Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FSB | |
Entity Registrant Name | FRANKLIN FINANCIAL NETWORK INC. | |
Entity Central Index Key | 1,407,067 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 14,525,973 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from financial institutions | $ 144,660 | $ 251,543 |
Certificates of deposit at other financial institutions | 3,104 | 2,855 |
Securities available for sale | 1,115,187 | 999,881 |
Securities held to maturity (fair value 2018—$199,927 and 2017—$217,608) | 204,587 | 214,856 |
Loans held for sale, at fair value | 14,563 | 12,024 |
Loans | 2,550,121 | 2,256,608 |
Allowance for loan losses | (22,479) | (21,247) |
Net loans | 2,527,642 | 2,235,361 |
Restricted equity securities, at cost | 21,793 | 18,492 |
Premises and equipment, net | 11,852 | 11,281 |
Accrued interest receivable | 14,391 | 11,947 |
Bank owned life insurance | 54,859 | 49,085 |
Deferred tax asset | 17,366 | 10,007 |
Foreclosed assets | 1,853 | 1,503 |
Servicing rights, net | 3,465 | 3,620 |
Goodwill | 18,176 | 9,124 |
Core deposit intangible, net | 1,109 | 1,007 |
Other assets | 13,206 | 10,940 |
Total assets | 4,167,813 | 3,843,526 |
Deposits | ||
Non-interest bearing | 321,108 | 272,172 |
Interest bearing | 3,050,442 | 2,895,056 |
Total deposits | 3,371,550 | 3,167,228 |
Federal Home Loan Bank advances | 371,500 | 272,000 |
Federal funds purchased and repurchase agreements | 31,004 | |
Subordinated notes, net | 58,649 | 58,515 |
Accrued interest payable | 4,726 | 2,769 |
Other liabilities | 5,211 | 7,357 |
Total liabilities | 3,811,636 | 3,538,873 |
Equity | ||
Preferred stock, no par value: 1,000,000 shares authorized; no shares outstanding at September 30, 2018 and December 31, 2017 | ||
Common stock, no par value: 30,000,000 and 30,000,000 shares authorized at September 30, 2018 and December 31, 2017 , respectively; 14,525,351 and 13,237,128 issued at September 30, 2018 and December 31, 2017 , respectively | 261,623 | 222,665 |
Retained earnings | 119,433 | 88,671 |
Accumulated other comprehensive loss | (24,982) | (6,786) |
Total shareholders’ equity | 356,074 | 304,550 |
Non-controlling interest in consolidated subsidiary | 103 | 103 |
Total equity | 356,177 | 304,653 |
Total liabilities and equity | $ 4,167,813 | $ 3,843,526 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 199,927 | $ 217,608 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock shares authorized | 30,000,000 | 30,000,000 |
Common stock shares issued | 14,525,351 | 13,237,128 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income and dividends | ||||
Loans, including fees | $ 34,435 | $ 25,973 | $ 95,541 | $ 73,195 |
Securities: | ||||
Taxable | 6,460 | 5,041 | 19,476 | 16,358 |
Tax-Exempt | 1,926 | 2,217 | 5,770 | 6,449 |
Dividends on restricted equity securities | 313 | 269 | 916 | 663 |
Federal funds sold and other | 583 | 280 | 2,197 | 667 |
Total interest income | 43,717 | 33,780 | 123,900 | 97,332 |
Interest expense | ||||
Deposits | 14,137 | 7,311 | 37,385 | 19,118 |
Federal funds purchased and repurchase agreements | 69 | 92 | 296 | 309 |
Federal Home Loan Bank advances | 1,867 | 968 | 4,390 | 2,228 |
Subordinated notes and other borrowings | 1,082 | 1,083 | 3,246 | 3,239 |
Total interest expense | 17,155 | 9,454 | 45,317 | 24,894 |
Net interest income | 26,562 | 24,326 | 78,583 | 72,438 |
Provision for loan losses | 136 | 590 | 1,279 | 3,018 |
Net interest income after provision for loan losses | 26,426 | 23,736 | 77,304 | 69,420 |
Noninterest income | ||||
Net gains on sale of loans | 1,379 | 1,517 | 4,759 | 5,918 |
Loan servicing fees, net | 111 | 70 | 333 | 230 |
Gain (loss) on sale or call of securities | (1) | 350 | 470 | |
Total noninterest income | 3,442 | 3,569 | 11,045 | 11,457 |
Noninterest expense | ||||
Salaries and employee benefits | 10,723 | 9,011 | 30,179 | 26,172 |
Occupancy and equipment | 2,933 | 2,399 | 8,412 | 6,689 |
FDIC assessment expense | 1,020 | 900 | 2,458 | 2,675 |
Marketing | 306 | 192 | 855 | 744 |
Professional fees | 1,023 | 821 | 3,254 | 2,558 |
Amortization of core deposit intangible | 169 | 115 | 455 | 363 |
Other | 2,077 | 1,840 | 6,176 | 5,636 |
Total noninterest expense | 18,251 | 15,278 | 51,789 | 44,837 |
Income before income tax expense | 11,617 | 12,027 | 36,560 | 36,040 |
Income tax expense | 1,068 | 3,138 | 5,790 | 10,343 |
Net income | 10,549 | 8,889 | 30,770 | 25,697 |
Earnings attributable to noncontrolling interest | (8) | (8) | ||
Net income available to common shareholders | $ 10,549 | $ 8,889 | $ 30,762 | $ 25,689 |
Earnings per share: | ||||
Basic | $ 0.73 | $ 0.67 | $ 2.19 | $ 1.96 |
Diluted | $ 0.70 | $ 0.65 | $ 2.10 | $ 1.86 |
Service charges on deposit accounts [Member] | ||||
Noninterest income | ||||
Total noninterest income | $ 58 | $ 39 | $ 151 | $ 114 |
Other Service Charges and Fees [Member] | ||||
Noninterest income | ||||
Total noninterest income | 747 | 787 | 2,321 | 2,297 |
Wealth Management [Member] | ||||
Noninterest income | ||||
Total noninterest income | 705 | 643 | 2,198 | 1,884 |
Net gain on sale of foreclosed assets [Member] | ||||
Noninterest income | ||||
Total noninterest income | 3 | (16) | 9 | (10) |
Other [Member] | ||||
Noninterest income | ||||
Total noninterest income | $ 440 | $ 179 | $ 1,274 | $ 554 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 10,549 | $ 8,889 | $ 30,770 | $ 25,697 |
Unrealized gains on securities: | ||||
Unrealized holding gain (loss) arising during the period | (6,279) | 1,610 | (24,625) | 7,641 |
Reclassification adjustment for gains included in net income | 1 | (350) | (470) | |
Net unrealized gains (losses) | (6,278) | 1,260 | (24,625) | 7,171 |
Tax effect | 1,639 | (494) | 6,429 | (2,812) |
Total other comprehensive income (loss) | (4,639) | 766 | (18,196) | 4,359 |
Comprehensive income | $ 5,910 | $ 9,655 | $ 12,574 | $ 30,056 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2016 | $ 270,361 | $ 218,354 | $ 59,386 | $ (7,482) | $ 103 |
Beginning balance, shares at Dec. 31, 2016 | 13,036,954 | ||||
Exercise of common stock options | 1,361 | $ 1,361 | |||
Exercise of common stock options, number of shares | 138,007 | ||||
Exercise of common stock warrants | 150 | $ 150 | |||
Exercise of common stock warrants, number of shares | 12,461 | ||||
Stock based compensation expense, net of restricted share forfeitures | 1,970 | $ 1,970 | |||
Stock based compensation expense, net of restricted share forfeitures, shares | 26,718 | ||||
Stock issued in conjunction with 401(k) employer match, net of distributions | (193) | $ (193) | |||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | (5,085) | ||||
Noncontrolling interest distributions | (8) | (8) | |||
Net income | 25,697 | 25,697 | |||
Other comprehensive income (loss) | 4,359 | 4,359 | |||
Ending balance at Sep. 30, 2017 | 303,697 | $ 221,642 | 85,075 | (3,123) | 103 |
Ending balance, shares at Sep. 30, 2017 | 13,209,055 | ||||
Beginning balance at Dec. 31, 2017 | 304,653 | $ 222,665 | 88,671 | (6,786) | 103 |
Beginning balance, shares at Dec. 31, 2017 | 13,237,128 | ||||
Exercise of common stock options | 2,845 | $ 2,845 | |||
Exercise of common stock options, number of shares | 207,472 | ||||
Stock based compensation expense, net of restricted share forfeitures | 3,454 | $ 3,454 | |||
Stock issued in conjunction with 401(k) employer match, net of distributions | (273) | $ (273) | |||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | (7,271) | ||||
Issuance of restricted stock, net of forfeitures, shares | 117,632 | ||||
Stock issued for acquisition (net of issuance costs) | 32,932 | $ 32,932 | |||
Stock issued for acquisition (net of issuance costs), shares | 970,390 | ||||
Noncontrolling interest distributions | (8) | (8) | |||
Net income | 30,770 | 30,770 | |||
Other comprehensive income (loss) | (18,196) | (18,196) | |||
Ending balance at Sep. 30, 2018 | $ 356,177 | $ 261,623 | $ 119,433 | $ (24,982) | $ 103 |
Ending balance, shares at Sep. 30, 2018 | 14,525,351 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Cash flows from operating activities | |||||
Net income | $ 10,549 | $ 8,889 | $ 30,770 | $ 25,697 | |
Adjustments to reconcile net income to net cash from operating activities | |||||
Depreciation and amortization on premises and equipment | 1,279 | 1,118 | |||
Accretion of purchase accounting adjustments | (1,122) | (873) | |||
Net amortization of securities | 6,323 | 7,654 | |||
Amortization of loan servicing right asset | 643 | 721 | |||
Amortization of core deposit intangible | 169 | 115 | 455 | 363 | |
Amortization of debt issuance costs | 134 | 133 | |||
Provision for loan losses | 136 | 590 | 1,279 | 3,018 | |
Deferred income tax benefit | (853) | (1,394) | |||
Origination of loans held for sale | (267,862) | (270,876) | |||
Proceeds from sale of loans held for sale | 269,594 | 290,669 | |||
Net gain on sale of loans | (1,379) | (1,517) | (4,759) | (5,918) | |
Gain on sale of available for sale securities | 1 | (350) | (470) | ||
Income from bank owned life insurance | (1,155) | (465) | |||
Net loss on foreclosed assets | 10 | ||||
Stock-based compensation | 3,454 | 1,970 | |||
Deferred gain on sale of loans | (11) | (58) | |||
Deferred gain on sale of foreclosed assets | (9) | ||||
Net change in: | |||||
Accrued interest receivable and other assets | (4,002) | (5,949) | |||
Accrued interest payable and other liabilities | (1,984) | 1,120 | |||
Net cash from operating activities | 32,174 | 46,470 | |||
Securities available for sale : | |||||
Sales | 61,647 | 122,837 | |||
Purchases | (235,319) | (455,700) | |||
Maturities, prepayments and calls | 122,172 | 108,339 | |||
Securities held to maturity : | |||||
Purchases | (1,676) | (1,996) | |||
Maturities, prepayments and calls | 10,571 | 12,110 | |||
Net change in loans | (196,053) | (346,595) | |||
Purchase of restricted equity securities | (2,425) | (6,629) | |||
Purchases of premises and equipment, net | (1,597) | (2,784) | |||
Proceeds from sale of foreclosed assets | 1,330 | ||||
Capitalization of foreclosed assets | (35) | ||||
Decrease (Increase) in certificates of deposits at other financial institutions | 251 | (1,310) | |||
Purchase of bank owned life insurance | (119) | ||||
Net cash acquired from acquisition (See Note 2) | 24,660 | ||||
Net cash from investing activities | (279,535) | (570,433) | |||
Cash flows from financing activities | |||||
Increase in deposits | 81,160 | 433,007 | |||
Decrease in federal funds purchased and repurchase agreements | (31,004) | (50,439) | |||
Proceeds from Federal Home Loan Bank advances | 270,000 | 370,000 | |||
Repayment of Federal Home Loan Bank advances | (182,000) | (165,000) | |||
Proceeds from issuance of common stock, net of offering costs | (242) | ||||
Proceeds from exercise of common stock warrants | 150 | ||||
Proceeds from exercise of common stock options | 2,845 | 1,361 | |||
Divestment of common stock issued to 401(k) plan | (273) | (193) | |||
Noncontrolling interest distributions | (8) | (8) | |||
Net cash from financing activities | 140,478 | 588,878 | |||
Net change in cash and cash equivalents | (106,883) | 64,915 | |||
Cash and cash equivalents at beginning of period | 251,543 | 90,927 | $ 90,927 | ||
Cash and cash equivalents at end of period | $ 144,660 | $ 155,842 | 144,660 | 155,842 | $ 251,543 |
Supplemental information: | |||||
Interest paid | 44,159 | 24,221 | |||
Income taxes paid | 6,632 | 12,380 | |||
Non-cash supplemental information: | |||||
Fair value of stock and stock options issued related to Civic Bank acquisition | 33,174 | ||||
Transfers from loans to foreclosed assets | $ 350 | 2,818 | |||
Transfers from loans to loans held for sale | $ 2,685 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1—BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included as required by Regulation S-X, Rule 10-01. All such adjustments are of a normal recurring nature. It is suggested that these interim consolidated financial statements and notes be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2018. These consolidated financial statements include the accounts of Franklin Financial Network, Inc. (“FFN”), and its wholly-owned subsidiaries, Franklin Synergy Bank (“Franklin Synergy” or the “Bank”) and Franklin Synergy Risk Management, Inc. (collectively, the “Company”). Franklin Synergy Investments of Tennessee, Inc., Franklin Synergy Investments of Nevada, Inc., and Franklin Synergy Preferred Capital, Inc. are direct or indirect subsidiaries of the Bank and are included in these consolidated financial statements. Significant intercompany transactions and accounts are eliminated in consolidation. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers The Company has identified the contract with a customer, identified the performance obligations in the contract, determined the transaction price, allocated the transaction price to the performance obligations in the contract, and recognized revenue when (or as) the Company satisfied a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not impacted by the new standard. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying the new standard that significantly affects the determination of the amount and timing of revenue from contracts with customers. In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” Accounting Standards Update 2018-10, “Codification Improvements to Topic 842, Leases” Accounting Standards Update 2018-11, “Leases (Topic 842): Targeted Improvements” In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In March 2017, the FASB issued ASU 2017-08, “ Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 2—BUSINESS COMBINATIONS As of April 1, 2018, Civic Bank & Trust (“Civic”) merged with and into Franklin Synergy with Franklin Synergy continuing as the surviving company. Under the terms of the acquisition, Civic’s common shareholders received a total of 970,390 shares of the Company’s common stock in exchange for the outstanding shares of Civic common stock. With the completion of the acquisition, the Company has its first full service branch office in Nashville, Tennessee located in the Davidson County market. The results of Civic’s operations are included in the Company’s results since April 1, 2018. Acquisition-related costs of $0 and $565, respectively, are included in other noninterest expense in the Company’s income statement for the three and nine months ended September 30, 2018. The fair value of the common shares issued as part of the consideration paid for Civic was determined using the basis of the closing price of the Company’s common shares on the acquisition date. Goodwill of $9,052 arising from the acquisition consisted largely of synergies resulting from the combining of the operations of the companies. The fair value of intangible assets related to core deposits was determined to be $558. The following table summarizes the consideration paid for Civic and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date: Consideration: Common stock issued to Civic shareholders $ 31,635 Fair value of stock options issued to Civic option holders 1,539 Fair value of total consideration $ 33,174 Recognized amounts of identifiable assets acquired and liabilities assumed:* Cash and cash equivalents $ 24,660 Certificates of deposit at other financial institutions 500 Securities available for sale 31,734 Loans 96,385 Equity securities 876 Premises and equipment 253 Core deposit intangibles 558 Foreclosed assets 350 Other assets 5,285 Total assets acquired 160,601 Deposits 123,162 Federal Home Loan Bank advances 11,500 Other liabilities 1,817 Total liabilities assumed 136,479 Total net assets acquired 24,122 Goodwill $ 9,052 * Amounts shown in the table above are subject to adjustment. The fair value of net assets acquired includes fair value adjustments to certain loan receivables that were not considered impaired as of the acquisition date. As such, these receivables were not subject to the guidance relating to purchased credit-impaired loans. Receivables acquired include loans and customer receivables with a fair value and gross contractual amounts receivable of $96,385 and $96,903, respectively, on the date of acquisition. The following table presents supplemental pro forma information as if the Civic acquisition had occurred at the beginning of 2017. The unaudited pro forma information includes adjustments for interest income on loans acquired, amortization of intangibles arising from the transaction, interest expense on deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. Nine Months Ended September 30, 2018 2017 Net interest income – pro forma (unaudited) $ 79,860 $ 77,004 Net income – pro forma (unaudited) $ 30,834 $ 26,926 Earnings per share – pro forma (unaudited): Basic $ 2.05 $ 1.91 Diluted $ 1.98 $ 1.82 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3—SECURITIES The following table summarizes the amortized cost and fair value of the securities available for sale portfolio at September 30, 2018 and December 31, 2017 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2018 U.S. Treasury securities $ 254,750 $ — $ (215 ) $ 254,535 U.S. government sponsored entities and agencies 25,984 1 (249 ) 25,736 Mortgage-backed securities: residential 735,120 2 (27,971 ) 707,151 Mortgage-backed securities: commercial 5,104 — (143 ) 4,961 Asset-backed securities 8,458 — (28 ) 8,430 State and political subdivisions 119,585 90 (5,301 ) 114,374 Total $ 1,149,001 $ 93 $ (33,907 ) $ 1,115,187 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 U.S. Treasury securities $ 229,119 $ — $ (210 ) $ 228,909 U.S. government sponsored entities and agencies 20,125 — (164 ) 19,961 Mortgage-backed securities: residential 641,225 102 (8,761 ) 632,566 Mortgage-backed securities: commercial 5,133 — (59 ) 5,074 State and political subdivisions 113,468 1,787 (1,884 ) 113,371 Total $ 1,009,070 $ 1,889 $ (11,078 ) $ 999,881 The amortized cost and fair value of the securities held to maturity portfolio at September 30, 2018 and December 31, 2017 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value September 30, 2018 Mortgage backed securities: residential $ 84,377 $ 29 $ (4,393 ) $ 80,013 State and political subdivisions 120,210 366 (662 ) 119,914 Total $ 204,587 $ 395 $ (5,055 ) $ 199,927 December 31, 2017 Mortgage backed securities: residential $ 93,366 $ 207 $ (1,796 ) $ 91,777 State and political subdivisions 121,490 4,379 (38 ) 125,831 Total $ 214,856 $ 4,586 $ (1,834 ) $ 217,608 The proceeds from sales and calls of securities available for sale and the associated gains and losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Proceeds $ — $ 61,647 $ — $ 122,837 Gross gains — 414 — 659 Gross losses (1 ) (64 ) — (189 ) The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. September 30, 2018 Amortized Cost Fair Value Available for sale One year or less $ 275,319 $ 274,944 Over one year through five years 2,221 2,201 Over five years through ten years 2,758 2,732 Over ten years 128,479 123,198 Mortgage-backed securities: residential 735,120 707,151 Mortgage-backed securities: commercial 5,104 4,961 Total $ 1,149,001 $ 1,115,187 Held to maturity One year or less $ 500 $ 505 Over one year through five years 1,106 1,109 Over five years through ten years 13,662 13,678 Over ten years 104,942 104,622 Mortgage-backed securities: residential 84,377 80,013 Total $ 204,587 $ 199,927 Securities pledged at September 30, 2018 and December 31, 2017 had a carrying amount of $967,505 and $975,518, respectively, and were pledged to secure public deposits and repurchase agreements. At September 30, 2018 and December 31, 2017, there were no holdings of securities of any one issuer, other than the U.S. government-sponsored entities and agencies, in an amount greater than 10% of shareholders’ equity. The following table summarizes the securities with unrealized and unrecognized losses at September 30, 2018 and December 31, 2017, 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 Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2018 Available for sale U.S. Treasury securities $ 254,535 $ (215 ) $ — $ — $ 254,535 $ (215 ) U.S. government sponsored entities and agencies 5,186 (90 ) 19,899 (159 ) 25,085 (249 ) Mortgage-backed securities: residential 235,919 (5,666 ) 470,855 (22,305 ) 706,774 (27,971 ) Mortgage-backed securities: commercial — — 4,961 (143 ) 4,961 (143 ) Asset-backed securities 4,923 (28 ) — — 4,923 (28 ) State and political subdivisions 44,606 (609 ) 59,664 (4,692 ) 104,270 (5,301 ) Total available for sale $ 545,169 $ (6,608 ) $ 555,379 $ (27,299 ) $ 1,100,548 $ (33,907 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 12,039 $ (416 ) $ 63,970 $ (3,977 ) $ 76,009 $ (4,393 ) State and political subdivisions 58,496 (596 ) 1,377 (66 ) 59,873 (662 ) Total held to maturity $ 70,535 $ (1,012 ) $ 65,347 $ (4,043 ) $ 135,882 $ (5,055 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2017 Available for sale U.S. Treasury securities $ 228,909 $ (210 ) $ — $ — $ 228,909 $ (210 ) U.S. government sponsored entities and agencies 19,961 (164 ) — — 19,961 (164 ) Mortgage-backed securities: residential 301,158 (2,447 ) 311,366 (6,314 ) 612,524 (8,761 ) Mortgage-backed securities: commercial 5,074 (59 ) — — 5,074 (59 ) State and political subdivisions 1,298 (2 ) 62,725 (1,882 ) 64,023 (1,884 ) Total available for sale $ 556,400 $ (2,882 ) $ 374,091 $ (8,196 ) $ 930,491 $ (11,078 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 11,191 $ (69 ) $ 72,582 $ (1,727 ) $ 83,773 $ (1,796 ) State and political subdivisions 262 (2 ) 1,148 (36 ) 1,410 (38 ) Total held to maturity $ 11,453 $ (71 ) $ 73,730 $ (1,763 ) $ 85,183 $ (1,834 ) Unrealized losses on debt securities have not been recognized into income because the issuers’ bonds are of high credit quality (rated AA or higher), management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the bonds approach maturity. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans | NOTE 4—LOANS Loans at September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 December 31, 2017 Loans that are not PCI loans Construction and land development $ 587,736 $ 494,818 Commercial real estate: Nonfarm, nonresidential 731,987 628,554 Other 46,002 49,684 Residential real estate: Closed-end 1-4 family 477,050 407,695 Other 181,622 169,640 Commercial and industrial 520,727 502,006 Consumer and other 5,539 3,781 Loans before net deferred loan fees 2,550,663 2,256,178 Deferred loan fees, net (2,565 ) (1,963 ) Total loans that are not PCI loans 2,548,098 2,254,215 Total PCI loans 2,023 2,393 Allowance for loan losses (22,479 ) (21,247 ) Total loans, net of allowance for loan losses $ 2,527,642 $ 2,235,361 The following table presents the activity in the allowance for loan losses by portfolio segment for the three-month periods ended September 30, 2018 and 2017: Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Three Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 4,613 $ 6,163 $ 4,533 $ 6,976 $ 56 $ 22,341 Provision for loan losses 172 (18 ) (30 ) 13 (1 ) 136 Loans charged-off — — — — (5 ) (5 ) Recoveries — — 5 — 2 7 Total ending allowance balance $ 4,785 $ 6,145 $ 4,508 $ 6,989 $ 52 $ 22,479 Three Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 3,796 $ 5,011 $ 2,939 $ 6,894 $ 49 $ 18,689 Provision for loan losses (507 ) 212 169 707 9 590 Loans charged-off — — - (9 ) (11 ) (20 ) Recoveries 668 — 14 — 3 685 Total ending allowance balance $ 3,957 $ 5,223 $ 3,122 $ 7,592 $ 50 $ 19,944 The following table presents the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2018 and 2017: Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Nine Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 3,802 $ 5,981 $ 3,834 $ 7,587 $ 43 $ 21,247 Provision for loan losses 1,021 164 638 (559 ) 15 $ 1,279 Loans charged-off (39 ) — (7 ) (49 ) (22 ) $ (117 ) Recoveries 1 — 43 10 16 $ 70 Total ending allowance balance $ 4,785 $ 6,145 $ 4,508 $ 6,989 $ 52 $ 22,479 Nine Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 3,776 $ 4,266 $ 2,398 $ 6,068 $ 45 $ 16,553 Provision for loan losses (487 ) 957 687 1,833 28 $ 3,018 Loans charged-off — — (1 ) (309 ) (36 ) $ (346 ) Recoveries 668 — 38 — 13 $ 719 Total ending allowance balance $ 3,957 $ 5,223 $ 3,122 $ 7,592 $ 50 $ 19,944 As of both September 30, 2018 and December 31, 2017, there was no 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 September 30, 2018 and December 31, 2017. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and net deferred loan fees due to immateriality. Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total September 30, 2018 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 23 $ — $ 23 Collectively evaluated for impairment 4,785 6,145 4,508 6,966 52 22,456 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 4,785 $ 6,145 $ 4,508 $ 6,989 $ 52 $ 22,479 Loans: Individually evaluated for impairment $ 548 $ — $ 2,490 $ 266 $ — $ 3,304 Collectively evaluated for impairment 587,188 777,989 656,182 520,461 5,539 2,547,359 Purchased credit-impaired loans — — 83 1,940 — 2,023 Total ending loans balance $ 587,736 $ 777,989 $ 658,755 $ 522,667 $ 5,539 $ 2,552,686 December 31, 2017 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 879 $ — $ 879 Collectively evaluated for impairment 3,802 5,981 3,834 6,708 43 20,368 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 3,802 $ 5,981 $ 3,834 $ 7,587 $ 43 $ 21,247 Loans: Individually evaluated for impairment $ 217 $ — $ 834 $ 3,090 $ — $ 4,141 Collectively evaluated for impairment 494,601 678,238 576,501 498,916 3,781 2,252,037 Purchased credit-impaired loans — 380 105 1,908 — 2,393 Total ending loans balance $ 494,818 $ 678,618 $ 577,440 $ 503,914 $ 3,781 $ 2,258,571 Loans collectively evaluated for impairment reported at September 30, 2018 include certain acquired loans. At September 30, 2018, these non-PCI loans had a carrying value of $111,022, comprised of contractually unpaid principal totaling $112,384 and discounts totaling $1,362. Management evaluated these loans for credit deterioration since acquisition and determined that an allowance for loan losses of $269 was necessary at September 30, 2018. The following table presents information related to impaired loans by class of loans as of September 30, 2018 and December 31, 2017: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated September 30, 2018 With no allowance recorded: Construction and land development $ 548 $ 548 — Residential real estate: Closed-end 1-4 family 1,357 1,356 — Other 1,150 1,134 — Commercial and industrial 92 92 — Subtotal 3,147 3,130 — With an allowance recorded: Commercial and industrial 174 174 23 Subtotal 174 174 23 Total $ 3,321 $ 3,304 $ 23 December 31, 2017 With no allowance recorded: Construction and land development $ 217 $ 217 $ — Residential real estate: Closed-end 1-4 family 14 14 — Other 820 820 — Commercial and industrial 108 108 — Subtotal 1,159 1,159 — With an allowance recorded: Commercial and industrial 2,982 2,982 879 Subtotal 2,982 2,982 879 Total $ 4,141 $ 4,141 $ 879 The following table presents the average recorded investment of impaired loans by class of loans for the three and nine months ended September 30, 2018 and 2017: Three Months Ended September 30, Nine Months Ended September 30, Average Recorded Investment 2018 2017 2018 2017 With no allowance recorded: Construction and land development $ 548 $ 1,348 $ 649 $ 1,199 Commercial real estate: Nonfarm, nonresidential — 812 — 2,394 Residential real estate: Closed-end 1-4 family 1,465 112 1,991 863 Other 1,025 199 1,025 245 Commercial and industrial 2,466 499 1,099 657 Consumer and other — - — 1 Subtotal 5,504 2,970 4,764 5,359 With an allowance recorded: Commercial and industrial $ 177 $ 2,998 $ 2,017 $ 2,820 Subtotal 177 2,998 2,017 2,820 Total $ 5,681 $ 5,968 $ 6,781 $ 8,179 The impact on net interest income for these loans was not material to the Company’s results of operations for the three and nine months ended September 30, 2018 and 2017. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2018 and December 31, 2017: Nonaccrual Loans Past Due Over 90 Days September 30, 2018 Construction and land development $ 548 $ 274 Residential real estate: Closed-end 1-4 family 1,683 — Other 1,084 50 Commercial and industrial 92 241 Total $ 3,407 $ 565 December 31, 2017 Residential real estate: Closed-end 1-4 family $ 257 $ 14 Other 114 — Commercial and industrial 2,466 191 Total $ 2,837 $ 205 Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of September 30, 2018 and December 31, 2017 by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Nonaccrual Total Past Due and Nonaccrual Loans Not Past Due PCI Loans Total September 30, 2018 Construction and land development $ — $ — $ 274 $ 548 $ 822 $ 586,914 $ — $ 587,736 Commercial real estate: Nonfarm, nonresidential 847 — — — 847 731,140 — 731,987 Other — — — — — 46,002 — 46,002 Residential real estate: Closed-end 1-4 family 37 154 — 1,683 1,874 475,176 83 477,133 Other 65 820 50 1,084 2,019 179,603 — 181,622 Commercial and industrial 233 73 241 92 639 520,088 1,940 522,667 Consumer and other — — — — — 5,539 — 5,539 $ 1,182 $ 1,047 $ 565 $ 3,407 $ 6,201 $ 2,544,462 $ 2,023 $ 2,552,686 December 31, 2017 Construction and land development $ 1,918 $ 136 $ — $ — $ 2,054 $ 492,764 $ — $ 494,818 Commercial real estate: Nonfarm, nonresidential — — — — — 628,554 380 628,934 Other — — — — — 49,684 — 49,684 Residential real estate: Closed-end 1-4 family — — 14 257 271 407,424 105 407,800 Other 146 719 — 114 979 168,661 — 169,640 Commercial and industrial 532 27 191 2,466 3,216 498,790 1,908 503,914 Consumer and other — — — — — 3,781 — 3,781 $ 2,596 $ 882 $ 205 $ 2,837 $ 6,520 $ 2,249,658 $ 2,393 $ 2,258,571 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans as well as non-homogeneous residential real estate loans. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The following table includes PCI loans, which are included in the “Substandard” column. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of September 30, 2018 and December 31, 2017: Pass Special Mention Substandard Total September 30, 2018 Construction and land development $ 583,091 $ 3,508 $ 1,137 $ 587,736 Commercial real estate: Nonfarm, nonresidential 716,869 15,118 — 731,987 Other 45,615 — 387 46,002 Residential real estate: Closed-end 1-4 family 471,522 2,853 2,758 477,133 Other 179,073 404 2,145 181,622 Commercial and industrial 502,762 9,328 10,577 522,667 Consumer and other 5,537 2 — 5,539 $ 2,504,469 $ 31,213 $ 17,004 $ 2,552,686 Pass Special Mention Substandard Total December 31, 2017 Construction and land development $ 494,601 $ — $ 217 $ 494,818 Commercial real estate: Nonfarm, nonresidential 609,458 12,602 6,874 628,934 Other 49,303 — 381 49,684 Residential real estate: 1-4 family 404,832 615 2,353 407,800 Other 167,886 — 1,754 169,640 Commercial and industrial 485,363 10,350 8,201 503,914 Consumer and other 3,777 4 — 3,781 $ 2,215,220 $ 23,571 $ 19,780 $ 2,258,571 Troubled Debt Restructurings As of September 30, 2018 the Company’s loan portfolio contains two loans that have been modified in a troubled debt restructuring with a balance of $883. The troubled debt restructurings described above increased the allowance for loan loss by $23 with $0 being charged-off as of September 30, 2018. There were also no first payment defaults on the loans modified as a troubled debt restructuring during the three and nine months ended September 30, 2018. As of December 31, 2017, the Company’s loan portfolio contained one loan that had been modified in a troubled debt restructuring with a balance of $608. During the three months ended September 30, 2018 two loans were added as a troubled debt restructuring with a balance of $883, and the loan that was a troubled debt restructuring at December 31, 2017 was paid off with $0 of the loan balance being charged off. |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2018 | |
Transfers And Servicing [Abstract] | |
Loan Servicing | NOTE 5—LOAN SERVICING Loans serviced for others are not reported as assets. The principal balances of these loans at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 496,037 $ 507,233 Other 3,831 4,626 The components of net loan servicing fees for the three and nine months ended September 30, 2018 and 2017 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Loan servicing fees, net: Loan servicing fees $ 314 $ 312 $ 976 $ 951 Amortization of loan servicing fees (203 ) (242 ) (643 ) (721 ) Change in impairment — — — — Total $ 111 $ 70 $ 333 $ 230 The fair value of servicing rights was estimated by management to be approximately $5,348 at September 30, 2018. Fair value for September 30, 2018 was determined using a weighted average discount rate of 10.0% and a weighted average prepayment speed of 9.7%. At December 31, 2017, the fair value of servicing rights was estimated by management to be approximately $5,089. Fair value for December 31, 2017 was determined using a weighted average discount rate of 10.5% and a weighted average prepayment speed of 9.9%. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 9 Months Ended |
Sep. 30, 2018 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreement to Repurchase | NOTE 6—SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE Our subsidiary bank enters into borrowing arrangements with our retail business customers and correspondent banks through agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these short-term borrowing arrangements. At maturity the securities underlying the agreements are returned to the Company. At September 30, 2018 and December 31, 2017, these short-term borrowings totaled $0 and $31,004, respectively, and were secured by securities with carrying amounts of $0 and $41,136, respectively. The following table provides additional details as of December 31, 2017: As of December 31, 2017 Mortgage- Backed Securities: Residential State and Political Subdivisions Total Market value of securities pledged $ 1,004 $ 42,109 $ 43,113 Borrowings related to pledged amounts $ — $ 31,004 $ 31,004 Market value pledged as a % of borrowings — % 136 % 139 % |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Share-Based Payments | NOTE 7—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 were exercisable in whole or in part up to seven years following the date of issuance. The warrants were detachable from the common stock. There were 0 and 12,461 warrants exercised during the nine months ended September 30, 2018 and 2017, respectively. A summary of the stock warrant activity for the nine months ended September 30, 2018 and 2017 follows: September 30, 2018 September 30, 2017 Stock warrants exercised: Intrinsic value of warrants exercised $ — $ 329 Cash received from warrants exercised — 150 The warrants expired on March 30, 2017; therefore at September 30, 2018, there were no outstanding warrants associated with the 2010 offering. The Company has two share based compensation plans as described below. Total compensation cost that has been charged against income for those plans was $1,376 and $735 and $3,454 and $1,970 for the three and nine months ended September 30, 2018 and 2017, respectively. The total income tax benefit, which is shown on the Consolidated Statements of Income as a reduction of income tax expense, was $285 and $568 for the three and nine months ended September 30, 2018, respectively. The total income tax benefit for the three and nine months ended September 30, 2017 was $261 and $711, respectively. Stock Options On April 12, 2018, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved the Amended and Restated 2017 Omnibus Equity Incentive Plan (the “Amended and Restated 2017 Plan”) in order to make the following amendments to the 2017 Plan in response to feedback the Company received from its shareholders: • reduce the number of shares of common stock available for issuance from 5,000,000 shares under the 2017 Plan to 3,500,000 shares under the Amended and Restated 2017 Plan; • revise the definition of Change in Control to include only actual changes in control (and removed triggering events that represented a potential change in control); • remove the Committee’s authority to accelerate vesting (other than in cases of termination of the participant’s employment); • remove certain provisions allowing recycling of shares and to clarify that (1) shares tendered in payment of an option, (2) shares delivered or withheld to satisfy tax withholding obligations and (3) shares covered by a stock-settled SAR or other awards that were not issued upon settlement of the award will not be available for issuance under the Amended and Restated 2017 Plan; and • remove the ability to grant reload options (automatic granting of new options at the time of exercise). 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 The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected stock price volatility is based on historical volatilities of a peer group. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of options granted was determined using the following weighted-average assumptions as of grant date. September 30, 2018 September 30, 2017 Risk-free interest rate 2.83 % 2.16 % Expected term 7.5 years 6.8 years Expected stock price volatility 31.42 % 32.32 % Dividend yield 0.00 % 0.03 % The weighted average fair value of options granted for the nine months ended September 30, 2018 and 2017 were $11.31 and $14.51, respectively. A summary of the activity in the plans for the nine months ended September 30, 2018 follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of year 1,507,168 $ 21.37 6.55 $ 19,180 Granted 542,637 30.14 Exercised (235,381 ) 16.61 Forfeited, expired, or cancelled (19,053 ) 29.96 Outstanding at period end 1,795,371 24.47 6.55 $ 26,265 Vested or expected to vest 1,705,602 24.47 6.55 $ 24,952 Exercisable at period end 975,485 18.42 5.43 $ 20,152 For the Nine Months Ended September 30, 2018 2017 Stock options exercised: Intrinsic value of options exercised $ 4,828 $ 4,141 Cash received from options exercised 2,845 1,361 Tax benefit realized from option exercises 568 406 As of September 30, 2018, there was $6,276 of total unrecognized compensation cost related to non-vested stock options granted under the plans. The cost is expected to be recognized over a weighted-average period of 1.2 years. Restricted Stock A summary of activity for non-vested restricted share awards for the nine months ended September 30, 2018 is as follows: Non-vested Shares Shares Weighted- Average Grant- Date Fair Value Non-vested at December 31, 2017 94,181 $ 25.42 Granted 121,288 31.00 Vested (40,114 ) 26.67 Forfeited (3,656 ) 31.77 Non-vested at September 30, 2018 171,699 $ 31.00 Compensation expense associated with the restricted share awards is recognized on a straight-line basis over the time period that the restrictions associated with the awards lapse based on the total cost of the award at the grant date. As of September 30, 2018, there was $4,434 of total unrecognized compensation cost related to non-vested shares granted under the 2007 Plan and Amended and Restated 2017 Plan. The cost is expected to be recognized over a weighted-average period of 1.8 years. |
Regulatory Capital Matters
Regulatory Capital Matters | 9 Months Ended |
Sep. 30, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Matters | NOTE 8—REGULATORY CAPITAL MATTERS Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Company on January 1, 2016 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The Basel III rules additionally provide for countercyclical capital requirements so that the required amount of capital increases in times of economic expansion and decreases in times of economic contraction, consistent with safety and soundness. Under the Basel III rules, banks must maintain a capital conservation buffer consisting of additional Common Equity Tier 1 Capital equal to 2.5% of risk-weighted assets above each of the required minimum capital levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying certain discretionary bonuses. This new capital conservation buffer requirement was phased in beginning January 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented at 2.5% in January 2019. The capital conservation buffer in effect for 2018 is 1.875%. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At September 30, 2018, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. Management believes that, as of September 30, 2018, the Company and Bank met all capital adequacy requirements to which they are subject. There are no conditions or events since that notification that management believes have changed the institution’s category. Actual and required capital amounts and ratios are presented below as of September 30, 2018 and December 31, 2017 for the Company and Bank: Actual Required For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio September 30, 2018 Company common equity Tier 1 capital to risk-weighted assets $ 359,881 12.24 % $ 132,313 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 441,103 15.00 % $ 235,223 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 359,881 12.24 % $ 176,417 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 359,881 8.71 % $ 165,295 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 413,850 14.08 % $ 132,305 4.50 % $ 185,843 6.50 % Bank Total Capital to risk weighted assets $ 436,423 14.84 % $ 235,208 8.00 % $ 285,913 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 413,850 14.08 % $ 176,406 6.00 % $ 228,730 8.00 % Bank Tier 1 (Core) Capital to average assets $ 413,850 10.02 % $ 165,185 4.00 % $ 208,269 5.00 % December 31, 2017 Company common equity Tier 1 capital to risk-weighted assets $ 299,229 11.37 % $ 118,479 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 379,083 14.40 % $ 210,629 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 299,229 11.37 % $ 157,972 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 299,229 8.25 % $ 145,100 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 353,512 13.43 % $ 118,489 4.50 % $ 171,151 6.50 % Bank Total Capital to risk weighted assets $ 374,851 14.24 % $ 210,647 8.00 % $ 263,309 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 353,512 13.43 % $ 157,985 6.00 % $ 210,647 8.00 % Bank Tier 1 (Core) Capital to average assets $ 353,512 9.75 % $ 145,003 4.00 % $ 181,253 5.00 % Note: Minimum ratios presented exclude the capital conservation buffer Dividend Restrictions |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 9—FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Securities Derivatives Impaired Loans Foreclosed Assets Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Loans Held For Sale: Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at September 30, 2018 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. Treasury securities $ — $ 254,535 $ — U.S. government sponsored entities and agencies — 25,736 — Mortgage-backed securities-residential — 707,151 — Mortgage-backed securities-commercial — 4,961 — Asset-backed securities — 8,430 — State and political subdivisions — 114,374 — Total securities available for sale $ — $ 1,115,187 $ — Loans held for sale $ — $ 14,563 $ — Mortgage banking derivatives $ — $ 200 $ — Financial Liabilities Mortgage banking derivatives $ — $ — $ — Fair Value Measurements at December 31, 2017 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. Treasury securities $ — $ 228,909 $ — U.S. government sponsored entities and agencies — 19,961 — Mortgage-backed securities-residential — 632,566 — Mortgage-backed securities-commercial — 5,074 — State and political subdivisions — 113,371 — Total securities available for sale $ — $ 999,881 $ — Loans held for sale $ — $ 12,024 $ — Mortgage banking derivatives $ — $ 175 $ — Financial Liabilities Mortgage banking derivatives $ — $ 35 $ — As of September 30, 2018, the unpaid principal balance of loans held for sale was $14,185 resulting in an unrealized gain of $378 included in gains on sale of loans. As of December 31, 2017, the unpaid principal balance of loans held for sale was $11,681, resulting in an unrealized gain of $343 included in gains on sale of loans. For the three months ended September 30, 2018 and 2017, the change in fair value related to loans held for sale, which is included in gain on sale of loans, was ($160) and ($48), respectively. For the nine months ended September 30, 2018 and 2017, the change in fair value related to loans held for sale, which is included in gain on sale of loans, was $34 and $57, respectively. None of these loans were 90 days or more past due or on nonaccrual as of September 30, 2018 and December 31, 2017. There were no transfers between level 1 and 2 during 2018 or 2017. Assets measured at fair value on a non-recurring basis are summarized below: There was one collateral-dependent impaired loans carried at fair value of $150 as of September 30, 2018 and one collateral-dependent impaired loan carried at fair value of $1,650 as of December 31, 2017. For the three and nine months ended September 30, 2018, $16 in additional provision for loan losses was recorded related to impaired loans recorded at fair value of collateral. For the three and nine months ended September 30, 2017, $194 in additional provision for loan losses was recorded related to impaired loans recorded at fair value of collateral. Foreclosed assets measured at fair value less costs to sell, had a net carrying amount of $1,853 as of September 30, 2018 and $1,503 as of December 31, 2017. There were no properties at September 30, 2018 or 2017 that had required write-downs to fair value. The carrying amounts and estimated fair values of financial instruments at September 30, 2018 and December 31, 2017 are as follows: Fair Value Measurements at September 30, 2018 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 144,660 $ 144,660 $ — $ — $ 144,660 Certificates of deposit held at other financial institutions 3,104 — 3,104 — 3,104 Securities available for sale 1,115,187 — 1,115,187 — 1,115,187 Securities held to maturity 204,587 — 199,927 — 199,927 Loans held for sale 14,563 — 14,563 — 14,563 Net loans 2,527,642 — — 2,489,418 2,489,418 Restricted equity securities 21,793 n/a n/a n/a n/a Servicing rights, net 3,465 — — 5,348 5,348 Mortgage banking derivative assets 200 — 200 — 200 Accrued interest receivable 14,391 34 6,501 7,856 14,391 Financial liabilities Deposits $ 3,371,550 $ 1,850,538 $ 1,511,884 $ — $ 3,362,422 Federal Home Loan Bank advances 371,500 — 369,239 — 369,239 Subordinated notes, net 58,649 — — 60,732 60,732 Accrued interest payable 4,726 115 350 4,260 4,725 Fair Value Measurements at December 31, 2017 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 251,543 $ 251,543 $ — $ — $ 251,543 Certificates of deposit held at other financial institutions 2,855 — 2,855 — 2,855 Securities available for sale 999,881 — 999,881 — 999,881 Securities held to maturity 214,856 — 217,608 — 217,608 Loans held for sale 12,024 — 12,024 — 12,024 Net loans 2,235,361 — — 2,230,607 2,230,607 Restricted equity securities 18,492 n/a n/a n/a n/a Servicing rights, net 3,620 — — 5,089 5,089 Mortgage banking derivative assets 175 — 175 — 175 Accrued interest receivable 11,947 73 5,724 6,150 11,947 Financial liabilities Deposits $ 3,167,228 $ 1,911,928 $ 1,224,041 $ — $ 3,135,969 Federal funds purchased and repurchase agreements 31,004 — 31,004 — 31,004 Federal Home Loan Bank advances 272,000 — 270,311 — 270,311 Subordinated notes, net 58,515 — — 59,951 59,951 Mortgage banking derivative liabilities 35 — 35 — 35 Accrued interest payable 2,769 51 2,030 688 2,769 The methods and assumptions not previously described used to estimate fair values are described as follows: (a) Cash and Cash Equivalents: The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. (b) Loans: Fair values of loans, excluding loans held for sale, are estimated as follows: In accordance with ASU 2016-01, the fair value of loans held for investment, excluding previously presented impaired loans measured at fair value on a non-recurring basis, is estimated using a cash flow projection methodology that relies on three primary assumptions: (1) the expected prepayment rate of loans; (2) the magnitude of future net losses based on expected default rate and severity of loss; and (3) the discount rate applicable to the expected cash flows of the loan portfolio. Loans are considered a Level 3 classification. (c) Restricted Equity Securities: It is not practical to determine the fair value of Federal Home Loan Bank or Federal Reserve Bank stock due to restrictions placed on its transferability. (d) Mortgage Servicing Rights: Fair value of mortgage servicing rights is based on valuation models that calculate the present value of estimated net cash flows based on industry market data. The valuation model incorporates assumptions that market participants would use in estimating future net cash flows resulting in a Level 3 classification. (e) Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of fixed-term money market accounts approximate their fair values at the reporting date resulting in a Level 1 classification. Fair values for certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. (f) Federal Funds Purchased and Repurchase Agreements: The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, approximate their fair values resulting in a Level 2 classification. (g) Federal Home Loan Bank Advances: The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. (h) Subordinated Notes: The fair values of the Company’s subordinated notes are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. (i) Accrued Interest Receivable/Payable: The carrying amounts of accrued interest approximate fair value resulting in a Level 1, Level 2 or Level 3 classification based on the asset/liability with which they are associated. (j) Off-balance Sheet Instruments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 10—EARNINGS PER SHARE The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Basic Net income available to common shareholders $ 10,549 $ 8,889 $ 30,762 $ 25,689 Less: earnings allocated to participating securities (126 ) (66 ) (318 ) (206 ) Net income allocated to common shareholders $ 10,423 $ 8,823 $ 30,444 $ 25,483 Weighted average common shares outstanding including participating securities 14,497,840 13,188,761 14,048,270 13,119,170 Less: Participating securities (173,541 ) (97,842 ) (145,432 ) (105,350 ) Average shares 14,324,299 13,090,919 13,902,838 13,013,820 Basic earnings per common share $ 0.73 $ 0.67 $ 2.19 $ 1.96 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Diluted Net income allocated to common shareholders $ 10,423 $ 8,823 $ 30,444 $ 25,483 Weighted average common shares outstanding for basic earnings per common share 14,324,299 13,090,919 13,902,838 13,013,820 Add: Dilutive effects of assumed exercises of stock options 579,452 584,778 564,688 662,890 Add: Dilutive effects of assumed exercises of stock warrants — - — 2,104 Average shares and dilutive potential common shares 14,903,751 13,675,697 14,467,526 13,678,814 Dilutive earnings per common share $ 0.70 $ 0.65 $ 2.10 $ 1.86 For three months ended September 30, 2018 and 2017, stock options for 397,974 and 352,042 shares of common stock, respectively, were not considered in computing diluted earnings per common share because they were antidilutive. Stock options for 489,515 and 254,204 shares of common stock, respectively, were not considered in computing diluted earnings per common share for the nine months ended September 30, 2018 and 2017 because they were antidilutive. |
Subordinated Debt Issuance
Subordinated Debt Issuance | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Subordinated Debt Issuance | NOTE 11—SUBORDINATED DEBT ISSUANCE The Company’s subordinated notes, net of issuance costs, totaled $58,649 and $58,515 at September 30, 2018 and at December 31, 2017, respectively. 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 8 of these 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 rate subordinated notes (the “March 2016 Subordinated Notes”) were issued in a public offering to accredited institutional investors, and in June 2016, $20,000 of 7.00% fixed-to-floating rate subordinated notes (the “June 2016 Subordinated Notes”) were issued to certain accredited institutional investors in a private offering. The subordinated notes are unsecured and will rank at least equally with all of the Company’s other unsecured subordinated indebtedness and will be effectively subordinated to all of our secured debt to the extent of the value of the collateral securing such debt. The subordinated notes will be subordinated in right of payment to all of our existing and future senior indebtedness, and will rank structurally junior to all existing and future liabilities of our subsidiaries including, in the case of the Company’s bank subsidiary, its depositors, and any preferred equity holders of our subsidiaries. The holders of the subordinated notes may be fully subordinated to interests held by the U.S. government in the event that we enter into a receivership, insolvency, liquidation, or similar proceeding. The issuance costs related to the March 2016 Subordinated Notes amounted to $1,382 and are being amortized as interest expense over the ten-year term of the March 2016 Subordinated Notes. The issuance costs related to the June 2016 Subordinated Notes were $404 and are being amortized as interest expense over the ten-year term of the June 2016 Subordinated Notes. For the three months ended September 30, 2018 and 2017, amortization of issuance costs has amounted to $45 and $45, respectively. For the nine months ended September 30, 2018 and 2017, amortization of issuance costs has amounted to $134 and $133, respectively. The following table summarizes the terms of each subordinated note offering: March 2016 Subordinated Notes June 2016 Subordinated 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 plus 5.636% 3-month LIBOR plus 6.04% 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. Through September 30, 2018 all interest payments have been made in accordance with the terms of the agreements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers The Company has identified the contract with a customer, identified the performance obligations in the contract, determined the transaction price, allocated the transaction price to the performance obligations in the contract, and recognized revenue when (or as) the Company satisfied a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not impacted by the new standard. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying the new standard that significantly affects the determination of the amount and timing of revenue from contracts with customers. In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” Accounting Standards Update 2018-10, “Codification Improvements to Topic 842, Leases” Accounting Standards Update 2018-11, “Leases (Topic 842): Targeted Improvements” In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In March 2017, the FASB issued ASU 2017-08, “ Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Consideration Paid for Business Combination and Acquisition of Assets and Liabilities | The following table summarizes the consideration paid for Civic and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date: Consideration: Common stock issued to Civic shareholders $ 31,635 Fair value of stock options issued to Civic option holders 1,539 Fair value of total consideration $ 33,174 Recognized amounts of identifiable assets acquired and liabilities assumed:* Cash and cash equivalents $ 24,660 Certificates of deposit at other financial institutions 500 Securities available for sale 31,734 Loans 96,385 Equity securities 876 Premises and equipment 253 Core deposit intangibles 558 Foreclosed assets 350 Other assets 5,285 Total assets acquired 160,601 Deposits 123,162 Federal Home Loan Bank advances 11,500 Other liabilities 1,817 Total liabilities assumed 136,479 Total net assets acquired 24,122 Goodwill $ 9,052 * Amounts shown in the table above are subject to adjustment. |
Schedule of Pro forma Information of Business Acquired | The following table presents supplemental pro forma information as if the Civic acquisition had occurred at the beginning of 2017. The unaudited pro forma information includes adjustments for interest income on loans acquired, amortization of intangibles arising from the transaction, interest expense on deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. Nine Months Ended September 30, 2018 2017 Net interest income – pro forma (unaudited) $ 79,860 $ 77,004 Net income – pro forma (unaudited) $ 30,834 $ 26,926 Earnings per share – pro forma (unaudited): Basic $ 2.05 $ 1.91 Diluted $ 1.98 $ 1.82 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 securities available for sale portfolio at September 30, 2018 and December 31, 2017 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2018 U.S. Treasury securities $ 254,750 $ — $ (215 ) $ 254,535 U.S. government sponsored entities and agencies 25,984 1 (249 ) 25,736 Mortgage-backed securities: residential 735,120 2 (27,971 ) 707,151 Mortgage-backed securities: commercial 5,104 — (143 ) 4,961 Asset-backed securities 8,458 — (28 ) 8,430 State and political subdivisions 119,585 90 (5,301 ) 114,374 Total $ 1,149,001 $ 93 $ (33,907 ) $ 1,115,187 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 U.S. Treasury securities $ 229,119 $ — $ (210 ) $ 228,909 U.S. government sponsored entities and agencies 20,125 — (164 ) 19,961 Mortgage-backed securities: residential 641,225 102 (8,761 ) 632,566 Mortgage-backed securities: commercial 5,133 — (59 ) 5,074 State and political subdivisions 113,468 1,787 (1,884 ) 113,371 Total $ 1,009,070 $ 1,889 $ (11,078 ) $ 999,881 |
Schedule of Amortized Cost and Fair Value of Held to Maturity Securities Portfolio | The amortized cost and fair value of the securities held to maturity portfolio at September 30, 2018 and December 31, 2017 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value September 30, 2018 Mortgage backed securities: residential $ 84,377 $ 29 $ (4,393 ) $ 80,013 State and political subdivisions 120,210 366 (662 ) 119,914 Total $ 204,587 $ 395 $ (5,055 ) $ 199,927 December 31, 2017 Mortgage backed securities: residential $ 93,366 $ 207 $ (1,796 ) $ 91,777 State and political subdivisions 121,490 4,379 (38 ) 125,831 Total $ 214,856 $ 4,586 $ (1,834 ) $ 217,608 |
Summary of Proceeds from Sales and Calls of Securities Available for Sale and Associated Gains and Losses | The proceeds from sales and calls of securities available for sale and the associated gains and losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Proceeds $ — $ 61,647 $ — $ 122,837 Gross gains — 414 — 659 Gross losses (1 ) (64 ) — (189 ) |
Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity | The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. September 30, 2018 Amortized Cost Fair Value Available for sale One year or less $ 275,319 $ 274,944 Over one year through five years 2,221 2,201 Over five years through ten years 2,758 2,732 Over ten years 128,479 123,198 Mortgage-backed securities: residential 735,120 707,151 Mortgage-backed securities: commercial 5,104 4,961 Total $ 1,149,001 $ 1,115,187 Held to maturity One year or less $ 500 $ 505 Over one year through five years 1,106 1,109 Over five years through ten years 13,662 13,678 Over ten years 104,942 104,622 Mortgage-backed securities: residential 84,377 80,013 Total $ 204,587 $ 199,927 |
Schedule of Unrealized Losses and Fair Value by Major Security Type | The following table summarizes the securities with unrealized and unrecognized losses at September 30, 2018 and December 31, 2017, 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 Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2018 Available for sale U.S. Treasury securities $ 254,535 $ (215 ) $ — $ — $ 254,535 $ (215 ) U.S. government sponsored entities and agencies 5,186 (90 ) 19,899 (159 ) 25,085 (249 ) Mortgage-backed securities: residential 235,919 (5,666 ) 470,855 (22,305 ) 706,774 (27,971 ) Mortgage-backed securities: commercial — — 4,961 (143 ) 4,961 (143 ) Asset-backed securities 4,923 (28 ) — — 4,923 (28 ) State and political subdivisions 44,606 (609 ) 59,664 (4,692 ) 104,270 (5,301 ) Total available for sale $ 545,169 $ (6,608 ) $ 555,379 $ (27,299 ) $ 1,100,548 $ (33,907 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 12,039 $ (416 ) $ 63,970 $ (3,977 ) $ 76,009 $ (4,393 ) State and political subdivisions 58,496 (596 ) 1,377 (66 ) 59,873 (662 ) Total held to maturity $ 70,535 $ (1,012 ) $ 65,347 $ (4,043 ) $ 135,882 $ (5,055 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2017 Available for sale U.S. Treasury securities $ 228,909 $ (210 ) $ — $ — $ 228,909 $ (210 ) U.S. government sponsored entities and agencies 19,961 (164 ) — — 19,961 (164 ) Mortgage-backed securities: residential 301,158 (2,447 ) 311,366 (6,314 ) 612,524 (8,761 ) Mortgage-backed securities: commercial 5,074 (59 ) — — 5,074 (59 ) State and political subdivisions 1,298 (2 ) 62,725 (1,882 ) 64,023 (1,884 ) Total available for sale $ 556,400 $ (2,882 ) $ 374,091 $ (8,196 ) $ 930,491 $ (11,078 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 11,191 $ (69 ) $ 72,582 $ (1,727 ) $ 83,773 $ (1,796 ) State and political subdivisions 262 (2 ) 1,148 (36 ) 1,410 (38 ) Total held to maturity $ 11,453 $ (71 ) $ 73,730 $ (1,763 ) $ 85,183 $ (1,834 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Summary of Loans | Loans at September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 December 31, 2017 Loans that are not PCI loans Construction and land development $ 587,736 $ 494,818 Commercial real estate: Nonfarm, nonresidential 731,987 628,554 Other 46,002 49,684 Residential real estate: Closed-end 1-4 family 477,050 407,695 Other 181,622 169,640 Commercial and industrial 520,727 502,006 Consumer and other 5,539 3,781 Loans before net deferred loan fees 2,550,663 2,256,178 Deferred loan fees, net (2,565 ) (1,963 ) Total loans that are not PCI loans 2,548,098 2,254,215 Total PCI loans 2,023 2,393 Allowance for loan losses (22,479 ) (21,247 ) Total loans, net of allowance for loan losses $ 2,527,642 $ 2,235,361 |
Activity in Allowance for Loan Losses by Portfolio Segment | The following table presents the activity in the allowance for loan losses by portfolio segment for the three-month periods ended September 30, 2018 and 2017: Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Three Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 4,613 $ 6,163 $ 4,533 $ 6,976 $ 56 $ 22,341 Provision for loan losses 172 (18 ) (30 ) 13 (1 ) 136 Loans charged-off — — — — (5 ) (5 ) Recoveries — — 5 — 2 7 Total ending allowance balance $ 4,785 $ 6,145 $ 4,508 $ 6,989 $ 52 $ 22,479 Three Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 3,796 $ 5,011 $ 2,939 $ 6,894 $ 49 $ 18,689 Provision for loan losses (507 ) 212 169 707 9 590 Loans charged-off — — - (9 ) (11 ) (20 ) Recoveries 668 — 14 — 3 685 Total ending allowance balance $ 3,957 $ 5,223 $ 3,122 $ 7,592 $ 50 $ 19,944 The following table presents the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2018 and 2017: Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Nine Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 3,802 $ 5,981 $ 3,834 $ 7,587 $ 43 $ 21,247 Provision for loan losses 1,021 164 638 (559 ) 15 $ 1,279 Loans charged-off (39 ) — (7 ) (49 ) (22 ) $ (117 ) Recoveries 1 — 43 10 16 $ 70 Total ending allowance balance $ 4,785 $ 6,145 $ 4,508 $ 6,989 $ 52 $ 22,479 Nine Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 3,776 $ 4,266 $ 2,398 $ 6,068 $ 45 $ 16,553 Provision for loan losses (487 ) 957 687 1,833 28 $ 3,018 Loans charged-off — — (1 ) (309 ) (36 ) $ (346 ) Recoveries 668 — 38 — 13 $ 719 Total ending allowance balance $ 3,957 $ 5,223 $ 3,122 $ 7,592 $ 50 $ 19,944 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2018 and December 31, 2017. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and net deferred loan fees due to immateriality. Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total September 30, 2018 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 23 $ — $ 23 Collectively evaluated for impairment 4,785 6,145 4,508 6,966 52 22,456 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 4,785 $ 6,145 $ 4,508 $ 6,989 $ 52 $ 22,479 Loans: Individually evaluated for impairment $ 548 $ — $ 2,490 $ 266 $ — $ 3,304 Collectively evaluated for impairment 587,188 777,989 656,182 520,461 5,539 2,547,359 Purchased credit-impaired loans — — 83 1,940 — 2,023 Total ending loans balance $ 587,736 $ 777,989 $ 658,755 $ 522,667 $ 5,539 $ 2,552,686 December 31, 2017 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 879 $ — $ 879 Collectively evaluated for impairment 3,802 5,981 3,834 6,708 43 20,368 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 3,802 $ 5,981 $ 3,834 $ 7,587 $ 43 $ 21,247 Loans: Individually evaluated for impairment $ 217 $ — $ 834 $ 3,090 $ — $ 4,141 Collectively evaluated for impairment 494,601 678,238 576,501 498,916 3,781 2,252,037 Purchased credit-impaired loans — 380 105 1,908 — 2,393 Total ending loans balance $ 494,818 $ 678,618 $ 577,440 $ 503,914 $ 3,781 $ 2,258,571 |
Summary of Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of September 30, 2018 and December 31, 2017: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated September 30, 2018 With no allowance recorded: Construction and land development $ 548 $ 548 — Residential real estate: Closed-end 1-4 family 1,357 1,356 — Other 1,150 1,134 — Commercial and industrial 92 92 — Subtotal 3,147 3,130 — With an allowance recorded: Commercial and industrial 174 174 23 Subtotal 174 174 23 Total $ 3,321 $ 3,304 $ 23 December 31, 2017 With no allowance recorded: Construction and land development $ 217 $ 217 $ — Residential real estate: Closed-end 1-4 family 14 14 — Other 820 820 — Commercial and industrial 108 108 — Subtotal 1,159 1,159 — With an allowance recorded: Commercial and industrial 2,982 2,982 879 Subtotal 2,982 2,982 879 Total $ 4,141 $ 4,141 $ 879 The following table presents the average recorded investment of impaired loans by class of loans for the three and nine months ended September 30, 2018 and 2017: Three Months Ended September 30, Nine Months Ended September 30, Average Recorded Investment 2018 2017 2018 2017 With no allowance recorded: Construction and land development $ 548 $ 1,348 $ 649 $ 1,199 Commercial real estate: Nonfarm, nonresidential — 812 — 2,394 Residential real estate: Closed-end 1-4 family 1,465 112 1,991 863 Other 1,025 199 1,025 245 Commercial and industrial 2,466 499 1,099 657 Consumer and other — - — 1 Subtotal 5,504 2,970 4,764 5,359 With an allowance recorded: Commercial and industrial $ 177 $ 2,998 $ 2,017 $ 2,820 Subtotal 177 2,998 2,017 2,820 Total $ 5,681 $ 5,968 $ 6,781 $ 8,179 |
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 loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2018 and December 31, 2017: Nonaccrual Loans Past Due Over 90 Days September 30, 2018 Construction and land development $ 548 $ 274 Residential real estate: Closed-end 1-4 family 1,683 — Other 1,084 50 Commercial and industrial 92 241 Total $ 3,407 $ 565 December 31, 2017 Residential real estate: Closed-end 1-4 family $ 257 $ 14 Other 114 — Commercial and industrial 2,466 191 Total $ 2,837 $ 205 |
Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2018 and December 31, 2017 by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Nonaccrual Total Past Due and Nonaccrual Loans Not Past Due PCI Loans Total September 30, 2018 Construction and land development $ — $ — $ 274 $ 548 $ 822 $ 586,914 $ — $ 587,736 Commercial real estate: Nonfarm, nonresidential 847 — — — 847 731,140 — 731,987 Other — — — — — 46,002 — 46,002 Residential real estate: Closed-end 1-4 family 37 154 — 1,683 1,874 475,176 83 477,133 Other 65 820 50 1,084 2,019 179,603 — 181,622 Commercial and industrial 233 73 241 92 639 520,088 1,940 522,667 Consumer and other — — — — — 5,539 — 5,539 $ 1,182 $ 1,047 $ 565 $ 3,407 $ 6,201 $ 2,544,462 $ 2,023 $ 2,552,686 December 31, 2017 Construction and land development $ 1,918 $ 136 $ — $ — $ 2,054 $ 492,764 $ — $ 494,818 Commercial real estate: Nonfarm, nonresidential — — — — — 628,554 380 628,934 Other — — — — — 49,684 — 49,684 Residential real estate: Closed-end 1-4 family — — 14 257 271 407,424 105 407,800 Other 146 719 — 114 979 168,661 — 169,640 Commercial and industrial 532 27 191 2,466 3,216 498,790 1,908 503,914 Consumer and other — — — — — 3,781 — 3,781 $ 2,596 $ 882 $ 205 $ 2,837 $ 6,520 $ 2,249,658 $ 2,393 $ 2,258,571 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of September 30, 2018 and December 31, 2017: Pass Special Mention Substandard Total September 30, 2018 Construction and land development $ 583,091 $ 3,508 $ 1,137 $ 587,736 Commercial real estate: Nonfarm, nonresidential 716,869 15,118 — 731,987 Other 45,615 — 387 46,002 Residential real estate: Closed-end 1-4 family 471,522 2,853 2,758 477,133 Other 179,073 404 2,145 181,622 Commercial and industrial 502,762 9,328 10,577 522,667 Consumer and other 5,537 2 — 5,539 $ 2,504,469 $ 31,213 $ 17,004 $ 2,552,686 Pass Special Mention Substandard Total December 31, 2017 Construction and land development $ 494,601 $ — $ 217 $ 494,818 Commercial real estate: Nonfarm, nonresidential 609,458 12,602 6,874 628,934 Other 49,303 — 381 49,684 Residential real estate: 1-4 family 404,832 615 2,353 407,800 Other 167,886 — 1,754 169,640 Commercial and industrial 485,363 10,350 8,201 503,914 Consumer and other 3,777 4 — 3,781 $ 2,215,220 $ 23,571 $ 19,780 $ 2,258,571 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Transfers And Servicing [Abstract] | |
Schedule of Loans Serviced Not Reported as Assets | Loans serviced for others are not reported as assets. The principal balances of these loans at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 496,037 $ 507,233 Other 3,831 4,626 |
Components of Net Loan Servicing Fees | The components of net loan servicing fees for the three and nine months ended September 30, 2018 and 2017 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Loan servicing fees, net: Loan servicing fees $ 314 $ 312 $ 976 $ 951 Amortization of loan servicing fees (203 ) (242 ) (643 ) (721 ) Change in impairment — — — — Total $ 111 $ 70 $ 333 $ 230 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreement to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Additional Details of Securities Sold under Agreement to Repurchase | The following table provides additional details as of December 31, 2017: As of December 31, 2017 Mortgage- Backed Securities: Residential State and Political Subdivisions Total Market value of securities pledged $ 1,004 $ 42,109 $ 43,113 Borrowings related to pledged amounts $ — $ 31,004 $ 31,004 Market value pledged as a % of borrowings — % 136 % 139 % |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Summary of Stock Warrant Activity | A summary of the stock warrant activity for the nine months ended September 30, 2018 and 2017 follows: September 30, 2018 September 30, 2017 Stock warrants exercised: Intrinsic value of warrants exercised $ — $ 329 Cash received from warrants exercised — 150 |
Fair Value Assumptions of Stock Options | The fair value of options granted was determined using the following weighted-average assumptions as of grant date. September 30, 2018 September 30, 2017 Risk-free interest rate 2.83 % 2.16 % Expected term 7.5 years 6.8 years Expected stock price volatility 31.42 % 32.32 % Dividend yield 0.00 % 0.03 % |
Summary of Company's Stock Option Activities | A summary of the activity in the plans for the nine months ended September 30, 2018 follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of year 1,507,168 $ 21.37 6.55 $ 19,180 Granted 542,637 30.14 Exercised (235,381 ) 16.61 Forfeited, expired, or cancelled (19,053 ) 29.96 Outstanding at period end 1,795,371 24.47 6.55 $ 26,265 Vested or expected to vest 1,705,602 24.47 6.55 $ 24,952 Exercisable at period end 975,485 18.42 5.43 $ 20,152 |
Summary of Stock Options Exercised | For the Nine Months Ended September 30, 2018 2017 Stock options exercised: Intrinsic value of options exercised $ 4,828 $ 4,141 Cash received from options exercised 2,845 1,361 Tax benefit realized from option exercises 568 406 |
Summary of Activity for Nonvested Restricted Share Awards | A summary of activity for non-vested restricted share awards for the nine months ended September 30, 2018 is as follows: Non-vested Shares Shares Weighted- Average Grant- Date Fair Value Non-vested at December 31, 2017 94,181 $ 25.42 Granted 121,288 31.00 Vested (40,114 ) 26.67 Forfeited (3,656 ) 31.77 Non-vested at September 30, 2018 171,699 $ 31.00 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below as of September 30, 2018 and December 31, 2017 for the Company and Bank: Actual Required For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio September 30, 2018 Company common equity Tier 1 capital to risk-weighted assets $ 359,881 12.24 % $ 132,313 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 441,103 15.00 % $ 235,223 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 359,881 12.24 % $ 176,417 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 359,881 8.71 % $ 165,295 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 413,850 14.08 % $ 132,305 4.50 % $ 185,843 6.50 % Bank Total Capital to risk weighted assets $ 436,423 14.84 % $ 235,208 8.00 % $ 285,913 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 413,850 14.08 % $ 176,406 6.00 % $ 228,730 8.00 % Bank Tier 1 (Core) Capital to average assets $ 413,850 10.02 % $ 165,185 4.00 % $ 208,269 5.00 % December 31, 2017 Company common equity Tier 1 capital to risk-weighted assets $ 299,229 11.37 % $ 118,479 4.50 % N/A N/A Company Total Capital to risk weighted assets $ 379,083 14.40 % $ 210,629 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 299,229 11.37 % $ 157,972 6.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 299,229 8.25 % $ 145,100 4.00 % N/A N/A Bank common equity Tier 1 capital to risk-weighted assets $ 353,512 13.43 % $ 118,489 4.50 % $ 171,151 6.50 % Bank Total Capital to risk weighted assets $ 374,851 14.24 % $ 210,647 8.00 % $ 263,309 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 353,512 13.43 % $ 157,985 6.00 % $ 210,647 8.00 % Bank Tier 1 (Core) Capital to average assets $ 353,512 9.75 % $ 145,003 4.00 % $ 181,253 5.00 % Note: Minimum ratios presented exclude the capital conservation buffer |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. Treasury securities $ — $ 254,535 $ — U.S. government sponsored entities and agencies — 25,736 — Mortgage-backed securities-residential — 707,151 — Mortgage-backed securities-commercial — 4,961 — Asset-backed securities — 8,430 — State and political subdivisions — 114,374 — Total securities available for sale $ — $ 1,115,187 $ — Loans held for sale $ — $ 14,563 $ — Mortgage banking derivatives $ — $ 200 $ — Financial Liabilities Mortgage banking derivatives $ — $ — $ — Fair Value Measurements at December 31, 2017 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. Treasury securities $ — $ 228,909 $ — U.S. government sponsored entities and agencies — 19,961 — Mortgage-backed securities-residential — 632,566 — Mortgage-backed securities-commercial — 5,074 — State and political subdivisions — 113,371 — Total securities available for sale $ — $ 999,881 $ — Loans held for sale $ — $ 12,024 $ — Mortgage banking derivatives $ — $ 175 $ — Financial Liabilities Mortgage banking derivatives $ — $ 35 $ — |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at September 30, 2018 and December 31, 2017 are as follows: Fair Value Measurements at September 30, 2018 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 144,660 $ 144,660 $ — $ — $ 144,660 Certificates of deposit held at other financial institutions 3,104 — 3,104 — 3,104 Securities available for sale 1,115,187 — 1,115,187 — 1,115,187 Securities held to maturity 204,587 — 199,927 — 199,927 Loans held for sale 14,563 — 14,563 — 14,563 Net loans 2,527,642 — — 2,489,418 2,489,418 Restricted equity securities 21,793 n/a n/a n/a n/a Servicing rights, net 3,465 — — 5,348 5,348 Mortgage banking derivative assets 200 — 200 — 200 Accrued interest receivable 14,391 34 6,501 7,856 14,391 Financial liabilities Deposits $ 3,371,550 $ 1,850,538 $ 1,511,884 $ — $ 3,362,422 Federal Home Loan Bank advances 371,500 — 369,239 — 369,239 Subordinated notes, net 58,649 — — 60,732 60,732 Accrued interest payable 4,726 115 350 4,260 4,725 Fair Value Measurements at December 31, 2017 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 251,543 $ 251,543 $ — $ — $ 251,543 Certificates of deposit held at other financial institutions 2,855 — 2,855 — 2,855 Securities available for sale 999,881 — 999,881 — 999,881 Securities held to maturity 214,856 — 217,608 — 217,608 Loans held for sale 12,024 — 12,024 — 12,024 Net loans 2,235,361 — — 2,230,607 2,230,607 Restricted equity securities 18,492 n/a n/a n/a n/a Servicing rights, net 3,620 — — 5,089 5,089 Mortgage banking derivative assets 175 — 175 — 175 Accrued interest receivable 11,947 73 5,724 6,150 11,947 Financial liabilities Deposits $ 3,167,228 $ 1,911,928 $ 1,224,041 $ — $ 3,135,969 Federal funds purchased and repurchase agreements 31,004 — 31,004 — 31,004 Federal Home Loan Bank advances 272,000 — 270,311 — 270,311 Subordinated notes, net 58,515 — — 59,951 59,951 Mortgage banking derivative liabilities 35 — 35 — 35 Accrued interest payable 2,769 51 2,030 688 2,769 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The factors used in the earnings per share computation follow: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Basic Net income available to common shareholders $ 10,549 $ 8,889 $ 30,762 $ 25,689 Less: earnings allocated to participating securities (126 ) (66 ) (318 ) (206 ) Net income allocated to common shareholders $ 10,423 $ 8,823 $ 30,444 $ 25,483 Weighted average common shares outstanding including participating securities 14,497,840 13,188,761 14,048,270 13,119,170 Less: Participating securities (173,541 ) (97,842 ) (145,432 ) (105,350 ) Average shares 14,324,299 13,090,919 13,902,838 13,013,820 Basic earnings per common share $ 0.73 $ 0.67 $ 2.19 $ 1.96 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Diluted Net income allocated to common shareholders $ 10,423 $ 8,823 $ 30,444 $ 25,483 Weighted average common shares outstanding for basic earnings per common share 14,324,299 13,090,919 13,902,838 13,013,820 Add: Dilutive effects of assumed exercises of stock options 579,452 584,778 564,688 662,890 Add: Dilutive effects of assumed exercises of stock warrants — - — 2,104 Average shares and dilutive potential common shares 14,903,751 13,675,697 14,467,526 13,678,814 Dilutive earnings per common share $ 0.70 $ 0.65 $ 2.10 $ 1.86 |
Subordinated Debt Issuance (Tab
Subordinated Debt Issuance (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Terms of Each Subordinated Note offering | The following table summarizes the terms of each subordinated note offering: March 2016 Subordinated Notes June 2016 Subordinated 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 plus 5.636% 3-month LIBOR plus 6.04% Repricing frequency after five years Quarterly Quarterly |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - Pro Forma [Member] $ in Millions | Sep. 30, 2018USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Right of use asset | $ 56.9 |
Lease liability | $ 56.9 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 18,176 | $ 18,176 | $ 9,124 | |
Civic Bank And Trust [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger, common stock issued | 970,390 | |||
Non controlling interest | $ 0 | $ 565 | ||
Goodwill | $ 9,052 | |||
Fair Value of intangible assests | 558 | |||
Loans | 96,385 | |||
Customer receivables with a fair value and gross contractual amounts receivable | $ 96,903 |
Business Combinations - Schedul
Business Combinations - Schedule of Consideration Paid for Business Combination and Acquisition of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 01, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Certificates of deposit at other financial institutions | $ 3,104 | $ 2,855 | |
Goodwill | $ 18,176 | $ 9,124 | |
Civic Bank And Trust [Member] | |||
Consideration: | |||
Common stock issued to Civic shareholders | $ 31,635 | ||
Fair value of stock options issued to Civic option holders | 1,539 | ||
Fair value of total consideration | 33,174 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Cash and cash equivalents | 24,660 | ||
Certificates of deposit at other financial institutions | 500 | ||
Securities available for sale | 31,734 | ||
Loans | 96,385 | ||
Equity securities | 876 | ||
Premises and equipment | 253 | ||
Core deposit intangibles | 558 | ||
Foreclosed assets | 350 | ||
Other assets | 5,285 | ||
Total assets acquired | 160,601 | ||
Deposits | 123,162 | ||
Federal Home Loan Bank advances | 11,500 | ||
Other liabilities | 1,817 | ||
Total liabilities assumed | 136,479 | ||
Total net assets acquired | 24,122 | ||
Goodwill | 9,052 | ||
Civic Bank And Trust [Member] | Core Deposit Intangibles [Member] | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Core deposit intangibles | $ 558 |
Business Combination - Schedule
Business Combination - Schedule of Pro forma Information of Business Acquired (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Business Combinations [Abstract] | ||
Net interest income – pro forma (unaudited) | $ 79,860 | $ 77,004 |
Net income – pro forma (unaudited) | $ 30,834 | $ 26,926 |
Earnings per share – pro forma (unaudited): | ||
Basic | $ 2.05 | $ 1.91 |
Diluted | $ 1.98 | $ 1.82 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | $ 1,149,001 | $ 1,009,070 |
Gross Unrealized Gains | 93 | 1,889 |
Gross Unrealized Losses | (33,907) | (11,078) |
Fair Value | 1,115,187 | 999,881 |
U.S. Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 254,750 | 229,119 |
Gross Unrealized Losses | (215) | (210) |
Fair Value | 254,535 | 228,909 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 25,984 | 20,125 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (249) | (164) |
Fair Value | 25,736 | 19,961 |
Mortgage-Backed Securities: Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 735,120 | 641,225 |
Gross Unrealized Gains | 2 | 102 |
Gross Unrealized Losses | (27,971) | (8,761) |
Fair Value | 707,151 | 632,566 |
Mortgage-Backed Securities: Commercial [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 5,104 | 5,133 |
Gross Unrealized Losses | (143) | (59) |
Fair Value | 4,961 | 5,074 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 8,458 | |
Gross Unrealized Losses | (28) | |
Fair Value | 8,430 | |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 119,585 | 113,468 |
Gross Unrealized Gains | 90 | 1,787 |
Gross Unrealized Losses | (5,301) | (1,884) |
Fair Value | $ 114,374 | $ 113,371 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 204,587 | $ 214,856 |
Gross Unrecognized Gains | 395 | 4,586 |
Gross Unrecognized Losses | (5,055) | (1,834) |
Fair Value | 199,927 | 217,608 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 84,377 | 93,366 |
Gross Unrecognized Gains | 29 | 207 |
Gross Unrecognized Losses | (4,393) | (1,796) |
Fair Value | 80,013 | 91,777 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 120,210 | 121,490 |
Gross Unrecognized Gains | 366 | 4,379 |
Gross Unrecognized Losses | (662) | (38) |
Fair Value | $ 119,914 | $ 125,831 |
Securities - Summary of Proceed
Securities - Summary of Proceeds from Sales and Calls of Securities Available for Sale and Associated Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2017 | |
Available For Sale Securities [Abstract] | |||
Proceeds | $ 61,647 | $ 122,837 | |
Gross gains | 414 | 659 | |
Gross losses | $ (1) | $ (64) | $ (189) |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Available for sale | ||
Amortized Cost, One year or less | $ 275,319 | |
Amortized Cost, Over one year through five years | 2,221 | |
Amortized Cost, Over five years through ten years | 2,758 | |
Amortized Cost, Over ten years | 128,479 | |
Amortized Cost, Total | 1,149,001 | $ 1,009,070 |
Held to maturity | ||
Amortized Cost,One year or less | 500 | |
Amortized Cost, Over one year through five years | 1,106 | |
Amortized Cost, Over five years through ten years | 13,662 | |
Amortized Cost, Over ten years | 104,942 | |
Amortized Cost | 204,587 | 214,856 |
Available for sale | ||
Fair Value, One year or less | 274,944 | |
Fair Value, Over one year through five years | 2,201 | |
Fair Value, Over five years through ten years | 2,732 | |
Fair Value, Over ten years | 123,198 | |
Fair Value, Total | 1,115,187 | 999,881 |
Held to maturity | ||
Fair Value, One year or less | 505 | |
Fair Value, Over one year through five years | 1,109 | |
Fair Value, Over five years through ten years | 13,678 | |
Fair Value, Over ten years | 104,622 | |
Fair Value, Total | 199,927 | 217,608 |
Mortgage-Backed Securities: Residential [Member] | ||
Available for sale | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 735,120 | |
Amortized Cost, Total | 735,120 | 641,225 |
Held to maturity | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 84,377 | |
Amortized Cost | 84,377 | 93,366 |
Available for sale | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 707,151 | |
Fair Value, Total | 707,151 | 632,566 |
Held to maturity | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 80,013 | |
Fair Value, Total | 80,013 | 91,777 |
Mortgage-Backed Securities: Commercial [Member] | ||
Available for sale | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 5,104 | |
Amortized Cost, Total | 5,104 | 5,133 |
Available for sale | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 4,961 | |
Fair Value, Total | $ 4,961 | $ 5,074 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Sep. 30, 2018USD ($)Security | Dec. 31, 2017USD ($)Security |
Marketable Securities [Line Items] | ||
Carrying value of pledged securities | $ | $ 967,505 | $ 975,518 |
Other than US Government Sponsored Entities and Agencies [Member] | ||
Marketable Securities [Line Items] | ||
Amount of holdings of securities of any one issuer | Security | 0 | 0 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses and Fair Value by Major Security Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | $ 545,169 | $ 556,400 |
Less Than 12 Months Available for sale Unrealized Losses | (6,608) | (2,882) |
12 Months or Longer Available for sale Fair Value | 555,379 | 374,091 |
12 Months or Longer Available for sale Unrealized Losses | (27,299) | (8,196) |
Available for sale Fair Value, Total | 1,100,548 | 930,491 |
Available for sale Unrealized Losses, Total | (33,907) | (11,078) |
Less Than 12 Months Held to maturity Fair Value | 70,535 | 11,453 |
Less Than 12 Months Held to maturity Unrealized Losses | (1,012) | (71) |
12 Months or Longer Held to maturity Fair Value | 65,347 | 73,730 |
12 Months or Longer Held to maturity Unrealized Losses | (4,043) | (1,763) |
Held to maturity Fair Value, Total | 135,882 | 85,183 |
Held to maturity Unrealized Losses, Total | (5,055) | (1,834) |
U.S. Treasury Securities [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 254,535 | 228,909 |
Less Than 12 Months Available for sale Unrealized Losses | (215) | (210) |
Available for sale Fair Value, Total | 254,535 | 228,909 |
Available for sale Unrealized Losses, Total | (215) | (210) |
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 | 5,186 | 19,961 |
Less Than 12 Months Available for sale Unrealized Losses | (90) | (164) |
12 Months or Longer Available for sale Fair Value | 19,899 | |
12 Months or Longer Available for sale Unrealized Losses | (159) | |
Available for sale Fair Value, Total | 25,085 | 19,961 |
Available for sale Unrealized Losses, Total | (249) | (164) |
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 | 235,919 | 301,158 |
Less Than 12 Months Available for sale Unrealized Losses | (5,666) | (2,447) |
12 Months or Longer Available for sale Fair Value | 470,855 | 311,366 |
12 Months or Longer Available for sale Unrealized Losses | (22,305) | (6,314) |
Available for sale Fair Value, Total | 706,774 | 612,524 |
Available for sale Unrealized Losses, Total | (27,971) | (8,761) |
Less Than 12 Months Held to maturity Fair Value | 12,039 | 11,191 |
Less Than 12 Months Held to maturity Unrealized Losses | (416) | (69) |
12 Months or Longer Held to maturity Fair Value | 63,970 | 72,582 |
12 Months or Longer Held to maturity Unrealized Losses | (3,977) | (1,727) |
Held to maturity Fair Value, Total | 76,009 | 83,773 |
Held to maturity Unrealized Losses, Total | (4,393) | (1,796) |
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 | 5,074 | |
Less Than 12 Months Available for sale Unrealized Losses | (59) | |
12 Months or Longer Available for sale Fair Value | 4,961 | |
12 Months or Longer Available for sale Unrealized Losses | (143) | |
Available for sale Fair Value, Total | 4,961 | 5,074 |
Available for sale Unrealized Losses, Total | (143) | (59) |
Asset-backed Securities [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 4,923 | |
Less Than 12 Months Available for sale Unrealized Losses | (28) | |
Available for sale Fair Value, Total | 4,923 | |
Available for sale Unrealized Losses, Total | (28) | |
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 | 44,606 | 1,298 |
Less Than 12 Months Available for sale Unrealized Losses | (609) | (2) |
12 Months or Longer Available for sale Fair Value | 59,664 | 62,725 |
12 Months or Longer Available for sale Unrealized Losses | (4,692) | (1,882) |
Available for sale Fair Value, Total | 104,270 | 64,023 |
Available for sale Unrealized Losses, Total | (5,301) | (1,884) |
Less Than 12 Months Held to maturity Fair Value | 58,496 | 262 |
Less Than 12 Months Held to maturity Unrealized Losses | (596) | (2) |
12 Months or Longer Held to maturity Fair Value | 1,377 | 1,148 |
12 Months or Longer Held to maturity Unrealized Losses | (66) | (36) |
Held to maturity Fair Value, Total | 59,873 | 1,410 |
Held to maturity Unrealized Losses, Total | $ (662) | $ (38) |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 2,550,663 | $ 2,256,178 | ||||
Deferred loan fees, net | (2,565) | (1,963) | ||||
Total loans that are not PCI loans | 2,548,098 | 2,254,215 | ||||
Total PCI loans | 2,023 | 2,393 | ||||
Allowance for loan losses | (22,479) | $ (22,341) | (21,247) | $ (19,944) | $ (18,689) | $ (16,553) |
Net loans | 2,527,642 | 2,235,361 | ||||
Commercial Real Estate Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonfarm, nonresidential | 731,987 | 628,554 | ||||
Commercial Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 46,002 | 49,684 | ||||
Real Estate Residential Closed-end 1-4 Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Closed-end 1-4 family | 477,050 | 407,695 | ||||
Residential Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 181,622 | 169,640 | ||||
Construction and Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction and land development | 587,736 | 494,818 | ||||
Allowance for loan losses | (4,785) | (4,613) | (3,802) | (3,957) | (3,796) | (3,776) |
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 520,727 | 502,006 | ||||
Total PCI loans | 1,940 | 1,908 | ||||
Allowance for loan losses | (6,989) | (6,976) | (7,587) | (7,592) | (6,894) | (6,068) |
Consumer and Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer and other | 5,539 | 3,781 | ||||
Allowance for loan losses | $ (52) | $ (56) | $ (43) | $ (50) | $ (49) | $ (45) |
Loans - Activity in Allowance f
Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 22,341 | $ 18,689 | $ 21,247 | $ 16,553 |
Provision for loan losses | 136 | 590 | 1,279 | 3,018 |
Loans charged-off | (5) | (20) | (117) | (346) |
Recoveries | 7 | 685 | 70 | 719 |
Total ending allowance balance | 22,479 | 19,944 | 22,479 | 19,944 |
Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,613 | 3,796 | 3,802 | 3,776 |
Provision for loan losses | 172 | (507) | 1,021 | (487) |
Loans charged-off | (39) | |||
Recoveries | 668 | 1 | 668 | |
Total ending allowance balance | 4,785 | 3,957 | 4,785 | 3,957 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 6,163 | 5,011 | 5,981 | 4,266 |
Provision for loan losses | (18) | 212 | 164 | 957 |
Total ending allowance balance | 6,145 | 5,223 | 6,145 | 5,223 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,533 | 2,939 | 3,834 | 2,398 |
Provision for loan losses | (30) | 169 | 638 | 687 |
Loans charged-off | (7) | (1) | ||
Recoveries | 5 | 14 | 43 | 38 |
Total ending allowance balance | 4,508 | 3,122 | 4,508 | 3,122 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 6,976 | 6,894 | 7,587 | 6,068 |
Provision for loan losses | 13 | 707 | (559) | 1,833 |
Loans charged-off | (9) | (49) | (309) | |
Recoveries | 10 | |||
Total ending allowance balance | 6,989 | 7,592 | 6,989 | 7,592 |
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 56 | 49 | 43 | 45 |
Provision for loan losses | (1) | 9 | 15 | 28 |
Loans charged-off | (5) | (11) | (22) | (36) |
Recoveries | 2 | 3 | 16 | 13 |
Total ending allowance balance | $ 52 | $ 50 | $ 52 | $ 50 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable carrying amount | $ 2,552,686,000 | $ 2,552,686,000 | $ 2,258,571,000 | ||||
Unpaid principal amount | 3,321,000 | 3,321,000 | 4,141,000 | ||||
Allowance for loan losses | $ 22,479,000 | $ 22,479,000 | $ 21,247,000 | $ 22,341,000 | $ 19,944,000 | $ 18,689,000 | $ 16,553,000 |
Number of loans modified as troubled debt restructuring | 2 | 2 | 1 | ||||
Loans modified as troubled debt restructuring, Amount | $ 883,000 | $ 883,000 | $ 608,000 | ||||
Modified loans in troubled debt restructuring increased allowance for loan loss | 23,000 | ||||||
Troubled debt restructurings loans charge off | 0 | 0 | |||||
First payment defaults on loans modified as troubled debt restructuring | 0 | 0 | |||||
Non PCI Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable carrying amount | 111,022,000 | 111,022,000 | |||||
Unpaid principal amount | 112,384,000 | 112,384,000 | |||||
Estimated credit discount | 1,362,000 | 1,362,000 | |||||
Allowance for loan losses | 269,000 | 269,000 | |||||
PCI Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses for PCI loans | $ 0 | $ 0 | $ 0 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | $ 23 | $ 879 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 22,456 | 20,368 | ||||
Allowance for loan losses, Purchased credit-impaired loans | 0 | 0 | ||||
Total ending allowance balance | 22,479 | $ 22,341 | 21,247 | $ 19,944 | $ 18,689 | $ 16,553 |
Loans, Individually evaluated for impairment | 3,304 | 4,141 | ||||
Loans, Collectively evaluated for impairment | 2,547,359 | 2,252,037 | ||||
Loans, Purchased credit-impaired loans | 2,023 | 2,393 | ||||
Total ending loans balance | 2,552,686 | 2,258,571 | ||||
Construction and Land Development [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 4,785 | 3,802 | ||||
Allowance for loan losses, Purchased credit-impaired loans | 0 | 0 | ||||
Total ending allowance balance | 4,785 | 4,613 | 3,802 | 3,957 | 3,796 | 3,776 |
Loans, Individually evaluated for impairment | 548 | 217 | ||||
Loans, Collectively evaluated for impairment | 587,188 | 494,601 | ||||
Total ending loans balance | 587,736 | 494,818 | ||||
Commercial Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 6,145 | 5,981 | ||||
Allowance for loan losses, Purchased credit-impaired loans | 0 | 0 | ||||
Total ending allowance balance | 6,145 | 6,163 | 5,981 | 5,223 | 5,011 | 4,266 |
Loans, Collectively evaluated for impairment | 777,989 | 678,238 | ||||
Loans, Purchased credit-impaired loans | 380 | |||||
Total ending loans balance | 777,989 | 678,618 | ||||
Residential Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 4,508 | 3,834 | ||||
Allowance for loan losses, Purchased credit-impaired loans | 0 | 0 | ||||
Total ending allowance balance | 4,508 | 4,533 | 3,834 | 3,122 | 2,939 | 2,398 |
Loans, Individually evaluated for impairment | 2,490 | 834 | ||||
Loans, Collectively evaluated for impairment | 656,182 | 576,501 | ||||
Loans, Purchased credit-impaired loans | 83 | 105 | ||||
Total ending loans balance | 658,755 | 577,440 | ||||
Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | 23 | 879 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 6,966 | 6,708 | ||||
Allowance for loan losses, Purchased credit-impaired loans | 0 | 0 | ||||
Total ending allowance balance | 6,989 | 6,976 | 7,587 | 7,592 | 6,894 | 6,068 |
Loans, Individually evaluated for impairment | 266 | 3,090 | ||||
Loans, Collectively evaluated for impairment | 520,461 | 498,916 | ||||
Loans, Purchased credit-impaired loans | 1,940 | 1,908 | ||||
Total ending loans balance | 522,667 | 503,914 | ||||
Consumer and Other [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 52 | 43 | ||||
Allowance for loan losses, Purchased credit-impaired loans | 0 | 0 | ||||
Total ending allowance balance | 52 | $ 56 | 43 | $ 50 | $ 49 | $ 45 |
Loans, Collectively evaluated for impairment | 5,539 | 3,781 | ||||
Total ending loans balance | $ 5,539 | $ 3,781 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | $ 3,147 | $ 3,147 | $ 1,159 | ||
Unpaid Principal Balance, With an allowance recorded | 174 | 174 | 2,982 | ||
Unpaid Principal Balance | 3,321 | 3,321 | 4,141 | ||
Recorded Investment, With no allowance recorded | 3,130 | 3,130 | 1,159 | ||
Recorded Investment, With an allowance recorded | 174 | 174 | 2,982 | ||
Recorded Investment | 3,304 | 3,304 | 4,141 | ||
Allowance for Loan Losses Allocated | 23 | 23 | 879 | ||
Average Recorded Investment, With no allowance recorded | 5,504 | $ 2,970 | 4,764 | $ 5,359 | |
Average Recorded Investment, With an allowance recorded | 177 | 2,998 | 2,017 | 2,820 | |
Average Recorded Investment | 5,681 | 5,968 | 6,781 | 8,179 | |
Real Estate Residential Closed-end 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 1,357 | 1,357 | 14 | ||
Recorded Investment, With no allowance recorded | 1,356 | 1,356 | 14 | ||
Average Recorded Investment, With no allowance recorded | 1,465 | 112 | 1,991 | 863 | |
Residential Real Estate, Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 1,150 | 1,150 | 820 | ||
Recorded Investment, With no allowance recorded | 1,134 | 1,134 | 820 | ||
Average Recorded Investment, With no allowance recorded | 1,025 | 199 | 1,025 | 245 | |
Commercial Real Estate Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment, With no allowance recorded | 812 | 2,394 | |||
Construction and Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 548 | 548 | 217 | ||
Recorded Investment, With no allowance recorded | 548 | 548 | 217 | ||
Average Recorded Investment, With no allowance recorded | 548 | 1,348 | 649 | 1,199 | |
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 92 | 92 | 108 | ||
Unpaid Principal Balance, With an allowance recorded | 174 | 174 | 2,982 | ||
Recorded Investment, With no allowance recorded | 92 | 92 | 108 | ||
Recorded Investment, With an allowance recorded | 174 | 174 | 2,982 | ||
Allowance for Loan Losses Allocated | 23 | 23 | $ 879 | ||
Average Recorded Investment, With no allowance recorded | 2,466 | 499 | 1,099 | 657 | |
Average Recorded Investment, With an allowance recorded | $ 177 | $ 2,998 | $ 2,017 | 2,820 | |
Consumer and Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment, With no allowance recorded | $ 1 |
Loans - Schedule of Recorded In
Loans - Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | $ 3,407 | $ 2,837 |
Recorded Investment, Loans Past Due Over 90 Days | 565 | 205 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 548 | |
Recorded Investment, Loans Past Due Over 90 Days | 274 | |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 1,683 | 257 |
Recorded Investment, Loans Past Due Over 90 Days | 14 | |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 1,084 | 114 |
Recorded Investment, Loans Past Due Over 90 Days | 50 | |
Commercial and Industrial Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 92 | 2,466 |
Recorded Investment, Loans Past Due Over 90 Days | $ 241 | $ 191 |
Loans - Schedule of Aging of Re
Loans - Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 6,201 | $ 6,520 |
Aging of Recorded Investment, Nonaccrual | 3,407 | 2,837 |
Aging of Recorded Investment, Loans Not Past Due | 2,544,462 | 2,249,658 |
Aging of Recorded Investment, Total | 2,552,686 | 2,258,571 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 2,023 | 2,393 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 822 | 2,054 |
Aging of Recorded Investment, Nonaccrual | 548 | |
Aging of Recorded Investment, Loans Not Past Due | 586,914 | 492,764 |
Aging of Recorded Investment, Total | 587,736 | 494,818 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 639 | 3,216 |
Aging of Recorded Investment, Nonaccrual | 92 | 2,466 |
Aging of Recorded Investment, Loans Not Past Due | 520,088 | 498,790 |
Aging of Recorded Investment, Total | 522,667 | 503,914 |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,940 | 1,908 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 5,539 | 3,781 |
Aging of Recorded Investment, Total | 5,539 | 3,781 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,182 | 2,596 |
30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,918 | |
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 | 233 | 532 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,047 | 882 |
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 | 136 | |
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 | 73 | 27 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 565 | 205 |
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 | 274 | |
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 | 241 | 191 |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 847 | |
Aging of Recorded Investment, Loans Not Past Due | 731,140 | 628,554 |
Aging of Recorded Investment, Total | 731,987 | 628,934 |
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 380 | |
Commercial Real Estate Financing Receivable [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 847 | |
Commercial Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 46,002 | 49,684 |
Aging of Recorded Investment, Total | 46,002 | 49,684 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,874 | 271 |
Aging of Recorded Investment, Nonaccrual | 1,683 | 257 |
Aging of Recorded Investment, Loans Not Past Due | 475,176 | 407,424 |
Aging of Recorded Investment, Total | 477,133 | 407,800 |
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 | 83 | 105 |
Real Estate Residential Closed-end 1-4 Family [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 37 | |
Real Estate Residential Closed-end 1-4 Family [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 154 | |
Real Estate Residential Closed-end 1-4 Family [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 14 | |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2,019 | 979 |
Aging of Recorded Investment, Nonaccrual | 1,084 | 114 |
Aging of Recorded Investment, Loans Not Past Due | 179,603 | 168,661 |
Aging of Recorded Investment, Total | 181,622 | 169,640 |
Residential Real Estate, Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 65 | 146 |
Residential Real Estate, Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 820 | $ 719 |
Residential Real Estate, Other [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 50 |
Loans - Summary of Risk Categor
Loans - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 2,552,686 | $ 2,258,571 |
Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 587,736 | 494,818 |
Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 522,667 | 503,914 |
Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 5,539 | 3,781 |
Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,504,469 | 2,215,220 |
Pass [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 583,091 | 494,601 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 502,762 | 485,363 |
Pass [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 5,537 | 3,777 |
Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 31,213 | 23,571 |
Special Mention [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,508 | |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 9,328 | 10,350 |
Special Mention [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2 | 4 |
Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 17,004 | 19,780 |
Substandard [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,137 | 217 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 10,577 | 8,201 |
Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 731,987 | 628,934 |
Commercial Real Estate Financing Receivable [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 716,869 | 609,458 |
Commercial Real Estate Financing Receivable [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 15,118 | 12,602 |
Commercial Real Estate Financing Receivable [Member] | Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,874 | |
Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 46,002 | 49,684 |
Commercial Real Estate, Other [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 45,615 | 49,303 |
Commercial Real Estate, Other [Member] | Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 387 | 381 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 477,133 | 407,800 |
Real Estate Residential Closed-end 1-4 Family [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 471,522 | 404,832 |
Real Estate Residential Closed-end 1-4 Family [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,853 | 615 |
Real Estate Residential Closed-end 1-4 Family [Member] | Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,758 | 2,353 |
Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 181,622 | 169,640 |
Residential Real Estate, Other [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 179,073 | 167,886 |
Residential Real Estate, Other [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 404 | |
Residential Real Estate, Other [Member] | Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 2,145 | $ 1,754 |
Loan Servicing - Schedule of Lo
Loan Servicing - Schedule of Loans Serviced Not Reported as Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Federal Home Loan Mortgage Corporation [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loans serviced for others | $ 496,037 | $ 507,233 |
Other Serviced Loans [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loans serviced for others | $ 3,831 | $ 4,626 |
Loan Servicing - Components of
Loan Servicing - Components of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Loan Servicing Fees [Member] | ||||
Loans Servicing For Institutional Investors [Line Items] | ||||
Total noninterest income | $ 314 | $ 312 | $ 976 | $ 951 |
Amortization of loan servicing fees [Member] | ||||
Loans Servicing For Institutional Investors [Line Items] | ||||
Total noninterest income | (203) | (242) | (643) | (721) |
Change in Impairment [Member] | ||||
Loans Servicing For Institutional Investors [Line Items] | ||||
Total noninterest income | 0 | 0 | 0 | 0 |
Loan servicing fees, net [Member] | ||||
Loans Servicing For Institutional Investors [Line Items] | ||||
Total noninterest income | $ 111 | $ 70 | $ 333 | $ 230 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Transfers And Servicing [Abstract] | ||
Fair value of servicing rights | $ 5,348 | $ 5,089 |
Weighted average discount rate | 10.00% | 10.50% |
Weighted average prepayment speed | 9.70% | 9.90% |
Securities Sold Under Agreeme_3
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Banking And Thrift [Abstract] | ||
Total short-term borrowings | $ 0 | $ 31,004 |
Carrying value of securities used to secure borrowings | $ 0 | $ 41,136 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreement to Repurchase - Additional Details of Securities Sold under Agreement to Repurchase (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 43,113 |
Borrowings related to pledged amounts | $ 31,004 |
Market value pledged as a % of borrowings | 139.00% |
Mortgage-Backed Securities: Residential [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 1,004 |
State and Political Subdivisions [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | 42,109 |
Borrowings related to pledged amounts | $ 31,004 |
Market value pledged as a % of borrowings | 136.00% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Plan$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Apr. 12, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans | Plan | 2 | ||||
Compensation cost charged against income | $ | $ 1,376 | $ 735 | $ 3,454 | $ 1,970 | |
Excess tax benefit related to vesting of restricted stock and exercise of stock options | $ | $ 285 | $ 261 | $ 568 | $ 711 | |
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 | $ 12 | |||
Number of warrants exercised | 0 | 12,461 | |||
Shares issuable upon exercise of warrants to purchase common stock | 20 | 20 | |||
Warrants exercisable period | 7 years | ||||
Warrant expiration date | Mar. 30, 2017 | ||||
Warrants outstanding | 0 | 0 | |||
2017 Omnibus Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 3,500,000 | 3,500,000 | |||
Number of shares authorized for issuance | 2,765,423 | 2,765,423 | |||
2007 Omnibus Equity Incentive Plan [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 4,000,000 | 4,000,000 | |||
Options contractual term | 10 years | ||||
Weighted average fair value of options | $ / shares | $ 11.31 | $ 14.51 | |||
Unrecognized compensation cost, nonvested stock options | $ | $ 6,276 | $ 6,276 | |||
Unrecognized compensation cost, period of recognition | 1 year 2 months 12 days | ||||
2007 Omnibus Equity Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 3 years | ||||
2007 Omnibus Equity Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 5 years | ||||
Amended and Restated 2017 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 3,500,000 | ||||
Amended and Restated 2017 Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 3 years | ||||
Amended and Restated 2017 Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 5 years | ||||
2007 Omnibus Equity Incentive Plan and Amended and Restated 2017 Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, nonvested stock options | $ | $ 4,434 | $ 4,434 | |||
Unrecognized compensation cost, period of recognition | 1 year 9 months 18 days |
Share-Based Payments - Summary
Share-Based Payments - Summary of Stock Warrant Activity (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Intrinsic value of warrants exercised | $ 329 |
Cash received from warrants exercised | $ 150 |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions of Stock Options (Detail) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 2.83% | 2.16% |
Expected term | 7 years 6 months | 6 years 9 months 18 days |
Expected stock price volatility | 31.42% | 32.32% |
Dividend yield | 0.00% | 0.03% |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Company's Stock Option Activities (Detail) - Stock Option [Member] - 2007 Omnibus Equity Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of year | 1,507,168 | |
Shares, Granted | 542,637 | |
Shares, Exercised | (235,381) | |
Shares, Forfeited, expired, or cancelled | (19,053) | |
Shares, Outstanding at period end | 1,795,371 | 1,507,168 |
Shares, Vested or expected to vest | 1,705,602 | |
Shares, Exercisable at period end | 975,485 | |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 21.37 | |
Weighted Average Exercise Price, Granted | 30.14 | |
Weighted Average Exercise Price, Exercised | 16.61 | |
Weighted Average Exercise Price, Forfeited, expired, or cancelled | 29.96 | |
Weighted Average Exercise Price, Outstanding at period end | 24.47 | $ 21.37 |
Weighted Average Exercise Price, Vested or expected to vest | 24.47 | |
Weighted Average Exercise Price, Exercisable at period end | $ 18.42 | |
Weighted Average Remaining Contractual Term, Outstanding Balance | 6 years 6 months 18 days | 6 years 6 months 18 days |
Weighted Average Remaining Contractual Term, Vested or expected to vest | 6 years 6 months 18 days | |
Weighted Average Remaining Contractual Term, Exercisable at period end | 5 years 5 months 4 days | |
Aggregate Intrinsic Value, Outstanding | $ 26,265 | $ 19,180 |
Aggregate Intrinsic Value, Vested or expected to vest | 24,952 | |
Aggregate Intrinsic Value, Exercisable at period end | $ 20,152 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Stock Options Exercised (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Stock options exercised: | ||
Cash received from options exercised | $ 2,845 | $ 1,361 |
Stock Option [Member] | 2007 Omnibus Equity Incentive Plan [Member] | ||
Stock options exercised: | ||
Intrinsic value of options exercised | 4,828 | 4,141 |
Cash received from options exercised | 2,845 | 1,361 |
Tax benefit realized from option exercises | $ 568 | $ 406 |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Activity for Nonvested Restricted Share Awards (Detail) - Restricted Stock [Member] - 2007 Omnibus Equity Incentive Plan [Member] | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Non-vested, Beginning Balance | shares | 94,181 |
Shares, Granted | shares | 121,288 |
Shares, Vested | shares | (40,114) |
Shares, Forfeited | shares | (3,656) |
Shares, Non-vested, Ending Balance | shares | 171,699 |
Weighted-Average Grant-Date Fair Value, Non-vested, Beginning Balance | $ / shares | $ 25.42 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 31 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 26.67 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 31.77 |
Weighted-Average Grant-Date Fair Value, Non-vested, Ending Balance | $ / shares | $ 31 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
Banking And Thrift [Abstract] | |
Capital conservation buffer | 2.50% |
Capital conservation buffer ratio to be phased in at beginning | 0.625% |
Capital conservation buffer phase in year | 2,016 |
Capital conservation buffer period final year | 2,019 |
Capital conservation buffer ratio during period | 1.875% |
Regulatory Capital Matters - Ac
Regulatory Capital Matters - Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital to risk-weighted assets, Actual Amount | $ 359,881 | $ 299,229 |
Total Capital to risk-weighted assets, Actual Amount | 441,103 | 379,083 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 359,881 | 299,229 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 359,881 | $ 299,229 |
Common equity Tier 1 capital to risk-weighted assets | 12.24% | 11.37% |
Total Capital to risk weighted assets, Actual Ratio | 15.00% | 14.40% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 12.24% | 11.37% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 8.71% | 8.25% |
Common equity Tier 1 capital to risk-weighted assets | $ 132,313 | $ 118,479 |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 235,223 | 210,629 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 176,417 | 157,972 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 165,295 | $ 145,100 |
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 | $ 413,850 | $ 353,512 |
Total Capital to risk-weighted assets, Actual Amount | 436,423 | 374,851 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 413,850 | 353,512 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 413,850 | $ 353,512 |
Common equity Tier 1 capital to risk-weighted assets | 14.08% | 13.43% |
Total Capital to risk weighted assets, Actual Ratio | 14.84% | 14.24% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 14.08% | 13.43% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 10.02% | 9.75% |
Common equity Tier 1 capital to risk-weighted assets | $ 132,305 | $ 118,489 |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 235,208 | 210,647 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 176,406 | 157,985 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 165,185 | $ 145,003 |
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 | $ 185,843 | $ 171,151 |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 285,913 | 263,309 |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 228,730 | 210,647 |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 208,269 | $ 181,253 |
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 ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
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 and 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 | $ 1,379,000 | $ 1,517,000 | $ 4,759,000 | $ 5,918,000 | |
Transfers of assets between level 1 and level 2 | 0 | 0 | $ 0 | ||
Transfers of assets between level 2 and level 1 | 0 | 0 | 0 | ||
Transfers of liabilities between level 1 and level 2 | 0 | 0 | 0 | ||
Transfers of liabilities between level 2 and level | 0 | 0 | 0 | ||
Carrying amount of impaired loans with specific allocations | 3,304,000 | 3,304,000 | 4,141,000 | ||
Additional provision for loan losses | 136,000 | 590,000 | 1,279,000 | 3,018,000 | |
Foreclosed assets | 1,853,000 | 1,853,000 | 1,503,000 | ||
Fair Value [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Carrying amount of impaired loans with specific allocations | 150,000 | 150,000 | 1,650,000 | ||
Changes Measurement [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Additional provision for loan losses | 16,000 | 194,000 | 16,000 | 194,000 | |
Loans Held for Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Unpaid principal balance of loans held for sale | 14,185,000 | 14,185,000 | 11,681,000 | ||
Change in fair value related to loans held for sale | 378,000 | $ 343,000 | |||
Change in fair value of loans held for sale | $ (160,000) | $ (48,000) | $ 34,000 | $ 57,000 | |
Maximum [Member] | Loans Held for Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Term of loan | 90 days | 90 days |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 1,115,187 | $ 999,881 |
Loans held for sale | 14,563 | 12,024 |
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 | 1,115,187 | 999,881 |
Loans held for sale | 14,563 | 12,024 |
Mortgage banking derivative assets | 200 | 175 |
Mortgage banking derivative liabilities | 35 | |
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 | 25,736 | 19,961 |
U.S. Government Sponsored Entities and Agencies [Member] | 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 | 25,736 | 19,961 |
Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 707,151 | 632,566 |
Mortgage-Backed Securities: Residential [Member] | 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 | 707,151 | 632,566 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 4,961 | 5,074 |
Mortgage-Backed Securities: Commercial [Member] | 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 | 4,961 | 5,074 |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 114,374 | 113,371 |
State and Political Subdivisions [Member] | 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 | 114,374 | 113,371 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 254,535 | 228,909 |
U.S. Treasury Securities [Member] | 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 | 254,535 | $ 228,909 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 8,430 | |
Asset-backed Securities [Member] | 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 | $ 8,430 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Certificates of deposit held at other financial institutions | $ 3,104 | $ 2,855 |
Securities available for sale | 1,115,187 | 999,881 |
Securities held to maturity, Carrying Amount | 204,587 | 214,856 |
Net loans, Carrying Amount | 2,527,642 | 2,235,361 |
Servicing rights, net, Carrying Amount | 3,465 | 3,620 |
Securities held to maturity, Fair Value | 199,927 | 217,608 |
Loans held for sale, Fair Value | 14,563 | 12,024 |
Servicing rights, net, Fair Value | 5,348 | 5,089 |
Accrued interest receivable | 14,391 | 11,947 |
Deposits, Carrying Amount | 3,371,550 | 3,167,228 |
Federal funds purchased and repurchase agreements, Carrying Amount | 31,004 | |
Federal Home Loan Bank advances, Carrying Amount | 371,500 | 272,000 |
Subordinated notes, net | 58,649 | 58,515 |
Accrued interest payable | 4,726 | 2,769 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, Carrying Amount | 144,660 | 251,543 |
Certificates of deposit held at other financial institutions | 3,104 | 2,855 |
Securities available for sale | 1,115,187 | 999,881 |
Securities held to maturity, Carrying Amount | 204,587 | 214,856 |
Loans held for sale, Carrying Amount | 14,563 | 12,024 |
Net loans, Carrying Amount | 2,527,642 | 2,235,361 |
Restricted equity securities, Carrying Amount | 21,793 | 18,492 |
Servicing rights, net, Carrying Amount | 3,465 | 3,620 |
Mortgage banking derivative assets | 200 | 175 |
Accrued interest receivable | 14,391 | 11,947 |
Deposits, Carrying Amount | 3,371,550 | 3,167,228 |
Federal funds purchased and repurchase agreements, Carrying Amount | 31,004 | |
Federal Home Loan Bank advances, Carrying Amount | 371,500 | 272,000 |
Subordinated notes, net | 58,649 | 58,515 |
Mortgage banking derivative liabilities | 35 | |
Accrued interest payable | 4,726 | 2,769 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, Fair Value | 144,660 | 251,543 |
Certificates of deposit held at other financial institutions, Fair Value | 3,104 | 2,855 |
Securities available for sale | 1,115,187 | 999,881 |
Securities held to maturity, Fair Value | 199,927 | 217,608 |
Loans held for sale, Fair Value | 14,563 | 12,024 |
Net loans, Fair Value | 2,489,418 | 2,230,607 |
Restricted equity securities, Fair Value | 0 | 0 |
Servicing rights, net, Fair Value | 5,348 | 5,089 |
Mortgage banking derivative assets | 200 | 175 |
Accrued interest receivable | 14,391 | 11,947 |
Deposits, Fair Value | 3,362,422 | 3,135,969 |
Federal funds purchased and repurchase agreements, Fair Value | 31,004 | |
Federal Home Loan Bank advances, Fair Value | 369,239 | 270,311 |
Subordinated notes, net | 60,732 | 59,951 |
Mortgage banking derivative liabilities | 35 | |
Accrued interest payable | 4,725 | 2,769 |
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 | 144,660 | 251,543 |
Restricted equity securities, Fair Value | 0 | 0 |
Accrued interest receivable | 34 | 73 |
Deposits, Fair Value | 1,850,538 | 1,911,928 |
Accrued interest payable | 115 | 51 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Certificates of deposit held at other financial institutions, Fair Value | 3,104 | 2,855 |
Securities available for sale | 1,115,187 | 999,881 |
Securities held to maturity, Fair Value | 199,927 | 217,608 |
Loans held for sale, Fair Value | 14,563 | 12,024 |
Restricted equity securities, Fair Value | 0 | 0 |
Mortgage banking derivative assets | 200 | 175 |
Accrued interest receivable | 6,501 | 5,724 |
Deposits, Fair Value | 1,511,884 | 1,224,041 |
Federal funds purchased and repurchase agreements, Fair Value | 31,004 | |
Federal Home Loan Bank advances, Fair Value | 369,239 | 270,311 |
Mortgage banking derivative liabilities | 35 | |
Accrued interest payable | 350 | 2,030 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans, Fair Value | 2,489,418 | 2,230,607 |
Restricted equity securities, Fair Value | 0 | 0 |
Servicing rights, net, Fair Value | 5,348 | 5,089 |
Accrued interest receivable | 7,856 | 6,150 |
Subordinated notes, net | 60,732 | 59,951 |
Accrued interest payable | $ 4,260 | $ 688 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Basic | ||||
Net income available to common shareholders | $ 10,549 | $ 8,889 | $ 30,762 | $ 25,689 |
Less: earnings allocated to participating securities | (126) | (66) | (318) | (206) |
Net income allocated to common shareholders | $ 10,423 | $ 8,823 | $ 30,444 | $ 25,483 |
Weighted average common shares outstanding including participating securities | 14,497,840 | 13,188,761 | 14,048,270 | 13,119,170 |
Less: Participating securities | (173,541) | (97,842) | (145,432) | (105,350) |
Average shares | 14,324,299 | 13,090,919 | 13,902,838 | 13,013,820 |
Basic earnings per common share | $ 0.73 | $ 0.67 | $ 2.19 | $ 1.96 |
Diluted | ||||
Net income allocated to common shareholders | $ 10,423 | $ 8,823 | $ 30,444 | $ 25,483 |
Weighted average common shares outstanding for basic earnings per common share | 14,324,299 | 13,090,919 | 13,902,838 | 13,013,820 |
Add: Dilutive effects of assumed exercises of stock options | 579,452 | 584,778 | 564,688 | 662,890 |
Add: Dilutive effects of assumed exercises of stock warrants | 2,104 | |||
Average shares and dilutive potential common shares | 14,903,751 | 13,675,697 | 14,467,526 | 13,678,814 |
Dilutive earnings per common share | $ 0.70 | $ 0.65 | $ 2.10 | $ 1.86 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Stock options to purchase shares of the Company's common stock | 397,974 | 352,042 | 489,515 | 254,204 |
Subordinated Debt Issuance - Ad
Subordinated Debt Issuance - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||||||
Subordinated notes, net of issuance costs | $ 58,649,000 | $ 58,649,000 | $ 58,515,000 | ||||
Amortization of debt issuance costs | 134,000 | $ 133,000 | |||||
Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, Aggregate principal amount | 60,000,000 | 60,000,000 | |||||
Amortization of debt issuance costs | 45,000 | $ 45,000 | 134,000 | $ 133,000 | |||
Subordinated Debt [Member] | March 2016 Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, Aggregate principal amount | $ 40,000,000 | ||||||
Notes, Interest rate | 6.875% | ||||||
Notes, Issuance cost | 1,382,000 | $ 1,382,000 | |||||
Term of notes | 10 years | ||||||
Subordinated Debt [Member] | June 2016 Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, Aggregate principal amount | $ 20,000,000 | ||||||
Notes, Interest rate | 7.00% | ||||||
Notes, Issuance cost | $ 404,000 | $ 404,000 | |||||
Term of notes | 10 years |
Subordinated Debt Issuance - Su
Subordinated Debt Issuance - Summary of Terms of Each Subordinated Note offering (Detail) - Subordinated Debt [Member] - USD ($) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | |||
Principal amount issued | $ 60,000,000 | ||
March 2016 Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount issued | $ 40,000,000 | ||
Maturity date | Mar. 30, 2026 | ||
Initial fixed interest rate | 6.875% | ||
Initial interest rate period | 10 years | ||
First interest rate change date | Mar. 30, 2021 | ||
Interest payment frequency through year five | Semiannually | ||
Interest payment frequency after five years | Quarterly | ||
March 2016 Subordinated Notes [Member] | Initial Term [Member] | |||
Debt Instrument [Line Items] | |||
Initial interest rate period | 5 years | ||
June 2016 Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount issued | $ 20,000,000 | ||
Maturity date | Jul. 1, 2026 | ||
Initial fixed interest rate | 7.00% | ||
Initial interest rate period | 10 years | ||
First interest rate change date | Jul. 1, 2021 | ||
Interest payment frequency through year five | Semiannually | ||
Interest payment frequency after five years | Quarterly | ||
June 2016 Subordinated Notes [Member] | Initial Term [Member] | |||
Debt Instrument [Line Items] | |||
Initial interest rate period | 5 years | ||
LIBOR [Member] | March 2016 Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest payment frequency through year five | Quarterly | ||
Interest repricing index and margin | 3-month LIBOR plus 5.636% | ||
LIBOR [Member] | June 2016 Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest payment frequency through year five | Quarterly | ||
Interest repricing index and margin | 3-month LIBOR plus 6.04% |