Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 04, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Live Oak Bancshares, Inc. | |
Entity Central Index Key | 1,462,120 | |
Trading Symbol | LOB | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Voting Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,233,241 | |
Entity Nonvoting Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,643,530 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | [1] |
Assets | |||
Cash and due from banks | $ 260,907 | $ 238,008 | |
Certificates of deposit with other banks | 3,250 | 7,250 | |
Investment securities available-for-sale | 76,575 | 71,056 | |
Loans held for sale | 692,586 | 394,278 | |
Loans and leases held for investment | 1,169,887 | 907,566 | |
Allowance for loan and lease losses | (21,027) | (18,209) | |
Net loans and leases | 1,148,860 | 889,357 | |
Premises and equipment, net | 129,233 | 64,661 | |
Foreclosed assets | 2,231 | 1,648 | |
Servicing assets | 53,392 | 51,994 | |
Other assets | 65,155 | 37,009 | |
Total assets | 2,432,189 | 1,755,261 | |
Deposits: | |||
Noninterest-bearing | 55,260 | 27,990 | |
Interest-bearing | 1,957,631 | 1,457,086 | |
Total deposits | 2,012,891 | 1,485,076 | |
Long term borrowings | 26,872 | 27,843 | |
Other liabilities | 27,835 | 19,495 | |
Total liabilities | 2,067,598 | 1,532,414 | |
Shareholders’ equity | |||
Retained earnings | 49,707 | 23,518 | |
Accumulated other comprehensive loss | (620) | (652) | |
Total equity | 364,591 | 222,847 | |
Total liabilities and shareholders’ equity | 2,432,189 | 1,755,261 | |
Preferred Stock Undefined | |||
Shareholders’ equity | |||
Preferred stock, no par value, 1,000,000 authorized, none issued or outstanding at September 30, 2017 and December 31, 2016 | 0 | 0 | |
Class A Common Stock | |||
Shareholders’ equity | |||
Common stock | 266,336 | 149,966 | |
Class B Common Stock | |||
Shareholders’ equity | |||
Common stock | $ 49,168 | $ 50,015 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2017 | Dec. 31, 2016 | [1] |
Preferred Stock Undefined | |||
Preferred stock authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock issued (in shares) | 0 | 0 | |
Preferred stock outstanding (in shares) | 0 | 0 | |
Class A Common Stock | |||
Common stock authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock issued (in shares) | 35,218,617 | 29,530,072 | |
Common stock outstanding (in shares) | 35,218,617 | 29,530,072 | |
Class B Common Stock | |||
Common stock authorized (in shares) | 10,000,000 | 10,000,000 | |
Common stock issued (in shares) | 4,643,530 | 4,723,530 | |
Common stock outstanding (in shares) | 4,643,530 | 4,723,530 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income | ||||
Loans and fees on loans | $ 26,977 | $ 14,961 | $ 70,290 | $ 38,868 |
Investment securities, taxable | 325 | 337 | 964 | 840 |
Other interest earning assets | 870 | 264 | 1,682 | 650 |
Total interest income | 28,172 | 15,562 | 72,936 | 40,358 |
Interest expense | ||||
Deposits | 6,758 | 3,689 | 16,893 | 9,376 |
Borrowings | 389 | 242 | 985 | 725 |
Total interest expense | 7,147 | 3,931 | 17,878 | 10,101 |
Net interest income | 21,025 | 11,631 | 55,058 | 30,257 |
Provision for loan and lease losses | 2,426 | 3,806 | 5,481 | 8,692 |
Net interest income after provision for loan and lease losses | 18,599 | 7,825 | 49,577 | 21,565 |
Noninterest income | ||||
Loan servicing revenue | 6,490 | 5,860 | 18,587 | 15,725 |
Loan servicing asset revaluation | (3,691) | (3,421) | (6,864) | (5,051) |
Net gains on sales of loans | 18,148 | 21,833 | 55,276 | 52,813 |
Gain on sale of investment securities available-for-sale | 0 | 1 | 0 | 1 |
Construction supervision fee income | 362 | 502 | 1,077 | 1,799 |
Title insurance income | 1,968 | 0 | 5,803 | 0 |
Other noninterest income | 1,783 | 657 | 3,601 | 1,925 |
Total noninterest income | 25,060 | 25,432 | 77,480 | 67,212 |
Noninterest expense | ||||
Salaries and employee benefits | 19,037 | 17,471 | 55,687 | 45,875 |
Travel expense | 2,289 | 2,218 | 6,035 | 6,394 |
Professional services expense | 1,068 | 907 | 4,228 | 2,345 |
Advertising and marketing expense | 1,516 | 1,097 | 4,977 | 3,425 |
Occupancy expense | 1,473 | 1,058 | 4,018 | 3,306 |
Data processing expense | 1,982 | 1,252 | 5,536 | 3,864 |
Equipment expense | 2,228 | 611 | 5,005 | 1,696 |
Other loan origination and maintenance expense | 1,601 | 806 | 3,587 | 2,001 |
FDIC insurance | 858 | 210 | 2,308 | 507 |
Title insurance closing services expense | 687 | 0 | 1,877 | 0 |
Other expense | 3,117 | 1,588 | 8,883 | 4,648 |
Total noninterest expense | 35,856 | 27,218 | 102,141 | 74,061 |
Income before taxes | 7,803 | 6,039 | 24,916 | 14,716 |
Income tax (benefit) expense | (5,059) | 2,561 | (3,853) | 6,432 |
Net income | 12,862 | 3,478 | 28,769 | 8,284 |
Net loss attributable to noncontrolling interest | 0 | 1 | 0 | 9 |
Net income attributable to Live Oak Bancshares, Inc. | $ 12,862 | $ 3,479 | $ 28,769 | $ 8,293 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.10 | $ 0.81 | $ 0.24 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.10 | $ 0.78 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,862 | $ 3,478 | $ 28,769 | $ 8,284 |
Other comprehensive income before tax: | ||||
Net unrealized (loss) gain on investment securities arising during the period | (168) | (115) | 52 | 525 |
Reclassification adjustment for (gain) loss on sale of securities available-for-sale included in net income | 0 | (1) | 0 | (1) |
Other comprehensive income before tax | (168) | (116) | 52 | 524 |
Income tax benefit (expense) | 65 | 45 | (20) | (202) |
Other comprehensive (loss) income, net of tax | (103) | (71) | 32 | 322 |
Total comprehensive income | $ 12,759 | $ 3,407 | $ 28,801 | $ 8,606 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock | Common stockClass A Common Stock | Common stockClass B Common Stock | Retained earnings | Accumulated other comprehensive income (loss) | Non- controlling interest | |
Beginning balance (in shares) at Dec. 31, 2015 | 29,449,369 | 4,723,530 | ||||||
Beginning balance at Dec. 31, 2015 | $ 199,488 | $ 187,507 | $ 12,140 | $ (192) | $ 33 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 8,284 | 8,293 | (9) | |||||
Other comprehensive income | 322 | 322 | ||||||
Issuance of restricted stock (in shares) | 16,745 | |||||||
Issuance of restricted stock | $ 0 | |||||||
Stock option exercises (in shares) | 25,406 | 25,406 | ||||||
Stock option exercises | $ 147 | 147 | ||||||
Stock option based compensation expense | 1,752 | 1,752 | ||||||
Restricted stock expense | 5,893 | 5,893 | ||||||
Acquisition of non-controlling interest | (24) | (24) | ||||||
Dividends (distributions to shareholders) | (1,710) | (1,710) | ||||||
Ending balance (in shares) at Sep. 30, 2016 | 29,491,520 | 4,723,530 | ||||||
Ending balance at Sep. 30, 2016 | 214,152 | 195,299 | 18,723 | 130 | 0 | |||
Beginning balance (in shares) at Dec. 31, 2016 | 29,530,072 | 4,723,530 | ||||||
Beginning balance at Dec. 31, 2016 | 222,847 | [1] | 199,981 | 23,518 | (652) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 28,769 | 28,769 | ||||||
Other comprehensive income | 32 | 32 | ||||||
Issuance of restricted stock (in shares) | 306,902 | |||||||
Issuance of restricted stock | 0 | |||||||
Withholding cash issued in lieu of restricted stock issuance | (4,891) | (4,891) | ||||||
Employee stock purchase program (in shares) | 22,634 | |||||||
Employee stock purchase program | $ 445 | 445 | ||||||
Stock option exercises (in shares) | 76,285 | 76,285 | ||||||
Stock option exercises | $ 602 | 602 | ||||||
Stock option based compensation expense | 1,496 | 1,496 | ||||||
Restricted stock expense | 4,210 | 4,210 | ||||||
Stock issued in acquisition of Reltco, Inc. (in shares) | 27,724 | |||||||
Stock issued in acquisition of Reltco, Inc. | 565 | 565 | ||||||
Non-voting common stock converted to voting common stock in private sale (in shares) | 80,000 | (80,000) | ||||||
Issuance of common stock in connection with secondary offering, net of issue costs (in shares) | 5,175,000 | |||||||
Issuance of common stock in connection with secondary offering, net of issue costs | 113,096 | 113,096 | ||||||
Dividends (distributions to shareholders) | (2,580) | (2,580) | ||||||
Ending balance (in shares) at Sep. 30, 2017 | 35,218,617 | 4,643,530 | ||||||
Ending balance at Sep. 30, 2017 | $ 364,591 | $ 315,504 | $ 49,707 | $ (620) | $ 0 | |||
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Cash flows from operating activities | |||
Net income | $ 28,769 | $ 8,284 | |
Adjustments to reconcile net income to net cash used by operating activities: | |||
Depreciation and amortization | 7,020 | 3,201 | |
Provision for loan and lease losses | 5,481 | 8,692 | |
Amortization of premium on securities, net of accretion | 355 | 135 | |
Amortization of discount on unguaranteed loans, net | 1,263 | 773 | |
Deferred tax expense (benefit) | 413 | (510) | |
Originations of loans held for sale | (884,741) | (701,415) | |
Proceeds from sales of loans held for sale | 648,300 | 555,192 | |
Net gains on sale of loans held for sale | (55,276) | (52,813) | |
Net loss on sale of foreclosed assets | 30 | 61 | |
Net increase in servicing assets | (1,398) | (5,499) | |
Gain on sale of securities available-for-sale | 0 | (1) | |
Net loss on disposal of premises and equipment | 213 | 0 | |
Stock option based compensation expense | 1,496 | 1,752 | |
Restricted stock expense | 4,210 | 5,893 | |
Stock based compensation expense excess tax benefits | 1,073 | 0 | |
Business combination contingent consideration fair value adjustment | 350 | 0 | |
Changes in assets and liabilities: | |||
Other assets | (17,661) | (858) | |
Other liabilities | 3,875 | 2,652 | |
Net cash used by operating activities | (256,228) | (174,461) | |
Cash flows from investing activities | |||
Purchases of securities available-for-sale | (13,009) | (24,946) | |
Proceeds from sales, maturities, calls, and principal paydowns of securities available-for-sale | 7,187 | 8,764 | |
Proceeds from sale/collection of foreclosed assets | 50 | 680 | |
Business combination, net of cash acquired | (7,696) | 0 | |
Maturities of certificates of deposit with other banks | 4,000 | 2,750 | |
Loan and lease originations and principal collections, net | (273,501) | (154,738) | |
Purchases of premises and equipment, net | (71,420) | (1,194) | |
Net cash used in investing activities | (354,389) | (168,684) | |
Cash flows from financing activities | |||
Net increase in deposits | 527,815 | 598,229 | |
Proceeds from long term borrowings | 16,900 | 0 | |
Repayment of long term borrowings | (25,971) | (301) | |
Proceeds from short term borrowings | 23,100 | 0 | |
Repayment of short term borrowings | (15,000) | 0 | |
Stock option exercises | 602 | 147 | |
Employee stock purchase program | 445 | 0 | |
Withholding cash issued in lieu of restricted stock | (4,891) | 0 | |
Sale of common stock, net of issuance costs | 113,096 | 0 | |
Shareholder dividend distributions | (2,580) | (2,052) | |
Net cash provided by financing activities | 633,516 | 596,023 | |
Net increase in cash and cash equivalents | 22,899 | 252,878 | |
Cash and cash equivalents, beginning | 238,008 | [1] | 102,607 |
Cash and cash equivalents, ending | 260,907 | 355,485 | |
Supplemental disclosure of cash flow information | |||
Interest paid | 17,927 | 10,120 | |
Income tax | 7,094 | 5,739 | |
Supplemental disclosures of noncash operating, investing, and financing activities | |||
Unrealized holding gains on available-for-sale securities, net of taxes | 32 | 322 | |
Transfers from loans to foreclosed real estate and other repossessions | 663 | 406 | |
Transfers from foreclosed real estate to SBA receivable | 0 | 96 | |
Transfer of loans held for sale to loans held for investment | 5,713 | 339,322 | |
Transfer of loans held for investment to loans held for sale | 18,990 | 2,296 | |
Contingent consideration in acquisition of controlling interest in equity method investment | 0 | 24 | |
Transfers from short term borrowings to long term borrowings | 8,100 | 0 | |
Business combination: | |||
Assets acquired (excluding goodwill) | 5,766 | 0 | |
Liabilities assumed | 4,681 | 0 | |
Purchase price | 8,363 | 0 | |
Goodwill recorded | $ 7,278 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 organized and incorporated under the laws of the State of North Carolina on February 25, 2008 and commenced operations on May 12, 2008. The Bank specializes in providing lending services to small businesses nationwide in targeted industries, which we refer to as verticals. 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) Loan Program and to a lesser extent by the U.S. Department of Agriculture ("USDA") Rural Energy for America Program ("REAP") and Business & Industry ("B&I") loan programs. On July 28, 2015 the Company completed its initial public offering with a secondary offering completed in August of 2017. In 2010, the Bank formed Live Oak Number One, Inc., a wholly-owned subsidiary, to hold properties foreclosed on by the Bank. In addition to the Bank, the Company owns 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 adviser 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 and first quarter of 2016 increased the Company’s ownership to 92.9% . On September 1, 2016, the Company acquired the remaining 7.1% ownership from a third party investor in exchange for contingent consideration estimated to total $ 24 thousand . In August 2016, the Company formed Live Oak Ventures, Inc. for the purpose of investing in businesses that align with the Company's strategic initiative to be a leader in financial technology. In November 2016, the Company formed Live Oak Clean Energy Financing LLC for the purpose of providing financing to entities for renewable energy applications. On February 1, 2017, the Company completed its acquisition of Reltco Inc. and National Assurance Title, Inc. (collectively referred to as "Reltco"), two nationwide title agencies under common control based in Tampa, Florida. See Note 4. Business Combination for a further discussion of this transaction. The Company earns revenue primarily from the sale of SBA and USDA-guaranteed loans and net interest income. Income from the sale of loans is comprised of net gains on the sale of loans, revenues on the servicing of sold loans and valuation of loan servicing rights. Offsetting these revenues are the cost of funding sources, provision for loan and lease 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, 2017 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2017 . The consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 , filed with the Securities Exchange Commission on March 9, 2017 (SEC File No. 001-37497) (the "2016 Annual Report"). 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 2016 Annual Report. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes in the Company's 2016 Annual Report. 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 or where otherwise indicated. 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. Equipment Leasing The Company purchases new equipment for the purpose of leasing such equipment to customers within its verticals. Equipment purchased to fulfill commitments to commercial renewable energy projects is rented out under operating leases while leases of equipment outside of the renewable energy vertical are generally direct financing leases. Accordingly, leased assets under operating leases are included in premises and equipment while leased assets under direct financing leases are included in loans and leases held for investment. Direct Financing Leases Interest income on direct financing leases is recognized when earned. Unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. The term of each lease is generally 4 - 6 years which is consistent with the useful life of the equipment with no residual value. As of September 30, 2017 the Company had net investments in direct financing lease receivables of $ 1.1 million . Operating Leases The term of each operating lease is generally 10 years. The Company retains ownership of the equipment and associated tax benefits such as investment tax credits and accelerated depreciation. At the end of the lease term, the lessee has the option to renew the lease for two additional terms or purchase the equipment at the then current fair market value. Rental revenue from operating leases is recognized over a straight-line basis over the term of the lease. Rental equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful life. The useful lives and residual values are generally 15 years and 30% , respectively; however, they are subject to periodic evaluation. Changes in useful lives or residual values will impact depreciation expense and any gain or loss from the sale of used equipment. The estimated useful lives and residual values of the Company's leasing equipment are based on industry disposal experience and the Company's expectations for future sale prices. If the Company decides to sell or otherwise dispose of rental equipment, it is carried at the lower of cost or fair value less costs to sell or dispose. Repair and maintenance costs that do not extend the lives of the rental equipment are charged to direct operating expenses at the time the costs are incurred. As of September 30, 2017 the Company had a net investment of $ 47.5 million in assets included in premises and equipment that are subject to operating leases. A maturity analysis of future minimum lease payments under non-cancelable operating leases is as follows: As of September 30, 2017 Amount 2017 $ 463 2018 3,204 2019 3,214 2020 3,233 2021 3,254 Thereafter 19,625 Total $ 32,993 Impairment of Long-Lived Assets The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the excess of carrying value over the estimated fair value of the asset. There have been no impairments of long-lived assets. Change in Accounting Estimate During 2017, the Company assessed its estimate of the useful lives of the Company’s aircraft transportation. The Company revised its original useful life estimate of 20 years and currently estimates that its aircraft transportation will have a useful life of 10 years. The effects of reflecting this change in accounting estimate on the 2017 consolidated financial statements are as follows: Three months ended Nine months ended Decrease in: Net income $ 202 $ 692 Basic EPS $ 0.01 $ 0.02 Diluted EPS $ 0.01 $ 0.02 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, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). This standard is intended to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The Company's revenue is comprised of loan servicing revenue, net gains on sales of loans and net interest income on financial assets and financial liabilities, all of which are explicitly excluded from the scope of ASU 2014-09, and non-interest income. The Company's revenue streams included in non-interest income that are within the scope of the guidance are primarily related to sales of foreclosed assets, construction supervision fees, title insurance income and trust fiduciary fees. The Company does not expect the adoption of ASU 2014-09 to have a material effect on the consolidated financial statements. The Company expects to adopt the standard in the first quarter of 2018 with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for the Company on January 1, 2019. The impact of this standard will depend on the Company's lease portfolio at the time of the adoption and the Company is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment transactions for items including income tax consequences, classification of awards as equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 was effective and adopted by the Company on January 1, 2017. Starting in the first quarter of 2017, stock-based compensation excess tax benefits or deficiencies are reflected in the Consolidated Statements of Income as a component of the income tax expense, where as they previously were recognized in equity. Additionally, the Consolidated Statements of Cash Flows now present excess tax benefits as an operating activity while any cash paid in lieu of shares for tax-withholding being classified as a financing activity. There were no excess tax benefits in the prior period presented for reclassification. Finally, the Company will continue to incorporate actual forfeitures as they occur in the accrual of compensation expense. As a result of the adoption of ASU 2016-09, the Consolidated Statement of Cash Flows for the nine months ended September 30, 2017 was adjusted as follows: a $1.1 million increase to net cash provided by operating activities and a $4.8 million increase to net cash used in financing activities. The adoption of ASU 2016-09 further resulted in a $ 0.03 increase in basic and diluted EPS for the nine months ended September 30, 2017 . See Note 9 for information regarding the additional impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This new guidance replaces the incurred loss impairment methodology in current standards with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on the financial statements. In that regard, a cross-functional working group has been formed, under the direction of the Company's Chief Financial Officer and Chief Credit Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. The Company is currently developing an implementation plan to include assessment of processes, portfolio segmentation, model development, system requirements and the identification of data and resource needs, among other things. The Company is also currently evaluating selected third-party vendor solutions to assist in the application of the ASU 2016-13. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, the impact of adoption is expected to be significantly influenced by the composition, characteristics and quality of loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) - Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 clarifies the definition and provides a more robust framework to use in determining when a set of assets and activities constitutes a business. ASU 2017-01 is intended to provide guidance when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Company on January 1, 2018. The Company does not expect this amendment to have a material effect on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 removes Step 2 from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company on January 1, 2020, with early adoption permitted for interim or annual impairment tests performed after January 1, 2017. ASU 2017-04 is not expected to have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) - Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 clarifies the scope of Subtopic 610-20 and adds guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. The amendments conform the derecognition guidance on nonfinancial assets with the model for transactions in the new revenue standard. ASU 2017-05 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award should be accounted for as a modification. This guidance indicates modification accounting is required when the fair value, vesting conditions, or classification of the award changes. ASU 2017-09 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 will be effective for the Company on January 1, 2019 and is not expected to have a significant impact on its consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 2017 2016 2017 2016 Basic earnings per share: Net income available to common shareholders $ 12,862 $ 3,479 $ 28,769 $ 8,293 Weighted-average basic shares outstanding 37,366,041 34,206,943 35,485,371 34,191,014 Basic earnings per share $ 0.34 $ 0.10 $ 0.81 $ 0.24 Diluted earnings per share: Net income available to common shareholders, for diluted earnings per share $ 12,862 $ 3,479 $ 28,769 $ 8,293 Total weighted-average basic shares outstanding 37,366,041 34,206,943 35,485,371 34,191,014 Add effect of dilutive stock options and restricted stock grants 1,278,636 794,874 1,244,683 812,408 Total weighted-average diluted shares outstanding 38,644,677 35,001,817 36,730,054 35,003,422 Diluted earnings per share $ 0.33 $ 0.10 $ 0.78 $ 0.24 Anti-dilutive shares 243,199 1,778,995 250,698 1,778,995 |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination On February 1, 2017, the Company completed its acquisition of Reltco Inc. and National Assurance Title, Inc. (collectively referred to as "Reltco"), two nationwide title agencies under common control based in Tampa, Florida. The acquisition continues the Company's growth strategy, including vertically integrating with complementary services to deliver a high-quality customer experience with speed. On the acquisition date, the fair value of Reltco included $ 5.8 million in assets and $ 4.7 million in liabilities. The total acquisition gross consideration at the time of the transaction, including earn-out contingent consideration was approximately $ 15.8 million . The acquisition was valued at $ 12.7 million after consideration of the applicable fair value adjustments to the earn-out, resulting in the Company paying $ 7.8 million in cash and issuing 27,724 shares of its common stock at closing in addition to an earn-out of up to 184,012 shares of its stock and $ 3.8 million in cash, in exchange for all of the outstanding shares of Reltco. The earn-out was recorded as a $ 4.3 million contingent liability on the acquisition date and is earned proportionally based on the ratio of the new subsidiary's actual future aggregate net income after tax divided by a target net income after tax of approximately $ 6.0 million over the four year earn-out period. Fair value measurement of the earn-out was calculated using the Monte Carlo Simulation. The Monte Carlo Simulation simulates 100,000 trials to assess the expected market price as of the earn-out measurement date at the end of each of the next four years based on the Cox, Ross & Rubinstein option pricing methodology. The Monte Carlo Simulation utilized various assumptions that include a risk free rate of return through the end of each measurement period equivalent to that of a U.S. Treasury, expected volatility of 30.00% over four years and a dividend yield of 0.40% . The merger was accounted for in accordance with the acquisition method of accounting, and the identifiable assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date separately from goodwill. The estimated fair values of assets acquired and liabilities assumed are based on the information available at the date of the acquisition. Management continues to evaluate these fair values, which are subject to revision as additional information becomes available. During the one year measurement period, contingent consideration is recorded at fair value based on the terms of the purchase agreement with subsequent quarterly changes in fair value recorded through earnings. For the nine months ended September 30, 2017 the Company recorded expense of $ 350 thousand , related to the increased fair value of contingent consideration using the Monte Carlo Simulation. There was no expense recorded for this contingent consideration during the three months ended September 30, 2017. The assumptions utilized include a risk free rate of return through the end of each measurement period equivalent to that of a U.S. Treasury, expected volatility of 30.00% over the remaining 3.25 years and a dividend yield of 0.51% . The following table summarizes the allocation of the purchase price on the date of acquisition to assets acquired and the liabilities assumed based on their estimated fair values: Fair value of assets acquired Cash $ 102 Accounts receivable 159 Intangible assets 5,505 Total assets acquired 5,766 Fair value of liabilities assumed Contingent consideration 4,300 Accounts payable and other liabilities 381 Total liabilities assumed 4,681 Net assets acquired $ 1,085 Purchase price Common shares issued 27,724 Purchase price per share of the Company’s common stock $ 20.38 Company common stock issued 565 Cash 7,798 Total purchase price 8,363 Goodwill $ 7,278 Goodwill recorded represents future revenues and efficiencies gained through the Reltco acquisition. Goodwill in this transaction is expected to be deductible for income tax purposes. Intangible assets consist of trade names of $ 1.2 million , customer relationships of $ 3.9 million , and non-compete agreements of $ 405 thousand . The trade names have indefinite lives and the customer relationships and non-compete agreements range from five to eight years. The Company recorded merger expenses of $ 766 thousand during the nine month period ended September 30, 2017 . No merger expenses were recorded during the three month period ended September 30, 2017 . The company recorded $52 thousand and $ 62 thousand in merger expenses during the three and nine months period ended September 30, 2016 . The following pro forma financial information for the quarters ended September 30, 2017 and 2016 reflects the Company's estimated consolidated pro forma results of operations as if the Reltco acquisition occurred on January 1, 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue (net interest income and noninterest income) $ 46,085 $ 40,627 $ 133,306 $ 106,960 Net income available to common stockholders 12,862 4,183 28,807 9,952 Basic earnings per share 0.34 0.12 0.81 0.29 Diluted earnings per share 0.33 0.12 0.78 0.28 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The carrying amount of investment securities and their approximate fair values are reflected in the following table: Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 US government agencies $ 17,829 $ 11 $ 35 $ 17,805 Residential mortgage-backed securities 57,685 — 936 56,749 Mutual fund 2,070 — 49 2,021 Total $ 77,584 $ 11 $ 1,020 $ 76,575 December 31, 2016 US government agencies $ 17,803 $ 52 $ 32 $ 17,823 Residential mortgage-backed securities 52,301 3 1,031 51,273 Mutual fund 2,012 — 52 1,960 Total $ 72,116 $ 55 $ 1,115 $ 71,056 There were no sales of securities during the three and nine months ended September 30, 2017 .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, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US government agencies $ 4,996 $ 16 $ 1,496 $ 19 $ 6,492 $ 35 Residential mortgage-backed securities 28,397 461 21,767 475 50,164 936 Mutual fund 2,021 49 — — 2,021 49 Total $ 35,414 $ 526 $ 23,263 $ 494 $ 58,677 $ 1,020 Less Than 12 Months 12 Months or More Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US government agencies $ 6,508 $ 32 $ — $ — $ 6,508 $ 32 Residential mortgage-backed securities 49,109 1,017 1,635 14 50,744 1,031 Mutual fund 1,960 52 — — 1,960 52 Total $ 57,577 $ 1,101 $ 1,635 $ 14 $ 59,212 $ 1,115 At September 30, 2017 , there were twelve residential mortgage-backed securities and one US government agency security in unrealized loss positions for greater than 12 months and fourteen residential mortgage-backed securities, two US government agency securities and the 504 Fund mutual fund investment in an unrealized loss position for less than 12 months. Unrealized losses at December 31, 2016 were comprised of two residential mortgage-backed securities in unrealized loss positions for greater than 12 months and three US government agency securities, twenty-two residential mortgage-backed securities and the 504 Fund mutual fund investment 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 and the Company has the intent and ability to hold the securities for a sufficient period of time to recover unrealized losses, 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, 2017 and December 31, 2016 were backed by US government sponsored enterprises (“GSEs”). The following is a summary of investment securities by maturity: September 30, 2017 Available-for-Sale Amortized cost Fair value US government agencies Within one year $ 11,302 $ 11,312 One to five years 6,527 6,492 Total 17,829 17,804 Residential mortgage-backed securities Five to ten years 7,264 7,200 After 10 years 50,421 49,550 Total 57,685 56,750 Total $ 75,514 $ 74,554 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 December 31, 2016 , an investment security with a fair market value of $ 1.5 million was pledged to secure a line of credit with the Company’s correspondent bank. At September 30, 2017 , the security pledged to secure a line of credit with the Company's correspondent bank was released. At September 30, 2017 and December 31, 2016 , an investment security with a fair market value of $ 100 thousand was pledged to the Ohio State Treasurer to allow the Company's trust department to conduct business in the state of Ohio and investment securities with a fair market value of $ 2.5 million and $ 1.2 million , respectively, were pledged to the Company's trust department for uninsured trust assets held by the trust department. |
Loans and Leases Held for Inves
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses | Loans and Leases Held for Investment and Allowance for Loan and Lease Losses Loan and Lease Portfolio Segments The following describes the risk characteristics relevant to each of the portfolio segments. Each loan and lease 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 “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. Commercial Real Estate Commercial real estate loans are extensions of credit secured by owner occupied and non-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 commercial real estate 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 loans 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 and leases consist of the following: September 30, December 31, Commercial & Industrial Agriculture $ 2,698 $ 1,714 Death Care Management 12,101 9,684 Healthcare 41,454 37,270 Independent Pharmacies 97,171 83,677 Registered Investment Advisors 91,241 68,335 Veterinary Industry 45,570 38,930 Other Industries 142,115 94,836 Total 432,350 334,446 Construction & Development Agriculture 34,636 32,372 Death Care Management 4,744 3,956 Healthcare 46,814 30,467 Independent Pharmacies 1,696 2,013 Registered Investment Advisors 329 294 Veterinary Industry 13,265 11,514 Other Industries 45,052 31,715 Total 146,536 112,331 Commercial Real Estate Agriculture 14,689 5,591 Death Care Management 61,462 52,510 Healthcare 121,331 114,281 Independent Pharmacies 18,508 15,151 Registered Investment Advisors 13,550 11,462 Veterinary Industry 110,028 102,906 Other Industries 106,418 46,245 Total 445,986 348,146 Commercial Land Agriculture 146,814 113,569 Total 146,814 113,569 Total Loans and Leases 1 1,171,686 908,492 Net Deferred Costs 8,038 7,648 Discount on SBA 7(a) and USDA Unguaranteed 2 (9,837 ) (8,574 ) Loans and Leases, Net of Unearned $ 1,169,887 $ 907,566 1 Total loans and leases include $ 40.4 million and $ 37.7 million of U.S. government guaranteed loans as of September 30, 2017 and December 31, 2016 , 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 and lease reviews to assess the performance of individual loans and leases by industry segment. An independent review of the loan and lease portfolio is performed annually by an external firm. The goal of the Bank’s annual review of select borrowers' 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 and lease. The grade is periodically evaluated and adjusted as performance dictates. Loan and lease grades 1 through 4 are passing grades and grade 5 is special mention. Collectively, grades 6 through 8 represent classified loans and leases in the Bank’s portfolio. The following guidelines govern the assignment of these risk grades: Exceptional (1 Rated): These loans and leases are of the highest quality, with strong, well-documented sources of repayment. Debt service coverage (“DSC”) is over 1.75 X 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 (2 Rated): These loans and leases are of good quality, with good, well-documented sources of repayment. DSC is over 1.25 X 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 (3 rated): These loans and leases are of acceptable quality, with acceptable sources of repayment. DSC of over 1.00 X 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 (4 rated): These loans and leases are considered very weak pass. These loans and leases 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 and leases that may be put in this category include start-up loans and leases and loans and leases with less than 1 :1 cash flow coverage with other sources of repayment. Special mention (5 rated): These loans and leases are considered as emerging problems, with potentially unsatisfactory characteristics. These loans and leases require greater management attention. A loan or lease 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 and leases 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 and leases graded Doubtful have inherent weaknesses that make collection or liquidation in full questionable. Loans and leases graded Doubtful must be placed on non-accrual status. Loss (8 rated): Loss rated loans and leases 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 1 - 4 Risk Grade 5 Risk Grades 6 - 8 Total September 30, 2017 Commercial & Industrial Agriculture $ 2,470 $ 228 $ — $ 2,698 Death Care Management 11,976 118 7 12,101 Healthcare 32,350 1,716 7,388 41,454 Independent Pharmacies 87,173 6,523 3,475 97,171 Registered Investment Advisors 87,940 2,566 735 91,241 Veterinary Industry 41,738 1,833 1,999 45,570 Other Industries 142,096 19 — 142,115 Total 405,743 13,003 13,604 432,350 Construction & Development Agriculture 34,636 — — 34,636 Death Care Management 4,744 — — 4,744 Healthcare 44,937 704 1,173 46,814 Independent Pharmacies 1,696 — — 1,696 Registered Investment Advisors 329 — — 329 Veterinary Industry 13,265 — — 13,265 Other Industries 45,052 — — 45,052 Total 144,659 704 1,173 146,536 Commercial Real Estate Agriculture 14,689 — — 14,689 Death Care Management 54,684 4,288 2,490 61,462 Healthcare 111,943 5,050 4,338 121,331 Independent Pharmacies 15,043 1,843 1,622 18,508 Registered Investment Advisors 13,406 144 — 13,550 Veterinary Industry 95,055 2,680 12,293 110,028 Other Industries 105,738 680 — 106,418 Total 410,558 14,685 20,743 445,986 Commercial Land Agriculture 144,687 2,104 23 146,814 Total 144,687 2,104 23 146,814 Total 1 $ 1,105,647 $ 30,496 $ 35,543 $ 1,171,686 Risk Grades 1 - 4 Risk Grade 5 Risk Grades 6 - 8 Total December 31, 2016 Commercial & Industrial Agriculture $ 1,656 $ 58 $ — $ 1,714 Death Care Management 9,452 121 111 9,684 Healthcare 28,723 681 7,866 37,270 Independent Pharmacies 73,948 6,542 3,187 83,677 Registered Investment Advisors 65,297 2,246 792 68,335 Veterinary Industry 34,407 1,967 2,556 38,930 Other Industries 94,736 100 — 94,836 Total 308,219 11,715 14,512 334,446 Construction & Development Agriculture 32,061 — 311 32,372 Death Care Management 3,956 — — 3,956 Healthcare 30,467 — — 30,467 Independent Pharmacies 2,013 — — 2,013 Registered Investment Advisors 294 — — 294 Veterinary Industry 9,725 1,789 — 11,514 Other Industries 31,715 — — 31,715 Total 110,231 1,789 311 112,331 Commercial Real Estate Agriculture 5,591 — — 5,591 Death Care Management 46,427 4,314 1,769 52,510 Healthcare 103,097 7,142 4,042 114,281 Independent Pharmacies 12,654 1,968 529 15,151 Registered Investment Advisors 11,462 — — 11,462 Veterinary Industry 88,168 3,995 10,743 102,906 Other Industries 46,245 — — 46,245 Total 313,644 17,419 17,083 348,146 Commercial Land Agriculture 112,333 1,138 98 113,569 Total 112,333 1,138 98 113,569 Total 1 $ 844,427 $ 32,061 $ 32,004 $ 908,492 1 Total loans and leases include $ 40.4 million of U.S. government guaranteed loans as of September 30, 2017 , segregated by risk grade as follows: Risk Grades 1 – 4 = $ 12.1 million , Risk Grade 5 = $ 3.7 million , Risk Grades 6 – 8 = $ 24.6 million . As of December 31, 2016 , total loans and leases include $ 37.7 million of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $ 8.7 million , Risk Grade 5 = $ 7.7 million , Risk Grades 6 – 8 = $ 21.3 million . Past Due Loans and Leases Loans and leases are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans and leases less than 30 days past due and accruing are included within current loans and leases shown below. The following tables show an age analysis of past due loans and leases as of the dates presented. Less Than 30 Days Past Due & Not Accruing 30-89 Days Past Due & Accruing 30-89 Days Past Due & Not Accruing Greater Than 90 Days Past Due Total Not Current Total Loans and Leases 90 September 30, 2017 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 2,698 $ 2,698 $ — Death Care Management — — — — — 12,101 12,101 — Healthcare 535 76 16 6,152 6,779 34,675 41,454 — Independent Pharmacies 331 44 — 2,274 2,649 94,522 97,171 — Registered Investment Advisors — — — — — 91,241 91,241 — Veterinary Industry 224 29 536 796 1,585 43,985 45,570 — Other Industries — — — — — 142,115 142,115 — Total 1,090 149 552 9,222 11,013 421,337 432,350 — Construction & Development Agriculture — — — — — 34,636 34,636 — Death Care Management — — — — — 4,744 4,744 — Healthcare — — — — — 46,814 46,814 — Independent Pharmacies — — — — — 1,696 1,696 — Registered Investment Advisors — — — — — 329 329 — Veterinary Industry — — — — — 13,265 13,265 — Other Industries — — — — — 45,052 45,052 — Total — — — — — 146,536 146,536 — Commercial Real Estate Agriculture — — — — — 14,689 14,689 — Death Care Management — 298 174 1,402 1,874 59,588 61,462 — Healthcare 40 — 2,679 829 3,548 117,783 121,331 — Independent Pharmacies — — — 1,622 1,622 16,886 18,508 — Registered Investment Advisors — — — — — 13,550 13,550 — Veterinary Industry 1,906 3,915 132 2,749 8,702 101,326 110,028 — Other Industries — 7,750 — — 7,750 98,668 106,418 — Total 1,946 11,963 2,985 6,602 23,496 422,490 445,986 — Commercial Land Agriculture 23 — — — 23 146,791 146,814 — Total 23 — — — 23 146,791 146,814 — Total 1 $ 3,059 $ 12,112 $ 3,537 $ 15,824 $ 34,532 $ 1,137,154 $ 1,171,686 $ — Less Than 30 Days Past Due & Not Accruing 30-89 Days Past Due & Accruing 30-89 Days Past Due & Not Accruing Greater Than 90 Days Past Due Total Not Current Total Loans and Leases 90 December 31, 2016 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 1,714 $ 1,714 $ — Death Care Management — — — — — 9,684 9,684 — Healthcare — 272 496 5,920 6,688 30,582 37,270 — Independent Pharmacies 42 293 408 2,349 3,092 80,585 83,677 — Registered Investment Advisors — — — — — 68,335 68,335 — Veterinary Industry 32 151 646 1,441 2,270 36,660 38,930 — Other Industries — — — — — 94,836 94,836 — Total 74 716 1,550 9,710 12,050 322,396 334,446 — Construction & Development Agriculture 231 80 — — 311 32,061 32,372 — Death Care Management — — — — — 3,956 3,956 — Healthcare — — — — — 30,467 30,467 — Independent Pharmacies — — — — — 2,013 2,013 — Registered Investment Advisors — — — — — 294 294 — Veterinary Industry — — — — — 11,514 11,514 — Other Industries — — — — — 31,715 31,715 — Total 231 80 — — 311 112,020 112,331 — Commercial Real Estate Agriculture — — — — — 5,591 5,591 — Death Care Management — — 188 1,423 1,611 50,899 52,510 — Healthcare — — 3,180 45 3,225 111,056 114,281 — Independent Pharmacies — — — 529 529 14,622 15,151 — Registered Investment Advisors — — — — — 11,462 11,462 — Veterinary Industry 898 3,981 737 5,158 10,774 92,132 102,906 — Other Industries — — — — — 46,245 46,245 — Total 898 3,981 4,105 7,155 16,139 332,007 348,146 — Commercial Land Agriculture 58 40 — — 98 113,471 113,569 — Total 58 40 — — 98 113,471 113,569 — Total 1 $ 1,261 $ 4,817 $ 5,655 $ 16,865 $ 28,598 $ 879,894 $ 908,492 $ — 1 Total loans and leases include $ 40.4 million of U.S. government guaranteed loans as of September 30, 2017 , of which $ 14.3 million is greater than 90 days past due, $ 5.0 million is 30-89 days past due and $ 21.1 million is included in current loans and leases as presented above. As of December 31, 2016 , total loans and leases include $ 37.7 million of U.S. government guaranteed loans, of which $ 13.7 million is greater than 90 days past due, $ 6.8 million is 30-89 days past due and $ 17.2 million is included in current loans and leases as presented above. Nonaccrual Loans and Leases Loans and leases 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 and leases had been accrued in accordance with the original terms, interest income would have increased by approximately $ 302 thousand and $ 165 thousand for the three months ended September 30, 2017 and 2016 , respectively, and for the nine months ended September 30, 2017 and 2016 interest income would have increased approximately $ 831 thousand and $ 451 thousand , respectively. All nonaccrual loans and leases are included in the held for investment portfolio. Nonaccrual loans and leases as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Loan and Lease Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 6,703 $ 5,712 $ 991 Independent Pharmacies 2,605 2,253 352 Registered Investment Advisors — — — Veterinary Industry 1,556 1,517 39 Total 10,864 9,482 1,382 Commercial Real Estate Death Care Management 1,576 1,246 330 Healthcare 3,548 2,749 799 Independent Pharmacies 1,622 1,622 — Veterinary Industry 4,787 3,999 788 Total 11,533 9,616 1,917 Commercial Land Agriculture 23 23 — Total 23 23 — Total $ 22,420 $ 19,121 $ 3,299 December 31, 2016 Loan and Lease Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 6,416 $ 5,152 $ 1,264 Independent Pharmacies 2,799 2,204 595 Veterinary Industry 2,119 2,079 40 Total 11,334 9,435 1,899 Construction & Development Agriculture 231 173 58 Total 231 173 58 Commercial Real Estate Death Care Management 1,611 1,263 348 Healthcare 3,225 2,731 494 Independent Pharmacies 529 — 529 Veterinary Industry 6,793 5,395 1,398 Total 12,158 9,389 2,769 Commercial Land Agriculture 58 — 58 Total 58 — 58 Total $ 23,781 $ 18,997 $ 4,784 Allowance for Loan and Lease Loss Methodology The methodology and the estimation process for calculating the Allowance for Loan and Lease Losses (“ALLL”) is described below: Estimated credit losses should meet the criteria for accrual of a loss contingency, i.e., a provision to the ALLL, set forth in GAAP. The Company’s methodology for determining the ALLL 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 ALLL is determined by the sum of three separate components: (i) the impaired loan and lease component, which addresses specific reserves for impaired loans and leases; (ii) the general reserve component, which addresses reserves for pools of homogeneous loans and leases; and (iii) an unallocated reserve component (if any) based on management’s judgment and experience. The loan and lease pools and impaired loans and leases are mutually exclusive; any loan or lease that is impaired is excluded from its homogenous pool for purposes of that pool’s reserve calculation, regardless of the level of impairment. The ALLL policy for pooled loans and leases is governed in accordance with banking regulatory guidance for homogenous pools of non-impaired loans and leases that have similar risk characteristics. The Company follows a consistent and structured approach for assessing the need for reserves within each individual loan and lease pool. Loans and leases 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 or lease agreement. The Company has determined that loans and leases that meet the criteria defined below must be reviewed quarterly to determine if they are impaired. • All commercial loans and leases classified substandard or worse. • Any other delinquent loan or lease that is in a nonaccrual status, or any loan or lease that is delinquent more than 89 days and still accruing interest. • Any loan or lease which has been modified such that it meets the definition of a Troubled Debt Restructuring (TDR). The Company’s policy for impaired loan and lease accounting subjects all loans and leases to impairment recognition; however, loan and lease relationships with unguaranteed credit exposure of less than $100,000 are generally not evaluated on an individual basis for impairment and instead are evaluated collectively using a methodology based on historical specific reserves on similar sized loans and leases. Any loan or lease not meeting the above criteria and determined to be impaired is subjected to an impairment analysis, which is a calculation of the probable loss on the loan or lease. This portion is the loan's or lease’s “impairment,” and is established as a specific reserve against the loan or lease, or charged against the ALLL. 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 ALLL, 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 ALLL and the individual specific reserve reduced by a corresponding amount. For impaired loans or leases, the reserve amount is calculated on a loan or lease-specific basis. The Company utilizes two methods of analyzing impaired loans and leases 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 or lease 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 table details activity in the allowance for loan and lease losses by portfolio segment allowance for the periods presented: Three months ended Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total September 30, 2017 Beginning Balance $ 1,603 $ 7,494 $ 8,351 $ 2,112 $ 19,560 Charge offs — (665 ) (343 ) — (1,008 ) Recoveries — 4 39 6 49 Provision 36 1,565 827 (2 ) 2,426 Ending Balance $ 1,639 $ 8,398 $ 8,874 $ 2,116 $ 21,027 September 30, 2016 Beginning Balance $ 1,208 $ 4,079 $ 5,601 $ 1,421 $ 12,309 Charge offs — — (939 ) — (939 ) Recoveries — 1 1 — 2 Provision 225 261 2,907 413 3,806 Ending Balance $ 1,433 $ 4,341 $ 7,570 $ 1,834 $ 15,178 Nine months ended Construction & Commercial Commercial Commercial Total September 30, 2017 Beginning Balance $ 1,693 $ 5,897 $ 8,413 $ 2,206 $ 18,209 Charge offs — (952 ) (1,754 ) (35 ) (2,741 ) Recoveries — 17 55 6 78 Provision (54 ) 3,436 2,160 (61 ) 5,481 Ending Balance $ 1,639 $ 8,398 $ 8,874 $ 2,116 $ 21,027 September 30, 2016 Beginning Balance $ 1,064 $ 2,486 $ 2,766 $ 1,099 $ 7,415 Charge offs — (7 ) (1,307 ) (63 ) (1,377 ) Recoveries — 4 444 — 448 Provision 369 1,858 5,667 798 8,692 Ending Balance $ 1,433 $ 4,341 $ 7,570 $ 1,834 $ 15,178 The following tables detail the recorded allowance for loan and lease losses and the investment in loans and leases related to each portfolio segment, disaggregated on the basis of impairment evaluation methodology: September 30, 2017 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for Loan and Lease Losses: Loans and leases individually evaluated for impairment $ 53 $ 1,610 $ 1,290 $ — $ 2,953 Loans and leases collectively evaluated for impairment 2 1,586 6,788 7,584 2,116 18,074 Total allowance for loan and lease losses $ 1,639 $ 8,398 $ 8,874 $ 2,116 $ 21,027 Loans and leases receivable 1 : Loans and leases individually evaluated for impairment $ 1,151 $ 16,231 $ 7,321 $ — $ 24,703 Loans and leases collectively evaluated for impairment 2 145,385 429,755 425,029 146,814 1,146,983 Total loans and leases receivable $ 146,536 $ 445,986 $ 432,350 $ 146,814 $ 1,171,686 December 31, 2016 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for Loan and Lease Losses: Loans and leases individually evaluated for impairment $ — $ 1,496 $ 1,458 $ — $ 2,954 Loans and leases collectively evaluated for impairment 2 1,693 4,401 6,955 2,206 15,255 Total allowance for loan and lease losses $ 1,693 $ 5,897 $ 8,413 $ 2,206 $ 18,209 Loans and leases receivable 1 : Loans and leases individually evaluated for impairment $ — $ 16,359 $ 6,884 $ — $ 23,243 Loans and leases collectively evaluated for impairment 2 112,331 331,787 327,562 113,569 885,249 Total loans and leases receivable $ 112,331 $ 348,146 $ 334,446 $ 113,569 $ 908,492 1 Loans and leases receivable includes $ 40.4 million of U.S. government guaranteed loans as of September 30, 2017 , of which $ 24.7 million are impaired. As of December 31, 2016 , loans and leases receivable includes $ 37.7 million of U.S. government guaranteed loans, of which $ 22.1 million are considered impaired. 2 Included in loans and leases collectively evaluated for impairment are impaired loans and leases with individual unguaranteed exposure of less than $100 thousand. As of September 30, 2017 , these balances totaled $ 13.4 million , of which $ 12 million are guaranteed by the U.S. government and $ 1.4 million are unguaranteed. As of December 31, 2016 , these balances totaled $ 12.3 million , of which $ 10.0 million are guaranteed by the U.S. government and $ 2.3 million are unguaranteed. The allowance for loan and lease losses associated with these loans and leases totaled $ 417 thousand and $ 438 thousand as of September 30, 2017 and December 31, 2016 , respectively. Loans and leases classified as impaired as of the dates presented are summarized in the following tables. September 30, 2017 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Death Care Management $ 8 $ — $ 8 Healthcare 7,384 5,712 1,672 Independent Pharmacies 4,282 2,514 1,768 Registered Investment Advisors 743 — 743 Veterinary Industry 2,407 1,605 802 Total 14,824 9,831 4,993 Construction & Development Healthcare 1,151 880 271 Total 1,151 880 271 Commercial Real Estate Death Care Management 2,486 1,246 1,240 Healthcare 4,334 2,999 1,335 Independent Pharmacies 1,622 1,622 — Veterinary Industry 13,700 8,051 5,649 Total 22,142 13,918 8,224 Commercial Land Agriculture 23 23 — Total 23 23 — Total $ 38,140 $ 24,652 $ 13,488 December 31, 2016 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Death Care Management $ 111 $ — $ 111 Healthcare 7,923 5,453 2,470 Independent Pharmacies 3,514 2,495 1,019 Registered Investment Advisors 796 — 796 Veterinary Industry 2,882 2,199 683 Total 15,226 10,147 5,079 Construction & Development Agriculture 300 233 67 Total 300 233 67 Commercial Real Estate Death Care Management 1,768 1,264 504 Healthcare 4,044 2,985 1,059 Independent Pharmacies 528 — 528 Veterinary Industry 13,561 7,518 6,043 Total 19,901 11,767 8,134 Commercial Land Agriculture 91 — 91 Total 91 — 91 Total $ 35,518 $ 22,147 $ 13,371 The following table presents evaluated balances of loans and leases 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 and lease fees or costs. September 30, 2017 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Death Care Management $ — $ 8 $ 8 $ 7 $ — Healthcare 6,675 709 7,384 8,034 681 Independent Pharmacies 2,622 1,660 4,282 4,697 76 Registered Investment Advisors 668 75 743 735 521 Veterinary Industry 2,033 374 2,407 2,800 173 Total 11,998 2,826 14,824 16,273 1,451 Construction & Development Healthcare 1,151 — 1,151 1,173 53 Total 1,151 — 1,151 1,173 53 Commercial Real Estate Death Care Management 1,867 619 2,486 2,625 187 Healthcare 3,759 575 4,334 4,352 261 Independent Pharmacies 1,622 — 1,622 2,163 9 Veterinary Industry 11,506 2,194 13,700 14,787 1,408 Total 18,754 3,388 22,142 23,927 1,865 Commercial Land Agriculture 23 — 23 58 — Total 23 — 23 58 — Total Impaired Loans and Leases $ 31,926 $ 6,214 $ 38,140 $ 41,431 $ 3,369 December 31, 2016 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Death Care Management $ 8 $ 103 $ 111 $ 111 $ 1 Healthcare 7,259 664 7,923 8,120 778 Independent Pharmacies 3,184 330 3,514 3,610 327 Registered Investment Advisors 796 — 796 792 514 Veterinary Industry 2,754 128 2,882 3,369 106 Total 14,001 1,225 15,226 16,002 1,726 Construction & Development Agriculture 300 — 300 311 13 Total 300 — 300 311 13 Commercial Real Estate Death Care Management 1,580 188 1,768 1,904 34 Healthcare 3,514 530 4,044 4,042 47 Independent Pharmacies 528 — 528 529 284 Veterinary Industry 11,193 2,368 13,561 14,283 1,273 Total 16,815 3,086 19,901 20,758 1,638 Commercial Land Agriculture 91 — 91 161 15 Total 91 — 91 161 15 Total Impaired Loans and Leases $ 31,207 $ 4,311 $ 35,518 $ 37,232 $ 3,392 The following table presents the average recorded investment of impaired loans and leases for each period presented and interest income recognized during the period in which the loans and leases were considered impaired. Three months ended Three months ended Average Interest Average Interest Commercial & Industrial Death Care Management $ 42 $ 1 $ 9 $ — Healthcare 7,076 11 6,345 38 Independent Pharmacies 4,266 26 1,946 18 Registered Investment Advisors 894 14 742 7 Veterinary Industry 2,511 11 2,501 13 Total 14,789 63 11,543 76 Construction & Development Healthcare 602 2 — — Total 602 2 — — Commercial Real Estate Death Care Management 2,512 13 1,801 2 Healthcare 3,079 11 1,012 12 Independent Pharmacies 1,985 — 551 2 Veterinary Industry 13,950 132 12,218 87 Total 21,526 156 15,582 103 Commercial Land Agriculture 23 — 156 — Total 23 — 156 — Total $ 36,940 $ 221 $ 27,281 $ 179 Nine months ended Nine months ended Average Interest Average Interest Commercial & Industrial Death Care Management $ 313 $ 3 $ 9 $ — Healthcare 4,996 25 5,777 60 Independent Pharmacies 7,998 52 1,927 51 Registered Investment Advisors 1,438 28 588 13 Veterinary Industry 4,329 24 2,715 29 Total 19,074 132 11,016 153 Construction & Development Healthcare 120 2 — — Total 120 2 — — Commercial Real Estate Death Care Management 2,030 30 1,811 5 Healthcare 2,940 24 1,013 27 Independent Pharmacies 149 — 551 2 Veterinary Industry 13,069 278 12,266 249 Total 18,188 332 15,641 283 Commercial Land Agriculture 199 — 355 — Total 199 — 355 — Total $ 37,581 $ 466 $ 27,012 $ 436 The following tables present the types of TDRs that were made during the three and nine months ended September 30, 2017 and 2016: Three months ended September 30, 2017 Three months ended September 30, 2016 All Restructurings All Restructurings Number of Loans Pre- Post- Number of Pre- Post- Payment Deferral and Extended Amortization Commercial & Industrial Independent Pharmacies — $ — $ — — $ — $ — Total Payment Deferral and Extended Amortization — — — — — — Payment Deferral Commercial & Industrial Healthcare — — — 1 440 440 Veterinary Industry 2 559 559 — — — Total Payment Deferral 2 559 559 1 440 440 Total 2 $ 559 $ 559 1 $ 440 $ 440 Nine months ended September 30, 2017 Nine months ended September 30, 2016 All Restructurings All Restructurings Number of Pre- Post- Number of Pre- Post- Payment Def |
Servicing Assets
Servicing Assets | 9 Months Ended |
Sep. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | Servicing Assets Loans serviced for others are not included in the accompanying balance sheet. The unpaid principal balances of loans serviced for others requiring recognition of a servicing asset were $ 2.36 billion and $ 2.22 billion at September 30, 2017 and December 31, 2016 , respectively. The following summarizes the activity pertaining to servicing rights: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Balance at beginning of period $ 53,675 $ 48,454 $ 51,994 $ 44,230 Additions, net 3,527 4,964 9,412 11,923 Fair value changes: Due to changes in valuation inputs or assumptions (789 ) (1,452 ) 342 (821 ) Decay due to increases in principal paydowns or runoff (3,021 ) (2,237 ) (8,356 ) (5,603 ) Balance at end of period $ 53,392 $ 49,729 $ 53,392 $ 49,729 The fair value of servicing rights was determined using discount rates ranging from 10.1% to 14.5% on September 30, 2017 and 8.1% to 14.1% on September 30, 2016 . The fair value of servicing rights was determined using prepayment speeds ranging from 3.1% to 10.0% on September 30, 2017 and 2.9% to 9.8% on September 30, 2016 , depending on the stratification of the specific right. Changes to fair value are reported in loan servicing asset revaluation within the consolidated statements of income. 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. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Total outstanding long term borrowings consisted of the following: September 30, December 31, Long term borrowings On September 11, 2014, the Company financed the construction of an additional building located on the Company’s Tiburon Drive main campus with a $24 million construction line of credit with an unaffiliated commercial bank, secured by both properties at its Tiburon Drive main facility location. Payments were interest only through September 11, 2016 at a fixed rate of 3.95% for a term of 84 months. Monthly principal and interest payments of $146 thousand began in October 2016 with all principal and accrued interest due on September 11, 2021. The construction line is fully disbursed and there was no remaining available credit on this construction line at September 30, 2017. $ 23,195 $ 23,864 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, 2017 is 5.25%. The maturity date is October 5, 2019. The pledged collateral is classified in other assets with a fair value of $3.7 million at September 30, 2017. Underlying loans carry a risk grade of 3 and are current with no delinquencies. 3,677 3,979 Total long term borrowings $ 26,872 $ 27,843 The Company may purchase federal funds through unsecured federal funds lines of credit with various correspondent banks, which totaled $47.5 million and $26.5 million as of September 30, 2017 and December 31, 2016 , respectively. These lines are intended for short-term borrowings and are subject to restrictions limiting the frequency and terms of advances. These lines of credit are payable on demand and bear interest based upon the daily federal funds rate. The Company had no outstanding balances on the lines of credit as of September 30, 2017 and December 31, 2016 . The Company has $25 million available in an unsecured line of credit with a correspondent bank as of September 30, 2017. The line was increased from $8.1 million to $25 million on April 18, 2017. At December 31, 2016, there was $8.1 million available on this unsecured line of credit. The term is 24 months , maturing April 30, 2019, and interest accrues at Prime minus 0.50% . Payments are interest only with all principal and accrued interest due on April 30, 2019. The terms of the loan require the Company to maintain minimum capital, liquidity and Texas ratios. There was no outstanding balance on this line of credit as of September 30, 2017 and December 31, 2016. The Company has entered into a repurchase agreement with a third party for $5 million as of September 30, 2017 and December 31, 2016 . At the time the Company enters into a transaction with the third party, the Company must transfer securities or other assets against the funds received. The terms of the agreement are set at market conditions at the time the Company enters into such transaction. The Company had no outstanding balance on the repurchase agreement as of September 30, 2017 and December 31, 2016 . The Company may borrow funds through the Federal Reserve Bank’s discount window. These borrowings are secured by a blanket floating lien on qualifying loans with a balance of $321.0 million and $281.3 million as of September 30, 2017 and December 31, 2016 , respectively. At September 30, 2017 and December 31, 2016 , the Company had approximately $175.0 million and $142.7 million , respectively, in borrowing capacity available under these arrangements with no outstanding balance as of September 30, 2017 and December 31, 2016 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate is lower than the U.S. statutory rate primarily because of the anticipated effect of investment tax credits during 2017. The Company's effective tax rate in the future will depend on the actual investment tax credits earned as a part of its financing renewable energy applications. In the first quarter of 2017, share based compensation expense excess tax benefits of $ 874 thousand were reflected in the consolidated statements of income as a component of the provision for income taxes as a result of the adoption of ASU 2016-09. Please refer to Note 2 for more details regarding the adoption of ASU 2016-09. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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 when valuation can be based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instruments are valued using quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation. 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: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, discounted cash flow or at net asset value per share. Level 2 securities would include US government agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset backed mutual fund and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Impaired loans : Impairment of a loan is based on the fair value of the collateral of the loan for collateral-dependent loans. Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation which is then adjusted for the cost related to liquidation of the collateral. For non-collateral dependent loans, impairment is determined by the present value of expected future cash flows. Impaired loans classified as Level 3 are based on management’s judgment and estimation. Servicing assets: Servicing rights do not trade in an active, open market with readily observable prices. While sales of servicing rights do occur, the precise terms and conditions typically are not readily available. Accordingly, the Company estimates the fair value of servicing rights using discounted cash flow models incorporating numerous assumptions from the perspective of a market participant including servicing income, servicing costs, market discount rates and prepayment speeds. Due to the nature of the valuation inputs, servicing rights are classified within Level 3 of the valuation hierarchy. Foreclosed assets: Foreclosed real estate is adjusted to fair value less selling costs upon transfer of the loans to foreclosed real estate. Subsequently, foreclosed real estate is carried at the lower of carrying value or fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. Given the lack of observable market prices for identical properties and market discounts applied to appraised values, the Company generally classifies foreclosed assets as nonrecurring Level 3. Contingent consideration liability: Contingent consideration associated with the acquisition of Reltco will be adjusted to fair value quarterly until settled. The assumptions used to measure fair value are based on internal metrics that are unobservable and therefore the contingent consideration liability is classified within Level 3 of the valuation hierarchy. Recurring Fair Value The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. September 30, 2017 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 17,804 $ — $ 17,804 $ — Residential mortgage-backed securities 56,750 — 56,750 — Mutual fund 2,021 — 2,021 — Servicing assets 1 53,392 — — 53,392 Total assets at fair value $ 129,967 $ — $ 76,575 $ 53,392 Contingent consideration liability 2 $ 4,650 $ — $ — $ 4,650 Total liabilities at fair value $ 4,650 $ — $ — $ 4,650 December 31, 2016 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 17,823 $ — $ 17,823 $ — Residential mortgage-backed securities 51,273 — 51,273 — Mutual fund 1,960 — 1,960 — Servicing assets 1 51,994 — — 51,994 Total assets at fair value $ 123,050 $ — $ 71,056 $ 51,994 1 See Note 7 for a rollforward of recurring Level 3 fair values for servicing assets and various assumptions used in the fair value measurement. 2 See Note 4 for activity related to the recurring Level 3 fair value for the contingent consideration liability and various assumptions used in the fair value measurement. 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, 2017 Total Level 1 Level 2 Level 3 Impaired loans and leases $ 28,557 $ — $ — $ 28,557 Foreclosed assets 2,231 — — 2,231 Total assets at fair value $ 30,788 $ — $ — $ 30,788 December 31, 2016 Total Level 1 Level 2 Level 3 Impaired loans and leases $ 27,815 $ — $ — $ 27,815 Foreclosed assets 1,648 — — 1,648 Total assets at fair value $ 29,463 $ — $ — $ 29,463 Level 3 Analysis For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2017 and December 31, 2016 the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2017 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Impaired Loans and Leases $ 28,557 Discounted appraisals Appraisal adjustments (1) Interest rate & repayment term 0% to 25% Weighted average discount rate 6.01% Foreclosed Assets $ 2,231 Discounted appraisals Appraisal adjustments (1) 10% to 35% December 31, 2016 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Impaired Loans and Leases $ 27,815 Discounted appraisals Appraisal adjustments (1) Interest rate & repayment term 0% to 25% Weighted average discount rate 5.28% Foreclosed Assets $ 1,648 Discounted appraisals Appraisal adjustments (1) 10% to 35% (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 consolidated balance sheets: Cash and due from banks : The carrying amounts reported in the balance sheet for cash and due from banks approximate their fair values. Certificates of deposit with other banks : The fair value of certificates of deposit with other banks is estimated based on discounting cash flows using the rates currently offered for instruments of similar remaining maturities. Loans held for sale: The fair values of loans held for sale are based on quoted market prices, where available, and determined by discounting estimated cash flows using interest rates approximating the Company’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Loans and leases held for investment : For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair values for other loans and leases are estimated using discounted cash flow analysis, based on interest rates currently being offered for loans and leases with similar terms to borrowers of similar credit quality. Loan and lease fair value estimates include judgments regarding future expected loss experience and risk characteristics. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values, where applicable. Accrued interest: The carrying amounts of accrued interest approximate fair value. Deposits : The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Short and long term borrowings: The fair values of the Company’s short term borrowings approximate fair value while long term borrowings are estimated using discounted cash flow analyses based on the Company’s current incremental debt rates for similar types of debt arrangements. The carrying amounts and estimated fair values of the Company’s financial instruments are as follows: September 30, 2017 Carrying Amount Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets Cash and due from banks $ 260,907 $ 260,907 $ — $ — $ 260,907 Certificates of deposit with other banks 3,250 3,251 — — 3,251 Investment securities, available-for-sale 76,575 — 76,575 — 76,575 Loans held for sale 692,586 — — 770,923 770,923 Loans and leases, net of allowance for loan and lease losses 1,148,860 — — 1,151,601 1,151,601 Servicing assets 53,392 — — 53,392 53,392 Accrued interest receivable 9,669 9,669 — — 9,669 Financial liabilities Deposits 2,012,891 — 1,996,493 — 1,996,493 Accrued interest payable 270 270 — — 270 Long term borrowings 26,872 — — 27,904 27,904 December 31, 2016 Carrying Amount Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets Cash and due from banks $ 238,008 $ 238,008 $ — $ — $ 238,008 Certificates of deposit with other banks 7,250 7,236 — — 7,236 Investment securities, available-for-sale 71,056 — 71,056 — 71,056 Loans held for sale 394,278 — — 426,220 426,220 Loans and leases, net of allowance for loan and lease losses 889,357 — — 873,158 873,158 Servicing assets 51,994 — — 51,994 51,994 Accrued interest receivable 7,520 7,520 — — 7,520 Financial liabilities Deposits 1,485,076 — 1,469,173 — 1,469,173 Accrued interest payable 319 319 — — 319 Long term borrowings 27,843 — — 29,559 29,559 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 $ 1,563,688 $ 1,342,271 Standby letters of credit 1,861 343 Solar purchase commitments 182,610 — Airplane purchase agreement commitments — 21,500 Total unfunded off-balance-sheet credit risk $ 1,748,159 $ 1,364,114 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. As of September 30, 2017 and December 31, 2016 , the Company had unfunded commitments to provide capital contributions for on-balance sheet investments in the amount of $4.4 million and $ 4.9 million , respectively. Concentrations of Credit Risk Although the Company is not subject to any geographic concentrations, a substantial amount of the Company’s loans, leases, and commitments to extend credit have been granted to customers in the agriculture, healthcare and veterinary verticals. The concentrations of credit by type of loan are set forth in Note 6 . 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 unguaranteed exposure exceeds $ 5.0 million , except for seventeen relationships that have a retained unguaranteed exposure of $ 144.6 million of which $ 90.8 million of the unguaranteed exposure has been disbursed. Additionally, the Company has future minimum lease payments due under non-cancelable operating leases totaling $33.0 million , of which $28.0 million is due from two relationships. 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, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | 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. Subsequently on May 24, 2016, the 2015 Omnibus Stock Incentive Plan was amended to authorize awards covering a maximum of 7,000,000 common voting shares and has an expiration date of March 20, 2025 . Options or restricted shares granted under the Amended and Restated 2015 Omnibus Stock Incentive Plan (the "Plan") expire no more than 10 years from the 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, 2017 and 2016 , the Company recognized $ 536 thousand and $ 580 thousand in compensation expense for stock options, respectively. For the nine months ended September 30, 2017 and 2016 , the Company recognized $ 1.4 million and $ 1.8 million in compensation expense for stock options, respectively. Stock option activity under the Plan during the nine month periods ended September 30, 2017 and 2016 is summarized below. Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2016 3,478,208 $ 11.51 Exercised 76,285 7.89 Forfeited 203,671 14.12 Granted — — Outstanding at September 30, 2017 3,198,252 $ 11.43 7.31 years $ 38,411,802 Exercisable at September 30, 2017 703,425 $ 10.41 7.06 years $ 9,171,805 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2015 3,546,992 $ 11.17 Exercised 25,406 5.79 Forfeited 166,483 9.01 Granted 169,987 14.02 Outstanding at September 30, 2016 3,525,090 $ 11.44 8.30 years $ 14,212,513 Exercisable at September 30, 2016 478,141 $ 9.22 7.84 years $ 2,887,741 The following is a summary of non-vested stock option activity for the Company for the nine months ended September 30, 2017 and 2016 . Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2016 3,016,100 $ 4.78 Granted — — Vested 317,602 4.17 Forfeited 203,671 6.03 Non-vested at September 30, 2017 2,494,827 $ 4.75 Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2015 3,393,441 $ 4.56 Granted 169,987 6.58 Vested 349,996 4.22 Forfeited 166,483 3.13 Non-vested at September 30, 2016 3,046,949 $ 4.79 The total intrinsic value of options exercised at September 30, 2017 and 2016 was $ 1.1 million and $ 223 thousand , respectively. At September 30, 2017 , unrecognized compensation costs relating to stock options amounted to $ 9.8 million which will be recognized over a weighted average period of 2.93 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. There were no stock options granted during the three and nine months ended September 30, 2017 . Restricted Stock Restricted stock awards are authorized in the form of restricted stock awards or units ("RSU"s) and restricted stock awards or units with a market price condition ("Market RSU"s). RSUs have a restriction based on the passage of time and may also have a restriction based on a non-market-related performance criteria. The fair value of the RSUs is based on the closing price on the date of the grant. Market RSUs also have a restriction based on the passage of time and non-market-related performance criteria, but also have a restriction based on market price criteria related to the Company’s share price closing at or above a specified price ranging from $34.00 to $38.00 per share for at least twenty (20) consecutive trading days at any time prior to expiration date. The amount of Market RSUs earned will not exceed 100% of the Market RSUs awarded. The fair value of the Market RSUs and the implied service period is calculated using the Monte Carlo Simulation method. RSU stock activity under the Plan during the first nine months of 2017 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2016 134,969 $ 14.96 Granted 62,721 23.85 Vested 38,205 15.40 Forfeited 7,485 13.96 Non-vested at September 30, 2017 152,000 $ 18.57 For the three months ended September 30, 2017 and 2016 , the Company recognized $ 191 thousand and $3.1 million in compensation expense for RSUs, respectively. For the nine months ended September 30, 2017 and 2016 , the Company recognized $ 517 thousand and $ 5.3 million in compensation expense for RSUs, respectively. At September 30, 2017 , unrecognized compensation costs relating to RSUs amounted to $ 2.5 million which will be recognized over a weighted average period of 4.55 years. Market RSU stock activity under the Plan during the first nine months of 2017 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2016 2,364,500 $ 8.28 Granted 233,791 — Vested — — Forfeited 4,007 11.38 Non-vested at September 30, 2017 2,594,284 $ 8.79 The compensation expense for Market RSUs is measured based on their grant date fair value as calculated using the Monte Carlo Simulation and is recognized on a straight-line basis over the average vesting period. The Monte Carlo Simulation used 100,000 simulation paths to assess the expected date of achieving the market price criteria. Related to the 100,733 Market RSUs granted on January 31, 2017 and the 3,058 Market RSUs granted on May 8, 2017, the share price simulation was based on the Cox, Ross & Rubinstein option pricing methodology for a period of 7.0 years . The implied term of the restricted stock was 4.1 years . The Monte Carlo Simulation used various assumptions that included a risk free rate of return of 2.28% , expected volatility of 30.00% and a dividend yield of 0.39% . Related to the 130,000 Market RSUs granted on August 7, 2017, the share price simulation was based on the Cox, Ross & Rubinstein option pricing methodology for a period of 7.0 years . The implied term of the restricted stock was 3.9 years . The Monte Carlo Simulation used various assumptions that included a risk free rate of return of 2.07% , expected volatility of 30.00% and a dividend yield of 0.33% . For the three months ended September 30, 2017 and 2016 , the Company recognized $ 1.3 million and $ 346 thousand in compensation expense for Market RSUs, respectively. For the nine months ended September 30, 2017 and 2016 , the Company recognized $ 3.7 million and $ 577 thousand in compensation expense for Market RSUs, respectively. All of the Company's Market RSUs had an effective grant date of May 24, 2016, November 30, 2016, January 31, 2017, May 8, 2017 and August 7, 2017 At September 30, 2017 , unrecognized compensation costs relating to Market RSUs amounted to $ 17.9 million which will be recognized over a weighted average period of 3.27 years. Employee Stock Purchase Plan The Company adopted an Employee Stock Purchase Plan on October 8, 2014. On May 24, 2016, the plan was amended and the Amended and Restated Employee Stock Purchase Plan (the "ESPP") became effective within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended. Under the ESPP, eligible employees are able to purchase available shares with post-tax dollars as of the grant date. In order for employees to be eligible to participate in the ESPP they must be employed or on an authorized leave of absence from the Company or any subsidiary immediately prior to the grant date. ESPP stock purchases cannot exceed $ 25 thousand in fair market value per employee per calendar year. Options to purchase shares under the ESPP are granted at a 15% discount to fair market value. Expense recognized in relation to the ESPP for the nine months ended September 30, 2017 was $ 79 thousand . There were no ESPP purchases for the nine months ended September 30, 2016 . For the three months ended September 30, 2017 and 2016 , the Company recognized $36 thousand and $0 expense, respectively. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Subsequent Event | Subsequent Event Management has evaluated subsequent events through the date the financial statements were available to be issued and determined that the following event required disclosure: Unconsolidated Joint Venture On October 1, 2017, the Company closed the digital banking joint venture between Live Oak Banking Company and First Data Corporation ("First Data"). The new company, named Apiture, combines First Data's and the Bank's digital banking platforms, products, services, and certain human resources used in the creation and delivery of technology solutions for financial institutions. The contributed assets of both the Company and First Data are considered businesses in accordance with relevant accounting standards. At closing both the Bank and First Data received equal voting interests in Apiture in exchange for their respective contributions. As a term of the closing agreements, First Data is entitled to a preference in Apiture's cash earnings for the remainder of calender 2017 and all of 2018, not to exceed $18.0 million and $18.9 million , respectively. As a result of this transaction, the Company and First Data each have, directly or indirectly, equal voting interests in Apiture. In addition, the Company has analyzed the Contribution Agreement and determined that Apiture is not a variable interest entity. The Company also considered the partners' participating rights under the Contribution Agreement and determined that the joint venture partners have the ability to participate in major decisions, which equates to shared decision making. Accordingly, the Bank has significant influence but does not control the joint venture. Therefore, the joint venture will be accounted for as an equity method investment effective on October 1, 2017 (the date of the transaction). Under the equity method of accounting, the net equity investment of the Bank and the Bank's share of net income or loss from the unconsolidated entity will be reflected in the Company's consolidated balance sheets and the consolidated statements of income. The preliminary estimated fair value of Apiture at the date of closing was approximately $150 million . Based on the aforementioned cash earnings preference to First Data during 2017 and 2018, the valuation of equity interests received in exchange for contributions by the two initial investors was unequal. As a consequence of this preference the preliminary initial economic interest in Apiture for First Data was equal to 54.7% or $82.0 million , while the Company's preliminary initial economic interest in Apiture was equal to 45.3% , or $68.0 million . As the Company had no carrying amount for its contribution in the formation of Apiture, the preliminary pre-tax results for this transaction as of the date of closing would be a $68.0 million equity method investment on the balance sheet and a one-time gain of the same amount on the income statement. The Company is undertaking a comprehensive review of the preliminary fair value estimates to ensure they conform to the measurement and reporting requirements set forth in the accounting guidance for equity method investments and joint ventures, business combinations, and fair value measurements guidance. Determining the fair value of the joint venture and the partners' contributions to the joint venture are complex analyses that involve significant judgment regarding estimates and assumptions. Accordingly, the initial accounting for this transaction is still in process. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 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, 2017 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2017 . The consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 , filed with the Securities Exchange Commission on March 9, 2017 (SEC File No. 001-37497) (the "2016 Annual Report"). 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 2016 Annual Report. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes in the Company's 2016 Annual Report. 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 or where otherwise indicated. |
Business Segments | 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. |
Equipment Leasing | Equipment Leasing The Company purchases new equipment for the purpose of leasing such equipment to customers within its verticals. Equipment purchased to fulfill commitments to commercial renewable energy projects is rented out under operating leases while leases of equipment outside of the renewable energy vertical are generally direct financing leases. Accordingly, leased assets under operating leases are included in premises and equipment while leased assets under direct financing leases are included in loans and leases held for investment. Direct Financing Leases Interest income on direct financing leases is recognized when earned. Unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. The term of each lease is generally 4 - 6 years which is consistent with the useful life of the equipment with no residual value. As of September 30, 2017 the Company had net investments in direct financing lease receivables of $ 1.1 million . Operating Leases The term of each operating lease is generally 10 years. The Company retains ownership of the equipment and associated tax benefits such as investment tax credits and accelerated depreciation. At the end of the lease term, the lessee has the option to renew the lease for two additional terms or purchase the equipment at the then current fair market value. Rental revenue from operating leases is recognized over a straight-line basis over the term of the lease. Rental equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful life. The useful lives and residual values are generally 15 years and 30% , respectively; however, they are subject to periodic evaluation. Changes in useful lives or residual values will impact depreciation expense and any gain or loss from the sale of used equipment. The estimated useful lives and residual values of the Company's leasing equipment are based on industry disposal experience and the Company's expectations for future sale prices. If the Company decides to sell or otherwise dispose of rental equipment, it is carried at the lower of cost or fair value less costs to sell or dispose. Repair and maintenance costs that do not extend the lives of the rental equipment are charged to direct operating expenses at the time the costs are incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the excess of carrying value over the estimated fair value of the asset. There have been no impairments of long-lived assets. |
Reclassifications | 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 Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). This standard is intended to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The Company's revenue is comprised of loan servicing revenue, net gains on sales of loans and net interest income on financial assets and financial liabilities, all of which are explicitly excluded from the scope of ASU 2014-09, and non-interest income. The Company's revenue streams included in non-interest income that are within the scope of the guidance are primarily related to sales of foreclosed assets, construction supervision fees, title insurance income and trust fiduciary fees. The Company does not expect the adoption of ASU 2014-09 to have a material effect on the consolidated financial statements. The Company expects to adopt the standard in the first quarter of 2018 with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for the Company on January 1, 2019. The impact of this standard will depend on the Company's lease portfolio at the time of the adoption and the Company is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment transactions for items including income tax consequences, classification of awards as equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 was effective and adopted by the Company on January 1, 2017. Starting in the first quarter of 2017, stock-based compensation excess tax benefits or deficiencies are reflected in the Consolidated Statements of Income as a component of the income tax expense, where as they previously were recognized in equity. Additionally, the Consolidated Statements of Cash Flows now present excess tax benefits as an operating activity while any cash paid in lieu of shares for tax-withholding being classified as a financing activity. There were no excess tax benefits in the prior period presented for reclassification. Finally, the Company will continue to incorporate actual forfeitures as they occur in the accrual of compensation expense. As a result of the adoption of ASU 2016-09, the Consolidated Statement of Cash Flows for the nine months ended September 30, 2017 was adjusted as follows: a $1.1 million increase to net cash provided by operating activities and a $4.8 million increase to net cash used in financing activities. The adoption of ASU 2016-09 further resulted in a $ 0.03 increase in basic and diluted EPS for the nine months ended September 30, 2017 . See Note 9 for information regarding the additional impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This new guidance replaces the incurred loss impairment methodology in current standards with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on the financial statements. In that regard, a cross-functional working group has been formed, under the direction of the Company's Chief Financial Officer and Chief Credit Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. The Company is currently developing an implementation plan to include assessment of processes, portfolio segmentation, model development, system requirements and the identification of data and resource needs, among other things. The Company is also currently evaluating selected third-party vendor solutions to assist in the application of the ASU 2016-13. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, the impact of adoption is expected to be significantly influenced by the composition, characteristics and quality of loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) - Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 clarifies the definition and provides a more robust framework to use in determining when a set of assets and activities constitutes a business. ASU 2017-01 is intended to provide guidance when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Company on January 1, 2018. The Company does not expect this amendment to have a material effect on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 removes Step 2 from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company on January 1, 2020, with early adoption permitted for interim or annual impairment tests performed after January 1, 2017. ASU 2017-04 is not expected to have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) - Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 clarifies the scope of Subtopic 610-20 and adds guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. The amendments conform the derecognition guidance on nonfinancial assets with the model for transactions in the new revenue standard. ASU 2017-05 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award should be accounted for as a modification. This guidance indicates modification accounting is required when the fair value, vesting conditions, or classification of the award changes. ASU 2017-09 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 will be effective for the Company on January 1, 2019 and is not expected to have a significant impact on its consolidated financial statements. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Maturity Analysis of Future Minimum Lease Payments Under Non-Cancelable Operating Leases | A maturity analysis of future minimum lease payments under non-cancelable operating leases is as follows: As of September 30, 2017 Amount 2017 $ 463 2018 3,204 2019 3,214 2020 3,233 2021 3,254 Thereafter 19,625 Total $ 32,993 |
Effect of Change in Accounting Estimate | The effects of reflecting this change in accounting estimate on the 2017 consolidated financial statements are as follows: Three months ended Nine months ended Decrease in: Net income $ 202 $ 692 Basic EPS $ 0.01 $ 0.02 Diluted EPS $ 0.01 $ 0.02 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Basic earnings per share: Net income available to common shareholders $ 12,862 $ 3,479 $ 28,769 $ 8,293 Weighted-average basic shares outstanding 37,366,041 34,206,943 35,485,371 34,191,014 Basic earnings per share $ 0.34 $ 0.10 $ 0.81 $ 0.24 Diluted earnings per share: Net income available to common shareholders, for diluted earnings per share $ 12,862 $ 3,479 $ 28,769 $ 8,293 Total weighted-average basic shares outstanding 37,366,041 34,206,943 35,485,371 34,191,014 Add effect of dilutive stock options and restricted stock grants 1,278,636 794,874 1,244,683 812,408 Total weighted-average diluted shares outstanding 38,644,677 35,001,817 36,730,054 35,003,422 Diluted earnings per share $ 0.33 $ 0.10 $ 0.78 $ 0.24 Anti-dilutive shares 243,199 1,778,995 250,698 1,778,995 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Summary of the Purchase Price Allocation to Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price on the date of acquisition to assets acquired and the liabilities assumed based on their estimated fair values: Fair value of assets acquired Cash $ 102 Accounts receivable 159 Intangible assets 5,505 Total assets acquired 5,766 Fair value of liabilities assumed Contingent consideration 4,300 Accounts payable and other liabilities 381 Total liabilities assumed 4,681 Net assets acquired $ 1,085 Purchase price Common shares issued 27,724 Purchase price per share of the Company’s common stock $ 20.38 Company common stock issued 565 Cash 7,798 Total purchase price 8,363 Goodwill $ 7,278 |
Consolidated Pro Forma Results of Reltco Acquisition | The following pro forma financial information for the quarters ended September 30, 2017 and 2016 reflects the Company's estimated consolidated pro forma results of operations as if the Reltco acquisition occurred on January 1, 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue (net interest income and noninterest income) $ 46,085 $ 40,627 $ 133,306 $ 106,960 Net income available to common stockholders 12,862 4,183 28,807 9,952 Basic earnings per share 0.34 0.12 0.81 0.29 Diluted earnings per share 0.33 0.12 0.78 0.28 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying Amount and Fair Value of Investment Securities | The carrying amount of investment securities and their approximate fair values are reflected in the following table: Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 US government agencies $ 17,829 $ 11 $ 35 $ 17,805 Residential mortgage-backed securities 57,685 — 936 56,749 Mutual fund 2,070 — 49 2,021 Total $ 77,584 $ 11 $ 1,020 $ 76,575 December 31, 2016 US government agencies $ 17,803 $ 52 $ 32 $ 17,823 Residential mortgage-backed securities 52,301 3 1,031 51,273 Mutual fund 2,012 — 52 1,960 Total $ 72,116 $ 55 $ 1,115 $ 71,056 |
Gross Unrealized Losses and Fair Value of Securities in a Continuous Unrealized Loss Position | 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, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US government agencies $ 4,996 $ 16 $ 1,496 $ 19 $ 6,492 $ 35 Residential mortgage-backed securities 28,397 461 21,767 475 50,164 936 Mutual fund 2,021 49 — — 2,021 49 Total $ 35,414 $ 526 $ 23,263 $ 494 $ 58,677 $ 1,020 Less Than 12 Months 12 Months or More Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US government agencies $ 6,508 $ 32 $ — $ — $ 6,508 $ 32 Residential mortgage-backed securities 49,109 1,017 1,635 14 50,744 1,031 Mutual fund 1,960 52 — — 1,960 52 Total $ 57,577 $ 1,101 $ 1,635 $ 14 $ 59,212 $ 1,115 |
Summary of Investment Securities by Maturity | The following is a summary of investment securities by maturity: September 30, 2017 Available-for-Sale Amortized cost Fair value US government agencies Within one year $ 11,302 $ 11,312 One to five years 6,527 6,492 Total 17,829 17,804 Residential mortgage-backed securities Five to ten years 7,264 7,200 After 10 years 50,421 49,550 Total 57,685 56,750 Total $ 75,514 $ 74,554 |
Loans and Leases Held for Inv26
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Composition of Loans and Leases | Loans and leases consist of the following: September 30, December 31, Commercial & Industrial Agriculture $ 2,698 $ 1,714 Death Care Management 12,101 9,684 Healthcare 41,454 37,270 Independent Pharmacies 97,171 83,677 Registered Investment Advisors 91,241 68,335 Veterinary Industry 45,570 38,930 Other Industries 142,115 94,836 Total 432,350 334,446 Construction & Development Agriculture 34,636 32,372 Death Care Management 4,744 3,956 Healthcare 46,814 30,467 Independent Pharmacies 1,696 2,013 Registered Investment Advisors 329 294 Veterinary Industry 13,265 11,514 Other Industries 45,052 31,715 Total 146,536 112,331 Commercial Real Estate Agriculture 14,689 5,591 Death Care Management 61,462 52,510 Healthcare 121,331 114,281 Independent Pharmacies 18,508 15,151 Registered Investment Advisors 13,550 11,462 Veterinary Industry 110,028 102,906 Other Industries 106,418 46,245 Total 445,986 348,146 Commercial Land Agriculture 146,814 113,569 Total 146,814 113,569 Total Loans and Leases 1 1,171,686 908,492 Net Deferred Costs 8,038 7,648 Discount on SBA 7(a) and USDA Unguaranteed 2 (9,837 ) (8,574 ) Loans and Leases, Net of Unearned $ 1,169,887 $ 907,566 1 Total loans and leases include $ 40.4 million and $ 37.7 million of U.S. government guaranteed loans as of September 30, 2017 and December 31, 2016 , 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 1 - 4 Risk Grade 5 Risk Grades 6 - 8 Total September 30, 2017 Commercial & Industrial Agriculture $ 2,470 $ 228 $ — $ 2,698 Death Care Management 11,976 118 7 12,101 Healthcare 32,350 1,716 7,388 41,454 Independent Pharmacies 87,173 6,523 3,475 97,171 Registered Investment Advisors 87,940 2,566 735 91,241 Veterinary Industry 41,738 1,833 1,999 45,570 Other Industries 142,096 19 — 142,115 Total 405,743 13,003 13,604 432,350 Construction & Development Agriculture 34,636 — — 34,636 Death Care Management 4,744 — — 4,744 Healthcare 44,937 704 1,173 46,814 Independent Pharmacies 1,696 — — 1,696 Registered Investment Advisors 329 — — 329 Veterinary Industry 13,265 — — 13,265 Other Industries 45,052 — — 45,052 Total 144,659 704 1,173 146,536 Commercial Real Estate Agriculture 14,689 — — 14,689 Death Care Management 54,684 4,288 2,490 61,462 Healthcare 111,943 5,050 4,338 121,331 Independent Pharmacies 15,043 1,843 1,622 18,508 Registered Investment Advisors 13,406 144 — 13,550 Veterinary Industry 95,055 2,680 12,293 110,028 Other Industries 105,738 680 — 106,418 Total 410,558 14,685 20,743 445,986 Commercial Land Agriculture 144,687 2,104 23 146,814 Total 144,687 2,104 23 146,814 Total 1 $ 1,105,647 $ 30,496 $ 35,543 $ 1,171,686 Risk Grades 1 - 4 Risk Grade 5 Risk Grades 6 - 8 Total December 31, 2016 Commercial & Industrial Agriculture $ 1,656 $ 58 $ — $ 1,714 Death Care Management 9,452 121 111 9,684 Healthcare 28,723 681 7,866 37,270 Independent Pharmacies 73,948 6,542 3,187 83,677 Registered Investment Advisors 65,297 2,246 792 68,335 Veterinary Industry 34,407 1,967 2,556 38,930 Other Industries 94,736 100 — 94,836 Total 308,219 11,715 14,512 334,446 Construction & Development Agriculture 32,061 — 311 32,372 Death Care Management 3,956 — — 3,956 Healthcare 30,467 — — 30,467 Independent Pharmacies 2,013 — — 2,013 Registered Investment Advisors 294 — — 294 Veterinary Industry 9,725 1,789 — 11,514 Other Industries 31,715 — — 31,715 Total 110,231 1,789 311 112,331 Commercial Real Estate Agriculture 5,591 — — 5,591 Death Care Management 46,427 4,314 1,769 52,510 Healthcare 103,097 7,142 4,042 114,281 Independent Pharmacies 12,654 1,968 529 15,151 Registered Investment Advisors 11,462 — — 11,462 Veterinary Industry 88,168 3,995 10,743 102,906 Other Industries 46,245 — — 46,245 Total 313,644 17,419 17,083 348,146 Commercial Land Agriculture 112,333 1,138 98 113,569 Total 112,333 1,138 98 113,569 Total 1 $ 844,427 $ 32,061 $ 32,004 $ 908,492 1 Total loans and leases include $ 40.4 million of U.S. government guaranteed loans as of September 30, 2017 , segregated by risk grade as follows: Risk Grades 1 – 4 = $ 12.1 million , Risk Grade 5 = $ 3.7 million , Risk Grades 6 – 8 = $ 24.6 million . As of December 31, 2016 , total loans and leases include $ 37.7 million of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $ 8.7 million , Risk Grade 5 = $ 7.7 million , Risk Grades 6 – 8 = $ 21.3 million . |
Age Analysis of Past Due Loans and Leases | The following tables show an age analysis of past due loans and leases as of the dates presented. Less Than 30 Days Past Due & Not Accruing 30-89 Days Past Due & Accruing 30-89 Days Past Due & Not Accruing Greater Than 90 Days Past Due Total Not Current Total Loans and Leases 90 September 30, 2017 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 2,698 $ 2,698 $ — Death Care Management — — — — — 12,101 12,101 — Healthcare 535 76 16 6,152 6,779 34,675 41,454 — Independent Pharmacies 331 44 — 2,274 2,649 94,522 97,171 — Registered Investment Advisors — — — — — 91,241 91,241 — Veterinary Industry 224 29 536 796 1,585 43,985 45,570 — Other Industries — — — — — 142,115 142,115 — Total 1,090 149 552 9,222 11,013 421,337 432,350 — Construction & Development Agriculture — — — — — 34,636 34,636 — Death Care Management — — — — — 4,744 4,744 — Healthcare — — — — — 46,814 46,814 — Independent Pharmacies — — — — — 1,696 1,696 — Registered Investment Advisors — — — — — 329 329 — Veterinary Industry — — — — — 13,265 13,265 — Other Industries — — — — — 45,052 45,052 — Total — — — — — 146,536 146,536 — Commercial Real Estate Agriculture — — — — — 14,689 14,689 — Death Care Management — 298 174 1,402 1,874 59,588 61,462 — Healthcare 40 — 2,679 829 3,548 117,783 121,331 — Independent Pharmacies — — — 1,622 1,622 16,886 18,508 — Registered Investment Advisors — — — — — 13,550 13,550 — Veterinary Industry 1,906 3,915 132 2,749 8,702 101,326 110,028 — Other Industries — 7,750 — — 7,750 98,668 106,418 — Total 1,946 11,963 2,985 6,602 23,496 422,490 445,986 — Commercial Land Agriculture 23 — — — 23 146,791 146,814 — Total 23 — — — 23 146,791 146,814 — Total 1 $ 3,059 $ 12,112 $ 3,537 $ 15,824 $ 34,532 $ 1,137,154 $ 1,171,686 $ — Less Than 30 Days Past Due & Not Accruing 30-89 Days Past Due & Accruing 30-89 Days Past Due & Not Accruing Greater Than 90 Days Past Due Total Not Current Total Loans and Leases 90 December 31, 2016 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 1,714 $ 1,714 $ — Death Care Management — — — — — 9,684 9,684 — Healthcare — 272 496 5,920 6,688 30,582 37,270 — Independent Pharmacies 42 293 408 2,349 3,092 80,585 83,677 — Registered Investment Advisors — — — — — 68,335 68,335 — Veterinary Industry 32 151 646 1,441 2,270 36,660 38,930 — Other Industries — — — — — 94,836 94,836 — Total 74 716 1,550 9,710 12,050 322,396 334,446 — Construction & Development Agriculture 231 80 — — 311 32,061 32,372 — Death Care Management — — — — — 3,956 3,956 — Healthcare — — — — — 30,467 30,467 — Independent Pharmacies — — — — — 2,013 2,013 — Registered Investment Advisors — — — — — 294 294 — Veterinary Industry — — — — — 11,514 11,514 — Other Industries — — — — — 31,715 31,715 — Total 231 80 — — 311 112,020 112,331 — Commercial Real Estate Agriculture — — — — — 5,591 5,591 — Death Care Management — — 188 1,423 1,611 50,899 52,510 — Healthcare — — 3,180 45 3,225 111,056 114,281 — Independent Pharmacies — — — 529 529 14,622 15,151 — Registered Investment Advisors — — — — — 11,462 11,462 — Veterinary Industry 898 3,981 737 5,158 10,774 92,132 102,906 — Other Industries — — — — — 46,245 46,245 — Total 898 3,981 4,105 7,155 16,139 332,007 348,146 — Commercial Land Agriculture 58 40 — — 98 113,471 113,569 — Total 58 40 — — 98 113,471 113,569 — Total 1 $ 1,261 $ 4,817 $ 5,655 $ 16,865 $ 28,598 $ 879,894 $ 908,492 $ — 1 Total loans and leases include $ 40.4 million of U.S. government guaranteed loans as of September 30, 2017 , of which $ 14.3 million is greater than 90 days past due, $ 5.0 million is 30-89 days past due and $ 21.1 million is included in current loans and leases as presented above. As of December 31, 2016 , total loans and leases include $ 37.7 million of U.S. government guaranteed loans, of which $ 13.7 million is greater than 90 days past due, $ 6.8 million is 30-89 days past due and $ 17.2 million is included in current loans and leases as presented above. |
Nonaccrual Loans and Leases | Nonaccrual loans and leases as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Loan and Lease Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 6,703 $ 5,712 $ 991 Independent Pharmacies 2,605 2,253 352 Registered Investment Advisors — — — Veterinary Industry 1,556 1,517 39 Total 10,864 9,482 1,382 Commercial Real Estate Death Care Management 1,576 1,246 330 Healthcare 3,548 2,749 799 Independent Pharmacies 1,622 1,622 — Veterinary Industry 4,787 3,999 788 Total 11,533 9,616 1,917 Commercial Land Agriculture 23 23 — Total 23 23 — Total $ 22,420 $ 19,121 $ 3,299 December 31, 2016 Loan and Lease Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 6,416 $ 5,152 $ 1,264 Independent Pharmacies 2,799 2,204 595 Veterinary Industry 2,119 2,079 40 Total 11,334 9,435 1,899 Construction & Development Agriculture 231 173 58 Total 231 173 58 Commercial Real Estate Death Care Management 1,611 1,263 348 Healthcare 3,225 2,731 494 Independent Pharmacies 529 — 529 Veterinary Industry 6,793 5,395 1,398 Total 12,158 9,389 2,769 Commercial Land Agriculture 58 — 58 Total 58 — 58 Total $ 23,781 $ 18,997 $ 4,784 |
Activity in the Allowance for Loan and Lease Losses by Portfolio Segment | The following table details activity in the allowance for loan and lease losses by portfolio segment allowance for the periods presented: Three months ended Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total September 30, 2017 Beginning Balance $ 1,603 $ 7,494 $ 8,351 $ 2,112 $ 19,560 Charge offs — (665 ) (343 ) — (1,008 ) Recoveries — 4 39 6 49 Provision 36 1,565 827 (2 ) 2,426 Ending Balance $ 1,639 $ 8,398 $ 8,874 $ 2,116 $ 21,027 September 30, 2016 Beginning Balance $ 1,208 $ 4,079 $ 5,601 $ 1,421 $ 12,309 Charge offs — — (939 ) — (939 ) Recoveries — 1 1 — 2 Provision 225 261 2,907 413 3,806 Ending Balance $ 1,433 $ 4,341 $ 7,570 $ 1,834 $ 15,178 Nine months ended Construction & Commercial Commercial Commercial Total September 30, 2017 Beginning Balance $ 1,693 $ 5,897 $ 8,413 $ 2,206 $ 18,209 Charge offs — (952 ) (1,754 ) (35 ) (2,741 ) Recoveries — 17 55 6 78 Provision (54 ) 3,436 2,160 (61 ) 5,481 Ending Balance $ 1,639 $ 8,398 $ 8,874 $ 2,116 $ 21,027 September 30, 2016 Beginning Balance $ 1,064 $ 2,486 $ 2,766 $ 1,099 $ 7,415 Charge offs — (7 ) (1,307 ) (63 ) (1,377 ) Recoveries — 4 444 — 448 Provision 369 1,858 5,667 798 8,692 Ending Balance $ 1,433 $ 4,341 $ 7,570 $ 1,834 $ 15,178 The following tables detail the recorded allowance for loan and lease losses and the investment in loans and leases related to each portfolio segment, disaggregated on the basis of impairment evaluation methodology: September 30, 2017 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for Loan and Lease Losses: Loans and leases individually evaluated for impairment $ 53 $ 1,610 $ 1,290 $ — $ 2,953 Loans and leases collectively evaluated for impairment 2 1,586 6,788 7,584 2,116 18,074 Total allowance for loan and lease losses $ 1,639 $ 8,398 $ 8,874 $ 2,116 $ 21,027 Loans and leases receivable 1 : Loans and leases individually evaluated for impairment $ 1,151 $ 16,231 $ 7,321 $ — $ 24,703 Loans and leases collectively evaluated for impairment 2 145,385 429,755 425,029 146,814 1,146,983 Total loans and leases receivable $ 146,536 $ 445,986 $ 432,350 $ 146,814 $ 1,171,686 December 31, 2016 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for Loan and Lease Losses: Loans and leases individually evaluated for impairment $ — $ 1,496 $ 1,458 $ — $ 2,954 Loans and leases collectively evaluated for impairment 2 1,693 4,401 6,955 2,206 15,255 Total allowance for loan and lease losses $ 1,693 $ 5,897 $ 8,413 $ 2,206 $ 18,209 Loans and leases receivable 1 : Loans and leases individually evaluated for impairment $ — $ 16,359 $ 6,884 $ — $ 23,243 Loans and leases collectively evaluated for impairment 2 112,331 331,787 327,562 113,569 885,249 Total loans and leases receivable $ 112,331 $ 348,146 $ 334,446 $ 113,569 $ 908,492 1 Loans and leases receivable includes $ 40.4 million of U.S. government guaranteed loans as of September 30, 2017 , of which $ 24.7 million are impaired. As of December 31, 2016 , loans and leases receivable includes $ 37.7 million of U.S. government guaranteed loans, of which $ 22.1 million are considered impaired. 2 Included in loans and leases collectively evaluated for impairment are impaired loans and leases with individual unguaranteed exposure of less than $100 thousand. As of September 30, 2017 , these balances totaled $ 13.4 million , of which $ 12 million are guaranteed by the U.S. government and $ 1.4 million are unguaranteed. As of December 31, 2016 , these balances totaled $ 12.3 million , of which $ 10.0 million are guaranteed by the U.S. government and $ 2.3 million are unguaranteed. The allowance for loan and lease losses associated with these loans and leases totaled $ 417 thousand and $ 438 thousand as of September 30, 2017 and December 31, 2016 , respectively. |
Impaired Loans and Leases | Loans and leases classified as impaired as of the dates presented are summarized in the following tables. September 30, 2017 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Death Care Management $ 8 $ — $ 8 Healthcare 7,384 5,712 1,672 Independent Pharmacies 4,282 2,514 1,768 Registered Investment Advisors 743 — 743 Veterinary Industry 2,407 1,605 802 Total 14,824 9,831 4,993 Construction & Development Healthcare 1,151 880 271 Total 1,151 880 271 Commercial Real Estate Death Care Management 2,486 1,246 1,240 Healthcare 4,334 2,999 1,335 Independent Pharmacies 1,622 1,622 — Veterinary Industry 13,700 8,051 5,649 Total 22,142 13,918 8,224 Commercial Land Agriculture 23 23 — Total 23 23 — Total $ 38,140 $ 24,652 $ 13,488 December 31, 2016 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Death Care Management $ 111 $ — $ 111 Healthcare 7,923 5,453 2,470 Independent Pharmacies 3,514 2,495 1,019 Registered Investment Advisors 796 — 796 Veterinary Industry 2,882 2,199 683 Total 15,226 10,147 5,079 Construction & Development Agriculture 300 233 67 Total 300 233 67 Commercial Real Estate Death Care Management 1,768 1,264 504 Healthcare 4,044 2,985 1,059 Independent Pharmacies 528 — 528 Veterinary Industry 13,561 7,518 6,043 Total 19,901 11,767 8,134 Commercial Land Agriculture 91 — 91 Total 91 — 91 Total $ 35,518 $ 22,147 $ 13,371 The following table presents evaluated balances of loans and leases 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 and lease fees or costs. September 30, 2017 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Death Care Management $ — $ 8 $ 8 $ 7 $ — Healthcare 6,675 709 7,384 8,034 681 Independent Pharmacies 2,622 1,660 4,282 4,697 76 Registered Investment Advisors 668 75 743 735 521 Veterinary Industry 2,033 374 2,407 2,800 173 Total 11,998 2,826 14,824 16,273 1,451 Construction & Development Healthcare 1,151 — 1,151 1,173 53 Total 1,151 — 1,151 1,173 53 Commercial Real Estate Death Care Management 1,867 619 2,486 2,625 187 Healthcare 3,759 575 4,334 4,352 261 Independent Pharmacies 1,622 — 1,622 2,163 9 Veterinary Industry 11,506 2,194 13,700 14,787 1,408 Total 18,754 3,388 22,142 23,927 1,865 Commercial Land Agriculture 23 — 23 58 — Total 23 — 23 58 — Total Impaired Loans and Leases $ 31,926 $ 6,214 $ 38,140 $ 41,431 $ 3,369 December 31, 2016 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Death Care Management $ 8 $ 103 $ 111 $ 111 $ 1 Healthcare 7,259 664 7,923 8,120 778 Independent Pharmacies 3,184 330 3,514 3,610 327 Registered Investment Advisors 796 — 796 792 514 Veterinary Industry 2,754 128 2,882 3,369 106 Total 14,001 1,225 15,226 16,002 1,726 Construction & Development Agriculture 300 — 300 311 13 Total 300 — 300 311 13 Commercial Real Estate Death Care Management 1,580 188 1,768 1,904 34 Healthcare 3,514 530 4,044 4,042 47 Independent Pharmacies 528 — 528 529 284 Veterinary Industry 11,193 2,368 13,561 14,283 1,273 Total 16,815 3,086 19,901 20,758 1,638 Commercial Land Agriculture 91 — 91 161 15 Total 91 — 91 161 15 Total Impaired Loans and Leases $ 31,207 $ 4,311 $ 35,518 $ 37,232 $ 3,392 The following table presents the average recorded investment of impaired loans and leases for each period presented and interest income recognized during the period in which the loans and leases were considered impaired. Three months ended Three months ended Average Interest Average Interest Commercial & Industrial Death Care Management $ 42 $ 1 $ 9 $ — Healthcare 7,076 11 6,345 38 Independent Pharmacies 4,266 26 1,946 18 Registered Investment Advisors 894 14 742 7 Veterinary Industry 2,511 11 2,501 13 Total 14,789 63 11,543 76 Construction & Development Healthcare 602 2 — — Total 602 2 — — Commercial Real Estate Death Care Management 2,512 13 1,801 2 Healthcare 3,079 11 1,012 12 Independent Pharmacies 1,985 — 551 2 Veterinary Industry 13,950 132 12,218 87 Total 21,526 156 15,582 103 Commercial Land Agriculture 23 — 156 — Total 23 — 156 — Total $ 36,940 $ 221 $ 27,281 $ 179 Nine months ended Nine months ended Average Interest Average Interest Commercial & Industrial Death Care Management $ 313 $ 3 $ 9 $ — Healthcare 4,996 25 5,777 60 Independent Pharmacies 7,998 52 1,927 51 Registered Investment Advisors 1,438 28 588 13 Veterinary Industry 4,329 24 2,715 29 Total 19,074 132 11,016 153 Construction & Development Healthcare 120 2 — — Total 120 2 — — Commercial Real Estate Death Care Management 2,030 30 1,811 5 Healthcare 2,940 24 1,013 27 Independent Pharmacies 149 — 551 2 Veterinary Industry 13,069 278 12,266 249 Total 18,188 332 15,641 283 Commercial Land Agriculture 199 — 355 — Total 199 — 355 — Total $ 37,581 $ 466 $ 27,012 $ 436 |
Types of Troubled Debt Restructurings | The following tables present the types of TDRs that were made during the three and nine months ended September 30, 2017 and 2016: Three months ended September 30, 2017 Three months ended September 30, 2016 All Restructurings All Restructurings Number of Loans Pre- Post- Number of Pre- Post- Payment Deferral and Extended Amortization Commercial & Industrial Independent Pharmacies — $ — $ — — $ — $ — Total Payment Deferral and Extended Amortization — — — — — — Payment Deferral Commercial & Industrial Healthcare — — — 1 440 440 Veterinary Industry 2 559 559 — — — Total Payment Deferral 2 559 559 1 440 440 Total 2 $ 559 $ 559 1 $ 440 $ 440 Nine months ended September 30, 2017 Nine months ended September 30, 2016 All Restructurings All Restructurings Number of Pre- Post- Number of Pre- Post- Payment Deferral and Extended Amortization Commercial & Industrial Independent Pharmacies 1 262 262 — — — Total Payment Deferral and Extended Amortization 1 262 262 — — — Payment Deferral Commercial & Industrial Healthcare — — — 1 440 440 Veterinary Industry 2 559 559 1 420 420 Total Payment Deferral 2 559 559 2 860 860 Total 3 $ 821 $ 821 2 $ 860 $ 860 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 Balance at beginning of period $ 53,675 $ 48,454 $ 51,994 $ 44,230 Additions, net 3,527 4,964 9,412 11,923 Fair value changes: Due to changes in valuation inputs or assumptions (789 ) (1,452 ) 342 (821 ) Decay due to increases in principal paydowns or runoff (3,021 ) (2,237 ) (8,356 ) (5,603 ) Balance at end of period $ 53,392 $ 49,729 $ 53,392 $ 49,729 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Total Outstanding Short and Long-Term Borrowings | Total outstanding long term borrowings consisted of the following: September 30, December 31, Long term borrowings On September 11, 2014, the Company financed the construction of an additional building located on the Company’s Tiburon Drive main campus with a $24 million construction line of credit with an unaffiliated commercial bank, secured by both properties at its Tiburon Drive main facility location. Payments were interest only through September 11, 2016 at a fixed rate of 3.95% for a term of 84 months. Monthly principal and interest payments of $146 thousand began in October 2016 with all principal and accrued interest due on September 11, 2021. The construction line is fully disbursed and there was no remaining available credit on this construction line at September 30, 2017. $ 23,195 $ 23,864 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, 2017 is 5.25%. The maturity date is October 5, 2019. The pledged collateral is classified in other assets with a fair value of $3.7 million at September 30, 2017. Underlying loans carry a risk grade of 3 and are current with no delinquencies. 3,677 3,979 Total long term borrowings $ 26,872 $ 27,843 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Record Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. September 30, 2017 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 17,804 $ — $ 17,804 $ — Residential mortgage-backed securities 56,750 — 56,750 — Mutual fund 2,021 — 2,021 — Servicing assets 1 53,392 — — 53,392 Total assets at fair value $ 129,967 $ — $ 76,575 $ 53,392 Contingent consideration liability 2 $ 4,650 $ — $ — $ 4,650 Total liabilities at fair value $ 4,650 $ — $ — $ 4,650 December 31, 2016 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US government agencies $ 17,823 $ — $ 17,823 $ — Residential mortgage-backed securities 51,273 — 51,273 — Mutual fund 1,960 — 1,960 — Servicing assets 1 51,994 — — 51,994 Total assets at fair value $ 123,050 $ — $ 71,056 $ 51,994 1 See Note 7 for a rollforward of recurring Level 3 fair values for servicing assets and various assumptions used in the fair value measurement. 2 See Note 4 for activity related to the recurring Level 3 fair value for the contingent consideration liability and various assumptions used in the fair value measurement. |
Recorded Amount of Assets and Liabilities Measured at Fair Value on a 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, 2017 Total Level 1 Level 2 Level 3 Impaired loans and leases $ 28,557 $ — $ — $ 28,557 Foreclosed assets 2,231 — — 2,231 Total assets at fair value $ 30,788 $ — $ — $ 30,788 December 31, 2016 Total Level 1 Level 2 Level 3 Impaired loans and leases $ 27,815 $ — $ — $ 27,815 Foreclosed assets 1,648 — — 1,648 Total assets at fair value $ 29,463 $ — $ — $ 29,463 |
Analysis of Level 3 Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2017 and December 31, 2016 the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2017 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Impaired Loans and Leases $ 28,557 Discounted appraisals Appraisal adjustments (1) Interest rate & repayment term 0% to 25% Weighted average discount rate 6.01% Foreclosed Assets $ 2,231 Discounted appraisals Appraisal adjustments (1) 10% to 35% December 31, 2016 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Impaired Loans and Leases $ 27,815 Discounted appraisals Appraisal adjustments (1) Interest rate & repayment term 0% to 25% Weighted average discount rate 5.28% Foreclosed Assets $ 1,648 Discounted appraisals Appraisal adjustments (1) 10% to 35% (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, 2017 Carrying Amount Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets Cash and due from banks $ 260,907 $ 260,907 $ — $ — $ 260,907 Certificates of deposit with other banks 3,250 3,251 — — 3,251 Investment securities, available-for-sale 76,575 — 76,575 — 76,575 Loans held for sale 692,586 — — 770,923 770,923 Loans and leases, net of allowance for loan and lease losses 1,148,860 — — 1,151,601 1,151,601 Servicing assets 53,392 — — 53,392 53,392 Accrued interest receivable 9,669 9,669 — — 9,669 Financial liabilities Deposits 2,012,891 — 1,996,493 — 1,996,493 Accrued interest payable 270 270 — — 270 Long term borrowings 26,872 — — 27,904 27,904 December 31, 2016 Carrying Amount Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets Cash and due from banks $ 238,008 $ 238,008 $ — $ — $ 238,008 Certificates of deposit with other banks 7,250 7,236 — — 7,236 Investment securities, available-for-sale 71,056 — 71,056 — 71,056 Loans held for sale 394,278 — — 426,220 426,220 Loans and leases, net of allowance for loan and lease losses 889,357 — — 873,158 873,158 Servicing assets 51,994 — — 51,994 51,994 Accrued interest receivable 7,520 7,520 — — 7,520 Financial liabilities Deposits 1,485,076 — 1,469,173 — 1,469,173 Accrued interest payable 319 319 — — 319 Long term borrowings 27,843 — — 29,559 29,559 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments | A summary of the Company’s commitments is as follows: September 30, December 31, Commitments to extend credit $ 1,563,688 $ 1,342,271 Standby letters of credit 1,861 343 Solar purchase commitments 182,610 — Airplane purchase agreement commitments — 21,500 Total unfunded off-balance-sheet credit risk $ 1,748,159 $ 1,364,114 |
Stock Plans (Tables)
Stock Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity | Stock option activity under the Plan during the nine month periods ended September 30, 2017 and 2016 is summarized below. Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2016 3,478,208 $ 11.51 Exercised 76,285 7.89 Forfeited 203,671 14.12 Granted — — Outstanding at September 30, 2017 3,198,252 $ 11.43 7.31 years $ 38,411,802 Exercisable at September 30, 2017 703,425 $ 10.41 7.06 years $ 9,171,805 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2015 3,546,992 $ 11.17 Exercised 25,406 5.79 Forfeited 166,483 9.01 Granted 169,987 14.02 Outstanding at September 30, 2016 3,525,090 $ 11.44 8.30 years $ 14,212,513 Exercisable at September 30, 2016 478,141 $ 9.22 7.84 years $ 2,887,741 |
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, 2017 and 2016 . Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2016 3,016,100 $ 4.78 Granted — — Vested 317,602 4.17 Forfeited 203,671 6.03 Non-vested at September 30, 2017 2,494,827 $ 4.75 Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2015 3,393,441 $ 4.56 Granted 169,987 6.58 Vested 349,996 4.22 Forfeited 166,483 3.13 Non-vested at September 30, 2016 3,046,949 $ 4.79 |
Restricted Stock Unit Activity | Market RSU stock activity under the Plan during the first nine months of 2017 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2016 2,364,500 $ 8.28 Granted 233,791 — Vested — — Forfeited 4,007 11.38 Non-vested at September 30, 2017 2,594,284 $ 8.79 RSU stock activity under the Plan during the first nine months of 2017 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2016 134,969 $ 14.96 Granted 62,721 23.85 Vested 38,205 15.40 Forfeited 7,485 13.96 Non-vested at September 30, 2017 152,000 $ 18.57 |
Basis of Presentation - Nature
Basis of Presentation - Nature of Operations (Details) $ in Thousands | Feb. 01, 2017business | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 01, 2016USD ($) | Mar. 31, 2016 | Feb. 02, 2015USD ($) | Feb. 01, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||||
Contingent consideration in acquisition of controlling interest in equity method of investment | $ 0 | $ 24 | |||||
Number of businesses acquired | business | 2 | ||||||
504FA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method ownership percentage prior to increase in voting interest | 50.00% | ||||||
Ownership percentage after increase in voting interest | 92.90% | 91.30% | |||||
Percentage of voting interest acquired | 7.10% | 41.30% | |||||
Contingent consideration in acquisition of controlling interest in equity method of investment | $ 24 | $ 170 |
Basis of Presentation - Busines
Basis of Presentation - Business Segments (Details) | 9 Months Ended |
Sep. 30, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of significant operation segments | 1 |
Basis of Presentation Basis o34
Basis of Presentation Basis of Presentation - Equipment Leasing (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)term | |
Lessor, Lease, Description [Line Items] | |
Finance lease, asset | $ 1.1 |
Term of contract (in years) | 10 years |
Number of additional terms | term | 2 |
Premises and equipment, net | $ 47.5 |
Equipment Leased to Other Party | |
Lessor, Lease, Description [Line Items] | |
Useful life (in years) | 15 years |
Residual value (as a percent) | 30.00% |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Finance lease, term of contract (in years) | 4 years |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Finance lease, term of contract (in years) | 6 years |
Basis of Presentation - Maturit
Basis of Presentation - Maturity Analysis of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Future Minimum Lease Payments Under Non-cancelable Operating Leases | |
2,017 | $ 463 |
2,018 | 3,204 |
2,019 | 3,214 |
2,020 | 3,233 |
2,021 | 3,254 |
Thereafter | 19,625 |
Total | $ 32,993 |
Basis of Presentation Basis o36
Basis of Presentation Basis of Presentation - Change in Accounting Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income (loss) | $ 12,862 | $ 3,478 | $ 28,769 | $ 8,284 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.10 | $ 0.81 | $ 0.24 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.10 | $ 0.78 | $ 0.24 |
Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income (loss) | $ 202 | $ 692 | ||
Basic earnings per share (in dollars per share) | $ 0.01 | $ 0.02 | ||
Diluted earnings per share (in dollars per share) | $ 0.01 | $ 0.02 | ||
Aircraft Transportation | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life (in years) | 10 years | |||
Aircraft Transportation | Scenario, Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life (in years) | 20 years |
Recent Accounting Pronounceme37
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash used by operating activities | $ (256,228) | $ (174,461) |
Net cash provided by financing activities | 633,516 | $ 596,023 |
Accounting Standards Update 2016-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash used by operating activities | 1,100 | |
Net cash provided by financing activities | $ 4,800 | |
Basic and diluted earnings per share (in dollars per share) | $ 0.03 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic earnings per share: | ||||
Net income available to common shareholders | $ 12,862 | $ 3,479 | $ 28,769 | $ 8,293 |
Weighted-average basic shares outstanding (in shares) | 37,366,041 | 34,206,943 | 35,485,371 | 34,191,014 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.10 | $ 0.81 | $ 0.24 |
Diluted earnings per share: | ||||
Net income available to common shareholders, for diluted earnings per share | $ 12,862 | $ 3,479 | $ 28,769 | $ 8,293 |
Total weighted-average basic shares outstanding (in shares) | 37,366,041 | 34,206,943 | 35,485,371 | 34,191,014 |
Add effect of dilutive stock options and restricted stock grants (in shares) | 1,278,636 | 794,874 | 1,244,683 | 812,408 |
Total weighted-average diluted shares outstanding (in shares) | 38,644,677 | 35,001,817 | 36,730,054 | 35,003,422 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.10 | $ 0.78 | $ 0.24 |
Anti-dilutive shares (in shares) | 243,199 | 1,778,995 | 250,698 | 1,778,995 |
Business Combination - Addition
Business Combination - Additional Information (Details) | Feb. 01, 2017USD ($)businessshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||
Number of businesses acquired | business | 2 | ||||
Contingent consideration in acquisition of controlling interest in equity method of investment | $ 0 | $ 24,000 | $ 0 | $ 24,000 | |
Business combination contingent consideration fair value adjustment | 350,000 | 0 | |||
Reltco | |||||
Business Acquisition [Line Items] | |||||
Number of businesses acquired | business | 2 | ||||
Assets acquired (excluding goodwill) | $ 5,766,000 | ||||
Liabilities assumed | 4,681,000 | ||||
Purchase price | 12,700,000 | ||||
Payments to acquire businesses, gross | $ 7,798,000 | ||||
Shares issued or issuable (in shares) | shares | 27,724 | ||||
Contingent consideration, shares issued or issuable (in shares) | shares | 184,012 | ||||
Contingent liability, cash | $ 3,800,000 | ||||
Contingent consideration in acquisition of controlling interest in equity method of investment | 4,300,000 | ||||
Target net income | $ 6,000,000 | ||||
Earn-out period (in years) | 4 years | ||||
Business combination contingent consideration fair value adjustment | 0 | 350,000 | |||
Acquisition related costs | $ 0 | $ 52,000 | $ 766,000 | $ 62,000 | |
Reltco | Minimum | |||||
Business Acquisition [Line Items] | |||||
Weighted average useful life (in years) | 5 years | ||||
Reltco | Maximum | |||||
Business Acquisition [Line Items] | |||||
Weighted average useful life (in years) | 8 years | ||||
Reltco | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 3,900,000 | ||||
Reltco | Noncompete Agreements | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | 405,000 | ||||
Reltco | Trade Names | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets acquired | $ 1,200,000 | ||||
Reltco | Monte Carlo Simulation | Contingent Consideration Earn-out | |||||
Business Acquisition [Line Items] | |||||
Expected term (in years) | 4 years | 3 years 3 months | |||
Expected volatility rate | 30.00% | 30.00% | |||
Expected dividend rate | 0.40% | 0.51% | |||
Reltco | Scenario, Previously Reported | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 15,800,000 |
Business Combination - Summary
Business Combination - Summary of the Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Purchase price | |||
Total purchase price | $ 8,363 | $ 0 | |
Reltco | |||
Fair value of assets acquired | |||
Cash | $ 102 | ||
Accounts receivable | 159 | ||
Intangible assets | 5,505 | ||
Total assets acquired | 5,766 | ||
Fair value of liabilities assumed | |||
Contingent consideration | 4,300 | ||
Accounts payable and other liabilities | 381 | ||
Total liabilities assumed | 4,681 | ||
Net assets acquired | $ 1,085 | ||
Purchase price | |||
Common shares issued (in shares) | 27,724 | ||
Purchase price per share of the Company’s common stock (in dollars per share) | $ 20.38 | ||
Company common stock issued | $ 565 | ||
Cash | 7,798 | ||
Total purchase price | 8,363 | ||
Goodwill | $ 7,278 |
Business Combination - Consolid
Business Combination - Consolidated Pro Forma Results of Reltco Acquisition (Details) - Reltco - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||||
Revenue (net interest income and noninterest income) | $ 46,085 | $ 40,627 | $ 133,306 | $ 106,960 |
Net income available to common stockholders | $ 12,862 | $ 4,183 | $ 28,807 | $ 9,952 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.12 | $ 0.81 | $ 0.29 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.12 | $ 0.78 | $ 0.28 |
Investment Securities - Carryin
Investment Securities - Carrying Amount and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 77,584 | $ 72,116 | |
Unrealized Gains | 11 | 55 | |
Unrealized Losses | 1,020 | 1,115 | |
Fair Value | 76,575 | 71,056 | [1] |
US government agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 17,829 | 17,803 | |
Unrealized Gains | 11 | 52 | |
Unrealized Losses | 35 | 32 | |
Fair Value | 17,805 | 17,823 | |
Residential mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 57,685 | 52,301 | |
Unrealized Gains | 0 | 3 | |
Unrealized Losses | 936 | 1,031 | |
Fair Value | 56,749 | 51,273 | |
Mutual fund | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,070 | 2,012 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 49 | 52 | |
Fair Value | $ 2,021 | $ 1,960 | |
[1] | Derived from audited consolidated financial statements. |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 35,414 | $ 57,577 |
Unrealized Losses, Less Than 12 Months | 526 | 1,101 |
Fair Value, 12 Months or More | 23,263 | 1,635 |
Unrealized Losses, 12 Months or More | 494 | 14 |
Total Fair Value | 58,677 | 59,212 |
Total Unrealized Losses | 1,020 | 1,115 |
US government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 4,996 | 6,508 |
Unrealized Losses, Less Than 12 Months | 16 | 32 |
Fair Value, 12 Months or More | 1,496 | 0 |
Unrealized Losses, 12 Months or More | 19 | 0 |
Total Fair Value | 6,492 | 6,508 |
Total Unrealized Losses | 35 | 32 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 28,397 | 49,109 |
Unrealized Losses, Less Than 12 Months | 461 | 1,017 |
Fair Value, 12 Months or More | 21,767 | 1,635 |
Unrealized Losses, 12 Months or More | 475 | 14 |
Total Fair Value | 50,164 | 50,744 |
Total Unrealized Losses | 936 | 1,031 |
Mutual fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 2,021 | 1,960 |
Unrealized Losses, Less Than 12 Months | 49 | 52 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Total Fair Value | 2,021 | 1,960 |
Total Unrealized Losses | $ 49 | $ 52 |
Investment Securities - Summary
Investment Securities - Summary of Investment Securities by Maturity (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Rolling Maturity [Abstract] | |
Total, amortized cost | $ 75,514 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | |
Total, fair value | 74,554 |
US government agencies | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Rolling Maturity [Abstract] | |
Within one year, amortized cost | 11,302 |
One to five years, amortized cost | 6,527 |
Total, amortized cost | 17,829 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | |
Within one year, fair value | 11,312 |
One to five years, fair value | 6,492 |
Total, fair value | 17,804 |
Residential mortgage-backed securities | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Rolling Maturity [Abstract] | |
Five to ten years, amortized cost | 7,264 |
After 10 years, amortized cost | 50,421 |
Total, amortized cost | 57,685 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | |
Five to ten years, fair value | 7,200 |
After 10 years, fair value | 49,550 |
Total, fair value | $ 56,750 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($)Security | Sep. 30, 2017USD ($)Security | Dec. 31, 2016USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sale of securities | $ 0 | $ 0 | |
Other than temporary impairment losses | 0 | ||
Ohio State Treasurer | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment securities pledged to secure line of credit | 100,000 | 100,000 | $ 100,000 |
Trust Department | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment securities pledged to secure line of credit | $ 2,500,000 | $ 2,500,000 | 1,200,000 |
Line of Credit | Correspondent Bank | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment securities pledged to secure line of credit | $ 1,500,000 | ||
Residential mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of securities in unrealized loss portions for longer than 12 months | Security | 12 | 12 | 2 |
Number of securities in unrealized loss positions for less than 12 months | Security | 14 | 14 | 22 |
US government agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of securities in unrealized loss portions for longer than 12 months | Security | 1 | 1 | |
Number of securities in unrealized loss positions for less than 12 months | Security | 2 | 2 | 3 |
Loans and Leases Held for Inv46
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Composition of Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | $ 1,171,686 | $ 908,492 | |
Net Deferred Costs | 8,038 | 7,648 | |
Discount on SBA 7(a) and USDA Unguaranteed | (9,837) | (8,574) | |
Loans and Leases, Net of Unearned | 1,169,887 | 907,566 | [1] |
Loans Insured or Guaranteed by US Government Authorities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 40,400 | 37,700 | |
Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 432,350 | 334,446 | |
Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 146,536 | 112,331 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 445,986 | 348,146 | |
Commercial Land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 146,814 | 113,569 | |
Agriculture | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 2,698 | 1,714 | |
Agriculture | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 34,636 | 32,372 | |
Agriculture | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 14,689 | 5,591 | |
Agriculture | Commercial Land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 146,814 | 113,569 | |
Death Care Management | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 12,101 | 9,684 | |
Death Care Management | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 4,744 | 3,956 | |
Death Care Management | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 61,462 | 52,510 | |
Healthcare | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 41,454 | 37,270 | |
Healthcare | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 46,814 | 30,467 | |
Healthcare | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 121,331 | 114,281 | |
Independent Pharmacies | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 97,171 | 83,677 | |
Independent Pharmacies | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 1,696 | 2,013 | |
Independent Pharmacies | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 18,508 | 15,151 | |
Registered Investment Advisors | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 91,241 | 68,335 | |
Registered Investment Advisors | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 329 | 294 | |
Registered Investment Advisors | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 13,550 | 11,462 | |
Veterinary Industry | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 45,570 | 38,930 | |
Veterinary Industry | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 13,265 | 11,514 | |
Veterinary Industry | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 110,028 | 102,906 | |
Other Industries | Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 142,115 | 94,836 | |
Other Industries | Construction & Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 45,052 | 31,715 | |
Other Industries | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | $ 106,418 | $ 46,245 | |
[1] | Derived from audited consolidated financial statements. |
Loans and Leases Held for Inv47
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Credit Risk Profile (Details) | 9 Months Ended |
Sep. 30, 2017Score | |
Minimum | Loans (1 Rated) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Debt service coverage | 1.75 |
Discounted collateral coverage | 125.00% |
Credit score | 740 |
Minimum | Loans (2 Rated) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Debt service coverage | 1.25 |
Discounted collateral coverage | 100.00% |
Credit score | 700 |
Minimum | Loans (3 Rated) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Debt service coverage | 1 |
Maximum | Loans (1 Rated) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan-to-value ratio | 65.00% |
Maximum | Loans (2 Rated) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan-to-value ratio | 75.00% |
Maximum | Loans (4 Rated) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Cash flow coverage | 1 |
Loans and Leases Held for Inv48
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Summary of Risk Grades of Each Category of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | $ 1,171,686 | $ 908,492 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 40,400 | 37,700 |
Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,105,647 | 844,427 |
Risk Grades 1 - 4 | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 12,100 | 8,700 |
Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 30,496 | 32,061 |
Risk Grade 5 | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 3,700 | 7,700 |
Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 35,543 | 32,004 |
Risk Grades 6 - 8 | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 24,600 | 21,300 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 432,350 | 334,446 |
Commercial & Industrial | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 405,743 | 308,219 |
Commercial & Industrial | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,003 | 11,715 |
Commercial & Industrial | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,604 | 14,512 |
Commercial & Industrial | Agriculture | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,698 | 1,714 |
Commercial & Industrial | Agriculture | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,470 | 1,656 |
Commercial & Industrial | Agriculture | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 228 | 58 |
Commercial & Industrial | Agriculture | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Commercial & Industrial | Death Care Management | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 12,101 | 9,684 |
Commercial & Industrial | Death Care Management | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 11,976 | 9,452 |
Commercial & Industrial | Death Care Management | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 118 | 121 |
Commercial & Industrial | Death Care Management | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 7 | 111 |
Commercial & Industrial | Healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 41,454 | 37,270 |
Commercial & Industrial | Healthcare | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 32,350 | 28,723 |
Commercial & Industrial | Healthcare | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,716 | 681 |
Commercial & Industrial | Healthcare | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 7,388 | 7,866 |
Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 97,171 | 83,677 |
Commercial & Industrial | Independent Pharmacies | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 87,173 | 73,948 |
Commercial & Industrial | Independent Pharmacies | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 6,523 | 6,542 |
Commercial & Industrial | Independent Pharmacies | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 3,475 | 3,187 |
Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 91,241 | 68,335 |
Commercial & Industrial | Registered Investment Advisors | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 87,940 | 65,297 |
Commercial & Industrial | Registered Investment Advisors | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,566 | 2,246 |
Commercial & Industrial | Registered Investment Advisors | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 735 | 792 |
Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 45,570 | 38,930 |
Commercial & Industrial | Veterinary Industry | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 41,738 | 34,407 |
Commercial & Industrial | Veterinary Industry | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,833 | 1,967 |
Commercial & Industrial | Veterinary Industry | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,999 | 2,556 |
Commercial & Industrial | Other Industries | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 142,115 | 94,836 |
Commercial & Industrial | Other Industries | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 142,096 | 94,736 |
Commercial & Industrial | Other Industries | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 19 | 100 |
Commercial & Industrial | Other Industries | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 146,536 | 112,331 |
Construction & Development | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 144,659 | 110,231 |
Construction & Development | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 704 | 1,789 |
Construction & Development | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,173 | 311 |
Construction & Development | Agriculture | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 34,636 | 32,372 |
Construction & Development | Agriculture | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 34,636 | 32,061 |
Construction & Development | Agriculture | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Agriculture | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 311 |
Construction & Development | Death Care Management | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,744 | 3,956 |
Construction & Development | Death Care Management | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,744 | 3,956 |
Construction & Development | Death Care Management | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Death Care Management | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 46,814 | 30,467 |
Construction & Development | Healthcare | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 44,937 | 30,467 |
Construction & Development | Healthcare | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 704 | 0 |
Construction & Development | Healthcare | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,173 | 0 |
Construction & Development | Independent Pharmacies | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,696 | 2,013 |
Construction & Development | Independent Pharmacies | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,696 | 2,013 |
Construction & Development | Independent Pharmacies | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Independent Pharmacies | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 329 | 294 |
Construction & Development | Registered Investment Advisors | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 329 | 294 |
Construction & Development | Registered Investment Advisors | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Registered Investment Advisors | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Veterinary Industry | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,265 | 11,514 |
Construction & Development | Veterinary Industry | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,265 | 9,725 |
Construction & Development | Veterinary Industry | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 1,789 |
Construction & Development | Veterinary Industry | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Other Industries | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 45,052 | 31,715 |
Construction & Development | Other Industries | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 45,052 | 31,715 |
Construction & Development | Other Industries | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Construction & Development | Other Industries | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 445,986 | 348,146 |
Commercial Real Estate | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 410,558 | 313,644 |
Commercial Real Estate | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 14,685 | 17,419 |
Commercial Real Estate | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 20,743 | 17,083 |
Commercial Real Estate | Agriculture | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 14,689 | 5,591 |
Commercial Real Estate | Agriculture | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 14,689 | 5,591 |
Commercial Real Estate | Agriculture | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Commercial Real Estate | Agriculture | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Commercial Real Estate | Death Care Management | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 61,462 | 52,510 |
Commercial Real Estate | Death Care Management | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 54,684 | 46,427 |
Commercial Real Estate | Death Care Management | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,288 | 4,314 |
Commercial Real Estate | Death Care Management | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,490 | 1,769 |
Commercial Real Estate | Healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 121,331 | 114,281 |
Commercial Real Estate | Healthcare | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 111,943 | 103,097 |
Commercial Real Estate | Healthcare | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 5,050 | 7,142 |
Commercial Real Estate | Healthcare | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,338 | 4,042 |
Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 18,508 | 15,151 |
Commercial Real Estate | Independent Pharmacies | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 15,043 | 12,654 |
Commercial Real Estate | Independent Pharmacies | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,843 | 1,968 |
Commercial Real Estate | Independent Pharmacies | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1,622 | 529 |
Commercial Real Estate | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,550 | 11,462 |
Commercial Real Estate | Registered Investment Advisors | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,406 | 11,462 |
Commercial Real Estate | Registered Investment Advisors | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 144 | 0 |
Commercial Real Estate | Registered Investment Advisors | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 110,028 | 102,906 |
Commercial Real Estate | Veterinary Industry | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 95,055 | 88,168 |
Commercial Real Estate | Veterinary Industry | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,680 | 3,995 |
Commercial Real Estate | Veterinary Industry | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 12,293 | 10,743 |
Commercial Real Estate | Other Industries | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 106,418 | 46,245 |
Commercial Real Estate | Other Industries | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 105,738 | 46,245 |
Commercial Real Estate | Other Industries | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 680 | 0 |
Commercial Real Estate | Other Industries | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 146,814 | 113,569 |
Commercial Land | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 144,687 | 112,333 |
Commercial Land | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,104 | 1,138 |
Commercial Land | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 23 | 98 |
Commercial Land | Agriculture | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 146,814 | 113,569 |
Commercial Land | Agriculture | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 144,687 | 112,333 |
Commercial Land | Agriculture | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,104 | 1,138 |
Commercial Land | Agriculture | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | $ 23 | $ 98 |
Loans and Leases Held for Inv49
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | $ 34,532 | $ 28,598 |
Current | 1,137,154 | 879,894 |
Total loans and leases receivable | 1,171,686 | 908,492 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 21,100 | 17,200 |
Total loans and leases receivable | 40,400 | 37,700 |
Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,059 | 1,261 |
30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 12,112 | 4,817 |
30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,537 | 5,655 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 15,824 | 16,865 |
Greater Than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 14,300 | 13,700 |
Financing Receivables 30 To 89 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 5,000 | 6,800 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 11,013 | 12,050 |
Current | 421,337 | 322,396 |
Total loans and leases receivable | 432,350 | 334,446 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,090 | 74 |
Commercial & Industrial | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 149 | 716 |
Commercial & Industrial | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 552 | 1,550 |
Commercial & Industrial | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 9,222 | 9,710 |
Commercial & Industrial | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 2,698 | 1,714 |
Total loans and leases receivable | 2,698 | 1,714 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Agriculture | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Agriculture | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Agriculture | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Agriculture | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Death Care Management | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 12,101 | 9,684 |
Total loans and leases receivable | 12,101 | 9,684 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Death Care Management | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Death Care Management | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Death Care Management | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Death Care Management | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 6,779 | 6,688 |
Current | 34,675 | 30,582 |
Total loans and leases receivable | 41,454 | 37,270 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Healthcare | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 535 | 0 |
Commercial & Industrial | Healthcare | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 76 | 272 |
Commercial & Industrial | Healthcare | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 16 | 496 |
Commercial & Industrial | Healthcare | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 6,152 | 5,920 |
Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,649 | 3,092 |
Current | 94,522 | 80,585 |
Total loans and leases receivable | 97,171 | 83,677 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Independent Pharmacies | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 331 | 42 |
Commercial & Industrial | Independent Pharmacies | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 44 | 293 |
Commercial & Industrial | Independent Pharmacies | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 408 |
Commercial & Industrial | Independent Pharmacies | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,274 | 2,349 |
Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 91,241 | 68,335 |
Total loans and leases receivable | 91,241 | 68,335 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Registered Investment Advisors | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Registered Investment Advisors | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Registered Investment Advisors | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Registered Investment Advisors | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,585 | 2,270 |
Current | 43,985 | 36,660 |
Total loans and leases receivable | 45,570 | 38,930 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Veterinary Industry | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 224 | 32 |
Commercial & Industrial | Veterinary Industry | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 29 | 151 |
Commercial & Industrial | Veterinary Industry | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 536 | 646 |
Commercial & Industrial | Veterinary Industry | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 796 | 1,441 |
Commercial & Industrial | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 142,115 | 94,836 |
Total loans and leases receivable | 142,115 | 94,836 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial & Industrial | Other Industries | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Other Industries | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Other Industries | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial & Industrial | Other Industries | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 311 |
Current | 146,536 | 112,020 |
Total loans and leases receivable | 146,536 | 112,331 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 231 |
Construction & Development | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 80 |
Construction & Development | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 311 |
Current | 34,636 | 32,061 |
Total loans and leases receivable | 34,636 | 32,372 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Agriculture | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 231 |
Construction & Development | Agriculture | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 80 |
Construction & Development | Agriculture | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Agriculture | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Death Care Management | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 4,744 | 3,956 |
Total loans and leases receivable | 4,744 | 3,956 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Death Care Management | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Death Care Management | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Death Care Management | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Death Care Management | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 46,814 | 30,467 |
Total loans and leases receivable | 46,814 | 30,467 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Healthcare | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Healthcare | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Healthcare | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Healthcare | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 1,696 | 2,013 |
Total loans and leases receivable | 1,696 | 2,013 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Independent Pharmacies | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Independent Pharmacies | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Independent Pharmacies | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Independent Pharmacies | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 329 | 294 |
Total loans and leases receivable | 329 | 294 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Registered Investment Advisors | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Registered Investment Advisors | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Registered Investment Advisors | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Registered Investment Advisors | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 13,265 | 11,514 |
Total loans and leases receivable | 13,265 | 11,514 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Veterinary Industry | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Veterinary Industry | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Veterinary Industry | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Veterinary Industry | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 45,052 | 31,715 |
Total loans and leases receivable | 45,052 | 31,715 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Construction & Development | Other Industries | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Other Industries | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Other Industries | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Construction & Development | Other Industries | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 23,496 | 16,139 |
Current | 422,490 | 332,007 |
Total loans and leases receivable | 445,986 | 348,146 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,946 | 898 |
Commercial Real Estate | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 11,963 | 3,981 |
Commercial Real Estate | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,985 | 4,105 |
Commercial Real Estate | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 6,602 | 7,155 |
Commercial Real Estate | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 14,689 | 5,591 |
Total loans and leases receivable | 14,689 | 5,591 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Agriculture | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Agriculture | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Agriculture | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Agriculture | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Death Care Management | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,874 | 1,611 |
Current | 59,588 | 50,899 |
Total loans and leases receivable | 61,462 | 52,510 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Death Care Management | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Death Care Management | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 298 | 0 |
Commercial Real Estate | Death Care Management | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 174 | 188 |
Commercial Real Estate | Death Care Management | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,402 | 1,423 |
Commercial Real Estate | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,548 | 3,225 |
Current | 117,783 | 111,056 |
Total loans and leases receivable | 121,331 | 114,281 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Healthcare | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 40 | 0 |
Commercial Real Estate | Healthcare | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Healthcare | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,679 | 3,180 |
Commercial Real Estate | Healthcare | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 829 | 45 |
Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,622 | 529 |
Current | 16,886 | 14,622 |
Total loans and leases receivable | 18,508 | 15,151 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Independent Pharmacies | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Independent Pharmacies | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Independent Pharmacies | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Independent Pharmacies | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,622 | 529 |
Commercial Real Estate | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Current | 13,550 | 11,462 |
Total loans and leases receivable | 13,550 | 11,462 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Registered Investment Advisors | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Registered Investment Advisors | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Registered Investment Advisors | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Registered Investment Advisors | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 8,702 | 10,774 |
Current | 101,326 | 92,132 |
Total loans and leases receivable | 110,028 | 102,906 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Veterinary Industry | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,906 | 898 |
Commercial Real Estate | Veterinary Industry | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,915 | 3,981 |
Commercial Real Estate | Veterinary Industry | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 132 | 737 |
Commercial Real Estate | Veterinary Industry | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,749 | 5,158 |
Commercial Real Estate | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 7,750 | 0 |
Current | 98,668 | 46,245 |
Total loans and leases receivable | 106,418 | 46,245 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Real Estate | Other Industries | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Other Industries | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 7,750 | 0 |
Commercial Real Estate | Other Industries | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Real Estate | Other Industries | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 23 | 98 |
Current | 146,791 | 113,471 |
Total loans and leases receivable | 146,814 | 113,569 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Land | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 23 | 58 |
Commercial Land | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 40 |
Commercial Land | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Land | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Land | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 23 | 98 |
Current | 146,791 | 113,471 |
Total loans and leases receivable | 146,814 | 113,569 |
90 Days or More Past Due & Still Accruing | 0 | 0 |
Commercial Land | Agriculture | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 23 | 58 |
Commercial Land | Agriculture | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 40 |
Commercial Land | Agriculture | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 0 | 0 |
Commercial Land | Agriculture | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | $ 0 | $ 0 |
Loans and Leases Held for Inv50
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Theoretical increase in interest if interest on nonaccrual loans had been accrued in accordance with original terms | $ 302 | $ 165 | $ 831 | $ 451 | |
Nonaccrual loans balance | 22,420 | 22,420 | $ 23,781 | ||
Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 19,121 | 19,121 | 18,997 | ||
Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 3,299 | 3,299 | 4,784 | ||
Commercial & Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 10,864 | 10,864 | 11,334 | ||
Commercial & Industrial | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 9,482 | 9,482 | 9,435 | ||
Commercial & Industrial | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,382 | 1,382 | 1,899 | ||
Commercial & Industrial | Healthcare | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 6,703 | 6,703 | 6,416 | ||
Commercial & Industrial | Healthcare | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 5,712 | 5,712 | 5,152 | ||
Commercial & Industrial | Healthcare | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 991 | 991 | 1,264 | ||
Commercial & Industrial | Independent Pharmacies | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 2,605 | 2,605 | 2,799 | ||
Commercial & Industrial | Independent Pharmacies | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 2,253 | 2,253 | 2,204 | ||
Commercial & Industrial | Independent Pharmacies | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 352 | 352 | 595 | ||
Commercial & Industrial | Registered Investment Advisors | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 0 | 0 | |||
Commercial & Industrial | Registered Investment Advisors | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 0 | 0 | |||
Commercial & Industrial | Registered Investment Advisors | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 0 | 0 | |||
Commercial & Industrial | Veterinary Industry | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,556 | 1,556 | 2,119 | ||
Commercial & Industrial | Veterinary Industry | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,517 | 1,517 | 2,079 | ||
Commercial & Industrial | Veterinary Industry | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 39 | 39 | 40 | ||
Construction & Development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 231 | ||||
Construction & Development | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 173 | ||||
Construction & Development | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 58 | ||||
Construction & Development | Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 231 | ||||
Construction & Development | Agriculture | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 173 | ||||
Construction & Development | Agriculture | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 58 | ||||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 11,533 | 11,533 | 12,158 | ||
Commercial Real Estate | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 9,616 | 9,616 | 9,389 | ||
Commercial Real Estate | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,917 | 1,917 | 2,769 | ||
Commercial Real Estate | Death Care Management | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,576 | 1,576 | 1,611 | ||
Commercial Real Estate | Death Care Management | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,246 | 1,246 | 1,263 | ||
Commercial Real Estate | Death Care Management | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 330 | 330 | 348 | ||
Commercial Real Estate | Healthcare | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 3,548 | 3,548 | 3,225 | ||
Commercial Real Estate | Healthcare | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 2,749 | 2,749 | 2,731 | ||
Commercial Real Estate | Healthcare | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 799 | 799 | 494 | ||
Commercial Real Estate | Independent Pharmacies | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,622 | 1,622 | 529 | ||
Commercial Real Estate | Independent Pharmacies | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 1,622 | 1,622 | 0 | ||
Commercial Real Estate | Independent Pharmacies | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 0 | 0 | 529 | ||
Commercial Real Estate | Veterinary Industry | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 4,787 | 4,787 | 6,793 | ||
Commercial Real Estate | Veterinary Industry | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 3,999 | 3,999 | 5,395 | ||
Commercial Real Estate | Veterinary Industry | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 788 | 788 | 1,398 | ||
Commercial Land | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 23 | 23 | 58 | ||
Commercial Land | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 23 | 23 | 0 | ||
Commercial Land | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 0 | 0 | 58 | ||
Commercial Land | Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 23 | 23 | 58 | ||
Commercial Land | Agriculture | Guaranteed Balance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | 23 | 23 | 0 | ||
Commercial Land | Agriculture | Unguaranteed Exposure | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans balance | $ 0 | $ 0 | $ 58 |
Loans and Leases Held for Inv51
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Allowance for Loan and Lease Loss Methodology (Details) | Sep. 30, 2017USD ($) |
Receivables [Abstract] | |
Credit exposure threshold | $ 100,000 |
Loans and Leases Held for Inv52
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Activity in the Allowance for Loan and Lease Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | $ 19,560 | $ 12,309 | $ 18,209 | [1] | $ 7,415 |
Charge offs | (1,008) | (939) | (2,741) | (1,377) | |
Recoveries | 49 | 2 | 78 | 448 | |
Provision | 2,426 | 3,806 | 5,481 | 8,692 | |
Allowance for Loan Losses, Ending Balance | 21,027 | 15,178 | 21,027 | 15,178 | |
Construction & Development | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 1,603 | 1,208 | 1,693 | 1,064 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 36 | 225 | (54) | 369 | |
Allowance for Loan Losses, Ending Balance | 1,639 | 1,433 | 1,639 | 1,433 | |
Commercial Real Estate | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 7,494 | 4,079 | 5,897 | 2,486 | |
Charge offs | (665) | 0 | (952) | (7) | |
Recoveries | 4 | 1 | 17 | 4 | |
Provision | 1,565 | 261 | 3,436 | 1,858 | |
Allowance for Loan Losses, Ending Balance | 8,398 | 4,341 | 8,398 | 4,341 | |
Commercial & Industrial | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 8,351 | 5,601 | 8,413 | 2,766 | |
Charge offs | (343) | (939) | (1,754) | (1,307) | |
Recoveries | 39 | 1 | 55 | 444 | |
Provision | 827 | 2,907 | 2,160 | 5,667 | |
Allowance for Loan Losses, Ending Balance | 8,874 | 7,570 | 8,874 | 7,570 | |
Commercial Land | |||||
Allowance for Loan Losses: | |||||
Allowance for Loan Losses, Beginning Balance | 2,112 | 1,421 | 2,206 | 1,099 | |
Charge offs | 0 | 0 | (35) | (63) | |
Recoveries | 6 | 0 | 6 | 0 | |
Provision | (2) | 413 | (61) | 798 | |
Allowance for Loan Losses, Ending Balance | $ 2,116 | $ 1,834 | $ 2,116 | $ 1,834 | |
[1] | Derived from audited consolidated financial statements. |
Loans and Leases Held for Inv53
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Recorded Allowance for Loan Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses: | |||||||
Loans and leases individually evaluated for impairment | $ 2,953 | $ 2,954 | |||||
Loans and leases collectively evaluated for impairment | 18,074 | 15,255 | |||||
Total allowance for loan and lease losses | 21,027 | $ 19,560 | 18,209 | [1] | $ 15,178 | $ 12,309 | $ 7,415 |
Loans and Leases Receivable : | |||||||
Loans and leases individually evaluated for impairment | 24,703 | 23,243 | |||||
Loans and leases collectively evaluated for impairment | 1,146,983 | 885,249 | |||||
Total loans and leases receivable | 1,171,686 | 908,492 | |||||
Loans collectively evaluated for Impairment, unguaranteed credit exposure Less Than $100,000 | 13,400 | 12,300 | |||||
Loans collectively evaluated for impairment, unguaranteed credit exposure less than $100,000, allowance | 417 | 438 | |||||
Loans Insured or Guaranteed by US Government Authorities | |||||||
Loans and Leases Receivable : | |||||||
Loans and leases individually evaluated for impairment | 24,700 | 22,100 | |||||
Total loans and leases receivable | 40,400 | 37,700 | |||||
Loans collectively evaluated for Impairment, unguaranteed credit exposure Less Than $100,000 | 12,000 | 10,000 | |||||
Unguaranteed Exposure | |||||||
Loans and Leases Receivable : | |||||||
Loans collectively evaluated for Impairment, unguaranteed credit exposure Less Than $100,000 | 1,400 | 2,300 | |||||
Construction & Development | |||||||
Allowance for Loan and Lease Losses: | |||||||
Loans and leases individually evaluated for impairment | 53 | 0 | |||||
Loans and leases collectively evaluated for impairment | 1,586 | 1,693 | |||||
Total allowance for loan and lease losses | 1,639 | 1,603 | 1,693 | 1,433 | 1,208 | 1,064 | |
Loans and Leases Receivable : | |||||||
Loans and leases individually evaluated for impairment | 1,151 | 0 | |||||
Loans and leases collectively evaluated for impairment | 145,385 | 112,331 | |||||
Total loans and leases receivable | 146,536 | 112,331 | |||||
Commercial Real Estate | |||||||
Allowance for Loan and Lease Losses: | |||||||
Loans and leases individually evaluated for impairment | 1,610 | 1,496 | |||||
Loans and leases collectively evaluated for impairment | 6,788 | 4,401 | |||||
Total allowance for loan and lease losses | 8,398 | 7,494 | 5,897 | 4,341 | 4,079 | 2,486 | |
Loans and Leases Receivable : | |||||||
Loans and leases individually evaluated for impairment | 16,231 | 16,359 | |||||
Loans and leases collectively evaluated for impairment | 429,755 | 331,787 | |||||
Total loans and leases receivable | 445,986 | 348,146 | |||||
Commercial & Industrial | |||||||
Allowance for Loan and Lease Losses: | |||||||
Loans and leases individually evaluated for impairment | 1,290 | 1,458 | |||||
Loans and leases collectively evaluated for impairment | 7,584 | 6,955 | |||||
Total allowance for loan and lease losses | 8,874 | 8,351 | 8,413 | 7,570 | 5,601 | 2,766 | |
Loans and Leases Receivable : | |||||||
Loans and leases individually evaluated for impairment | 7,321 | 6,884 | |||||
Loans and leases collectively evaluated for impairment | 425,029 | 327,562 | |||||
Total loans and leases receivable | 432,350 | 334,446 | |||||
Commercial Land | |||||||
Allowance for Loan and Lease Losses: | |||||||
Loans and leases individually evaluated for impairment | 0 | 0 | |||||
Loans and leases collectively evaluated for impairment | 2,116 | 2,206 | |||||
Total allowance for loan and lease losses | 2,116 | $ 2,112 | 2,206 | $ 1,834 | $ 1,421 | $ 1,099 | |
Loans and Leases Receivable : | |||||||
Loans and leases individually evaluated for impairment | 0 | 0 | |||||
Loans and leases collectively evaluated for impairment | 146,814 | 113,569 | |||||
Total loans and leases receivable | $ 146,814 | $ 113,569 | |||||
[1] | Derived from audited consolidated financial statements. |
Loans and Leases Held for Inv54
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Loans and Leases Classified as Impaired (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | $ 38,140 | $ 35,518 |
Commercial & Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 14,824 | 15,226 |
Commercial & Industrial | Death Care Management | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 8 | 111 |
Commercial & Industrial | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 7,384 | 7,923 |
Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 4,282 | 3,514 |
Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 743 | 796 |
Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,407 | 2,882 |
Construction & Development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,151 | 300 |
Construction & Development | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,151 | |
Construction & Development | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 300 | |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 22,142 | 19,901 |
Commercial Real Estate | Death Care Management | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,486 | 1,768 |
Commercial Real Estate | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 4,334 | 4,044 |
Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,622 | 528 |
Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 13,700 | 13,561 |
Commercial Land | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 23 | 91 |
Commercial Land | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 23 | 91 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 24,652 | 22,147 |
Loans Insured or Guaranteed by US Government Authorities | Commercial & Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 9,831 | 10,147 |
Loans Insured or Guaranteed by US Government Authorities | Commercial & Industrial | Death Care Management | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Loans Insured or Guaranteed by US Government Authorities | Commercial & Industrial | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,712 | 5,453 |
Loans Insured or Guaranteed by US Government Authorities | Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,514 | 2,495 |
Loans Insured or Guaranteed by US Government Authorities | Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Loans Insured or Guaranteed by US Government Authorities | Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,605 | 2,199 |
Loans Insured or Guaranteed by US Government Authorities | Construction & Development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 880 | 233 |
Loans Insured or Guaranteed by US Government Authorities | Construction & Development | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 880 | |
Loans Insured or Guaranteed by US Government Authorities | Construction & Development | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 233 | |
Loans Insured or Guaranteed by US Government Authorities | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 13,918 | 11,767 |
Loans Insured or Guaranteed by US Government Authorities | Commercial Real Estate | Death Care Management | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,246 | 1,264 |
Loans Insured or Guaranteed by US Government Authorities | Commercial Real Estate | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,999 | 2,985 |
Loans Insured or Guaranteed by US Government Authorities | Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,622 | 0 |
Loans Insured or Guaranteed by US Government Authorities | Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 8,051 | 7,518 |
Loans Insured or Guaranteed by US Government Authorities | Commercial Land | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 23 | 0 |
Loans Insured or Guaranteed by US Government Authorities | Commercial Land | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 23 | 0 |
Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 13,488 | 13,371 |
Unguaranteed Exposure | Commercial & Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 4,993 | 5,079 |
Unguaranteed Exposure | Commercial & Industrial | Death Care Management | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 8 | 111 |
Unguaranteed Exposure | Commercial & Industrial | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,672 | 2,470 |
Unguaranteed Exposure | Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,768 | 1,019 |
Unguaranteed Exposure | Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 743 | 796 |
Unguaranteed Exposure | Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 802 | 683 |
Unguaranteed Exposure | Construction & Development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 271 | 67 |
Unguaranteed Exposure | Construction & Development | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 271 | |
Unguaranteed Exposure | Construction & Development | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 67 | |
Unguaranteed Exposure | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 8,224 | 8,134 |
Unguaranteed Exposure | Commercial Real Estate | Death Care Management | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,240 | 504 |
Unguaranteed Exposure | Commercial Real Estate | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,335 | 1,059 |
Unguaranteed Exposure | Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 0 | 528 |
Unguaranteed Exposure | Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,649 | 6,043 |
Unguaranteed Exposure | Commercial Land | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 0 | 91 |
Unguaranteed Exposure | Commercial Land | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | $ 0 | $ 91 |
Loans and Leases Held for Inv55
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Impaired Loans and Leases With Associated Reserves and No Associated Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | $ 31,926 | $ 31,926 | $ 31,207 | ||
Recorded Investment, With No Recorded Allowance | 6,214 | 6,214 | 4,311 | ||
Recorded Investment, Total | 38,140 | 38,140 | 35,518 | ||
Loans, Unpaid Principal Balance | 41,431 | 41,431 | 37,232 | ||
Loans, Related Allowance Recorded | 3,369 | 3,369 | 3,392 | ||
Loans, Average Balance | 36,940 | $ 27,281 | 37,581 | $ 27,012 | |
Loans, Interest Income Recognized | 221 | 179 | 466 | 436 | |
Commercial & Industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 11,998 | 11,998 | 14,001 | ||
Recorded Investment, With No Recorded Allowance | 2,826 | 2,826 | 1,225 | ||
Recorded Investment, Total | 14,824 | 14,824 | 15,226 | ||
Loans, Unpaid Principal Balance | 16,273 | 16,273 | 16,002 | ||
Loans, Related Allowance Recorded | 1,451 | 1,451 | 1,726 | ||
Loans, Average Balance | 14,789 | 11,543 | 19,074 | 11,016 | |
Loans, Interest Income Recognized | 63 | 76 | 132 | 153 | |
Commercial & Industrial | Death Care Management | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 0 | 0 | 8 | ||
Recorded Investment, With No Recorded Allowance | 8 | 8 | 103 | ||
Recorded Investment, Total | 8 | 8 | 111 | ||
Loans, Unpaid Principal Balance | 7 | 7 | 111 | ||
Loans, Related Allowance Recorded | 0 | 0 | 1 | ||
Loans, Average Balance | 42 | 9 | 313 | 9 | |
Loans, Interest Income Recognized | 1 | 0 | 3 | 0 | |
Commercial & Industrial | Healthcare | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 6,675 | 6,675 | 7,259 | ||
Recorded Investment, With No Recorded Allowance | 709 | 709 | 664 | ||
Recorded Investment, Total | 7,384 | 7,384 | 7,923 | ||
Loans, Unpaid Principal Balance | 8,034 | 8,034 | 8,120 | ||
Loans, Related Allowance Recorded | 681 | 681 | 778 | ||
Loans, Average Balance | 7,076 | 6,345 | 4,996 | 5,777 | |
Loans, Interest Income Recognized | 11 | 38 | 25 | 60 | |
Commercial & Industrial | Independent Pharmacies | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,622 | 2,622 | 3,184 | ||
Recorded Investment, With No Recorded Allowance | 1,660 | 1,660 | 330 | ||
Recorded Investment, Total | 4,282 | 4,282 | 3,514 | ||
Loans, Unpaid Principal Balance | 4,697 | 4,697 | 3,610 | ||
Loans, Related Allowance Recorded | 76 | 76 | 327 | ||
Loans, Average Balance | 4,266 | 1,946 | 7,998 | 1,927 | |
Loans, Interest Income Recognized | 26 | 18 | 52 | 51 | |
Commercial & Industrial | Registered Investment Advisors | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 668 | 668 | 796 | ||
Recorded Investment, With No Recorded Allowance | 75 | 75 | 0 | ||
Recorded Investment, Total | 743 | 743 | 796 | ||
Loans, Unpaid Principal Balance | 735 | 735 | 792 | ||
Loans, Related Allowance Recorded | 521 | 521 | 514 | ||
Loans, Average Balance | 894 | 742 | 1,438 | 588 | |
Loans, Interest Income Recognized | 14 | 7 | 28 | 13 | |
Commercial & Industrial | Veterinary Industry | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,033 | 2,033 | 2,754 | ||
Recorded Investment, With No Recorded Allowance | 374 | 374 | 128 | ||
Recorded Investment, Total | 2,407 | 2,407 | 2,882 | ||
Loans, Unpaid Principal Balance | 2,800 | 2,800 | 3,369 | ||
Loans, Related Allowance Recorded | 173 | 173 | 106 | ||
Loans, Average Balance | 2,511 | 2,501 | 4,329 | 2,715 | |
Loans, Interest Income Recognized | 11 | 13 | 24 | 29 | |
Construction & Development | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 1,151 | 1,151 | 300 | ||
Recorded Investment, With No Recorded Allowance | 0 | 0 | 0 | ||
Recorded Investment, Total | 1,151 | 1,151 | 300 | ||
Loans, Unpaid Principal Balance | 1,173 | 1,173 | 311 | ||
Loans, Related Allowance Recorded | 53 | 53 | 13 | ||
Loans, Average Balance | 602 | 0 | 120 | 0 | |
Loans, Interest Income Recognized | 2 | 0 | 2 | 0 | |
Construction & Development | Healthcare | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 1,151 | 1,151 | |||
Recorded Investment, With No Recorded Allowance | 0 | 0 | |||
Recorded Investment, Total | 1,151 | 1,151 | |||
Loans, Unpaid Principal Balance | 1,173 | 1,173 | |||
Loans, Related Allowance Recorded | 53 | 53 | |||
Loans, Average Balance | 602 | 0 | 120 | 0 | |
Loans, Interest Income Recognized | 2 | 0 | 2 | 0 | |
Construction & Development | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 300 | ||||
Recorded Investment, With No Recorded Allowance | 0 | ||||
Recorded Investment, Total | 300 | ||||
Loans, Unpaid Principal Balance | 311 | ||||
Loans, Related Allowance Recorded | 13 | ||||
Commercial Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 18,754 | 18,754 | 16,815 | ||
Recorded Investment, With No Recorded Allowance | 3,388 | 3,388 | 3,086 | ||
Recorded Investment, Total | 22,142 | 22,142 | 19,901 | ||
Loans, Unpaid Principal Balance | 23,927 | 23,927 | 20,758 | ||
Loans, Related Allowance Recorded | 1,865 | 1,865 | 1,638 | ||
Loans, Average Balance | 21,526 | 15,582 | 18,188 | 15,641 | |
Loans, Interest Income Recognized | 156 | 103 | 332 | 283 | |
Commercial Real Estate | Death Care Management | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 1,867 | 1,867 | 1,580 | ||
Recorded Investment, With No Recorded Allowance | 619 | 619 | 188 | ||
Recorded Investment, Total | 2,486 | 2,486 | 1,768 | ||
Loans, Unpaid Principal Balance | 2,625 | 2,625 | 1,904 | ||
Loans, Related Allowance Recorded | 187 | 187 | 34 | ||
Loans, Average Balance | 2,512 | 1,801 | 2,030 | 1,811 | |
Loans, Interest Income Recognized | 13 | 2 | 30 | 5 | |
Commercial Real Estate | Healthcare | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 3,759 | 3,759 | 3,514 | ||
Recorded Investment, With No Recorded Allowance | 575 | 575 | 530 | ||
Recorded Investment, Total | 4,334 | 4,334 | 4,044 | ||
Loans, Unpaid Principal Balance | 4,352 | 4,352 | 4,042 | ||
Loans, Related Allowance Recorded | 261 | 261 | 47 | ||
Loans, Average Balance | 3,079 | 1,012 | 2,940 | 1,013 | |
Loans, Interest Income Recognized | 11 | 12 | 24 | 27 | |
Commercial Real Estate | Independent Pharmacies | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 1,622 | 1,622 | 528 | ||
Recorded Investment, With No Recorded Allowance | 0 | 0 | 0 | ||
Recorded Investment, Total | 1,622 | 1,622 | 528 | ||
Loans, Unpaid Principal Balance | 2,163 | 2,163 | 529 | ||
Loans, Related Allowance Recorded | 9 | 9 | 284 | ||
Loans, Average Balance | 1,985 | 551 | 149 | 551 | |
Loans, Interest Income Recognized | 0 | 2 | 0 | 2 | |
Commercial Real Estate | Veterinary Industry | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 11,506 | 11,506 | 11,193 | ||
Recorded Investment, With No Recorded Allowance | 2,194 | 2,194 | 2,368 | ||
Recorded Investment, Total | 13,700 | 13,700 | 13,561 | ||
Loans, Unpaid Principal Balance | 14,787 | 14,787 | 14,283 | ||
Loans, Related Allowance Recorded | 1,408 | 1,408 | 1,273 | ||
Loans, Average Balance | 13,950 | 12,218 | 13,069 | 12,266 | |
Loans, Interest Income Recognized | 132 | 87 | 278 | 249 | |
Commercial Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 23 | 23 | 91 | ||
Recorded Investment, With No Recorded Allowance | 0 | 0 | 0 | ||
Recorded Investment, Total | 23 | 23 | 91 | ||
Loans, Unpaid Principal Balance | 58 | 58 | 161 | ||
Loans, Related Allowance Recorded | 0 | 0 | 15 | ||
Loans, Average Balance | 23 | 156 | 199 | 355 | |
Loans, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial Land | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 23 | 23 | 91 | ||
Recorded Investment, With No Recorded Allowance | 0 | 0 | 0 | ||
Recorded Investment, Total | 23 | 23 | 91 | ||
Loans, Unpaid Principal Balance | 58 | 58 | 161 | ||
Loans, Related Allowance Recorded | 0 | 0 | $ 15 | ||
Loans, Average Balance | 23 | 156 | 199 | 355 | |
Loans, Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Leases Held for Inv56
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Types of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 1 | 3 | 2 |
Pre- modification Recorded Investment | $ 559 | $ 440 | $ 821 | $ 860 |
Post- modification Recorded Investment | $ 559 | $ 440 | $ 821 | $ 860 |
Payment Deferral and Extended Amortization | Commercial & Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 1 | 0 |
Pre- modification Recorded Investment | $ 0 | $ 0 | $ 262 | $ 0 |
Post- modification Recorded Investment | $ 0 | $ 0 | $ 262 | $ 0 |
Payment Deferral and Extended Amortization | Commercial & Industrial | Independent Pharmacies | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 1 | 0 |
Pre- modification Recorded Investment | $ 0 | $ 0 | $ 262 | $ 0 |
Post- modification Recorded Investment | $ 0 | $ 0 | $ 262 | $ 0 |
Payment Deferral | Commercial & Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 1 | 2 | 2 |
Pre- modification Recorded Investment | $ 559 | $ 440 | $ 559 | $ 860 |
Post- modification Recorded Investment | $ 559 | $ 440 | $ 559 | $ 860 |
Payment Deferral | Commercial & Industrial | Healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 1 | ||
Pre- modification Recorded Investment | $ 0 | $ 440 | ||
Post- modification Recorded Investment | $ 0 | $ 440 | ||
Payment Deferral | Commercial & Industrial | Veterinary Industry | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 0 | 2 | 1 |
Pre- modification Recorded Investment | $ 559 | $ 0 | $ 559 | $ 420 |
Post- modification Recorded Investment | $ 559 | $ 0 | $ 559 | $ 420 |
Loans and Leases Held for Inv57
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Recorded Investment in TDR Loans Narrative (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |
Number of restructurings | SecurityLoan | 1 |
Commercial & Industrial | Healthcare | |
Financing Receivable, Modifications [Line Items] | |
Recorded investment | $ | $ 311 |
Servicing Assets - Narrative (D
Servicing Assets - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | |||
Unpaid principal balances of loan serviced for others | $ 2,360 | $ 2,220 | |
Minimum | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value of servicing rights, discount rate | 10.10% | 8.10% | |
Fair value of servicing rights, prepayment rate | 3.10% | 2.90% | |
Maximum | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value of servicing rights, discount rate | 14.50% | 14.10% | |
Fair value of servicing rights, prepayment rate | 10.00% | 9.80% |
Servicing Assets - Summary of A
Servicing Assets - Summary of Activity Pertaining to Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance at beginning of period | $ 53,675 | $ 48,454 | $ 51,994 | [1] | $ 44,230 |
Additions, net | 3,527 | 4,964 | 9,412 | 11,923 | |
Fair value changes: | |||||
Due to changes in valuation inputs or assumptions | (789) | (1,452) | 342 | (821) | |
Decay due to increases in principal paydowns or runoff | (3,021) | (2,237) | (8,356) | (5,603) | |
Balance at end of period | $ 53,392 | $ 49,729 | $ 53,392 | $ 49,729 | |
[1] | Derived from audited consolidated financial statements. |
Borrowings - Total Long Term Bo
Borrowings - Total Long Term Borrowings (Details) | Feb. 23, 2015USD ($)SecurityLoan | Sep. 11, 2014USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Long term borrowings | |||||
Long term borrowings | $ 26,872,000 | $ 27,843,000 | [1] | ||
Construction Line of Credit for Main Campus Construction | Line of Credit | |||||
Long term borrowings | |||||
Long term borrowings | 23,195,000 | 23,864,000 | |||
Line of credit, maximum borrowing capacity | $ 24,000,000 | ||||
Debt instrument, fixed interest rate | 3.95% | ||||
Debt instrument term (in months) | 84 months | ||||
Line of credit facility, periodic payment | $ 146,000 | ||||
Remaining available credit facility | 0 | ||||
Related Party Loans Transfered to Unaffiliated Commercial Bank | Notes Payable to Banks | |||||
Long term borrowings | |||||
Long term borrowings | $ 3,677,000 | $ 3,979,000 | |||
Number of related party loans transferred | SecurityLoan | 2 | ||||
Debt instrument, face amount | $ 4,700,000 | ||||
Debt instrument term (in months) | 60 months | ||||
Debt instrument, interest rate effective percentage | 5.25% | ||||
Collateral amount | $ 3,700,000 | ||||
Related Party Loans Transfered to Unaffiliated Commercial Bank | Notes Payable to Banks | Prime Rate | |||||
Long term borrowings | |||||
Basis spread on variable rate | 1.00% | ||||
[1] | Derived from audited consolidated financial statements. |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Apr. 18, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 18, 2014 |
Debt Instrument [Line Items] | ||||
Repurchased agreements, borrowing capacity | $ 5,000,000 | $ 5,000,000 | ||
Repurchases agreements, outstanding balance | 0 | 0 | ||
Line of Credit | Unsecured Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 25,000,000 | $ 8,100,000 | ||
Remaining available credit facility | 25,000,000 | 8,100,000 | ||
Debt instrument term (in months) | 24 months | |||
Basis spread on variable rate | 0.50% | |||
Outstanding balance | 0 | 0 | ||
Federal Funds Purchased | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum borrowing capacity | 47,500,000 | 26,500,000 | ||
Short term borrowings | 0 | 0 | ||
Federal Reserve Bank Advances | Federal Reserve Bank | ||||
Debt Instrument [Line Items] | ||||
Short term borrowings | 0 | 0 | ||
Remaining available credit facility | 175,000,000 | 142,700,000 | ||
Collateral amount | $ 321,000,000 | $ 281,300,000 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Standards Update 2016-09 | |
Operating Loss Carryforwards [Line Items] | |
Excess tax benefit, amount | $ 874 |
Fair Value of Financial Instr63
Fair Value of Financial Instruments - Record Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | $ 53,392 | $ 53,675 | $ 51,994 | [1] | $ 49,729 | $ 48,454 | $ 44,230 |
Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 53,392 | 51,994 | |||||
Total assets at fair value | 129,967 | 123,050 | |||||
Contingent consideration liability | 4,650 | ||||||
Total liabilities at fair value | 4,650 | ||||||
Recurring | US government agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 17,804 | 17,823 | |||||
Recurring | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 56,750 | 51,273 | |||||
Recurring | Mutual Fund | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 2,021 | 1,960 | |||||
Recurring | Level 1 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 0 | 0 | |||||
Total assets at fair value | 0 | 0 | |||||
Contingent consideration liability | 0 | ||||||
Total liabilities at fair value | 0 | ||||||
Recurring | Level 1 | US government agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 0 | 0 | |||||
Recurring | Level 1 | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 0 | 0 | |||||
Recurring | Level 1 | Mutual Fund | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 0 | 0 | |||||
Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 0 | 0 | |||||
Total assets at fair value | 76,575 | 71,056 | |||||
Contingent consideration liability | 0 | ||||||
Total liabilities at fair value | 0 | ||||||
Recurring | Level 2 | US government agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 17,804 | 17,823 | |||||
Recurring | Level 2 | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 56,750 | 51,273 | |||||
Recurring | Level 2 | Mutual Fund | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 2,021 | 1,960 | |||||
Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Servicing assets | 53,392 | 51,994 | |||||
Total assets at fair value | 53,392 | 51,994 | |||||
Contingent consideration liability | 4,650 | ||||||
Total liabilities at fair value | 4,650 | ||||||
Recurring | Level 3 | US government agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 0 | 0 | |||||
Recurring | Level 3 | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | 0 | 0 | |||||
Recurring | Level 3 | Mutual Fund | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment securities available-for-sale | $ 0 | $ 0 | |||||
[1] | Derived from audited consolidated financial statements. |
Fair Value of Financial Instr64
Fair Value of Financial Instruments - Recorded Amount of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring Fair Value - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | $ 28,557 | $ 27,815 |
Foreclosed assets | 2,231 | 1,648 |
Total assets at fair value | 30,788 | 29,463 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 28,557 | 27,815 |
Foreclosed assets | 2,231 | 1,648 |
Total assets at fair value | $ 30,788 | $ 29,463 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Analysis of Level 3 Valuation Techniques (Details) - Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Impaired Loans and Leases | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 28,557 | $ 27,815 |
Impaired Loans and Leases | Discounted appraisals Discounted expected cash flows | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 0.00% | 0.00% |
Impaired Loans and Leases | Discounted appraisals Discounted expected cash flows | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 25.00% | 25.00% |
Impaired Loans and Leases | Discounted appraisals | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 6.01% | 5.28% |
Foreclosed Assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 2,231 | $ 1,648 |
Foreclosed Assets | Discounted appraisals Discounted expected cash flows | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 10.00% | 10.00% |
Foreclosed Assets | Discounted appraisals Discounted expected cash flows | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 35.00% | 35.00% |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Financial assets | |||||||
Investment securities, available-for-sale | $ 76,575 | $ 71,056 | [1] | ||||
Servicing assets | 53,392 | $ 53,675 | 51,994 | [1] | $ 49,729 | $ 48,454 | $ 44,230 |
Carrying Amount | |||||||
Financial assets | |||||||
Cash and due from banks | 260,907 | 238,008 | |||||
Certificates of deposit with other banks | 3,250 | 7,250 | |||||
Investment securities, available-for-sale | 76,575 | 71,056 | |||||
Loans held for sale | 692,586 | 394,278 | |||||
Loans and leases, net of allowance for loan and lease losses | 1,148,860 | 889,357 | |||||
Servicing assets | 53,392 | 51,994 | |||||
Accrued interest receivable | 9,669 | 7,520 | |||||
Financial liabilities | |||||||
Deposits | 2,012,891 | 1,485,076 | |||||
Accrued interest payable | 270 | 319 | |||||
Long term borrowings | 26,872 | 27,843 | |||||
Total Fair Value | |||||||
Financial assets | |||||||
Cash and due from banks | 260,907 | 238,008 | |||||
Certificates of deposit with other banks | 3,251 | 7,236 | |||||
Investment securities, available-for-sale | 76,575 | 71,056 | |||||
Loans held for sale | 770,923 | 426,220 | |||||
Loans and leases, net of allowance for loan and lease losses | 1,151,601 | 873,158 | |||||
Servicing assets | 53,392 | 51,994 | |||||
Accrued interest receivable | 9,669 | 7,520 | |||||
Financial liabilities | |||||||
Deposits | 1,996,493 | 1,469,173 | |||||
Accrued interest payable | 270 | 319 | |||||
Long term borrowings | 27,904 | 29,559 | |||||
Total Fair Value | Level 1 | |||||||
Financial assets | |||||||
Cash and due from banks | 260,907 | 238,008 | |||||
Certificates of deposit with other banks | 3,251 | 7,236 | |||||
Investment securities, available-for-sale | 0 | 0 | |||||
Loans held for sale | 0 | 0 | |||||
Loans and leases, net of allowance for loan and lease losses | 0 | 0 | |||||
Servicing assets | 0 | 0 | |||||
Accrued interest receivable | 9,669 | 7,520 | |||||
Financial liabilities | |||||||
Deposits | 0 | 0 | |||||
Accrued interest payable | 270 | 319 | |||||
Long term borrowings | 0 | 0 | |||||
Total Fair Value | Level 2 | |||||||
Financial assets | |||||||
Cash and due from banks | 0 | 0 | |||||
Certificates of deposit with other banks | 0 | 0 | |||||
Investment securities, available-for-sale | 76,575 | 71,056 | |||||
Loans held for sale | 0 | 0 | |||||
Loans and leases, net of allowance for loan and lease losses | 0 | 0 | |||||
Servicing assets | 0 | 0 | |||||
Accrued interest receivable | 0 | 0 | |||||
Financial liabilities | |||||||
Deposits | 1,996,493 | 1,469,173 | |||||
Accrued interest payable | 0 | 0 | |||||
Long term borrowings | 0 | 0 | |||||
Total Fair Value | Level 3 | |||||||
Financial assets | |||||||
Cash and due from banks | 0 | 0 | |||||
Certificates of deposit with other banks | 0 | 0 | |||||
Investment securities, available-for-sale | 0 | 0 | |||||
Loans held for sale | 770,923 | 426,220 | |||||
Loans and leases, net of allowance for loan and lease losses | 1,151,601 | 873,158 | |||||
Servicing assets | 53,392 | 51,994 | |||||
Accrued interest receivable | 0 | 0 | |||||
Financial liabilities | |||||||
Deposits | 0 | 0 | |||||
Accrued interest payable | 0 | 0 | |||||
Long term borrowings | $ 27,904 | $ 29,559 | |||||
[1] | Derived from audited consolidated financial statements. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | $ 1,748,159 | $ 1,364,114 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | 1,563,688 | 1,342,271 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | 1,861 | 343 |
Solar purchase commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | 182,610 | 0 |
Airplane purchase agreement commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | $ 0 | $ 21,500 |
Commitments and Contingencies68
Commitments and Contingencies - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)Customer | Dec. 31, 2016USD ($) | |
Concentration Risk [Line Items] | ||
Commitment letters expiration period (in days) | 90 days | |
Commitments for on-balance sheet instruments | $ 4,400,000 | $ 4,900,000 |
Maximum retained credit exposure | 5,000,000 | |
Future minimum lease payments under non-cancelable operating leases | $ 33,000,000 | |
Seventeen Borrowers | ||
Concentration Risk [Line Items] | ||
Number of relationships that have retained unguaranteed exposure | Customer | 17 | |
Retained credit exposure | $ 144,600,000 | |
Retained exposure, amount disbursed | 90,800,000 | |
Two Relationships | ||
Concentration Risk [Line Items] | ||
Future minimum lease payments under non-cancelable operating leases | $ 28,000,000 |
Stock Plans - Narrative (Detail
Stock Plans - Narrative (Details) - USD ($) | Aug. 07, 2017 | May 08, 2017 | Jan. 31, 2017 | May 24, 2016 | Sep. 30, 2017 | May 08, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 1,496,000 | $ 1,752,000 | |||||||
Intrinsic value of options exercised | $ 1,100,000 | $ 223,000 | |||||||
Stock options granted (in shares) | 0 | 0 | 169,987 | ||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 536,000 | $ 580,000 | $ 1,400,000 | $ 1,800,000 | |||||
Unrecognized compensation costs, stock options | 9,800,000 | $ 9,800,000 | |||||||
Unrecognized compensation costs period recognized (in years) | 2 years 11 months 5 days | ||||||||
Market Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation costs period recognized (in years) | 3 years 3 months 7 days | ||||||||
Minimum required consecutive trading days that common stock must close at or above required share price (in days) | 20 days | ||||||||
Share-based compensation expense | 1,300,000 | 346,000 | $ 3,700,000 | 577,000 | |||||
Unrecognized compensation costs | 17,900,000 | $ 17,900,000 | |||||||
Granted (in shares) | 233,791 | ||||||||
Market Restricted Stock | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price threshold for performance criteria (in dollars per share) | $ 34 | ||||||||
Market Restricted Stock | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price threshold for performance criteria (in dollars per share) | $ 38 | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation costs period recognized (in years) | 4 years 6 months 18 days | ||||||||
Share-based compensation expense | 191,000 | 3,100,000 | $ 517,000 | $ 5,300,000 | |||||
Unrecognized compensation costs | 2,500,000 | $ 2,500,000 | |||||||
Granted (in shares) | 62,721 | ||||||||
2015 Omnibus Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common voting shares authorized (in shares) | 7,000,000 | ||||||||
Options or restricted shares of expiration period (in years) | 10 years | ||||||||
Percentage of fair market value of common stock | 100.00% | ||||||||
Option vesting period (in years) | 3 years | ||||||||
2015 Omnibus Plan, Amended and Restated | Market Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 130,000 | 3,058 | 100,733 | ||||||
Valuation period (in years) | 7 years | 7 years | |||||||
Expected average life (in years) | 3 years 10 months 25 days | 4 years 1 month 6 days | |||||||
Risk free interest rate | 2.07% | 2.28% | |||||||
Expected volatility | 30.00% | 30.00% | |||||||
Expected dividend yield | 0.33% | 0.39% | |||||||
Employee Stock Purchase Plan | Employee Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ 36,000 | $ 0 | $ 79,000 | ||||||
Maximum annual purchase per employee | $ 25,000 | ||||||||
Purchase date discount | 15.00% | ||||||||
Shares purchased for award (in shares) | 0 | 0 | 0 |
Stock Plans - Stock Option Acti
Stock Plans - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, outstanding, beginning balance (in shares) | 3,478,208 | 3,546,992 | |
Shares, exercised (in shares) | 76,285 | 25,406 | |
Shares, forfeited (in shares) | 203,671 | 166,483 | |
Shares, granted (in shares) | 0 | 0 | 169,987 |
Shares, outstanding, ending balance (in shares) | 3,198,252 | 3,198,252 | 3,525,090 |
Shares, exercisable (in shares) | 703,425 | 703,425 | 478,141 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, outstanding, beginning balance (in dollars per share) | $ 11.51 | $ 11.17 | |
Weighted average exercise price, exercised (in dollars per share) | 7.89 | 5.79 | |
Weighted average exercise price, forfeited (in dollars per share) | 14.12 | 9.01 | |
Weighted average exercise price, granted (in dollars per share) | 0 | 14.02 | |
Weighted average exercise price, outstanding, ending balance (in dollars per share) | $ 11.43 | 11.43 | 11.44 |
Weighted average exercise price, exercisable (in dollars per share) | $ 10.41 | $ 10.41 | $ 9.22 |
Weighted average remaining contractual term, outstanding (in years) | 7 years 3 months 22 days | 8 years 3 months 18 days | |
Weighted average remaining contractual term, exercisable (in years) | 7 years 22 days | 7 years 10 months 2 days | |
Aggregate intrinsic value, outstanding | $ 38,411,802 | $ 38,411,802 | $ 14,212,513 |
Aggregate intrinsic value, exercisable | $ 9,171,805 | $ 9,171,805 | $ 2,887,741 |
Stock Plans - Summary of Non-ve
Stock Plans - Summary of Non-vested Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares, non-vested, beginning balance (in shares) | 3,016,100 | 3,393,441 | |
Shares, granted (in shares) | 0 | 0 | 169,987 |
Shares, vested (in shares) | 317,602 | 349,996 | |
Shares, forfeited (in shares) | 203,671 | 166,483 | |
Shares, non-vested, ending balance (in shares) | 2,494,827 | 2,494,827 | 3,046,949 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, non-vested, beginning balance (in dollars per share) | $ 4.78 | $ 4.56 | |
Weighted average grant date fair value, granted (in dollars per share) | 0 | 6.58 | |
Weighted average grant date fair value, vested (in dollars per share) | 4.17 | 4.22 | |
Weighted average grant date fair value, forfeited (in dollars per share) | 6.03 | 3.13 | |
Weighted average grant date fair value, non-vested, ending balance (in dollars per share) | $ 4.75 | $ 4.75 | $ 4.79 |
Stock Plans - Restricted Stock
Stock Plans - Restricted Stock Unit Activity (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, outstanding, beginning balance (in shares) | shares | 134,969 |
Granted (in shares) | shares | 62,721 |
Vested (in shares) | shares | 38,205 |
Forfeited (in shares) | shares | 7,485 |
Shares, outstanding, ending balance (in shares) | shares | 152,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Shares outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 14.96 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares | 23.85 |
Shares vested, weighted average grant date fair value (in dollars per share) | $ / shares | 15.40 |
Shares forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 13.96 |
Shares outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 18.57 |
Market Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, outstanding, beginning balance (in shares) | shares | 2,364,500 |
Granted (in shares) | shares | 233,791 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 4,007 |
Shares, outstanding, ending balance (in shares) | shares | 2,594,284 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Shares outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 8.28 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Shares vested, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Shares forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 11.38 |
Shares outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 8.79 |
Subsequent Event (Details)
Subsequent Event (Details) - Apiture - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Oct. 01, 2017 | |
Subsequent Event | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated fair value | $ 150 | ||
Equity method investments | $ 68 | ||
First Data | Subsequent Event | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method ownership percentage prior to increase in voting interest | 54.70% | ||
Underlying equity in net assets | $ 82 | ||
First Data | Scenario, Forecast | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash earnings preference, maximum amount | $ 18 | $ 18.9 | |
Live Oak | Subsequent Event | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method ownership percentage prior to increase in voting interest | 45.30% | ||
Underlying equity in net assets | $ 68 |