Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | LOB | |
Entity Registrant Name | Live Oak Bancshares, Inc. | |
Entity Central Index Key | 1,462,120 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 29,447,381 | |
Nonvoting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,723,530 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | ||
Assets | ||||
Cash and due from banks | $ 129,881 | $ 29,902 | [1] | |
Certificates of deposit with other banks | 10,000 | 10,000 | [1] | |
Investment securities available-for-sale | 51,628 | 49,318 | [1] | |
Loans held for sale | 443,871 | 295,180 | [1] | |
Loans held for investment | 259,552 | 203,936 | [1] | |
Allowance for loan losses | (6,153) | (4,407) | [1] | |
Net loans | 253,399 | 199,529 | [1] | |
Premises and equipment, net | 62,641 | 35,279 | [1] | |
Foreclosed assets | 48 | 371 | [1] | |
Servicing assets | 40,590 | 34,999 | [1] | |
Investments in non-consolidated affiliates | [1] | 6,345 | ||
Other assets | 20,708 | 12,392 | [1] | |
Total assets | 1,012,766 | 673,315 | [1] | |
Deposits: | ||||
Noninterest-bearing | 20,365 | 14,728 | [1] | |
Interest-bearing | 742,263 | 507,352 | [1] | |
Total deposits | 762,628 | 522,080 | [1] | |
Short term borrowings | [1] | 6,100 | ||
Long term borrowings | 42,079 | 41,849 | [1] | |
Other liabilities | 13,963 | 11,472 | [1] | |
Total liabilities | 818,670 | 581,501 | [1] | |
Shareholders' equity | ||||
Retained earnings (accumulated deficit) | 7,108 | (6,943) | [1] | |
Accumulated other comprehensive income | 87 | 85 | [1] | |
Total shareholders' equity attributed to Live Oak Bancshares, Inc. | 194,062 | 91,814 | [1] | |
Noncontrolling interest | 34 | |||
Total equity | 194,096 | 91,814 | [1] | |
Total liabilities and shareholders' equity | $ 1,012,766 | $ 673,315 | [1] | |
Non-cumulative Perpetual Preferred Stock (Series A) [Member] | ||||
Shareholders' equity | ||||
Preferred stock | [1] | |||
Preferred Stock Undefined [Member] | ||||
Shareholders' equity | ||||
Preferred stock | [1] | |||
Class A Common Stock [Member] | ||||
Shareholders' equity | ||||
Common stock | $ 136,852 | $ 48,657 | [1] | |
Class B Common Stock [Member] | ||||
Shareholders' equity | ||||
Common stock | $ 50,015 | $ 50,015 | [1] | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 | [1] |
Non-cumulative Perpetual Preferred Stock (Series A) [Member] | |||
Preferred stock, shares authorized | 6,800 | 6,800 | |
Preferred stock, shares issued | 6,800 | 6,800 | |
Preferred stock, shares outstanding | 6,800 | 6,800 | |
Preferred Stock Undefined [Member] | |||
Preferred stock, no par value | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Class A Common Stock [Member] | |||
Common stock, no par value | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 29,443,970 | 23,896,400 | |
Common stock, shares outstanding | 29,443,970 | 23,896,400 | |
Class B Common Stock [Member] | |||
Common stock, no par value | |||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Common stock, shares issued | 4,723,530 | 4,723,530 | |
Common stock, shares outstanding | 4,723,530 | 4,723,530 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income | ||||
Loans and fees on loans | $ 8,704 | $ 5,189 | $ 22,811 | $ 14,040 |
Investment securities, taxable | 211 | 93 | 587 | 292 |
Other interest earning assets | 84 | 38 | 220 | 102 |
Total interest income | 8,999 | 5,320 | 23,618 | 14,434 |
Interest expense | ||||
Deposits | 1,997 | 1,172 | 5,274 | 3,401 |
Borrowings | 395 | 254 | 1,280 | 611 |
Total interest expense | 2,392 | 1,426 | 6,554 | 4,012 |
Net interest income | 6,607 | 3,894 | 17,064 | 10,422 |
Provision for loan losses | 1,212 | 512 | 2,339 | 1,411 |
Net interest income after provision for loan losses | 5,395 | 3,382 | 14,725 | 9,011 |
Noninterest income | ||||
Loan servicing revenue and revaluation | 1,566 | 3,230 | 7,444 | 9,515 |
Net gains on sales of loans | 15,424 | 13,108 | 46,604 | 35,465 |
Equity in loss of non-consolidated affiliates | (177) | (26) | (2,379) | |
Gain on sale of investment in non-consolidated affiliate | 3,782 | |||
Gain on sale of investment securities available-for-sale | 12 | 12 | ||
Other noninterest income | 768 | 342 | 2,144 | 1,215 |
Total noninterest income | 17,770 | 16,503 | 59,960 | 43,816 |
Noninterest expense | ||||
Salaries and employee benefits | 9,949 | 6,120 | 27,623 | 21,828 |
Travel expense | 2,180 | 1,791 | 5,852 | 3,879 |
Professional services expense | 597 | 1,758 | 2,129 | 3,364 |
Advertising and marketing expense | 1,051 | 763 | 3,177 | 2,283 |
Occupancy expense | 699 | 518 | 1,887 | 1,384 |
Data processing expense | 773 | 730 | 2,388 | 1,787 |
Equipment expense | 584 | 433 | 1,338 | 999 |
Other expense | 2,206 | 1,154 | 5,132 | 3,726 |
Total noninterest expense | 18,039 | 13,267 | 49,526 | 39,250 |
Income before taxes | 5,126 | 6,618 | 25,159 | 13,577 |
Income tax expense | 2,228 | 5,977 | 10,272 | 5,977 |
Net income | 2,898 | 641 | 14,887 | 7,600 |
Net loss attributable to noncontrolling interest | 3 | 23 | ||
Net income attributable to Live Oak Bancshares, Inc. | $ 2,901 | $ 641 | $ 14,910 | $ 7,600 |
Basic earnings per share | $ 0.09 | $ 0.03 | $ 0.50 | $ 0.34 |
Diluted earnings per share | $ 0.09 | $ 0.02 | $ 0.48 | $ 0.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,898 | $ 641 | $ 14,887 | $ 7,600 |
Other comprehensive income (loss) before tax: | ||||
Net unrealized gain (loss) on investment securities arising during the period | 151 | (11) | 15 | 192 |
Reclassification adjustment for (gain) loss on sale of securities available-for-sale included in net income | (12) | (12) | ||
Other comprehensive income (loss) before tax | 139 | (11) | 3 | 192 |
Income tax expense | (53) | (1) | ||
Other comprehensive income (loss), net of tax | 86 | (11) | 2 | 192 |
Total comprehensive income | $ 2,984 | $ 630 | $ 14,889 | $ 7,792 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Retained Earnings (accumulated deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | |
Beginning balance at Dec. 31, 2013 | $ 48,390 | $ 18,319 | $ 30,262 | $ (191) | ||||
Beginning balance, shares at Dec. 31, 2013 | 20,318,330 | |||||||
Net income (loss) | 7,600 | 7,600 | ||||||
Other comprehensive income | 192 | 192 | ||||||
Reclass from redeemable equity securities | 3,605 | 3,605 | ||||||
Sales of common stock | 200 | 200 | ||||||
Sales of common stock, shares | 45,440 | |||||||
Stock option exercises | $ 177 | 177 | ||||||
Stock option exercise, shares | 191,660 | 191,660 | ||||||
Issuance of common stock grants | $ 2,992 | 2,992 | ||||||
Issuance of common stock grants, shares | 685,700 | |||||||
Common stock issued in private placement, net of offering cost | 74,631 | 74,631 | ||||||
Common stock issued in private placement, net of offering cost, shares | 2,324,770 | 4,723,530 | ||||||
Debt conversion to common stock | 3,052 | 3,052 | ||||||
Debt conversion to common stock, shares | 287,020 | |||||||
Stock option based compensation expense | 112 | 112 | ||||||
Reclassification adjustment for change in taxable status | (5,123) | 5,123 | ||||||
Restricted stock expense | 143 | 143 | ||||||
Dividends (distributions to shareholders) | (44,150) | (44,150) | ||||||
Ending balance at Sep. 30, 2014 | 96,944 | 98,108 | (1,165) | 1 | ||||
Ending balance, shares at Sep. 30, 2014 | 23,852,920 | 4,723,530 | ||||||
Beginning balance at Dec. 31, 2014 | 91,814 | [1] | 98,672 | (6,943) | 85 | |||
Beginning balance, shares at Dec. 31, 2014 | 23,896,400 | 4,723,530 | ||||||
Net income (loss) | 14,887 | 14,910 | $ (23) | |||||
Other comprehensive income | 2 | 2 | ||||||
Consolidation of investment with non-controlling interest | 35 | 35 | ||||||
Stock option exercises | $ 215 | 215 | ||||||
Stock option exercise, shares | 47,570 | 47,570 | ||||||
Stock option based compensation expense | $ 726 | 726 | ||||||
Restricted stock expense | 83 | 83 | ||||||
Capital contribution from non-controlling interest | 22 | 22 | ||||||
Issuance of common stock in connection with initial public offering, net of issue costs | 87,171 | 87,171 | ||||||
Issuance of common stock in connection with initial public offering, net of issue costs, shares | 5,500,000 | |||||||
Dividends (distributions to shareholders) | (859) | (859) | ||||||
Ending balance at Sep. 30, 2015 | $ 194,096 | $ 186,867 | $ 7,108 | $ 87 | $ 34 | |||
Ending balance, shares at Sep. 30, 2015 | 29,443,970 | 4,723,530 | ||||||
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | ||
Cash flows from operating activities | |||
Net income | $ 14,887 | $ 7,600 | |
Adjustments to reconcile net income to net cash used by operating activities: | |||
Depreciation and amortization | 1,917 | 1,612 | |
Provision for loan losses | 2,339 | 1,411 | |
Amortization of premium on securities, net of accretion | 36 | 69 | |
Amortization (accretion) of discount (premium) on unguaranteed loans, net | 1,650 | (376) | |
Deferred tax expense | 936 | 3,253 | |
Originations of loans held for sale | (740,378) | (531,717) | |
Proceeds from sales of loans held for sale | 508,322 | 391,626 | |
Net loss on sale of foreclosed assets | 12 | ||
Net increase in servicing assets | (5,591) | (6,046) | |
Net gains on sale of loans held for sale | (46,604) | (35,465) | |
Gain on sale of securities available-for-sale | (12) | ||
Gain on sale of investment in non-consolidated affiliate | (3,782) | ||
Net loss (gain) on disposal of premises and equipment | 16 | (256) | |
Stock option based compensation expense | 726 | 112 | |
Restricted stock expense | 83 | 143 | |
Stock grants | 2,992 | ||
Equity in loss of non-consolidated affiliates | 26 | 2,379 | |
Changes in assets and liabilities: | |||
Accounts receivable and other assets | (2,269) | (2,620) | |
Accrued expenses and other liabilities | 2,025 | 12,198 | |
Net cash used by operating activities | (265,661) | (153,085) | |
Cash flows from investing activities | |||
Purchases of securities available-for-sale | (15,437) | (31,482) | |
Proceeds from sales, maturities, calls, and principal paydowns of securities available-for-sale | 13,106 | 1,875 | |
Proceeds from sale of foreclosed assets | 352 | ||
Investment in certificates of deposit | (9,250) | ||
Investments in non-consolidated affiliates | (6,114) | ||
Proceeds from sale of investment in non-consolidated affiliate | 9,896 | ||
Capital investments in non-consolidated affiliates | (500) | ||
Net cash acquired in consolidation of equity method investment | 319 | ||
Capital contribution from non-controlling interest | 22 | ||
Loan originations and principal collections, net | 66,835 | 53,415 | |
Proceeds from sale of premises and equipment | 2,200 | ||
Purchases of premises and equipment, net | (29,295) | (11,303) | |
Net cash provided (used) by investing activities | 45,798 | (1,159) | |
Cash flows from financing activities | |||
Net increase in deposits | 240,548 | 85,990 | |
Proceeds from long term borrowings | 12,960 | 20,305 | |
Repayment of long term borrowings | (12,730) | (2,447) | |
Proceeds from short term borrowings | 15,066 | ||
Repayment of short term borrowings | (6,100) | ||
Stock option exercises | 215 | 177 | |
Sale of common stock, net | 87,171 | 74,831 | |
Shareholder dividend distributions | (2,222) | (38,280) | |
Net cash provided by financing activities | 319,842 | 155,642 | |
Net increase in cash and cash equivalents | 99,979 | 1,398 | |
Cash and cash equivalents, beginning | 29,902 | [1] | 37,244 |
Cash and cash equivalents, ending | 129,881 | 38,642 | |
Supplemental disclosure of cash flow information | |||
Interest paid | 6,501 | 3,970 | |
Income tax | 11,312 | 3,253 | |
Supplemental disclosures of noncash operating, investing, and financing activities | |||
Unrealized holding gains on available-for-sale securities, net of taxes | 2 | 192 | |
Conversion of convertible subordinated debt into common stock | 3,052 | ||
Transfers from loans to foreclosed real estate and other repossessions | 700 | 327 | |
Transfers from foreclosed real estate to SBA receivable | 659 | 289 | |
Transfers of loans accounted for as secured borrowing collateral to other assets | 4,575 | ||
Transfer of loans held for sale to loans held for investment | 7,410 | 8,937 | |
Transfer of loans held for investment to loans held for sale | 2,129 | 16,428 | |
Contingent consideration in acquisition of controlling interest in equity method of investment | $ 170 | ||
Non-cash dividend | $ 9,514 | ||
[1] | Derived from audited consolidated financial statements. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Nature of Operations Live Oak Bancshares, Inc. (the “Company” or “LOB”) is a bank holding company headquartered in Wilmington, North Carolina incorporated under the laws of North Carolina in December 2008. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the “Bank”). The Bank was established in May 2008 as a North Carolina-chartered commercial bank. The Bank specializes in providing lending services to small businesses nationwide in targeted industries. The Bank identifies and grows within credit-worthy industries through expertise within those industries. A significant portion of the loans originated by the Bank are guaranteed by the Small Business Administration (“SBA”) under the 7(a) program. In 2010, the Bank formed Live Oak Number One, Inc., a wholly-owned subsidiary, to hold properties foreclosed on by the Bank. On July 23, 2015 the Company closed on its initial public offering. In addition to the Bank, the Company owns Independence Aviation, LLC, which was formed for the purpose of purchasing and operating aircraft used for business purposes of the Company, Live Oak Grove, LLC, opened in September 2015 for the purpose of providing Company employees and business visitors an on-site restaurant location, Government Loan Solutions, Inc. (“GLS”), a management and technology consulting firm that specializes in the settlement, accounting, and securitization processes for government guaranteed loans, including loans originated under the SBA 7(a) loan program and USDA-guaranteed loans, and 504 Fund Advisors, LLC (“504FA”), formed to serve as the investment advisor to the 504 Fund, a closed-end mutual fund organized to invest in SBA section 504 loans. The Company acquired control over 504FA, previously carried as an equity method investment, on February 2, 2015 by increasing its ownership from 50.0% to 91.3%. The acquisition of an additional 41.3% of ownership occurred in exchange for contingent consideration estimated to total $170 thousand. Transactions in the third quarter of 2015 increased the Company’s ownership to 92.4%. With 7.6% of ownership remaining with a third party investor, amounts of earnings and equity in 504FA attributable to the third party investor are now disclosed in the Company’s consolidated financial statements as related to a noncontrolling interest. The Company earns revenue primarily from the sale of SBA-guaranteed loans. This income is comprised of net gains on the sale of loans, revenues on the servicing of sold loans and valuation of loan servicing rights. Net interest income is another contributor to earnings. Offsetting these revenues are the cost of funding sources, provision for loan losses, any costs related to foreclosed assets and other operating costs such as salaries and employee benefits, travel, professional services, advertising and marketing and tax expense. General In the opinion of management, all adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included, and all intercompany transactions have been eliminated in consolidation. Results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated financial statements contained in the Company’s registration statement on Form S-1 (File No. 333-205126), as amended. A summary description of the significant accounting policies followed by the Company is set forth in Note 1 of the Notes to Consolidated Financial Statements in the Company’s registration statement on Form S-1, as amended. The preparation of financial statements in conformity with United States generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Amounts in all tables in the Notes to Unaudited Consolidated Financial Statements have been presented in thousands, except percentage, time period, stock option, share and per share data. Stock Split On September 23, 2014, the Board of Directors declared a ten-for-one stock split of the Company’s Class A and Class B common shares, which was effected in the form of a common stock dividend distributed on October 10, 2014. Except for the amount of authorized shares, all references to share and per share amounts in the consolidated financial statements and accompanying notes to the consolidated financial statements have been retroactively restated to reflect the stock split. Business Segments Management has determined that the Company has one significant operating segment, which is providing a lending platform for small businesses nationwide. In determining the appropriateness of segment definition, the Company considers the materiality of a potential segment, the components of the business about which financial information is available, and components for which management regularly evaluates relative to resource allocation and performance assessment. Reclassifications Certain reclassifications have been made to the prior period’s consolidated financial statements to place them on a comparable basis with the current year. Net income and shareholders’ equity previously reported were not affected by these reclassifications. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”). ASU 2015-01 eliminated from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both unusual in nature and infrequently occurring. The guidance will be effective for the Company for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this guidance to have a material effect on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 amended the consolidation requirements in Accounting Standards Codification (“ASC”) 810 Consolidation In April 2015, the FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service, (ii) platform as a service, (iii) infrastructure as a service and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 will be effective for the Company on January 1, 2016 and is not expected to have a significant impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent) (a Consensus of the Emerging Issues Task Force).” The new guidance eliminates the requirement to classify in the fair value hierarchy any investments for which fair value is measured at net asset value per share using the practical expedient. This guidance is effective for interim and annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to be material to the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date. The portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 will be effective for the Company on January 1, 2016 and is not expected to have a significant impact on the consolidated financial statements. Live Oak Bancshares, Inc. Notes to Unaudited Consolidated Financial Statements |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3. Earnings Per Share Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur, upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then be shared in the net income of the Company. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic earnings per share: Net income available to common shareholders $ 2,901 $ 641 $ 14,910 $ 7,600 Weighted-average basic shares outstanding 32,824,587 25,632,505 30,037,436 22,412,646 Basic earnings per share $ 0.09 $ 0.03 $ 0.50 $ 0.34 Diluted earnings per share: Net income available to common shareholders, for diluted earnings per share $ 2,901 $ 641 $ 14,910 $ 7,600 Total weighted-average basic shares outstanding 32,824,587 25,632,505 30,037,436 22,412,646 Add effect of dilutive stock options and restricted stock grants 1,092,695 603,195 892,794 286,789 Total weighted-average diluted shares outstanding 33,917,282 26,235,700 30,930,230 22,699,435 Diluted earnings per share $ 0.09 $ 0.02 $ 0.48 $ 0.33 Anti-dilutive shares 1,391,828 328,210 1,562,168 328,210 Pro forma earnings per share Because the Company was not a taxable entity prior to August 3, 2014, pro forma amounts for income tax expense and basic and diluted earnings per share have been presented below assuming the Company’s effective tax rate of 38.5% for the three and nine months ended September 30, 2014. Three Months Ended Nine Months Ended Pro forma net income available to common shareholders, after tax $ 4,071 $ 8,349 Pro forma basic earnings per share $ 0.16 $ 0.37 Pro forma diluted earnings per share $ 0.16 $ 0.37 Live Oak Bancshares, Inc. Notes to Unaudited Consolidated Financial Statements |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4. Securities The carrying amount of securities and their approximate fair values are reflected in the following table: Amortized Unrealized Unrealized Fair September 30, 2015 US government agencies $ 26,987 $ 226 $ — $ 27,213 Residential mortgage-backed securities 22,570 32 136 22,466 Mutual fund 1,930 19 — 1,949 $ 51,487 $ 277 $ 136 $ 51,628 December 31, 2014 US government agencies $ 35,207 $ 127 $ 25 $ 35,309 Residential mortgage-backed securities 13,973 92 56 14,009 $ 49,180 $ 219 $ 81 $ 49,318 During the three months ended September 30, 2015, the Company sold three US government agency securities for $8.3 million at a gain of $12 thousand and purchased four mortgage-backed securities totaling $9.5 million in a transaction designed to enhance cashflow and yield. In addition, during the first and second quarters of 2015, the Company sold six mortgage-backed securities at their carrying amount for $3.4 million in an odd-lot consolidation and purchased two mortgage-backed securities for $4.0 million for the purpose of complying with the Community Reinvestment Act. The Company also invested $1.9 million in the 504 Fund mutual fund. The investment in this mutual fund was purchased at current market value (190,380.762 shares at $9.98 per share). During the nine months ending September 30, 2015, there was $30 thousand of dividend reinvestment in the 504 Fund mutual fund as well. There were no calls or maturities of securities during the three and nine months ending September 30, 2015. During the three months and nine months ended September 30, 2014, there were purchases of five US government agency securities for $29.9 million as part of a strategic investment plan to utilize excess cash from the $74.6 million private placement capital raise that took place in August 2014 and one mortgage-backed security purchased for $1.6 million for the purpose of complying with the Community Reinvestment Act. There were no calls, sales or maturities of securities during the three and nine months ended September 30, 2014. The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less Than 12 Months 12 Months or More Total September 30, 2015 Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 14,453 $ 114 $ 3,269 $ 22 $ 17,722 $ 136 Total $ 14,453 $ 114 $ 3,269 $ 22 $ 17,722 $ 136 Less Than 12 Months 12 Months or More Total December 31, 2014 Fair Unrealized Fair Unrealized Fair Unrealized US government agencies $ — $ — $ 1,224 $ 25 $ 1,224 $ 25 Residential mortgage-backed securities 2,234 4 5,158 52 7,392 56 Total $ 2,234 $ 4 $ 6,382 $ 77 $ 8,616 $ 81 At September 30, 2015, there were three mortgage-backed securities in unrealized loss positions for greater than 12 months and nine mortgage-backed securities in unrealized loss positions for less than 12 months. Unrealized losses at December 31, 2014, were comprised of six securities, consisting of one US government agency security and five mortgage-backed securities, in unrealized loss positions for greater than 12 months and one mortgage-backed security in an unrealized loss position for less than 12 months. These unrealized losses are primarily the result of volatility in the market and are related to market interest rates. Since none of the unrealized losses relate to marketability of the securities or the issuer’s ability to honor redemption obligations, none of the securities are deemed to be other than temporarily impaired. All residential mortgage-backed securities in the Company’s portfolio at September 30, 2015 and December 31, 2014 were backed by US government sponsored enterprises (“GSEs”). The following is a summary of investment securities by maturity: September 30, 2015 Available-for-sale Amortized Fair One to five years $ 26,987 $ 27,213 Five to ten years 10,052 10,057 After 10 years 12,518 12,409 $ 49,557 $ 49,679 The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. This table excludes the 504 Fund mutual fund investment. At September 30, 2015 and December 31, 2014, investment securities with a fair market value of $1.3 million were pledged to secure a line of credit with the Company’s correspondent bank. Live Oak Bancshares, Inc. Notes to Unaudited Consolidated Financial Statements |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 5. Loans and Allowance for Loan Losses Loan Portfolio Segments The following describes the risk characteristics relevant to each of the portfolio segments. Each loan category is assigned a risk grade during the origination and closing process based on criteria described later in this section. Commercial and Industrial Commercial and industrial loans (C&I) receive similar underwriting treatment as commercial real estate loans in that the repayment source is analyzed to determine its ability to meet cash flow coverage requirements as set forth by Bank policies. Repayment of the Bank’s C&I loans generally comes from the generation of cash flow as the result of the borrower’s business operations. This business cycle itself brings a certain level of risk to the portfolio. In some instances, these loans may carry a higher degree of risk due to a variety of reasons – illiquid collateral, specialized equipment, highly depreciable assets, uncollectable accounts receivable, revolving balances, or simply being unsecured. As a result of these characteristics, the SBA guarantee on these loans is an important factor in mitigating risk. Construction and Development Construction and development loans are for the purpose of acquisition and development of land to be improved through the construction of commercial buildings. Such loans are usually paid off through the conversion to permanent financing for the long-term benefit of the borrower’s ongoing operations. At the completion of the project, if the loan is converted to permanent financing or if scheduled loan amortization begins, it is then reclassified to the “Owner Occupied Commercial Real Estate” segment. Underwriting of construction and development loans typically includes analysis of not only the borrower’s financial condition and ability to meet the required debt obligations, but also the general market conditions associated with the area and type of project being funded. Owner Occupied Commercial Real Estate Owner occupied commercial real estate loans are extensions of credit secured by owner occupied collateral. Underwriting generally involves intensive analysis of the financial strength of the borrower and guarantor, liquidation value of the subject collateral, the associated unguaranteed exposure, and any available secondary sources of repayment, with the greatest emphasis given to a borrower’s capacity to meet cash flow coverage requirements as set forth by Bank policies. Such repayment of owner-occupied loans is commonly derived from the successful ongoing operations of the business occupying the property. These typically include small businesses and professional practices. Commercial Land Commercial land loans are extensions of credit secured by farmland. Such loans are often for land improvements related to agricultural endeavors that may include construction of new specialized facilities. These loans are usually repaid through the conversion to permanent financing, or if scheduled loan amortization begins, for the long-term benefit of the borrower’s ongoing operations. Underwriting generally involves intensive analysis of the financial strength of the borrower and guarantor, liquidation value of the subject collateral, the associated unguaranteed exposure, and any available secondary sources of repayment, with the greatest emphasis given to a borrower’s capacity to meet cash flow coverage requirements as set forth by Bank policies. Each of the loan types referenced in the sections above is further segmented into verticals in which the Bank chooses to operate. The Bank chooses to finance businesses operating in specific industries because of certain similarities. The similarities range from historical default and loss characteristics to business operations. However, there are differences that create the necessity to underwrite these loans according to varying criteria and guidelines. When underwriting a loan, the Bank considers numerous factors such as cash flow coverage, the credit scores of the guarantors, revenue growth, practice ownership experience and debt service capacity. Minimum guidelines have been set with regard to these various factors and deviations from those guidelines require compensating strengths when considering a proposed loan. Loans consist of the following: September 30, December 31, Commercial & Industrial Agriculture $ 30 $ — Death Care Management 4,831 3,603 Healthcare 13,563 12,319 Independent Pharmacies 41,123 34,079 Registered Investment Advisors 16,304 9,660 Veterinary Industry 20,985 20,902 Other Industries 1,216 494 Total 98,052 81,057 Construction & Development Agriculture 12,233 3,910 Death Care Management 991 92 Healthcare 7,722 2,957 Independent Pharmacies 687 215 Registered Investment Advisors 75 — Veterinary Industry 3,038 2,207 Other Industries 679 145 Total 25,425 9,526 Owner Occupied Commercial Real Estate Agriculture 125 259 Death Care Management 19,575 18,879 Healthcare 33,342 26,173 Independent Pharmacies 5,752 4,750 Registered Investment Advisors 2,981 2,161 Veterinary Industry 61,092 57,934 Other Industries 3,585 1,464 Total 126,452 111,620 Commercial Land Agriculture 9,354 1,248 Total 9,354 1,248 Total Loans 1 259,283 203,451 Net Deferred Costs 2,685 2,060 Discount on SBA 7(a) Unguaranteed 2 (2,416 ) (1,575 ) Loans, Net of Unearned $ 259,552 $ 203,936 1 Total loans include $21.8 million and $21.3 million of U.S. government guaranteed loans as of September 30, 2015 and December 31, 2014, respectively. 2 The Company measures the carrying value of the retained portion of loans sold at fair value under ASC Subtopic 825-10. The value of these retained loan balances is discounted based on the estimates derived from comparable unguaranteed loan sales. Credit Risk Profile The Bank uses internal loan reviews to assess the performance of individual loans by industry segment. An independent review of the loan portfolio is performed annually by an external firm. The goal of the Bank’s annual review of each borrower’s financial performance is to validate the adequacy of the risk grade assigned. The Bank uses a grading system to rank the quality of each loan. The grade is periodically evaluated and adjusted as performance dictates. Loan grades 1 through 4 are passing grades and grade 5 is special mention. Collectively, grades 6 through 8 represent classified loans in the Bank’s portfolio. The following guidelines govern the assignment of these risk grades: Exceptional Loans (1 Rated): These loans are of the highest quality, with strong, well-documented sources of repayment. Debt service coverage (“DSC”) is over 1.75X based on historical results. Secondary source of repayment is strong, with a loan to value (“LTV”) of 65% or less if secured solely by commercial real estate (“CRE”). Discounted collateral coverage from all sources should exceed 125%. Guarantors have credit scores above 740. Quality Loans (2 Rated): These loans are of good quality, with good, well-documented sources of repayment. DSC is over 1.25X based on historical or pro-forma results. Secondary source of repayment is good, with a LTV of 75% or less if secured solely by CRE. Discounted collateral coverage should exceed 100%. Guarantors have credit scores above 700. Acceptable Loans (3 rated): These loans are of acceptable quality, with acceptable sources of repayment. DSC of over 1.00X based on historical or pro-forma results. Companies that do not meet these credit metrics must be evaluated to determine if they should be graded below this level. Acceptable Loans (4 rated): These loans are considered very weak pass. These loans are riskier than a 3-rated credit, but due to various mitigating factors are not considered a Special Mention or worse. The mitigating factors must clearly be identified to offset further downgrade. Examples of loans that may be put in this category include start-up loans and loans with less than 1:1 cash flow coverage with other sources of repayment. Special mention (5 rated): These loans are considered as emerging problems, with potentially unsatisfactory characteristics. These loans require greater management attention. A loan may be put into this category if the Bank is unable to obtain financial reporting from a company to fully evaluate its position. Substandard (6 rated): Loans graded Substandard are inadequately protected by current sound net worth, paying capacity of the borrower, or pledged collateral. They typically have unsatisfactory characteristics causing more than acceptable levels of risk, and have one or more well-defined weaknesses that could jeopardize the repayment of the debt. Doubtful (7 rated): Loans graded Doubtful have inherent weaknesses that make collection or liquidation in full questionable. Loans graded Doubtful must be placed on non-accrual status. Loss (8 rated): Loss rated loans are considered uncollectible and of such little value that their continuance as an active Bank asset is not warranted. The asset should be charged off, even though partial recovery may be possible in the future. The following tables summarize the risk grades of each category: Risk Grades Risk Grade Risk Grades Total 1 September 30, 2015 Commercial & Industrial Agriculture $ 30 $ — $ — $ 30 Death Care Management 4,727 104 — 4,831 Healthcare 8,007 556 5,000 13,563 Independent Pharmacies 34,795 2,173 4,155 41,123 Registered Investment Advisors 15,952 352 — 16,304 Veterinary Industry 15,873 566 4,546 20,985 Other Industries 1,070 146 — 1,216 Total 80,454 3,897 13,701 98,052 Construction & Development Agriculture 12,141 92 — 12,233 Death Care Management 991 — — 991 Healthcare 7,722 — — 7,722 Independent Pharmacies 687 — — 687 Registered Investment Advisors 75 — — 75 Veterinary Industry 3,038 — — 3,038 Other Industries 679 — — 679 Total 25,333 92 — 25,425 Owner Occupied Commercial Real Estate Agriculture 125 — — 125 Death Care Management 17,041 832 1,702 19,575 Healthcare 28,804 1,716 2,822 33,342 Independent Pharmacies 5,355 397 — 5,752 Registered Investment Advisors 2,981 — — 2,981 Veterinary Industry 43,754 2,690 14,648 61,092 Other Industries 3,585 — — 3,585 Total 101,645 5,635 19,172 126,452 Commercial Land Agriculture 9,354 — — 9,354 Total 9,354 — — 9,354 Total $ 216,786 $ 9,624 $ 32,873 $ 259,283 Risk Grades Risk Grade Risk Grades Total 1 December 31, 2014 Commercial & Industrial Death Care Management $ 3,603 $ — $ — $ 3,603 Healthcare 6,995 538 4,786 12,319 Independent Pharmacies 27,673 2,726 3,680 34,079 Registered Investment Advisors 9,660 — — 9,660 Veterinary Industry 15,513 1,121 4,268 20,902 Other Industries 333 161 — 494 Total 63,777 4,546 12,734 81,057 Construction & Development Agriculture 3,910 — — 3,910 Death Care Management 92 — — 92 Healthcare 2,957 — — 2,957 Independent Pharmacies 215 — — 215 Veterinary Industry 2,207 — — 2,207 Other Industries 145 — — 145 Total 9,526 — — 9,526 Owner Occupied Commercial Real Estate Agriculture 259 — — 259 Death Care Management 16,519 639 1,721 18,879 Healthcare 22,778 938 2,457 26,173 Independent Pharmacies 4,709 41 — 4,750 Registered Investment Advisors 2,161 — — 2,161 Veterinary Industry 40,281 3,601 14,052 57,934 Other Industries 1,176 — 288 1,464 Total 87,883 5,219 18,518 111,620 Commercial Land Agriculture 1,248 — — 1,248 Total 1,248 — — 1,248 Total $ 162,434 $ 9,765 $ 31,252 $ 203,451 1 Total loans include $21.8 million of U.S. government guaranteed loans as of September 30, 2015, segregated by risk grade as follows: Risk Grades 1 – 4 = $0, Risk Grade 5 = $1.1 million, Risk Grades 6 – 8 = $20.7 million. As of December 31, 2014 total loans include $21.3 million of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $0, Risk Grade 5 = $1.1 million, Risk Grades 6 – 8 = $20.2 million. Past Due Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans less than 30 days past due and accruing are included within current loans shown below. The following tables show an age analysis of past due loans as of the dates presented. Less Than 30 30-89 Days 30-89 Days Greater Total Not Current Total Loans Loans 90 September 30, 2015 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 30 $ 30 $ — Death Care Management — — — — — 4,831 4,831 — Healthcare — 277 — 2,321 2,598 10,965 13,563 — Independent Pharmacies 313 615 — 1,170 2,098 39,025 41,123 — Registered Investment Advisors — — — — — 16,304 16,304 — Veterinary Industry 114 110 646 2,257 3,127 17,858 20,985 — Other Industries — — — — — 1,216 1,216 — Total 427 1,002 646 5,748 7,823 90,229 98,052 — Construction & Development Agriculture — — — — — 12,233 12,233 — Death Care Management — — — — — 991 991 — Healthcare — 46 — — 46 7,676 7,722 — Independent Pharmacies — — — — — 687 687 — Registered Investment Advisors — — — — — 75 75 — Veterinary Industry — — — — — 3,038 3,038 — Other Industries — — — — — 679 679 — Total — 46 — — 46 25,379 25,425 — Owner Occupied Commercial Real Estate Agriculture — — — — — 125 125 — Death Care Management 1,479 — — — 1,479 18,096 19,575 — Healthcare — — — 2,308 2,308 31,034 33,342 — Independent Pharmacies — — — — — 5,752 5,752 — Registered Investment Advisors — — — — — 2,981 2,981 — Veterinary Industry 2,959 5,279 165 4,651 13,054 48,038 61,092 — Other Industries — — — — — 3,585 3,585 — Total 4,438 5,279 165 6,959 16,841 109,611 126,452 — Commercial Land Agriculture — — — — — 9,354 9,354 — Total — — — — — 9,354 9,354 — Total 1 $ 4,865 $ 6,327 $ 811 $ 12,707 $ 24,710 $ 234,573 $ 259,283 $ — Less Than 30 30-89 Days 30-89 Days Greater Total Not Current Total Loans Loans 90 December 31, 2014 Commercial & Industrial Death Care Management $ — $ — $ — $ — $ — $ 3,603 $ 3,603 $ — Healthcare — 1,059 232 2,420 3,711 8,608 12,319 — Independent Pharmacies — 98 — 1,224 1,322 32,757 34,079 — Registered Investment Advisors — — — — — 9,660 9,660 — Veterinary Industry 1,025 276 4 2,228 3,533 17,369 20,902 — Other Industries — — — — — 494 494 — Total 1,025 1,433 236 5,872 8,566 72,491 81,057 — Construction & Development Agriculture — — — — — 3,910 3,910 — Death Care Management — — — — — 92 92 — Healthcare — — — — — 2,957 2,957 — Independent Pharmacies — — — — — 215 215 — Veterinary Industry — — — — — 2,207 2,207 — Other Industries — — — — — 145 145 — Total — — — — — 9,526 9,526 — Owner Occupied Commercial Real Estate Agriculture — — — — — 259 259 — Death Care Management — — — 1,721 1,721 17,158 18,879 — Healthcare — 145 230 2,082 2,457 23,716 26,173 — Independent Pharmacies — — — — — 4,750 4,750 — Registered Investment Advisors — — — — — 2,161 2,161 — Veterinary Industry 2,464 5,101 1,951 2,836 12,352 45,582 57,934 — Other Industries — — — 275 275 1,189 1,464 — Total 2,464 5,246 2,181 6,914 16,805 94,815 111,620 — Commercial Land Agriculture — — — — — 1,248 1,248 — Total — — — — — 1,248 1,248 — Total 1 $ 3,489 $ 6,679 $ 2,417 $ 12,786 $ 25,371 $ 178,080 $ 203,451 $ — 1 Total loans include $21.8 million of U.S. government guaranteed loans as of September 30, 2015, of which $11.1 million is greater than 90 days past due, $3.1 million is 30-89 days past due and $7.6 million is included in current loans as presented above. As of December 31, 2014, total loans include $21.3 million of U.S. government guaranteed loans, of which $11.7 million is greater than 90 days past due, $3.5 million is 30-89 days past due and $6.1 million is included in current loans as presented above. Nonaccrual Loans Loans that become 90 days delinquent, or in cases where there is evidence that the borrower’s ability to make the required payments is impaired, are placed in nonaccrual status and interest accrual is discontinued. If interest on nonaccrual loans had been accrued in accordance with the original terms, interest income would have increased by approximately $358 thousand and $56 thousand for the three months ended September 30, 2015 and 2014, respectively, and for the nine months ended September 30, 2015 and 2014 interest income would have increased approximately $665 thousand and $147 thousand, respectively. All nonaccrual loans are included in the held for investment portfolio. Nonaccrual loans as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Loan Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 2,321 $ 2,136 $ 185 Independent Pharmacies 1,483 1,344 139 Veterinary Industry 3,017 2,979 38 Total 6,821 6,459 362 Owner Occupied Commercial Real Estate Death Care Management 1,479 1,309 170 Healthcare 2,308 1,990 318 Veterinary Industry 7,775 6,063 1,712 Total 11,562 9,362 2,200 Total $ 18,383 $ 15,821 $ 2,562 December 31, 2014 Loan Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 2,652 $ 2,368 $ 284 Independent Pharmacies 1,224 1,139 85 Veterinary Industry 3,257 3,113 144 Total 7,133 6,620 513 Owner Occupied Commercial Real Estate Death Care Management 1,721 1,505 216 Healthcare 2,312 1,919 393 Veterinary Industry 7,251 5,236 2,015 Other Industries 275 275 — Total 11,559 8,935 2,624 Total $ 18,692 $ 15,555 $ 3,137 Allowance for Loan Loss Methodology The methodology and the estimation process for calculating the Allowance for Loan Losses (“ALL”) is described below: Estimated credit losses should meet the criteria for accrual of a loss contingency, i.e., a provision to the ALL, set forth in GAAP. The Company’s methodology for determining the ALL is based on the requirements of GAAP, the Interagency Policy Statement on the Allowance for Loan and Lease Losses and other regulatory and accounting pronouncements. The ALL is determined by the sum of three separate components: (i) the impaired loan component, which addresses specific reserves for impaired loans; (ii) the general reserve component, which addresses reserves for pools of homogeneous loans; and (iii) an unallocated reserve component (if any) based on management’s judgment and experience. The loan pools and impaired loans are mutually exclusive; any loan that is impaired is excluded from its homogenous pool for purposes of that pool’s reserve calculation, regardless of the level of impairment. The ALL policy for pooled loans is governed in accordance with banking regulatory guidance for homogenous pools of non-impaired loans that have similar risk characteristics. The Company follows a consistent and structured approach for assessing the need for reserves within each individual loan pool. Loans are considered impaired when, based on current information and events, it is probable that the creditor will be unable to collect all interest and principal payments due according to the originally contracted, or reasonably modified, terms of the loan agreement. The Company has determined that loans that meet the criteria defined below must be reviewed quarterly to determine if they are impaired. • All commercial loans classified substandard or worse. • Any other delinquent loan that is in a nonaccrual status, or any loan that is delinquent more than 89 days and still accruing interest. • Any loan which has been modified such that it meets the definition of a Troubled Debt Restructuring (TDR). Any loan determined to be impaired is subjected to an impairment analysis, which is a calculation of the probable loss on the loan. This portion is the loan’s “impairment,” and is established as a specific reserve against the loan, or charged against the ALL. Individual specific reserve amounts imply probability of loss and may not be carried in the reserve indefinitely. When the amount of the actual loss becomes reasonably quantifiable, the amount of the loss is charged off against the ALL, whether or not all liquidation and recovery efforts have been completed. If the total amount of the individual specific reserve that will eventually be charged off cannot yet be sufficiently quantified but some portion of the impairment can be viewed as a confirmed loss, then the confirmed loss portion should be charged off against the ALL and the individual specific reserve reduced by a corresponding amount. For impaired loans, the reserve amount is calculated on a loan-specific basis. The Company utilizes two methods of analyzing impaired loans not guaranteed by the SBA: • The Fair Market Value of Collateral method utilizes the value at which the collateral could be sold considering the appraised value, appraisal discount rate, prior liens and selling costs. The amount of the reserve is the deficit of the estimated collateral value compared to the loan balance. • The Present Value of Future Cash Flows method takes into account the amount and timing of cash flows and the effective interest rate used to discount the cash flows. The following tables detail activity in the allowance for loan losses by portfolio segment allowance for the periods presented: Three months ended: Construction & Owner Commercial Commercial Total September 30, 2015 Beginning Balance $ 844 $ 2,346 $ 1,653 $ 340 $ 5,183 Charge offs — (7 ) (280 ) — (287 ) Recoveries — 12 33 — 45 Provision 336 (260 ) 830 306 1,212 Ending Balance $ 1,180 $ 2,091 $ 2,236 $ 646 $ 6,153 September 30, 2014 Beginning Balance $ 300 $ 1,931 $ 1,312 $ 25 $ 3,568 Charge offs — (227 ) (294 ) — (521 ) Recoveries — 5 13 — 18 Provision 159 316 (24 ) 61 512 Ending Balance $ 459 $ 2,025 $ 1,007 $ 86 $ 3,577 Nine months ended: Construction & Owner Commercial Commercial Total September 30, 2015 Beginning Balance $ 586 $ 2,291 $ 1,369 $ 161 $ 4,407 Charge offs — (128 ) (638 ) — (766 ) Recoveries — 100 73 — 173 Provision 594 (172 ) 1,432 485 2,339 Ending Balance $ 1,180 $ 2,091 $ 2,236 $ 646 $ 6,153 September 30, 2014 Beginning Balance $ 350 $ 1,511 $ 862 $ — $ 2,723 Charge offs — (346 ) (302 ) — (648 ) Recoveries — 72 19 — 91 Provision 109 788 428 86 1,411 Ending Balance $ 459 $ 2,025 $ 1,007 $ 86 $ 3,577 The following tables detail the recorded allowance for loan losses and the investment in loans related to each portfolio segment, disaggregated on the basis of impairment evaluation methodology: September 30, 2015 Construction & Owner Commercial Commercial Total Allowance for Loan Losses: Loans individually evaluated for impairment $ — $ 1,032 $ 924 $ — $ 1,956 Loans collectively evaluated for impairment 1,180 1,059 1,312 646 4,197 Total allowance for loan losses $ 1,180 $ 2,091 $ 2,236 $ 646 $ 6,153 Loans receivable 1 Loans individually evaluated for impairment $ — $ 15,164 $ 9,824 $ — $ 24,988 Loans collectively evaluated for impairment 25,425 111,288 88,228 9,354 234,295 Total loans receivable $ 25,425 $ 126,452 $ 98,052 $ 9,354 $ 259,283 December 31, 2014 Construction Owner Commercial Commercial Total Allowance for Loan Losses: Loans individually evaluated for impairment $ — $ 1,051 $ 676 $ — $ 1,727 Loans collectively evaluated for impairment 586 1,240 693 161 2,680 Total allowance for loan losses $ 586 $ 2,291 $ 1,369 $ 161 $ 4,407 Loans Receivable 1 Loans individually evaluated for impairment $ — $ 15,018 $ 9,984 $ — $ 25,002 Loans collectively evaluated for impairment 9,526 96,602 71,073 1,248 178,449 Total loans receivable $ 9,526 $ 111,620 $ 81,057 $ 1,248 $ 203,451 1 Loans receivable includes $21.8 million of U.S. government guaranteed loans as of September 30, 2015, of which $19.5 million are included in loans individually evaluated for impairment and $2.3 million are included in loans collectively evaluated for impairment, as presented above. As of December 31, 2014, loans receivable includes $21.3 million of U.S. government guaranteed loans, of which $19.5 million are included in loans individually evaluated for impairment and $2.0 million are included in loans collectively evaluated for impairment, as presented above. Loans individually evaluated for impairment as of the dates presented are summarized in the following tables. September 30, 2015 Recorded Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 4,155 $ 3,290 $ 865 Independent Pharmacies 2,279 1,679 600 Veterinary Industry 3,390 2,979 411 Total 9,824 7,948 1,876 Owner Occupied Commercial Real Estate Death Care Management 1,477 1,309 168 Healthcare 2,498 1,990 508 Veterinary Industry 11,189 8,252 2,937 Total 15,164 11,551 3,613 Total $ 24,988 $ 19,499 $ 5,489 December 31, 2014 Recorded Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 4,205 $ 3,540 $ 665 Independent Pharmacies 2,199 1,492 707 Veterinary Industry 3,580 3,113 467 Total 9,984 8,145 1,839 Owner Occupied Commercial Real Estate Death Care Management 1,720 1,505 215 Healthcare 2,309 1,919 390 Veterinary Industry 10,715 7,456 3,259 Other Industries 274 274 — Total 15,018 11,154 3,864 Total $ 25,002 $ 19,299 $ 5,703 The following table presents evaluated balances of loans classified as impaired at the dates presented that carried an associated reserve as compared to those with no reserve. The recorded investment includes accrued interest and net deferred loan fees or costs. September 30, 2015 Recorded Investment With a With No Total Unpaid Related Commercial & Industrial Healthcare $ 4,152 $ 3 $ 4,155 $ 4,324 $ 483 Independent Pharmacies 2,091 188 2,279 2,668 335 Veterinary Industry 3,352 38 3,390 4,069 106 Total Commercial & Industrial 9,595 229 9,824 11,061 924 Owner Occupied Commercial Real Estate Death Care Management 1,477 — 1,477 1,613 11 Healthcare 2,361 137 2,498 2,606 65 Veterinary Industry 10,743 446 11,189 12,042 956 Total Owner Occupied Commercial Real Estate 14,581 583 15,164 16,261 1,032 Total Impaired Loans $ 24,176 $ 812 $ 24,988 $ 27,322 $ 1,956 December 31, 2014 Recorded Investment With a With No Total Unpaid Related Commercial & Industrial Healthcare $ 4,202 $ 3 $ 4,205 $ 4,854 $ 361 Independent Pharmacies 2,005 194 2,199 2,497 206 Veterinary Industry 3,540 40 3,580 4,062 109 Total Commercial & Industrial 9,747 237 9,984 11,413 676 Owner Occupied Commercial Real Estate Death Care Management 1,720 — 1,720 1,856 20 Healthcare 2,268 41 2,309 2,413 82 Veterinary Industry 9,796 919 10,715 11,571 947 Other Industries 274 — 274 367 2 Total Owner Occupied Commercial Real Estate 14,058 960 15,018 16,207 1,051 Total Impaired Loans $ 23,805 $ 1,197 $ 25,002 $ 27,620 $ 1,727 Three months ended Three months ended Average Interest Average Interest Commercial & Industrial Healthcare $ 3,460 $ 24 $ 2,783 $ — Independent Pharmacies 2,395 13 818 5 Veterinary Industry 3,790 5 2,910 36 Total Commercial & Industrial 9,645 42 6,511 41 Owner Occupied Commercial Real Estate Death Care Management 1,412 — — — Healthcare 2,474 — 2,426 — Veterinary Industry 11,412 42 10,217 81 Total Owner Occupied Commercial Real Estate 15,298 42 12,643 81 Total $ 24,943 $ 84 $ 19,154 $ 122 Nine months ended Nine months ended Average Interest Average Interest Commercial & Industrial Healthcare $ 3,388 $ 72 $ 2,051 $ 1 Independent Pharmacies 2,524 38 361 8 Veterinary Industry 3,482 13 3,714 63 Total Commercial & Industrial 9,394 123 6,126 72 Owner Occupied Commercial Real Estate Death Care Management 1,461 — — — Healthcare 2,372 — 2,047 — Veterinary Industry 11,357 132 10,971 252 Total Owner Occupied Commercial Real Estate 15,190 132 13,018 252 Total $ 24,584 $ 255 $ 19,144 $ 324 The following table represent the types of TDRs that were made during the periods presented: Three months ended September 30, 2015 Three months ended September 30, 2014 All Restructurings All Restructurings Number of Pre- Post- Number of Pre- Post- Interest Only Commercial & Industrial Independent Pharmacies — $ — $ — 1 $ 144 $ 143 Total Interest Only — — — 1 144 143 Extended Amortization Commercial & Industrial Independent Pharmacies 2 322 313 — — — Total Extended Amortization 2 322 313 — — — Payment Deferral Owner Occupied Commercial Real Estate Deathcare Management — — — 1 353 217 Total Payment Deferral — — — 1 353 217 Total 2 $ 322 $ 313 2 $ 497 $ 360 Nine months ended September 30, 2015 Nine months ended September 30, 2014 All Restructurings All Restructurings Number of Pre- modification Recorded Post- Number of Pre- Post- Interest Only Commercial & Industrial Healthcare 3 $ 1,093 $ 1,093 — $ — $ — Independent Pharmacies — — — 1 144 143 Owner Occupied Commercial Real Estate Healthcare 1 95 95 — — — Veterinary Industry — — — 1 8 8 Total Interest Only 4 1,188 1,188 2 152 151 Extended Amortization Commercial & Industrial Independent Pharmacies 2 322 313 2 379 367 Total Extended Amortization 2 322 313 2 379 367 Payment Deferral Commercial & Industrial Veterinary Industry — — — 3 219 216 Owner Occupied Commercial Real Estate Deathcare Management — — — 1 353 217 Total Payment Deferral — — — 4 572 433 Total 6 $ 1,510 $ 1,501 8 $ 1,103 $ 951 Concessions made to improve a loan’s performance have varying degrees of success. No TDRs that were modified within the twelve months ended September 30, 2015 subsequently defaulted during the three and nine months ended September 30, 2015. During the three and nine months ended September 30, 2014, one TDR that was modified within the twelve months ended September 30, 2014 subsequently defaulted. This TDR was an owner occupied commercial real estate deathcare management loan that was previously modified for payment deferral. The recorded investment for this TDR at September 30, 2014 was $217 thousand. |
Servicing Assets
Servicing Assets | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | Note 6. Servicing Assets Loans serviced for others are not included in the accompanying balance sheet. The unpaid principal balances of loans serviced for others were $1.79 billion and $1.47 billion at September 30, 2015 and December 31, 2014, respectively. The following summarizes the activity pertaining to servicing rights: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 39,983 $ 33,181 $ 34,999 $ 29,053 Additions, net 3,613 2,902 10,322 7,653 Changes in fair value (3,006 ) (984 ) (4,731 ) (1,607 ) Balance at end of period $ 40,590 $ 35,099 $ 40,590 $ 35,099 The fair value of servicing rights was determined using discount rates ranging from 9.23% to 13.52% on September 30, 2015, and 6.45% to 12.52% on September 30, 2014. The fair value of servicing rights was determined using prepayment speeds ranging from 4.05% to 9.90% on September 30, 2015 and 1.89% to 9.24% on September 30, 2014, depending on the stratification of the specific right. Changes to fair value are reported in loan servicing revenue and revaluation. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which results in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different time. Live Oak Bancshares, Inc. Notes to Unaudited Consolidated Financial Statements |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 7. Borrowings Total outstanding short and long term borrowings consisted of the following: September 30, December 31, Short term borrowings On September 18, 2014, the Company entered into a line of credit of $6.1 million with an unaffiliated commercial bank, secured by 1,900,000 shares of common stock of nCino, Inc., a former subsidiary of the Company. At December 31, 2014 there was $6.1 million advanced on the line of credit. Interest accrues at 30 day LIBOR (0.16% at December 31, 2014) plus 3.50% for a term of 12 months. Payments are interest only with all principal and accrued interest due on September 18, 2015. This loan was repaid in full on February 23, 2015. $ — $ 6,100 Total short term borrowings $ — $ 6,100 Long term borrowings In April 2011, the Company elected to participate in the U.S. Treasury’s Small Business Lending Fund program (“SBLF”) whereby the U.S. Treasury agreed to purchase $6.8 million in senior securities. During the initial interest period the applicable interest rate was set at 1.5%. For all remaining interest periods, which commenced on January 1, 2012, the interest rate is determined based on a formula which encompasses the percentage change in qualified lending as well as a non-qualifying portion percentage. This rate can range from 1.5% to 10.8%. At September 30, 2015 the interest rate was 1.50%. Interest is payable quarterly in arrears. With the approval of the Company’s regulator, the Company may exit the Small Business Lending Fund at any time simply by repaying the funding provided along with any accrued but unpaid interest. If the institution wishes to repay its SBLF funding in partial payments, each partial payment must be at least 25% of the original funding amount. All senior securities will mature on September 13, 2021 at which time all principal and accrued interest will be due. $ 6,800 $ 6,800 On May 12, 2014, Independence Aviation financed the purchase of an airplane by entering into a promissory note with an unaffiliated commercial bank in the amount of $6 million which carries a fixed rate of 4.97% for a term of 59 months. Monthly payments are set at $48 thousand with all principal and accrued interest due on May 12, 2019. 5,631 5,842 On September 11, 2014, the Company financed the construction of an additional building located on the Company’s Tiburon Drive main campus for a $24 million construction line of credit with an unaffiliated commercial bank, secured by both properties at its Tiburon Drive main facility location. Payments are interest only through September 11, 2016 at a fixed rate of 3.95% for a term of 84 months. Monthly principal and interest payments beginning in October 2016 will be $146 thousand with all principal and accrued interest due on September 11, 2021. The terms of this loan require the Company to maintain minimum capital, liquidity and Texas ratios. The construction line is fully disbursed and there was no remaining available credit on this construction line at September 30, 2015. 24,000 16,914 On September 18, 2014, the Company entered into a note payable revolving line of credit of $8.1 million with an unaffiliated commercial bank, with the first advance of $5 million on December 14, 2014. The note is unsecured and accrues interest at LIBOR plus 3.50% for a term of 36 months. The current rate is 3.693%. Payments are interest only with all principal and accrued interest due on September 18, 2017. There is no outstanding balance at September 30, 2015; therefore, there is $8.1 million of available credit on this note at September 30, 2015. — 5,000 On August 1, 2014, the Company entered into a note payable line of credit of $15 million with an unaffiliated commercial bank, secured by 100% of Live Oak Banking Company’s outstanding common stock. Interest accrues at LIBOR plus 4.00% for a term of 36 months. Payments are interest only with all principal and accrued interest due on August 1, 2017. The terms of this loan require the Company to maintain minimum capital, liquidity and Texas ratios. This note was repaid in full on July 29, 2015. — 7,210 On March 10, 2015, Independence Aviation refinanced an existing loan with Live Oak Banking Company and entered into a new loan with an unaffiliated commercial bank in the amount of $1.2 million which carries a fixed rate of 4.96% for a term of 51 months. Monthly payments are set at $9 thousand with all principal and accrued interest due on June 10, 2019. 1,173 — On February 23, 2015 the Company transferred two related party loans to an unaffiliated commercial bank in exchange for $4.7 million. The exchange price equated to the unpaid principal balance plus accrued but uncollected interest at the time of transfer. The terms of the transfer agreement with the unaffiliated commercial bank identified the transaction as a secured borrowing for accounting purposes. Interest accrues at prime plus 1% with monthly principal and interest payments over a term of 60 months. The interest rate at September 30, 2015 is 4.25%. The maturity date is October 5, 2019. The pledged collateral is classified in other assets with a fair value of $4.5 million at September 30, 2015. Underlying loans carry a risk grade of 3 and are current with no delinquencies. The terms of this loan require the Company to maintain minimum capital, liquidity and Texas ratios. 4,475 — With the acquisition of GLS on September 1, 2013, the Company assumed the obligation to pay a former GLS partner $250 thousand at $10 thousand a month over a 24 month period. This obligation was paid in full on August 17, 2015. — 83 Total long term borrowings $ 42,079 $ 41,849 Live Oak Bancshares, Inc. Notes to Unaudited Consolidated Financial Statements |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 8. Fair Value of Financial Instruments Fair Value Hierarchy There are three levels of inputs in the fair value hierarchy that may be used to measure fair value. Financial instruments are considered Level 1 Level 2 Level 3 Financial Instruments Measured at Fair Value The following sections provide a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the fair value hierarchy: Investment Securities The Company invested $1.9 million in the 504 Fund mutual fund on March 31, 2015 and accordingly identified it as a Level 1 investment on that date. During the second quarter of 2015, the Company transferred this $1.9 million investment from Level 1 to Level 2, where it continues to be classified. Impaired Loans Servicing Assets: Foreclosed Assets: Recurring Fair Value The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. September 30, 2015 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 27,213 $ — $ 27,213 $ — Residential mortgage-backed securities 22,466 — 22,466 — Mutual fund 1,949 — 1,949 — Servicing assets 1 40,590 — — 40,590 Total assets at fair value $ 92,218 $ — $ 51,628 $ 40,590 December 31, 2014 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 35,309 $ — $ 35,309 $ — Residential mortgage-backed securities 14,009 — 14,009 — Servicing assets 1 34,999 — — 34,999 Total assets at fair value $ 84,317 $ — $ 49,318 $ 34,999 1 See Note 6 for a rollforward of recurring Level 3 fair values for servicing assets. Non-recurring Fair Value The tables below present the recorded amount of assets and liabilities measured at fair value on a non-recurring basis. September 30, 2015 Total Level 1 Level 2 Level 3 Impaired loans $ 22,224 $ — $ — $ 22,224 Foreclosed assets 48 — — 48 Total assets at fair value $ 22,272 $ — $ — $ 22,272 December 31, 2014 Total Level 1 Level 2 Level 3 Impaired loans $ 24,016 $ — $ — $ 24,016 Foreclosed assets 371 — — 371 Total assets at fair value $ 24,387 $ — $ — $ 24,387 Level 3 Analysis For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2015 and December 31, 2014 the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2015 Level 3 Assets with Significant Fair Value Valuation Technique Significant Range Impaired Loans $ 22,224 Discounted appraisals Appraisal adjustments (1) 10% to 20% Foreclosed Assets $ 48 Discounted appraisals Appraisal adjustments (1) 10% to 20% December 31, 2014 Level 3 Assets with Significant Fair Value Valuation Technique Significant Range Impaired Loans $ 24,016 Discounted appraisals Appraisal adjustments (1) 10% to 20% Foreclosed Assets $ 371 Discounted appraisals Appraisal adjustments (1) 10% to 20% (1) Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. Estimated Fair Value of Other Financial Instruments GAAP also requires disclosure of fair value information about financial instruments carried at book value on the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments not measured at fair value on the balance sheets: Cash and due from banks Certificates of deposit with other banks Loans held for sale: Loans Accrued Interest: Deposits Short and long term borrowings: The carrying amounts and estimated fair values of the Company’s financial instruments are as follows: September 30, 2015 Carrying Quoted Price Significant Significant Total Fair Value Financial assets Cash and due from banks $ 129,881 $ 129,881 $ — $ — $ 129,881 Certificates of deposit with other banks 10,000 9,984 — — 9,984 Investment securities, available-for-sale 51,628 — 51,628 — 51,628 Loans held for sale 443,871 — — 458,780 458,780 Loans, net of allowance for loan losses 253,399 — — 247,906 247,906 Servicing assets 40,590 — — 40,590 40,590 Accrued interest receivable 4,841 4,841 — — 4,841 Financial liabilities Deposits 762,628 — 754,715 — 754,715 Accrued interest payable 243 243 — — 243 Long term borrowings 42,079 — — 44,987 44,987 December 31, 2014 Carrying Quoted Price Significant Significant Total Fair Value Financial assets Cash and due from banks $ 29,902 $ 29,902 $ — $ — $ 29,902 Certificates of deposit with other banks 10,000 9,861 — — 9,861 Investment securities, available-for-sale 49,318 — 49,318 — 49,318 Loans held for sale 295,180 — — 304,504 304,504 Loans, net of allowance for loan losses 199,529 — — 194,007 194,007 Servicing assets 34,999 — — 34,999 34,999 Accrued interest receivable 3,059 3,059 — — 3,059 Financial liabilities Deposits 522,080 — 522,058 — 522,058 Accrued interest payable 190 190 — — 190 Short term borrowings 6,100 — — 6,100 6,100 Long term borrowings 41,849 — — 44,738 44,738 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Litigation In the normal course of business the Company is involved in various legal proceedings. Management believes that the outcome of such proceedings will not materially affect the financial position, results of operations or cash flows of the Company. Financial Instruments with Off-balance-sheet Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as for on-balance-sheet instruments. A summary of the Company’s commitments is as follows: September 30, December 31, Commitments to extend credit $ 747,909 $ 537,951 Plexus Capital - Fund II Investment Commitment 100 100 Plexus Capital - Fund III Investment Commitment 300 350 Total unfunded off-balance sheet credit risk $ 748,309 $ 538,401 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate and income-producing commercial properties. In 2012, the Company began issuing commitment letters after approval of the loan by the Credit Department. Commitment letters generally expire ninety days after issuance. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies as specified above and is required in instances which the Company deems necessary. There were no standby letters of credit for the periods presented. Concentrations of Credit Risk Although the Company is not subject to any geographic concentrations, a substantial amount of the Company’s loans and commitments to extend credit have been granted to customers in the independent pharmacy and veterinary verticals. The concentrations of credit by type of loan are set forth in Note 5. The distribution of commitments to extend credit approximates the distribution of loans outstanding. The Company does not have a significant number of credits to any single borrower or group of related borrowers whereby their retained exposure exceeds $2.0 million, except for one relationship that has a retained exposure of $2.8 million. The Company from time-to-time may have cash and cash equivalents on deposit with financial institutions that exceed federally-insured limits. |
Stock Plans
Stock Plans | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | Note 10. Stock Plans On March 20, 2015, the Company adopted the 2015 Omnibus Stock Incentive Plan which replaced the previously existing Amended Incentive Stock Option Plan and Nonstatutory Stock Option Plan. The 2015 Omnibus Plan authorized awards covering a maximum of 4,300,000 common voting shares and has an expiration date of March 20, 2025. Options or restricted shares granted under this plan expire no more than 10 years from date of grant. Exercise prices under the plan are set by the Board of Directors at the date of grant, but shall not be less than 100% of fair market value of the related stock at the date of the grant. Options or restricted shares vest over a minimum of three years from the date of the grant. Stock Options Compensation cost relating to share-based payment transactions are recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. For the three months ended September 30, 2015 and 2014, the Company recognized $431 thousand and $33 thousand in compensation expense for stock options, respectively. For the nine months ended September 30, 2015 and 2014, the Company recognized $726 thousand and $112 thousand in compensation expense for stock options, respectively. Stock option activity under the plan during the nine month periods ended September 30, 2015 and 2014 is summarized below. Shares Weighted Weighted Aggregate Outstanding at December 31, 2014 1,737,570 $ 5.51 Exercised 47,570 4.52 Forfeited 192,671 8.38 Granted 1,829,748 15.52 Outstanding at September 30, 2015 3,327,077 $ 10.86 9.16 years $ 29,197,309 Exercisable at September 30, 2015 158,950 $ 4.65 8.05 years $ 2,382,744 Shares Weighted Weighted Aggregate Outstanding at December 31, 2013 225,000 $ 1.01 Exercised 191,660 0.92 Forfeited 170,590 4.40 Granted 1,874,820 5.48 Outstanding at September 30, 2014 1,737,570 $ 5.51 9.54 years $ 8,902,969 Exercisable at September 30, 2014 22,227 $ 1.52 7.04 years $ 202,486 The following is a summary of non-vested stock option activity for the Company for the nine months ended September 30, 2015 and 2014. Shares Weighted Non-vested at December 31, 2014 1,704,230 $ 1.18 Granted 1,829,748 6.79 Vested 173,180 0.97 Forfeited 192,671 2.63 Non-vested at September 30, 2015 3,168,127 $ 4.35 Shares Weighted Non-vested at December 31, 2013 91,754 $ 0.44 Granted 1,874,820 1.13 Vested 80,641 0.44 Forfeited 170,590 0.58 Non-vested at September 30, 2014 1,715,343 $ 1.18 The total intrinsic value of options exercised at September 30, 2015 and 2014 was $392 thousand and $771 thousand, respectively. At September 30, 2015, unrecognized compensation costs relating to stock options amounted to $13.1 million which will be expensed over the next 7 years. The weighted average fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility. The risk-free interest rates for periods within the contractual life of the awards are based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life is based on historical exercise experience. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Weighted average assumptions used for options granted during 2015 were as follows: risk free rate of 1.96%, dividend yield of 1.00%, volatility of 43.38% and average life of 4-7 years. Restricted Stock Restricted stock activity under the plan during the first nine months of 2015 is summarized below. Shares Weighted Outstanding at December 31, 2014 — $ — Granted 65,122 16.10 Vested — — Exercised — — Forfeited 607 10.63 Non-vested at September 30, 2015 64,515 $ 16.15 For the three months ended September 30, 2015 and 2014, the Company recognized $67 thousand and a credit of ($19) thousand in compensation expense due to forfeited shares for restricted stock, respectively. For the nine months ended September 30, 2015 and 2014, the Company recognized $83 thousand and $143 thousand in compensation expense for restricted stock, respectively. At September 30, 2015, unrecognized compensation costs relating to restricted stock amounted to $959 thousand which will be expensed over the next 3.75 years. The fair value of each restricted stock unit is based on the market value of the Company’s stock on the date of the grant. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur, upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then be shared in the net income of the Company. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic earnings per share: Net income available to common shareholders $ 2,901 $ 641 $ 14,910 $ 7,600 Weighted-average basic shares outstanding 32,824,587 25,632,505 30,037,436 22,412,646 Basic earnings per share $ 0.09 $ 0.03 $ 0.50 $ 0.34 Diluted earnings per share: Net income available to common shareholders, for diluted earnings per share $ 2,901 $ 641 $ 14,910 $ 7,600 Total weighted-average basic shares outstanding 32,824,587 25,632,505 30,037,436 22,412,646 Add effect of dilutive stock options and restricted stock grants 1,092,695 603,195 892,794 286,789 Total weighted-average diluted shares outstanding 33,917,282 26,235,700 30,930,230 22,699,435 Diluted earnings per share $ 0.09 $ 0.02 $ 0.48 $ 0.33 Anti-dilutive shares 1,391,828 328,210 1,562,168 328,210 |
Pro Forma [Member] | |
Schedule of Basic and Diluted Earnings Per Share | Pro forma earnings per share Because the Company was not a taxable entity prior to August 3, 2014, pro forma amounts for income tax expense and basic and diluted earnings per share have been presented below assuming the Company’s effective tax rate of 38.5% for the three and nine months ended September 30, 2014. Three Months Ended Nine Months Ended Pro forma net income available to common shareholders, after tax $ 4,071 $ 8,349 Pro forma basic earnings per share $ 0.16 $ 0.37 Pro forma diluted earnings per share $ 0.16 $ 0.37 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Carrying Amount and Fair Value of Securities | The carrying amount of securities and their approximate fair values are reflected in the following table: Amortized Unrealized Unrealized Fair September 30, 2015 US government agencies $ 26,987 $ 226 $ — $ 27,213 Residential mortgage-backed securities 22,570 32 136 22,466 Mutual fund 1,930 19 — 1,949 $ 51,487 $ 277 $ 136 $ 51,628 December 31, 2014 US government agencies $ 35,207 $ 127 $ 25 $ 35,309 Residential mortgage-backed securities 13,973 92 56 14,009 $ 49,180 $ 219 $ 81 $ 49,318 |
Summary of Gross Unrealized Losses and Fair Value | The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less Than 12 Months 12 Months or More Total September 30, 2015 Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 14,453 $ 114 $ 3,269 $ 22 $ 17,722 $ 136 Total $ 14,453 $ 114 $ 3,269 $ 22 $ 17,722 $ 136 Less Than 12 Months 12 Months or More Total December 31, 2014 Fair Unrealized Fair Unrealized Fair Unrealized US government agencies $ — $ — $ 1,224 $ 25 $ 1,224 $ 25 Residential mortgage-backed securities 2,234 4 5,158 52 7,392 56 Total $ 2,234 $ 4 $ 6,382 $ 77 $ 8,616 $ 81 |
Summary of Investment Securities by Maturity | The following is a summary of investment securities by maturity: September 30, 2015 Available-for-sale Amortized Fair One to five years $ 26,987 $ 27,213 Five to ten years 10,052 10,057 After 10 years 12,518 12,409 $ 49,557 $ 49,679 |
Loans and Allowance for Loan 20
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of Loans | Loans consist of the following: September 30, December 31, Commercial & Industrial Agriculture $ 30 $ — Death Care Management 4,831 3,603 Healthcare 13,563 12,319 Independent Pharmacies 41,123 34,079 Registered Investment Advisors 16,304 9,660 Veterinary Industry 20,985 20,902 Other Industries 1,216 494 Total 98,052 81,057 Construction & Development Agriculture 12,233 3,910 Death Care Management 991 92 Healthcare 7,722 2,957 Independent Pharmacies 687 215 Registered Investment Advisors 75 — Veterinary Industry 3,038 2,207 Other Industries 679 145 Total 25,425 9,526 Owner Occupied Commercial Real Estate Agriculture 125 259 Death Care Management 19,575 18,879 Healthcare 33,342 26,173 Independent Pharmacies 5,752 4,750 Registered Investment Advisors 2,981 2,161 Veterinary Industry 61,092 57,934 Other Industries 3,585 1,464 Total 126,452 111,620 Commercial Land Agriculture 9,354 1,248 Total 9,354 1,248 Total Loans 1 259,283 203,451 Net Deferred Costs 2,685 2,060 Discount on SBA 7(a) Unguaranteed 2 (2,416 ) (1,575 ) Loans, Net of Unearned $ 259,552 $ 203,936 1 Total loans include $21.8 million and $21.3 million of U.S. government guaranteed loans as of September 30, 2015 and December 31, 2014, respectively. 2 The Company measures the carrying value of the retained portion of loans sold at fair value under ASC Subtopic 825-10. The value of these retained loan balances is discounted based on the estimates derived from comparable unguaranteed loan sales. |
Summary of Risk Grades of Each Category of Loans | The following tables summarize the risk grades of each category: Risk Grades Risk Grade Risk Grades Total 1 September 30, 2015 Commercial & Industrial Agriculture $ 30 $ — $ — $ 30 Death Care Management 4,727 104 — 4,831 Healthcare 8,007 556 5,000 13,563 Independent Pharmacies 34,795 2,173 4,155 41,123 Registered Investment Advisors 15,952 352 — 16,304 Veterinary Industry 15,873 566 4,546 20,985 Other Industries 1,070 146 — 1,216 Total 80,454 3,897 13,701 98,052 Construction & Development Agriculture 12,141 92 — 12,233 Death Care Management 991 — — 991 Healthcare 7,722 — — 7,722 Independent Pharmacies 687 — — 687 Registered Investment Advisors 75 — — 75 Veterinary Industry 3,038 — — 3,038 Other Industries 679 — — 679 Total 25,333 92 — 25,425 Owner Occupied Commercial Real Estate Agriculture 125 — — 125 Death Care Management 17,041 832 1,702 19,575 Healthcare 28,804 1,716 2,822 33,342 Independent Pharmacies 5,355 397 — 5,752 Registered Investment Advisors 2,981 — — 2,981 Veterinary Industry 43,754 2,690 14,648 61,092 Other Industries 3,585 — — 3,585 Total 101,645 5,635 19,172 126,452 Commercial Land Agriculture 9,354 — — 9,354 Total 9,354 — — 9,354 Total $ 216,786 $ 9,624 $ 32,873 $ 259,283 Risk Grades Risk Grade Risk Grades Total 1 December 31, 2014 Commercial & Industrial Death Care Management $ 3,603 $ — $ — $ 3,603 Healthcare 6,995 538 4,786 12,319 Independent Pharmacies 27,673 2,726 3,680 34,079 Registered Investment Advisors 9,660 — — 9,660 Veterinary Industry 15,513 1,121 4,268 20,902 Other Industries 333 161 — 494 Total 63,777 4,546 12,734 81,057 Construction & Development Agriculture 3,910 — — 3,910 Death Care Management 92 — — 92 Healthcare 2,957 — — 2,957 Independent Pharmacies 215 — — 215 Veterinary Industry 2,207 — — 2,207 Other Industries 145 — — 145 Total 9,526 — — 9,526 Owner Occupied Commercial Real Estate Agriculture 259 — — 259 Death Care Management 16,519 639 1,721 18,879 Healthcare 22,778 938 2,457 26,173 Independent Pharmacies 4,709 41 — 4,750 Registered Investment Advisors 2,161 — — 2,161 Veterinary Industry 40,281 3,601 14,052 57,934 Other Industries 1,176 — 288 1,464 Total 87,883 5,219 18,518 111,620 Commercial Land Agriculture 1,248 — — 1,248 Total 1,248 — — 1,248 Total $ 162,434 $ 9,765 $ 31,252 $ 203,451 1 Total loans include $21.8 million of U.S. government guaranteed loans as of September 30, 2015, segregated by risk grade as follows: Risk Grades 1 – 4 = $0, Risk Grade 5 = $1.1 million, Risk Grades 6 – 8 = $20.7 million. As of December 31, 2014 total loans include $21.3 million of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $0, Risk Grade 5 = $1.1 million, Risk Grades 6 – 8 = $20.2 million. |
Summary of Age Analysis of Past Due Loans | The following tables show an age analysis of past due loans as of the dates presented. Less Than 30 30-89 Days 30-89 Days Greater Total Not Current Total Loans Loans 90 September 30, 2015 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 30 $ 30 $ — Death Care Management — — — — — 4,831 4,831 — Healthcare — 277 — 2,321 2,598 10,965 13,563 — Independent Pharmacies 313 615 — 1,170 2,098 39,025 41,123 — Registered Investment Advisors — — — — — 16,304 16,304 — Veterinary Industry 114 110 646 2,257 3,127 17,858 20,985 — Other Industries — — — — — 1,216 1,216 — Total 427 1,002 646 5,748 7,823 90,229 98,052 — Construction & Development Agriculture — — — — — 12,233 12,233 — Death Care Management — — — — — 991 991 — Healthcare — 46 — — 46 7,676 7,722 — Independent Pharmacies — — — — — 687 687 — Registered Investment Advisors — — — — — 75 75 — Veterinary Industry — — — — — 3,038 3,038 — Other Industries — — — — — 679 679 — Total — 46 — — 46 25,379 25,425 — Owner Occupied Commercial Real Estate Agriculture — — — — — 125 125 — Death Care Management 1,479 — — — 1,479 18,096 19,575 — Healthcare — — — 2,308 2,308 31,034 33,342 — Independent Pharmacies — — — — — 5,752 5,752 — Registered Investment Advisors — — — — — 2,981 2,981 — Veterinary Industry 2,959 5,279 165 4,651 13,054 48,038 61,092 — Other Industries — — — — — 3,585 3,585 — Total 4,438 5,279 165 6,959 16,841 109,611 126,452 — Commercial Land Agriculture — — — — — 9,354 9,354 — Total — — — — — 9,354 9,354 — Total 1 $ 4,865 $ 6,327 $ 811 $ 12,707 $ 24,710 $ 234,573 $ 259,283 $ — Less Than 30 30-89 Days 30-89 Days Greater Total Not Current Total Loans Loans 90 December 31, 2014 Commercial & Industrial Death Care Management $ — $ — $ — $ — $ — $ 3,603 $ 3,603 $ — Healthcare — 1,059 232 2,420 3,711 8,608 12,319 — Independent Pharmacies — 98 — 1,224 1,322 32,757 34,079 — Registered Investment Advisors — — — — — 9,660 9,660 — Veterinary Industry 1,025 276 4 2,228 3,533 17,369 20,902 — Other Industries — — — — — 494 494 — Total 1,025 1,433 236 5,872 8,566 72,491 81,057 — Construction & Development Agriculture — — — — — 3,910 3,910 — Death Care Management — — — — — 92 92 — Healthcare — — — — — 2,957 2,957 — Independent Pharmacies — — — — — 215 215 — Veterinary Industry — — — — — 2,207 2,207 — Other Industries — — — — — 145 145 — Total — — — — — 9,526 9,526 — Owner Occupied Commercial Real Estate Agriculture — — — — — 259 259 — Death Care Management — — — 1,721 1,721 17,158 18,879 — Healthcare — 145 230 2,082 2,457 23,716 26,173 — Independent Pharmacies — — — — — 4,750 4,750 — Registered Investment Advisors — — — — — 2,161 2,161 — Veterinary Industry 2,464 5,101 1,951 2,836 12,352 45,582 57,934 — Other Industries — — — 275 275 1,189 1,464 — Total 2,464 5,246 2,181 6,914 16,805 94,815 111,620 — Commercial Land Agriculture — — — — — 1,248 1,248 — Total — — — — — 1,248 1,248 — Total 1 $ 3,489 $ 6,679 $ 2,417 $ 12,786 $ 25,371 $ 178,080 $ 203,451 $ — 1 Total loans include $21.8 million of U.S. government guaranteed loans as of September 30, 2015, of which $11.1 million is greater than 90 days past due, $3.1 million is 30-89 days past due and $7.6 million is included in current loans as presented above. As of December 31, 2014, total loans include $21.3 million of U.S. government guaranteed loans, of which $11.7 million is greater than 90 days past due, $3.5 million is 30-89 days past due and $6.1 million is included in current loans as presented above. |
Schedule of Nonaccrual Loans | Nonaccrual loans as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Loan Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 2,321 $ 2,136 $ 185 Independent Pharmacies 1,483 1,344 139 Veterinary Industry 3,017 2,979 38 Total 6,821 6,459 362 Owner Occupied Commercial Real Estate Death Care Management 1,479 1,309 170 Healthcare 2,308 1,990 318 Veterinary Industry 7,775 6,063 1,712 Total 11,562 9,362 2,200 Total $ 18,383 $ 15,821 $ 2,562 December 31, 2014 Loan Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 2,652 $ 2,368 $ 284 Independent Pharmacies 1,224 1,139 85 Veterinary Industry 3,257 3,113 144 Total 7,133 6,620 513 Owner Occupied Commercial Real Estate Death Care Management 1,721 1,505 216 Healthcare 2,312 1,919 393 Veterinary Industry 7,251 5,236 2,015 Other Industries 275 275 — Total 11,559 8,935 2,624 Total $ 18,692 $ 15,555 $ 3,137 |
Schedule of Allowance for Loan Losses by Portfolio Segment Allowance | The following tables detail activity in the allowance for loan losses by portfolio segment allowance for the periods presented: Three months ended: Construction & Owner Commercial Commercial Total September 30, 2015 Beginning Balance $ 844 $ 2,346 $ 1,653 $ 340 $ 5,183 Charge offs — (7 ) (280 ) — (287 ) Recoveries — 12 33 — 45 Provision 336 (260 ) 830 306 1,212 Ending Balance $ 1,180 $ 2,091 $ 2,236 $ 646 $ 6,153 September 30, 2014 Beginning Balance $ 300 $ 1,931 $ 1,312 $ 25 $ 3,568 Charge offs — (227 ) (294 ) — (521 ) Recoveries — 5 13 — 18 Provision 159 316 (24 ) 61 512 Ending Balance $ 459 $ 2,025 $ 1,007 $ 86 $ 3,577 Nine months ended: Construction & Owner Commercial Commercial Total September 30, 2015 Beginning Balance $ 586 $ 2,291 $ 1,369 $ 161 $ 4,407 Charge offs — (128 ) (638 ) — (766 ) Recoveries — 100 73 — 173 Provision 594 (172 ) 1,432 485 2,339 Ending Balance $ 1,180 $ 2,091 $ 2,236 $ 646 $ 6,153 September 30, 2014 Beginning Balance $ 350 $ 1,511 $ 862 $ — $ 2,723 Charge offs — (346 ) (302 ) — (648 ) Recoveries — 72 19 — 91 Provision 109 788 428 86 1,411 Ending Balance $ 459 $ 2,025 $ 1,007 $ 86 $ 3,577 The following tables detail the recorded allowance for loan losses and the investment in loans related to each portfolio segment, disaggregated on the basis of impairment evaluation methodology: September 30, 2015 Construction & Owner Commercial Commercial Total Allowance for Loan Losses: Loans individually evaluated for impairment $ — $ 1,032 $ 924 $ — $ 1,956 Loans collectively evaluated for impairment 1,180 1,059 1,312 646 4,197 Total allowance for loan losses $ 1,180 $ 2,091 $ 2,236 $ 646 $ 6,153 Loans receivable 1 Loans individually evaluated for impairment $ — $ 15,164 $ 9,824 $ — $ 24,988 Loans collectively evaluated for impairment 25,425 111,288 88,228 9,354 234,295 Total loans receivable $ 25,425 $ 126,452 $ 98,052 $ 9,354 $ 259,283 December 31, 2014 Construction Owner Commercial Commercial Total Allowance for Loan Losses: Loans individually evaluated for impairment $ — $ 1,051 $ 676 $ — $ 1,727 Loans collectively evaluated for impairment 586 1,240 693 161 2,680 Total allowance for loan losses $ 586 $ 2,291 $ 1,369 $ 161 $ 4,407 Loans Receivable 1 Loans individually evaluated for impairment $ — $ 15,018 $ 9,984 $ — $ 25,002 Loans collectively evaluated for impairment 9,526 96,602 71,073 1,248 178,449 Total loans receivable $ 9,526 $ 111,620 $ 81,057 $ 1,248 $ 203,451 1 Loans receivable includes $21.8 million of U.S. government guaranteed loans as of September 30, 2015, of which $19.5 million are included in loans individually evaluated for impairment and $2.3 million are included in loans collectively evaluated for impairment, as presented above. As of December 31, 2014, loans receivable includes $21.3 million of U.S. government guaranteed loans, of which $19.5 million are included in loans individually evaluated for impairment and $2.0 million are included in loans collectively evaluated for impairment, as presented above. |
Summary of Loans Individually Evaluated for Impairment | Loans individually evaluated for impairment as of the dates presented are summarized in the following tables. September 30, 2015 Recorded Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 4,155 $ 3,290 $ 865 Independent Pharmacies 2,279 1,679 600 Veterinary Industry 3,390 2,979 411 Total 9,824 7,948 1,876 Owner Occupied Commercial Real Estate Death Care Management 1,477 1,309 168 Healthcare 2,498 1,990 508 Veterinary Industry 11,189 8,252 2,937 Total 15,164 11,551 3,613 Total $ 24,988 $ 19,499 $ 5,489 December 31, 2014 Recorded Guaranteed Unguaranteed Commercial & Industrial Healthcare $ 4,205 $ 3,540 $ 665 Independent Pharmacies 2,199 1,492 707 Veterinary Industry 3,580 3,113 467 Total 9,984 8,145 1,839 Owner Occupied Commercial Real Estate Death Care Management 1,720 1,505 215 Healthcare 2,309 1,919 390 Veterinary Industry 10,715 7,456 3,259 Other Industries 274 274 — Total 15,018 11,154 3,864 Total $ 25,002 $ 19,299 $ 5,703 |
Schedule of Evaluated Balances of Loans Classified as Impaired | The following table presents evaluated balances of loans classified as impaired at the dates presented that carried an associated reserve as compared to those with no reserve. The recorded investment includes accrued interest and net deferred loan fees or costs. September 30, 2015 Recorded Investment With a With No Total Unpaid Related Commercial & Industrial Healthcare $ 4,152 $ 3 $ 4,155 $ 4,324 $ 483 Independent Pharmacies 2,091 188 2,279 2,668 335 Veterinary Industry 3,352 38 3,390 4,069 106 Total Commercial & Industrial 9,595 229 9,824 11,061 924 Owner Occupied Commercial Real Estate Death Care Management 1,477 — 1,477 1,613 11 Healthcare 2,361 137 2,498 2,606 65 Veterinary Industry 10,743 446 11,189 12,042 956 Total Owner Occupied Commercial Real Estate 14,581 583 15,164 16,261 1,032 Total Impaired Loans $ 24,176 $ 812 $ 24,988 $ 27,322 $ 1,956 December 31, 2014 Recorded Investment With a With No Total Unpaid Related Commercial & Industrial Healthcare $ 4,202 $ 3 $ 4,205 $ 4,854 $ 361 Independent Pharmacies 2,005 194 2,199 2,497 206 Veterinary Industry 3,540 40 3,580 4,062 109 Total Commercial & Industrial 9,747 237 9,984 11,413 676 Owner Occupied Commercial Real Estate Death Care Management 1,720 — 1,720 1,856 20 Healthcare 2,268 41 2,309 2,413 82 Veterinary Industry 9,796 919 10,715 11,571 947 Other Industries 274 — 274 367 2 Total Owner Occupied Commercial Real Estate 14,058 960 15,018 16,207 1,051 Total Impaired Loans $ 23,805 $ 1,197 $ 25,002 $ 27,620 $ 1,727 Three months ended Three months ended Average Interest Average Interest Commercial & Industrial Healthcare $ 3,460 $ 24 $ 2,783 $ — Independent Pharmacies 2,395 13 818 5 Veterinary Industry 3,790 5 2,910 36 Total Commercial & Industrial 9,645 42 6,511 41 Owner Occupied Commercial Real Estate Death Care Management 1,412 — — — Healthcare 2,474 — 2,426 — Veterinary Industry 11,412 42 10,217 81 Total Owner Occupied Commercial Real Estate 15,298 42 12,643 81 Total $ 24,943 $ 84 $ 19,154 $ 122 Nine months ended Nine months ended Average Interest Average Interest Commercial & Industrial Healthcare $ 3,388 $ 72 $ 2,051 $ 1 Independent Pharmacies 2,524 38 361 8 Veterinary Industry 3,482 13 3,714 63 Total Commercial & Industrial 9,394 123 6,126 72 Owner Occupied Commercial Real Estate Death Care Management 1,461 — — — Healthcare 2,372 — 2,047 — Veterinary Industry 11,357 132 10,971 252 Total Owner Occupied Commercial Real Estate 15,190 132 13,018 252 Total $ 24,584 $ 255 $ 19,144 $ 324 |
Summary of Types of Troubled Debt Restructurings | The following table represent the types of TDRs that were made during the periods presented: Three months ended September 30, 2015 Three months ended September 30, 2014 All Restructurings All Restructurings Number of Pre- Post- Number of Pre- Post- Interest Only Commercial & Industrial Independent Pharmacies — $ — $ — 1 $ 144 $ 143 Total Interest Only — — — 1 144 143 Extended Amortization Commercial & Industrial Independent Pharmacies 2 322 313 — — — Total Extended Amortization 2 322 313 — — — Payment Deferral Owner Occupied Commercial Real Estate Deathcare Management — — — 1 353 217 Total Payment Deferral — — — 1 353 217 Total 2 $ 322 $ 313 2 $ 497 $ 360 Nine months ended September 30, 2015 Nine months ended September 30, 2014 All Restructurings All Restructurings Number of Pre- modification Recorded Post- Number of Pre- Post- Interest Only Commercial & Industrial Healthcare 3 $ 1,093 $ 1,093 — $ — $ — Independent Pharmacies — — — 1 144 143 Owner Occupied Commercial Real Estate Healthcare 1 95 95 — — — Veterinary Industry — — — 1 8 8 Total Interest Only 4 1,188 1,188 2 152 151 Extended Amortization Commercial & Industrial Independent Pharmacies 2 322 313 2 379 367 Total Extended Amortization 2 322 313 2 379 367 Payment Deferral Commercial & Industrial Veterinary Industry — — — 3 219 216 Owner Occupied Commercial Real Estate Deathcare Management — — — 1 353 217 Total Payment Deferral — — — 4 572 433 Total 6 $ 1,510 $ 1,501 8 $ 1,103 $ 951 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Summary of Activity Pertaining to Servicing Rights | The following summarizes the activity pertaining to servicing rights: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 39,983 $ 33,181 $ 34,999 $ 29,053 Additions, net 3,613 2,902 10,322 7,653 Changes in fair value (3,006 ) (984 ) (4,731 ) (1,607 ) Balance at end of period $ 40,590 $ 35,099 $ 40,590 $ 35,099 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Total Outstanding Short and Long-Term Borrowings | Total outstanding short and long term borrowings consisted of the following: September 30, December 31, Short term borrowings On September 18, 2014, the Company entered into a line of credit of $6.1 million with an unaffiliated commercial bank, secured by 1,900,000 shares of common stock of nCino, Inc., a former subsidiary of the Company. At December 31, 2014 there was $6.1 million advanced on the line of credit. Interest accrues at 30 day LIBOR (0.16% at December 31, 2014) plus 3.50% for a term of 12 months. Payments are interest only with all principal and accrued interest due on September 18, 2015. This loan was repaid in full on February 23, 2015. $ — $ 6,100 Total short term borrowings $ — $ 6,100 Long term borrowings In April 2011, the Company elected to participate in the U.S. Treasury’s Small Business Lending Fund program (“SBLF”) whereby the U.S. Treasury agreed to purchase $6.8 million in senior securities. During the initial interest period the applicable interest rate was set at 1.5%. For all remaining interest periods, which commenced on January 1, 2012, the interest rate is determined based on a formula which encompasses the percentage change in qualified lending as well as a non-qualifying portion percentage. This rate can range from 1.5% to 10.8%. At September 30, 2015 the interest rate was 1.50%. Interest is payable quarterly in arrears. With the approval of the Company’s regulator, the Company may exit the Small Business Lending Fund at any time simply by repaying the funding provided along with any accrued but unpaid interest. If the institution wishes to repay its SBLF funding in partial payments, each partial payment must be at least 25% of the original funding amount. All senior securities will mature on September 13, 2021 at which time all principal and accrued interest will be due. $ 6,800 $ 6,800 On May 12, 2014, Independence Aviation financed the purchase of an airplane by entering into a promissory note with an unaffiliated commercial bank in the amount of $6 million which carries a fixed rate of 4.97% for a term of 59 months. Monthly payments are set at $48 thousand with all principal and accrued interest due on May 12, 2019. 5,631 5,842 On September 11, 2014, the Company financed the construction of an additional building located on the Company’s Tiburon Drive main campus for a $24 million construction line of credit with an unaffiliated commercial bank, secured by both properties at its Tiburon Drive main facility location. Payments are interest only through September 11, 2016 at a fixed rate of 3.95% for a term of 84 months. Monthly principal and interest payments beginning in October 2016 will be $146 thousand with all principal and accrued interest due on September 11, 2021. The terms of this loan require the Company to maintain minimum capital, liquidity and Texas ratios. The construction line is fully disbursed and there was no remaining available credit on this construction line at September 30, 2015. 24,000 16,914 On September 18, 2014, the Company entered into a note payable revolving line of credit of $8.1 million with an unaffiliated commercial bank, with the first advance of $5 million on December 14, 2014. The note is unsecured and accrues interest at LIBOR plus 3.50% for a term of 36 months. The current rate is 3.693%. Payments are interest only with all principal and accrued interest due on September 18, 2017. There is no outstanding balance at September 30, 2015; therefore, there is $8.1 million of available credit on this note at September 30, 2015. — 5,000 On August 1, 2014, the Company entered into a note payable line of credit of $15 million with an unaffiliated commercial bank, secured by 100% of Live Oak Banking Company’s outstanding common stock. Interest accrues at LIBOR plus 4.00% for a term of 36 months. Payments are interest only with all principal and accrued interest due on August 1, 2017. The terms of this loan require the Company to maintain minimum capital, liquidity and Texas ratios. This note was repaid in full on July 29, 2015. — 7,210 On March 10, 2015, Independence Aviation refinanced an existing loan with Live Oak Banking Company and entered into a new loan with an unaffiliated commercial bank in the amount of $1.2 million which carries a fixed rate of 4.96% for a term of 51 months. Monthly payments are set at $9 thousand with all principal and accrued interest due on June 10, 2019. 1,173 — On February 23, 2015 the Company transferred two related party loans to an unaffiliated commercial bank in exchange for $4.7 million. The exchange price equated to the unpaid principal balance plus accrued but uncollected interest at the time of transfer. The terms of the transfer agreement with the unaffiliated commercial bank identified the transaction as a secured borrowing for accounting purposes. Interest accrues at prime plus 1% with monthly principal and interest payments over a term of 60 months. The interest rate at September 30, 2015 is 4.25%. The maturity date is October 5, 2019. The pledged collateral is classified in other assets with a fair value of $4.5 million at September 30, 2015. Underlying loans carry a risk grade of 3 and are current with no delinquencies. The terms of this loan require the Company to maintain minimum capital, liquidity and Texas ratios. 4,475 — With the acquisition of GLS on September 1, 2013, the Company assumed the obligation to pay a former GLS partner $250 thousand at $10 thousand a month over a 24 month period. This obligation was paid in full on August 17, 2015. — 83 Total long term borrowings $ 42,079 $ 41,849 |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Unobservable Inputs Used in Level 3 Assets and Liabilities Measured at Fair Value on Recurring or Non-recurring Basis | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2015 and December 31, 2014 the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2015 Level 3 Assets with Significant Fair Value Valuation Technique Significant Range Impaired Loans $ 22,224 Discounted appraisals Appraisal adjustments (1) 10% to 20% Foreclosed Assets $ 48 Discounted appraisals Appraisal adjustments (1) 10% to 20% December 31, 2014 Level 3 Assets with Significant Fair Value Valuation Technique Significant Range Impaired Loans $ 24,016 Discounted appraisals Appraisal adjustments (1) 10% to 20% Foreclosed Assets $ 371 Discounted appraisals Appraisal adjustments (1) 10% to 20% (1) Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments are as follows: September 30, 2015 Carrying Quoted Price Significant Significant Total Fair Value Financial assets Cash and due from banks $ 129,881 $ 129,881 $ — $ — $ 129,881 Certificates of deposit with other banks 10,000 9,984 — — 9,984 Investment securities, available-for-sale 51,628 — 51,628 — 51,628 Loans held for sale 443,871 — — 458,780 458,780 Loans, net of allowance for loan losses 253,399 — — 247,906 247,906 Servicing assets 40,590 — — 40,590 40,590 Accrued interest receivable 4,841 4,841 — — 4,841 Financial liabilities Deposits 762,628 — 754,715 — 754,715 Accrued interest payable 243 243 — — 243 Long term borrowings 42,079 — — 44,987 44,987 December 31, 2014 Carrying Quoted Price Significant Significant Total Fair Value Financial assets Cash and due from banks $ 29,902 $ 29,902 $ — $ — $ 29,902 Certificates of deposit with other banks 10,000 9,861 — — 9,861 Investment securities, available-for-sale 49,318 — 49,318 — 49,318 Loans held for sale 295,180 — — 304,504 304,504 Loans, net of allowance for loan losses 199,529 — — 194,007 194,007 Servicing assets 34,999 — — 34,999 34,999 Accrued interest receivable 3,059 3,059 — — 3,059 Financial liabilities Deposits 522,080 — 522,058 — 522,058 Accrued interest payable 190 190 — — 190 Short term borrowings 6,100 — — 6,100 6,100 Long term borrowings 41,849 — — 44,738 44,738 |
Recurring Fair Value [Member] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis and Non-recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. September 30, 2015 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 27,213 $ — $ 27,213 $ — Residential mortgage-backed securities 22,466 — 22,466 — Mutual fund 1,949 — 1,949 — Servicing assets 1 40,590 — — 40,590 Total assets at fair value $ 92,218 $ — $ 51,628 $ 40,590 December 31, 2014 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 35,309 $ — $ 35,309 $ — Residential mortgage-backed securities 14,009 — 14,009 — Servicing assets 1 34,999 — — 34,999 Total assets at fair value $ 84,317 $ — $ 49,318 $ 34,999 1 See Note 6 for a rollforward of recurring Level 3 fair values for servicing assets. |
Non-recurring Fair Value [Member] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis and Non-recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a non-recurring basis. September 30, 2015 Total Level 1 Level 2 Level 3 Impaired loans $ 22,224 $ — $ — $ 22,224 Foreclosed assets 48 — — 48 Total assets at fair value $ 22,272 $ — $ — $ 22,272 December 31, 2014 Total Level 1 Level 2 Level 3 Impaired loans $ 24,016 $ — $ — $ 24,016 Foreclosed assets 371 — — 371 Total assets at fair value $ 24,387 $ — $ — $ 24,387 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | A summary of the Company’s commitments is as follows: September 30, December 31, Commitments to extend credit $ 747,909 $ 537,951 Plexus Capital - Fund II Investment Commitment 100 100 Plexus Capital - Fund III Investment Commitment 300 350 Total unfunded off-balance sheet credit risk $ 748,309 $ 538,401 |
Stock Plans (Tables)
Stock Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity under the plan during the nine month periods ended September 30, 2015 and 2014 is summarized below. Shares Weighted Weighted Aggregate Outstanding at December 31, 2014 1,737,570 $ 5.51 Exercised 47,570 4.52 Forfeited 192,671 8.38 Granted 1,829,748 15.52 Outstanding at September 30, 2015 3,327,077 $ 10.86 9.16 years $ 29,197,309 Exercisable at September 30, 2015 158,950 $ 4.65 8.05 years $ 2,382,744 Shares Weighted Weighted Aggregate Outstanding at December 31, 2013 225,000 $ 1.01 Exercised 191,660 0.92 Forfeited 170,590 4.40 Granted 1,874,820 5.48 Outstanding at September 30, 2014 1,737,570 $ 5.51 9.54 years $ 8,902,969 Exercisable at September 30, 2014 22,227 $ 1.52 7.04 years $ 202,486 |
Summary of Non-vested Stock Option Activity | The following is a summary of non-vested stock option activity for the Company for the nine months ended September 30, 2015 and 2014. Shares Weighted Non-vested at December 31, 2014 1,704,230 $ 1.18 Granted 1,829,748 6.79 Vested 173,180 0.97 Forfeited 192,671 2.63 Non-vested at September 30, 2015 3,168,127 $ 4.35 Shares Weighted Non-vested at December 31, 2013 91,754 $ 0.44 Granted 1,874,820 1.13 Vested 80,641 0.44 Forfeited 170,590 0.58 Non-vested at September 30, 2014 1,715,343 $ 1.18 |
Summary of Restricted Stock Activity | Restricted stock activity under the plan during the first nine months of 2015 is summarized below. Shares Weighted Outstanding at December 31, 2014 — $ — Granted 65,122 16.10 Vested — — Exercised — — Forfeited 607 10.63 Non-vested at September 30, 2015 64,515 $ 16.15 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)Segment | Feb. 02, 2015USD ($) | |
Summary of Accounting and Financial Policies [Line Items] | ||
Ownership percentage after additional acquisition | 92.40% | 91.30% |
Additional acquisition percentage | 41.30% | |
Contingent consideration in acquisition of controlling interest in equity method of investment | $ | $ 170 | $ 170 |
Ownership percentage with noncontrolling owners | 7.60% | |
Common stock, stock split | Ten-for-one stock | |
Common stock, stock split ratio | 10 | |
Number of operating segments | 1 | |
Five Zero four FA [Member] | ||
Summary of Accounting and Financial Policies [Line Items] | ||
Equity ownership percentage | 50.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share Computed Based on Weighted Average Number of Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic earnings per share: | ||||
Net income available to common shareholders | $ 2,901 | $ 641 | $ 14,910 | $ 7,600 |
Weighted-average basic shares outstanding | 32,824,587 | 25,632,505 | 30,037,436 | 22,412,646 |
Basic earnings per share | $ 0.09 | $ 0.03 | $ 0.50 | $ 0.34 |
Diluted earnings per share: | ||||
Net income available to common shareholders, for diluted earnings per share | $ 2,901 | $ 641 | $ 14,910 | $ 7,600 |
Total weighted-average basic shares outstanding | 32,824,587 | 25,632,505 | 30,037,436 | 22,412,646 |
Add effect of dilutive stock options and restricted stock grants | 1,092,695 | 603,195 | 892,794 | 286,789 |
Total weighted-average diluted shares outstanding | 33,917,282 | 26,235,700 | 30,930,230 | 22,699,435 |
Diluted earnings per share | $ 0.09 | $ 0.02 | $ 0.48 | $ 0.33 |
Anti-dilutive shares | 1,391,828 | 328,210 | 1,562,168 | 328,210 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Effective tax rate | 38.50% | 38.50% |
Earnings Per Share - Schedule29
Earnings Per Share - Schedule of Proforma for Income Tax Expense and Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Earnings Per Share ProForma [Line Items] | ||
Pro forma basic earnings per share | $ 0.16 | $ 0.37 |
Pro forma diluted earnings per share | $ 0.16 | $ 0.37 |
Pro Forma [Member] | ||
Earnings Per Share ProForma [Line Items] | ||
Pro forma net income available to common shareholders, after tax | $ 4,071 | $ 8,349 |
Securities - Summary of Carryin
Securities - Summary of Carrying Amount and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 51,487 | $ 49,180 | ||
Unrealized Gains | 277 | 219 | ||
Unrealized Losses | 136 | 81 | ||
Fair Value | 51,628 | 49,318 | [1] | |
US Government Agencies [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 26,987 | 35,207 | ||
Unrealized Gains | 226 | 127 | ||
Unrealized Losses | 25 | |||
Fair Value | 27,213 | 35,309 | ||
Residential Mortgage Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 22,570 | 13,973 | ||
Unrealized Gains | 32 | 92 | ||
Unrealized Losses | 136 | 56 | ||
Fair Value | 22,466 | $ 14,009 | ||
Mutual Fund [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,930 | |||
Unrealized Gains | 19 | |||
Fair Value | $ 1,949 | $ 1,900 | ||
[1] | Derived from audited consolidated financial statements. |
Securities - Additional Informa
Securities - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015USD ($)Securitiesshares | Jun. 30, 2015USD ($)Securities | Mar. 31, 2015USD ($)Securities | Sep. 30, 2014USD ($)Securities | Sep. 30, 2015USD ($)Securities$ / sharesshares | Sep. 30, 2014USD ($)Securities | Dec. 31, 2014USD ($)Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment at current market value | $ 51,628 | $ 51,628 | $ 49,318 | [1] | ||||
Mortgage-backed securities | 15,437 | $ 31,482 | ||||||
Private placement, proceeds | $ 74,631 | |||||||
Greater than 12 months in unrealized loss position, Number of securities | Securities | 6 | |||||||
Investment securities, fair market value | $ 1,300 | 1,300 | $ 1,300 | |||||
US Government Agencies [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Number of mortgage-backed securities sold | Securities | 3 | |||||||
Sale of securities | $ 8,300 | |||||||
Gain on sale of securities | 12 | |||||||
Number of mortgage-backed securities purchased | Securities | 5 | |||||||
Investment at current market value | $ 27,213 | 27,213 | $ 35,309 | |||||
Mortgage-backed securities | $ 29,900 | |||||||
Private placement, proceeds | 74,600 | |||||||
Greater than 12 months in unrealized loss position, Number of securities | Securities | 1 | |||||||
Mortgage Backed Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Number of mortgage-backed securities sold | Securities | 6 | |||||||
Number of mortgage-backed securities purchased | Securities | 4 | 2 | 1 | |||||
Mortgage-backed securities | $ 3,400 | |||||||
Four Mortgage-Backed Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Mortgage-backed securities | $ 9,500 | 9,500 | ||||||
Mutual Fund [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment at current market value | $ 1,949 | $ 1,900 | $ 1,949 | |||||
Number of securities purchased | shares | 190,380.762 | 190,380.762 | ||||||
Securities purchased, price per share | $ / shares | $ 9.98 | |||||||
Two Mortgage Backed Securities Purchased [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Mortgage-backed securities | $ 4,000 | |||||||
Residential Mortgage Backed Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment at current market value | $ 22,466 | $ 22,466 | $ 14,009 | |||||
Greater than 12 months in unrealized loss position, Number of securities | Securities | 3 | 3 | 5 | |||||
Less than 12 months in unrealized loss position, Number of securities | Securities | 9 | 9 | 1 | |||||
One Mortgage Backed Securities Purchased [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Mortgage-backed securities | $ 1,600 | $ 1,600 | ||||||
Dividend Reinvestment [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment at current market value | $ 30 | $ 30 | ||||||
[1] | Derived from audited consolidated financial statements. |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 14,453 | $ 2,234 |
Unrealized Losses, Less Than 12 Months | 114 | 4 |
Fair Value, 12 Months or More | 3,269 | 6,382 |
Unrealized Losses, 12 Months or More | 22 | 77 |
Total Fair Value | 17,722 | 8,616 |
Total Unrealized Losses | 136 | 81 |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, 12 Months or More | 1,224 | |
Unrealized Losses, 12 Months or More | 25 | |
Total Fair Value | 1,224 | |
Total Unrealized Losses | 25 | |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 14,453 | 2,234 |
Unrealized Losses, Less Than 12 Months | 114 | 4 |
Fair Value, 12 Months or More | 3,269 | 5,158 |
Unrealized Losses, 12 Months or More | 22 | 52 |
Total Fair Value | 17,722 | 7,392 |
Total Unrealized Losses | $ 136 | $ 56 |
Securities - Summary of Investm
Securities - Summary of Investment Securities by Maturity (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Available-for-sale Securities, Debt Maturities [Abstract] | |
One to five years, Amortized Cost | $ 26,987 |
Five to ten years, Amortized Cost | 10,052 |
After 10 years, Amortized Cost | 12,518 |
Total, Amortized Cost | 49,557 |
One to five years, Fair Value | 27,213 |
Five to ten years, Fair Value | 10,057 |
After 10 years, Fair Value | 12,409 |
Available for sale, Fair Value, Total | $ 49,679 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 259,283 | $ 203,451 | |
Net Deferred Costs | 2,685 | 2,060 | |
Discount on SBA 7(a) Unguaranteed | (2,416) | (1,575) | |
Loans, Net of Unearned | 259,552 | 203,936 | [1] |
Commercial & Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 98,052 | 81,057 | |
Commercial & Industrial [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 30 | ||
Commercial & Industrial [Member] | Death Care Management [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 4,831 | 3,603 | |
Commercial & Industrial [Member] | Health Care [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 13,563 | 12,319 | |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 41,123 | 34,079 | |
Commercial & Industrial [Member] | Registered Investment Advisors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 16,304 | 9,660 | |
Commercial & Industrial [Member] | Veterinary Industry [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 20,985 | 20,902 | |
Commercial & Industrial [Member] | Other Industries [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,216 | 494 | |
Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 25,425 | 9,526 | |
Construction & Development [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 12,233 | 3,910 | |
Construction & Development [Member] | Death Care Management [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 991 | 92 | |
Construction & Development [Member] | Health Care [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 7,722 | 2,957 | |
Construction & Development [Member] | Independent Pharmacies [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 687 | 215 | |
Construction & Development [Member] | Registered Investment Advisors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 75 | ||
Construction & Development [Member] | Veterinary Industry [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 3,038 | 2,207 | |
Construction & Development [Member] | Other Industries [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 679 | 145 | |
Owner Occupied Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 126,452 | 111,620 | |
Owner Occupied Commercial Real Estate [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 125 | 259 | |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 19,575 | 18,879 | |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 33,342 | 26,173 | |
Owner Occupied Commercial Real Estate [Member] | Independent Pharmacies [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 5,752 | 4,750 | |
Owner Occupied Commercial Real Estate [Member] | Registered Investment Advisors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 2,981 | 2,161 | |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 61,092 | 57,934 | |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 3,585 | 1,464 | |
Commercial Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 9,354 | 1,248 | |
Commercial Land [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 9,354 | $ 1,248 | |
[1] | Derived from audited consolidated financial statements. |
Loans and Allowance for Loan 35
Loans and Allowance for Loan Losses - Summary of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 259,283 | $ 203,451 |
Loans Insured or Guaranteed by US Government Authorities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 21,800 | $ 21,300 |
Loans and Allowance for Loan 36
Loans and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Score | Sep. 30, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ | $ 358 | $ 56 | $ 665 | $ 147 |
Recorded investment | $ | $ 217 | $ 217 | ||
Loans (1 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt service coverage | 175.00% | 175.00% | ||
Maximum [Member] | Loans (1 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan-to-value ratio | 65.00% | 65.00% | ||
Maximum [Member] | Loans (2 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan-to-value ratio | 75.00% | 75.00% | ||
Maximum [Member] | Loans (4 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cash flow coverage | 100.00% | |||
Minimum [Member] | Loans (1 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Discounted collateral coverage | 125.00% | |||
Credit score | 740 | |||
Minimum [Member] | Loans (3 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt service coverage | 100.00% | 100.00% | ||
Minimum [Member] | Loans (2 Rated) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt service coverage | 125.00% | 125.00% | ||
Discounted collateral coverage | 100.00% | |||
Credit score | 700 |
Loans and Allowance for Loan 37
Loans and Allowance for Loan Losses - Summary of Risk Grades of Each Category of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 259,283 | $ 203,451 |
Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 216,786 | 162,434 |
Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,624 | 9,765 |
Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 32,873 | 31,252 |
Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 98,052 | 81,057 |
Commercial & Industrial [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 80,454 | 63,777 |
Commercial & Industrial [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,897 | 4,546 |
Commercial & Industrial [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,701 | 12,734 |
Commercial & Industrial [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 30 | |
Commercial & Industrial [Member] | Agricultural [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 30 | |
Commercial & Industrial [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,831 | 3,603 |
Commercial & Industrial [Member] | Death Care Management [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,727 | 3,603 |
Commercial & Industrial [Member] | Death Care Management [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 104 | |
Commercial & Industrial [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,563 | 12,319 |
Commercial & Industrial [Member] | Health Care [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,007 | 6,995 |
Commercial & Industrial [Member] | Health Care [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 556 | 538 |
Commercial & Industrial [Member] | Health Care [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,000 | 4,786 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 41,123 | 34,079 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 34,795 | 27,673 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,173 | 2,726 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,155 | 3,680 |
Commercial & Industrial [Member] | Registered Investment Advisors [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,304 | 9,660 |
Commercial & Industrial [Member] | Registered Investment Advisors [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,952 | 9,660 |
Commercial & Industrial [Member] | Registered Investment Advisors [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 352 | |
Commercial & Industrial [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 20,985 | 20,902 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,873 | 15,513 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 566 | 1,121 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,546 | 4,268 |
Commercial & Industrial [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,216 | 494 |
Commercial & Industrial [Member] | Other Industries [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,070 | 333 |
Commercial & Industrial [Member] | Other Industries [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 146 | 161 |
Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 25,425 | 9,526 |
Construction & Development [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 25,333 | 9,526 |
Construction & Development [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 92 | |
Construction & Development [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,233 | 3,910 |
Construction & Development [Member] | Agricultural [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,141 | 3,910 |
Construction & Development [Member] | Agricultural [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 92 | |
Construction & Development [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 991 | 92 |
Construction & Development [Member] | Death Care Management [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 991 | 92 |
Construction & Development [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,722 | 2,957 |
Construction & Development [Member] | Health Care [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,722 | 2,957 |
Construction & Development [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 687 | 215 |
Construction & Development [Member] | Independent Pharmacies [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 687 | 215 |
Construction & Development [Member] | Registered Investment Advisors [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 75 | |
Construction & Development [Member] | Registered Investment Advisors [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 75 | |
Construction & Development [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,038 | 2,207 |
Construction & Development [Member] | Veterinary Industry [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,038 | 2,207 |
Construction & Development [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 679 | 145 |
Construction & Development [Member] | Other Industries [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 679 | 145 |
Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 126,452 | 111,620 |
Owner Occupied Commercial Real Estate [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 101,645 | 87,883 |
Owner Occupied Commercial Real Estate [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,635 | 5,219 |
Owner Occupied Commercial Real Estate [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 19,172 | 18,518 |
Owner Occupied Commercial Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 125 | 259 |
Owner Occupied Commercial Real Estate [Member] | Agricultural [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 125 | 259 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 19,575 | 18,879 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,041 | 16,519 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 832 | 639 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,702 | 1,721 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 33,342 | 26,173 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 28,804 | 22,778 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,716 | 938 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,822 | 2,457 |
Owner Occupied Commercial Real Estate [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,752 | 4,750 |
Owner Occupied Commercial Real Estate [Member] | Independent Pharmacies [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,355 | 4,709 |
Owner Occupied Commercial Real Estate [Member] | Independent Pharmacies [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 397 | 41 |
Owner Occupied Commercial Real Estate [Member] | Registered Investment Advisors [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,981 | 2,161 |
Owner Occupied Commercial Real Estate [Member] | Registered Investment Advisors [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,981 | 2,161 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 61,092 | 57,934 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 43,754 | 40,281 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,690 | 3,601 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,648 | 14,052 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,585 | 1,464 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,585 | 1,176 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 288 | |
Commercial Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,354 | 1,248 |
Commercial Land [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,354 | 1,248 |
Commercial Land [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,354 | 1,248 |
Commercial Land [Member] | Agricultural [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 9,354 | $ 1,248 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses - Summary of Risk Grades of Each Category of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 259,283 | $ 203,451 |
Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 216,786 | 162,434 |
Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,624 | 9,765 |
Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 32,873 | 31,252 |
Loans Insured or Guaranteed by US Government Authorities [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,800 | 21,300 |
Loans Insured or Guaranteed by US Government Authorities [Member] | Risk Grades 1- 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Loans Insured or Guaranteed by US Government Authorities [Member] | Risk Grade 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,100 | 1,100 |
Loans Insured or Guaranteed by US Government Authorities [Member] | Risk Grades 6 - 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 20,700 | $ 20,200 |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses - Summary of Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | $ 24,710 | $ 25,371 |
Current Loans | 234,573 | 178,080 |
Total Loans | 259,283 | 203,451 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 12,707 | 12,786 |
Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 4,865 | 3,489 |
30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 6,327 | 6,679 |
30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 811 | 2,417 |
Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 7,823 | 8,566 |
Current Loans | 90,229 | 72,491 |
Total Loans | 98,052 | 81,057 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 5,748 | 5,872 |
Commercial & Industrial [Member] | Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 427 | 1,025 |
Commercial & Industrial [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 1,002 | 1,433 |
Commercial & Industrial [Member] | 30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 646 | 236 |
Commercial & Industrial [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 30 | |
Total Loans | 30 | |
Loans 90 Days or More Past Due & Still Accruing | 0 | |
Commercial & Industrial [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 4,831 | 3,603 |
Total Loans | 4,831 | 3,603 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,598 | 3,711 |
Current Loans | 10,965 | 8,608 |
Total Loans | 13,563 | 12,319 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial [Member] | Health Care [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,321 | 2,420 |
Commercial & Industrial [Member] | Health Care [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 277 | 1,059 |
Commercial & Industrial [Member] | Health Care [Member] | 30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 232 | |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,098 | 1,322 |
Current Loans | 39,025 | 32,757 |
Total Loans | 41,123 | 34,079 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 1,170 | 1,224 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 313 | |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 615 | 98 |
Commercial & Industrial [Member] | Registered Investment Advisors [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 16,304 | 9,660 |
Total Loans | 16,304 | 9,660 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 3,127 | 3,533 |
Current Loans | 17,858 | 17,369 |
Total Loans | 20,985 | 20,902 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,257 | 2,228 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 114 | 1,025 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 110 | 276 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | 30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 646 | 4 |
Commercial & Industrial [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 1,216 | 494 |
Total Loans | 1,216 | 494 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 46 | |
Current Loans | 25,379 | 9,526 |
Total Loans | 25,425 | 9,526 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 46 | |
Construction & Development [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 12,233 | 3,910 |
Total Loans | 12,233 | 3,910 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 991 | 92 |
Total Loans | 991 | 92 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 46 | |
Current Loans | 7,676 | 2,957 |
Total Loans | 7,722 | 2,957 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | Health Care [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 46 | |
Construction & Development [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 687 | 215 |
Total Loans | 687 | 215 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | Registered Investment Advisors [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 75 | |
Total Loans | 75 | |
Loans 90 Days or More Past Due & Still Accruing | 0 | |
Construction & Development [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 3,038 | 2,207 |
Total Loans | 3,038 | 2,207 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 679 | 145 |
Total Loans | 679 | 145 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 16,841 | 16,805 |
Current Loans | 109,611 | 94,815 |
Total Loans | 126,452 | 111,620 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 6,959 | 6,914 |
Owner Occupied Commercial Real Estate [Member] | Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 4,438 | 2,464 |
Owner Occupied Commercial Real Estate [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 5,279 | 5,246 |
Owner Occupied Commercial Real Estate [Member] | 30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 165 | 2,181 |
Owner Occupied Commercial Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 125 | 259 |
Total Loans | 125 | 259 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 1,479 | 1,721 |
Current Loans | 18,096 | 17,158 |
Total Loans | 19,575 | 18,879 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 1,721 | |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 1,479 | |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,308 | 2,457 |
Current Loans | 31,034 | 23,716 |
Total Loans | 33,342 | 26,173 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,308 | 2,082 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 145 | |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | 30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 230 | |
Owner Occupied Commercial Real Estate [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 5,752 | 4,750 |
Total Loans | 5,752 | 4,750 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Registered Investment Advisors [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 2,981 | 2,161 |
Total Loans | 2,981 | 2,161 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 13,054 | 12,352 |
Current Loans | 48,038 | 45,582 |
Total Loans | 61,092 | 57,934 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 4,651 | 2,836 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Less Than 30 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 2,959 | 2,464 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | 30-89 Days Past Due & Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 5,279 | 5,101 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | 30-89 Days Past Due & Not Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 165 | 1,951 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 275 | |
Current Loans | 3,585 | 1,189 |
Total Loans | 3,585 | 1,464 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing and Past Due Loans | 275 | |
Commercial Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 9,354 | 1,248 |
Total Loans | 9,354 | 1,248 |
Loans 90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Land [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 9,354 | 1,248 |
Total Loans | 9,354 | 1,248 |
Loans 90 Days or More Past Due & Still Accruing | $ 0 | $ 0 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses - Summary of Age Analysis of Past Due Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 259,283 | $ 203,451 |
Total Loans Past Due | 24,710 | 25,371 |
Current Loans | 234,573 | 178,080 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 12,707 | 12,786 |
Loans Insured or Guaranteed by US Government Authorities [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 21,800 | 21,300 |
Current Loans | 7,600 | 6,100 |
Loans Insured or Guaranteed by US Government Authorities [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 11,100 | 11,700 |
Loans Insured or Guaranteed by US Government Authorities [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | $ 3,100 | $ 3,500 |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses - Schedule of Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | $ 18,383 | $ 18,692 |
Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 15,821 | 15,555 |
Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 2,562 | 3,137 |
Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 6,821 | 7,133 |
Commercial & Industrial [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 6,459 | 6,620 |
Commercial & Industrial [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 362 | 513 |
Commercial & Industrial [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 2,321 | 2,652 |
Commercial & Industrial [Member] | Health Care [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 2,136 | 2,368 |
Commercial & Industrial [Member] | Health Care [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 185 | 284 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 1,483 | 1,224 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 1,344 | 1,139 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 139 | 85 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 3,017 | 3,257 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 2,979 | 3,113 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 38 | 144 |
Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 11,562 | 11,559 |
Owner Occupied Commercial Real Estate [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 9,362 | 8,935 |
Owner Occupied Commercial Real Estate [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 2,200 | 2,624 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 2,308 | 2,312 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 1,990 | 1,919 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 318 | 393 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 7,775 | 7,251 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 6,063 | 5,236 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 1,712 | 2,015 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 1,479 | 1,721 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 1,309 | 1,505 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | $ 170 | 216 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | 275 | |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | Small Business Administration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans balance | $ 275 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | $ 5,183 | $ 3,568 | $ 4,407 | [1] | $ 2,723 |
Allowance for Loan Losses, Charge offs | (287) | (521) | (766) | (648) | |
Allowance for Loan Losses, Recoveries | 45 | 18 | 173 | 91 | |
Allowance for Loan Losses, Provision | 1,212 | 512 | 2,339 | 1,411 | |
Allowance for Loan Losses, Ending Balance | 6,153 | 3,577 | 6,153 | 3,577 | |
Construction & Development [Member] | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 844 | 300 | 586 | 350 | |
Allowance for Loan Losses, Provision | 336 | 159 | 594 | 109 | |
Allowance for Loan Losses, Ending Balance | 1,180 | 459 | 1,180 | 459 | |
Owner Occupied Commercial Real Estate [Member] | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 2,346 | 1,931 | 2,291 | 1,511 | |
Allowance for Loan Losses, Charge offs | (7) | (227) | (128) | (346) | |
Allowance for Loan Losses, Recoveries | 12 | 5 | 100 | 72 | |
Allowance for Loan Losses, Provision | (260) | 316 | (172) | 788 | |
Allowance for Loan Losses, Ending Balance | 2,091 | 2,025 | 2,091 | 2,025 | |
Commercial & Industrial [Member] | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 1,653 | 1,312 | 1,369 | 862 | |
Allowance for Loan Losses, Charge offs | (280) | (294) | (638) | (302) | |
Allowance for Loan Losses, Recoveries | 33 | 13 | 73 | 19 | |
Allowance for Loan Losses, Provision | 830 | (24) | 1,432 | 428 | |
Allowance for Loan Losses, Ending Balance | 2,236 | 1,007 | 2,236 | 1,007 | |
Commercial Land [Member] | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 340 | 25 | 161 | ||
Allowance for Loan Losses, Provision | 306 | 61 | 485 | 86 | |
Allowance for Loan Losses, Ending Balance | $ 646 | $ 86 | $ 646 | $ 86 | |
[1] | Derived from audited consolidated financial statements. |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses - Schedule of Recorded Allowance for Loan Losses and Investment in Loans Related to Each Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Allowance for Loan Losses: | |||||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 1,956 | $ 1,727 | |||||
Allowance for Loan Losses, Collectively evaluated for impairment | 4,197 | 2,680 | |||||
Total allowance for loan losses | 6,153 | $ 5,183 | 4,407 | [1] | $ 3,577 | $ 3,568 | $ 2,723 |
Loans Receivable : | |||||||
Loans Receivable, Individually evaluated for impairment | 24,988 | 25,002 | |||||
Loans Receivable, Collectively evaluated for impairment | 234,295 | 178,449 | |||||
Total loans receivable | 259,283 | 203,451 | |||||
Construction & Development [Member] | |||||||
Allowance for Loan Losses: | |||||||
Allowance for Loan Losses, Collectively evaluated for impairment | 1,180 | 586 | |||||
Total allowance for loan losses | 1,180 | 844 | 586 | 459 | 300 | 350 | |
Loans Receivable : | |||||||
Loans Receivable, Collectively evaluated for impairment | 25,425 | 9,526 | |||||
Total loans receivable | 25,425 | 9,526 | |||||
Owner Occupied Commercial Real Estate [Member] | |||||||
Allowance for Loan Losses: | |||||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,032 | 1,051 | |||||
Allowance for Loan Losses, Collectively evaluated for impairment | 1,059 | 1,240 | |||||
Total allowance for loan losses | 2,091 | 2,346 | 2,291 | 2,025 | 1,931 | 1,511 | |
Loans Receivable : | |||||||
Loans Receivable, Individually evaluated for impairment | 15,164 | 15,018 | |||||
Loans Receivable, Collectively evaluated for impairment | 111,288 | 96,602 | |||||
Total loans receivable | 126,452 | 111,620 | |||||
Commercial & Industrial [Member] | |||||||
Allowance for Loan Losses: | |||||||
Allowance for Loan Losses, Individually evaluated for impairment | 924 | 676 | |||||
Allowance for Loan Losses, Collectively evaluated for impairment | 1,312 | 693 | |||||
Total allowance for loan losses | 2,236 | 1,653 | 1,369 | 1,007 | 1,312 | $ 862 | |
Loans Receivable : | |||||||
Loans Receivable, Individually evaluated for impairment | 9,824 | 9,984 | |||||
Loans Receivable, Collectively evaluated for impairment | 88,228 | 71,073 | |||||
Total loans receivable | 98,052 | 81,057 | |||||
Commercial Land [Member] | |||||||
Allowance for Loan Losses: | |||||||
Allowance for Loan Losses, Collectively evaluated for impairment | 646 | 161 | |||||
Total allowance for loan losses | 646 | $ 340 | 161 | $ 86 | $ 25 | ||
Loans Receivable : | |||||||
Loans Receivable, Collectively evaluated for impairment | 9,354 | 1,248 | |||||
Total loans receivable | $ 9,354 | $ 1,248 | |||||
[1] | Derived from audited consolidated financial statements. |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses - Schedule of Recorded Allowance for Loan Losses and Investment in Loans Related to Each Portfolio Segment (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | $ 259,283 | $ 203,451 |
Loans Receivable, Individually evaluated for impairment | 24,988 | 25,002 |
Loans Receivable, Collectively evaluated for impairment | 234,295 | 178,449 |
Loans Insured or Guaranteed by US Government Authorities [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | 21,800 | 21,300 |
Loans Receivable, Individually evaluated for impairment | 19,500 | 19,500 |
Loans Receivable, Collectively evaluated for impairment | $ 2,300 | $ 2,000 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses - Summary of Loans Individually Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | $ 24,988 | $ 25,002 |
Commercial & Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 9,824 | 9,984 |
Commercial & Industrial [Member] | Health Care [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 4,155 | 4,205 |
Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 2,279 | 2,199 |
Commercial & Industrial [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 3,390 | 3,580 |
Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 15,164 | 15,018 |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 2,498 | 2,309 |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 11,189 | 10,715 |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 1,477 | 1,720 |
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 274 | |
Small Business Administration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 19,499 | 19,299 |
Small Business Administration [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 7,948 | 8,145 |
Small Business Administration [Member] | Commercial & Industrial [Member] | Health Care [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 3,290 | 3,540 |
Small Business Administration [Member] | Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 1,679 | 1,492 |
Small Business Administration [Member] | Commercial & Industrial [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 2,979 | 3,113 |
Small Business Administration [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 11,551 | 11,154 |
Small Business Administration [Member] | Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 1,990 | 1,919 |
Small Business Administration [Member] | Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 8,252 | 7,456 |
Small Business Administration [Member] | Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 1,309 | 1,505 |
Small Business Administration [Member] | Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 274 | |
Unguaranteed Loan Exposure [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 5,489 | 5,703 |
Unguaranteed Loan Exposure [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 1,876 | 1,839 |
Unguaranteed Loan Exposure [Member] | Commercial & Industrial [Member] | Health Care [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 865 | 665 |
Unguaranteed Loan Exposure [Member] | Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 600 | 707 |
Unguaranteed Loan Exposure [Member] | Commercial & Industrial [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 411 | 467 |
Unguaranteed Loan Exposure [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 3,613 | 3,864 |
Unguaranteed Loan Exposure [Member] | Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 508 | 390 |
Unguaranteed Loan Exposure [Member] | Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | 2,937 | 3,259 |
Unguaranteed Loan Exposure [Member] | Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, Unpaid Principal Balance | $ 168 | $ 215 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses - Schedule of Evaluated Balances of Loans Classified as Impaired (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | $ 24,176 | $ 24,176 | $ 23,805 | ||
Recorded Investment, With No Recorded Allowance | 812 | 812 | 1,197 | ||
Recorded Investment, Total | 24,988 | 24,988 | 25,002 | ||
Loans, Unpaid Principal Balance | 27,322 | 27,322 | 27,620 | ||
Loans, Related Allowance Recorded | 1,956 | 1,956 | 1,727 | ||
Loans, Average Balance | 24,943 | $ 19,154 | 24,584 | $ 19,144 | |
Loans, Interest Income Recognized | 84 | 122 | 255 | 324 | |
Commercial & Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 9,595 | 9,595 | 9,747 | ||
Recorded Investment, With No Recorded Allowance | 229 | 229 | 237 | ||
Recorded Investment, Total | 9,824 | 9,824 | 9,984 | ||
Loans, Unpaid Principal Balance | 11,061 | 11,061 | 11,413 | ||
Loans, Related Allowance Recorded | 924 | 924 | 676 | ||
Loans, Average Balance | 9,645 | 6,511 | 9,394 | 6,126 | |
Loans, Interest Income Recognized | 42 | 41 | 123 | 72 | |
Commercial & Industrial [Member] | Health Care [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 4,152 | 4,152 | 4,202 | ||
Recorded Investment, With No Recorded Allowance | 3 | 3 | 3 | ||
Recorded Investment, Total | 4,155 | 4,155 | 4,205 | ||
Loans, Unpaid Principal Balance | 4,324 | 4,324 | 4,854 | ||
Loans, Related Allowance Recorded | 483 | 483 | 361 | ||
Loans, Average Balance | 3,460 | 2,783 | 3,388 | 2,051 | |
Loans, Interest Income Recognized | 24 | 72 | 1 | ||
Commercial & Industrial [Member] | Independent Pharmacies [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,091 | 2,091 | 2,005 | ||
Recorded Investment, With No Recorded Allowance | 188 | 188 | 194 | ||
Recorded Investment, Total | 2,279 | 2,279 | 2,199 | ||
Loans, Unpaid Principal Balance | 2,668 | 2,668 | 2,497 | ||
Loans, Related Allowance Recorded | 335 | 335 | 206 | ||
Loans, Average Balance | 2,395 | 818 | 2,524 | 361 | |
Loans, Interest Income Recognized | 13 | 5 | 38 | 8 | |
Commercial & Industrial [Member] | Veterinary Industry [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 3,352 | 3,352 | 3,540 | ||
Recorded Investment, With No Recorded Allowance | 38 | 38 | 40 | ||
Recorded Investment, Total | 3,390 | 3,390 | 3,580 | ||
Loans, Unpaid Principal Balance | 4,069 | 4,069 | 4,062 | ||
Loans, Related Allowance Recorded | 106 | 106 | 109 | ||
Loans, Average Balance | 3,790 | 2,910 | 3,482 | 3,714 | |
Loans, Interest Income Recognized | 5 | 36 | 13 | 63 | |
Owner Occupied Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 14,581 | 14,581 | 14,058 | ||
Recorded Investment, With No Recorded Allowance | 583 | 583 | 960 | ||
Recorded Investment, Total | 15,164 | 15,164 | 15,018 | ||
Loans, Unpaid Principal Balance | 16,261 | 16,261 | 16,207 | ||
Loans, Related Allowance Recorded | 1,032 | 1,032 | 1,051 | ||
Loans, Average Balance | 15,298 | 12,643 | 15,190 | 13,018 | |
Loans, Interest Income Recognized | 42 | 81 | 132 | 252 | |
Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,361 | 2,361 | 2,268 | ||
Recorded Investment, With No Recorded Allowance | 137 | 137 | 41 | ||
Recorded Investment, Total | 2,498 | 2,498 | 2,309 | ||
Loans, Unpaid Principal Balance | 2,606 | 2,606 | 2,413 | ||
Loans, Related Allowance Recorded | 65 | 65 | 82 | ||
Loans, Average Balance | 2,474 | 2,426 | 2,372 | 2,047 | |
Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 10,743 | 10,743 | 9,796 | ||
Recorded Investment, With No Recorded Allowance | 446 | 446 | 919 | ||
Recorded Investment, Total | 11,189 | 11,189 | 10,715 | ||
Loans, Unpaid Principal Balance | 12,042 | 12,042 | 11,571 | ||
Loans, Related Allowance Recorded | 956 | 956 | 947 | ||
Loans, Average Balance | 11,412 | 10,217 | 11,357 | 10,971 | |
Loans, Interest Income Recognized | 42 | $ 81 | 132 | $ 252 | |
Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 1,477 | 1,477 | 1,720 | ||
Recorded Investment, Total | 1,477 | 1,477 | 1,720 | ||
Loans, Unpaid Principal Balance | 1,613 | 1,613 | 1,856 | ||
Loans, Related Allowance Recorded | 11 | 11 | 20 | ||
Loans, Average Balance | $ 1,412 | $ 1,461 | |||
Owner Occupied Commercial Real Estate [Member] | Other Industries [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 274 | ||||
Recorded Investment, Total | 274 | ||||
Loans, Unpaid Principal Balance | 367 | ||||
Loans, Related Allowance Recorded | $ 2 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses - Summary of Recorded Investment in TDR Loans (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 2 | 2 | 6 | 8 |
TDR loans, Pre-modification Recorded Investment | $ 322 | $ 497 | $ 1,510 | $ 1,103 |
TDR loans, Post-modification Recorded Investment | $ 313 | $ 360 | $ 1,501 | $ 951 |
Interest Only [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 1 | 4 | 2 | |
TDR loans, Pre-modification Recorded Investment | $ 144 | $ 1,188 | $ 152 | |
TDR loans, Post-modification Recorded Investment | $ 143 | $ 1,188 | $ 151 | |
Interest Only [Member] | Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 1 | 1 | ||
TDR loans, Pre-modification Recorded Investment | $ 144 | $ 144 | ||
TDR loans, Post-modification Recorded Investment | $ 143 | $ 143 | ||
Interest Only [Member] | Commercial & Industrial [Member] | Health Care [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 3 | |||
TDR loans, Pre-modification Recorded Investment | $ 1,093 | |||
TDR loans, Post-modification Recorded Investment | $ 1,093 | |||
Interest Only [Member] | Owner Occupied Commercial Real Estate [Member] | Health Care [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 1 | |||
TDR loans, Pre-modification Recorded Investment | $ 95 | |||
TDR loans, Post-modification Recorded Investment | $ 95 | |||
Interest Only [Member] | Owner Occupied Commercial Real Estate [Member] | Veterinary Industry [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 1 | |||
TDR loans, Pre-modification Recorded Investment | $ 8 | |||
TDR loans, Post-modification Recorded Investment | $ 8 | |||
Extended Amortization [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 2 | 2 | 2 | |
TDR loans, Pre-modification Recorded Investment | $ 322 | $ 322 | $ 379 | |
TDR loans, Post-modification Recorded Investment | $ 313 | $ 313 | $ 367 | |
Extended Amortization [Member] | Commercial & Industrial [Member] | Independent Pharmacies [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 2 | 2 | 2 | |
TDR loans, Pre-modification Recorded Investment | $ 322 | $ 322 | $ 379 | |
TDR loans, Post-modification Recorded Investment | $ 313 | $ 313 | $ 367 | |
Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 1 | 4 | ||
TDR loans, Pre-modification Recorded Investment | $ 353 | $ 572 | ||
TDR loans, Post-modification Recorded Investment | $ 217 | $ 433 | ||
Payment Deferral [Member] | Commercial & Industrial [Member] | Veterinary Industry [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 3 | |||
TDR loans, Pre-modification Recorded Investment | $ 219 | |||
TDR loans, Post-modification Recorded Investment | $ 216 | |||
Payment Deferral [Member] | Owner Occupied Commercial Real Estate [Member] | Death Care Management [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of TDR Loans | SecurityLoan | 1 | 1 | ||
TDR loans, Pre-modification Recorded Investment | $ 353 | $ 353 | ||
TDR loans, Post-modification Recorded Investment | $ 217 | $ 217 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Servicing Assets at Fair Value [Line Items] | |||
Unpaid principal balances of loan serviced for others | $ 1,790 | $ 1,470 | |
Minimum [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value of servicing rights, discount rates | 9.23% | 6.45% | |
Fair value of servicing rights, prepayment rates | 4.05% | 1.89% | |
Maximum [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value of servicing rights, discount rates | 13.52% | 12.52% | |
Fair value of servicing rights, prepayment rates | 9.90% | 9.24% |
Servicing Assets - Summary of A
Servicing Assets - Summary of Activity Pertaining to Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance at beginning of period | $ 39,983 | $ 33,181 | $ 34,999 | [1] | $ 29,053 |
Additions, net | 3,613 | 2,902 | 10,322 | 7,653 | |
Changes in fair value | (3,006) | (984) | (4,731) | (1,607) | |
Balance at end of period | $ 40,590 | $ 35,099 | $ 40,590 | $ 35,099 | |
[1] | Derived from audited consolidated financial statements. |
Borrowings - Schedule of Total
Borrowings - Schedule of Total Outstanding Short and Long-Term Borrowings (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 14, 2014 | Sep. 18, 2014 | May. 12, 2014 | Apr. 30, 2011 | ||
Short term borrowings | ||||||||
Total short term borrowings | [1] | $ 6,100,000 | ||||||
Long term borrowings | ||||||||
Total long term borrowings | $ 42,079,000 | 41,849,000 | [1] | |||||
Small Business Lending Fund Program [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit | 6,800,000 | 6,800,000 | $ 6,800,000 | |||||
Promissory Note [Member] | Independence Aviation LLC [Member] | ||||||||
Long term borrowings | ||||||||
Notes payable | 5,631,000 | 5,842,000 | $ 6,000,000 | |||||
Construction Line of Credit [Member] | Tiburon Drive [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit | 24,000,000 | 16,914,000 | ||||||
Notes Payable to Banks [Member] | Revolving Credit Facility [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit | 0 | 5,000,000 | $ 5,000,000 | |||||
Notes Payable to Banks [Member] | Live Oak Banking Company [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit | 7,210,000 | |||||||
Loans Payable [Member] | Independence Aviation LLC [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit | 1,173,000 | |||||||
Secured Borrowing [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit | $ 4,475,000 | |||||||
Gls Partner Notes payable [Member] | GLS Partner [Member] | ||||||||
Long term borrowings | ||||||||
Line of credit facility, amount used for acquisition | 83,000 | |||||||
Line of Credit [Member] | ||||||||
Short term borrowings | ||||||||
Total short term borrowings | $ 6,100,000 | $ 6,100,000 | ||||||
[1] | Derived from audited consolidated financial statements. |
Borrowings - Schedule of Tota51
Borrowings - Schedule of Total Outstanding Short and Long-Term Borrowings (Parenthetical) (Detail) | Mar. 10, 2015USD ($) | Feb. 23, 2015USD ($)RelatedParty | Sep. 18, 2014USD ($)shares | Sep. 11, 2014USD ($) | Aug. 01, 2014USD ($) | May. 12, 2014USD ($) | Sep. 01, 2013USD ($) | Apr. 30, 2011USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 14, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Total short term borrowings | [1] | $ 6,100,000 | ||||||||||
Total short term borrowings | [1] | 6,100,000 | ||||||||||
Secured Borrowing [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of related parties transferred | RelatedParty | 2 | |||||||||||
Line of credit | $ 4,475,000 | |||||||||||
Exchange amount of related party transaction | $ 4,700,000 | |||||||||||
Interest rate | 4.25% | |||||||||||
Line of credit facility description | prime plus 1% | |||||||||||
Debt instrument term | 60 months | |||||||||||
Debt instrument, maturity date | Oct. 5, 2019 | |||||||||||
Fair value of pledged collateral securities | $ 4,500,000 | |||||||||||
Live Oak Banking Company [Member] | Notes Payable to Banks [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit, maximum borrowing capacity | $ 15,000,000 | |||||||||||
Line of credit | 7,210,000 | |||||||||||
Line of credit secured by common stock, percentage | 100.00% | |||||||||||
Line of credit facility, interest rate description | LIBOR plus 4.00% | |||||||||||
Debt instrument term | 36 months | |||||||||||
Debt instrument, maturity date | Aug. 1, 2017 | |||||||||||
GLS Partner [Member] | Gls Partner Notes payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit, current | $ 250,000 | |||||||||||
Debt instrument term | 24 months | |||||||||||
Line of credit facility, periodic payment | $ 10,000 | |||||||||||
Tiburon Drive [Member] | Construction Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit, maximum borrowing capacity | $ 24,000,000 | |||||||||||
Debt instrument, offered date | Sep. 11, 2016 | |||||||||||
Line of credit | $ 24,000,000 | 16,914,000 | ||||||||||
Debt instrument, fixed interest rate | 3.95% | |||||||||||
Debt instrument term | 84 months | |||||||||||
Line of credit facility, monthly principal and interest payments, beginning date | Oct. 31, 2016 | |||||||||||
Principal and accrued interest payments | $ 146,000 | |||||||||||
Debt instrument, maturity date | Sep. 11, 2021 | |||||||||||
Remaining available credit facility | $ 0 | |||||||||||
Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total short term borrowings | $ 6,100,000 | 6,100,000 | ||||||||||
Debt instrument, offered date | Sep. 18, 2015 | |||||||||||
Total short term borrowings | $ 6,100,000 | $ 6,100,000 | ||||||||||
Line of credit secured by common stock | shares | 1,900,000 | |||||||||||
Debt instrument, interest rate effective percentage | 0.16% | |||||||||||
Debt instrument term | 12 months | |||||||||||
Debt instrument, maturity date | Feb. 23, 2015 | |||||||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest accrual period | 30 days | |||||||||||
Debt instrument, basis spread | 3.50% | |||||||||||
Independence Aviation LLC [Member] | Promissory Note [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes payable | $ 6,000,000 | $ 5,631,000 | $ 5,842,000 | |||||||||
Debt instrument, fixed interest rate | 4.97% | |||||||||||
Debt instrument term | 59 months | |||||||||||
Debt instrument, periodic payments | $ 48,000 | |||||||||||
Debt instrument, maturity date | May 12, 2019 | |||||||||||
Independence Aviation LLC [Member] | Loans Payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 1,200,000 | |||||||||||
Line of credit | $ 1,173,000 | |||||||||||
Debt instrument, fixed interest rate | 4.96% | |||||||||||
Debt instrument term | 51 months | |||||||||||
Line of credit facility, periodic payment | $ 9,000 | |||||||||||
Debt instrument, maturity date | Jun. 10, 2019 | |||||||||||
Revolving Credit Facility [Member] | Notes Payable to Banks [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit, maximum borrowing capacity | $ 8,100,000 | |||||||||||
Line of credit | $ 0 | 5,000,000 | $ 5,000,000 | |||||||||
Interest rate | 3.693% | |||||||||||
Line of credit facility, interest rate description | LIBOR plus 3.50% | |||||||||||
Debt instrument term | 36 months | |||||||||||
Debt instrument, maturity date | Sep. 18, 2017 | |||||||||||
Available credit facility | $ 8,100,000 | |||||||||||
Small Business Lending Fund Program [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit | $ 6,800,000 | $ 6,800,000 | $ 6,800,000 | |||||||||
Debt instrument, interest rate effective percentage range, minimum | 1.50% | |||||||||||
Debt instrument, interest rate effective percentage range, maximum | 10.80% | |||||||||||
Debt instrument, interest rate effective percentage | 1.50% | |||||||||||
Debt instrument, maturity date | Sep. 13, 2021 | |||||||||||
Small Business Lending Fund Program [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, partial interest rate | 25.00% | |||||||||||
[1] | Derived from audited consolidated financial statements. |
Fair Value of Financial Instr52
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment at current market value | $ 51,628 | $ 49,318 | |||
Investment transferred from Level 1 to Level 2 | $ 1,900 | ||||
Mutual Fund [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment at current market value | $ 1,949 | $ 1,900 | |||
[1] | Derived from audited consolidated financial statements. |
Fair Value of Financial Instr53
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | $ 40,590 | $ 39,983 | $ 34,999 | [1] | $ 35,099 | $ 33,181 | $ 29,053 |
Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 40,590 | 34,999 | |||||
Recurring Fair Value [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 40,590 | 34,999 | |||||
Total assets at fair value | 92,218 | 84,317 | |||||
Recurring Fair Value [Member] | US Government Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 27,213 | 35,309 | |||||
Recurring Fair Value [Member] | Residential Mortgage Backed Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 22,466 | 14,009 | |||||
Recurring Fair Value [Member] | Mutual Fund [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 1,949 | ||||||
Recurring Fair Value [Member] | Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets at fair value | 51,628 | 49,318 | |||||
Recurring Fair Value [Member] | Level 2 [Member] | US Government Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 27,213 | 35,309 | |||||
Recurring Fair Value [Member] | Level 2 [Member] | Residential Mortgage Backed Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 22,466 | 14,009 | |||||
Recurring Fair Value [Member] | Level 2 [Member] | Mutual Fund [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 1,949 | ||||||
Recurring Fair Value [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 40,590 | 34,999 | |||||
Total assets at fair value | $ 40,590 | $ 34,999 | |||||
[1] | Derived from audited consolidated financial statements. |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Non-recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | $ 24,988 | $ 25,002 | |
Foreclosed assets | 48 | 371 | [1] |
Non-recurring Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 22,224 | 24,016 | |
Foreclosed assets | 48 | 371 | |
Total assets at fair value | 22,272 | 24,387 | |
Non-recurring Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 22,224 | 24,016 | |
Foreclosed assets | 48 | 371 | |
Total assets at fair value | $ 22,272 | $ 24,387 | |
[1] | Derived from audited consolidated financial statements. |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Unobservable Inputs Used in Level 3 Assets and Liabilities Measured at Fair Value on Recurring or Non-recurring Basis (Detail) - Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 22,224 | $ 24,016 |
Valuation Technique | Discounted appraisals Discounted expected cash flows | |
Unobservable Inputs | Appraisal adjustments Interest rate & repayment term | |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 10.00% | 10.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 20.00% | 20.00% |
Impaired Loans [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 5.97% | 4.88% |
Foreclosed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 48 | $ 371 |
Valuation Technique | Discounted appraisals | |
Unobservable Inputs | Appraisal adjustments | |
Foreclosed Assets [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 10.00% | 10.00% |
Foreclosed Assets [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 20.00% | 20.00% |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Financial assets | ||||||||
Cash and due from banks, Carrying Amount | $ 129,881 | $ 29,902 | [1] | $ 38,642 | $ 37,244 | |||
Cash and due from banks, Fair Value | 129,881 | 29,902 | ||||||
Certificates of deposit with other banks, Carrying Amount | 10,000 | 10,000 | [1] | |||||
Certificates of deposit with other banks, Fair Value | 9,984 | 9,861 | ||||||
Investment securities, available-for-sale | 51,628 | 49,318 | [1] | |||||
Loans held for sale, Carrying Amount | 443,871 | 295,180 | [1] | |||||
Loans held for sale, Fair Value | 458,780 | 304,504 | ||||||
Loans, net of allowance for loan losses, Carrying Amount | 253,399 | 199,529 | [1] | |||||
Loans, net of allowance for loan losses, Fair Value | 247,906 | 194,007 | ||||||
Servicing assets | 40,590 | $ 39,983 | 34,999 | [1] | $ 35,099 | $ 33,181 | $ 29,053 | |
Accrued interest receivable, Carrying Amount | 4,841 | 3,059 | ||||||
Accrued interest receivable, Fair Value | 4,841 | 3,059 | ||||||
Financial liabilities | ||||||||
Deposits, Carrying Amount | 762,628 | 522,080 | [1] | |||||
Deposits, Fair Value | 754,715 | 522,058 | ||||||
Accrued interest payable, Carrying Amount | 243 | 190 | ||||||
Accrued interest payable, Fair Value | 243 | 190 | ||||||
Short term borrowings, Carrying Amount | [1] | 6,100 | ||||||
Short term borrowings, Fair Value | 6,100 | |||||||
Long term borrowings, Carrying Amount | 42,079 | 41,849 | [1] | |||||
Long term borrowings, Fair Value | 44,987 | 44,738 | ||||||
Level 1 [Member] | ||||||||
Financial assets | ||||||||
Cash and due from banks, Fair Value | 129,881 | 29,902 | ||||||
Certificates of deposit with other banks, Fair Value | 9,984 | 9,861 | ||||||
Accrued interest receivable, Fair Value | 4,841 | 3,059 | ||||||
Financial liabilities | ||||||||
Accrued interest payable, Fair Value | 243 | 190 | ||||||
Level 2 [Member] | ||||||||
Financial assets | ||||||||
Investment securities, available-for-sale | 51,628 | 49,318 | ||||||
Financial liabilities | ||||||||
Deposits, Fair Value | 754,715 | 522,058 | ||||||
Level 3 [Member] | ||||||||
Financial assets | ||||||||
Loans held for sale, Fair Value | 458,780 | 304,504 | ||||||
Loans, net of allowance for loan losses, Fair Value | 247,906 | 194,007 | ||||||
Servicing assets | 40,590 | 34,999 | ||||||
Financial liabilities | ||||||||
Short term borrowings, Fair Value | 6,100 | |||||||
Long term borrowings, Fair Value | $ 44,987 | $ 44,738 | ||||||
[1] | Derived from audited consolidated financial statements. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Commitments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance sheet credit risk | $ 748,309 | $ 538,401 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance sheet credit risk | 747,909 | 537,951 |
Short-term Debt [Member] | Plexus Capital - Fund II Investment Commitment [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance sheet credit risk | 100 | 100 |
Short-term Debt [Member] | Plexus Capital - Fund III Investment Commitment [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance sheet credit risk | $ 300 | $ 350 |
Commitments and Contingencies58
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Commitment And Contingencies [Line Items] | |
Commitment letters expiration period | 90 days |
Maximum retained credit exposure | $ 2,000,000 |
Retained credit exposure | 2,800,000 |
Standby Letters of Credit [Member] | |
Commitment And Contingencies [Line Items] | |
Standby letters of credit | $ 0 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 20, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option based compensation expense | $ 431 | $ 33 | $ 726 | $ 112 | |
Intrinsic value of options exercised | $ 392 | 771 | |||
Risk free interest rate | 1.96% | ||||
Expected dividend yield | 1.00% | ||||
Expected volatility | 43.38% | ||||
Restricted stock expense (credit) | 67 | $ (19) | $ 83 | $ 143 | |
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected average life | 4 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected average life | 7 years | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs, stock options | 13,100 | $ 13,100 | |||
Unrecognized compensation costs period recognized | 7 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs period recognized | 3 years 9 months | ||||
Unrecognized compensation costs | $ 959 | $ 959 | |||
2015 Omnibus Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of common voting shares authorized | 4,300,000 | ||||
Expiration date | Mar. 20, 2025 | ||||
Options or restricted shares of expiration period | 10 years | ||||
Percentage of fair market value of common stock | 100.00% | ||||
Option vesting period | 3 years |
Stock Plans - Summary of Stock
Stock Plans - Summary of Stock Option Activity (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,737,570 | 225,000 |
Shares, Exercised | 47,570 | 191,660 |
Shares, Forfeited | 192,671 | 170,590 |
Shares, Granted | 1,829,748 | 1,874,820 |
Shares, Outstanding, Ending balance | 3,327,077 | 1,737,570 |
Shares, Exercisable | 158,950 | 22,227 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 5.51 | $ 1.01 |
Weighted Average Exercise Price, Exercised | 4.52 | 0.92 |
Weighted Average Exercise Price, Forfeited | 8.38 | 4.40 |
Weighted Average Exercise Price, Granted | 15.52 | 5.48 |
Weighted Average Exercise Price, Outstanding, Ending balance | 10.86 | 5.51 |
Weighted Average Exercise Price, Exercisable | $ 4.65 | $ 1.52 |
Weighted Average Remaining Contractual Term, Outstanding | 9 years 1 month 28 days | 9 years 6 months 15 days |
Weighted Average Remaining Contractual Term, Exercisable | 8 years 18 days | 7 years 15 days |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 29,197,309 | $ 8,902,969 |
Aggregate Intrinsic Value, Exercisable | $ 2,382,744 | $ 202,486 |
Stock Plans - Summary of Non-ve
Stock Plans - Summary of Non-vested Stock Option Activity (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares, Non-vested, Beginning balance | 1,704,230 | 91,754 |
Shares, Granted | 1,829,748 | 1,874,820 |
Shares, Vested | 173,180 | 80,641 |
Shares, Forfeited | 192,671 | 170,590 |
Shares, Non-vested, Ending balance | 3,168,127 | 1,715,343 |
Weighted Average Grant Date Fair Value, Non-vested, Beginning balance | $ 1.18 | $ 0.44 |
Weighted Average Grant Date Fair Value, Granted | 6.79 | 1.13 |
Weighted Average Grant Date Fair Value, Vested | 0.97 | 0.44 |
Weighted Average Grant Date Fair Value, Forfeited | 2.63 | 0.58 |
Weighted Average Grant Date Fair Value, Non-vested, Ending balance | $ 4.35 | $ 1.18 |
Stock Plans - Summary of Restri
Stock Plans - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Granted | shares | 65,122 |
Shares, Vested | shares | 0 |
Shares, Exercised | shares | 0 |
Shares, Forfeited | shares | 607 |
Shares, Non-vested | shares | 64,515 |
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance | $ 0 |
Weighted Average Grant Date Fair Value, Granted | 16.10 |
Weighted Average Grant Date Fair Value, Vested | 0 |
Weighted Average Grant Date Fair Value, Exercised | 0 |
Weighted Average Grant Date Fair Value, Forfeited | 10.63 |
Weighted Average Grant Date Fair Value, Non-vested | $ 16.15 |