Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FSB | ||
Entity Registrant Name | FRANKLIN FINANCIAL NETWORK INC. | ||
Entity Central Index Key | 1,407,067 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 13,059,162 | ||
Entity Public Float | $ 304,542,479.36 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from financial institutions | $ 90,927 | $ 52,394 |
Certificates of deposit at other financial institutions | 1,055 | 250 |
Securities available for sale | 754,755 | 575,838 |
Securities held to maturity (fair value 2016-$227,892 and 2015-$161,969) | 228,894 | 158,200 |
Loans held for sale, at fair value | 23,699 | 14,079 |
Loans | 1,773,592 | 1,303,826 |
Allowance for loan losses | (16,553) | (11,587) |
Net loans | 1,757,039 | 1,292,239 |
Restricted equity securities, at cost | 11,843 | 7,998 |
Premises and equipment, net | 9,551 | 7,640 |
Accrued interest receivable | 9,931 | 7,299 |
Bank owned life insurance | 23,267 | 22,619 |
Deferred tax asset | 15,013 | 9,430 |
Assets held for sale | 1,640 | |
Foreclosed assets | 0 | 200 |
Servicing rights, net | 3,621 | 3,455 |
Goodwill | 9,124 | 9,124 |
Core deposit intangible, net | 1,480 | 2,043 |
Other assets | 2,990 | 3,344 |
Total assets | 2,943,189 | 2,167,792 |
Deposits | ||
Non-interest bearing | 233,781 | 176,742 |
Interest bearing | 2,158,037 | 1,637,297 |
Total deposits | 2,391,818 | 1,814,039 |
Federal funds purchased and repurchase agreements | 83,301 | 101,086 |
Federal Home Loan Bank advances | 132,000 | 57,000 |
Subordinated notes, net | 58,337 | |
Accrued interest payable | 1,924 | 644 |
Other liabilities | 5,448 | 6,207 |
Total liabilities | 2,672,828 | 1,978,976 |
Equity | ||
Preferred stock, no par value: 1,000,000 shares authorized; Senior non-cumulative preferred stock, no par value, $10,000 liquidation value: Series A, 10,000 shares authorized; no shares outstanding at December 31, 2016; 10,000 shares issued and outstanding at December 31, 2015 | 10,000 | |
Common stock, no par value: 20,000,000 shares authorized; 13,036,954 and 10,571,377 issued at December 31, 2016 and 2015, respectively | 218,354 | 147,784 |
Retained earnings | 59,386 | 31,352 |
Accumulated other comprehensive loss | (7,482) | (320) |
Total shareholders' equity | 270,258 | 188,816 |
Noncontrolling interest in consolidated subsidiary | 103 | |
Total equity | 270,361 | 188,816 |
Total liabilities and equity | $ 2,943,189 | $ 2,167,792 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity securities, fair value | $ 227,892,000 | $ 161,969,000 |
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 | 13,036,954 | 10,571,377 |
Senior Non-cumulative Preferred Stock [Member] | ||
Preferred stock, no par value | ||
Preferred stock, liquidation value | $ 10,000,000 | $ 10,000,000 |
Series A [Member] | ||
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income and dividends | |||
Loans, including fees | $ 78,236 | $ 53,574 | $ 33,585 |
Securities: | |||
Taxable | 15,306 | 12,362 | 9,459 |
Tax-exempt | 5,609 | 2,331 | 81 |
Dividends on restricted equity securities | 500 | 350 | 227 |
Federal funds sold and other | 256 | 104 | 80 |
Total interest income | 99,907 | 68,721 | 43,432 |
Interest expense | |||
Deposits | 14,234 | 8,688 | 5,301 |
Federal funds purchased and repurchase agreements | 303 | 306 | 176 |
Federal Home Loan Bank advances | 884 | 312 | 262 |
Subordinated notes and other borrowings | 2,902 | ||
Total interest expense | 18,323 | 9,306 | 5,739 |
Net interest income | 81,584 | 59,415 | 37,693 |
Provision for loan losses | 5,240 | 5,030 | 2,374 |
Net interest income after provision for loan losses | 76,344 | 54,385 | 35,319 |
Noninterest income | |||
Service charges on deposit accounts | 185 | 113 | 53 |
Other service charges and fees | 3,041 | 2,644 | 1,777 |
Net gain on sale of loans | 7,183 | 6,959 | 5,814 |
Wealth management | 1,894 | 1,283 | 639 |
Loan servicing fees, net | 22 | 227 | 254 |
Gain on sales and calls of securities | 2,172 | 833 | 259 |
Net gain (loss) on foreclosed assets | 40 | 26 | (96) |
Other | 603 | 771 | 1,255 |
Total noninterest income | 15,140 | 12,856 | 9,955 |
Noninterest expense | |||
Salaries and employee benefits | 30,029 | 24,040 | 19,160 |
Occupancy and equipment | 7,627 | 6,589 | 4,729 |
FDIC assessment expense | 2,068 | 1,167 | 600 |
Marketing | 762 | 956 | 728 |
Professional fees | 3,546 | 2,425 | 2,040 |
Other | 7,649 | 6,963 | 4,469 |
Total noninterest expense | 51,681 | 42,140 | 31,726 |
Income before income tax expense | 39,803 | 25,101 | 13,548 |
Income tax expense | 11,746 | 9,021 | 5,134 |
Net income | 28,057 | 16,080 | 8,414 |
Dividends paid on Series A preferred stock | (23) | (100) | (100) |
Earnings attributable to noncontrolling interest | 0 | 0 | 0 |
Net income available to common shareholders | $ 28,034 | $ 15,980 | $ 8,314 |
Earnings per share: | |||
Basic | $ 2.56 | $ 1.62 | $ 1.32 |
Diluted | $ 2.42 | $ 1.54 | $ 1.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 28,057 | $ 16,080 | $ 8,414 |
Unrealized gains/losses on securities: | |||
Unrealized holding gain (loss) arising during the period | (9,609) | (3,220) | 11,131 |
Reclassification adjustment for gains on sales, calls, and prepayments of securities included in net income | (2,172) | (833) | (259) |
Net unrealized gains (losses) | (11,781) | (4,053) | 10,872 |
Tax effect, includes $852, $327, and $102, respectively, income tax expense from gains on sales of securities | 4,619 | 1,557 | (4,163) |
Total other comprehensive income (loss) | (7,162) | (2,496) | 6,709 |
Comprehensive income | $ 20,895 | $ 13,584 | $ 15,123 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Income tax expense from gains on sales and calls of securities | $ 852 | $ 327 | $ 104 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Initial Public Offering [Member] | Common Stock [Member]MidSouth Bank [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series A Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2013 | $ 65,163 | $ 10,000 | $ 52,638 | $ 7,058 | $ (4,533) | ||||
Exercise of common stock options, includes net settlement of shares | $ 236 | $ 236 | |||||||
Beginning balance, shares at Dec. 31, 2013 | 4,862,875 | ||||||||
Exercise of common stock options, includes net settlement of shares, number of shares | 23,809 | 23,809 | 137,280 | ||||||
Dividends paid on Series A preferred stock | $ (100) | $ (100) | |||||||
Issuance of restricted stock, net of forfeitures | 83,191 | ||||||||
Stock based compensation expense, net of forfeitures | 611 | $ 611 | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 275 | $ 275 | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 20,345 | ||||||||
Stock and stock options (137,280 options) issued related to MidSouth Bank acquisition, net of stock issuance costs of $514 | 40,462 | $ 40,462 | |||||||
Common stock, shares | 2,766,191 | ||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 29 | 29 | |||||||
Net income | 8,414 | 8,414 | |||||||
Other comprehensive (loss) income | 6,709 | 6,709 | |||||||
Ending balance at Dec. 31, 2014 | 121,799 | 10,000 | $ 94,251 | 15,372 | 2,176 | ||||
Ending balance, shares at Dec. 31, 2014 | 7,756,411 | ||||||||
Exercise of common stock options, includes net settlement of shares | $ 1,301 | $ 1,301 | |||||||
Exercise of common stock options, includes net settlement of shares, number of shares | 138,901 | 125,478 | |||||||
Exercise of common stock warrants | $ 79 | $ 79 | |||||||
Exercise of common stock warrants, number of shares | 6,570 | 6,570 | |||||||
Dividends paid on Series A preferred stock | $ (100) | (100) | |||||||
Issuance of restricted stock, net of forfeitures | 28,229 | ||||||||
Stock based compensation expense, net of forfeitures | 860 | $ 860 | |||||||
Issuance of shares of common stock, net of stock offering costs | 50,423 | $ 50,423 | |||||||
Common stock, shares | 2,640,000 | ||||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 337 | $ 337 | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 14,689 | ||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 533 | $ 533 | |||||||
Net income | 16,080 | 16,080 | |||||||
Other comprehensive (loss) income | (2,496) | (2,496) | |||||||
Ending balance at Dec. 31, 2015 | 188,816 | $ 10,000 | $ 147,784 | $ 31,352 | $ (320) | ||||
Ending balance, shares at Dec. 31, 2015 | 10,571,377 | ||||||||
Exercise of common stock options, includes net settlement of shares | $ 1,571 | $ 1,571 | |||||||
Exercise of common stock options, includes net settlement of shares, number of shares | 214,947 | 190,389 | |||||||
Exercise of common stock warrants | $ 101 | $ 101 | |||||||
Exercise of common stock warrants, number of shares | 8,450 | 8,450 | |||||||
Redemption of Series A preferred stock | $ (10,000) | ||||||||
Dividends paid on Series A preferred stock | (23) | $ (23) | |||||||
Issuance of restricted stock, net of forfeitures | 34,001 | ||||||||
Stock based compensation expense, net of forfeitures | 1,641 | $ 1,641 | |||||||
Issuance of shares of common stock, net of stock offering costs | 67,557 | 67,557 | |||||||
Common stock, shares | 2,242,500 | ||||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | (300) | $ (300) | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | (9,763) | ||||||||
Issuance of preferred stock of consolidated subsidiary to noncontrolling interest, net of issuance costs | $ 103 | $ 103 | |||||||
Issuance of preferred stock of consolidated subsidiary to noncontrolling interest, shares | 0 | 0 | 0 | 0 | 0 | ||||
Net income | $ 28,057 | $ 28,057 | |||||||
Other comprehensive (loss) income | (7,162) | $ (7,162) | |||||||
Ending balance at Dec. 31, 2016 | $ 270,361 | $ 218,354 | $ 59,386 | $ (7,482) | $ 103 | ||||
Ending balance, shares at Dec. 31, 2016 | 13,036,954 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Proceeds from issuance of Stock options | 214,947 | 138,901 | 23,809 |
Common Stock [Member] | |||
Proceeds from issuance of Stock options | 190,389 | 125,478 | 23,809 |
Stock issued related to initial public offering, stock issuance costs | $ 5,017 | ||
Initial Public Offering [Member] | Common Stock [Member] | |||
Stock issued related to initial public offering, stock issuance costs | $ 4,203 | ||
MidSouth Bank [Member] | Common Stock [Member] | |||
Proceeds from issuance of Stock options | 137,280 | ||
Proceeds from issuance of common stock, net of offering costs | $ 514 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 28,057 | $ 16,080 | $ 8,414 |
Adjustments to reconcile net income to net cash from operating activities | |||
Depreciation and amortization on premises and equipment | 1,330 | 1,325 | 931 |
Accretion of purchase accounting adjustments | (1,175) | (1,897) | (1,589) |
Net amortization of securities | 7,673 | 4,961 | 2,596 |
Amortization of loan servicing right asset | 1,201 | 909 | 727 |
Amortization of core deposit intangible | 563 | 655 | 362 |
Amortization of debt issuance costs | 124 | ||
Provision for loan losses | 5,240 | 5,030 | 2,374 |
Deferred income tax benefit | (964) | (1,058) | (130) |
Excess tax benefit related to the exercise of stock options | (1,013) | (533) | (29) |
Origination of loans held for sale | (371,173) | (301,190) | (262,955) |
Proceeds from sale of loans held for sale | 367,369 | 312,150 | 266,932 |
Net gain on sale of loans | (7,183) | (6,959) | (5,814) |
Gain on sale of available for sale securities | (2,172) | (684) | (259) |
Gain on call of held to maturity securities | (149) | ||
Income from bank owned life insurance | (648) | (611) | (288) |
(Gain) loss on sale of foreclosed assets | (28) | (16) | 96 |
Loss on sale of assets held for sale | 98 | ||
Stock-based compensation | 1,641 | 860 | 611 |
Compensation expense related to common stock issued to 401(k) plan | 466 | 275 | |
Recognition of deferred gain on sale of loans | (64) | (36) | (50) |
Recognition of deferred gain on sale of foreclosed assets | (12) | (10) | (5) |
Loss on disposal of non-bank subsidiary | 32 | ||
Net change in: | |||
Accrued interest receivable and other assets | (2,278) | (5,599) | (82) |
Accrued interest payable and other liabilities | 1,610 | 3,584 | (219) |
Net cash from operating activities | 28,196 | 27,278 | 11,930 |
Available for sale securities: | |||
Sales | 93,873 | 107,300 | 44,181 |
Purchases | (391,036) | (498,977) | (198,452) |
Maturities, prepayments and calls | 103,307 | 204,147 | 93,339 |
Held to maturity securities: | |||
Purchases | (94,749) | (116,322) | (8,601) |
Maturities, prepayments and calls | 21,712 | 10,670 | 11,551 |
Net change in loans | (468,973) | (515,837) | (181,928) |
Purchase of bank owned life insurance | (10,344) | ||
Proceeds from sale of buildings held for sale | 1,542 | 4,080 | |
Purchase of restricted equity securities | (3,845) | (2,649) | (745) |
Proceeds from sale of foreclosed assets | 336 | 531 | 1,166 |
Purchases of premises and equipment, net | (3,241) | (941) | (3,887) |
Increase in certificates of deposits at other financial institutions | (805) | ||
Net cash provided from sale of non-bank subsidiary | 205 | ||
Net cash acquired from acquisition | 12,197 | ||
Net cash from investing activities | (741,879) | (818,342) | (230,974) |
Cash flows from financing activities | |||
Increase in deposits | 577,779 | 641,867 | 246,629 |
Increase (decrease) in federal funds purchased and repurchase agreements | (17,785) | 62,008 | 13,894 |
Proceeds from Federal Home Loan Bank advances | 325,000 | 157,000 | 15,000 |
Repayment of Federal Home Loan Bank advances | (250,000) | (119,000) | (25,000) |
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 | 101 | 79 | |
Proceeds from exercise of common stock options | 1,571 | 1,834 | 265 |
Proceeds from issuance of common stock, net of offering costs | 67,557 | 50,423 | (514) |
Divestment of common stock issued to 401(k) plan | (300) | ||
Redemption of Series A preferred stock | (10,000) | ||
Dividends paid on preferred stock | (23) | (100) | (100) |
Proceeds from issuance of preferred stock of consolidated subsidiary to noncontrolling interest, net of issuance costs | 103 | ||
Net cash from financing activities | 752,216 | 794,111 | 250,174 |
Net change in cash and cash equivalents | 38,533 | 3,047 | 31,130 |
Cash and cash equivalents at beginning of period | 52,394 | 49,347 | 18,217 |
Cash and cash equivalents at end of period | 90,927 | 52,394 | 49,347 |
Supplemental information: | |||
Interest paid | 17,043 | 9,083 | 5,540 |
Income taxes paid | 14,023 | 9,738 | $ 5,692 |
Non-cash supplemental information: | |||
Fair value of stock and stock options issued related to MidSouth Bank acquisition | 40,976 | ||
Transfers from loans to foreclosed assets | $ 108 | $ 1,273 | |
Transfers from premises and equipment to assets held for sale | $ 1,640 | $ 4,080 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Franklin Financial Network, Inc. was incorporated under the laws of the State of Tennessee on April 5, 2007. Franklin Synergy Bank was incorporated under the laws of the State of Tennessee and received its Certificate of Authority from the Tennessee Department of Financial Institutions and approval of FDIC insurance on November 2, 2007. Franklin Synergy Bank is also a Federal Reserve member bank. The Company provides financial services through its offices in Franklin, Brentwood, Spring Hill, Murfreesboro, Nashville, Nolensville, and Smyrna, Tennessee. Its primary deposit products are checking, savings, and certificate of deposit accounts, and its primary lending products are commercial and residential construction, commercial, installment loans and lines secured by home equity. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets, and consumer assets. Commercial loans are expected to be repaid by cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also focuses on electronic banking products such as internet banking, remote deposit capture and lockbox services. The Company purchased the assets of Banc Compliance Group LLC in May 2008 forming a wholly-owned subsidiary, Banc Compliance Group, Inc., which provided bank compliance and consulting services to community banks. The Company sold the assets of Banc Compliance Group, Inc. at December 31, 2014. On July 1, 2014 the Company completed its acquisition of MidSouth Bank (MidSouth”), which was merged with and became part of the Bank. On December 28, 2015, the Company invested in a wholly-owned subsidiary, Franklin Synergy Risk Management, Inc., which provides risk management services to the Company in the form of enhanced insurance coverages. On March 1, 2016, the Bank invested in a wholly-owned subsidiary, Franklin Synergy Investments of Tennessee, Inc. (“FSIT”), which provides investment services to the Bank. Also on March 1, 2016, FSIT invested in a wholly-owned subsidiary, Franklin Synergy Investments of Nevada, Inc. (“FSIN”), to provide investment services to FSIT related to certain municipal securities. In addition, on March 1, 2016, FSIN invested in a subsidiary, Franklin Synergy Preferred Capital, Inc., to serve as a real estate investment trust (“REIT”), to allow the Bank to sell real estate loans to obtain a tax benefit. FSIN has a controlling interest in the REIT, but the REIT also has a group of investors that own a noncontrolling interest in the preferred stock of the REIT. Use of Estimates Cash Flows Interest-Bearing Deposits in Financial Institutions Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. No OTTI has been recognized for the years ended December 31, 2016, 2015 or 2014. Loans Held for Sale Certain loans held for sale are sold with servicing rights retained. The carrying value of loans sold with retained servicing is reduced by the amount allocated to the servicing right. Gains and losses on sales of loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans held for sale, for which the fair value option has been elected, are recorded at fair value as of each balance sheet date. The fair value includes the servicing value of the loans. Loans Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off non-accrual non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Concentration of Credit Risk Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows in greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case All loans classified by management as substandard or worse are individually evaluated for potential designation as impaired. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired Construction and land development loans include loans to finance the process of improving loans preparatory to erecting new structures or the on-site Commercial real estate loans include loans secured by non-residential Residential real estate loans include loans secured by residential real estate, including single-family and multi-family dwellings. Mortgage title insurance and hazard insurance are normally required. Adverse economic conditions in the Company’s market area may reduce borrowers’ ability to repay these loans and may reduce the collateral securing these loans. Commercial and industrial loans include loans for commercial, industrial, healthcare or agricultural purposes to business enterprises that are not secured by real estate. Commercial loans are typically made on the basis of the borrower’s ability to repay from the cash flow of the borrower’s business. Commercial and Agriculture loans are generally secured by accounts receivable, inventory and equipment. The collateral securing loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Consumer and other loans include loans to individuals for household, family and other personal expenditures that are not secured by real estate. Consumer loans are generally secured by customer deposit accounts, vehicles and other household goods. The collateral securing consumer loans may depreciate over time. Servicing Rights non-interest Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with loan servicing fees on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as loan servicing fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against mortgage loan servicing fee income. Late fees and ancillary fees related to loan servicing are not material. Transfers of Financial Assets Foreclosed Assets Assets Held for Sale Premises and Equipment Restricted Equity Securities Company Owned Life Insurance/Bank Owned Life Insurance Goodwill and Other Intangible Assets Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from whole bank and branch acquisitions are amortized on an accelerated method over their estimated useful lives, which range from 7 to 10 years. Long-Term Assets Loan Commitments and Related Financial Instruments off-balance Mortgage Banking Derivatives Stock-Based Compensation 718-20 Compensation – Stock Compensation Awards Classified as Equity 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” Income Taxes A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Retirement Plans Comprehensive Income Earnings Per Common Share non-forfeitable Loss Contingencies Restrictions on Cash Dividend Restriction Fair Value of Financial Instruments Operating Segments Reclassifications Recently Adopted Accounting Pronouncements ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 paid-in paid-in paid-in ASU 2016-09 ASU 2016-09 Recently Issued, Not Yet Effective Accounting Pronouncements 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers 2014-09 2014-09 2014-09 Other Assets and Deferred Costs: Contracts with Customers 340-40”), non-monetary In January 2016, FASB issued ASU 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities On February 25, 2016, FASB issued ASU 2016-02 Topic 842, Leases Topic 840, Leases 2016-02 right-of-use 2016-02 right-of-use 2016-02 In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. zero-coupon |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 2 - SECURITIES The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at December 31, 2016 and 2015 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss. Amortized Gross Gross Fair December 31, 2016 Mortgage-backed securities: residential $ 614,344 $ 949 $ (8,208 ) $ 607,085 Mortgage-backed securities: commercial 19,439 27 (132 ) 19,334 State and political subdivisions 133,280 238 (5,182 ) 128,336 Total $ 767,063 $ 1,214 $ (13,522 ) $ 754,755 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 held to maturity securities portfolio at December 31, 2016 and 2015 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair December 31, 2016 U.S. government sponsored entities and agencies $ 203 $ 6 $ — $ 209 Mortgage backed securities: residential 106,169 328 (2,343 ) 104,154 State and political subdivisions 122,522 1,214 (207 ) 123,529 Total $ 228,894 $ 1,548 $ (2,550 ) $ 227,892 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 mortgage backed securities in which the Company has invested, both available for sale and held to maturity, are either issued by or guaranteed by Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA), or Government National Mortgage Association (GNMA). The proceeds from sales, calls, and prepayments of available for sale securities and the associated gains and losses were as follows: 2016 2015 2014 Proceeds from sales $ 93,873 $ 107,300 $ 44,181 Proceeds from calls and prepayments $ 11,805 $ 2,000 $ — Gross gains 2,557 972 422 Gross losses (385 ) (288 ) (163 ) Calls of held to maturity securities resulted in gross gains of $148 during 2015. Gross proceeds from these calls totaled $2,300. The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. December 31, 2016 Amortized Fair Available for sale Three months or less $ — $ — Over three months through one year 17,600 17,536 Over one year through five years — — Over five years through ten years 2,857 2,853 Over ten years 112,823 107,947 Mortgage-backed securities: commercial 19,439 19,334 Mortgage-backed securities: residential 614,344 607,085 Total $ 767,063 $ 754,755 Held to maturity Three months or less $ — $ — Over three months through one year — — Over one year through five years 705 740 Over five years through ten years 5,055 5,056 Over ten years 116,965 117,942 Mortgage-backed securities: residential 106,169 104,154 Total $ 228,894 $ 227,892 Securities pledged at December 31, 2016 and 2015 had a carrying amount of $808,224 and $595,524 and were pledged to secure public deposits and repurchase agreements. At December 31, 2016 and 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 December 31, 2016 and 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 December 31, 2016 Available for sale Mortgage-backed securities: residential $ 465,416 $ (7,833 ) $ 9,907 $ (375 ) $ 475,323 $ (8,208 ) Mortgage-backed securities: commercial 15,752 (132 ) — — 15,752 (132 ) State and political subdivisions 100,020 (5,182 ) — — 100,020 (5,182 ) Total available for sale $ 581,188 $ (13,147 ) $ 9,907 $ (375 ) $ 591,095 $ (13,522 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity Mortgage-backed securities: residential $ 89,523 $ (2,244 ) $ 3,025 $ (99 ) $ 92,548 $ (2,343 ) State and political subdivisions 18,907 (207 ) — — 18,907 (207 ) Total held to maturity $ 108,430 $ (2,451 ) $ 3,025 $ (99 ) $ 111,455 $ (2,550 ) 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 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. At December 31, 2016, the Company had 162 available for sale securities in an unrealized loss position and 38 held to maturity securities in an unrecognized loss position. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans | NOTE 3 - LOANS Loans at December 31, 2016 and 2015 were as follows: December 31, December 31, Loans that are not PCI loans Construction and land development $ 489,562 $ 372,767 Commercial real estate: Nonfarm, nonresidential 458,569 353,268 Other 38,571 10,955 Residential real estate: Closed-end 1-4 254,474 162,933 Other 150,515 112,001 Commercial and industrial 376,476 283,888 Consumer and other 3,359 6,577 Loans before net deferred loan fees 1,771,526 1,302,389 Deferred loan fees, net (793 ) (2,476 ) Total loans that are not PCI loans 1,770,733 1,299,913 Total PCI loans 2,859 3,913 Allowance for loan losses (16,553 ) (11,587 ) Total loans, net of allowance for loan losses $ 1,757,039 $ 1,292,239 The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2016, 2015 and 2014: Construction Commercial Residential Commercial Consumer Total December 31, 2016 Allowance for loan losses: Beginning balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Provision for loan losses 601 1,120 511 2,964 44 5,240 Loans charged-off (11 ) — (40 ) (255 ) (42 ) (348 ) Recoveries — — 66 1 7 74 Total ending allowance balance $ 3,776 $ 4,266 $ 2,398 $ 6,068 $ 45 $ 16,553 Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision for loan losses 496 1,652 76 2,755 51 5,030 Loans charged-off — — (32 ) (48 ) (135 ) (215 ) Recoveries — — 26 1 65 92 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Beginning balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 Provision for loan losses 1,138 523 385 371 (43 ) 2,374 Loans charged-off — (540 ) (61 ) (58 ) — (659 ) Recoveries — — 65 — — 65 Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 For the years ended December 31, 2016 and 2015, there was $0 and $9, respectively, in allowance for loan losses for PCI loans. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2016 and 2015. Purchased and PCI loans are also included in the table. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total December 31, 2016 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 1,024 $ — $ 1,024 Collectively evaluated for impairment 3,776 4,266 2,398 5,044 45 15,529 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 3,776 $ 4,266 $ 2,398 $ 6,068 $ 45 $ 16,553 Loans: Individually evaluated for impairment $ 1,275 $ 2,836 $ 2,190 $ 3,608 $ — $ 9,909 Collectively evaluated for impairment 488,287 494,304 402,799 372,868 3,359 1,761,617 Purchased credit-impaired loans — 394 496 1,969 — 2,859 Total ending loans balance $ 489,562 $ 497,534 $ 405,485 $ 378,445 $ 3,359 $ 1,774,385 Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 113 $ — $ 113 Collectively evaluated for impairment 3,186 3,137 1,861 3,245 36 11,465 Purchased credit-impaired loans — 9 — — — 9 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Loans: Individually evaluated for impairment $ 1,943 $ 908 $ 1,185 $ 134 $ — $ 4,170 Collectively evaluated for impairment 370,824 363,315 273,749 283,754 6,577 1,298,219 Purchased credit-impaired loans 78 1,460 563 1,812 — 3,913 Total ending loans balance $ 372,845 $ 365,683 $ 275,497 $ 285,700 $ 6,577 $ 1,306,302 Loans collectively evaluated for impairment reported at December 31, 2016 include certain loans acquired from MidSouth on July 1, 2014. The acquired loans were recorded at estimated fair value at date of acquisition, which included an estimated credit discount. On July 1, 2014, acquired non-PCI non-PCI The following table presents information related to impaired loans by class of loans as of December 31, 2016 and 2015: Unpaid Recorded Allowance for December 31, 2016 With no allowance recorded: Construction and land development $ 1,275 $ 1,275 $ — Commercial real estate: Nonfarm, nonresidential 4,423 2,836 — Residential real estate: Closed-end 1-4 2,069 2,069 — Other 121 121 — Commercial and industrial 934 934 — Subtotal 8,822 7,235 — With an allowance recorded: Commercial and industrial 2,864 2,674 1,024 Subtotal 2,864 2,674 1,024 Total $ 11,686 $ 9,909 $ 1,024 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 1-4 476 476 — 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 years ended December 31, 2016, 2015 and 2014: Average Recorded Investment 2016 2015 2014 With no allowance recorded: Construction and land development $ 474 $ 494 $ — Commercial real estate: Nonfarm, nonresidential 1,892 882 587 Residential real estate: Closed-end 1-4 747 261 94 Other 696 415 — Commercial and industrial 207 62 2 Consumer and other 8 10 2 Subtotal 4,024 2,124 683 With an allowance recorded: Commercial real estate: Nonfarm, nonresidential — — 893 Residential real estate: Closed-end 1-4 55 — 359 Commercial and industrial 490 60 53 Consumer and other — 8 — Subtotal 545 68 1,305 Total $ 4,569 $ 2,192 $ 1,988 The impact on net interest income for these loans was not material to the Company’s results of operations for the years ended December 31, 2016, 2015 and 2014. The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2016 and 2015: Nonaccrual Loans Past Due December 31, 2016 Construction and land development $ — $ 1,950 Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 — 452 Other 121 — Commercial and industrial 2,674 150 Consumer and other — — Total $ 3,630 $ 2,552 December 31, 2015 Construction and land development $ — $ 1,943 Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 41 435 Other — — Commercial and industrial 32 — Consumer and other — — 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 December 31, 2016 and 2015 by class of loans: 30-59 60-89 Greater Total Loans PCI Total December 31, 2016 Construction and land development $ 380 $ — $ 1,950 $ 2,330 $ 487,232 $ — $ 489,562 Commercial real estate: Nonfarm, nonresidential 664 — 835 1,499 457,070 394 458,963 Other — — — — 38,571 — 38,571 Residential real estate: Closed-end 1-4 428 10 452 890 253,584 496 254,970 Other 231 — 121 352 150,163 — 150,515 Commercial and industrial 155 39 2,824 3,018 373,458 1,969 378,445 Consumer and other — — — — 3,359 — 3,359 $ 1,858 $ 49 $ 6,182 $ 8,089 $ 1,763,437 $ 2,859 $ 1,774,385 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 1-4 213 — 476 689 162,244 562 163,495 Other 30 — — 30 111,971 1 112,002 Commercial and industrial 86 32 — 118 283,770 1,812 285,700 Consumer and other 2 — — 2 6,575 — 6,577 $ 589 $ 181 $ 3,254 $ 4,024 $ 1,289,365 $ 3,913 $ 1,306,302 Credit Quality Indicators: non-homogeneous non-homogeneous Special Mention. Substandard. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. The following table includes PCI loans, which are included in the “Substandard” column. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of December 31, 2016 and 2015: Pass Special Substandard Total December 31, 2016 Construction and land development $ 488,287 $ — $ 1,275 $ 489,562 Commercial real estate: Nonfarm, nonresidential 449,373 1,847 7,743 458,963 Other 38,571 — — 38,571 Residential real estate: Closed-end 1-4 251,919 — 3,051 254,970 Other 149,504 — 1,011 150,515 Commercial and industrial 373,243 — 5,202 378,445 Consumer and other 3,359 — — 3,359 $ 1,754,256 $ 1,847 $ 18,282 $ 1,774,385 December 31, 2015 Construction and land development $ 370,824 $ — $ 2,021 $ 372,845 Commercial real estate: Nonfarm, nonresidential 352,451 — 2,277 354,728 Other 10,955 — — 10,955 Residential real estate: Closed-end 1-4 162,160 — 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 Troubled Debt Restructurings As of December 31, 2016, the Company’s loan portfolio contains one loan in the amount of $698 that has been modified in a troubled debt restructuring as of December 31, 2016. There were no loans modified in troubled debt restructurings as of December 31, 2015. |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 are as follows: 2016 2015 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 499,385 $ 463,952 Other 2,954 4,037 Custodial escrow balances maintained in connection with serviced loans were $2,477 and $2,494 at year-end The related loan servicing rights activity for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Servicing rights: Beginning of year $ 3,455 $ 3,053 $ 2,640 Additions 1,367 1,311 1,140 Amortized to expense (1,201 ) (909 ) (727 ) Decrease in impairment — — — End of year $ 3,621 $ 3,455 $ 3,053 The components of net loan servicing fees for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Loan servicing fees, net: Loan servicing fees $ 1,223 $ 1,136 $ 981 Amortization of loan servicing fees (1,201 ) (909 ) (727 ) Change in impairment — — — Total $ 22 $ 227 $ 254 The fair value of servicing rights was estimated by management to be approximately $5,015 at December 31, 2016. Fair value for 2016 was determined using a weighted average discount rate of 10.5% and a weighted average prepayment speed of 9.9%. At December 31, 2015, the fair value of servicing rights was estimated by management to be approximately $4,635. Fair value for 2015 was determined using weighted average discount rate of 10.5% and a weighted average prepayment speed of 10.2%. |
Premises and Equipment and Rela
Premises and Equipment and Related Party Leases | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment and Related Party Leases | NOTE 5 - PREMISES AND EQUIPMENT AND RELATED PARTY LEASES Year-end 2016 2015 Construction in progress $ 2,184 $ 282 Land and land improvements 33 33 Buildings 150 150 Leasehold improvements 6,149 5,783 Furniture, fixtures, and equipment 5,229 4,652 Computer equipment and software 2,840 2,480 Automobiles 29 29 16,614 13,409 Accumulated depreciation (7,063 ) (5,769 ) $ 9,551 $ 7,640 Depreciation and amortization expense was $1,330, $1,325 and $931 for the years ended December 31, 2016, 2015 and 2014, respectively. Operating Leases: Related Other Total 2017 $ 2,539 $ 1,097 $ 3,636 2018 3,103 919 4,022 2019 3,149 897 4,046 2020 3,195 829 4,024 2021 3,243 842 4,085 Thereafter 33,441 5,633 39,074 Total $ 48,670 $ 10,217 $ 58,887 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS Goodwill Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2016, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. Acquired Intangible Assets The following table represents acquired intangible assets at December 31, 2016 and 2015: 2016 2015 Gross Carrying Accumulated Gross Carrying Accumulated Acquired intangible assets: Core deposit intangibles $ 3,060 $ (1,580 ) $ 3,060 $ (1,017 ) Aggregate amortization expense was $563, $655 and $362 for 2016, 2015 and 2014, respectively. The following table presents estimated amortization expense for each of the next five years: 2017 $ 473 2018 382 2019 291 2020 201 2021 110 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 7 - DEPOSITS At December 31, 2016 and 2015, time deposits in denominations of $250 or greater totaled $289,571 and $310,741, respectively. At December 31, 2016 and 2015, the Company had $192 and $290, respectively, of deposit accounts in overdraft status and thus have been reclassified to loans on the accompanying consolidated balance sheets. Scheduled maturities of time deposits for the next five years were as follows: 2017 $ 516,233 2018 168,026 2019 66,578 2020 30,674 2021 58,811 |
Federal Funds Purchased and Rep
Federal Funds Purchased and Repurchase Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Federal Funds Purchased and Repurchase Agreements | NOTE 8 - FEDERAL FUNDS PURCHASED AND REPURCHASE AGREEMENTS As of December 31, 2016 and 2015, the Bank had federal funds lines (or the equivalent thereof) with correspondent banks totaling $199,900 and $134,400, respectively. There was $46,805 and $39,825 in outstanding federal funds purchased at December 31, 2016 and 2015, respectively. The Bank enters into borrowing arrangements with our retail business customers and correspondent banks through agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these short-term borrowing arrangements. At maturity the securities underlying the agreements are returned to the Company. At December 31, 2016 and December 31, 2015, these short-term borrowings totaled $36,496 and $61,261, respectively, and are secured by securities with carrying amounts of $41,136 and $73,478, respectively. At December 31, 2016, the Company had $36,496 in repurchase agreements that had one-day Information concerning securities sold under agreements to repurchase is summarized as follows: 2016 2015 2014 Average daily balance during the year $ 39,647 $ 38,241 $ 12,792 Average interest rate during the year 0.58 % 0.53 % 0.58 % Maximum month-end $ 61,669 $ 61,261 $ 24,466 Weighted average interest rate at year end 0.56 % 0.64 % 0.56 % The following table provides additional details as of December 31, 2016: As of December 31, 2016 U.S. Mortgage- State and Total Market value of securities pledged $ 209 $ 117 $ 41,330 $ 41,656 Borrowings related to pledged amounts $ — $ — $ 36,496 $ 36,496 Market value pledged as a % of borrowings — % — % 113 % 114 % |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2016 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | NOTE 9 – FEDERAL HOME LOAN BANK ADVANCES The Bank has established a line of credit with the Federal Home Loan Bank of Cincinnati (“FHLB”), which is secured by a blanket pledge of 1-4 At December 31, 2016 and 2015, the Company had received advances from the FHLB totaling $132,000 and $57,000, respectively. At December 31, 2016, the scheduled maturities of these advances and interest rates were as follows: Scheduled Weighted 2017 $ 10,000 1.27 % 2018 87,000 1.12 % 2019 35,000 1.30 % 2020 — — 2021 — — Thereafter — — Total $ 132,000 1.18 % Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. Qualifying loans totaling approximately $402,864 were pledged as security under a blanket pledge agreement with the FHLB at December 31, 2016. Based on this collateral and the Company’s holdings of FHLB stock, the Bank is eligible to borrow up to an additional $30,001 as of December 31, 2016. |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | NOTE 10 – SUBORDINATED NOTES At December 31, 2016, the Company’s subordinated notes, net of issuance costs, totaled $58,337. The Company had no subordinated notes outstanding at December 31, 2015. For regulatory capital purposes, the subordinated 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 15 of the consolidated financial statements. The Company completed the issuance of $60,000 in principal amount of subordinated notes in two separate offerings. In March 2016, $40,000 of 6.875% fixed-to-floating fixed-to-floating The following table summarizes the terms of each subordinated note offering: March 2016 Notes June 2016 Notes Principal amount issued $40,000 $20,000 Maturity date March 30, 2026 July 1, 2026 Initial fixed interest rate 6.875% 7.00% Initial interest rate period 5 years 5 years First interest rate change date March 30, 2021 July 1, 2021 Interest payment frequency through year five* Semiannually Semiannually Interest payment frequency after five years* Quarterly Quarterly Interest repricing index and margin 3-month LIBOR 3-month LIBOR Repricing frequency after five years Quarterly Quarterly * The Company currently may not make interest payments on either series of subordinated notes without prior written approval from its primary regulatory agencies. The Company used the net proceeds from the March 2016 Subordinated Notes offering to pay off a $10 million borrowing that had been used to redeem the shares of Senior Non-Cumulative The issuance costs related to the March 2016 Subordinated Notes amounted to $1,382 and are being amortized as interest expense over the ten-year ten-year |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | NOTE 11 – BENEFIT PLANS A 401(k) benefit plan was adopted to begin benefits on May 1, 2008. The 401(k) benefit plan allows employee contributions of their compensation subject to certain limitations. Employee contributions are matched in the Company’s common stock equal to 100% of the first 2% of the compensation contributed and 50% of the next 4% of the compensation contributed. Expense for the years ending December 31, 2016, 2015 and 2014 was $523, $466 and $387, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES A reconciliation of the income tax expense for the years ended December 31, 2016, 2015 and 2014 to the “expected” tax expense, which was computed by applying the statutory federal income tax rate of 35 percent for 2016, 2015 and 2014 to income before income tax expense, is as follows: 2016 2015 2014 Computed “expected” tax expense $ 13,931 $ 8,785 $ 4,742 Increase (reduction) in tax expense resulting from: State tax expense, net of federal tax effect 805 1,031 593 Effect of statutory rate changes enacted in 2014 — — (223 ) Non-deductible 114 20 150 Incentive stock options 152 58 104 Bank owned life insurance (227 ) (214 ) (101 ) Tax-exempt (1,801 ) (703 ) (49 ) Insurance premiums (364 ) — — Excess tax benefit from exercise of stock options and vesting of restricted stock (911 ) — — Other 47 44 (82 ) Income tax expense $ 11,746 $ 9,021 $ 5,134 Income tax expense (benefit) was as follows: 2016 2015 2014 Current expense Federal $ 11,416 $ 8,302 $ 4,444 State 1,294 1,777 820 Deferred expense Federal (908 ) (867 ) (222 ) State (56 ) (191 ) 92 Income tax expense $ 11,746 $ 9,021 $ 5,134 The sources of deferred income tax assets (liabilities) at December 31, 2016 and 2015 and the tax effect is as follows: 2016 2015 Deferred tax assets: Organizational and start-up $ 115 $ 135 Allowance for loan losses 6,340 3,715 Unrealized loss on securities 4,826 207 Net operating loss carry forward 4,332 4,802 Purchase accounting fair value adjustments 1,914 2,231 Accrued other expenses 512 511 Nonaccrual loan interest 468 496 Loan fees 312 971 Other 139 367 Total deferred tax asset 18,958 13,435 Deferred tax liabilities: Mortgage servicing rights $ (1,429 ) $ (1,319 ) Premises and equipment (1,080 ) (1,113 ) Prepaid expenses (527 ) (571 ) Unrealized gain on securities — — Purchase accounting fair value adjustments (639 ) (873 ) Mortgage banking derivatives (8 ) (94 ) Other (262 ) (35 ) Total deferred tax liability (3,945 ) (4,005 ) Net deferred tax asset $ 15,013 $ 9,430 At December 31, 2016, the federal net operating loss remaining from the acquisition of MidSouth Bank totaled $12.4 million, which will expire at various dates from 2025 to 2031. The federal net operating losses that can be utilized are subject to an annual limitation of $1.3 million. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. The Company does not have any uncertain tax positions and did not have any interest and penalties recorded in the income statement for the years ended December 31, 2016, 2015 and 2014. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of Tennessee. The Company is no longer subject to examination by taxing authorities for years before 2013. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13 – RELATED PARTY TRANSACTIONS The Company enters into various credit arrangements with its executive officers, directors and their affiliates. These arrangements generally take the form of commercial lines of credit, personal lines of credit, mortgage loans, term loans or revolving arrangements secured by personal residences. Loans to principal officers, directors, and their affiliates during 2016 were as follows: Beginning balance $ 13,213 New loans/advances 5,783 Effect of changes in composition of related parties — Participations sold (890 ) Repayments (4,535 ) Ending balance $ 13,571 Deposits from principal officers, directors, and their affiliates at year end 2016 and 2015 were $18,836 and $6,441. The Company entered into a 15-year 15-year 15-year Rent expense attributable to related party leases in 2016, 2015 and 2014, was $2,574, $2,296 and $1,222, respectively. Rent commitments to related parties, before considering renewal options that generally are present, are disclosed in Note 5. The Company also paid a company affiliated with an outside director $2,261 and $369 for construction of leasehold improvements during 2016 and 2015. In addition, the Company also paid a company affiliated with an outside director $806 and $666 for the procurement of various insurance policies during the years ending December 31, 2016 and 2015. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | NOTE 14 - SHARE-BASED PAYMENTS In connection with the Company’s 2010 private offering, 32,425 warrants were issued to shareholders, one warrant for every twenty shares of common stock purchased. Each warrant allows the shareholders to purchase an additional share of common stock at $12.00 per share. The warrants were issued with an effective date of March 30, 2010 and will be exercisable in whole or in part up to seven years following the date of issuance. The warrants are detachable from the common stock. There were 8,450 and 6,570 warrants exercised during 2016 and 2015, respectively. A summary of the stock warrant activity for the years ended December 31, 2016 and 2015 follows: 2016 2015 Stock warrants exercised: Intrinsic value of warrants exercised $ 181 $ 71 Cash received from warrants exercised 101 79 At December 31, 2016, there were 16,857 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 $1,641, $860, and $611, respectively, for 2016, 2015, and 2014. The total income tax benefit related to vesting of restricted stock and exercises of stock options was $1,013, $533, and $29, respectively, for 2016, 2015 and 2014. Stock Option Plan: The Company’s 2007 Stock Option Plan (“stock option plan” or the “Plan”), which was shareholder-approved, permitted the grant of share options to its employees, organizers and directors for up to 551,250 shares of common stock. The Plan was amended during April 2010 to increase the number of shares available for issuance to 1,000,000. In April 2013, the Plan was amended to offer additional forms of equity compensation, to change the Plan’s name to the Franklin Financial Network, Inc. 2007 Omnibus Equity Incentive Plan, and to increase the number of authorized shares to 1,500,000. The Company believes that such awards better align the interests of its employees with those of its shareholders. Shareholders approved amendments to the Plan to increase the number of authorized shares to 2,000,000 in June 2014 and to 4,000,000 in February 2015. At December 31, 2016, there were 2,014,652 authorized shares available for issuance. 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 two to five years and have a ten-year non-qualified 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. On the date of the merger, 322,300 MidSouth common stock options were converted into 137,280 options to purchase shares of FFN common stock with an exercise price of $8.57 per option pursuant to the terms of the merger agreement. Using the Black-Scholes option valuation model, the grant date fair value was estimated to be $6.31 per converted option based on the $14.50 fair value per share of FFN common stock at July 1, 2014. No post combination expense was required related to the converted options. The fair value of options granted was determined using the following weighted-average assumptions as of grant date. 2016 2015 2014 Risk-free interest rate 1.59 % 1.84 % 1.82 % Expected term 7.5 years 7.5 years 5.9 years Expected stock price volatility 30.45 % 25.00 % 10.87 % Dividend yield 0.22 % 0.22 % 0.23 % The weighted average fair value of options granted for the years ending December 31, 2016, 2015 and 2014 was $10.23, $6.44, and $4.12, respectively. A summary of the activity in the stock option plans for the years ended December 31, 2016, 2015 and 2014 follows: Shares Weighted Weighted Aggregate Outstanding at December 31, 2013 946,644 $ 11.27 Granted 181,680 13.55 Conversion of pre-existing 137,280 8.57 Exercised (23,809 ) 9.92 Forfeited, expired, or cancelled (31,135 ) 12.01 Outstanding at December 31, 2014 1,210,660 $ 11.32 Granted 245,449 20.82 Exercised (138,901 ) 11.53 Forfeited, expired, or cancelled (4,417 ) 19.02 Outstanding at December 31, 2015 1,312,791 $ 13.04 Granted 299,587 28.85 Exercised (214,947 ) 11.31 Forfeited, expired, or cancelled (2,415 ) 19.43 Outstanding at December 31, 2016 1,395,016 $ 16.70 6.39 $ 35,090 Vested or expected to vest 1,325,265 $ 16.70 6.39 $ 33,335 Exercisable at December 31, 2016 740,708 $ 11.59 4.65 $ 22,417 2016 2015 2014 Stock options exercised: Intrinsic value of options exercised $ 4,725 $ 1,727 $ 187 Cash received from options exercised 1,571 1,301 236 Tax benefit realized from option exercises 843 451 29 As of December 31, 2016, there was $3,691 of total unrecognized compensation cost related to non-vested Restricted Share Award Plan A summary of activity for non-vested Non-vested Shares Shares Weighted-Average Grant-Date Non-vested 28,685 $ 13.00 Granted 87,874 14.15 Vested (9,166 ) 13.00 Forfeited (4,683 ) 14.09 Non-vested 102,710 $ 13.93 Granted 31,938 20.69 Vested (25,075 ) 13.99 Forfeited (3,709 ) 15.99 Non-vested 105,864 $ 15.89 Granted 36,496 28.47 Vested (33,407 ) 17.06 Forfeited (2,495 ) 16.97 Non-vested 106,458 19.81 Compensation expense associated with the restricted share awards is recognized on a straight-line basis over the time period that the restrictions associated with the awards lapse based on the total cost of the award at the grant date. As of December 31, 2016, there was $1,713 of total unrecognized compensation cost related to non-vested |
Regulatory Capital Matters
Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Matters | NOTE 15 – REGULATORY CAPITAL MATTERS Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet 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. Under the Basel III rules, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of Common Equity Tier 1 Capital above its minimum risk-based capital requirements. The buffer is measured relative to RWA. Phase-in Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2016, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. Actual and required capital amounts and ratios are presented below as of December 31, 2016 and 2015 for the Company and Bank. Actual Required To Be Well Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Company common equity Tier 1 capital to risk-weighted assets $ 263,693 11.75 % $ 101,022 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 338,675 15.09 % $ 179,595 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 263,693 11.75 % $ 134,696 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 263,693 9.28 % $ 113,697 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 319,005 14.18 % $ 101,216 4.50 % $ 146,201 6.50 % Bank Total Capital to risk weighted assets $ 335,650 14.92 % $ 179,939 8.00 % $ 224,924 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 319,005 14.18 % $ 134,954 6.00 % $ 179,939 8.00 % Bank Tier 1 (Core) Capital to average assets $ 319,005 11.22 % $ 113,697 4.00 % $ 142,122 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 % $ 99,696 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 % Note: Minimum ratios presented exclude the capital conservation buffer. Dividend Restrictions |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 16 - FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of asset and liability: Securities Derivatives Impaired Loans Non-real Foreclosed Assets Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been review and verified by the Company. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Loans Held For Sale: Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale Mortgage-backed securities-residential $ — $ 607,085 $ — Mortgage-backed securities-commercial — 19,334 — State and political subdivisions — 128,336 — Total securities available for sale $ — $ 754,755 $ — Loans held for sale $ — $ 23,699 $ — Mortgage banking derivatives $ — $ 229 $ — Financial Liabilities Mortgage banking derivatives $ — $ 66 $ — 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 $ — At December 31, 2016, the unpaid principal balance of loans held for sale was $23,457, resulting in an unrealized gain of $242 included in gains on sale of loans. None of these loans are 90 days or more past due or on nonaccrual as of December 31, 2016. At 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. There were no transfers between levels during 2016 and 2015. At December 31, 2016, there was one collateral dependent impaired loan carried at fair value of $1,650, and at December 31, 2015, there were no collateral dependent impaired loans carried at fair value. Foreclosed assets measured at fair value less costs to sell, had a net carrying amount of $0 and $200 as of December 31, 2016 and 2015, respectively. There were no properties at December 31, 2015 that had required write-downs to fair value resulting in no write downs for the year ended December 31, 2015. The carrying amounts and estimated fair values of financial instruments, at December 31, 2016 and 2015 are as follows: Fair Value Measurements at Carrying December 31, 2016 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 90,927 $ 90,927 $ — $ — $ 90,927 Securities available for sale 754,755 — 754,755 — 754,755 Certificates of deposit held at other financial institutions 1,055 — 1,055 — 1,055 Securities held to maturity 228,894 — 227,892 — 227,892 Loans held for sale 23,699 — 23,699 — 23,699 Net loans 1,757,039 — — 1,727,188 1,727,188 Restricted equity securities 11,843 n/a n/a n/a n/a Servicing rights, net 3,621 — 5,015 — 5,015 Accrued interest receivable 9,931 — 5,172 4,759 9,931 Financial liabilities Deposits $ 2,391,818 $ 1,551,461 $ 836,444 $ — $ 2,387,905 Federal funds purchased and repurchase agreements 83,301 — 83,301 — 83,301 Federal Home Loan Bank advances 132,000 — 131,098 — 131,098 Subordinated notes 58,337 — — 61,762 61,762 Accrued interest payable 1,924 154 1,075 695 1,924 Fair Value Measurements at Carrying December 31, 2015 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 52,394 $ 52,394 $ — $ — $ 52,394 Securities available for sale 575,838 — 575,838 — 575,838 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 158,200 — 161,969 — 161,969 Loans held for sale 14,079 — 14,079 — 14,079 Net loans 1,292,239 — — 1,279,849 1,279,849 Restricted equity securities 7,998 n/a n/a n/a n/a Servicing rights, net 3,455 — 4,635 — 4,635 Accrued interest receivable 7,299 3 3,780 3,516 7,299 Financial liabilities Deposits $ 1,814,039 $ 1,062,587 $ 748,961 $ — $ 1,811,548 Federal funds purchased and repurchase agreements 101,086 — 101,086 — 101,086 Federal Home Loan Bank advances 57,000 — 56,931 — 56,931 Accrued interest payable 644 100 544 — 644 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: non-interest (f) Federal Funds Purchased and Repurchase Agreements: (g) Federal Home Loan Bank Advances: (h) Accrued Interest Receivable/Payable: (i) Off-balance Sheet Instruments: off-balance |
Mortgage Banking Derivatives
Mortgage Banking Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Banking Derivatives | NOTE 17 – MORTGAGE BANKING DERIVATIVES Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge relationships. At year-end year-end The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below: 2016 2015 2014 Forward contracts related to mortgage loans held for sale and interest rate contracts $ (37 ) $ 103 $ (411 ) Interest rate contracts for customers (182 ) 126 100 The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of December 31, 2016 and 2015: 2016 2015 Notional Fair Notional Fair Included in other assets (liabilities): Interest rate contracts for customers $ 42,689 $ 229 $ 42,486 $ 411 Forward contracts related to mortgage loans held for sale $ 50,955 $ (66 ) $ 41,236 $ (29 ) |
Loan Commitments and Other Rela
Loan Commitments and Other Related Activities | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Loan Commitments and Other Related Activities | NOTE 18 – LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet The contractual amounts of financial instruments with off-balance-sheet 2016 2015 Fixed Variable Fixed Variable Commitments to make loans $ 42,689 $ — $ 42,486 $ — Unused lines of credit 179,096 336,891 150,030 234,949 Standby letters of credit 8,581 16,413 1,342 13,131 Commitments to make loans are generally made for periods of over 365 days. The fixed rate loan commitments have interest rates ranging from 2.59% to 12.00% and maturity terms ranging from 1 year to 26 years. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Preferred Stock | NOTE 19 – PREFERRED STOCK At December 31, 2015, the Company had issued and outstanding 10,000 shares of preferred stock series A as part of its participation in the Small Business Lending Fund (“SBLF”) in 2011, when the Company entered into a Small Business Lending Fund Securities Purchase Agreement (“SBLF Purchase Agreement”) with the United States Department of the Treasury (“Treasury”). On March 25, 2016, the Company redeemed the Series A preferred stock that had been issued to the Treasury, and as a result, the Company had no preferred stock issued and outstanding at December 31, 2016. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | NOTE 20 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of Franklin Financial Network, Inc. follows: CONDENSED BALANCE SHEETS December 31, 2016 2015 ASSETS Cash and cash equivalents $ 4,366 $ 1,913 Investment in banking subsidiaries 325,571 186,322 Investment in other subsidiaries 1,363 262 Other assets 963 929 Total assets $ 332,263 $ 189,426 LIABILITIES AND EQUITY Subordinated notes $ 58,337 $ — Accrued expenses and other liabilities 3,668 610 Shareholders’ equity 270,258 188,816 Total liabilities and shareholders’ equity $ 332,263 $ 189,426 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years ended December 31, 2016 2015 2014 Dividends from subsidiaries $ 2,050 $ 150 $ 575 Other income 305 488 235 Interest expense 2,902 — — Other expense 2,842 2,270 1,499 Loss before income tax and undistributed subsidiaries income (3,389 ) (1,632 ) (689 ) Income tax benefit (2,320 ) (689 ) (324 ) Equity in undistributed subsidiaries income 29,126 17,023 8,779 Net income $ 28,057 $ 16,080 $ 8,414 Comprehensive income $ 20,895 $ 13,584 $ 15,123 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2016 2015 2014 Cash flows from operating activities Net income $ 28,057 $ 16,080 $ 8,414 Adjustments: Equity in undistributed subsidiaries income (29,126 ) (17,023 ) (8,779 ) Excess tax benefit related to the exchange of stock options — (279 ) (29 ) Amortization of debt issuance costs 124 — — Stock-based compensation 105 45 39 Compensation expense related to common stock issued to 401(k) plan — 14 15 Loss on disposal of subsidiary — — 32 Change in other assets (34 ) (629 ) 77 Change in other liabilities 3,058 463 92 Net cash from operating activities 2,184 (1,329 ) (139 ) Cash flows from investing activities Investments in subsidiaries (116,850 ) (49,809 ) (12,396 ) Net cash acquired from acquisition — — 12,197 Net cash from the disposal of subsidiary — — 205 Net cash from investing activities (116,850 ) (49,809 ) 6 Cash flows from financing activities 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 101 79 — Proceeds from exercise of common stock options 1,571 1,834 265 Proceeds from issuance of common stock, net of offering costs 67,557 50,423 (514 ) Proceeds from subsidiaries related to issuance of common stock related to 401(k) plan — 319 260 Divestment of common stock issued to 401(k) plan (300 ) — — Redemption of Series A preferred stock (10,000 ) — — Dividends paid on preferred stock (23 ) (100 ) (100 ) Net cash from financing activities 117,119 52,555 (89 ) Net change in cash and cash equivalents 2,453 1,417 (222 ) Beginning cash and cash equivalents 1,913 496 718 Ending cash and cash equivalents $ 4,366 $ 1,913 $ 496 Non-cash Transfers from subsidiary stock based compensation expense to parent company only additional paid-in $ 1,536 $ 815 $ 572 Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) — — 40,976 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 21 – EARNINGS PER SHARE The two-class two-class Years Ended December 31, 2016 2015 2014 Basic Net income available to common shareholders $ 28,034 $ 15,980 $ 8,314 Less: earnings allocated to participating securities (284 ) (174 ) (94 ) Net income allocated to common shareholders $ 27,750 $ 15,806 $ 8,220 Weighted average common shares outstanding including participating securities 10,933,095 9,885,233 6,320,316 Less: Participating securities (110,628 ) (107,923 ) (71,586 ) Average shares 10,822,467 9,777,310 6,248,730 Basic earnings per common share $ 2.56 $ 1.62 $ 1.32 Diluted Net income allocated to common shareholders $ 27,750 $ 15,806 $ 8,220 Weighted average common shares outstanding for basic earnings per common share 10,822,467 9,777,310 6,248,730 Add: Dilutive effects of assumed exercises of stock options 655,485 491,318 230,290 Add: Dilutive effects of assumed exercises of stock warrants 12,667 13,581 6,810 Average shares and dilutive potential common shares 11,490,619 10,282,209 6,485,830 Dilutive earnings per common share $ 2.42 $ 1.54 $ 1.27 Stock options for 165,232, 245,992, and 2,000 shares of common stock were not considered in computing diluted earnings per common share for the year ended December 31, 2016, 2015, and 2014, because they were antidilutive. |
Capital Offering
Capital Offering | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Capital Offering | NOTE 22 - CAPITAL OFFERING The Company completed a secondary public offering of its common stock on November 21, 2016. The Company issued 2,242,500 shares of common stock at a price of $32.00 per share. Net proceeds were as follows: Gross proceeds $ 71,760 Less: Stock offering costs (4,203 ) Net proceeds from issuance of common stock $ 67,557 The proceeds of the offering were used to provide capital to Franklin Synergy Bank to support continued growth and for general corporate purposes. |
Quarterly Financial Results (Un
Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Results (Unaudited) | NOTE 23 – QUARTERLY FINANCIAL RESULTS (UNAUDITED) The following table provides a summary of selected consolidated quarterly financial data for the years ended December 31, 2016 and 2015: 2016 2015 Fourth Third Second First Fourth Third Second First Income Statement Data ($): Interest income $ 27,336 $ 25,724 $ 24,286 $ 22,561 $ 20,081 $ 19,301 $ 15,413 $ 13,926 Interest expense 5,637 5,049 4,352 3,285 2,886 2,565 2,086 1,769 Net interest income 21,699 20,675 19,934 19,276 17,195 16,736 13,327 12,157 Provision for loan losses 1,145 1,392 1,567 1,136 1,876 1,724 805 625 Noninterest income 2,553 4,876 4,626 3,085 2,996 3,795 2,830 3,209 Noninterest expense 13,229 13,708 12,913 11,831 11,098 10,850 10,551 9,615 Net income before taxes 9,878 10,451 10,080 9,394 7,217 7,957 4,801 5,126 Income tax expense 2,699 3,314 2,572 3,161 2,553 2,807 1,667 1,994 Net income 7,179 7,137 7,508 6,233 4,664 5,150 3,134 3,132 Net income available to common shareholders 7,179 7,137 7,508 6,210 4,639 5,125 3,109 3,107 Earnings per share, basic $ 0.61 $ 0.67 $ 0.70 $ 0.59 $ 0.44 $ 0.49 $ 0.30 $ 0.39 Earnings per share, diluted $ 0.58 $ 0.63 $ 0.66 $ 0.55 $ 0.41 $ 0.46 $ 0.28 $ 0.37 † The Company adopted Accounting Standard Update 2016-09 10-Q 2016-09 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Franklin Financial Network, Inc. was incorporated under the laws of the State of Tennessee on April 5, 2007. Franklin Synergy Bank was incorporated under the laws of the State of Tennessee and received its Certificate of Authority from the Tennessee Department of Financial Institutions and approval of FDIC insurance on November 2, 2007. Franklin Synergy Bank is also a Federal Reserve member bank. The Company provides financial services through its offices in Franklin, Brentwood, Spring Hill, Murfreesboro, Nashville, Nolensville, and Smyrna, Tennessee. Its primary deposit products are checking, savings, and certificate of deposit accounts, and its primary lending products are commercial and residential construction, commercial, installment loans and lines secured by home equity. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets, and consumer assets. Commercial loans are expected to be repaid by cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also focuses on electronic banking products such as internet banking, remote deposit capture and lockbox services. The Company purchased the assets of Banc Compliance Group LLC in May 2008 forming a wholly-owned subsidiary, Banc Compliance Group, Inc., which provided bank compliance and consulting services to community banks. The Company sold the assets of Banc Compliance Group, Inc. at December 31, 2014. On July 1, 2014 the Company completed its acquisition of MidSouth Bank (MidSouth”), which was merged with and became part of the Bank. On December 28, 2015, the Company invested in a wholly-owned subsidiary, Franklin Synergy Risk Management, Inc., which provides risk management services to the Company in the form of enhanced insurance coverages. On March 1, 2016, the Bank invested in a wholly-owned subsidiary, Franklin Synergy Investments of Tennessee, Inc. (“FSIT”), which provides investment services to the Bank. Also on March 1, 2016, FSIT invested in a wholly-owned subsidiary, Franklin Synergy Investments of Nevada, Inc. (“FSIN”), to provide investment services to FSIT related to certain municipal securities. In addition, on March 1, 2016, FSIN invested in a subsidiary, Franklin Synergy Preferred Capital, Inc., to serve as a real estate investment trust (“REIT”), to allow the Bank to sell real estate loans to obtain a tax benefit. FSIN has a controlling interest in the REIT, but the REIT also has a group of investors that own a noncontrolling interest in the preferred stock of the REIT. |
Use of Estimates | Use of Estimates |
Cash Flows | Cash Flows |
Interest-Bearing Deposits in Financial Institutions | Interest-Bearing Deposits in Financial Institutions |
Securities | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. No OTTI has been recognized for the years ended December 31, 2016, 2015 or 2014. |
Loans Held for Sale | Loans Held for Sale Certain loans held for sale are sold with servicing rights retained. The carrying value of loans sold with retained servicing is reduced by the amount allocated to the servicing right. Gains and losses on sales of loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans held for sale, for which the fair value option has been elected, are recorded at fair value as of each balance sheet date. The fair value includes the servicing value of the loans. |
Loans | Loans Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off non-accrual non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Concentration of Credit Risk | Concentration of Credit Risk |
Purchased Credit Impaired Loans | Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows in greater than the carrying amount, it is recognized as part of future interest income. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case All loans classified by management as substandard or worse are individually evaluated for potential designation as impaired. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired Construction and land development loans include loans to finance the process of improving loans preparatory to erecting new structures or the on-site Commercial real estate loans include loans secured by non-residential Residential real estate loans include loans secured by residential real estate, including single-family and multi-family dwellings. Mortgage title insurance and hazard insurance are normally required. Adverse economic conditions in the Company’s market area may reduce borrowers’ ability to repay these loans and may reduce the collateral securing these loans. Commercial and industrial loans include loans for commercial, industrial, healthcare or agricultural purposes to business enterprises that are not secured by real estate. Commercial loans are typically made on the basis of the borrower’s ability to repay from the cash flow of the borrower’s business. Commercial and Agriculture loans are generally secured by accounts receivable, inventory and equipment. The collateral securing loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Consumer and other loans include loans to individuals for household, family and other personal expenditures that are not secured by real estate. Consumer loans are generally secured by customer deposit accounts, vehicles and other household goods. The collateral securing consumer loans may depreciate over time. |
Servicing Rights | Servicing Rights non-interest Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with loan servicing fees on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as loan servicing fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against mortgage loan servicing fee income. Late fees and ancillary fees related to loan servicing are not material. |
Transfers of Financial Assets | Transfers of Financial Assets |
Foreclosed Assets | Foreclosed Assets |
Assets Held for Sale | Assets Held for Sale |
Premises and Equipment | Premises and Equipment |
Restricted Equity Securities | Restricted Equity Securities |
Company Owned Life Insurance/Bank Owned Life Insurance | Company Owned Life Insurance/Bank Owned Life Insurance |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from whole bank and branch acquisitions are amortized on an accelerated method over their estimated useful lives, which range from 7 to 10 years. |
Long-Term Assets | Long-Term Assets |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments off-balance |
Mortgage Banking Derivatives | Mortgage Banking Derivatives |
Stock-Based Compensation | Stock-Based Compensation 718-20 Compensation – Stock Compensation Awards Classified as Equity 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” |
Income Taxes | Income Taxes A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Retirement Plans | Retirement Plans |
Comprehensive Income | Comprehensive Income |
Earnings Per Common Share | Earnings Per Common Share non-forfeitable |
Loss Contingencies | Loss Contingencies |
Restrictions on Cash | Restrictions on Cash |
Dividend Restriction | Dividend Restriction |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Operating Segments | Operating Segments |
Reclassifications | Reclassifications |
Recently Adopted and Recently Issued, Not Yet Effective Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 paid-in paid-in paid-in ASU 2016-09 ASU 2016-09 Recently Issued, Not Yet Effective Accounting Pronouncements 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers 2014-09 2014-09 2014-09 Other Assets and Deferred Costs: Contracts with Customers 340-40”), non-monetary In January 2016, FASB issued ASU 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities On February 25, 2016, FASB issued ASU 2016-02 Topic 842, Leases Topic 840, Leases 2016-02 right-of-use 2016-02 right-of-use 2016-02 In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. zero-coupon |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Available for Sale Securities | The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at December 31, 2016 and 2015 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss. Amortized Gross Gross Fair December 31, 2016 Mortgage-backed securities: residential $ 614,344 $ 949 $ (8,208 ) $ 607,085 Mortgage-backed securities: commercial 19,439 27 (132 ) 19,334 State and political subdivisions 133,280 238 (5,182 ) 128,336 Total $ 767,063 $ 1,214 $ (13,522 ) $ 754,755 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 Held to Maturity Securities Portfolio | The amortized cost and fair value of the held to maturity securities portfolio at December 31, 2016 and 2015 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair December 31, 2016 U.S. government sponsored entities and agencies $ 203 $ 6 $ — $ 209 Mortgage backed securities: residential 106,169 328 (2,343 ) 104,154 State and political subdivisions 122,522 1,214 (207 ) 123,529 Total $ 228,894 $ 1,548 $ (2,550 ) $ 227,892 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 |
Summary of Sales, Calls, and Prepayments of Available for Sale Securities and Associated Gains and Losses | The proceeds from sales, calls, and prepayments of available for sale securities and the associated gains and losses were as follows: 2016 2015 2014 Proceeds from sales $ 93,873 $ 107,300 $ 44,181 Proceeds from calls and prepayments $ 11,805 $ 2,000 $ — Gross gains 2,557 972 422 Gross losses (385 ) (288 ) (163 ) |
Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity | The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. December 31, 2016 Amortized Fair Available for sale Three months or less $ — $ — Over three months through one year 17,600 17,536 Over one year through five years — — Over five years through ten years 2,857 2,853 Over ten years 112,823 107,947 Mortgage-backed securities: commercial 19,439 19,334 Mortgage-backed securities: residential 614,344 607,085 Total $ 767,063 $ 754,755 Held to maturity Three months or less $ — $ — Over three months through one year — — Over one year through five years 705 740 Over five years through ten years 5,055 5,056 Over ten years 116,965 117,942 Mortgage-backed securities: residential 106,169 104,154 Total $ 228,894 $ 227,892 |
Schedule of Unrealized Losses and Fair Value by Major Security Type | The following table summarizes the securities with unrealized and unrecognized losses at December 31, 2016 and 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 December 31, 2016 Available for sale Mortgage-backed securities: residential $ 465,416 $ (7,833 ) $ 9,907 $ (375 ) $ 475,323 $ (8,208 ) Mortgage-backed securities: commercial 15,752 (132 ) — — 15,752 (132 ) State and political subdivisions 100,020 (5,182 ) — — 100,020 (5,182 ) Total available for sale $ 581,188 $ (13,147 ) $ 9,907 $ (375 ) $ 591,095 $ (13,522 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity Mortgage-backed securities: residential $ 89,523 $ (2,244 ) $ 3,025 $ (99 ) $ 92,548 $ (2,343 ) State and political subdivisions 18,907 (207 ) — — 18,907 (207 ) Total held to maturity $ 108,430 $ (2,451 ) $ 3,025 $ (99 ) $ 111,455 $ (2,550 ) 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 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loans | Loans at December 31, 2016 and 2015 were as follows: December 31, December 31, Loans that are not PCI loans Construction and land development $ 489,562 $ 372,767 Commercial real estate: Nonfarm, nonresidential 458,569 353,268 Other 38,571 10,955 Residential real estate: Closed-end 1-4 254,474 162,933 Other 150,515 112,001 Commercial and industrial 376,476 283,888 Consumer and other 3,359 6,577 Loans before net deferred loan fees 1,771,526 1,302,389 Deferred loan fees, net (793 ) (2,476 ) Total loans that are not PCI loans 1,770,733 1,299,913 Total PCI loans 2,859 3,913 Allowance for loan losses (16,553 ) (11,587 ) Total loans, net of allowance for loan losses $ 1,757,039 $ 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 years ended December 31, 2016, 2015 and 2014: Construction Commercial Residential Commercial Consumer Total December 31, 2016 Allowance for loan losses: Beginning balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Provision for loan losses 601 1,120 511 2,964 44 5,240 Loans charged-off (11 ) — (40 ) (255 ) (42 ) (348 ) Recoveries — — 66 1 7 74 Total ending allowance balance $ 3,776 $ 4,266 $ 2,398 $ 6,068 $ 45 $ 16,553 Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision for loan losses 496 1,652 76 2,755 51 5,030 Loans charged-off — — (32 ) (48 ) (135 ) (215 ) Recoveries — — 26 1 65 92 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Beginning balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 Provision for loan losses 1,138 523 385 371 (43 ) 2,374 Loans charged-off — (540 ) (61 ) (58 ) — (659 ) Recoveries — — 65 — — 65 Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2016 and 2015. Purchased and PCI loans are also included in the table. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total December 31, 2016 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 1,024 $ — $ 1,024 Collectively evaluated for impairment 3,776 4,266 2,398 5,044 45 15,529 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 3,776 $ 4,266 $ 2,398 $ 6,068 $ 45 $ 16,553 Loans: Individually evaluated for impairment $ 1,275 $ 2,836 $ 2,190 $ 3,608 $ — $ 9,909 Collectively evaluated for impairment 488,287 494,304 402,799 372,868 3,359 1,761,617 Purchased credit-impaired loans — 394 496 1,969 — 2,859 Total ending loans balance $ 489,562 $ 497,534 $ 405,485 $ 378,445 $ 3,359 $ 1,774,385 Construction Commercial Residential Commercial Consumer Total December 31, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 113 $ — $ 113 Collectively evaluated for impairment 3,186 3,137 1,861 3,245 36 11,465 Purchased credit-impaired loans — 9 — — — 9 Total ending allowance balance $ 3,186 $ 3,146 $ 1,861 $ 3,358 $ 36 $ 11,587 Loans: Individually evaluated for impairment $ 1,943 $ 908 $ 1,185 $ 134 $ — $ 4,170 Collectively evaluated for impairment 370,824 363,315 273,749 283,754 6,577 1,298,219 Purchased credit-impaired loans 78 1,460 563 1,812 — 3,913 Total ending loans balance $ 372,845 $ 365,683 $ 275,497 $ 285,700 $ 6,577 $ 1,306,302 |
Summary of Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of December 31, 2016 and 2015: Unpaid Recorded Allowance for December 31, 2016 With no allowance recorded: Construction and land development $ 1,275 $ 1,275 $ — Commercial real estate: Nonfarm, nonresidential 4,423 2,836 — Residential real estate: Closed-end 1-4 2,069 2,069 — Other 121 121 — Commercial and industrial 934 934 — Subtotal 8,822 7,235 — With an allowance recorded: Commercial and industrial 2,864 2,674 1,024 Subtotal 2,864 2,674 1,024 Total $ 11,686 $ 9,909 $ 1,024 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 1-4 476 476 — 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 years ended December 31, 2016, 2015 and 2014: Average Recorded Investment 2016 2015 2014 With no allowance recorded: Construction and land development $ 474 $ 494 $ — Commercial real estate: Nonfarm, nonresidential 1,892 882 587 Residential real estate: Closed-end 1-4 747 261 94 Other 696 415 — Commercial and industrial 207 62 2 Consumer and other 8 10 2 Subtotal 4,024 2,124 683 With an allowance recorded: Commercial real estate: Nonfarm, nonresidential — — 893 Residential real estate: Closed-end 1-4 55 — 359 Commercial and industrial 490 60 53 Consumer and other — 8 — Subtotal 545 68 1,305 Total $ 4,569 $ 2,192 $ 1,988 |
Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2016 and 2015: Nonaccrual Loans Past Due December 31, 2016 Construction and land development $ — $ 1,950 Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 — 452 Other 121 — Commercial and industrial 2,674 150 Consumer and other — — Total $ 3,630 $ 2,552 December 31, 2015 Construction and land development $ — $ 1,943 Commercial real estate: Nonfarm, nonresidential 835 — Other — — Residential real estate: Closed-end 1-4 41 435 Other — — Commercial and industrial 32 — Consumer and other — — 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 December 31, 2016 and 2015 by class of loans: 30-59 60-89 Greater Total Loans PCI Total December 31, 2016 Construction and land development $ 380 $ — $ 1,950 $ 2,330 $ 487,232 $ — $ 489,562 Commercial real estate: Nonfarm, nonresidential 664 — 835 1,499 457,070 394 458,963 Other — — — — 38,571 — 38,571 Residential real estate: Closed-end 1-4 428 10 452 890 253,584 496 254,970 Other 231 — 121 352 150,163 — 150,515 Commercial and industrial 155 39 2,824 3,018 373,458 1,969 378,445 Consumer and other — — — — 3,359 — 3,359 $ 1,858 $ 49 $ 6,182 $ 8,089 $ 1,763,437 $ 2,859 $ 1,774,385 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 1-4 213 — 476 689 162,244 562 163,495 Other 30 — — 30 111,971 1 112,002 Commercial and industrial 86 32 — 118 283,770 1,812 285,700 Consumer and other 2 — — 2 6,575 — 6,577 $ 589 $ 181 $ 3,254 $ 4,024 $ 1,289,365 $ 3,913 $ 1,306,302 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of December 31, 2016 and 2015: Pass Special Substandard Total December 31, 2016 Construction and land development $ 488,287 $ — $ 1,275 $ 489,562 Commercial real estate: Nonfarm, nonresidential 449,373 1,847 7,743 458,963 Other 38,571 — — 38,571 Residential real estate: Closed-end 1-4 251,919 — 3,051 254,970 Other 149,504 — 1,011 150,515 Commercial and industrial 373,243 — 5,202 378,445 Consumer and other 3,359 — — 3,359 $ 1,754,256 $ 1,847 $ 18,282 $ 1,774,385 December 31, 2015 Construction and land development $ 370,824 $ — $ 2,021 $ 372,845 Commercial real estate: Nonfarm, nonresidential 352,451 — 2,277 354,728 Other 10,955 — — 10,955 Residential real estate: Closed-end 1-4 162,160 — 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 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 are as follows: 2016 2015 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 499,385 $ 463,952 Other 2,954 4,037 |
Related Loan Servicing Rights Activity | The related loan servicing rights activity for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Servicing rights: Beginning of year $ 3,455 $ 3,053 $ 2,640 Additions 1,367 1,311 1,140 Amortized to expense (1,201 ) (909 ) (727 ) Decrease in impairment — — — End of year $ 3,621 $ 3,455 $ 3,053 |
Components of Net Loan Servicing Fees | The components of net loan servicing fees for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Loan servicing fees, net: Loan servicing fees $ 1,223 $ 1,136 $ 981 Amortization of loan servicing fees (1,201 ) (909 ) (727 ) Change in impairment — — — Total $ 22 $ 227 $ 254 |
Premises and Equipment and Re37
Premises and Equipment and Related Party Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Year-end 2016 2015 Construction in progress $ 2,184 $ 282 Land and land improvements 33 33 Buildings 150 150 Leasehold improvements 6,149 5,783 Furniture, fixtures, and equipment 5,229 4,652 Computer equipment and software 2,840 2,480 Automobiles 29 29 16,614 13,409 Accumulated depreciation (7,063 ) (5,769 ) $ 9,551 $ 7,640 |
Summary of Operating Lease Rent Commitments Over the Initial Lease Terms | Rent commitments, over the initial lease terms and intended renewal periods were as follows: Related Other Total 2017 $ 2,539 $ 1,097 $ 3,636 2018 3,103 919 4,022 2019 3,149 897 4,046 2020 3,195 829 4,024 2021 3,243 842 4,085 Thereafter 33,441 5,633 39,074 Total $ 48,670 $ 10,217 $ 58,887 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Intangible Assets | The following table represents acquired intangible assets at December 31, 2016 and 2015: 2016 2015 Gross Carrying Accumulated Gross Carrying Accumulated Acquired intangible assets: Core deposit intangibles $ 3,060 $ (1,580 ) $ 3,060 $ (1,017 ) |
Schedule of Estimated Amortization Expense | The following table presents estimated amortization expense for each of the next five years: 2017 $ 473 2018 382 2019 291 2020 201 2021 110 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Maturities of Time Deposits | Scheduled maturities of time deposits for the next five years were as follows: 2017 $ 516,233 2018 168,026 2019 66,578 2020 30,674 2021 58,811 |
Federal Funds Purchased and R40
Federal Funds Purchased and Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Summary of Information Concerning Securities Sold under Agreements to Repurchase | Information concerning securities sold under agreements to repurchase is summarized as follows: 2016 2015 2014 Average daily balance during the year $ 39,647 $ 38,241 $ 12,792 Average interest rate during the year 0.58 % 0.53 % 0.58 % Maximum month-end $ 61,669 $ 61,261 $ 24,466 Weighted average interest rate at year end 0.56 % 0.64 % 0.56 % |
Additional Details of Securities Sold under Agreement to Repurchase | The following table provides additional details as of December 31, 2016: As of December 31, 2016 U.S. Mortgage- State and Total Market value of securities pledged $ 209 $ 117 $ 41,330 $ 41,656 Borrowings related to pledged amounts $ — $ — $ 36,496 $ 36,496 Market value pledged as a % of borrowings — % — % 113 % 114 % |
Federal Home Loan Bank Advanc41
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Maturities of Advances and Interest Rates | At December 31, 2016 and 2015, the Company had received advances from the FHLB totaling $132,000 and $57,000, respectively. At December 31, 2016, the scheduled maturities of these advances and interest rates were as follows: Scheduled Weighted 2017 $ 10,000 1.27 % 2018 87,000 1.12 % 2019 35,000 1.30 % 2020 — — 2021 — — Thereafter — — Total $ 132,000 1.18 % |
Subordinated Notes (Tables)
Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Terms of Each Subordinated Note offering | The following table summarizes the terms of each subordinated note offering: March 2016 Notes June 2016 Notes Principal amount issued $40,000 $20,000 Maturity date March 30, 2026 July 1, 2026 Initial fixed interest rate 6.875% 7.00% Initial interest rate period 5 years 5 years First interest rate change date March 30, 2021 July 1, 2021 Interest payment frequency through year five* Semiannually Semiannually Interest payment frequency after five years* Quarterly Quarterly Interest repricing index and margin 3-month LIBOR 3-month LIBOR Repricing frequency after five years Quarterly Quarterly * The Company currently may not make interest payments on either series of subordinated notes without prior written approval from its primary regulatory agencies |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of the Income Tax Expense Computed by Statutory Federal Income Tax Rate of 35 Percent and 34 Percent to Income Before Income Tax Expense | A reconciliation of the income tax expense for the years ended December 31, 2016, 2015 and 2014 to the “expected” tax expense, which was computed by applying the statutory federal income tax rate of 35 percent for 2016, 2015 and 2014 to income before income tax expense, is as follows: 2016 2015 2014 Computed “expected” tax expense $ 13,931 $ 8,785 $ 4,742 Increase (reduction) in tax expense resulting from: State tax expense, net of federal tax effect 805 1,031 593 Effect of statutory rate changes enacted in 2014 — — (223 ) Non-deductible 114 20 150 Incentive stock options 152 58 104 Bank owned life insurance (227 ) (214 ) (101 ) Tax-exempt (1,801 ) (703 ) (49 ) Insurance premiums (364 ) — — Excess tax benefit from exercise of stock options and vesting of restricted stock (911 ) — — Other 47 44 (82 ) Income tax expense $ 11,746 $ 9,021 $ 5,134 |
Component of Income Tax Expense Benefit | Income tax expense (benefit) was as follows: 2016 2015 2014 Current expense Federal $ 11,416 $ 8,302 $ 4,444 State 1,294 1,777 820 Deferred expense Federal (908 ) (867 ) (222 ) State (56 ) (191 ) 92 Income tax expense $ 11,746 $ 9,021 $ 5,134 |
Sources of Deferred Income Tax Assets and Liabilities | The sources of deferred income tax assets (liabilities) at December 31, 2016 and 2015 and the tax effect is as follows: 2016 2015 Deferred tax assets: Organizational and start-up $ 115 $ 135 Allowance for loan losses 6,340 3,715 Unrealized loss on securities 4,826 207 Net operating loss carry forward 4,332 4,802 Purchase accounting fair value adjustments 1,914 2,231 Accrued other expenses 512 511 Nonaccrual loan interest 468 496 Loan fees 312 971 Other 139 367 Total deferred tax asset 18,958 13,435 Deferred tax liabilities: Mortgage servicing rights $ (1,429 ) $ (1,319 ) Premises and equipment (1,080 ) (1,113 ) Prepaid expenses (527 ) (571 ) Unrealized gain on securities — — Purchase accounting fair value adjustments (639 ) (873 ) Mortgage banking derivatives (8 ) (94 ) Other (262 ) (35 ) Total deferred tax liability (3,945 ) (4,005 ) Net deferred tax asset $ 15,013 $ 9,430 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Principal Officers, Directors, and Their Affiliates | Loans to principal officers, directors, and their affiliates during 2016 were as follows: Beginning balance $ 13,213 New loans/advances 5,783 Effect of changes in composition of related parties — Participations sold (890 ) Repayments (4,535 ) Ending balance $ 13,571 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Warrant Activity | A summary of the stock warrant activity for the years ended December 31, 2016 and 2015 follows: 2016 2015 Stock warrants exercised: Intrinsic value of warrants exercised $ 181 $ 71 Cash received from warrants exercised 101 79 |
Fair Value Assumptions of Stock Options | The fair value of options granted was determined using the following weighted-average assumptions as of grant date. 2016 2015 2014 Risk-free interest rate 1.59 % 1.84 % 1.82 % Expected term 7.5 years 7.5 years 5.9 years Expected stock price volatility 30.45 % 25.00 % 10.87 % Dividend yield 0.22 % 0.22 % 0.23 % |
Summary of Company's Stock Option Activities | A summary of the activity in the stock option plans for the years ended December 31, 2016, 2015 and 2014 follows: Shares Weighted Weighted Aggregate Outstanding at December 31, 2013 946,644 $ 11.27 Granted 181,680 13.55 Conversion of pre-existing 137,280 8.57 Exercised (23,809 ) 9.92 Forfeited, expired, or cancelled (31,135 ) 12.01 Outstanding at December 31, 2014 1,210,660 $ 11.32 Granted 245,449 20.82 Exercised (138,901 ) 11.53 Forfeited, expired, or cancelled (4,417 ) 19.02 Outstanding at December 31, 2015 1,312,791 $ 13.04 Granted 299,587 28.85 Exercised (214,947 ) 11.31 Forfeited, expired, or cancelled (2,415 ) 19.43 Outstanding at December 31, 2016 1,395,016 $ 16.70 6.39 $ 35,090 Vested or expected to vest 1,325,265 $ 16.70 6.39 $ 33,335 Exercisable at December 31, 2016 740,708 $ 11.59 4.65 $ 22,417 |
Summary of Stock Options Exercised | 2016 2015 2014 Stock options exercised: Intrinsic value of options exercised $ 4,725 $ 1,727 $ 187 Cash received from options exercised 1,571 1,301 236 Tax benefit realized from option exercises 843 451 29 |
Summary of Activity for Nonvested Restricted Share Awards | A summary of activity for non-vested Non-vested Shares Shares Weighted-Average Grant-Date Non-vested 28,685 $ 13.00 Granted 87,874 14.15 Vested (9,166 ) 13.00 Forfeited (4,683 ) 14.09 Non-vested 102,710 $ 13.93 Granted 31,938 20.69 Vested (25,075 ) 13.99 Forfeited (3,709 ) 15.99 Non-vested 105,864 $ 15.89 Granted 36,496 28.47 Vested (33,407 ) 17.06 Forfeited (2,495 ) 16.97 Non-vested 106,458 19.81 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below as of December 31, 2016 and 2015 for the Company and Bank. Actual Required To Be Well Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Company common equity Tier 1 capital to risk-weighted assets $ 263,693 11.75 % $ 101,022 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 338,675 15.09 % $ 179,595 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 263,693 11.75 % $ 134,696 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 263,693 9.28 % $ 113,697 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 319,005 14.18 % $ 101,216 4.50 % $ 146,201 6.50 % Bank Total Capital to risk weighted assets $ 335,650 14.92 % $ 179,939 8.00 % $ 224,924 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 319,005 14.18 % $ 134,954 6.00 % $ 179,939 8.00 % Bank Tier 1 (Core) Capital to average assets $ 319,005 11.22 % $ 113,697 4.00 % $ 142,122 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 % $ 99,696 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 % Note: Minimum ratios presented exclude the capital conservation buffer. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 Mortgage-backed securities-residential $ — $ 607,085 $ — Mortgage-backed securities-commercial — 19,334 — State and political subdivisions — 128,336 — Total securities available for sale $ — $ 754,755 $ — Loans held for sale $ — $ 23,699 $ — Mortgage banking derivatives $ — $ 229 $ — Financial Liabilities Mortgage banking derivatives $ — $ 66 $ — 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 December 31, 2016 and 2015 are as follows: Fair Value Measurements at Carrying December 31, 2016 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 90,927 $ 90,927 $ — $ — $ 90,927 Securities available for sale 754,755 — 754,755 — 754,755 Certificates of deposit held at other financial institutions 1,055 — 1,055 — 1,055 Securities held to maturity 228,894 — 227,892 — 227,892 Loans held for sale 23,699 — 23,699 — 23,699 Net loans 1,757,039 — — 1,727,188 1,727,188 Restricted equity securities 11,843 n/a n/a n/a n/a Servicing rights, net 3,621 — 5,015 — 5,015 Accrued interest receivable 9,931 — 5,172 4,759 9,931 Financial liabilities Deposits $ 2,391,818 $ 1,551,461 $ 836,444 $ — $ 2,387,905 Federal funds purchased and repurchase agreements 83,301 — 83,301 — 83,301 Federal Home Loan Bank advances 132,000 — 131,098 — 131,098 Subordinated notes 58,337 — — 61,762 61,762 Accrued interest payable 1,924 154 1,075 695 1,924 Fair Value Measurements at Carrying December 31, 2015 Using: Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 52,394 $ 52,394 $ — $ — $ 52,394 Securities available for sale 575,838 — 575,838 — 575,838 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 158,200 — 161,969 — 161,969 Loans held for sale 14,079 — 14,079 — 14,079 Net loans 1,292,239 — — 1,279,849 1,279,849 Restricted equity securities 7,998 n/a n/a n/a n/a Servicing rights, net 3,455 — 4,635 — 4,635 Accrued interest receivable 7,299 3 3,780 3,516 7,299 Financial liabilities Deposits $ 1,814,039 $ 1,062,587 $ 748,961 $ — $ 1,811,548 Federal funds purchased and repurchase agreements 101,086 — 101,086 — 101,086 Federal Home Loan Bank advances 57,000 — 56,931 — 56,931 Accrued interest payable 644 100 544 — 644 |
Mortgage Banking Derivatives (T
Mortgage Banking Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Net Gains (Losses) Relating to Free-Standing Derivative Instruments Used for Risk Management | The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below: 2016 2015 2014 Forward contracts related to mortgage loans held for sale and interest rate contracts $ (37 ) $ 103 $ (411 ) Interest rate contracts for customers (182 ) 126 100 |
Summary of Amount and Fair Value of Mortgage Banking Derivatives Included in Consolidated Balance Sheet | The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of December 31, 2016 and 2015: 2016 2015 Notional Fair Notional Fair Included in other assets (liabilities): Interest rate contracts for customers $ 42,689 $ 229 $ 42,486 $ 411 Forward contracts related to mortgage loans held for sale $ 50,955 $ (66 ) $ 41,236 $ (29 ) |
Loan Commitments and Other Re49
Loan Commitments and Other Related Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk | The contractual amounts of financial instruments with off-balance-sheet 2016 2015 Fixed Variable Fixed Variable Commitments to make loans $ 42,689 $ — $ 42,486 $ — Unused lines of credit 179,096 336,891 150,030 234,949 Standby letters of credit 8,581 16,413 1,342 13,131 |
Parent Company Only Condensed50
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2016 2015 ASSETS Cash and cash equivalents $ 4,366 $ 1,913 Investment in banking subsidiaries 325,571 186,322 Investment in other subsidiaries 1,363 262 Other assets 963 929 Total assets $ 332,263 $ 189,426 LIABILITIES AND EQUITY Subordinated notes $ 58,337 $ — Accrued expenses and other liabilities 3,668 610 Shareholders’ equity 270,258 188,816 Total liabilities and shareholders’ equity $ 332,263 $ 189,426 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years ended December 31, 2016 2015 2014 Dividends from subsidiaries $ 2,050 $ 150 $ 575 Other income 305 488 235 Interest expense 2,902 — — Other expense 2,842 2,270 1,499 Loss before income tax and undistributed subsidiaries income (3,389 ) (1,632 ) (689 ) Income tax benefit (2,320 ) (689 ) (324 ) Equity in undistributed subsidiaries income 29,126 17,023 8,779 Net income $ 28,057 $ 16,080 $ 8,414 Comprehensive income $ 20,895 $ 13,584 $ 15,123 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2016 2015 2014 Cash flows from operating activities Net income $ 28,057 $ 16,080 $ 8,414 Adjustments: Equity in undistributed subsidiaries income (29,126 ) (17,023 ) (8,779 ) Excess tax benefit related to the exchange of stock options — (279 ) (29 ) Amortization of debt issuance costs 124 — — Stock-based compensation 105 45 39 Compensation expense related to common stock issued to 401(k) plan — 14 15 Loss on disposal of subsidiary — — 32 Change in other assets (34 ) (629 ) 77 Change in other liabilities 3,058 463 92 Net cash from operating activities 2,184 (1,329 ) (139 ) Cash flows from investing activities Investments in subsidiaries (116,850 ) (49,809 ) (12,396 ) Net cash acquired from acquisition — — 12,197 Net cash from the disposal of subsidiary — — 205 Net cash from investing activities (116,850 ) (49,809 ) 6 Cash flows from financing activities 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 101 79 — Proceeds from exercise of common stock options 1,571 1,834 265 Proceeds from issuance of common stock, net of offering costs 67,557 50,423 (514 ) Proceeds from subsidiaries related to issuance of common stock related to 401(k) plan — 319 260 Divestment of common stock issued to 401(k) plan (300 ) — — Redemption of Series A preferred stock (10,000 ) — — Dividends paid on preferred stock (23 ) (100 ) (100 ) Net cash from financing activities 117,119 52,555 (89 ) Net change in cash and cash equivalents 2,453 1,417 (222 ) Beginning cash and cash equivalents 1,913 496 718 Ending cash and cash equivalents $ 4,366 $ 1,913 $ 496 Non-cash Transfers from subsidiary stock based compensation expense to parent company only additional paid-in $ 1,536 $ 815 $ 572 Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) — — 40,976 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The factors used in the earnings per share computation follow: Years Ended December 31, 2016 2015 2014 Basic Net income available to common shareholders $ 28,034 $ 15,980 $ 8,314 Less: earnings allocated to participating securities (284 ) (174 ) (94 ) Net income allocated to common shareholders $ 27,750 $ 15,806 $ 8,220 Weighted average common shares outstanding including participating securities 10,933,095 9,885,233 6,320,316 Less: Participating securities (110,628 ) (107,923 ) (71,586 ) Average shares 10,822,467 9,777,310 6,248,730 Basic earnings per common share $ 2.56 $ 1.62 $ 1.32 Diluted Net income allocated to common shareholders $ 27,750 $ 15,806 $ 8,220 Weighted average common shares outstanding for basic earnings per common share 10,822,467 9,777,310 6,248,730 Add: Dilutive effects of assumed exercises of stock options 655,485 491,318 230,290 Add: Dilutive effects of assumed exercises of stock warrants 12,667 13,581 6,810 Average shares and dilutive potential common shares 11,490,619 10,282,209 6,485,830 Dilutive earnings per common share $ 2.42 $ 1.54 $ 1.27 |
Capital Offering (Tables)
Capital Offering (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Net Proceeds | The Company completed a secondary public offering of its common stock on November 21, 2016. The Company issued 2,242,500 shares of common stock at a price of $32.00 per share. Net proceeds were as follows: Gross proceeds $ 71,760 Less: Stock offering costs (4,203 ) Net proceeds from issuance of common stock $ 67,557 |
Quarterly Financial Results (53
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Consolidated Quarterly Financial Data | The following table provides a summary of selected consolidated quarterly financial data for the years ended December 31, 2016 and 2015: 2016 2015 Fourth Third Second First Fourth Third Second First Income Statement Data ($): Interest income $ 27,336 $ 25,724 $ 24,286 $ 22,561 $ 20,081 $ 19,301 $ 15,413 $ 13,926 Interest expense 5,637 5,049 4,352 3,285 2,886 2,565 2,086 1,769 Net interest income 21,699 20,675 19,934 19,276 17,195 16,736 13,327 12,157 Provision for loan losses 1,145 1,392 1,567 1,136 1,876 1,724 805 625 Noninterest income 2,553 4,876 4,626 3,085 2,996 3,795 2,830 3,209 Noninterest expense 13,229 13,708 12,913 11,831 11,098 10,850 10,551 9,615 Net income before taxes 9,878 10,451 10,080 9,394 7,217 7,957 4,801 5,126 Income tax expense 2,699 3,314 2,572 3,161 2,553 2,807 1,667 1,994 Net income 7,179 7,137 7,508 6,233 4,664 5,150 3,134 3,132 Net income available to common shareholders 7,179 7,137 7,508 6,210 4,639 5,125 3,109 3,107 Earnings per share, basic $ 0.61 $ 0.67 $ 0.70 $ 0.59 $ 0.44 $ 0.49 $ 0.30 $ 0.39 Earnings per share, diluted $ 0.58 $ 0.63 $ 0.66 $ 0.55 $ 0.41 $ 0.46 $ 0.28 $ 0.37 † The Company adopted Accounting Standard Update 2016-09 10-Q 2016-09 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Date of acquisition | Jul. 1, 2014 | |||||
Maturity of cash, deposits with other financial institutions | 90 days | |||||
Other-than-temporary impairment recognized | $ 0 | $ 0 | $ 0 | |||
Loan past due | 90 days | |||||
Nonaccrual loans and loans past due | 90 days | |||||
Non-accrual status | 90 days | |||||
Tax benefit | 50.00% | |||||
ASU 2016-09 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Increase (decrease) in income tax expense | $ (107,000) | $ (509,000) | $ (1,013,000) | |||
Increase (decrease) in diluted earnings per share | $ 0.01 | $ 0.04 | $ (0.01) | |||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of intangible assets | 7 years | |||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of intangible assets | 10 years |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 767,063 | $ 576,365 |
Gross Unrealized Gains | 1,214 | 4,050 |
Gross Unrealized Losses | (13,522) | (4,577) |
Fair Value | 754,755 | 575,838 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,792 | |
Gross Unrealized Gains | 72 | |
Gross Unrealized Losses | (47) | |
Fair Value | 6,817 | |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 614,344 | 502,916 |
Gross Unrealized Gains | 949 | 2,386 |
Gross Unrealized Losses | (8,208) | (4,347) |
Fair Value | 607,085 | 500,955 |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,439 | 19,993 |
Gross Unrealized Gains | 27 | 22 |
Gross Unrealized Losses | (132) | (180) |
Fair Value | 19,334 | 19,835 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 133,280 | 46,664 |
Gross Unrealized Gains | 238 | 1,570 |
Gross Unrealized Losses | (5,182) | (3) |
Fair Value | $ 128,336 | $ 48,231 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 228,894 | $ 158,200 |
Gross Unrecognized Gains | 1,548 | 4,262 |
Gross Unrecognized Losses | (2,550) | (493) |
Fair Value | 227,892 | 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 | 6 | 11 |
Gross Unrecognized Losses | (72) | |
Fair Value | 209 | 3,239 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 106,169 | 30,398 |
Gross Unrecognized Gains | 328 | 410 |
Gross Unrecognized Losses | (2,343) | (408) |
Fair Value | 104,154 | 30,400 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 122,522 | 124,502 |
Gross Unrecognized Gains | 1,214 | 3,841 |
Gross Unrecognized Losses | (207) | (13) |
Fair Value | $ 123,529 | $ 128,330 |
Securities - Summary of Sales,
Securities - Summary of Sales, Calls, and Prepayments of Available for Sale Securities and Associated Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities [Abstract] | |||
Proceeds from sales | $ 93,873 | $ 107,300 | $ 44,181 |
Proceeds from calls and prepayments | 11,805 | 2,000 | |
Gross gains | 2,557 | 972 | 422 |
Gross losses | $ (385) | $ (288) | $ (163) |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Securities | Dec. 31, 2015USD ($)Securities | |
Marketable Securities [Line Items] | ||
Held to maturity securities gross gains | $ | $ 148 | |
Gross proceeds from sale of held to maturity securities | $ | 2,300 | |
Carrying value of pledged securities | $ | $ 808,224 | $ 595,524 |
Number of available for sale securities in an unrealized loss position | Securities | 162 | |
Number of held to maturity securities in an unrecognized loss position | Securities | 38 | |
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 Amor59
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for sale | ||
Amortized Cost, Three months or less | $ 0 | |
Amortized Cost, Over three months through one year | 17,600 | |
Amortized Cost, Over one year through five years | 0 | |
Amortized Cost, Over five years through ten years | 2,857 | |
Amortized Cost, Over ten years | 112,823 | |
Amortized Cost | 767,063 | $ 576,365 |
Held to maturity | ||
Amortized Cost, Three months or less | 0 | |
Amortized Cost, Over three months through one year | 0 | |
Amortized Cost, Over one year through five years | 705 | |
Amortized Cost, Over five years through ten years | 5,055 | |
Amortized Cost, Over ten years | 116,965 | |
Amortized Cost, Mortgage-backed securities: residential | 106,169 | |
Amortized Cost | 228,894 | 158,200 |
Available for sale | ||
Fair Value, Three months or less | 0 | |
Fair Value, Over three months through one year | 17,536 | |
Fair Value, Over one year through five years | 0 | |
Fair Value, Over five years through ten years | 2,853 | |
Fair Value, Over ten years | 107,947 | |
Mortgage-backed securities: commercial | 19,334 | |
Mortgage-backed securities: residential | 607,085 | |
Fair Value, Total | 754,755 | 575,838 |
Held to maturity | ||
Fair Value, Three months or less | 0 | |
Fair Value, Over three months through one year | 0 | |
Fair Value, Over one year through five years | 740 | |
Fair Value, Over five years through ten years | 5,056 | |
Fair Value, Over ten years | 117,942 | |
Fair Value, Mortgage-backed securities: residential | 104,154 | |
Fair Value, Total | 227,892 | 161,969 |
Mortgage-Backed Securities: Commercial [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 19,439 | |
Amortized Cost | 19,439 | 19,993 |
Available for sale | ||
Fair Value, Total | 19,334 | 19,835 |
Mortgage-Backed Securities: Residential [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 614,344 | |
Amortized Cost | 614,344 | 502,916 |
Held to maturity | ||
Amortized Cost | 106,169 | 30,398 |
Available for sale | ||
Fair Value, Total | 607,085 | 500,955 |
Held to maturity | ||
Fair Value, Total | $ 104,154 | $ 30,400 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses and Fair Value by Major Security Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | $ 581,188 | $ 332,969 |
Less Than 12 Months Available for sale Unrealized Losses | (13,147) | (3,921) |
12 Months or Longer Available for sale Fair Value | 9,907 | 23,319 |
12 Months or Longer Available for sale Unrealized Losses | (375) | (656) |
Available for sale Fair Value, Total | 591,095 | 356,288 |
Available for sale Unrealized Losses, Total | (13,522) | (4,577) |
Less Than 12 Months Held to maturity Fair Value | 108,430 | 15,096 |
Less Than 12 Months Held to maturity Unrealized Losses | (2,451) | (153) |
12 Months or Longer Held to maturity Fair Value | 3,025 | 6,452 |
12 Months or Longer Held to maturity Unrealized Losses | (99) | (340) |
Held to maturity Fair Value, Total | 111,455 | 21,548 |
Held to maturity Unrealized Losses, Total | (2,550) | (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 | 465,416 | 313,570 |
Less Than 12 Months Available for sale Unrealized Losses | (7,833) | (3,691) |
12 Months or Longer Available for sale Fair Value | 9,907 | 23,319 |
12 Months or Longer Available for sale Unrealized Losses | (375) | (656) |
Available for sale Fair Value, Total | 475,323 | 336,889 |
Available for sale Unrealized Losses, Total | (8,208) | (4,347) |
Less Than 12 Months Held to maturity Fair Value | 89,523 | 9,788 |
Less Than 12 Months Held to maturity Unrealized Losses | (2,244) | (97) |
12 Months or Longer Held to maturity Fair Value | 3,025 | 5,481 |
12 Months or Longer Held to maturity Unrealized Losses | (99) | (311) |
Held to maturity Fair Value, Total | 92,548 | 15,269 |
Held to maturity Unrealized Losses, Total | (2,343) | (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 | 15,752 | 15,980 |
Less Than 12 Months Available for sale Unrealized Losses | (132) | (180) |
Available for sale Fair Value, Total | 15,752 | 15,980 |
Available for sale Unrealized Losses, Total | (132) | (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 | 100,020 | 716 |
Less Than 12 Months Available for sale Unrealized Losses | (5,182) | (3) |
Available for sale Fair Value, Total | 100,020 | 716 |
Available for sale Unrealized Losses, Total | (5,182) | (3) |
Less Than 12 Months Held to maturity Fair Value | 18,907 | 3,351 |
Less Than 12 Months Held to maturity Unrealized Losses | (207) | (13) |
Held to maturity Fair Value, Total | 18,907 | 3,351 |
Held to maturity Unrealized Losses, Total | $ (207) | $ (13) |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 1,771,526 | $ 1,302,389 | ||
Deferred loan fees, net | (793) | (2,476) | ||
Total loans that are not PCI loans | 1,770,733 | 1,299,913 | ||
Allowance for loan losses | (16,553) | (11,587) | $ (6,680) | $ (4,900) |
Net loans | 1,757,039 | 1,292,239 | ||
Construction and Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Construction and land development | 489,562 | 372,767 | ||
Allowance for loan losses | (3,776) | (3,186) | (2,690) | (1,552) |
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 376,476 | 283,888 | ||
Allowance for loan losses | (6,068) | (3,358) | (650) | (337) |
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer and other | 3,359 | 6,577 | ||
Allowance for loan losses | (45) | (36) | $ (55) | $ (98) |
PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,859 | 3,913 | ||
PCI Loans [Member] | Construction and Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 78 | |||
PCI Loans [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,969 | 1,812 | ||
Commercial Real Estate Financing Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonfarm, nonresidential | 458,569 | 353,268 | ||
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 394 | 1,460 | ||
Commercial Real Estate, Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other | 38,571 | 10,955 | ||
Real Estate Residential Closed-end 1-4 Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Closed-end 1-4 family | 254,474 | 162,933 | ||
Real Estate Residential Closed-end 1-4 Family [Member] | PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 496 | 562 | ||
Residential Real Estate, Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other | $ 150,515 | 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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $ 11,587 | $ 6,680 | $ 11,587 | $ 6,680 | $ 4,900 | ||||||
Provision for loan losses | $ 1,145 | $ 1,392 | $ 1,567 | 1,136 | $ 1,876 | $ 1,724 | $ 805 | 625 | 5,240 | 5,030 | 2,374 |
Loans charged-off | (348) | (215) | (659) | ||||||||
Recoveries | 74 | 92 | 65 | ||||||||
Total ending allowance balance | 16,553 | 11,587 | 16,553 | 11,587 | 6,680 | ||||||
Construction and Land Development [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,186 | 2,690 | 3,186 | 2,690 | 1,552 | ||||||
Provision for loan losses | 601 | 496 | 1,138 | ||||||||
Loans charged-off | (11) | ||||||||||
Total ending allowance balance | 3,776 | 3,186 | 3,776 | 3,186 | 2,690 | ||||||
Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,146 | 1,494 | 3,146 | 1,494 | 1,511 | ||||||
Provision for loan losses | 1,120 | 1,652 | 523 | ||||||||
Loans charged-off | (540) | ||||||||||
Total ending allowance balance | 4,266 | 3,146 | 4,266 | 3,146 | 1,494 | ||||||
Residential Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,861 | 1,791 | 1,861 | 1,791 | 1,402 | ||||||
Provision for loan losses | 511 | 76 | 385 | ||||||||
Loans charged-off | (40) | (32) | (61) | ||||||||
Recoveries | 66 | 26 | 65 | ||||||||
Total ending allowance balance | 2,398 | 1,861 | 2,398 | 1,861 | 1,791 | ||||||
Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,358 | 650 | 3,358 | 650 | 337 | ||||||
Provision for loan losses | 2,964 | 2,755 | 371 | ||||||||
Loans charged-off | (255) | (48) | (58) | ||||||||
Recoveries | 1 | 1 | |||||||||
Total ending allowance balance | 6,068 | 3,358 | 6,068 | 3,358 | 650 | ||||||
Consumer and Other [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $ 36 | $ 55 | 36 | 55 | 98 | ||||||
Provision for loan losses | 44 | 51 | (43) | ||||||||
Loans charged-off | (42) | (135) | |||||||||
Recoveries | 7 | 65 | |||||||||
Total ending allowance balance | $ 45 | $ 36 | $ 45 | $ 36 | $ 55 |
Loans - Additional Information
Loans - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 01, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unpaid principal amount | $ 11,686 | $ 5,757 | |||
Allowance for loan losses | 16,553 | 11,587 | $ 6,680 | $ 4,900 | |
Loans receivable carrying amount | $ 1,771,526 | $ 1,302,389 | |||
Number of loans modified as troubled debt restructuring | 1,000 | 0 | |||
Loans modified as troubled debt restructuring, Amount | $ 698 | ||||
Non PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Estimated credit discount | 2,006 | $ 5,014 | |||
Estimated fair value | 178,818 | ||||
Unpaid principal amount | 74,373 | $ 183,832 | |||
Allowance for loan losses | 23 | ||||
Loans receivable carrying amount | 72,367 | ||||
PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses for PCI loans | $ 0 | $ 9 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | $ 1,024 | $ 113 | ||
Allowance for loan losses, Collectively evaluated for impairment | 15,529 | 11,465 | ||
Total ending allowance balance | 16,553 | 11,587 | $ 6,680 | $ 4,900 |
Loans, Individually evaluated for impairment | 9,909 | 4,170 | ||
Loans, Collectively evaluated for impairment | 1,761,617 | 1,298,219 | ||
Aging of Recorded Investment, Total | 1,774,385 | 1,306,302 | ||
PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 0 | 9 | ||
Purchased credit-impaired loans | 2,859 | 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 | 3,776 | 3,186 | ||
Total ending allowance balance | 3,776 | 3,186 | 2,690 | 1,552 |
Loans, Individually evaluated for impairment | 1,275 | 1,943 | ||
Loans, Collectively evaluated for impairment | 488,287 | 370,824 | ||
Aging of Recorded Investment, Total | 489,562 | 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 | 78 | |||
Commercial Real Estate [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Collectively evaluated for impairment | 4,266 | 3,137 | ||
Total ending allowance balance | 4,266 | 3,146 | 1,494 | 1,511 |
Loans, Individually evaluated for impairment | 2,836 | 908 | ||
Loans, Collectively evaluated for impairment | 494,304 | 363,315 | ||
Aging of Recorded Investment, Total | 497,534 | 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 | 394 | 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 | 2,398 | 1,861 | ||
Total ending allowance balance | 2,398 | 1,861 | 1,791 | 1,402 |
Loans, Individually evaluated for impairment | 2,190 | 1,185 | ||
Loans, Collectively evaluated for impairment | 402,799 | 273,749 | ||
Aging of Recorded Investment, Total | 405,485 | 275,497 | ||
Residential Real Estate [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 496 | 563 | ||
Commercial and Industrial [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | 1,024 | 113 | ||
Allowance for loan losses, Collectively evaluated for impairment | 5,044 | 3,245 | ||
Total ending allowance balance | 6,068 | 3,358 | 650 | 337 |
Loans, Individually evaluated for impairment | 3,608 | 134 | ||
Loans, Collectively evaluated for impairment | 372,868 | 283,754 | ||
Aging of Recorded Investment, Total | 378,445 | 285,700 | ||
Commercial and Industrial [Member] | PCI Loans [Member] | ||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||
Purchased credit-impaired loans | 1,969 | 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 | 45 | 36 | ||
Total ending allowance balance | 45 | 36 | $ 55 | $ 98 |
Loans, Collectively evaluated for impairment | 3,359 | 6,577 | ||
Aging of Recorded Investment, Total | $ 3,359 | $ 6,577 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | $ 8,822 | $ 5,644 | |
Unpaid Principal Balance | 11,686 | 5,757 | |
Recorded Investment, With no allowance recorded | 7,235 | 4,057 | |
Recorded Investment | 9,909 | 4,170 | |
Unpaid Principal Balance, With an allowance recorded | 2,864 | 113 | |
Recorded Investment, With an allowance recorded | 2,674 | 113 | |
Allowance for Loan Losses Allocated | 1,024 | 113 | |
Average Recorded Investment, With no allowance recorded | 4,024 | 2,124 | $ 683 |
Average Recorded Investment, With an allowance recorded | 545 | 68 | 1,305 |
Average Recorded Investment | 4,569 | 2,192 | 1,988 |
Commercial Real Estate Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 4,423 | 2,495 | |
Recorded Investment, With no allowance recorded | 2,836 | 908 | |
Average Recorded Investment, With no allowance recorded | 1,892 | 882 | 587 |
Real Estate Residential Closed-end 1-4 Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 2,069 | 476 | |
Recorded Investment, With no allowance recorded | 2,069 | 476 | |
Average Recorded Investment, With no allowance recorded | 747 | 261 | 94 |
Average Recorded Investment, With an allowance recorded | 55 | 359 | |
Residential Real Estate, Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 121 | 709 | |
Recorded Investment, With no allowance recorded | 121 | 709 | |
Average Recorded Investment, With no allowance recorded | 696 | 415 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 934 | 21 | |
Recorded Investment, With no allowance recorded | 934 | 21 | |
Unpaid Principal Balance, With an allowance recorded | 2,864 | 113 | |
Recorded Investment, With an allowance recorded | 2,674 | 113 | |
Allowance for Loan Losses Allocated | 1,024 | 113 | |
Average Recorded Investment, With no allowance recorded | 207 | 62 | 2 |
Average Recorded Investment, With an allowance recorded | 490 | 60 | 53 |
Construction and Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no allowance recorded | 1,275 | 1,943 | |
Recorded Investment, With no allowance recorded | 1,275 | 1,943 | |
Average Recorded Investment, With no allowance recorded | 474 | 494 | |
Consumer and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, With no allowance recorded | $ 8 | 10 | 2 |
Average Recorded Investment, With an allowance recorded | $ 8 | ||
Commercial Real Estate Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, With an allowance recorded | $ 893 |
Loans - Schedule of Recorded In
Loans - Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 3,630 | $ 908 |
Recorded Investment, Loans Past Due Over 90 Days | 2,552 | 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 | 452 | 435 |
Construction and Land Development [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Loans Past Due Over 90 Days | 1,950 | 1,943 |
Commercial and Industrial Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | 2,674 | $ 32 |
Recorded Investment, Loans Past Due Over 90 Days | 150 | |
Residential Real Estate, Other [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 121 |
Loans - Schedule of Aging of Re
Loans - Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 8,089 | $ 4,024 |
Aging of Recorded Investment, Loans Not Past Due | 1,763,437 | 1,289,365 |
Aging of Recorded Investment, Total | 1,774,385 | 1,306,302 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2,330 | 2,092 |
Aging of Recorded Investment, Loans Not Past Due | 487,232 | 370,675 |
Aging of Recorded Investment, Total | 489,562 | 372,845 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 3,018 | 118 |
Aging of Recorded Investment, Loans Not Past Due | 373,458 | 283,770 |
Aging of Recorded Investment, Total | 378,445 | 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 | 3,359 | 6,575 |
Aging of Recorded Investment, Total | 3,359 | 6,577 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 2,859 | 3,913 |
PCI Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 78 | |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,969 | 1,812 |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,499 | 1,093 |
Aging of Recorded Investment, Loans Not Past Due | 457,070 | 352,175 |
Aging of Recorded Investment, Total | 458,963 | 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 | 394 | 1,460 |
Commercial Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 38,571 | 10,955 |
Aging of Recorded Investment, Total | 38,571 | 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 | 890 | 689 |
Aging of Recorded Investment, Loans Not Past Due | 253,584 | 162,244 |
Aging of Recorded Investment, Total | 254,970 | 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 | 496 | 562 |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 352 | 30 |
Aging of Recorded Investment, Loans Not Past Due | 150,163 | 111,971 |
Aging of Recorded Investment, Total | 150,515 | 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 | 1,858 | 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 | 380 | |
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 | 155 | 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 | 664 | 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 | 428 | 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 | 231 | 30 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 49 | 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 | 39 | 32 |
60 to 89 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 10 | |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 6,182 | 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 | 1,950 | 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 | 2,824 | |
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 | 452 | $ 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 | $ 121 |
Loans - Summary of Risk Categor
Loans - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 1,774,385 | $ 1,306,302 |
Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 489,562 | 372,845 |
Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 378,445 | 285,700 |
Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,359 | 6,577 |
Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 458,963 | 354,728 |
Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 38,571 | 10,955 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 254,970 | 163,495 |
Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 150,515 | 112,002 |
Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,754,256 | 1,298,403 |
Pass [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 488,287 | 370,824 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 373,243 | 284,144 |
Pass [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,359 | 6,577 |
Pass [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 449,373 | 352,451 |
Pass [Member] | Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 38,571 | 10,955 |
Pass [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 251,919 | 162,160 |
Pass [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 149,504 | 111,292 |
Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,847 | |
Special Mention [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,847 | |
Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 18,282 | 7,899 |
Substandard [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,275 | 2,021 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 5,202 | 1,556 |
Substandard [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 7,743 | 2,277 |
Substandard [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,051 | 1,335 |
Substandard [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 1,011 | $ 710 |
Loan Servicing - Schedule of Lo
Loan Servicing - Schedule of Loans Serviced Not Reported as Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Mortgage Corporation [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 499,385 | $ 463,952 |
Other Serviced Loans [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 2,954 | $ 4,037 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Escrow balances maintained | $ 2,477 | $ 2,494 |
Fair value of servicing rights | $ 5,015 | $ 4,635 |
Weighted average discount rate | 10.50% | 10.50% |
Weighted average prepayment speed | 9.90% | 10.20% |
Loan Servicing - Related Loan S
Loan Servicing - Related Loan Servicing Rights Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset At Amortized Value Additional Disclosures [Abstract] | |||
Beginning of year | $ 3,455 | $ 3,053 | $ 2,640 |
Additions | 1,367 | 1,311 | 1,140 |
Amortized to expense | (1,201) | (909) | (727) |
Decrease in impairment | 0 | 0 | 0 |
End of year | $ 3,621 | $ 3,455 | $ 3,053 |
Loan Servicing - Components of
Loan Servicing - Components of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | |||
Loan servicing fees | $ 1,223 | $ 1,136 | $ 981 |
Amortization of loan servicing fees | (1,201) | (909) | (727) |
Change in impairment | 0 | 0 | 0 |
Total | $ 22 | $ 227 | $ 254 |
Premises and Equipment and Re73
Premises and Equipment and Related Party Leases - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 16,614 | $ 13,409 |
Accumulated depreciation | (7,063) | (5,769) |
Property plant and equipment net | 9,551 | 7,640 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 2,184 | 282 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 33 | 33 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 150 | 150 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 6,149 | 5,783 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 5,229 | 4,652 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 2,840 | 2,480 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 29 | $ 29 |
Premises and Equipment and Re74
Premises and Equipment and Related Party Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |||
Depreciation and amortization on premises and equipment | $ 1,330 | $ 1,325 | $ 931 |
Rent expense | $ 3,602 | $ 2,912 | $ 2,049 |
Premises and Equipment and Re75
Premises and Equipment and Related Party Leases - Summary of Operating Lease Rent Commitments Over the Initial Lease Terms and Intended Renewal Periods (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating And Capital Leases Revenues And Rent Expense [Line Items] | |
2,017 | $ 3,636 |
2,018 | 4,022 |
2,019 | 4,046 |
2,020 | 4,024 |
2,021 | 4,085 |
Thereafter | 39,074 |
Total | 58,887 |
Related Parties [Member] | |
Operating And Capital Leases Revenues And Rent Expense [Line Items] | |
2,017 | 2,539 |
2,018 | 3,103 |
2,019 | 3,149 |
2,020 | 3,195 |
2,021 | 3,243 |
Thereafter | 33,441 |
Total | 48,670 |
Other [Member] | |
Operating And Capital Leases Revenues And Rent Expense [Line Items] | |
2,017 | 1,097 |
2,018 | 919 |
2,019 | 897 |
2,020 | 829 |
2,021 | 842 |
Thereafter | 5,633 |
Total | $ 10,217 |
Goodwill and Intangible Asset76
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | $ 9,124 | $ 9,124 | |
Core deposit intangible, net | 1,480 | 2,043 | |
Core deposit intangibles, accumulated amortization | 1,580 | 1,017 | |
Aggregate amortization expense | 563 | 655 | $ 362 |
MidSouth Bank [Member] | |||
Core deposit intangible, net | 1,480 | $ 2,043 | |
MidSouth Bank [Member] | Core Deposit Intangibles [Member] | |||
Core deposit intangible | $ 3,060 | ||
Estimated economic life | 8 years 2 months 12 days |
Goodwill and Intangible Asset77
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Core deposit intangibles, Gross Carrying Amount | $ 3,060 | $ 3,060 |
Core deposit intangibles, Accumulated Amortization | $ (1,580) | $ (1,017) |
Goodwill and Intangible Asset78
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - MidSouth Bank [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 473 |
2,018 | 382 |
2,019 | 291 |
2,020 | 201 |
2,021 | $ 110 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fees And Commissions Income [Abstract] | ||
Time Deposits, $250,000 or More | $ 289,571 | $ 310,741 |
Deposit accounts in overdraft status reclassified to loans | $ 192 | $ 290 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Maturities of Time Deposits [Abstract] | |
2,017 | $ 516,233 |
2,018 | 168,026 |
2,019 | 66,578 |
2,020 | 30,674 |
2,021 | $ 58,811 |
Federal Funds Purchased and R81
Federal Funds Purchased and Repurchase Agreements - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal Home Loan Bank, Advances, Maximum Amount Available | $ 30,001,000 | |
Outstanding federal funds purchased | 46,805,000 | $ 39,825,000 |
Total short-term borrowings | 36,496,000 | 61,261,000 |
Carrying value of securities used to secure borrowings | 41,136,000 | 73,478,000 |
One-Day Maturities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total short-term borrowings | 36,496,000 | |
Federal Funds Purchased [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal Home Loan Bank, Advances, Maximum Amount Available | $ 199,900,000 | $ 134,400,000 |
Federal Funds Purchased and R82
Federal Funds Purchased and Repurchase Agreements - Summary of Information Concerning Securities Sold under Agreements to Repurchase (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |||
Average daily balance during the year | $ 39,647,000 | $ 38,241,000 | $ 12,792,000 |
Average interest rate during the year | 0.58% | 0.53% | 0.58% |
Maximum month-end balance during the year | $ 61,669,000 | $ 61,261,000 | $ 24,466,000 |
Weighted average interest rate at year end | 0.56% | 0.64% | 0.56% |
Federal Funds Purchased and R83
Federal Funds Purchased and Repurchase Agreements - Additional Details of Securities Sold under Agreement to Repurchase (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 41,656 |
Borrowings related to pledged amounts | $ 36,496 |
Market value pledged as a % of borrowings | 114.00% |
U.S. Government Sponsored Entities and Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 209 |
Mortgage-Backed Securities: Residential [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | 117 |
State and Political Subdivisions [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | 41,330 |
Borrowings related to pledged amounts | $ 36,496 |
Market value pledged as a % of borrowings | 113.00% |
Federal Home Loan Bank Advanc84
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Banks [Abstract] | ||
Advances received from the FHLB | $ 132,000,000 | $ 57,000,000 |
Loans pledged as security | 402,864,000 | |
Federal Home Loan Bank, Advances, Maximum Amount Available | $ 30,001,000 |
Federal Home Loan Bank Advanc85
Federal Home Loan Bank Advances - Schedule of Maturities of Advances and Interest Rates (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Federal Home Loan Banks [Abstract] | |
2,017 | $ 10,000 |
2,018 | 87,000 |
2,019 | 35,000 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 0 |
Total | $ 132,000 |
2,017 | 1.27% |
2,018 | 1.12% |
2,019 | 1.30% |
2,020 | 0.00% |
2,021 | 0.00% |
Thereafter | 0.00% |
Total | 1.18% |
Subordinated Notes - Additional
Subordinated Notes - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Subordinated notes, net of issuance costs | $ 58,337,000 | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Notes, Aggregate principal amount | $ 20,000,000 | $ 40,000,000 | $ 60,000,000 |
Notes, Interest rate | 7.00% | 6.875% | |
Notes, Issuance cost | $ 404,000 | $ 1,382,000 | |
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 Notes - Summary of
Subordinated Notes - Summary of Terms of Each Subordinated Note offering (Detail) - Subordinated Debt [Member] - USD ($) | 1 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Principal amount issued | $ 20,000,000 | $ 40,000,000 | $ 60,000,000 |
Maturity date | Jul. 1, 2026 | Mar. 30, 2026 | |
Initial fixed interest rate | 7.00% | 6.875% | |
Initial interest rate period | 10 years | 10 years | |
First interest rate change date | Jul. 1, 2021 | Mar. 30, 2021 | |
Interest payment frequency through year five | Semiannually | Semiannually | |
Interest payment frequency after five years | Quarterly | Quarterly | |
Initial Term [Member] | |||
Debt Instrument [Line Items] | |||
Initial interest rate period | 5 years | 5 years | |
LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest repricing index and margin | 3-month LIBOR plus 6.04% | 3-month LIBOR plus 5.636% | |
Interest payment frequency through year five | Quarterly | Quarterly |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | May 01, 2008 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Postemployment Benefits Disclosure [Line Items] | ||||
Expense for the period | $ 523 | $ 466 | $ 387 | |
Employee Contribution Up to First 2% [Member] | ||||
Postemployment Benefits Disclosure [Line Items] | ||||
Contribution equivalent to the company's common stock | 100.00% | |||
Employee Contribution on Next 4% [Member] | ||||
Postemployment Benefits Disclosure [Line Items] | ||||
Contribution equivalent to the company's common stock | 50.00% |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of the Income Tax Expense Computed by Statutory Federal Income Tax Rate of 34 Percent to Income Before Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Computed "expected" tax expense | $ 13,931 | $ 8,785 | $ 4,742 | ||||||||
State tax expense, net of federal tax effect | 805 | 1,031 | 593 | ||||||||
Effect of statutory rate changes enacted in 2014 | (223) | ||||||||||
Non-deductible merger costs | 114 | 20 | 150 | ||||||||
Incentive stock options | 152 | 58 | 104 | ||||||||
Bank owned life insurance | (227) | (214) | (101) | ||||||||
Tax-exempt interest income, net of expense | (1,801) | (703) | (49) | ||||||||
Insurance premiums | (364) | ||||||||||
Excess tax benefit from exercise of stock options and vesting of restricted stock | (911) | ||||||||||
Other | 47 | 44 | (82) | ||||||||
Income tax expense | $ 2,699 | $ 3,314 | $ 2,572 | $ 3,161 | $ 2,553 | $ 2,807 | $ 1,667 | $ 1,994 | $ 11,746 | $ 9,021 | $ 5,134 |
Income Taxes - Component of Inc
Income Taxes - Component of Income Tax Expense Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current expense | |||||||||||
Federal | $ 11,416 | $ 8,302 | $ 4,444 | ||||||||
State | 1,294 | 1,777 | 820 | ||||||||
Deferred expense | |||||||||||
Federal | (908) | (867) | (222) | ||||||||
State | (56) | (191) | 92 | ||||||||
Income tax expense | $ 2,699 | $ 3,314 | $ 2,572 | $ 3,161 | $ 2,553 | $ 2,807 | $ 1,667 | $ 1,994 | $ 11,746 | $ 9,021 | $ 5,134 |
Income Taxes - Sources of Defer
Income Taxes - Sources of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Organizational and start-up costs | $ 115 | $ 135 |
Allowance for loan losses | 6,340 | 3,715 |
Unrealized loss on securities | 4,826 | 207 |
Net operating loss carry forward | 4,332 | 4,802 |
Purchase accounting fair value adjustments | 1,914 | 2,231 |
Accrued other expenses | 512 | 511 |
Nonaccrual loan interest | 468 | 496 |
Loan fees | 312 | 971 |
Other | 139 | 367 |
Total deferred tax asset | 18,958 | 13,435 |
Deferred tax liabilities: | ||
Mortgage servicing rights | (1,429) | (1,319) |
Premises and equipment | (1,080) | (1,113) |
Prepaid expenses | (527) | (571) |
Unrealized gain on securities | 0 | 0 |
Purchase accounting fair value adjustments | (639) | (873) |
Mortgage banking derivatives | (8) | (94) |
Other | (262) | (35) |
Total deferred tax liability | (3,945) | (4,005) |
Net deferred tax asset (liability) | $ 15,013 | $ 9,430 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||
Uncertain tax positions | $ 0 | $ 0 | $ 0 |
Interest and penalties | 0 | $ 0 | $ 0 |
Internal Revenue Service (IRS) [Member] | |||
Income Tax Disclosure [Line Items] | |||
Federal net operating losses annual limitation amount | 1,300,000 | ||
MidSouth Bank [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses acquired from acquisition | $ 12,400,000 | ||
MidSouth Bank [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Expiration date of net operating losses acquired from acquisition | 2,025 | ||
MidSouth Bank [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Expiration date of net operating losses acquired from acquisition | 2,031 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Loans to Principal Officers, Directors, and Their Affiliates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Related Party Transactions [Abstract] | |
Beginning balance | $ 13,213 |
New loans/advances | 5,783 |
Effect of changes in composition of related parties | 0 |
Participations sold | (890) |
Repayments | (4,535) |
Ending balance | $ 13,571 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Deposits from principal officers, directors, and their affiliates | $ 18,836 | $ 6,441 | |
Rent Expense | $ 2,574 | 2,296 | $ 1,222 |
Procurement of various insurance policies | 10,344 | ||
Downtown Franklin [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Lease agreement date | May 7, 2010 | ||
Berry Farms Branch [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Lease agreement date | Jun. 12, 2013 | ||
Related Parties [Member] | |||
Related Party Transaction [Line Items] | |||
Construction of leasehold improvements | $ 2,261 | 369 | |
Procurement of various insurance policies | $ 806 | $ 666 | |
Downtown Franklin Two [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Cool Springs Franklin [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years | ||
Rutherford County [Member] | |||
Related Party Transaction [Line Items] | |||
Lease agreement term | 15 years |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | Jul. 01, 2014$ / sharesshares | Feb. 28, 2015shares | Jun. 30, 2014shares | Apr. 30, 2013shares | Apr. 30, 2010shares | Dec. 31, 2016USD ($)Plans$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2007shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of warrants exercised | 8,450 | 6,570 | |||||||
Trigger value of 2010 warrant, price per share | $ / shares | $ 15 | ||||||||
Warrants, contingent redemption price | $ / shares | $ 1 | ||||||||
Number of share-based compensation plans | Plans | 2 | ||||||||
Compensation cost charged against income | $ | $ 1,641,000 | $ 860,000 | $ 611,000 | ||||||
Excess tax benefit related to vesting of restricted stock and exercise of stock options | $ | $ 1,013,000 | $ 533,000 | $ 29,000 | ||||||
Number of shares authorized for issuance | 2,014,652 | ||||||||
Exercise price of options | $ / shares | $ 16.70 | ||||||||
Weighted average fair value of options | $ / shares | $ 14.50 | $ 10.23 | $ 6.44 | $ 4.12 | |||||
Unrecognized compensation cost, nonvested stock options | $ | $ 3,691,000 | ||||||||
Unrecognized compensation cost, period of recognition | 3 years 10 months 24 days | ||||||||
Total fair value of shares vested | $ | $ 1,003,000 | $ 560,000 | $ 124,000 | ||||||
MidSouth Bank [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options to purchase shares of common stock | 137,280 | ||||||||
Exercise price of options | $ / shares | $ 8.57 | ||||||||
Weighted average fair value of options | $ / shares | $ 6.31 | ||||||||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of warrants exercised | 8,450 | 6,570 | |||||||
Compensation expense | $ | $ 0 | ||||||||
Common Stock [Member] | MidSouth Bank [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock options converted | 322,300 | ||||||||
2010 Offering [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant shares issued | 32,425 | ||||||||
Warrant exercise price per share | $ / shares | $ 12 | ||||||||
Warrants exercisable period | 7 years | ||||||||
Warrants outstanding | 16,857 | ||||||||
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 | $ | $ 1,713,000 | ||||||||
Unrecognized compensation cost, period of recognition | 3 years 4 months 24 days | ||||||||
Restricted Stock [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of shares | 2 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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Intrinsic value of warrants exercised | $ 181 | $ 71 |
Cash received from warrants exercised | $ 101 | $ 79 |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions of Stock Options (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.59% | 1.84% | 1.82% |
Expected term | 7 years 6 months | 7 years 6 months | 5 years 10 months 24 days |
Expected stock price volatility | 30.45% | 25.00% | 10.87% |
Dividend yield | 0.22% | 0.22% | 0.23% |
Share-Based Payments - Summar98
Share-Based Payments - Summary of Company's Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares, Outstanding, Beginning Balance | 1,312,791 | 1,210,660 | 946,644 |
Shares, Granted | 299,587 | 245,449 | 181,680 |
Shares, Conversion of pre-existing MidSouth options | 137,280 | ||
Shares, Exercised | (214,947) | (138,901) | (23,809) |
Shares, Forfeited, expired, or canceled | (2,415) | (4,417) | (31,135) |
Shares, Outstanding, Ending Balance | 1,395,016 | 1,312,791 | 1,210,660 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 13.04 | $ 11.32 | $ 11.27 |
Shares, Vested or expected to vest | 1,325,265 | ||
Weighted Average Exercise Price, Granted | $ 28.85 | 20.82 | 13.55 |
Shares, Exercisable at period end | 740,708 | ||
Weighted Average Exercise Price, Conversion of pre-existing MidSouth options | 8.57 | ||
Weighted Average Exercise Price, Exercised | $ 11.31 | 11.53 | 9.92 |
Weighted Average Exercise Price, Forfeited, expired, or cancelled | 19.43 | 19.02 | 12.01 |
Weighted Average Exercise Price, Outstanding, Ending Balance | 16.70 | $ 13.04 | $ 11.32 |
Weighted Average Exercise Price, Vested or expected to vest | 16.70 | ||
Weighted Average Exercise Price, Exercisable at period end | $ 11.59 | ||
Weighted Average Remaining Contractual Term, Outstanding at period end | 6 years 4 months 21 days | ||
Weighted Average Remaining Contractual Term, Vested or expected to vest | 6 years 4 months 21 days | ||
Weighted Average Remaining Contractual Term, Exercisable at period end | 4 years 7 months 24 days | ||
Aggregate Intrinsic Value, Outstanding at period end | $ 35,090 | ||
Aggregate Intrinsic Value, Vested or expected to vest | 33,335 | ||
Aggregate Intrinsic Value, Exercisable at period end | $ 22,417 |
Share-Based Payments - Summar99
Share-Based Payments - Summary of Stock Options Exercised (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options exercised: | |||
Intrinsic value of options exercised | $ 4,725 | $ 1,727 | $ 187 |
Cash received from options exercised | 1,571 | 1,301 | 236 |
Tax benefit realized from option exercises | $ 843 | $ 451 | $ 29 |
Share-Based Payments - Summa100
Share-Based Payments - Summary of Activity for Nonvested Restricted Share Awards (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Nonvested, Beginning Balance | 105,864 | 102,710 | 28,685 |
Shares, Granted | 36,496 | 31,938 | 87,874 |
Shares, Vested | (33,407) | (25,075) | (9,166) |
Shares, Forfeited | (2,495) | (3,709) | (4,683) |
Shares, Nonvested, Ending Balance | 106,458 | 105,864 | 102,710 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning Balance | $ 15.89 | $ 13.93 | $ 13 |
Weighted-Average Grant-Date Fair Value, Granted | 28.47 | 20.69 | 14.15 |
Weighted-Average Grant-Date Fair Value, Vested | 17.06 | 13.99 | 13 |
Weighted-Average Grant-Date Fair Value, Forfeited | 16.97 | 15.99 | 14.09 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending Balance | $ 19.81 | $ 15.89 | $ 13.93 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital ratio to risk weighted assets | 11.75% | 10.51% |
Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer threshold | 0.625% | |
Capital conservation buffer limit for capital distributions or discretionary bonus payments | 2.50% | |
Common equity tier 1 capital ratio to risk weighted assets | 7.00% | |
Tier 1 capital ratio to risk weighted assets | 8.50% | |
Total capital to risk weighted assets | 10.50% |
Regulatory Capital Matters - Ac
Regulatory Capital Matters - Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 263,693 | $ 167,562 |
Total Capital to risk-weighted assets, Actual Amount | 338,675 | 186,243 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 263,693 | 174,656 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 263,693 | $ 174,656 |
Common equity Tier 1 capital to risk-weighted assets | 11.75% | 10.08% |
Total Capital to risk weighted assets, Actual Ratio | 15.09% | 11.21% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 11.75% | 10.51% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 9.28% | 8.48% |
Common equity Tier 1 capital to risk-weighted assets | $ 101,022 | $ 74,768 |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 179,595 | 132,922 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 134,696 | 99,696 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 113,697 | $ 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 | $ 319,005 | $ 172,205 |
Total Capital to risk-weighted assets, Actual Amount | 335,650 | 183,792 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 319,005 | 172,205 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 319,005 | $ 172,205 |
Common equity Tier 1 capital to risk-weighted assets | 14.18% | 10.36% |
Total Capital to risk weighted assets, Actual Ratio | 14.92% | 11.06% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 14.18% | 10.36% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 11.22% | 8.36% |
Common equity Tier 1 capital to risk-weighted assets | $ 101,216 | $ 74,772 |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 179,939 | 132,928 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 134,954 | 99,696 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 113,697 | $ 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 | $ 146,201 | $ 108,004 |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 224,924 | 166,160 |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 179,939 | 132,928 |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 142,122 | $ 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) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 7,183,000 | $ 6,959,000 | $ 5,814,000 |
Carrying amount of impaired loans with specific allocations | 9,909,000 | 4,170,000 | |
Foreclosed assets | 0 | 200,000 | |
Write-down value during period | 0 | ||
Loans Held for Sale [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Unpaid principal balance of loans held for sale | 23,457,000 | 13,754,000 | |
Change in fair value related to loans held for sale | 242,000 | 325,000 | |
Fair Value [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Carrying amount of impaired loans with specific allocations | $ 1,650,000 | $ 0 | |
Maximum [Member] | Loans Held for Sale [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Term of loan | 90 days |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 754,755 | $ 575,838 |
Loans held for sale | 23,699 | 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 | 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 | 607,085 | 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 | 19,334 | 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 | 128,336 | 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 | 754,755 | 575,838 |
Loans held for sale | 23,699 | 14,079 |
Mortgage banking derivatives | 229 | 411 |
Mortgage banking derivatives | 66 | 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 | 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 | 607,085 | 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 | 19,334 | 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 | $ 128,336 | $ 48,231 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 90,927 | $ 52,394 | $ 49,347 | $ 18,217 |
Securities available for sale | 754,755 | 575,838 | ||
Certificates of deposit held at other financial institutions | 1,055 | 250 | ||
Securities held to maturity, Carrying Amount | 228,894 | 158,200 | ||
Securities held to maturity, Fair Value | 227,892 | 161,969 | ||
Loans held for sale, Fair Value | 23,699 | 14,079 | ||
Net loans, Carrying Amount | 1,757,039 | 1,292,239 | ||
Servicing rights, net, Carrying Amount | 3,621 | 3,455 | ||
Servicing rights, net, Fair Value | 5,015 | 4,635 | ||
Accrued interest receivable | 9,931 | 7,299 | ||
Deposits, Carrying Amount | 2,391,818 | 1,814,039 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 83,301 | 101,086 | ||
Federal Home Loan Bank advances, Carrying Amount | 132,000 | 57,000 | ||
Subordinated notes | 58,337 | |||
Accrued interest payable | 1,924 | 644 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents , Fair Value | 90,927 | 52,394 | ||
Securities available for sale | 754,755 | 575,838 | ||
Certificates of deposit held at other financial institutions, Fair Value | 1,055 | 250 | ||
Securities held to maturity, Fair Value | 227,892 | 161,969 | ||
Loans held for sale, Fair Value | 23,699 | 14,079 | ||
Net loans, Fair Value | 1,727,188 | 1,279,849 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 5,015 | 4,635 | ||
Accrued interest receivable | 9,931 | 7,299 | ||
Deposits, Fair Value | 2,387,905 | 1,811,548 | ||
Federal funds purchased and repurchase agreements, Fair Value | 83,301 | 101,086 | ||
Federal Home Loan Bank advances, Fair Value | 131,098 | 56,931 | ||
Subordinated notes | 61,762 | |||
Accrued interest payable | 1,924 | 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 | 90,927 | 52,394 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 3 | |||
Deposits, Fair Value | 1,551,461 | 1,062,587 | ||
Accrued interest payable | 154 | 100 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 754,755 | 575,838 | ||
Certificates of deposit held at other financial institutions, Fair Value | 1,055 | 250 | ||
Securities held to maturity, Fair Value | 227,892 | 161,969 | ||
Loans held for sale, Fair Value | 23,699 | 14,079 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 5,015 | 4,635 | ||
Accrued interest receivable | 5,172 | 3,780 | ||
Deposits, Fair Value | 836,444 | 748,961 | ||
Federal funds purchased and repurchase agreements, Fair Value | 83,301 | 101,086 | ||
Federal Home Loan Bank advances, Fair Value | 131,098 | 56,931 | ||
Accrued interest payable | 1,075 | 544 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net loans, Fair Value | 1,727,188 | 1,279,849 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 4,759 | 3,516 | ||
Subordinated notes | 61,762 | |||
Accrued interest payable | 695 | |||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | 90,927 | 52,394 | ||
Securities available for sale | 754,755 | 575,838 | ||
Certificates of deposit held at other financial institutions | 1,055 | 250 | ||
Securities held to maturity, Carrying Amount | 228,894 | 158,200 | ||
Loans held for sale, Carrying Amount | 23,699 | 14,079 | ||
Net loans, Carrying Amount | 1,757,039 | 1,292,239 | ||
Restricted equity securities, Carrying Amount | 11,843 | 7,998 | ||
Servicing rights, net, Carrying Amount | 3,621 | 3,455 | ||
Accrued interest receivable | 9,931 | 7,299 | ||
Deposits, Carrying Amount | 2,391,818 | 1,814,039 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 83,301 | 101,086 | ||
Federal Home Loan Bank advances, Carrying Amount | 132,000 | 57,000 | ||
Subordinated notes | 58,337 | |||
Accrued interest payable | $ 1,924 | $ 644 |
Mortgage Banking Derivatives -
Mortgage Banking Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative assets | $ 229 | $ 411 |
Derivative liability | 66 | 29 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Mortgage banking derivatives | 42,689 | 42,486 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Mortgage banking derivatives | $ 50,955 | $ 41,236 |
Mortgage Banking Derivatives107
Mortgage Banking Derivatives - Summary of Net Gains (Losses) Relating to Free-Standing Derivative Instruments Used for Risk Management (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative instruments | $ (37) | $ 103 | $ (411) |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative instruments | $ (182) | $ 126 | $ 100 |
Mortgage Banking Derivatives108
Mortgage Banking Derivatives - Summary of Amount and Fair Value of Mortgage Banking Derivatives Included in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 42,689 | $ 42,486 |
Fair Value | 229 | 411 |
Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 50,955 | 41,236 |
Fair Value | $ (66) | $ (29) |
Loan Commitments and Other R109
Loan Commitments and Other Related Activities - Summary of Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Unused Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 179,096 | $ 150,030 |
Variable Rate | 336,891 | 234,949 |
Commitments to Make Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 42,689 | 42,486 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 8,581 | 1,342 |
Variable Rate | $ 16,413 | $ 13,131 |
Loan Commitments and Other R110
Loan Commitments and Other Related Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Purchase Commitment [Line Items] | |
Commitments to make loans period | Over 365 days |
Fixed rate loan commitments | 2.59% |
Fixed rate loan commitments | 12.00% |
Minimum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Fixed rate loan maturity period | 1 year |
Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Fixed rate loan maturity period | 26 years |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - Series A Preferred Stock [Member] - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Preferred stock share issued | 0 | 10,000 |
Preferred stock shares outstanding | 0 | 10,000 |
Parent Company only Condense112
Parent Company only Condensed Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 90,927 | $ 52,394 | $ 49,347 | $ 18,217 |
Other assets | 2,990 | 3,344 | ||
Total assets | 2,943,189 | 2,167,792 | ||
LIABILITIES AND EQUITY | ||||
Shareholders' equity | 270,258 | 188,816 | ||
Total liabilities and equity | 2,943,189 | 2,167,792 | ||
Franklin Financial Network, Inc. [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 4,366 | 1,913 | $ 496 | $ 718 |
Investment in banking subsidiaries | 325,571 | 186,322 | ||
Investment in other subsidiaries | 1,363 | 262 | ||
Other assets | 963 | 929 | ||
Total assets | 332,263 | 189,426 | ||
LIABILITIES AND EQUITY | ||||
Subordinated notes | 58,337 | |||
Accrued expenses and other liabilities | 3,668 | 610 | ||
Shareholders' equity | 270,258 | 188,816 | ||
Total liabilities and equity | $ 332,263 | $ 189,426 |
Parent Company only Condense113
Parent Company only Condensed Financial Information - Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest expense | $ 5,637 | $ 5,049 | $ 4,352 | $ 3,285 | $ 2,886 | $ 2,565 | $ 2,086 | $ 1,769 | $ 18,323 | $ 9,306 | $ 5,739 |
Income tax benefit | 2,699 | 3,314 | 2,572 | 3,161 | 2,553 | 2,807 | 1,667 | 1,994 | 11,746 | 9,021 | 5,134 |
Net income | $ 7,179 | $ 7,137 | $ 7,508 | $ 6,233 | $ 4,664 | $ 5,150 | $ 3,134 | $ 3,132 | 28,057 | 16,080 | 8,414 |
Comprehensive income | 20,895 | 13,584 | 15,123 | ||||||||
Franklin Financial Network, Inc. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 2,050 | 150 | 575 | ||||||||
Other income | 305 | 488 | 235 | ||||||||
Interest expense | 2,902 | ||||||||||
Other expense | 2,842 | 2,270 | 1,499 | ||||||||
Loss before income tax and undistributed subsidiaries income | (3,389) | (1,632) | (689) | ||||||||
Income tax benefit | (2,320) | (689) | (324) | ||||||||
Equity in undistributed subsidiaries income | 29,126 | 17,023 | 8,779 | ||||||||
Net income | 28,057 | 16,080 | 8,414 | ||||||||
Comprehensive income | $ 20,895 | $ 13,584 | $ 15,123 |
Parent Company only Condense114
Parent Company only Condensed Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||||||||||
Net income | $ 7,179 | $ 7,137 | $ 7,508 | $ 6,233 | $ 4,664 | $ 5,150 | $ 3,134 | $ 3,132 | $ 28,057 | $ 16,080 | $ 8,414 |
Adjustments: | |||||||||||
Amortization of debt issuance costs | 124 | ||||||||||
Stock-based compensation | 1,641 | 860 | 611 | ||||||||
Compensation expense related to common stock issued to 401(k) plan | 1,641 | 860 | 611 | ||||||||
Loss on disposal of subsidiary | 32 | ||||||||||
Net cash from operating activities | 28,196 | 27,278 | 11,930 | ||||||||
Cash flows from investing activities | |||||||||||
Net cash acquired from acquisition | 12,197 | ||||||||||
Net cash from investing activities | (741,879) | (818,342) | (230,974) | ||||||||
Cash flows from financing activities | |||||||||||
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 | 101 | 79 | |||||||||
Proceeds from exercise of common stock options | 1,571 | 1,834 | 265 | ||||||||
Proceeds from issuance of common stock, net of offering costs | 67,557 | 50,423 | (514) | ||||||||
Divestment of common stock issued to 401(k) plan | (300) | ||||||||||
Redemption of Series A preferred stock | (10,000) | ||||||||||
Dividends paid on preferred stock | (23) | (100) | (100) | ||||||||
Net cash from financing activities | 752,216 | 794,111 | 250,174 | ||||||||
Net change in cash and cash equivalents | 38,533 | 3,047 | 31,130 | ||||||||
Cash and cash equivalents at beginning of period | 52,394 | 49,347 | 52,394 | 49,347 | 18,217 | ||||||
Cash and cash equivalents at end of period | 90,927 | 52,394 | 90,927 | 52,394 | $ 49,347 | ||||||
Non-cash supplemental information: | |||||||||||
Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) | 40,976 | ||||||||||
Franklin Financial Network, Inc. [Member] | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 28,057 | 16,080 | $ 8,414 | ||||||||
Adjustments: | |||||||||||
Equity in undistributed subsidiaries income | (29,126) | (17,023) | (8,779) | ||||||||
Excess tax benefit related to the exchange of stock options | (279) | (29) | |||||||||
Amortization of debt issuance costs | 124 | ||||||||||
Stock-based compensation | 105 | 45 | 39 | ||||||||
Compensation expense related to common stock issued to 401(k) plan | 14 | 15 | |||||||||
Loss on disposal of subsidiary | 32 | ||||||||||
Change in other assets | (34) | (629) | 77 | ||||||||
Change in other liabilities | 3,058 | 463 | 92 | ||||||||
Net cash from operating activities | 2,184 | (1,329) | (139) | ||||||||
Cash flows from investing activities | |||||||||||
Investments in subsidiaries | (116,850) | (49,809) | (12,396) | ||||||||
Net cash acquired from acquisition | 12,197 | ||||||||||
Net cash from the disposal of subsidiary | 205 | ||||||||||
Net cash from investing activities | (116,850) | (49,809) | 6 | ||||||||
Cash flows from financing activities | |||||||||||
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 | 101 | 79 | |||||||||
Proceeds from exercise of common stock options | 1,571 | 1,834 | 265 | ||||||||
Proceeds from issuance of common stock, net of offering costs | 67,557 | 50,423 | (514) | ||||||||
Proceeds from subsidiaries related to issuance of common stock related to 401(k) plan | 319 | 260 | |||||||||
Divestment of common stock issued to 401(k) plan | (300) | ||||||||||
Redemption of Series A preferred stock | (10,000) | ||||||||||
Dividends paid on preferred stock | (23) | (100) | (100) | ||||||||
Net cash from financing activities | 117,119 | 52,555 | (89) | ||||||||
Net change in cash and cash equivalents | 2,453 | 1,417 | (222) | ||||||||
Cash and cash equivalents at beginning of period | $ 1,913 | $ 496 | 1,913 | 496 | 718 | ||||||
Cash and cash equivalents at end of period | $ 4,366 | $ 1,913 | 4,366 | 1,913 | 496 | ||||||
Non-cash supplemental information: | |||||||||||
Transfers from subsidiary stock based compensation expense to parent company only additional paid-in capital | $ 1,536 | $ 815 | $ 572 | ||||||||
Fair value of stock and stock options issued related to MidSouth Bank acquisition (See Note 2) | 40,976 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic | |||||||||||
Net income available to common shareholders | $ 7,179 | $ 7,137 | $ 7,508 | $ 6,210 | $ 4,639 | $ 5,125 | $ 3,109 | $ 3,107 | $ 28,034 | $ 15,980 | $ 8,314 |
Less: earnings allocated to participating securities | (284) | (174) | (94) | ||||||||
Net income allocated to common shareholders | $ 27,750 | $ 15,806 | $ 8,220 | ||||||||
Weighted average common shares outstanding including participating securities | 10,933,095 | 9,885,233 | 6,320,316 | ||||||||
Less: Participating securities | (110,628) | (107,923) | (71,586) | ||||||||
Average shares | 10,822,467 | 9,777,310 | 6,248,730 | ||||||||
Basic earnings per common share | $ 0.61 | $ 0.67 | $ 0.70 | $ 0.59 | $ 0.44 | $ 0.49 | $ 0.30 | $ 0.39 | $ 2.56 | $ 1.62 | $ 1.32 |
Diluted | |||||||||||
Net income allocated to common shareholders | $ 27,750 | $ 15,806 | $ 8,220 | ||||||||
Weighted average common shares outstanding for basic earnings per common share | 10,822,467 | 9,777,310 | 6,248,730 | ||||||||
Add: Dilutive effects of assumed exercises of stock options | 655,485 | 491,318 | 230,290 | ||||||||
Add: Dilutive effects of assumed exercises of stock warrants | 12,667 | 13,581 | 6,810 | ||||||||
Average shares and dilutive potential common shares | 11,490,619 | 10,282,209 | 6,485,830 | ||||||||
Dilutive earnings per common share | $ 0.58 | $ 0.63 | $ 0.66 | $ 0.55 | $ 0.41 | $ 0.46 | $ 0.28 | $ 0.37 | $ 2.42 | $ 1.54 | $ 1.27 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Stock options to purchase shares of the Company's common stock | 165,232 | 245,992 | 2,000 |
Capital Offering - Additional I
Capital Offering - Additional Information (Detail) - Secondary Public Offering [Member] | Nov. 21, 2016$ / sharesshares |
Equity [Line Items] | |
Offering price per share in private placement | $ / shares | $ 32 |
Common shares issued | shares | 2,242,500 |
Capital Offering - Schedule of
Capital Offering - Schedule of Net Proceeds (Detail) - Secondary Public Offering [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Equity [Line Items] | |
Gross proceeds | $ 71,760 |
Less: Stock offering costs | (4,203) |
Net proceeds from issuance of common stock | $ 67,557 |
Quarterly Financial Results 119
Quarterly Financial Results (Unaudited) - Summary of Selected Consolidated Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement Data ($): | |||||||||||
Interest income | $ 27,336 | $ 25,724 | $ 24,286 | $ 22,561 | $ 20,081 | $ 19,301 | $ 15,413 | $ 13,926 | $ 99,907 | $ 68,721 | $ 43,432 |
Interest expense | 5,637 | 5,049 | 4,352 | 3,285 | 2,886 | 2,565 | 2,086 | 1,769 | 18,323 | 9,306 | 5,739 |
Net interest income | 21,699 | 20,675 | 19,934 | 19,276 | 17,195 | 16,736 | 13,327 | 12,157 | 81,584 | 59,415 | 37,693 |
Provision for loan losses | 1,145 | 1,392 | 1,567 | 1,136 | 1,876 | 1,724 | 805 | 625 | 5,240 | 5,030 | 2,374 |
Noninterest income | 2,553 | 4,876 | 4,626 | 3,085 | 2,996 | 3,795 | 2,830 | 3,209 | 15,140 | 12,856 | 9,955 |
Noninterest expense | 13,229 | 13,708 | 12,913 | 11,831 | 11,098 | 10,850 | 10,551 | 9,615 | 51,681 | 42,140 | 31,726 |
Net income before taxes | 9,878 | 10,451 | 10,080 | 9,394 | 7,217 | 7,957 | 4,801 | 5,126 | 39,803 | 25,101 | 13,548 |
Income tax expense | 2,699 | 3,314 | 2,572 | 3,161 | 2,553 | 2,807 | 1,667 | 1,994 | 11,746 | 9,021 | 5,134 |
Net income | 7,179 | 7,137 | 7,508 | 6,233 | 4,664 | 5,150 | 3,134 | 3,132 | 28,057 | 16,080 | 8,414 |
Net income available to common shareholders | $ 7,179 | $ 7,137 | $ 7,508 | $ 6,210 | $ 4,639 | $ 5,125 | $ 3,109 | $ 3,107 | $ 28,034 | $ 15,980 | $ 8,314 |
Earnings per share, basic | $ 0.61 | $ 0.67 | $ 0.70 | $ 0.59 | $ 0.44 | $ 0.49 | $ 0.30 | $ 0.39 | $ 2.56 | $ 1.62 | $ 1.32 |
Earnings per share, diluted | $ 0.58 | $ 0.63 | $ 0.66 | $ 0.55 | $ 0.41 | $ 0.46 | $ 0.28 | $ 0.37 | $ 2.42 | $ 1.54 | $ 1.27 |
Quarterly Financial Results 120
Quarterly Financial Results (Unaudited) - Summary of Selected Consolidated Quarterly Financial Data (Parenthetical) (Detail) - ASU 2016-09 [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||||
Increase (decrease) in income tax expense | $ (107) | $ (509) | $ (1,013) | |
Increase (decrease) in diluted earnings per share | $ 0.01 | $ 0.04 | $ (0.01) |