 14 |
Total ending allowance balance | 2,484 | 1,659 | 2,484 | 1,659 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,655 | 1,324 | 3,358 | 650 |
Provision for loan losses | 455 | 1,253 | 1,817 | 1,927 |
Loans charged-off | (15) | (65) | (15) | |
Total ending allowance balance | 5,110 | 2,562 | 5,110 | 2,562 |
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 49 | 65 | 36 | 55 |
Provision for loan losses | 16 | (54) | 42 | 41 |
Loans charged-off | (19) | (33) | (35) | (121) |
Recoveries | 2 | 61 | 5 | 64 |
Total ending allowance balance | $ 48 | $ 39 | $ 48 | $ 39 |
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 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | $ 115 | $ 113 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 15,475 | 11,465 | ||||
Total ending allowance balance | 15,590 | $ 14,253 | 11,587 | $ 9,744 | $ 8,016 | $ 6,680 |
Loans, Individually evaluated for impairment | 2,414 | 4,170 | ||||
Loans, Collectively evaluated for impairment | 1,649,377 | 1,298,219 | ||||
Aging of Recorded Investment, Total | 1,654,878 | 1,306,302 | ||||
PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 9 | |||||
Purchased credit-impaired loans | 3,087 | 3,913 | ||||
Construction and Land Development [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 4,040 | 3,186 | ||||
Total ending allowance balance | 4,040 | 3,624 | 3,186 | 3,028 | 2,567 | 2,690 |
Loans, Individually evaluated for impairment | 1,943 | |||||
Loans, Collectively evaluated for impairment | 474,255 | 370,824 | ||||
Aging of Recorded Investment, Total | 474,336 | 372,845 | ||||
Construction and Land Development [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 81 | 78 | ||||
Commercial Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 3,908 | 3,137 | ||||
Total ending allowance balance | 3,908 | 3,865 | 3,146 | 2,456 | 2,321 | 1,494 |
Loans, Individually evaluated for impairment | 835 | 908 | ||||
Loans, Collectively evaluated for impairment | 429,413 | 363,315 | ||||
Aging of Recorded Investment, Total | 430,824 | 365,683 | ||||
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 | 576 | 1,460 | ||||
Residential Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 2,484 | 1,861 | ||||
Total ending allowance balance | 2,484 | 2,060 | 1,861 | 1,659 | 1,739 | 1,791 |
Loans, Individually evaluated for impairment | 1,070 | 1,185 | ||||
Loans, Collectively evaluated for impairment | 369,976 | 273,749 | ||||
Aging of Recorded Investment, Total | 371,543 | 275,497 | ||||
Residential Real Estate [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 497 | 563 | ||||
Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | 115 | 113 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 4,995 | 3,245 | ||||
Total ending allowance balance | 5,110 | 4,655 | 3,358 | 2,562 | 1,324 | 650 |
Loans, Individually evaluated for impairment | 509 | 134 | ||||
Loans, Collectively evaluated for impairment | 372,275 | 283,754 | ||||
Aging of Recorded Investment, Total | 374,717 | 285,700 | ||||
Commercial and Industrial [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 1,933 | 1,812 | ||||
Consumer and Other [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 48 | 36 | ||||
Total ending allowance balance | 48 | $ 49 | 36 | $ 39 | $ 65 | $ 55 |
Loans, Collectively evaluated for impairment | 3,458 | 6,577 | ||||
Aging of Recorded Investment, Total | $ 3,458 | $ 6,577 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal amount | $ 4,000,000 | $ 5,757,000 | ||||
Allowance for loan losses | 15,590,000 | $ 14,253,000 | 11,587,000 | $ 9,744,000 | $ 8,016,000 | $ 6,680,000 |
Loans receivable carrying amount | 1,651,791,000 | $ 1,302,389,000 | ||||
Non PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Estimated credit discount | 2,179,000 | |||||
Unpaid principal amount | 84,848,000 | |||||
Allowance for loan losses | 32,000 | |||||
Loans receivable carrying amount | $ 82,669,000 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | $ 3,510 | $ 3,510 | $ 5,644 | ||
Unpaid Principal Balance | 4,000 | 4,000 | 5,757 | ||
Recorded Investment, With no allowance recorded | 1,924 | 1,924 | 4,057 | ||
Recorded Investment | 2,414 | 2,414 | 4,170 | ||
Unpaid Principal Balance, With an allowance recorded | 490 | 490 | 113 | ||
Recorded Investment, With an allowance recorded | 490 | 490 | 113 | ||
Allowance for Loan Losses Allocated | 115 | 115 | 113 | ||
Average Recorded Investment, With no allowance recorded | 2,761 | $ 1,711 | 3,068 | $ 1,463 | |
Average Recorded Investment, With an allowance recorded | 560 | 106 | 270 | 60 | |
Average Recorded Investment | 3,321 | 1,817 | 3,338 | 1,523 | |
Commercial Real Estate Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 2,421 | 2,421 | 2,495 | ||
Recorded Investment, With no allowance recorded | 835 | 835 | 908 | ||
Average Recorded Investment, With no allowance recorded | 1,427 | 918 | 1,307 | 873 | |
Real Estate Residential Closed-end 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 238 | 238 | 476 | ||
Recorded Investment, With no allowance recorded | 238 | 238 | 476 | ||
Average Recorded Investment, With no allowance recorded | 451 | 33 | 533 | 188 | |
Average Recorded Investment, With an allowance recorded | 70 | 23 | |||
Residential Real Estate, Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 832 | 832 | 709 | ||
Recorded Investment, With no allowance recorded | 832 | 832 | 709 | ||
Average Recorded Investment, With no allowance recorded | 837 | 712 | 768 | 317 | |
Consumer and Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment, With no allowance recorded | 25 | 10 | 8 | ||
Average Recorded Investment, With an allowance recorded | 16 | 10 | |||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 19 | 19 | 21 | ||
Recorded Investment, With no allowance recorded | 19 | 19 | 21 | ||
Unpaid Principal Balance, With an allowance recorded | 490 | 490 | 113 | ||
Recorded Investment, With an allowance recorded | 490 | 490 | 113 | ||
Allowance for Loan Losses Allocated | 115 | 115 | 113 | ||
Average Recorded Investment, With no allowance recorded | 46 | 23 | 110 | 77 | |
Average Recorded Investment, With an allowance recorded | $ 490 | $ 90 | 247 | $ 50 | |
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 | $ 340 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 1,448 | $ 908 |
Recorded Investment, Loans Past Due Over 90 Days | 149 | 2,378 |
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 | |
Construction and Land Development [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Loans Past Due Over 90 Days | 149 | 1,943 |
Residential Real Estate, Other [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | 123 | |
Commercial and Industrial Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 490 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 5,747 | $ 4,024 |
Aging of Recorded Investment, Loans Not Past Due | 1,646,044 | 1,298,365 |
Aging of Recorded Investment, Total | 1,654,878 | 1,306,302 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2,099 | 2,092 |
Aging of Recorded Investment, Loans Not Past Due | 472,156 | 370,675 |
Aging of Recorded Investment, Total | 474,336 | 372,845 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,886 | 118 |
Aging of Recorded Investment, Loans Not Past Due | 370,898 | 283,770 |
Aging of Recorded Investment, Total | 374,717 | 285,700 |
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 | 3,458 | 6,575 |
Aging of Recorded Investment, Total | 3,458 | 6,577 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 3,087 | 3,913 |
PCI Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 81 | 78 |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,933 | 1,812 |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 914 | 1,093 |
Aging of Recorded Investment, Loans Not Past Due | 402,468 | 352,175 |
Aging of Recorded Investment, Total | 403,958 | 354,728 |
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 576 | 1,460 |
Commercial Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 26,866 | 10,955 |
Aging of Recorded Investment, Total | 26,866 | 10,955 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 11 | 689 |
Aging of Recorded Investment, Loans Not Past Due | 228,661 | 162,244 |
Aging of Recorded Investment, Total | 229,169 | 163,495 |
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 | 497 | 562 |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 837 | 30 |
Aging of Recorded Investment, Loans Not Past Due | 141,537 | 111,971 |
Aging of Recorded Investment, Total | 142,374 | 112,002 |
Residential Real Estate, Other [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 3,275 | 589 |
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 | 1,950 | |
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 | 521 | 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 | 79 | 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 | 11 | 213 |
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 | 714 | 30 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 875 | 181 |
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 | 875 | 32 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,597 | 3,254 |
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 | 149 | 1,943 |
Greater Than 90 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 490 | |
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 | |
Greater Than 90 Days Past Due [Member] | Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 123 |
Loans - Summary of Risk Categor
Loans - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 1,654,878 | $ 1,306,302 |
Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 474,336 | 372,845 |
Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 374,717 | 285,700 |
Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,458 | 6,577 |
Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 403,958 | 354,728 |
Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 26,866 | 10,955 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 229,169 | 163,495 |
Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 142,374 | 112,002 |
Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,637,465 | 1,298,403 |
Pass [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 472,980 | 370,824 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 368,860 | 284,144 |
Pass [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,458 | 6,577 |
Pass [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 395,852 | 352,451 |
Pass [Member] | Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 26,866 | 10,955 |
Pass [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 228,144 | 162,160 |
Pass [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 141,305 | 111,292 |
Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,791 | |
Special Mention [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,791 | |
Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 15,622 | 7,899 |
Substandard [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,356 | 2,021 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 5,857 | 1,556 |
Substandard [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,315 | 2,277 |
Substandard [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,025 | 1,335 |
Substandard [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 1,069 | $ 710 |
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 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||||
Contractually required principal and interest | $ 4,276 | $ 4,462 | $ 5,618 | $ 5,872 | $ 6,000 | $ 6,532 |
Non-accretable difference | (321) | (319) | (352) | (307) | (973) | (1,270) |
Cash flows expected to be collected | 3,955 | 4,143 | 5,266 | 5,565 | 5,027 | 5,262 |
Accretable yield | (868) | (1,067) | (1,353) | (1,652) | (749) | (947) |
Carrying value of acquired loans | 3,087 | $ 3,076 | 3,913 | $ 3,913 | $ 4,278 | $ 4,315 |
Allowance for loan losses | (9) | |||||
Carrying value less allowance for loan losses | $ 3,087 | $ 3,904 |
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 | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||||||||
Contractually required principal and interest | $ 4,276 | $ 5,872 | $ 4,276 | $ 5,872 | $ 4,462 | $ 5,618 | $ 6,000 | $ 6,532 |
Non-accretable difference | (321) | (307) | (321) | (307) | (319) | (352) | (973) | (1,270) |
Cash flows expected to be collected | 3,955 | 5,565 | 3,955 | 5,565 | 4,143 | 5,266 | 5,027 | 5,262 |
Accretable yield | (868) | (1,652) | (868) | (1,652) | (1,067) | (1,353) | (749) | (947) |
Carrying value of acquired loans | 3,087 | 3,913 | 3,087 | 3,913 | $ 3,076 | $ 3,913 | $ 4,278 | $ 4,315 |
Contractually required principal and interest, Effect of Acquisitions | 0 | 0 | 0 | 0 | ||||
Non-accretable difference, Effect of Acquisitions | 0 | 0 | 0 | 0 | ||||
Cash flows expected to be collected, Effect of Acquisitions | 0 | 0 | 0 | 0 | ||||
Accretable yield, Effect of Acquisitions | 0 | 0 | 0 | 0 | ||||
Carrying value of acquired loans, Effect of Acquisitions | 0 | 0 | 0 | 0 | ||||
Contractually required principal and interest, Income Accretion | 0 | 0 | 0 | 0 | ||||
Non-accretable difference, Income Accretion | 839 | 839 | ||||||
Cash flows expected to be collected, Income Accretion | 839 | 839 | ||||||
Accretable yield, Income Accretion | 115 | 447 | 444 | 637 | ||||
Carrying value of acquired loans, Income Accretion | 115 | 1,286 | 444 | 1,476 | ||||
Contractually required principal and interest, All other Adjustments | (186) | (128) | (1,342) | (660) | ||||
Non-accretable difference, All other Adjustments | (2) | (173) | 31 | 124 | ||||
Cash flows expected to be collected, All other Adjustments | (188) | (301) | (1,311) | (536) | ||||
Accretable yield, All other Adjustments | 84 | (1,350) | 41 | (1,342) | ||||
Carrying value of acquired loans, All other Adjustments | $ (104) | $ (1,651) | $ (1,270) | $ (1,878) |
Loan Servicing - Schedule of Lo
Loan Servicing - Schedule of Loans Serviced Not Reported as Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Federal Home Loan Mortgage Corporation [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 491,466 | $ 463,952 |
Other Serviced Loans [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 3,249 | $ 4,037 |
Loan Servicing - Components of
Loan Servicing - Components of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | ||||
Loan servicing fees | $ 309 | $ 287 | $ 903 | $ 831 |
Amortization of loan servicing fees | (349) | (203) | (905) | (644) |
Change in impairment | 0 | 0 | 0 | 0 |
Total | $ (40) | $ 84 | $ (2) | $ 187 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Fair value of servicing rights | $ 3,948 | $ 4,635 |
Weighted average discount rate | 10.50% | 10.50% |
Weighted average prepayment speed | 14.70% | 10.20% |
Securities Sold Under Agreeme46
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Total short-term borrowings | $ 37,343 | $ 61,261 |
Carrying value of securities used to secure borrowings | $ 38,333 | $ 73,478 |
Securities Sold Under Agreeme47
Securities Sold Under Agreement to Repurchase - Additional Details of Securities Sold under Agreement to Repurchase (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Fair value of securities pledged | $ 40,834 |
Borrowings related to pledged amounts | $ 37,343 |
Fair value pledged as a % of borrowings | 109.00% |
U.S. Government Sponsored Entities and Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Fair value of securities pledged | $ 210 |
Mortgage-Backed Securities: Residential [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Fair value of securities pledged | 59 |
State and Political Subdivisions [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Fair value of securities pledged | 40,565 |
Borrowings related to pledged amounts | $ 37,343 |
Fair value pledged as a % of borrowings | 109.00% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 28, 2015shares | Jun. 30, 2014shares | Apr. 30, 2013shares | Apr. 30, 2010shares | Sep. 30, 2016USD ($)Plans$ / sharesshares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Plans$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2007shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of warrants exercised | 6,575 | 4,970 | |||||||
Trigger value of 2010 warrant, price per share | $ / shares | $ 15 | $ 15 | |||||||
Warrants, contingent redemption price | $ / shares | $ 1 | $ 1 | |||||||
Number of share-based compensation plans | Plans | 2 | 2 | |||||||
Compensation cost charged against income | $ | $ 406,000 | $ 248,000 | $ 1,201,000 | $ 619,000 | |||||
Excess tax benefit from exercise of stock options | $ | $ 107,000 | $ 0 | $ 522,000 | $ 147,000 | |||||
Number of shares authorized for issuance | 2,041,673 | 2,041,673 | |||||||
Weighted average fair value of options | $ / shares | $ 9.78 | $ 6.41 | |||||||
Unrecognized compensation cost, nonvested stock options | $ | $ 3,583,000 | $ 3,583,000 | |||||||
Unrecognized compensation cost, period of recognition | 4 years 1 month 6 days | ||||||||
Total fair value of shares vested | $ | $ 974,000 | $ 520,000 | |||||||
2010 Offering [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant shares issued | 32,425 | 32,425 | |||||||
Warrant exercise price per share | $ / shares | $ 12 | $ 12 | |||||||
Warrants exercisable period | 7 years | ||||||||
Warrants outstanding | 18,732 | 18,732 | |||||||
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 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation cost, nonvested stock options | $ | $ 1,917,000 | $ 1,917,000 | |||||||
Unrecognized compensation cost, period of recognition | 3 years 2 months 12 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 - Summary
Share-Based Payments - Summary of Stock Warrant Activity (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Intrinsic value of warrants exercised | $ 136 | $ 46 |
Cash received from warrants exercised | $ 79 | $ 60 |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions of Stock Options (Detail) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 1.60% | 1.84% |
Expected term | 7 years 6 months | 7 years 6 months |
Expected stock price volatility | 30.09% | 25.00% |
Dividend yield | 0.24% | 0.22% |
Share-Based Payments - Summar51
Share-Based Payments - Summary of Company's Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares, Outstanding, Beginning Balance | 1,312,791 | |
Shares, Granted | 272,087 | |
Shares, Exercised | (167,899) | |
Shares, Forfeited, expired, or canceled | (2,415) | |
Shares, Outstanding, Ending Balance | 1,414,564 | 1,312,791 |
Shares, Vested or expected to vest | 1,343,836 | |
Shares, Exercisable at period end | 784,022 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 13.04 | |
Weighted Average Exercise Price, Granted | 27.99 | |
Weighted Average Exercise Price, Exercised | 11.27 | |
Weighted Average Exercise Price, Forfeited, expired, or cancelled | 19.43 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 16.12 | $ 13.04 |
Weighted Average Exercise Price, Vested or expected to vest | 16.12 | |
Weighted Average Exercise Price, Exercisable at period end | $ 11.53 | |
Weighted Average Remaining Contractual Term, beginning of year | 6 years 5 months 27 days | 6 years 2 months 23 days |
Weighted Average Remaining Contractual Term, Vested or expected to vest | 6 years 5 months 27 days | |
Weighted Average Remaining Contractual Term, Exercisable at period end | 4 years 9 months 29 days | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 30,103 | $ 24,070 |
Aggregate Intrinsic Value, Vested or expected to vest | 28,598 | |
Aggregate Intrinsic Value, Exercisable at period end | $ 20,282 |
Share-Based Payments - Summar52
Share-Based Payments - Summary of Stock Options Exercised (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock options exercised: | ||||
Intrinsic value of options exercised | $ 3,463,000 | $ 839,000 | ||
Cash received from options exercised | 1,357,000 | 780,000 | ||
Tax benefit realized from option exercises | $ 107,000 | $ 0 | $ 522,000 | $ 147,000 |
Share-Based Payments - Summar53
Share-Based Payments - Summary of Activity for Nonvested Restricted Share Awards (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Nonvested, Beginning Balance | shares | 105,864 |
Shares, Granted | shares | 36,396 |
Shares, Vested | shares | (32,607) |
Shares, Forfeited | shares | (1,916) |
Shares, Nonvested, Ending Balance | shares | 107,737 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning Balance | $ / shares | $ 15.89 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 28.45 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 16.70 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 16 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending Balance | $ / shares | $ 18.80 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Capital conservation buffer | 2.50% |
Capital conservation buffer ratio to be phased in at beginning | 0.625% |
Capital conservation buffer phase in year | 2,016 |
Capital conservation buffer period final year | 2,019 |
Regulatory Capital Matters - Ac
Regulatory Capital Matters - Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital to risk-weighted assets, Actual Amount | $ 188,225 | $ 167,562 |
Total Capital to risk-weighted assets, Actual Amount | 262,107 | 186,243 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 188,225 | 174,656 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 188,225 | $ 174,656 |
Common equity Tier 1 capital to risk-weighted assets | 9.09% | 10.08% |
Total Capital to risk weighted assets, Actual Ratio | 12.66% | 11.21% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 9.09% | 10.51% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 7.15% | 8.48% |
Common equity Tier 1 capital to risk-weighted assets | $ 93,188 | $ 74,768 |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 165,667 | 132,922 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 124,250 | 99,691 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 105,361 | $ 82,362 |
Common equity Tier 1 capital to risk-weighted assets | 4.50% | 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% | 6.00% |
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] | ||
Common equity Tier 1 capital to risk-weighted assets, Actual Amount | $ 243,995 | $ 172,205 |
Total Capital to risk-weighted assets, Actual Amount | 259,585 | 183,792 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 243,995 | 172,205 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 243,995 | $ 172,205 |
Common equity Tier 1 capital to risk-weighted assets | 11.77% | 10.36% |
Total Capital to risk weighted assets, Actual Ratio | 12.52% | 11.06% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 11.77% | 10.36% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 9.26% | 8.36% |
Common equity Tier 1 capital to risk-weighted assets | $ 93,314 | $ 74,772 |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 165,892 | 132,928 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 124,419 | 99,696 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 105,343 | $ 82,357 |
Common equity Tier 1 capital to risk-weighted assets | 4.50% | 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% | 6.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Common equity Tier 1 capital to risk-weighted assets | $ 134,787 | $ 108,004 |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 207,365 | 166,160 |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 165,892 | 132,928 |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 131,678 | $ 102,946 |
Common equity Tier 1 capital to risk-weighted assets | 6.50% | 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% | 8.00% |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | 5.00% |
Fair Value - Additional informa
Fair Value - Additional information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
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 | $ 2,942,000 | $ 2,463,000 | $ 6,859,000 | $ 5,573,000 | |
Carrying amount of impaired loans with specific allocations | 2,414,000 | 2,414,000 | $ 4,170,000 | ||
Additional provision for loan losses | 1,392,000 | 1,724,000 | 4,095,000 | 3,154,000 | |
Foreclosed assets | 0 | 0 | 200,000 | ||
Write-down value during period | 0 | 0 | 0 | 0 | |
Loans Held for Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Unpaid principal balance of loans held for sale | 25,937,000 | 25,937,000 | 13,754,000 | ||
Change in fair value related to loans held for sale | 882,000 | 325,000 | |||
Change in fair value of loans held for sale | 326,000 | 248,000 | 558,000 | (22,000) | |
Fair Value [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Carrying amount of impaired loans with specific allocations | 375,000 | $ 375,000 | $ 0 | ||
Number of impaired loans | SecurityLoan | 1 | ||||
Changes Measurement [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Additional provision for loan losses | $ 115,000 | $ 115,000 | $ 0 | $ 0 | |
Maximum [Member] | Loans Held for Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Term of loan | 90 days | 90 days |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 670,756 | $ 575,838 |
Loans held for sale | 26,819 | 14,079 |
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 | 3,138 | 6,817 |
Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 556,797 | 500,955 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 19,759 | 19,835 |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 91,062 | 48,231 |
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 | 670,056 | 575,838 |
Loans held for sale | 26,819 | 14,079 |
Mortgage banking derivatives | 858 | 411 |
Mortgage banking derivatives | 87 | 29 |
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 | 3,138 | 6,817 |
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 | 556,797 | 500,955 |
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 | 19,759 | 19,835 |
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 | $ 91,062 | $ 48,231 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 55,749 | $ 52,394 | $ 47,658 | $ 49,347 |
Certificates of deposit held at other financial institutions | 1,055 | 250 | ||
Securities available for sale | 670,756 | 575,838 | ||
Securities held to maturity, Carrying Amount | 235,050 | 158,200 | ||
Securities held to maturity, Fair Value | 243,946 | 161,969 | ||
Loans held for sale, Fair Value | 26,819 | 14,079 | ||
Net loans, Carrying Amount | 1,638,468 | 1,292,239 | ||
Servicing rights, net, Carrying Amount | 3,566 | 3,455 | ||
Servicing rights, net, Fair Value | 3,948 | 4,635 | ||
Accrued interest receivable | 7,871 | 7,299 | ||
Deposits, Carrying Amount | 2,217,954 | 1,814,039 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 45,843 | 101,086 | ||
Federal Home Loan Bank advances, Carrying Amount | 162,000 | 57,000 | ||
Subordinated notes, net | 58,292 | |||
Accrued interest payable | 1,399 | 644 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents , Fair Value | 55,749 | 52,394 | ||
Certificates of deposit held at other financial institutions, Fair Value | 1,055 | 250 | ||
Securities available for sale | 670,756 | 575,838 | ||
Securities held to maturity, Fair Value | 243,946 | 161,969 | ||
Loans held for sale, Fair Value | 26,819 | 14,079 | ||
Net loans, Fair Value | 1,621,695 | 1,279,849 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 3,948 | 4,635 | ||
Accrued interest receivable | 7,871 | 7,299 | ||
Deposits, Fair Value | 2,219,602 | 1,811,548 | ||
Federal funds purchased and repurchase agreements, Fair Value | 45,843 | 101,086 | ||
Federal Home Loan Bank advances, Fair Value | 162,024 | 56,931 | ||
Subordinated notes, net | 61,867 | |||
Accrued interest payable | 1,399 | 644 | ||
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 | 55,749 | 52,394 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 3 | |||
Deposits, Fair Value | 1,223,120 | 1,062,587 | ||
Accrued interest payable | 123 | 100 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Certificates of deposit held at other financial institutions, Fair Value | 1,055 | 250 | ||
Securities available for sale | 670,756 | 575,838 | ||
Securities held to maturity, Fair Value | 243,946 | 161,969 | ||
Loans held for sale, Fair Value | 26,819 | 14,079 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 3,948 | 4,635 | ||
Accrued interest receivable | 3,634 | 3,780 | ||
Deposits, Fair Value | 996,482 | 748,961 | ||
Federal funds purchased and repurchase agreements, Fair Value | 45,843 | 101,086 | ||
Federal Home Loan Bank advances, Fair Value | 162,024 | 56,931 | ||
Accrued interest payable | 915 | 544 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net loans, Fair Value | 1,621,695 | 1,279,849 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 4,237 | 3,516 | ||
Subordinated notes, net | 61,867 | |||
Accrued interest payable | 361 | |||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | 55,749 | 52,394 | ||
Certificates of deposit held at other financial institutions | 1,055 | 250 | ||
Securities available for sale | 670,756 | 575,838 | ||
Securities held to maturity, Carrying Amount | 235,050 | 158,200 | ||
Loans held for sale, Carrying Amount | 26,819 | 14,079 | ||
Net loans, Carrying Amount | 1,638,468 | 1,292,239 | ||
Restricted equity securities, Carrying Amount | 11,829 | 7,998 | ||
Servicing rights, net, Carrying Amount | 3,566 | 3,455 | ||
Accrued interest receivable | 7,871 | 7,299 | ||
Deposits, Carrying Amount | 2,217,954 | 1,814,039 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 45,843 | 101,086 | ||
Federal Home Loan Bank advances, Carrying Amount | 162,000 | 57,000 | ||
Subordinated notes, net | 58,292 | |||
Accrued interest payable | $ 1,399 | $ 644 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic | ||||
Net income available to common shareholders | $ 7,030 | $ 5,125 | $ 20,239 | $ 11,341 |
Less: earnings allocated to participating securities | (69) | (52) | (213) | (127) |
Net income allocated to common shareholders | $ 6,961 | $ 5,073 | $ 20,026 | $ 11,214 |
Weighted average common shares outstanding including participating securities | 10,721,253 | 10,516,290 | 10,652,223 | 9,668,497 |
Less: Participating securities | (105,343) | (107,502) | (111,937) | (108,617) |
Average shares | 10,615,910 | 10,408,788 | 10,540,286 | 9,559,880 |
Basic earnings per common share | $ 0.66 | $ 0.49 | $ 1.90 | $ 1.17 |
Diluted | ||||
Net income allocated to common shareholders | $ 6,961 | $ 5,073 | $ 20,026 | $ 11,214 |
Weighted average common shares outstanding for basic earnings per common share | 10,615,910 | 10,408,788 | 10,540,286 | 9,559,880 |
Add: Dilutive effects of assumed exercises of stock options | 612,955 | 534,148 | 585,326 | 466,955 |
Add: Dilutive effects of assumed exercises of stock warrants | 13,370 | 13,265 | 12,937 | 13,257 |
Average shares and dilutive potential common shares | 11,242,235 | 10,956,201 | 11,138,549 | 10,040,092 |
Dilutive earnings per common share | $ 0.62 | $ 0.46 | $ 1.80 | $ 1.12 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Stock options to purchase shares of the Company's common stock | 272,087 | 226,040 | 151,544 | 228,691 |
Subordinated Notes - Additional
Subordinated Notes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | |||
Notes, Redemption description | The March 2016 Notes will mature on March 30, 2026, unless redeemed prior to that date. The Company may redeem the March 2016 Notes in whole or in part on or after March 30, 2021, and in whole, but not in part, at any time within 90 days following a “Regulatory Capital Treatment Event”, as defined in the First Supplemental Indenture, dated as of March 31, 2016, between the Company and U.S. Bank National Association, as trustee (the “Supplemental Indenture”) governing the March 2016 Notes. The redemption price for any redemption will be 100% of the principal amount of the March 2016 Notes, plus unpaid interest, if any, accrued to but excluding the date of redemption. Any early redemption of the March 2016 Notes will be subject to the receipt of the approval of the Federal Reserve to the extent then required under applicable laws or regulations, including capital regulations. | ||
Proceeds from sale of notes | $ 58,213,000 | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Notes, Aggregate principal amount | $ 40,000,000 | $ 20,000,000 | |
Notes, Maturity date | Mar. 30, 2026 | Jul. 1, 2026 | |
Notes, Redemption period start date | Mar. 30, 2021 | ||
Notes, Redemption price percentage | 100.00% | ||
Notes, Sinking fund | $ 0 | $ 0 | |
Notes, Redemption description | The June 2016 Notes have a stated maturity of July 1, 2026, and bear interest at a fixed rate of 7.00% per year through June 30, 2021, computed on the basis of a 360-day year consisting of twelve 30-day months, payable semi-annually in arrears on January 1 and July 1 of each year beginning on January 1, 2017. | ||
Notes, Interest rate | 6.875% | 7.00% | 7.00% |
Notes, Frequency of payment | Semi-annually | ||
Notes, Variable rate basis description | Three-month LIBOR | ||
Notes, Basis spread on variable rate | 6.04% | ||
Proceeds from sale of notes | $ 38,843,000 | $ 58,292,000 | |
Notes, Issuance cost | $ 1,382,000 | $ 404,000 | |
Term of notes | 10 years | 10 years | |
Subordinated Debt [Member] | Series A [Member] | Senior Non-cumulative Preferred Stock [Member] | |||
Debt Instrument [Line Items] | |||
Preferred stock redemption amount | $ 10,000,000 | ||
Subordinated Debt [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Notes, Frequency of payment | Quarterly | ||
Notes, Basis spread on variable rate | 5.636% |