Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 05, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Live Oak Bancshares, Inc. | |
Entity Central Index Key | 0001462120 | |
Trading Symbol | LOB | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37497 | |
Entity Tax Identification Number | 264596286 | |
Entity Address, Address Line One | 1741 Tiburon Drive | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | North Carolina | |
Entity Address, Postal Zip Code | 28403 | |
City Area Code | 910 | |
Local Phone Number | 790-5867 | |
Entity Voting Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 35,590,365 | |
Entity Nonvoting Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,643,530 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 115,292 | $ 316,823 |
Federal funds sold | 68,153 | |
Certificates of deposit with other banks | 7,250 | 7,250 |
Investment securities available-for-sale | 576,275 | 380,490 |
Loans held for sale | 857,837 | 687,393 |
Loans and leases held for investment | 2,225,473 | 1,843,419 |
Allowance for loan and lease losses | (38,048) | (32,434) |
Net loans and leases | 2,187,425 | 1,810,985 |
Premises and equipment, net | 281,126 | 262,524 |
Foreclosed assets | 6,044 | 1,094 |
Servicing assets | 41,687 | 47,641 |
Operating lease right-of-use assets | 1,996 | |
Other assets | 131,216 | 156,249 |
Total assets | 4,274,301 | 3,670,449 |
Deposits: | ||
Noninterest-bearing | 55,416 | 53,993 |
Interest-bearing | 3,666,181 | 3,095,590 |
Total deposits | 3,721,597 | 3,149,583 |
Short term borrowings | 1,345 | 1,441 |
Long term borrowings | 16 | 16 |
Operating lease liabilities | 2,162 | |
Other liabilities | 30,195 | 25,849 |
Total liabilities | 3,755,315 | 3,176,889 |
Shareholders’ equity | ||
Retained earnings | 171,954 | 167,124 |
Accumulated other comprehensive income (loss) | 12,877 | (1,677) |
Total shareholders’ equity | 518,986 | 493,560 |
Total liabilities and shareholders’ equity | 4,274,301 | 3,670,449 |
Preferred Stock Undefined | ||
Shareholders’ equity | ||
Preferred stock, no par value, 1,000,000 authorized, none issued or outstanding at June 30, 2019 and December 31, 2018 | ||
Class A Common Stock | ||
Shareholders’ equity | ||
Common stock | 284,987 | 278,945 |
Class B Common Stock | ||
Shareholders’ equity | ||
Common stock | $ 49,168 | $ 49,168 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred Stock Undefined | ||
Preferred stock, par value | ||
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, par value | ||
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 35,577,386 | 35,512,262 |
Common stock outstanding (in shares) | 35,577,386 | 35,512,262 |
Class B Common Stock | ||
Common stock, par value | ||
Common stock authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock issued (in shares) | 4,643,530 | 4,643,530 |
Common stock outstanding (in shares) | 4,643,530 | 4,643,530 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Loans and fees on loans | $ 49,914 | $ 36,267 | $ 94,880 | $ 68,958 |
Investment securities, taxable | 4,116 | 2,530 | 7,433 | 3,647 |
Other interest earning assets | 1,108 | 2,179 | 2,747 | 3,394 |
Total interest income | 55,138 | 40,976 | 105,060 | 75,999 |
Interest expense | ||||
Deposits | 21,203 | 13,927 | 40,520 | 24,345 |
Borrowings | 1 | 130 | ||
Total interest expense | 21,203 | 13,928 | 40,520 | 24,475 |
Net interest income | 33,935 | 27,048 | 64,540 | 51,524 |
Provision for loan and lease losses | 3,463 | 2,087 | 6,205 | 6,479 |
Net interest income after provision for loan and lease losses | 30,472 | 24,961 | 58,335 | 45,045 |
Noninterest income | ||||
Loan servicing revenue | 7,063 | 6,965 | 14,473 | 13,863 |
Loan servicing asset revaluation | (403) | (3,670) | (2,649) | (8,758) |
Net gains on sales of loans | 6,015 | 23,061 | 10,213 | 47,479 |
Equity method investments income (loss) | (1,736) | (673) | (3,750) | (1,037) |
Gain on sale of investment securities available-for-sale | 5 | |||
Lease income | 2,369 | 1,920 | 4,694 | 3,528 |
Construction supervision fee income | 386 | 597 | 1,165 | 1,376 |
Title insurance income | 996 | 2,296 | ||
Other noninterest income | 1,007 | 1,417 | 3,577 | 2,622 |
Total noninterest income | 14,701 | 30,613 | 27,728 | 61,369 |
Noninterest expense | ||||
Salaries and employee benefits | 21,990 | 22,146 | 43,845 | 42,355 |
Travel expense | 1,541 | 2,041 | 2,741 | 3,884 |
Professional services expense | 1,621 | 1,119 | 3,803 | 2,417 |
Advertising and marketing expense | 1,665 | 1,868 | 3,029 | 3,530 |
Occupancy expense | 1,848 | 1,882 | 3,457 | 3,739 |
Data processing expense | 1,947 | 2,906 | 4,346 | 5,743 |
Equipment expense | 4,239 | 3,368 | 7,564 | 6,445 |
Other loan origination and maintenance expense | 1,708 | 1,414 | 3,347 | 2,743 |
Renewable energy tax credit investment impairment | 602 | 602 | ||
FDIC insurance | 699 | 1,010 | 1,334 | 1,582 |
Title insurance closing services expense | 372 | 798 | ||
Other expense | 1,716 | 2,704 | 3,709 | 5,666 |
Total noninterest expense | 39,576 | 40,830 | 77,777 | 78,902 |
Income before taxes | 5,597 | 14,744 | 8,286 | 27,512 |
Income tax expense | 662 | 491 | 979 | 806 |
Net income | $ 4,935 | $ 14,253 | $ 7,307 | $ 26,706 |
Basic earnings per share | $ 0.12 | $ 0.36 | $ 0.18 | $ 0.67 |
Diluted earnings per share | $ 0.12 | $ 0.34 | $ 0.18 | $ 0.64 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 4,935 | $ 14,253 | $ 7,307 | $ 26,706 |
Other comprehensive income (loss) before tax: | ||||
Net unrealized gain (loss) on investment securities arising during the period | 15,637 | (1,965) | 19,155 | (4,920) |
Reclassification adjustment for gain on sale of securities available-for-sale included in net income | (5) | |||
Other comprehensive income (loss) before tax | 15,637 | (1,965) | 19,150 | (4,920) |
Income tax (expense) benefit | (3,753) | 471 | (4,596) | 1,181 |
Other comprehensive income (loss), net of tax | 11,884 | (1,494) | 14,554 | (3,739) |
Total comprehensive income | $ 16,819 | $ 12,759 | $ 21,861 | $ 22,967 |
Condensed Consolidated Statem_3
Condensed 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) |
Beginning balance at Dec. 31, 2017 | $ 436,933 | $ 317,725 | $ 120,241 | $ (1,033) | ||
Beginning balance (in shares) at Dec. 31, 2017 | 35,252,053 | 4,643,530 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 26,706 | 26,706 | ||||
Other comprehensive income (loss) | (3,739) | (3,739) | ||||
Issuance of restricted stock | 0 | |||||
Issuance of restricted stock (in shares) | 39,133 | |||||
Withholding cash issued in lieu of restricted stock issuance | (495) | (495) | ||||
Employee stock purchase program | 165 | 165 | ||||
Employee stock purchase program (in shares) | 7,022 | |||||
Stock option exercises | $ 1,252 | 1,252 | ||||
Stock option exercises (in shares) | 144,671 | 144,671 | ||||
Stock option based compensation expense | $ 809 | 809 | ||||
Restricted stock expense | 3,755 | 3,755 | ||||
Reclassification of accumulated other comprehensive income due to tax rate change | 0 | 244 | (244) | |||
Cash dividends | (2,400) | (2,400) | ||||
Ending balance at Jun. 30, 2018 | 462,986 | 323,211 | 144,791 | (5,016) | ||
Ending balance (in shares) at Jun. 30, 2018 | 35,442,879 | 4,643,530 | ||||
Beginning balance at Mar. 31, 2018 | 448,836 | 320,619 | 131,739 | (3,522) | ||
Beginning balance (in shares) at Mar. 31, 2018 | 35,330,618 | 4,643,530 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,253 | 14,253 | ||||
Other comprehensive income (loss) | (1,494) | (1,494) | ||||
Issuance of restricted stock | 0 | |||||
Issuance of restricted stock (in shares) | 21,844 | |||||
Withholding cash issued in lieu of restricted stock issuance | (184) | (184) | ||||
Stock option exercises | 561 | 561 | ||||
Stock option exercises (in shares) | 90,417 | |||||
Stock option based compensation expense | 346 | 346 | ||||
Restricted stock expense | 1,869 | 1,869 | ||||
Cash dividends | (1,201) | (1,201) | ||||
Ending balance at Jun. 30, 2018 | 462,986 | 323,211 | 144,791 | (5,016) | ||
Ending balance (in shares) at Jun. 30, 2018 | 35,442,879 | 4,643,530 | ||||
Beginning balance at Dec. 31, 2018 | 493,560 | 328,113 | 167,124 | (1,677) | ||
Beginning balance (in shares) at Dec. 31, 2018 | 35,512,262 | 4,643,530 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,307 | 7,307 | ||||
Other comprehensive income (loss) | 14,554 | 14,554 | ||||
Issuance of restricted stock | 0 | |||||
Issuance of restricted stock (in shares) | 21,486 | |||||
Withholding cash issued in lieu of restricted stock issuance | (86) | (86) | ||||
Employee stock purchase program | 182 | 182 | ||||
Employee stock purchase program (in shares) | 14,059 | |||||
Stock option exercises | $ 172 | 172 | ||||
Stock option exercises (in shares) | 30,634 | 29,579 | ||||
Stock option based compensation expense | $ 870 | 870 | ||||
Restricted stock expense | 4,904 | 4,904 | ||||
Cash dividends | (2,411) | (2,411) | ||||
Ending balance at Jun. 30, 2019 | 518,986 | 334,155 | 171,954 | 12,877 | ||
Ending balance (in shares) at Jun. 30, 2019 | 35,577,386 | 4,643,530 | ||||
Beginning balance at Mar. 31, 2019 | 500,380 | 331,162 | 168,225 | 993 | ||
Beginning balance (in shares) at Mar. 31, 2019 | 35,531,549 | 4,643,530 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,935 | 4,935 | ||||
Other comprehensive income (loss) | 11,884 | 11,884 | ||||
Issuance of restricted stock | 0 | |||||
Issuance of restricted stock (in shares) | 19,346 | |||||
Withholding cash issued in lieu of restricted stock issuance | (81) | (81) | ||||
Stock option exercises | 158 | 158 | ||||
Stock option exercises (in shares) | 26,491 | |||||
Stock option based compensation expense | 400 | 400 | ||||
Restricted stock expense | 2,516 | 2,516 | ||||
Cash dividends | (1,206) | (1,206) | ||||
Ending balance at Jun. 30, 2019 | 518,986 | $ 334,155 | 171,954 | $ 12,877 | ||
Ending balance (in shares) at Jun. 30, 2019 | 35,577,386 | 4,643,530 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of accounting change for Accounting Standards Update 2016-02 | Accounting Standards Update 2016-02 [Member] | $ (66) | $ (66) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends per share | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 7,307 | $ 26,706 |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Depreciation and amortization | 9,101 | 7,823 |
Provision for loan and lease losses | 6,205 | 6,479 |
Amortization of premium on securities, net of accretion | 254 | 353 |
Change in discount on unguaranteed loans | (3,431) | 3,501 |
Deferred tax (benefit) expense | (417) | 807 |
Originations of loans held for sale | (455,456) | (621,290) |
Proceeds from sales of loans held for sale | 168,981 | 613,911 |
Net gains on sale of loans held for sale | (10,213) | (47,479) |
Net loss on sale of foreclosed assets | 4 | 1 |
Net decrease (increase) in servicing assets | 5,954 | (391) |
Gain on sale of securities available-for-sale | (5) | |
Net gain on disposal of long-lived asset | (357) | |
Net loss on disposal of property and equipment | 109 | |
Renewable energy tax credit investment impairment | 602 | |
Stock option based compensation expense | 870 | 809 |
Restricted stock expense | 4,904 | 3,755 |
Stock based compensation expense tax (shortfall) benefit | (76) | 24 |
Business combination contingent consideration fair value adjustment | (260) | |
Changes in assets and liabilities: | ||
Lease right-of-use assets and liabilities, net | 102 | |
Other assets | 13,704 | (7,445) |
Other liabilities | 154 | 909 |
Net cash used by operating activities | (251,704) | (11,787) |
Cash flows from investing activities | ||
Purchases of securities available-for-sale | (205,829) | (316,588) |
Proceeds from sales, maturities, calls, and principal paydown of securities available-for-sale | 28,945 | 19,727 |
Proceeds from SBA reimbursement/sale of foreclosed assets | 393 | 212 |
Maturities of certificates of deposits with other banks | 750 | |
Loan and lease originations and principal collections, net | (258,028) | (217,743) |
Proceeds from sale of long-lived asset | 10,895 | |
Purchases of premises and equipment, net | (27,823) | (61,217) |
Net cash used by investing activities | (451,447) | (574,859) |
Cash flows from financing activities | ||
Net increase in deposits | 572,014 | 708,973 |
Proceeds from long term borrowings | 18 | |
Repayment of long term borrowings | (2) | (23,197) |
Repayment of short term borrowings | (96) | |
Stock option exercises | 172 | 1,252 |
Employee stock purchase program | 182 | 165 |
Withholding cash issued in lieu of restricted stock | (86) | (495) |
Shareholder dividend distributions | (2,411) | (2,400) |
Net cash provided by financing activities | 569,773 | 684,316 |
Net (decrease) increase in cash and cash equivalents | (133,378) | 97,670 |
Cash and cash equivalents, beginning | 316,823 | 295,271 |
Cash and cash equivalents, ending | 183,445 | 392,941 |
Supplemental disclosures of cash flow information | ||
Interest paid | 39,391 | 24,308 |
Income tax received | (12,439) | (542) |
Supplemental disclosures of noncash operating, investing, and financing activities | ||
Unrealized holding gains (losses) on available-for-sale securities, net of taxes | 14,554 | (3,739) |
Transfers from loans and leases to foreclosed real estate and other repossessions | 5,058 | 346 |
Net transfers from SBA receivable to foreclosed real estate | 289 | 311 |
Right-of-use assets obtained in exchange for lessee operating lease liabilities | 2,241 | |
Transfer of loans held for sale to loans and leases held for investment | 146,305 | 19,774 |
Transfer of loans and leases held for investment to loans held for sale | $ 23,321 | $ 51,614 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Nature of Operations Live Oak Bancshares, Inc. (the “Company” or “LOB”) is a bank holding company headquartered in Wilmington, North Carolina incorporated under the laws of North Carolina in December 2008. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the “Bank”). The Bank was 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. The Bank identifies and grows lending to credit-worthy borrowers both within specific industries, also called verticals, through expertise within those industries, and more broadly to select borrowers outside of 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 the U.S. Department of Agriculture ("USDA") Rural Energy for America Program ("REAP"), Business & Industry ("B&I") a nd Water & Waste Disposal (“WEP”) 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. As of May 1, 2019, 504FA exited as advisor for the 504 Fund. In August 2016, the Company formed Live Oak Ventures, Inc. (formerly known as “Canapi, 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 (“LOCEF”) for the purpose of providing financing to entities for renewable energy applications. During the first quarter of 2019, LOCEF became a wholly-owned subsidiary of the Bank. 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. Effective August 1, 2018, Reltco was sold. In June 2018, the Bank formed Live Oak Private Wealth, LLC for the purpose of providing high-net-worth individuals and families with strategic wealth and investment management services. In September 2018, the Company formed Canapi Advisors, LLC for the purpose of providing investment advisory services to a series of new funds focused on providing venture capital to new and emerging financial service technology companies. The Company generates revenue primarily from net interest income and the origination and sale of government guaranteed loans. Income from the retention of loans is comprised of interest income. Income from the sale of loans is comprised of loan servicing revenue and revaluation of related servicing assets along with net gains on sales of loans. 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 six months ended June 30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019. The consolidated balance sheet as of December 31, 2018 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, 2018, filed with the Securities Exchange Commission on February 27, 2019 (SEC File No. 001-37497) (the "2018 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 2018 Annual Report. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes in the Company's 2018 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 Condensed 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. 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. Accounting Change On January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02 “Leases (Topic 842),” (“ASU 2016-02”) and all subsequent ASUs that modified Topic 842. The Company elected to apply certain practical expedients provided under ASU 2016-02 whereby the Company will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has also applied the practical expedient to use hindsight in determining the lease term and in assessing impairment of the right-of-use assets. The Company does not apply the recognition and measurement requirements to any short-term leases (as defined by ASU 2016-02). The Company accounts for lease and non-lease components separately because such amounts are readily determinable under the lease contracts. The Company utilized the modified-retrospective transition approach prescribed by ASU 2018-11, “Leases (Topic 842) Targeted Improvements The Company determines if an arrangement is or contains a lease at inception. If it is determined to be or contain a lease, then the lease is classified as an operating or finance lease. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term. Lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are measured on commencement date based on the present value of the lease payments over the lease term, discounted using the discount rate for the lease at commencement. The discount rate shall be the rate implicit in the lease, however, if that is not readily determinable, the Company will use its incremental borrowing rate. The ROU asset also includes any lease payments made before the commencement date and initial direct costs and excludes any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in other assets and long term borrowings in the consolidated balance sheets. Lease expense for operating leases and finance leases is included in occupancy expense in the consolidated statements of income and interest expense for finance leases is included in other interest expense in the consolidated statements of income. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): 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 consolidated 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. Implementation efforts continue with model development, ongoing system requirements evaluation and the identification of data and resource needs, among other things. The Company has also engaged a third-party vendor solution to assist in the application of 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 June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 amends Accounting Standard Codification 718 to largely align accounting for share-based payment awards issued to employees and nonemployees. Under the new guidance, existing employee guidance will generally apply to nonemployee share-based transactions, except for specific guidance on inputs into option pricing models and the attribution of cost. The Company adopted the standard on January 1, 2019 with no material effect on its consolidated financial statements. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”). ASU 2019-01 provides updates to Topic 842 including: (i) guidance on how to determine fair value of leased items for lessors who are not dealers or manufacturers, (ii) cash flow presentation for lessors of sales-type and direct financing leases and (iii) clarifies that certain transition disclosures. The amendments are effective for the Company on January 1, 2020. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”). ASU 2019-04 provides clarification and minor improvements related to ASU 2016-01 “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief” (“ASU 2019-05”). ASU 2019-05 allows entities an option to irrevocably elect the fair value option for eligible instruments upon adoption of Topic 326. The amendments are effective for the Company on January 1, 2020. See discussion of ASU 2016-13 above for impact to the consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3. Earnings Per Share Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur, upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then be shared in the net income of the Company. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic earnings per share: Net income available to common shareholders $ 4,935 $ 14,253 $ 7,307 $ 26,706 Weighted-average basic shares outstanding 40,196,662 40,027,336 40,178,491 39,977,336 Basic earnings per share $ 0.12 $ 0.36 $ 0.18 $ 0.67 Diluted earnings per share: Net income available to common shareholders, for diluted earnings per share $ 4,935 $ 14,253 $ 7,307 $ 26,706 Total weighted-average basic shares outstanding 40,196,662 40,027,336 40,178,491 39,977,336 Add effect of dilutive stock options and restricted stock grants 801,879 1,592,311 801,879 1,538,997 Total weighted-average diluted shares outstanding 40,998,541 41,619,647 40,980,370 41,516,333 Diluted earnings per share $ 0.12 $ 0.34 $ 0.18 $ 0.64 Anti-dilutive shares 1,578,197 — 1,578,197 9,102 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4. Investment Securities The carrying amount of investment securities and their approximate fair values are reflected in the following table: June 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value US treasury securities $ 4,979 $ 36 $ — $ 5,015 US government agencies 48,303 613 11 48,905 Mortgage-backed securities 497,529 16,479 659 513,349 Municipal bonds 8,521 492 7 9,006 Total $ 559,332 $ 17,620 $ 677 $ 576,275 December 31, 2018 US treasury securities $ 4,969 $ — $ 3 $ 4,966 US government agencies 31,121 48 225 30,944 Mortgage-backed securities 345,606 1,340 3,365 343,581 Municipal bond 1,000 — 1 999 Total $ 382,696 $ 1,388 $ 3,594 $ 380,490 There were no sales of securities during the three months ended June 30, 2019 and 2018. During the six months ended June 30, 2019, $900 thousand of one municipal bond was sold resulting in a net gain of $5 thousand. There were no sales of securities during the six months ended June 30, 2018. 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 June 30, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US government agencies $ — $ — $ 6,471 $ 11 $ 6,471 $ 11 Mortgage-backed securities — — 44,567 659 44,567 659 Municipal bonds 93 7 — — 93 7 Total $ 93 $ 7 $ 51,038 $ 670 $ 51,131 $ 677 Less Than 12 Months 12 Months or More Total December 31, 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US treasury securities $ 4,966 $ 3 $ — $ — $ 4,966 $ 3 US government agencies — — 16,268 225 16,268 225 Mortgage-backed securities 164,836 1,177 51,371 2,188 216,207 3,365 Municipal bond 999 1 — — 999 1 Total $ 170,801 $ 1,181 $ 67,639 $ 2,413 $ 238,440 $ 3,594 At June 30, 2019, there were twenty-five mortgage-backed securities and three US government agencies in unrealized loss positions for greater than 12 months and one municipal bond in unrealized loss positions for less than 12 months. Unrealized losses at December 31, 2018 were comprised of thirty-one 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 mortgage-backed securities in the Company’s portfolio at June 30, 2019 and December 31, 2018 were backed by U.S. government sponsored enterprises (“GSEs”). The following is a summary of investment securities by maturity: June 30, 2019 Amortized cost Fair value US treasury securities One to five years $ 4,979 $ 5,015 Total 4,979 5,015 US government agencies Within one year 6,483 6,471 One to five years 29,909 30,345 Five to ten years 11,911 12,089 Total 48,303 48,905 Mortgage-backed securities One to five years 2,743 2,760 Five to ten years 150,463 156,698 After 10 years 344,323 353,891 Total 497,529 513,349 Municipal bonds After 10 years 8,521 9,006 Total 8,521 9,006 Total $ 559,332 $ 576,275 The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. There were no investment securities pledged at June 30, 2019. At December 31, 2018, investment securities 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 $2.5 million 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 | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses | Note 5. 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: June 30, 2019 December 31, 2018 Commercial & Industrial Agriculture $ 6,305 $ 6,400 Funeral Home & Cemetery 22,709 17,378 Healthcare 46,344 51,082 Independent Pharmacies 110,956 108,783 Registered Investment Advisors 92,901 94,338 Veterinary Industry 47,744 45,604 Other Industries 402,962 295,163 Total 729,921 618,748 Construction & Development Agriculture 40,258 43,454 Funeral Home & Cemetery 10,840 9,874 Healthcare 92,296 81,619 Independent Pharmacies 1,193 2,149 Registered Investment Advisors 2,138 1,232 Veterinary Industry 22,694 14,094 Other Industries 155,313 96,482 Total 324,732 248,904 Commercial Real Estate Agriculture 49,532 53,085 Funeral Home & Cemetery 86,830 71,344 Healthcare 221,195 188,531 Independent Pharmacies 26,877 20,597 Registered Investment Advisors 8,152 7,905 Veterinary Industry 135,470 136,721 Other Industries 354,321 260,847 Total 882,377 739,030 Commercial Land Agriculture 288,467 243,798 Total 288,467 243,798 Total Loans 2,225,497 1,850,480 Net Deferred Costs 9,767 5,960 Discount on SBA 7(a) Unguaranteed (9,791 ) (13,021 ) Loans, Net of Unearned $ 2,225,473 $ 1,843,419 1 Total loans and leases include $498.8 million and $305.4 million of U.S. government guaranteed loans as of June 30, 2019 and December 31, 2018, 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. These loans and leases will typically have multiple demonstrated sources of repayment with no significant identifiable risk to collection, exhibit well-qualified management, and have liquid financial statements relative to both direct and indirect obligations. Quality (2 Rated): These loans and leases are of very high credit quality, with strong, well-documented sources of repayment. These loans and leases exhibit very strong, well defined primary and secondary sources of repayment, with no significant identifiable risk of collection and have internally generated cash flow that more than adequately covers current maturities of long-term debt. Satisfactory (3 rated): These loans and leases exhibit satisfactory credit risk and have excellent sources of repayment, with no significant identifiable risk of collection. These loans and leases have documented historical cash flow that meets or exceeds required minimum Bank guidelines, or that can be supplemented with verifiable cash flow from other sources. They have adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor. Acceptable (4 rated): These loans and leases show signs of weakness in either adequate sources of repayment or collateral but have demonstrated mitigating factors that minimize the risk of delinquency or loss. These loans and leases may have unproved, insufficient or marginal primary sources of repayment that appear sufficient to service the debt at this time. Repayment weaknesses may be due to minor operational issues, financial trends, or reliance on projected performance. They may also contain marginal or unproven secondary sources to liquidate the debt, including combinations of liquidation of collateral and liquidation value to the net worth of the borrower or guarantor. Special mention (5 rated): These loans and leases show signs of weaknesses in either adequate sources of repayment or collateral. These loans and leases may contain underwriting guideline tolerances and/or exceptions with no mitigating factors; and/or instances where adverse economic conditions develop subsequent to origination that do not jeopardize liquidation of the debt but substantially increase the level of risk. Substandard (6 rated): Loans and leases graded Substandard are inadequately protected by current sound net worth, paying capacity of the obligor, or pledged collateral. Loans and leases classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These loans and leases are consistently not meeting the repayment schedule. Doubtful (7 rated): Loans and leases graded Doubtful have all the weaknesses inherent in those classified as Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. The ability of the borrower to service the debt is extremely weak, overdue status is constant, the debt has been placed on non-accrual status, and no definite repayment schedule exists. Once the loss position is determined, the amount is charged off. Loss (8 rated): Loss rated loans and leases are considered uncollectible and of such little value that their continuance as assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this credit even though partial recovery may be affected 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 1 June 30, 2019 Commercial & Industrial Agriculture $ 5,760 $ 545 $ — $ 6,305 Funeral Home & Cemetery 20,811 1,898 — 22,709 Healthcare 34,936 2,888 8,520 46,344 Independent Pharmacies 99,284 6,502 5,170 110,956 Registered Investment Advisors 88,782 2,050 2,069 92,901 Veterinary Industry 44,419 1,016 2,309 47,744 Other Industries 382,016 15,437 5,509 402,962 Total 676,008 30,336 23,577 729,921 Construction & Development Agriculture 40,258 — — 40,258 Funeral Home & Cemetery 10,840 — — 10,840 Healthcare 88,885 3,411 — 92,296 Independent Pharmacies 1,193 — — 1,193 Registered Investment Advisors 2,138 — — 2,138 Veterinary Industry 22,694 — — 22,694 Other Industries 142,116 13,197 — 155,313 Total 308,124 16,608 — 324,732 Commercial Real Estate Agriculture 46,841 466 2,225 49,532 Funeral Home & Cemetery 79,149 5,720 1,961 86,830 Healthcare 191,816 8,377 21,002 221,195 Independent Pharmacies 17,303 2,411 7,163 26,877 Registered Investment Advisors 8,114 38 — 8,152 Veterinary Industry 119,320 3,362 12,788 135,470 Other Industries 336,073 8,914 9,334 354,321 Total 798,616 29,288 54,473 882,377 Commercial Land Agriculture 263,961 10,749 13,757 288,467 Total 263,961 10,749 13,757 288,467 Total $ 2,046,709 $ 86,981 $ 91,807 $ 2,225,497 Risk Grades 1 - 4 Risk Grade 5 Risk Grades 6 - 8 Total 1 December 31, 2018 Commercial & Industrial Agriculture $ 6,187 $ 213 $ — $ 6,400 Funeral Home & Cemetery 17,085 287 6 17,378 Healthcare 38,908 2,502 9,672 51,082 Independent Pharmacies 93,976 5,734 9,073 108,783 Registered Investment Advisors 88,614 2,381 3,343 94,338 Veterinary Industry 42,175 1,190 2,239 45,604 Other Industries 272,771 18,463 3,929 295,163 Total 559,716 30,770 28,262 618,748 Construction & Development Agriculture 43,454 — — 43,454 Funeral Home & Cemetery 9,874 — — 9,874 Healthcare 79,814 1,805 — 81,619 Independent Pharmacies 2,149 — — 2,149 Registered Investment Advisors 1,232 — — 1,232 Veterinary Industry 14,094 — — 14,094 Other Industries 96,482 — — 96,482 Total 247,099 1,805 — 248,904 Commercial Real Estate Agriculture 52,518 567 — 53,085 Funeral Home & Cemetery 64,487 3,711 3,146 71,344 Healthcare 161,026 7,696 19,809 188,531 Independent Pharmacies 12,509 2,495 5,593 20,597 Registered Investment Advisors 7,780 125 — 7,905 Veterinary Industry 117,879 4,205 14,637 136,721 Other Industries 255,651 5,196 — 260,847 Total 671,850 23,995 43,185 739,030 Commercial Land Agriculture 223,826 8,914 11,058 243,798 Total 223,826 8,914 11,058 243,798 Total $ 1,702,491 $ 65,484 $ 82,505 $ 1,850,480 1 Total loans and leases include $498.8 million of U.S. government guaranteed loans as of June 30, 2019, segregated by risk grade as follows: Risk Grades 1 – 4 = $410.8 million, Risk Grade 5 = $24.6 million, Risk Grades 6 – 8 = $63.4 million. As of December 31, 2018, total loans and leases include $305.4 million of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $236.1 million, Risk Grade 5 = $10.1 million, Risk Grades 6 – 8 = $59.2 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 Accruing & Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due & Still Accruing June 30, 2019 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 6,305 $ 6,305 $ — Funeral Home & Cemetery — — — — — 22,709 22,709 — Healthcare 906 — 623 5,498 7,027 39,317 46,344 — Independent Pharmacies — — — 5,170 5,170 105,786 110,956 — Registered Investment Advisors 1,201 — 399 209 1,809 91,092 92,901 — Veterinary Industry — — 576 1,031 1,607 46,137 47,744 — Other Industries 557 1,192 2,804 2,148 6,701 396,261 402,962 — Total 2,664 1,192 4,402 14,056 22,314 707,607 729,921 — Construction & Development Agriculture — — — — — 40,258 40,258 — Funeral Home & Cemetery — — — — — 10,840 10,840 — Healthcare — — — — — 92,296 92,296 — Independent Pharmacies — — — — — 1,193 1,193 — Registered Investment Advisors — — — — — 2,138 2,138 — Veterinary Industry — — — — — 22,694 22,694 — Other Industries — — — — — 155,313 155,313 — Total — — — — — 324,732 324,732 — Commercial Real Estate Agriculture — — — 2,226 2,226 47,306 49,532 — Funeral Home & Cemetery 137 — — 1,824 1,961 84,869 86,830 — Healthcare — 1,034 — 7,076 8,110 213,085 221,195 — Independent Pharmacies — — — 5,831 5,831 21,046 26,877 — Registered Investment Advisors — — — — — 8,152 8,152 — Veterinary Industry 634 — 3,682 3,023 7,339 128,131 135,470 — Other Industries — — — 6,568 6,568 347,753 354,321 — Total 771 1,034 3,682 26,548 32,035 850,342 882,377 — Commercial Land Agriculture 10,010 714 3,340 — 14,064 274,403 288,467 — Total 10,010 714 3,340 — 14,064 274,403 288,467 — Total 1 $ 13,445 $ 2,940 $ 11,424 $ 40,604 $ 68,413 $ 2,157,084 $ 2,225,497 $ — 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 Accruing & Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due & Still Accruing December 31, 2018 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 6,400 $ 6,400 $ — Funeral Home & Cemetery — — — — — 17,378 17,378 — Healthcare 41 1,027 665 6,821 8,554 42,528 51,082 — Independent Pharmacies 1,399 29 — 7,570 8,998 99,785 108,783 — Registered Investment Advisors — 232 320 2,741 3,293 91,045 94,338 — Veterinary Industry — — 600 906 1,506 44,098 45,604 — Other Industries 2,669 166 — 504 3,339 291,824 295,163 — Total 4,109 1,454 1,585 18,542 25,690 593,058 618,748 — Construction & Development Agriculture — — — — — 43,454 43,454 — Funeral Home & Cemetery — — — — — 9,874 9,874 — Healthcare — — — — — 81,619 81,619 — Independent Pharmacies — — — — — 2,149 2,149 — Registered Investment Advisors — — — — — 1,232 1,232 — Veterinary Industry — — — — — 14,094 14,094 — Other Industries — — — — — 96,482 96,482 — Total — — — — — 248,904 248,904 — Commercial Real Estate Agriculture — — — — — 53,085 53,085 — Funeral Home & Cemetery 248 — — 2,762 3,010 68,334 71,344 — Healthcare 42 1,668 — 7,417 9,127 179,404 188,531 — Independent Pharmacies — 3,400 — 2,193 5,593 15,004 20,597 — Registered Investment Advisors — — — — — 7,905 7,905 — Veterinary Industry 1,644 3,757 2,899 5,191 13,491 123,230 136,721 — Other Industries — 10,743 — — 10,743 250,104 260,847 — Total 1,934 19,568 2,899 17,563 41,964 697,066 739,030 — Commercial Land Agriculture 6,277 — — 4,781 11,058 232,740 243,798 — Total 6,277 — — 4,781 11,058 232,740 243,798 — Total 1 $ 12,320 $ 21,022 $ 4,484 $ 40,886 $ 78,712 $ 1,771,768 $ 1,850,480 $ — 1 Total loans and leases include $498.8 million of U.S. government guaranteed loans as of June 30, 2019, of which $30.5 million is greater than 90 days past due, $9.0 million is 30-89 days past due and $459.3 million is included in current loans and leases as presented above. As of December 31, 2018, total loans and leases include $305.4 million of U.S. government guaranteed loans, of which $33.4 million is greater than 90 days past due, $9.0 million is 30-89 days past due and $263.0 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 $1.1 million and $588 thousand for the three months ended June 30, 2019 and 2018, respectively, and for the six months ended June 30, 2019 and 2018 interest income would have increased approximately $2.2 million and $1.0 million, respectively. All nonaccrual loans and leases are included in the held for investment portfolio. Nonaccrual loans and leases as of June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 Loan Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 7,027 $ 6,097 $ 930 Independent Pharmacies 5,170 4,105 1,065 Registered Investment Advisors 1,809 1,409 400 Veterinary Industry 1,607 1,458 149 Other Industries 5,509 3,806 1,703 Total 21,122 16,875 4,247 Commercial Real Estate Agriculture 2,226 1,669 557 Funeral Home & Cemetery 1,961 1,368 593 Healthcare 7,076 4,708 2,368 Independent Pharmacies 5,831 5,084 747 Veterinary Industry 7,339 6,157 1,182 Other Industries 6,568 3,747 2,821 Total 31,001 22,733 8,268 Commercial Land Agriculture 13,350 7,513 5,837 Total 13,350 7,513 5,837 Total $ 65,473 $ 47,121 $ 18,352 December 31, 2018 Loan Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 7,527 $ 6,517 $ 1,010 Independent Pharmacies 8,969 7,896 1,073 Registered Investment Advisors 3,061 2,427 634 Veterinary Industry 1,506 1,361 145 Other Industries 3,173 2,147 1,026 Total 24,236 20,348 3,888 Commercial Real Estate Funeral Home & Cemetery 3,010 2,260 750 Healthcare 7,459 4,963 2,496 Independent Pharmacies 2,193 1,863 330 Veterinary Industry 9,734 8,271 1,463 Total 22,396 17,357 5,039 Commercial Land Agriculture 11,058 5,497 5,561 Total 11,058 5,497 5,561 Total $ 57,690 $ 43,202 $ 14,488 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 90 days or more 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 June 30, 2019 Beginning Balance $ 2,236 $ 10,623 $ 16,543 $ 5,709 $ 35,111 Charge offs — (1 ) (416 ) (178 ) (595 ) Recoveries — 13 56 — 69 Provision 688 1,954 724 97 3,463 Ending Balance $ 2,924 $ 12,589 $ 16,907 $ 5,628 $ 38,048 June 30, 2018 Beginning Balance $ 2,428 $ 11,244 $ 12,201 $ 2,177 $ 28,050 Charge offs — (419 ) (549 ) — (968 ) Recoveries — 29 152 — 181 Provision (201 ) 554 1,573 161 2,087 Ending Balance $ 2,227 $ 11,408 $ 13,377 $ 2,338 $ 29,350 Six Months Ended Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total June 30, 2019 Beginning Balance $ 2,042 $ 11,044 $ 14,562 $ 4,786 $ 32,434 Charge offs — (1 ) (638 ) (178 ) (817 ) Recoveries — 23 198 5 226 Provision 882 1,523 2,785 1,015 6,205 Ending Balance $ 2,924 $ 12,589 $ 16,907 $ 5,628 $ 38,048 June 30, 2018 Beginning Balance $ 2,030 $ 9,180 $ 10,751 $ 2,229 $ 24,190 Charge offs — (419 ) (1,221 ) — (1,640 ) Recoveries — 33 288 — 321 Provision 197 2,614 3,559 109 6,479 Ending Balance $ 2,227 $ 11,408 $ 13,377 $ 2,338 $ 29,350 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: June 30, 2019 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for loan and lease losses: Loans and leases individually evaluated for impairment $ — $ 3,610 $ 3,128 $ 4,721 $ 11,459 Loans and leases collectively evaluated for impairment 2,924 8,979 13,779 907 26,589 Total allowance for loan and lease losses $ 2,924 $ 12,589 $ 16,907 $ 5,628 $ 38,048 Loans and leases receivable 1 Loans and leases individually evaluated for impairment $ — $ 57,444 $ 24,473 $ 35,192 $ 117,109 Loans and leases collectively evaluated for impairment 324,732 824,933 705,448 253,275 2,108,388 Total loans and leases receivable $ 324,732 $ 882,377 $ 729,921 $ 288,467 $ 2,225,497 December 31, 2018 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for loan and lease losses: Loans and leases individually evaluated for impairment $ 118 $ 2,424 $ 2,598 $ 3,951 $ 9,091 Loans and leases collectively evaluated for impairment 1,924 8,620 11,964 835 23,343 Total allowance for loan and lease losses $ 2,042 $ 11,044 $ 14,562 $ 4,786 $ 32,434 Loans and leases receivable 1 Loans and leases individually evaluated for impairment $ 5,027 $ 46,731 $ 28,659 $ 21,997 $ 102,414 Loans and leases collectively evaluated for impairment 243,877 692,299 590,089 221,801 1,748,066 Total loans and leases receivable $ 248,904 $ 739,030 $ 618,748 $ 243,798 $ 1,850,480 1 Loans and leases receivable includes $498.8 million of U.S. government guaranteed loans as of June 30, 2019, of which $79.3 million are impaired. As of December 31, 2018, loans and leases receivable includes $305.4 million of U.S. government guaranteed loans, of which $72.4 million are considered impaired. Loans and leases classified as impaired as of the dates presented are summarized in the following tables. June 30, 2019 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Agriculture $ 7 $ — $ 7 Healthcare 9,096 6,530 2,566 Independent Pharmacies 5,457 4,105 1,352 Registered Investment Advisors 2,076 1,409 667 Veterinary Industry 2,357 1,876 481 Other Industries 5,480 3,806 1,674 Total 24,473 17,726 6,747 Commercial Real Estate Agriculture 2,226 1,669 557 Funeral Home & Cemetery 1,958 1,368 590 Healthcare 22,879 14,206 8,673 Independent Pharmacies 7,168 6,082 1,086 Veterinary Industry 13,846 9,466 4,380 Other Industries 9,367 5,821 3,546 Total 57,444 38,612 18,832 Commercial Land Agriculture 35,192 22,980 12,212 Total 35,192 22,980 12,212 Total $ 117,109 $ 79,318 $ 37,791 December 31, 2018 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Agriculture $ 7 $ — $ 7 Funeral Home & Cemetery 6 — 6 Healthcare 9,668 7,229 2,439 Independent Pharmacies 9,356 7,896 1,460 Registered Investment Advisors 3,347 2,427 920 Veterinary Industry 2,326 1,819 507 Other Industries 3,949 2,304 1,645 Total 28,659 21,675 6,984 Construction & Development Agriculture 5,027 3,704 1,323 Total 5,027 3,704 1,323 Commercial Real Estate Agriculture 1,798 1,299 499 Funeral Home & Cemetery 3,143 2,261 882 Healthcare 20,442 14,559 5,883 Independent Pharmacies 5,633 4,079 1,554 Veterinary Industry 15,715 11,613 4,102 Total 46,731 33,811 12,920 Commercial Land Agriculture 21,997 13,177 8,820 Total 21,997 13,177 8,820 Total $ 102,414 $ 72,367 $ 30,047 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. June 30, 2019 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Agriculture $ 7 $ — $ 7 $ 6 $ 7 Funeral Home & Cemetery — — — — — Healthcare 9,039 57 9,096 9,827 870 Independent Pharmacies 5,161 296 5,457 5,763 833 Registered Investment Advisors 2,076 — 2,076 2,138 432 Veterinary Industry 2,180 177 2,357 2,667 57 Other Industries 5,480 — 5,480 5,655 929 Total 23,943 530 24,473 26,056 3,128 Commercial Real Estate Agriculture 2,226 — 2,226 2,226 13 Funeral Home & Cemetery 1,821 137 1,958 1,961 87 Healthcare 20,754 2,125 22,879 22,873 1,266 Independent Pharmacies 7,168 — 7,168 7,453 43 Veterinary Industry 13,146 700 13,846 14,650 1,277 Other Industries 9,367 — 9,367 9,334 924 Total 54,482 2,962 57,444 58,497 3,610 Commercial Land Agriculture 35,192 — 35,192 34,988 4,721 Total 35,192 — 35,192 34,988 4,721 Total Impaired Loans and Leases $ 113,617 $ 3,492 $ 117,109 $ 119,541 $ 11,459 December 31, 2018 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Agriculture $ — $ 7 $ 7 $ 6 $ — Funeral Home & Cemetery — 6 6 6 — Healthcare 9,604 64 9,668 10,432 827 Independent Pharmacies 9,032 324 9,356 10,564 478 Registered Investment Advisors 3,347 — 3,347 3,839 811 Veterinary Industry 2,160 166 2,326 2,593 65 Other Industries 3,496 453 3,949 4,097 417 Total 27,639 1,020 28,659 31,537 2,598 Construction & Development Agriculture 5,027 — 5,027 4,939 118 Total 5,027 — 5,027 4,939 118 Commercial Real Estate Agriculture 1,798 — 1,798 1,732 93 Funeral Home & Cemetery 2,859 284 3,143 3,281 30 Healthcare 20,211 231 20,442 20,461 1,145 Independent Pharmacies 5,184 449 5,633 5,884 220 Veterinary Industry 15,606 109 15,715 16,677 936 Total 45,658 1,073 46,731 48,035 2,424 Commercial Land Agriculture 21,997 — 21,997 22,147 3,951 Total 21,997 — 21,997 22,147 3,951 Total Impaired Loans and Leases $ 100,321 $ 2,093 $ 102,414 $ 106,658 $ 9,091 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 June 30, 2019 Three Months Ended June 30, 2018 Average Balance Interest Income Recognized Average Balance Interest Income Recognized Commercial & Industrial Agriculture $ 6 $ — $ — $ — Funeral Home & Cemetery — — 7 — Healthcare 9,280 34 5,094 19 Independent Pharmacies 5,459 5 7,978 7 Registered Investment Advisors 2,083 5 2,818 12 Veterinary Industry 2,394 13 2,930 18 Other Industries 5,904 7 1,373 5 Total 25,126 64 20,200 61 Construction & Development Agriculture — — 2,526 — Healthcare — — 1,799 28 Total — — 4,325 28 Commercial Real Estate Agriculture 2,228 — — — Funeral Home & Cemetery 1,967 — 3,122 27 Healthcare 23,057 259 12,852 64 Independent Pharmacies 7,198 25 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 6. Leases Lessor 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 3-7 years which is consistent with the useful life of the equipment with no residual value. The gross lease payments receivable and the net investment included in accounts receivable for such leases are as follows: June 30, 2019 December 31, 2018 Gross direct finance lease payments receivable $ 15,587 $ 12,541 Less – unearned interest (3,063 ) (2,635 ) Net investment in direct financing leases $ 12,524 $ 9,906 Future minimum lease payments under finance leases are as follows: As of June 30, 2019 Amount 2019 $ 1,544 2020 3,061 2021 3,007 2022 2,744 2023 2,286 Thereafter 2,945 Total $ 15,587 Interest income of $267 thousand and $73 thousand was recognized in the three months ended June 30, 2019 and 2018, respectively. Interest income of $501 thousand and $120 thousand was recognized in the six months ended June 30, 2019 and 2018, respectively. Operating Leases The term of each operating lease is generally 10 to 15 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 on 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 generally range from 20 to 25 years and residual values generally range from 20% to 50%, 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 June 30, 2019 and December 31, 2018, the Company had a net investment of $147.4 million and $148.8 million, respectively, in assets included in premises and equipment that are subject to operating leases. Of the net investment, the gross balance of the assets was $162.6 million and $159.2 million and accumulated depreciation was $ 15.2 Lease income of $2.4 million and $1.9 million was recognized in the three months ended June 30, 2019 and 2018, respectively. Lease income of $4.7 million and $3.5 million was recognized in the six months ended June 30, 2019 and 2018, respectively. A maturity analysis of future minimum lease payments under non-cancelable operating leases is as follows: As of June 30, 2019 Amount 2019 $ 3,889 2020 8,883 2021 8,930 2022 8,924 2023 8,956 Thereafter 48,267 Total $ 87,849 Lessee Lease Arrangements The Company has operating leases for real property, land, copiers and other equipment. These leases have remaining lease terms of 1 year to 27 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the leases. The Company has concluded that it is reasonably certain it will exercise the options to extend for only one lease, which was therefore recognized as part of the ROU asset and lease liability. The Company has a finance lease for fitness equipment and it has a remaining lease term of approximately 3.4 years. There are no options to extend or terminate this lease. The components of lease expense are as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 169 $ 326 Short-term lease cost 166 375 Finance lease cost: Amortization of right-of-use assets 1 2 Interest expense on lease liabilities — — Sublease income (9 ) (18 ) Total net lease cost $ 327 $ 685 Supplemental disclosure for the consolidated balance sheet related to finance leases is as follows: June 30, 2019 Finance lease right-of-use asset $ 16 Finance lease liability 16 The weighted average remaining lease term and weighted average discount rate for leases are as follows: As of June 30, 2019 Weighted average remaining lease term (years) Operating leases 15.30 Finance lease 3.42 Weighted average discount rate Operating leases 3.50 % Finance lease 3.10 % A maturity analysis of operating and finance lease liabilities is as follows: As of June 30, 2019 Operating Leases Finance Leases 2019 $ 343 $ 3 2020 504 5 2021 297 5 2022 275 4 2023 143 — Thereafter 1,285 — Total lease payments 2,847 17 Less: imputed interest (685 ) (1 ) Total lease liabilities $ 2,162 $ 16 |
Servicing Assets
Servicing Assets | 6 Months Ended |
Jun. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Servicing Assets | Note 7. 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 $2.39 billion and $2.63 billion at June 30, 2019 and December 31, 2018, respectively. The unpaid principal balance for all loans serviced for others was $3.05 billion and $3.22 billion at June 30, 2019 and December 31, 2018, respectively. The following summarizes the activity pertaining to servicing rights: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 44,324 $ 53,120 $ 47,641 $ 52,298 Additions, net 608 4,202 1,331 9,076 Fair value changes: Due to changes in valuation inputs or assumptions 260 (552 ) (489 ) (553 ) Decay due to increases in principal paydowns or runoff (3,505 ) (4,081 ) (6,796 ) (8,132 ) Balance at end of period $ 41,687 $ 52,689 $ 41,687 $ 52,689 The fair value of servicing rights was determined using a weighted average discount rate of 13.4% on June 30, 2019 and 13.0% on June 30, 2018. The fair value of servicing rights was determined using a weighted average prepayment speed of 14.1% on June 30, 2019 and 9.6% on June 30, 2018, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8. Borrowings Total outstanding short and long term borrowings consisted of the following: June 30, 2019 December 31, 2018 Short term borrowings On September 18, 2014, the Company entered into a note payable revolving line of credit of $8.1 million with an unaffiliated commercial bank. On April 18, 2017, the Company renewed and increased the revolving line of credit to $25 million. The note was unsecured and accrued interest at Prime minus 0.50% for a term of 24 months. Payments were interest only with all principal and accrued interest due on April 30, 2019. The terms of this loan required the Company to maintain minimum capital, liquidity and Texas ratios. This line of credit was paid in full on August 25, 2017. This line of credit matured on April 30, 2019 and there is no available credit at June 30, 2019. $ — $ — 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. One of the loans with an outstanding balance of $1.3 million was paid in full on August 17, 2018. Interest accrues at prime plus 1% with monthly principal and interest payments over a term of 60 months. The interest rate at June 30, 2019 is 6.50%. The maturity date is October 5, 2019. The pledged collateral is classified in other assets with a fair value of $1.3 million at June 30, 2019. The underlying loan carries a risk grade of 3 and is current with no delinquency. 1,345 1,441 On October 20, 2017, the Company entered into a revolving line of credit of $20 million with an unaffiliated commercial bank. On October 2, 2018, the Company renewed the revolving $20 million line of credit. The note is unsecured and accrues interest at LIBOR plus 1.750% for a term of 12 months. Payments are interest only with all principal and accrued interest due on October 18, 2019. The terms of this loan require the Company to maintain minimum capital and debt service coverage ratios. No advances have been made to this line of credit and there is $20 million of available credit at June 30, 2019. — — Total short term borrowings $ 1,345 $ 1,441 June 30, 2019 December 31, 2018 Long term borrowings In October 2017, the Company entered into a capital lease of $19 thousand with an unaffiliated equipment lease company, secured by fitness equipment which is included in other assets on the consolidated balance sheet. Payments are principal and interest due monthly starting December 15, 2017 over a term of 60 months. At the end of the lease term there is a $1.00 bargain purchase option. As of January 1, 2019, this borrowing was revised in accordance with ASU 2016-02. $ 16 $ 16 Total long term borrowings $ 16 $ 16 The Company may purchase federal funds through unsecured federal funds lines of credit with various correspondent banks, which totaled $72.5 million as of June 30, 2019 and December 31, 2018. 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 June 30, 2019 and December 31, 2018. The Company has entered into a repurchase agreement with a third party for $ 5.0 million as of June 30, 2019 and December 31, 2018 . 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 June 30, 2019 and December 31, 2018 . On June 18, 2018, the Company entered into a borrowing agreement with the Federal Home Loan Bank of Atlanta. These borrowings must be secured with eligible collateral approved by the Federal Home Loan Bank of Atlanta. At June 30, 2019 and December 31, 2018, the Company had approximately $1.01 billion and $849.1 million, respectively, in borrowing capacity available under these agreements. There is no collateral pledged and no advances outstanding as of June 30, 2019 and December 31, 2018. 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 $412.9 million and $395.2 million as of June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, the Company had approximately $234.9 million and $218.0 million, respectively, in borrowing capacity available under these arrangements with no outstanding balance as of June 30, 2019 and December 31, 2018. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. 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 2019. 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 10. 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 U.S. 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. Mutual fund: The following mutual fund is registered with the Securities and Exchange Commission as a closed-end, non-diversified management investment company and operates as an interval fund. The fund primarily invests in the unguaranteed portion of SBA504 First Lien Loans secured by owner-occupied commercial real estate. This investment is valued using quoted prices in markets that are not active and is classified as Level 2 within the valuation hierarchy. Equity warrant assets: Fair value measurements of equity warrant assets of private companies are priced based on a Black-Scholes option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the Black-Scholes model are based on public companies that operate in similar industries as the companies in our private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. The Company classifies equity warrant assets 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. June 30, 2019 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US treasury securities $ 5,015 $ — $ 5,015 $ — US government agencies 48,905 — 48,905 — Mortgage-backed securities 513,349 — 513,349 — Municipal bonds 1 9,006 — 8,913 93 Servicing assets 2 41,687 — — 41,687 Mutual fund 2,175 — 2,175 — Equity warrant assets 3 720 — — 720 Total assets at fair value $ 620,857 $ — $ 578,357 $ 42,500 December 31, 2018 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US treasury securities $ 4,966 $ — $ 4,966 $ — US government agencies 30,944 — 30,944 — Mortgage-backed securities 343,581 — 343,581 — Municipal bond 1 999 — — 999 Servicing assets 2 47,641 — — 47,641 Mutual fund 2,099 — 2,099 — Equity warrant assets 3 527 — — 527 Total assets at fair value $ 430,757 $ — $ 381,590 $ 49,167 1 During the six months ended June 30, 2019, the Company sold $900 thousand of a municipal bond to a third party and recorded a fair value adjustment loss of $7 thousand. During the three months ended June 30, 2019, the Company recorded no fair value adjustment. 2 See Note 7 for a rollforward of recurring Level 3 fair values for servicing assets. 3 During the six months ended June 30, 2019, the Company recorded net gains on derivative instruments of $193 thousand. During the three months ended June 30, 2019, the Company recorded net losses on derivative instruments of $62 thousand. During the six months ended June 30, 2018, the Company entered into equity warrant assets with a fair value of $399 thousand at the time of issuance. There was no activity for the derivative instruments during the three months ended June 30, 2018. Non-recurring Fair Value The tables below present the recorded amount of assets and liabilities measured at fair value on a non-recurring basis. June 30, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 102,158 $ — $ — $ 102,158 Foreclosed assets 6,044 — — 6,044 Total assets at fair value $ 108,202 $ — $ — $ 108,202 December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $ 91,230 $ — $ — $ 91,230 Foreclosed assets 1,094 — — 1,094 Total assets at fair value $ 92,324 $ — $ — $ 92,324 Level 3 Analysis For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2019 and December 31, 2018 the significant unobservable inputs used in the fair value measurements were as follows: June 30, 2019 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Municipal bond $ 93 Discounted expected cash flows Discount rate Prepayment speed 4.76% 5.00% Impaired loans $ 102,158 Discounted appraisals Discounted expected cash flows Appraisal adjustments (1) Interest rate & repayment term 0% to 48% Weighted average discount rate 6.77% Foreclosed assets $ 6,044 Discounted appraisals Appraisal adjustments (1) 9% to 37% Equity warrant assets $ 720 Black-Scholes option pricing model Volatility Risk-free interest rate Marketability discount Remaining life 20.90% 2.03% 20.00% 8 - 9 years December 31, 2018 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Municipal bond $ 999 Discounted expected cash flows Discount rate Prepayment speed 5.14% 5.00% Impaired loans $ 91,230 Discounted appraisals Discounted expected cash flows Appraisal adjustments (1) Interest rate & repayment term 8% to 48% Weighted average discount rate 6.58% Foreclosed assets $ 1,094 Discounted appraisals Appraisal adjustments (1) 9% to 37% Equity warrant assets $ 527 Black-Scholes option pricing model Volatility Risk-free interest rate Marketability discount Remaining life 20.40% 2.69% 20.00% 9 - 10 years (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 the fair value of financial instruments carried at book value on the consolidated balance sheets. The carrying amounts and estimated fair values of the Company’s financial instruments are as follows: June 30, 2019 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 $ 115,292 $ 115,292 $ — $ — $ 115,292 Federal funds sold 68,153 68,153 — — 68,153 Certificates of deposit with other banks 7,250 7,604 — — 7,604 Investment securities, available-for-sale 576,275 — 576,182 93 576,275 Loans held for sale 857,837 — — 881,747 881,747 Loans and leases, net of allowance for loan and lease losses 2,187,425 — — 2,182,023 2,182,023 Servicing assets 41,687 — — 41,687 41,687 Accrued interest receivable 19,791 19,791 — — 19,791 Mutual fund 2,175 — 2,175 — 2,175 Equity warrant assets 720 — — 720 720 Financial liabilities Deposits 3,721,597 — 3,734,139 — 3,734,139 Accrued interest payable 1,990 1,990 — — 1,990 Short term borrowings 1,345 — — 1,347 1,347 Long term borrowings 16 — — 16 16 December 31, 2018 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 $ 316,823 $ 316,823 $ — $ — $ 316,823 Certificates of deposit with other banks 7,250 7,442 — — 7,442 Investment securities, available-for-sale 380,490 — 379,491 999 380,490 Loans held for sale 687,393 — — 695,154 695,154 Loans and leases, net of allowance for loan and lease losses 1,810,985 — — 1,807,528 1,807,528 Servicing assets 47,641 — — 47,641 47,641 Accrued interest receivable 15,895 15,895 — — 15,895 Mutual fund 2,099 — 2,099 — 2,099 Equity warrant assets 527 — — 527 527 Financial liabilities Deposits 3,149,583 — 3,117,941 — 3,117,941 Accrued interest payable 861 861 — — 861 Short term borrowings 1,441 — — 1,441 1,441 Long term borrowings 16 — — 16 16 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Commitments and Contingencies | Note 11. 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: June 30, 2019 December 31, 2018 Commitments to extend credit $ 1,641,814 $ 1,435,024 Standby letters of credit 12,285 2,150 Airplane purchase agreement commitments — 10,450 Total unfunded off-balance-sheet credit risk $ 1,654,099 $ 1,447,624 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 June 30, 2019 and December 31, 2018, the Company had unfunded commitments to provide capital contributions for on-balance-sheet investments in the amount of $1.6 million and $2.8 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 5. The distribution of commitments to extend credit approximates the distribution of loans outstanding. The Company does not have a significant number of credits to any single borrower or group of related borrowers whereby their retained unguaranteed exposure exceeds $7.5 million, except for 16 relationships that have a retained unguaranteed exposure of $193.0 million of which $137.0 million of the unguaranteed exposure has been disbursed. Additionally, the Company has future minimum lease payments due under non-cancelable operating leases totaling $87.8 million, of which $63.7 million is due from four 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 | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Plans | Note 12. 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. On May 15, 2018, the Amended and Restated 2015 Omnibus Stock Incentive Plan was amended to authorize awards covering a maximum of 8,750,000 common voting shares. 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 vest over a minimum of three years from the date of the grant. Restricted stock grants vest in equal installments ranging from immediate vesting to over a seven year period from the date of the grant. Market Restricted Stock Units 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 defined at time of 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 June 30, 2019 and 2018, the Company recognized $400 thousand and $347 thousand in compensation expense for stock options, respectively. For the six months ended June 30, 2019 and 2018, the Company recognized $838 thousand and $780 thousand in compensation expense for stock options, respectively. Stock option activity under the Plan during the six month periods ended June 30, 2019 and 2018, is summarized below. Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2018 2,656,855 $ 11.27 Exercised 30,634 6.16 Forfeited 32,042 9.34 Granted — — Outstanding at June 30, 2019 2,594,179 $ 11.35 5.52 years $ 15,457,477 Exercisable at June 30, 2019 954,353 $ 10.24 5.30 years $ 6,721,334 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value Outstanding at December 31, 2017 3,058,459 $ 11.30 Exercised 144,671 8.66 Forfeited 134,623 14.11 Granted — — Outstanding at June 30, 2018 2,779,165 $ 11.30 6.54 years $ 53,786,948 Exercisable at June 30, 2018 727,697 $ 9.83 6.27 years $ 15,148,795 The following is a summary of non-vested stock option activity for the Company for the six months ended June 30, 2019 and 2018. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 1,839,830 $ 4.60 Granted — — Vested (167,962 ) 2.85 Forfeited (32,042 ) 9.34 Non-vested at June 30, 2019 1,639,826 12.00 Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2017 2,364,999 $ 4.65 Granted — — Vested (178,908 ) 2.95 Forfeited (134,623 ) 6.26 Non-vested at June 30, 2018 2,051,468 4.79 The total intrinsic value of options exercised at June 30, 2019 and 2018, was $326 thousand and $2.9 million, respectively. At June 30, 2019, unrecognized compensation costs relating to stock options amounted to $5.1 million which will be recognized over a weighted average period of 3.1 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 six months ended June 30, 2019 and 2018. 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 $55.00 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 six months of 201 9 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 388,187 $ 23.85 Granted 69,621 16.02 Vested (26,714 ) 28.33 Forfeited (4,918 ) 23.96 Non-vested at June 30, 2019 426,176 22.29 For the three months ended June 30, 2019 and 2018, the Company recognized $556 thousand and $921 thousand in compensation expense for RSUs, respectively. For the six months ended June 30, 2019 and 2018, the Company recognized $1.1 million and $1.8 million in compensation expense for RSUs, respectively. At June 30, 2019, unrecognized compensation costs relating to RSUs amounted to $8.2 million which will be recognized over a weighted average period of 4.7 years. Market RSU stock activity under the Plan during the first three months of 2019 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 2,709,202 $ 9.87 Granted 500,000 8.81 Vested — — Forfeited (22,347 ) 9.28 Non-vested at June 30, 2019 3,186,855 8.45 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 500,000 Market RSUs granted on February 11, 2019, the share price simulation was based on the Cox, Ross & Rubinstein option pricing methodology for a period of 10.0 years. The implied term of the restricted stock ranges from 4.5 to 5.8 years. The Monte Carlo Simulation used various assumptions that included a risk free rate of return of 2.62%, expected volatility of 37.6% and a dividend yield of 0.78%. On February 11, 2019, 75,000 Market RSUs granted on May 14, 2018 to one employee were modified to lengthen the vesting term from 7 to 10 years and change the target stock price from $48.00 to a range of $35.00 to $48.00 per share for at least twenty (20) consecutive trading days. Additionally, 410,000 Market RSUs granted on August 10, 2018 to eleven employees were modified to lengthen the vesting term from 7 to 10 years and change the amount of Market RSUs that vest at various target stock prices to 20% per tier. As a result of modification, the Company recognized additional compensation expense of $166 thousand and $234 thousand for the three and six months periods ended June 30, 2019, respectively. For the three months ended June 30, 2019 and 2018, the Company recognized $2.0 million and $947 thousand in compensation expense for Market RSUs, respectively. For the six months ended June 30, 2019 and 2018, the Company recognized $3.8 million and $1.9 million in compensation expense for Market RSUs, respectively. At June 30, 2019, unrecognized compensation costs relating to Market RSUs amounted to $19.1 million which will be recognized over a weighted average period of 3.3 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. There was no expense recognized in relation to the ESPP for the three months ended June 30, 2019 and 2018. For the six months ended June 30, 2019 and 2018, the Company recognized $32 thousand and $29 thousand in expense, respectively. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 six months ended June 30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019. The consolidated balance sheet as of December 31, 2018 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, 2018, filed with the Securities Exchange Commission on February 27, 2019 (SEC File No. 001-37497) (the "2018 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 2018 Annual Report. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes in the Company's 2018 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 Condensed 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. |
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. |
Accounting Change | Accounting Change On January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02 “Leases (Topic 842),” (“ASU 2016-02”) and all subsequent ASUs that modified Topic 842. The Company elected to apply certain practical expedients provided under ASU 2016-02 whereby the Company will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has also applied the practical expedient to use hindsight in determining the lease term and in assessing impairment of the right-of-use assets. The Company does not apply the recognition and measurement requirements to any short-term leases (as defined by ASU 2016-02). The Company accounts for lease and non-lease components separately because such amounts are readily determinable under the lease contracts. The Company utilized the modified-retrospective transition approach prescribed by ASU 2018-11, “Leases (Topic 842) Targeted Improvements The Company determines if an arrangement is or contains a lease at inception. If it is determined to be or contain a lease, then the lease is classified as an operating or finance lease. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term. Lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are measured on commencement date based on the present value of the lease payments over the lease term, discounted using the discount rate for the lease at commencement. The discount rate shall be the rate implicit in the lease, however, if that is not readily determinable, the Company will use its incremental borrowing rate. The ROU asset also includes any lease payments made before the commencement date and initial direct costs and excludes any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in other assets and long term borrowings in the consolidated balance sheets. Lease expense for operating leases and finance leases is included in occupancy expense in the consolidated statements of income and interest expense for finance leases is included in other interest expense in the consolidated statements of income. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur, upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then be shared in the net income of the Company. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic earnings per share: Net income available to common shareholders $ 4,935 $ 14,253 $ 7,307 $ 26,706 Weighted-average basic shares outstanding 40,196,662 40,027,336 40,178,491 39,977,336 Basic earnings per share $ 0.12 $ 0.36 $ 0.18 $ 0.67 Diluted earnings per share: Net income available to common shareholders, for diluted earnings per share $ 4,935 $ 14,253 $ 7,307 $ 26,706 Total weighted-average basic shares outstanding 40,196,662 40,027,336 40,178,491 39,977,336 Add effect of dilutive stock options and restricted stock grants 801,879 1,592,311 801,879 1,538,997 Total weighted-average diluted shares outstanding 40,998,541 41,619,647 40,980,370 41,516,333 Diluted earnings per share $ 0.12 $ 0.34 $ 0.18 $ 0.64 Anti-dilutive shares 1,578,197 — 1,578,197 9,102 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Carrying Amount and Fair Value of Securities | The carrying amount of investment securities and their approximate fair values are reflected in the following table: June 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value US treasury securities $ 4,979 $ 36 $ — $ 5,015 US government agencies 48,303 613 11 48,905 Mortgage-backed securities 497,529 16,479 659 513,349 Municipal bonds 8,521 492 7 9,006 Total $ 559,332 $ 17,620 $ 677 $ 576,275 December 31, 2018 US treasury securities $ 4,969 $ — $ 3 $ 4,966 US government agencies 31,121 48 225 30,944 Mortgage-backed securities 345,606 1,340 3,365 343,581 Municipal bond 1,000 — 1 999 Total $ 382,696 $ 1,388 $ 3,594 $ 380,490 |
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 June 30, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US government agencies $ — $ — $ 6,471 $ 11 $ 6,471 $ 11 Mortgage-backed securities — — 44,567 659 44,567 659 Municipal bonds 93 7 — — 93 7 Total $ 93 $ 7 $ 51,038 $ 670 $ 51,131 $ 677 Less Than 12 Months 12 Months or More Total December 31, 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US treasury securities $ 4,966 $ 3 $ — $ — $ 4,966 $ 3 US government agencies — — 16,268 225 16,268 225 Mortgage-backed securities 164,836 1,177 51,371 2,188 216,207 3,365 Municipal bond 999 1 — — 999 1 Total $ 170,801 $ 1,181 $ 67,639 $ 2,413 $ 238,440 $ 3,594 |
Summary of Investment Securities by Maturity | The following is a summary of investment securities by maturity: June 30, 2019 Amortized cost Fair value US treasury securities One to five years $ 4,979 $ 5,015 Total 4,979 5,015 US government agencies Within one year 6,483 6,471 One to five years 29,909 30,345 Five to ten years 11,911 12,089 Total 48,303 48,905 Mortgage-backed securities One to five years 2,743 2,760 Five to ten years 150,463 156,698 After 10 years 344,323 353,891 Total 497,529 513,349 Municipal bonds After 10 years 8,521 9,006 Total 8,521 9,006 Total $ 559,332 $ 576,275 |
Loans and Leases Held for Inv_2
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Composition of Loans and Leases | Loans and leases consist of the following: June 30, 2019 December 31, 2018 Commercial & Industrial Agriculture $ 6,305 $ 6,400 Funeral Home & Cemetery 22,709 17,378 Healthcare 46,344 51,082 Independent Pharmacies 110,956 108,783 Registered Investment Advisors 92,901 94,338 Veterinary Industry 47,744 45,604 Other Industries 402,962 295,163 Total 729,921 618,748 Construction & Development Agriculture 40,258 43,454 Funeral Home & Cemetery 10,840 9,874 Healthcare 92,296 81,619 Independent Pharmacies 1,193 2,149 Registered Investment Advisors 2,138 1,232 Veterinary Industry 22,694 14,094 Other Industries 155,313 96,482 Total 324,732 248,904 Commercial Real Estate Agriculture 49,532 53,085 Funeral Home & Cemetery 86,830 71,344 Healthcare 221,195 188,531 Independent Pharmacies 26,877 20,597 Registered Investment Advisors 8,152 7,905 Veterinary Industry 135,470 136,721 Other Industries 354,321 260,847 Total 882,377 739,030 Commercial Land Agriculture 288,467 243,798 Total 288,467 243,798 Total Loans 2,225,497 1,850,480 Net Deferred Costs 9,767 5,960 Discount on SBA 7(a) Unguaranteed (9,791 ) (13,021 ) Loans, Net of Unearned $ 2,225,473 $ 1,843,419 1 Total loans and leases include $498.8 million and $305.4 million of U.S. government guaranteed loans as of June 30, 2019 and December 31, 2018, 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 1 June 30, 2019 Commercial & Industrial Agriculture $ 5,760 $ 545 $ — $ 6,305 Funeral Home & Cemetery 20,811 1,898 — 22,709 Healthcare 34,936 2,888 8,520 46,344 Independent Pharmacies 99,284 6,502 5,170 110,956 Registered Investment Advisors 88,782 2,050 2,069 92,901 Veterinary Industry 44,419 1,016 2,309 47,744 Other Industries 382,016 15,437 5,509 402,962 Total 676,008 30,336 23,577 729,921 Construction & Development Agriculture 40,258 — — 40,258 Funeral Home & Cemetery 10,840 — — 10,840 Healthcare 88,885 3,411 — 92,296 Independent Pharmacies 1,193 — — 1,193 Registered Investment Advisors 2,138 — — 2,138 Veterinary Industry 22,694 — — 22,694 Other Industries 142,116 13,197 — 155,313 Total 308,124 16,608 — 324,732 Commercial Real Estate Agriculture 46,841 466 2,225 49,532 Funeral Home & Cemetery 79,149 5,720 1,961 86,830 Healthcare 191,816 8,377 21,002 221,195 Independent Pharmacies 17,303 2,411 7,163 26,877 Registered Investment Advisors 8,114 38 — 8,152 Veterinary Industry 119,320 3,362 12,788 135,470 Other Industries 336,073 8,914 9,334 354,321 Total 798,616 29,288 54,473 882,377 Commercial Land Agriculture 263,961 10,749 13,757 288,467 Total 263,961 10,749 13,757 288,467 Total $ 2,046,709 $ 86,981 $ 91,807 $ 2,225,497 Risk Grades 1 - 4 Risk Grade 5 Risk Grades 6 - 8 Total 1 December 31, 2018 Commercial & Industrial Agriculture $ 6,187 $ 213 $ — $ 6,400 Funeral Home & Cemetery 17,085 287 6 17,378 Healthcare 38,908 2,502 9,672 51,082 Independent Pharmacies 93,976 5,734 9,073 108,783 Registered Investment Advisors 88,614 2,381 3,343 94,338 Veterinary Industry 42,175 1,190 2,239 45,604 Other Industries 272,771 18,463 3,929 295,163 Total 559,716 30,770 28,262 618,748 Construction & Development Agriculture 43,454 — — 43,454 Funeral Home & Cemetery 9,874 — — 9,874 Healthcare 79,814 1,805 — 81,619 Independent Pharmacies 2,149 — — 2,149 Registered Investment Advisors 1,232 — — 1,232 Veterinary Industry 14,094 — — 14,094 Other Industries 96,482 — — 96,482 Total 247,099 1,805 — 248,904 Commercial Real Estate Agriculture 52,518 567 — 53,085 Funeral Home & Cemetery 64,487 3,711 3,146 71,344 Healthcare 161,026 7,696 19,809 188,531 Independent Pharmacies 12,509 2,495 5,593 20,597 Registered Investment Advisors 7,780 125 — 7,905 Veterinary Industry 117,879 4,205 14,637 136,721 Other Industries 255,651 5,196 — 260,847 Total 671,850 23,995 43,185 739,030 Commercial Land Agriculture 223,826 8,914 11,058 243,798 Total 223,826 8,914 11,058 243,798 Total $ 1,702,491 $ 65,484 $ 82,505 $ 1,850,480 1 Total loans and leases include $498.8 million of U.S. government guaranteed loans as of June 30, 2019, segregated by risk grade as follows: Risk Grades 1 – 4 = $410.8 million, Risk Grade 5 = $24.6 million, Risk Grades 6 – 8 = $63.4 million. As of December 31, 2018, total loans and leases include $305.4 million of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $236.1 million, Risk Grade 5 = $10.1 million, Risk Grades 6 – 8 = $59.2 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 Accruing & Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due & Still Accruing June 30, 2019 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 6,305 $ 6,305 $ — Funeral Home & Cemetery — — — — — 22,709 22,709 — Healthcare 906 — 623 5,498 7,027 39,317 46,344 — Independent Pharmacies — — — 5,170 5,170 105,786 110,956 — Registered Investment Advisors 1,201 — 399 209 1,809 91,092 92,901 — Veterinary Industry — — 576 1,031 1,607 46,137 47,744 — Other Industries 557 1,192 2,804 2,148 6,701 396,261 402,962 — Total 2,664 1,192 4,402 14,056 22,314 707,607 729,921 — Construction & Development Agriculture — — — — — 40,258 40,258 — Funeral Home & Cemetery — — — — — 10,840 10,840 — Healthcare — — — — — 92,296 92,296 — Independent Pharmacies — — — — — 1,193 1,193 — Registered Investment Advisors — — — — — 2,138 2,138 — Veterinary Industry — — — — — 22,694 22,694 — Other Industries — — — — — 155,313 155,313 — Total — — — — — 324,732 324,732 — Commercial Real Estate Agriculture — — — 2,226 2,226 47,306 49,532 — Funeral Home & Cemetery 137 — — 1,824 1,961 84,869 86,830 — Healthcare — 1,034 — 7,076 8,110 213,085 221,195 — Independent Pharmacies — — — 5,831 5,831 21,046 26,877 — Registered Investment Advisors — — — — — 8,152 8,152 — Veterinary Industry 634 — 3,682 3,023 7,339 128,131 135,470 — Other Industries — — — 6,568 6,568 347,753 354,321 — Total 771 1,034 3,682 26,548 32,035 850,342 882,377 — Commercial Land Agriculture 10,010 714 3,340 — 14,064 274,403 288,467 — Total 10,010 714 3,340 — 14,064 274,403 288,467 — Total 1 $ 13,445 $ 2,940 $ 11,424 $ 40,604 $ 68,413 $ 2,157,084 $ 2,225,497 $ — 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 Accruing & Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due & Still Accruing December 31, 2018 Commercial & Industrial Agriculture $ — $ — $ — $ — $ — $ 6,400 $ 6,400 $ — Funeral Home & Cemetery — — — — — 17,378 17,378 — Healthcare 41 1,027 665 6,821 8,554 42,528 51,082 — Independent Pharmacies 1,399 29 — 7,570 8,998 99,785 108,783 — Registered Investment Advisors — 232 320 2,741 3,293 91,045 94,338 — Veterinary Industry — — 600 906 1,506 44,098 45,604 — Other Industries 2,669 166 — 504 3,339 291,824 295,163 — Total 4,109 1,454 1,585 18,542 25,690 593,058 618,748 — Construction & Development Agriculture — — — — — 43,454 43,454 — Funeral Home & Cemetery — — — — — 9,874 9,874 — Healthcare — — — — — 81,619 81,619 — Independent Pharmacies — — — — — 2,149 2,149 — Registered Investment Advisors — — — — — 1,232 1,232 — Veterinary Industry — — — — — 14,094 14,094 — Other Industries — — — — — 96,482 96,482 — Total — — — — — 248,904 248,904 — Commercial Real Estate Agriculture — — — — — 53,085 53,085 — Funeral Home & Cemetery 248 — — 2,762 3,010 68,334 71,344 — Healthcare 42 1,668 — 7,417 9,127 179,404 188,531 — Independent Pharmacies — 3,400 — 2,193 5,593 15,004 20,597 — Registered Investment Advisors — — — — — 7,905 7,905 — Veterinary Industry 1,644 3,757 2,899 5,191 13,491 123,230 136,721 — Other Industries — 10,743 — — 10,743 250,104 260,847 — Total 1,934 19,568 2,899 17,563 41,964 697,066 739,030 — Commercial Land Agriculture 6,277 — — 4,781 11,058 232,740 243,798 — Total 6,277 — — 4,781 11,058 232,740 243,798 — Total 1 $ 12,320 $ 21,022 $ 4,484 $ 40,886 $ 78,712 $ 1,771,768 $ 1,850,480 $ — 1 Total loans and leases include $498.8 million of U.S. government guaranteed loans as of June 30, 2019, of which $30.5 million is greater than 90 days past due, $9.0 million is 30-89 days past due and $459.3 million is included in current loans and leases as presented above. As of December 31, 2018, total loans and leases include $305.4 million of U.S. government guaranteed loans, of which $33.4 million is greater than 90 days past due, $9.0 million is 30-89 days past due and $263.0 million is included in current loans and leases as presented above. |
Nonaccrual Loans and Leases | Nonaccrual loans and leases as of June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 Loan Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 7,027 $ 6,097 $ 930 Independent Pharmacies 5,170 4,105 1,065 Registered Investment Advisors 1,809 1,409 400 Veterinary Industry 1,607 1,458 149 Other Industries 5,509 3,806 1,703 Total 21,122 16,875 4,247 Commercial Real Estate Agriculture 2,226 1,669 557 Funeral Home & Cemetery 1,961 1,368 593 Healthcare 7,076 4,708 2,368 Independent Pharmacies 5,831 5,084 747 Veterinary Industry 7,339 6,157 1,182 Other Industries 6,568 3,747 2,821 Total 31,001 22,733 8,268 Commercial Land Agriculture 13,350 7,513 5,837 Total 13,350 7,513 5,837 Total $ 65,473 $ 47,121 $ 18,352 December 31, 2018 Loan Balance Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Healthcare $ 7,527 $ 6,517 $ 1,010 Independent Pharmacies 8,969 7,896 1,073 Registered Investment Advisors 3,061 2,427 634 Veterinary Industry 1,506 1,361 145 Other Industries 3,173 2,147 1,026 Total 24,236 20,348 3,888 Commercial Real Estate Funeral Home & Cemetery 3,010 2,260 750 Healthcare 7,459 4,963 2,496 Independent Pharmacies 2,193 1,863 330 Veterinary Industry 9,734 8,271 1,463 Total 22,396 17,357 5,039 Commercial Land Agriculture 11,058 5,497 5,561 Total 11,058 5,497 5,561 Total $ 57,690 $ 43,202 $ 14,488 |
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 June 30, 2019 Beginning Balance $ 2,236 $ 10,623 $ 16,543 $ 5,709 $ 35,111 Charge offs — (1 ) (416 ) (178 ) (595 ) Recoveries — 13 56 — 69 Provision 688 1,954 724 97 3,463 Ending Balance $ 2,924 $ 12,589 $ 16,907 $ 5,628 $ 38,048 June 30, 2018 Beginning Balance $ 2,428 $ 11,244 $ 12,201 $ 2,177 $ 28,050 Charge offs — (419 ) (549 ) — (968 ) Recoveries — 29 152 — 181 Provision (201 ) 554 1,573 161 2,087 Ending Balance $ 2,227 $ 11,408 $ 13,377 $ 2,338 $ 29,350 Six Months Ended Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total June 30, 2019 Beginning Balance $ 2,042 $ 11,044 $ 14,562 $ 4,786 $ 32,434 Charge offs — (1 ) (638 ) (178 ) (817 ) Recoveries — 23 198 5 226 Provision 882 1,523 2,785 1,015 6,205 Ending Balance $ 2,924 $ 12,589 $ 16,907 $ 5,628 $ 38,048 June 30, 2018 Beginning Balance $ 2,030 $ 9,180 $ 10,751 $ 2,229 $ 24,190 Charge offs — (419 ) (1,221 ) — (1,640 ) Recoveries — 33 288 — 321 Provision 197 2,614 3,559 109 6,479 Ending Balance $ 2,227 $ 11,408 $ 13,377 $ 2,338 $ 29,350 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: June 30, 2019 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for loan and lease losses: Loans and leases individually evaluated for impairment $ — $ 3,610 $ 3,128 $ 4,721 $ 11,459 Loans and leases collectively evaluated for impairment 2,924 8,979 13,779 907 26,589 Total allowance for loan and lease losses $ 2,924 $ 12,589 $ 16,907 $ 5,628 $ 38,048 Loans and leases receivable 1 Loans and leases individually evaluated for impairment $ — $ 57,444 $ 24,473 $ 35,192 $ 117,109 Loans and leases collectively evaluated for impairment 324,732 824,933 705,448 253,275 2,108,388 Total loans and leases receivable $ 324,732 $ 882,377 $ 729,921 $ 288,467 $ 2,225,497 December 31, 2018 Construction & Development Commercial Real Estate Commercial & Industrial Commercial Land Total Allowance for loan and lease losses: Loans and leases individually evaluated for impairment $ 118 $ 2,424 $ 2,598 $ 3,951 $ 9,091 Loans and leases collectively evaluated for impairment 1,924 8,620 11,964 835 23,343 Total allowance for loan and lease losses $ 2,042 $ 11,044 $ 14,562 $ 4,786 $ 32,434 Loans and leases receivable 1 Loans and leases individually evaluated for impairment $ 5,027 $ 46,731 $ 28,659 $ 21,997 $ 102,414 Loans and leases collectively evaluated for impairment 243,877 692,299 590,089 221,801 1,748,066 Total loans and leases receivable $ 248,904 $ 739,030 $ 618,748 $ 243,798 $ 1,850,480 1 Loans and leases receivable includes $498.8 million of U.S. government guaranteed loans as of June 30, 2019, of which $79.3 million are impaired. As of December 31, 2018, loans and leases receivable includes $305.4 million of U.S. government guaranteed loans, of which $72.4 million are considered impaired. |
Impaired Loans and Leases | Loans and leases classified as impaired as of the dates presented are summarized in the following tables. June 30, 2019 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Agriculture $ 7 $ — $ 7 Healthcare 9,096 6,530 2,566 Independent Pharmacies 5,457 4,105 1,352 Registered Investment Advisors 2,076 1,409 667 Veterinary Industry 2,357 1,876 481 Other Industries 5,480 3,806 1,674 Total 24,473 17,726 6,747 Commercial Real Estate Agriculture 2,226 1,669 557 Funeral Home & Cemetery 1,958 1,368 590 Healthcare 22,879 14,206 8,673 Independent Pharmacies 7,168 6,082 1,086 Veterinary Industry 13,846 9,466 4,380 Other Industries 9,367 5,821 3,546 Total 57,444 38,612 18,832 Commercial Land Agriculture 35,192 22,980 12,212 Total 35,192 22,980 12,212 Total $ 117,109 $ 79,318 $ 37,791 December 31, 2018 Recorded Investment Guaranteed Balance Unguaranteed Exposure Commercial & Industrial Agriculture $ 7 $ — $ 7 Funeral Home & Cemetery 6 — 6 Healthcare 9,668 7,229 2,439 Independent Pharmacies 9,356 7,896 1,460 Registered Investment Advisors 3,347 2,427 920 Veterinary Industry 2,326 1,819 507 Other Industries 3,949 2,304 1,645 Total 28,659 21,675 6,984 Construction & Development Agriculture 5,027 3,704 1,323 Total 5,027 3,704 1,323 Commercial Real Estate Agriculture 1,798 1,299 499 Funeral Home & Cemetery 3,143 2,261 882 Healthcare 20,442 14,559 5,883 Independent Pharmacies 5,633 4,079 1,554 Veterinary Industry 15,715 11,613 4,102 Total 46,731 33,811 12,920 Commercial Land Agriculture 21,997 13,177 8,820 Total 21,997 13,177 8,820 Total $ 102,414 $ 72,367 $ 30,047 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. June 30, 2019 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Agriculture $ 7 $ — $ 7 $ 6 $ 7 Funeral Home & Cemetery — — — — — Healthcare 9,039 57 9,096 9,827 870 Independent Pharmacies 5,161 296 5,457 5,763 833 Registered Investment Advisors 2,076 — 2,076 2,138 432 Veterinary Industry 2,180 177 2,357 2,667 57 Other Industries 5,480 — 5,480 5,655 929 Total 23,943 530 24,473 26,056 3,128 Commercial Real Estate Agriculture 2,226 — 2,226 2,226 13 Funeral Home & Cemetery 1,821 137 1,958 1,961 87 Healthcare 20,754 2,125 22,879 22,873 1,266 Independent Pharmacies 7,168 — 7,168 7,453 43 Veterinary Industry 13,146 700 13,846 14,650 1,277 Other Industries 9,367 — 9,367 9,334 924 Total 54,482 2,962 57,444 58,497 3,610 Commercial Land Agriculture 35,192 — 35,192 34,988 4,721 Total 35,192 — 35,192 34,988 4,721 Total Impaired Loans and Leases $ 113,617 $ 3,492 $ 117,109 $ 119,541 $ 11,459 December 31, 2018 Recorded Investment With a Recorded Allowance With No Recorded Allowance Total Unpaid Principal Balance Related Allowance Recorded Commercial & Industrial Agriculture $ — $ 7 $ 7 $ 6 $ — Funeral Home & Cemetery — 6 6 6 — Healthcare 9,604 64 9,668 10,432 827 Independent Pharmacies 9,032 324 9,356 10,564 478 Registered Investment Advisors 3,347 — 3,347 3,839 811 Veterinary Industry 2,160 166 2,326 2,593 65 Other Industries 3,496 453 3,949 4,097 417 Total 27,639 1,020 28,659 31,537 2,598 Construction & Development Agriculture 5,027 — 5,027 4,939 118 Total 5,027 — 5,027 4,939 118 Commercial Real Estate Agriculture 1,798 — 1,798 1,732 93 Funeral Home & Cemetery 2,859 284 3,143 3,281 30 Healthcare 20,211 231 20,442 20,461 1,145 Independent Pharmacies 5,184 449 5,633 5,884 220 Veterinary Industry 15,606 109 15,715 16,677 936 Total 45,658 1,073 46,731 48,035 2,424 Commercial Land Agriculture 21,997 — 21,997 22,147 3,951 Total 21,997 — 21,997 22,147 3,951 Total Impaired Loans and Leases $ 100,321 $ 2,093 $ 102,414 $ 106,658 $ 9,091 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 June 30, 2019 Three Months Ended June 30, 2018 Average Balance Interest Income Recognized Average Balance Interest Income Recognized Commercial & Industrial Agriculture $ 6 $ — $ — $ — Funeral Home & Cemetery — — 7 — Healthcare 9,280 34 5,094 19 Independent Pharmacies 5,459 5 7,978 7 Registered Investment Advisors 2,083 5 2,818 12 Veterinary Industry 2,394 13 2,930 18 Other Industries 5,904 7 1,373 5 Total 25,126 64 20,200 61 Construction & Development Agriculture — — 2,526 — Healthcare — — 1,799 28 Total — — 4,325 28 Commercial Real Estate Agriculture 2,228 — — — Funeral Home & Cemetery 1,967 — 3,122 27 Healthcare 23,057 259 12,852 64 Independent Pharmacies 7,198 25 2,836 1 Veterinary Industry 13,984 105 16,135 98 Other Industries 9,357 52 — — Total 57,791 441 34,945 190 Commercial Land Agriculture 32,435 280 5,138 25 Total 32,435 280 5,138 25 Total $ 115,352 $ 785 $ 64,608 $ 304 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Average Balance Interest Income Recognized Average Balance Interest Income Recognized Commercial & Industrial Agriculture $ 6 $ — $ — $ — Funeral Home & Cemetery — — 7 — Healthcare 9,421 65 5,188 31 Independent Pharmacies 5,385 15 8,038 27 Registered Investment Advisors 2,103 10 2,825 24 Veterinary Industry 2,417 27 2,917 38 Other Industries 5,745 24 1,373 5 Total 25,077 141 20,348 125 Construction & Development Agriculture — — 2,509 5 Healthcare — — 1,579 51 Total — — 4,088 56 Commercial Real Estate Agriculture 2,228 — — — Funeral Home & Cemetery 1,974 2 3,133 64 Healthcare 23,198 487 12,486 80 Independent Pharmacies 6,663 67 2,836 1 Veterinary Industry 14,412 206 16,159 235 Other Industries 9,357 61 — — Total 57,832 823 34,614 380 Commercial Land Agriculture 31,825 518 5,138 25 Total 31,825 518 5,138 25 Total $ 114,734 $ 1,482 $ 64,188 $ 586 |
Troubled Debt Restructurings on Financing Receivables | The following tables represent the types of TDRs that were made during the periods presented: Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 All Restructurings All Restructurings Number of Loans Pre- modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre- modification Recorded Investment Post- modification Recorded Investment Interest Only Construction and Development Healthcare — $ — $ — 1 $ 612 $ 612 Total Interest Only — — — 1 612 612 Extended Amortization Commercial Land Agriculture 1 3,489 3,489 — — — Total Extend Amortization 1 3,489 3,489 — — — Payment Deferral Commercial & Industrial Healthcare 1 144 144 — — — Commercial Real Estate Healthcare 1 1,853 1,853 — — — Total Payment Deferral 2 1,997 1,997 — — — Total 3 $ 5,486 $ 5,486 1 $ 612 $ 612 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Net Lease Investment | The gross lease payments receivable and the net investment included in accounts receivable for such leases are as follows: June 30, 2019 December 31, 2018 Gross direct finance lease payments receivable $ 15,587 $ 12,541 Less – unearned interest (3,063 ) (2,635 ) Net investment in direct financing leases $ 12,524 $ 9,906 |
Future Minimum Capital Lease Payments | Future minimum lease payments under finance leases are as follows: As of June 30, 2019 Amount 2019 $ 1,544 2020 3,061 2021 3,007 2022 2,744 2023 2,286 Thereafter 2,945 Total $ 15,587 |
Maturity Analysis of Future Minimum Operating Lease Payments | A maturity analysis of future minimum lease payments under non-cancelable operating leases is as follows: As of June 30, 2019 Amount 2019 $ 3,889 2020 8,883 2021 8,930 2022 8,924 2023 8,956 Thereafter 48,267 Total $ 87,849 |
Summary of Components of Lease Expense | The components of lease expense are as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 169 $ 326 Short-term lease cost 166 375 Finance lease cost: Amortization of right-of-use assets 1 2 Interest expense on lease liabilities — — Sublease income (9 ) (18 ) Total net lease cost $ 327 $ 685 |
Summary of Consolidated Balance Sheet Related to Finance Leases | Supplemental disclosure for the consolidated balance sheet related to finance leases is as follows: June 30, 2019 Finance lease right-of-use asset $ 16 Finance lease liability 16 |
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Leases | The weighted average remaining lease term and weighted average discount rate for leases are as follows: As of June 30, 2019 Weighted average remaining lease term (years) Operating leases 15.30 Finance lease 3.42 Weighted average discount rate Operating leases 3.50 % Finance lease 3.10 % |
Summary of Operating and Finance Lease Liabilities | A maturity analysis of operating and finance lease liabilities is as follows: As of June 30, 2019 Operating Leases Finance Leases 2019 $ 343 $ 3 2020 504 5 2021 297 5 2022 275 4 2023 143 — Thereafter 1,285 — Total lease payments 2,847 17 Less: imputed interest (685 ) (1 ) Total lease liabilities $ 2,162 $ 16 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Summary of Activity Pertaining to Servicing Rights | The following summarizes the activity pertaining to servicing rights: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 44,324 $ 53,120 $ 47,641 $ 52,298 Additions, net 608 4,202 1,331 9,076 Fair value changes: Due to changes in valuation inputs or assumptions 260 (552 ) (489 ) (553 ) Decay due to increases in principal paydowns or runoff (3,505 ) (4,081 ) (6,796 ) (8,132 ) Balance at end of period $ 41,687 $ 52,689 $ 41,687 $ 52,689 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Total Outstanding Short and Long-Term Borrowings | Total outstanding short and long term borrowings consisted of the following: June 30, 2019 December 31, 2018 Short term borrowings On September 18, 2014, the Company entered into a note payable revolving line of credit of $8.1 million with an unaffiliated commercial bank. On April 18, 2017, the Company renewed and increased the revolving line of credit to $25 million. The note was unsecured and accrued interest at Prime minus 0.50% for a term of 24 months. Payments were interest only with all principal and accrued interest due on April 30, 2019. The terms of this loan required the Company to maintain minimum capital, liquidity and Texas ratios. This line of credit was paid in full on August 25, 2017. This line of credit matured on April 30, 2019 and there is no available credit at June 30, 2019. $ — $ — 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. One of the loans with an outstanding balance of $1.3 million was paid in full on August 17, 2018. Interest accrues at prime plus 1% with monthly principal and interest payments over a term of 60 months. The interest rate at June 30, 2019 is 6.50%. The maturity date is October 5, 2019. The pledged collateral is classified in other assets with a fair value of $1.3 million at June 30, 2019. The underlying loan carries a risk grade of 3 and is current with no delinquency. 1,345 1,441 On October 20, 2017, the Company entered into a revolving line of credit of $20 million with an unaffiliated commercial bank. On October 2, 2018, the Company renewed the revolving $20 million line of credit. The note is unsecured and accrues interest at LIBOR plus 1.750% for a term of 12 months. Payments are interest only with all principal and accrued interest due on October 18, 2019. The terms of this loan require the Company to maintain minimum capital and debt service coverage ratios. No advances have been made to this line of credit and there is $20 million of available credit at June 30, 2019. — — Total short term borrowings $ 1,345 $ 1,441 June 30, 2019 December 31, 2018 Long term borrowings In October 2017, the Company entered into a capital lease of $19 thousand with an unaffiliated equipment lease company, secured by fitness equipment which is included in other assets on the consolidated balance sheet. Payments are principal and interest due monthly starting December 15, 2017 over a term of 60 months. At the end of the lease term there is a $1.00 bargain purchase option. As of January 1, 2019, this borrowing was revised in accordance with ASU 2016-02. $ 16 $ 16 Total long term borrowings $ 16 $ 16 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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. June 30, 2019 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US treasury securities $ 5,015 $ — $ 5,015 $ — US government agencies 48,905 — 48,905 — Mortgage-backed securities 513,349 — 513,349 — Municipal bonds 1 9,006 — 8,913 93 Servicing assets 2 41,687 — — 41,687 Mutual fund 2,175 — 2,175 — Equity warrant assets 3 720 — — 720 Total assets at fair value $ 620,857 $ — $ 578,357 $ 42,500 December 31, 2018 Total Level 1 Level 2 Level 3 Investment securities available-for-sale US treasury securities $ 4,966 $ — $ 4,966 $ — US government agencies 30,944 — 30,944 — Mortgage-backed securities 343,581 — 343,581 — Municipal bond 1 999 — — 999 Servicing assets 2 47,641 — — 47,641 Mutual fund 2,099 — 2,099 — Equity warrant assets 3 527 — — 527 Total assets at fair value $ 430,757 $ — $ 381,590 $ 49,167 1 During the six months ended June 30, 2019, the Company sold $900 thousand of a municipal bond to a third party and recorded a fair value adjustment loss of $7 thousand. During the three months ended June 30, 2019, the Company recorded no fair value adjustment. 2 See Note 7 for a rollforward of recurring Level 3 fair values for servicing assets. 3 During the six months ended June 30, 2019, the Company recorded net gains on derivative instruments of $193 thousand. During the three months ended June 30, 2019, the Company recorded net losses on derivative instruments of $62 thousand. During the six months ended June 30, 2018, the Company entered into equity warrant assets with a fair value of $399 thousand at the time of issuance. There was no activity for the derivative instruments during the three months ended June 30, 2018. |
Recorded Amount of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Non-recurring Fair Value The tables below present the recorded amount of assets and liabilities measured at fair value on a non-recurring basis. June 30, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 102,158 $ — $ — $ 102,158 Foreclosed assets 6,044 — — 6,044 Total assets at fair value $ 108,202 $ — $ — $ 108,202 December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $ 91,230 $ — $ — $ 91,230 Foreclosed assets 1,094 — — 1,094 Total assets at fair value $ 92,324 $ — $ — $ 92,324 |
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 June 30, 2019 and December 31, 2018 the significant unobservable inputs used in the fair value measurements were as follows: June 30, 2019 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Municipal bond $ 93 Discounted expected cash flows Discount rate Prepayment speed 4.76% 5.00% Impaired loans $ 102,158 Discounted appraisals Discounted expected cash flows Appraisal adjustments (1) Interest rate & repayment term 0% to 48% Weighted average discount rate 6.77% Foreclosed assets $ 6,044 Discounted appraisals Appraisal adjustments (1) 9% to 37% Equity warrant assets $ 720 Black-Scholes option pricing model Volatility Risk-free interest rate Marketability discount Remaining life 20.90% 2.03% 20.00% 8 - 9 years December 31, 2018 Level 3 Assets with Significant Unobservable Inputs Fair Value Valuation Technique Significant Unobservable Inputs Range Municipal bond $ 999 Discounted expected cash flows Discount rate Prepayment speed 5.14% 5.00% Impaired loans $ 91,230 Discounted appraisals Discounted expected cash flows Appraisal adjustments (1) Interest rate & repayment term 8% to 48% Weighted average discount rate 6.58% Foreclosed assets $ 1,094 Discounted appraisals Appraisal adjustments (1) 9% to 37% Equity warrant assets $ 527 Black-Scholes option pricing model Volatility Risk-free interest rate Marketability discount Remaining life 20.40% 2.69% 20.00% 9 - 10 years (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: June 30, 2019 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 $ 115,292 $ 115,292 $ — $ — $ 115,292 Federal funds sold 68,153 68,153 — — 68,153 Certificates of deposit with other banks 7,250 7,604 — — 7,604 Investment securities, available-for-sale 576,275 — 576,182 93 576,275 Loans held for sale 857,837 — — 881,747 881,747 Loans and leases, net of allowance for loan and lease losses 2,187,425 — — 2,182,023 2,182,023 Servicing assets 41,687 — — 41,687 41,687 Accrued interest receivable 19,791 19,791 — — 19,791 Mutual fund 2,175 — 2,175 — 2,175 Equity warrant assets 720 — — 720 720 Financial liabilities Deposits 3,721,597 — 3,734,139 — 3,734,139 Accrued interest payable 1,990 1,990 — — 1,990 Short term borrowings 1,345 — — 1,347 1,347 Long term borrowings 16 — — 16 16 December 31, 2018 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 $ 316,823 $ 316,823 $ — $ — $ 316,823 Certificates of deposit with other banks 7,250 7,442 — — 7,442 Investment securities, available-for-sale 380,490 — 379,491 999 380,490 Loans held for sale 687,393 — — 695,154 695,154 Loans and leases, net of allowance for loan and lease losses 1,810,985 — — 1,807,528 1,807,528 Servicing assets 47,641 — — 47,641 47,641 Accrued interest receivable 15,895 15,895 — — 15,895 Mutual fund 2,099 — 2,099 — 2,099 Equity warrant assets 527 — — 527 527 Financial liabilities Deposits 3,149,583 — 3,117,941 — 3,117,941 Accrued interest payable 861 861 — — 861 Short term borrowings 1,441 — — 1,441 1,441 Long term borrowings 16 — — 16 16 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Commitments | A summary of the Company’s commitments is as follows: June 30, 2019 December 31, 2018 Commitments to extend credit $ 1,641,814 $ 1,435,024 Standby letters of credit 12,285 2,150 Airplane purchase agreement commitments — 10,450 Total unfunded off-balance-sheet credit risk $ 1,654,099 $ 1,447,624 |
Stock Plans (Tables)
Stock Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Activity | Stock option activity under the Plan during the six month periods ended June 30, 2019 and 2018, is summarized below. Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2018 2,656,855 $ 11.27 Exercised 30,634 6.16 Forfeited 32,042 9.34 Granted — — Outstanding at June 30, 2019 2,594,179 $ 11.35 5.52 years $ 15,457,477 Exercisable at June 30, 2019 954,353 $ 10.24 5.30 years $ 6,721,334 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value Outstanding at December 31, 2017 3,058,459 $ 11.30 Exercised 144,671 8.66 Forfeited 134,623 14.11 Granted — — Outstanding at June 30, 2018 2,779,165 $ 11.30 6.54 years $ 53,786,948 Exercisable at June 30, 2018 727,697 $ 9.83 6.27 years $ 15,148,795 |
Summary of Non-vested Stock Option Activity | The following is a summary of non-vested stock option activity for the Company for the six months ended June 30, 2019 and 2018. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 1,839,830 $ 4.60 Granted — — Vested (167,962 ) 2.85 Forfeited (32,042 ) 9.34 Non-vested at June 30, 2019 1,639,826 12.00 Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2017 2,364,999 $ 4.65 Granted — — Vested (178,908 ) 2.95 Forfeited (134,623 ) 6.26 Non-vested at June 30, 2018 2,051,468 4.79 |
Restricted Stock Unit Activity | RSU stock activity under the Plan during the six months of 201 9 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 388,187 $ 23.85 Granted 69,621 16.02 Vested (26,714 ) 28.33 Forfeited (4,918 ) 23.96 Non-vested at June 30, 2019 426,176 22.29 Market RSU stock activity under the Plan during the first three months of 2019 is summarized below. Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 2,709,202 $ 9.87 Granted 500,000 8.81 Vested — — Forfeited (22,347 ) 9.28 Non-vested at June 30, 2019 3,186,855 8.45 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||
Operating lease right-of-use assets | $ 1,996 | |
Operating lease liabilities | 2,162 | |
Right-of-use assets | 16 | |
Financing lease obligations | $ 16 | |
Accounting Standards Update 2016-02 [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Operating lease right-of-use assets | $ 2,200 | |
Operating lease liabilities | 2,400 | |
Cumulative effect adjustment to retained earnings | (66) | |
Right-of-use assets | 18 | |
Financing lease obligations | $ 18 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic earnings per share: | ||||
Net income available to common shareholders | $ 4,935 | $ 14,253 | $ 7,307 | $ 26,706 |
Weighted-average basic shares outstanding | 40,196,662 | 40,027,336 | 40,178,491 | 39,977,336 |
Basic earnings per share | $ 0.12 | $ 0.36 | $ 0.18 | $ 0.67 |
Diluted earnings per share: | ||||
Net income available to common shareholders, for diluted earnings per share | $ 4,935 | $ 14,253 | $ 7,307 | $ 26,706 |
Weighted-average basic shares outstanding | 40,196,662 | 40,027,336 | 40,178,491 | 39,977,336 |
Add effect of dilutive stock options and restricted stock grants | 801,879 | 1,592,311 | 801,879 | 1,538,997 |
Total weighted-average diluted shares outstanding | 40,998,541 | 41,619,647 | 40,980,370 | 41,516,333 |
Diluted earnings per share | $ 0.12 | $ 0.34 | $ 0.18 | $ 0.64 |
Anti-dilutive shares | 1,578,197 | 1,578,197 | 9,102 |
Investment Securities - Carryin
Investment Securities - Carrying Amount and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 559,332 | $ 382,696 |
Unrealized Gains | 17,620 | 1,388 |
Unrealized Losses | 677 | 3,594 |
Investment securities available-for-sale | 576,275 | 380,490 |
US Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,979 | 4,969 |
Unrealized Gains | 36 | |
Unrealized Losses | 3 | |
Investment securities available-for-sale | 5,015 | 4,966 |
US government agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 48,303 | 31,121 |
Unrealized Gains | 613 | 48 |
Unrealized Losses | 11 | 225 |
Investment securities available-for-sale | 48,905 | 30,944 |
Mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 497,529 | 345,606 |
Unrealized Gains | 16,479 | 1,340 |
Unrealized Losses | 659 | 3,365 |
Investment securities available-for-sale | 513,349 | 343,581 |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 8,521 | 1,000 |
Unrealized Gains | 492 | |
Unrealized Losses | 7 | 1 |
Investment securities available-for-sale | $ 9,006 | $ 999 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019Security | Jun. 30, 2018Security | Jun. 30, 2019USD ($)Security | Jun. 30, 2018Security | Dec. 31, 2018USD ($)Security | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of municipal bond sold | 0 | 0 | 0 | ||
Gain on sale of investment securities available-for-sale | $ | $ 5 | ||||
Other than temporary impairment losses | $ | $ 0 | ||||
Collateral Pledged | Ohio State Treasurer | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, available-for-sale, restricted | $ | $ 100 | ||||
Collateral Pledged | Trust Department | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, available-for-sale, restricted | $ | $ 2,500 | ||||
Mortgage-backed securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of securities in unrealized loss portions for longer than 12 months | 25 | 25 | 31 | ||
Number of securities in unrealized loss positions for less than 12 months | 25 | ||||
US government agencies | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of securities in unrealized loss portions for longer than 12 months | 3 | 3 | 6 | ||
Municipal bonds | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of securities in unrealized loss positions for less than 12 months | 1 | 1 | 1 | ||
US Treasury Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of securities in unrealized loss positions for less than 12 months | 1 | ||||
Municipal bonds | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of municipal bond sold | 1 | ||||
Proceeds from sale of municipal bond | $ | $ 900 | ||||
Gain on sale of investment securities available-for-sale | $ | $ 5 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities in unrealized loss position, Less Than 12 Months, Fair Value | $ 93 | $ 170,801 |
Securities in unrealized loss position, Less Than 12 Months, Unrealized Losses | 7 | 1,181 |
Securities in unrealized loss position, 12 Months or More, Fair Value | 51,038 | 67,639 |
Securities in unrealized loss position, 12 Months or More, Unrealized Losses | 670 | 2,413 |
Securities in unrealized loss position, Total, Fair Value | 51,131 | 238,440 |
Securities in unrealized loss position, Total, Unrealized Losses | 677 | 3,594 |
US Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities in unrealized loss position, Less Than 12 Months, Fair Value | 4,966 | |
Securities in unrealized loss position, Less Than 12 Months, Unrealized Losses | 3 | |
Securities in unrealized loss position, Total, Fair Value | 4,966 | |
Securities in unrealized loss position, Total, Unrealized Losses | 3 | |
US government agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities in unrealized loss position, 12 Months or More, Fair Value | 6,471 | 16,268 |
Securities in unrealized loss position, 12 Months or More, Unrealized Losses | 11 | 225 |
Securities in unrealized loss position, Total, Fair Value | 6,471 | 16,268 |
Securities in unrealized loss position, Total, Unrealized Losses | 11 | 225 |
Mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities in unrealized loss position, Less Than 12 Months, Fair Value | 164,836 | |
Securities in unrealized loss position, Less Than 12 Months, Unrealized Losses | 1,177 | |
Securities in unrealized loss position, 12 Months or More, Fair Value | 44,567 | 51,371 |
Securities in unrealized loss position, 12 Months or More, Unrealized Losses | 659 | 2,188 |
Securities in unrealized loss position, Total, Fair Value | 44,567 | 216,207 |
Securities in unrealized loss position, Total, Unrealized Losses | 659 | 3,365 |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities in unrealized loss position, Less Than 12 Months, Fair Value | 93 | 999 |
Securities in unrealized loss position, Less Than 12 Months, Unrealized Losses | 7 | 1 |
Securities in unrealized loss position, Total, Fair Value | 93 | 999 |
Securities in unrealized loss position, Total, Unrealized Losses | $ 7 | $ 1 |
Investment Securities - Summary
Investment Securities - Summary of Investment Securities by Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Amortized Cost | $ 559,332 | $ 382,696 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | 576,275 | 380,490 |
US Treasury Securities | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
One to five years, Amortized cost | 4,979 | |
Amortized Cost | 4,979 | 4,969 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
One to five years, Fair value | 5,015 | |
Total, Fair value | 5,015 | 4,966 |
US government agencies | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Within one year, Amortized cost | 6,483 | |
One to five years, Amortized cost | 29,909 | |
Five to ten years, Amortized cost | 11,911 | |
Amortized Cost | 48,303 | 31,121 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Within one year, Fair value | 6,471 | |
One to five years, Fair value | 30,345 | |
Five to ten years, Fair value | 12,089 | |
Total, Fair value | 48,905 | 30,944 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
One to five years, Amortized cost | 2,743 | |
Five to ten years, Amortized cost | 150,463 | |
After 10 years, Amortized cost | 344,323 | |
Amortized Cost | 497,529 | 345,606 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
One to five years, Fair value | 2,760 | |
Five to ten years, Fair value | 156,698 | |
After 10 years, Fair value | 353,891 | |
Total, Fair value | 513,349 | 343,581 |
Municipal bonds | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
After 10 years, Amortized cost | 8,521 | |
Amortized Cost | 8,521 | 1,000 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
After 10 years, Fair value | 9,006 | |
Total, Fair value | $ 9,006 | $ 999 |
Loans and Leases Held for Inv_3
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Composition of Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 2,225,497 | $ 1,850,480 |
Net Deferred Costs | 9,767 | 5,960 |
Discount on SBA 7(a) Unguaranteed | (9,791) | (13,021) |
Loans, Net of Unearned | 2,225,473 | 1,843,419 |
Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 729,921 | 618,748 |
Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 324,732 | 248,904 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 882,377 | 739,030 |
Commercial Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 288,467 | 243,798 |
Agriculture | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 6,305 | 6,400 |
Agriculture | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 40,258 | 43,454 |
Agriculture | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 49,532 | 53,085 |
Agriculture | Commercial Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 288,467 | 243,798 |
Funeral Home & Cemetery | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 22,709 | 17,378 |
Funeral Home & Cemetery | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 10,840 | 9,874 |
Funeral Home & Cemetery | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 86,830 | 71,344 |
Healthcare | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 46,344 | 51,082 |
Healthcare | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 92,296 | 81,619 |
Healthcare | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 221,195 | 188,531 |
Independent Pharmacies | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 110,956 | 108,783 |
Independent Pharmacies | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,193 | 2,149 |
Independent Pharmacies | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 26,877 | 20,597 |
Registered Investment Advisors | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 92,901 | 94,338 |
Registered Investment Advisors | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,138 | 1,232 |
Registered Investment Advisors | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 8,152 | 7,905 |
Veterinary Industry | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 47,744 | 45,604 |
Veterinary Industry | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 22,694 | 14,094 |
Veterinary Industry | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 135,470 | 136,721 |
Other Industries | Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 402,962 | 295,163 |
Other Industries | Construction & Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 155,313 | 96,482 |
Other Industries | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 354,321 | $ 260,847 |
Loans and Leases Held for Inv_4
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Composition of Loans and Leases (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 2,225,497 | $ 1,850,480 |
Loans Insured or Guaranteed by US Government Authorities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 498,800 | $ 305,400 |
Loans and Leases Held for Inv_5
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | $ 2,225,497 | $ 1,850,480 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 729,921 | 618,748 |
Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 324,732 | 248,904 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 882,377 | 739,030 |
Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 288,467 | 243,798 |
Healthcare | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 46,344 | 51,082 |
Healthcare | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 92,296 | 81,619 |
Healthcare | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 221,195 | 188,531 |
Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,046,709 | 1,702,491 |
Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 676,008 | 559,716 |
Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 308,124 | 247,099 |
Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 798,616 | 671,850 |
Risk Grades 1 - 4 | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 263,961 | 223,826 |
Risk Grades 1 - 4 | Healthcare | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 34,936 | 38,908 |
Risk Grades 1 - 4 | Healthcare | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 88,885 | 79,814 |
Risk Grades 1 - 4 | Healthcare | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 191,816 | 161,026 |
Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 86,981 | 65,484 |
Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 30,336 | 30,770 |
Risk Grade 5 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 16,608 | 1,805 |
Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 29,288 | 23,995 |
Risk Grade 5 | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 10,749 | 8,914 |
Risk Grade 5 | Healthcare | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,888 | 2,502 |
Risk Grade 5 | Healthcare | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 3,411 | 1,805 |
Risk Grade 5 | Healthcare | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,377 | 7,696 |
Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 91,807 | 82,505 |
Risk Grades 6 - 8 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 23,577 | 28,262 |
Risk Grades 6 - 8 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 54,473 | 43,185 |
Risk Grades 6 - 8 | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 13,757 | 11,058 |
Risk Grades 6 - 8 | Healthcare | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,520 | 9,672 |
Risk Grades 6 - 8 | Healthcare | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 21,002 | 19,809 |
Agricultural | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 6,305 | 6,400 |
Agricultural | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 40,258 | 43,454 |
Agricultural | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 49,532 | 53,085 |
Agricultural | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 288,467 | 243,798 |
Agricultural | Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,760 | 6,187 |
Agricultural | Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 40,258 | 43,454 |
Agricultural | Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 46,841 | 52,518 |
Agricultural | Risk Grades 1 - 4 | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 263,961 | 223,826 |
Agricultural | Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 545 | 213 |
Agricultural | Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 466 | 567 |
Agricultural | Risk Grade 5 | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 10,749 | 8,914 |
Agricultural | Risk Grades 6 - 8 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,225 | |
Agricultural | Risk Grades 6 - 8 | Commercial Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 13,757 | 11,058 |
Funeral Home & Cemetery | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 22,709 | 17,378 |
Funeral Home & Cemetery | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 10,840 | 9,874 |
Funeral Home & Cemetery | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 86,830 | 71,344 |
Funeral Home & Cemetery | Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 20,811 | 17,085 |
Funeral Home & Cemetery | Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 10,840 | 9,874 |
Funeral Home & Cemetery | Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 79,149 | 64,487 |
Funeral Home & Cemetery | Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,898 | 287 |
Funeral Home & Cemetery | Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,720 | 3,711 |
Funeral Home & Cemetery | Risk Grades 6 - 8 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 6 | |
Funeral Home & Cemetery | Risk Grades 6 - 8 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,961 | 3,146 |
Independent Pharmacies | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 110,956 | 108,783 |
Independent Pharmacies | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,193 | 2,149 |
Independent Pharmacies | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 26,877 | 20,597 |
Independent Pharmacies | Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 99,284 | 93,976 |
Independent Pharmacies | Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,193 | 2,149 |
Independent Pharmacies | Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 17,303 | 12,509 |
Independent Pharmacies | Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 6,502 | 5,734 |
Independent Pharmacies | Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,411 | 2,495 |
Independent Pharmacies | Risk Grades 6 - 8 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,170 | 9,073 |
Independent Pharmacies | Risk Grades 6 - 8 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 7,163 | 5,593 |
Registered Investment Advisors | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 92,901 | 94,338 |
Registered Investment Advisors | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,138 | 1,232 |
Registered Investment Advisors | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,152 | 7,905 |
Registered Investment Advisors | Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 88,782 | 88,614 |
Registered Investment Advisors | Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,138 | 1,232 |
Registered Investment Advisors | Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,114 | 7,780 |
Registered Investment Advisors | Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,050 | 2,381 |
Registered Investment Advisors | Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 38 | 125 |
Registered Investment Advisors | Risk Grades 6 - 8 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,069 | 3,343 |
Veterinary Industry | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 47,744 | 45,604 |
Veterinary Industry | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 22,694 | 14,094 |
Veterinary Industry | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 135,470 | 136,721 |
Veterinary Industry | Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 44,419 | 42,175 |
Veterinary Industry | Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 22,694 | 14,094 |
Veterinary Industry | Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 119,320 | 117,879 |
Veterinary Industry | Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,016 | 1,190 |
Veterinary Industry | Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 3,362 | 4,205 |
Veterinary Industry | Risk Grades 6 - 8 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,309 | 2,239 |
Veterinary Industry | Risk Grades 6 - 8 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 12,788 | 14,637 |
Other Industries | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 402,962 | 295,163 |
Other Industries | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 155,313 | 96,482 |
Other Industries | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 354,321 | 260,847 |
Other Industries | Risk Grades 1 - 4 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 382,016 | 272,771 |
Other Industries | Risk Grades 1 - 4 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 142,116 | 96,482 |
Other Industries | Risk Grades 1 - 4 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 336,073 | 255,651 |
Other Industries | Risk Grade 5 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 15,437 | 18,463 |
Other Industries | Risk Grade 5 | Construction & Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 13,197 | |
Other Industries | Risk Grade 5 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,914 | 5,196 |
Other Industries | Risk Grades 6 - 8 | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,509 | $ 3,929 |
Other Industries | Risk Grades 6 - 8 | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | $ 9,334 |
Loans and Leases Held for Inv_6
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Summary of Risk Grades of Each Category of Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | $ 2,225,497 | $ 1,850,480 |
Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,046,709 | 1,702,491 |
Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 86,981 | 65,484 |
Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 91,807 | 82,505 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 498,800 | 305,400 |
Loans Insured or Guaranteed by US Government Authorities | Risk Grades 1 - 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 410,800 | 236,100 |
Loans Insured or Guaranteed by US Government Authorities | Risk Grade 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 24,600 | 10,100 |
Loans Insured or Guaranteed by US Government Authorities | Risk Grades 6 - 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | $ 63,400 | $ 59,200 |
Loans and Leases Held for Inv_7
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | $ 68,413 | $ 78,712 |
Current | 2,157,084 | 1,771,768 |
Total loans and leases receivable | 2,225,497 | 1,850,480 |
Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 13,445 | 12,320 |
30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,940 | 21,022 |
30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 11,424 | 4,484 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 40,604 | 40,886 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 22,314 | 25,690 |
Current | 707,607 | 593,058 |
Total loans and leases receivable | 729,921 | 618,748 |
Commercial & Industrial | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,664 | 4,109 |
Commercial & Industrial | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,192 | 1,454 |
Commercial & Industrial | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 4,402 | 1,585 |
Commercial & Industrial | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 14,056 | 18,542 |
Commercial & Industrial | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,305 | 6,400 |
Total loans and leases receivable | 6,305 | 6,400 |
Commercial & Industrial | Funeral Home & Cemetery | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 22,709 | 17,378 |
Total loans and leases receivable | 22,709 | 17,378 |
Commercial & Industrial | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 7,027 | 8,554 |
Current | 39,317 | 42,528 |
Total loans and leases receivable | 46,344 | 51,082 |
Commercial & Industrial | Healthcare | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 906 | 41 |
Commercial & Industrial | Healthcare | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,027 | |
Commercial & Industrial | Healthcare | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 623 | 665 |
Commercial & Industrial | Healthcare | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 5,498 | 6,821 |
Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 5,170 | 8,998 |
Current | 105,786 | 99,785 |
Total loans and leases receivable | 110,956 | 108,783 |
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 | 1,399 | |
Commercial & Industrial | Independent Pharmacies | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 29 | |
Commercial & Industrial | Independent Pharmacies | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 5,170 | 7,570 |
Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,809 | 3,293 |
Current | 91,092 | 91,045 |
Total loans and leases receivable | 92,901 | 94,338 |
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 | 1,201 | |
Commercial & Industrial | Registered Investment Advisors | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 232 | |
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 | 399 | 320 |
Commercial & Industrial | Registered Investment Advisors | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 209 | 2,741 |
Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,607 | 1,506 |
Current | 46,137 | 44,098 |
Total loans and leases receivable | 47,744 | 45,604 |
Commercial & Industrial | Veterinary Industry | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 576 | 600 |
Commercial & Industrial | Veterinary Industry | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,031 | 906 |
Commercial & Industrial | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 6,701 | 3,339 |
Current | 396,261 | 291,824 |
Total loans and leases receivable | 402,962 | 295,163 |
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 | 557 | 2,669 |
Commercial & Industrial | Other Industries | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,192 | 166 |
Commercial & Industrial | Other Industries | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,804 | |
Commercial & Industrial | Other Industries | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,148 | 504 |
Construction & Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 324,732 | 248,904 |
Total loans and leases receivable | 324,732 | 248,904 |
Construction & Development | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 40,258 | 43,454 |
Total loans and leases receivable | 40,258 | 43,454 |
Construction & Development | Funeral Home & Cemetery | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 10,840 | 9,874 |
Total loans and leases receivable | 10,840 | 9,874 |
Construction & Development | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 92,296 | 81,619 |
Total loans and leases receivable | 92,296 | 81,619 |
Construction & Development | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,193 | 2,149 |
Total loans and leases receivable | 1,193 | 2,149 |
Construction & Development | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,138 | 1,232 |
Total loans and leases receivable | 2,138 | 1,232 |
Construction & Development | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 22,694 | 14,094 |
Total loans and leases receivable | 22,694 | 14,094 |
Construction & Development | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 155,313 | 96,482 |
Total loans and leases receivable | 155,313 | 96,482 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 32,035 | 41,964 |
Current | 850,342 | 697,066 |
Total loans and leases receivable | 882,377 | 739,030 |
Commercial Real Estate | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 771 | 1,934 |
Commercial Real Estate | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,034 | 19,568 |
Commercial Real Estate | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,682 | 2,899 |
Commercial Real Estate | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 26,548 | 17,563 |
Commercial Real Estate | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,226 | |
Current | 47,306 | 53,085 |
Total loans and leases receivable | 49,532 | 53,085 |
Commercial Real Estate | Agriculture | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 2,226 | |
Commercial Real Estate | Funeral Home & Cemetery | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,961 | 3,010 |
Current | 84,869 | 68,334 |
Total loans and leases receivable | 86,830 | 71,344 |
Commercial Real Estate | Funeral Home & Cemetery | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 137 | 248 |
Commercial Real Estate | Funeral Home & Cemetery | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,824 | 2,762 |
Commercial Real Estate | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 8,110 | 9,127 |
Current | 213,085 | 179,404 |
Total loans and leases receivable | 221,195 | 188,531 |
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 | 42 | |
Commercial Real Estate | Healthcare | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 1,034 | 1,668 |
Commercial Real Estate | Healthcare | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 7,076 | 7,417 |
Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 5,831 | 5,593 |
Current | 21,046 | 15,004 |
Total loans and leases receivable | 26,877 | 20,597 |
Commercial Real Estate | Independent Pharmacies | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,400 | |
Commercial Real Estate | Independent Pharmacies | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 5,831 | 2,193 |
Commercial Real Estate | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,152 | 7,905 |
Total loans and leases receivable | 8,152 | 7,905 |
Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 7,339 | 13,491 |
Current | 128,131 | 123,230 |
Total loans and leases receivable | 135,470 | 136,721 |
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 | 634 | 1,644 |
Commercial Real Estate | Veterinary Industry | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,757 | |
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 | 3,682 | 2,899 |
Commercial Real Estate | Veterinary Industry | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,023 | 5,191 |
Commercial Real Estate | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 6,568 | 10,743 |
Current | 347,753 | 250,104 |
Total loans and leases receivable | 354,321 | 260,847 |
Commercial Real Estate | Other Industries | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 10,743 | |
Commercial Real Estate | Other Industries | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 6,568 | |
Commercial Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 14,064 | 11,058 |
Current | 274,403 | 232,740 |
Total loans and leases receivable | 288,467 | 243,798 |
Commercial Land | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 10,010 | 6,277 |
Commercial Land | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 714 | |
Commercial Land | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 3,340 | |
Commercial Land | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 4,781 | |
Commercial Land | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 14,064 | 11,058 |
Current | 274,403 | 232,740 |
Total loans and leases receivable | 288,467 | 243,798 |
Commercial Land | Agriculture | Less Than 30 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 10,010 | 6,277 |
Commercial Land | Agriculture | 30-89 Days Past Due & Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | 714 | |
Commercial Land | Agriculture | 30-89 Days Past Due & Not Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | $ 3,340 | |
Commercial Land | Agriculture | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Not Accruing & Past Due | $ 4,781 |
Loans and Leases Held for Inv_8
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Age Analysis of Past Due Loans and Leases (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases receivable | $ 2,225,497 | $ 1,850,480 |
Total not accruing & past due | 68,413 | 78,712 |
Current | 2,157,084 | 1,771,768 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total not accruing & past due | 40,604 | 40,886 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases receivable | 498,800 | 305,400 |
Current | 459,300 | 263,000 |
Loans Insured or Guaranteed by US Government Authorities | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total not accruing & past due | 30,500 | 33,400 |
Loans Insured or Guaranteed by US Government Authorities | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total not accruing & past due | $ 9,000 | $ 9,000 |
Loans and Leases Held for Inv_9
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | |
Receivables [Abstract] | ||||
Theoretical increase in interest if interest on nonaccrual loans had been accrued in accordance with original terms | $ | $ 1,100,000 | $ 588,000 | $ 2,200,000 | $ 1,000,000 |
Credit exposure threshold for impairment evaluation (less than) | $ | $ 100,000 | $ 100,000 | ||
Number of contracts | SecurityLoan | 0 | 0 | 3 | 1 |
Number of Restructurings | SecurityLoan | 0 | 0 | 0 | 0 |
Loans and Leases Held for In_10
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | $ 65,473 | $ 57,690 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 47,121 | 43,202 |
Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 18,352 | 14,488 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 21,122 | 24,236 |
Commercial & Industrial | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 16,875 | 20,348 |
Commercial & Industrial | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 4,247 | 3,888 |
Commercial & Industrial | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 7,027 | 7,527 |
Commercial & Industrial | Healthcare | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 6,097 | 6,517 |
Commercial & Industrial | Healthcare | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 930 | 1,010 |
Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 5,170 | 8,969 |
Commercial & Industrial | Independent Pharmacies | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 4,105 | 7,896 |
Commercial & Industrial | Independent Pharmacies | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,065 | 1,073 |
Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,809 | 3,061 |
Commercial & Industrial | Registered Investment Advisors | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,409 | 2,427 |
Commercial & Industrial | Registered Investment Advisors | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 400 | 634 |
Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,607 | 1,506 |
Commercial & Industrial | Veterinary Industry | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,458 | 1,361 |
Commercial & Industrial | Veterinary Industry | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 149 | 145 |
Commercial & Industrial | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 5,509 | 3,173 |
Commercial & Industrial | Other Industries | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 3,806 | 2,147 |
Commercial & Industrial | Other Industries | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,703 | 1,026 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 31,001 | 22,396 |
Commercial Real Estate | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 22,733 | 17,357 |
Commercial Real Estate | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 8,268 | 5,039 |
Commercial Real Estate | Healthcare | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 7,076 | 7,459 |
Commercial Real Estate | Healthcare | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 4,708 | 4,963 |
Commercial Real Estate | Healthcare | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 2,368 | 2,496 |
Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 5,831 | 2,193 |
Commercial Real Estate | Independent Pharmacies | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 5,084 | 1,863 |
Commercial Real Estate | Independent Pharmacies | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 747 | 330 |
Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 7,339 | 9,734 |
Commercial Real Estate | Veterinary Industry | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 6,157 | 8,271 |
Commercial Real Estate | Veterinary Industry | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,182 | 1,463 |
Commercial Real Estate | Other Industries | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 6,568 | |
Commercial Real Estate | Other Industries | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 3,747 | |
Commercial Real Estate | Other Industries | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 2,821 | |
Commercial Real Estate | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 2,226 | |
Commercial Real Estate | Agriculture | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,669 | |
Commercial Real Estate | Agriculture | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 557 | |
Commercial Real Estate | Funeral Home & Cemetery | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,961 | 3,010 |
Commercial Real Estate | Funeral Home & Cemetery | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 1,368 | 2,260 |
Commercial Real Estate | Funeral Home & Cemetery | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 593 | 750 |
Commercial Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 13,350 | 11,058 |
Commercial Land | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 7,513 | 5,497 |
Commercial Land | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 5,837 | 5,561 |
Commercial Land | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 13,350 | 11,058 |
Commercial Land | Agriculture | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | 7,513 | 5,497 |
Commercial Land | Agriculture | Unguaranteed Exposure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases balance | $ 5,837 | $ 5,561 |
Loans and Leases Held for In_11
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan Losses: | ||||
Allowance for Loan Losses, Beginning Balance | $ 35,111 | $ 28,050 | $ 32,434 | $ 24,190 |
Charge offs | (595) | (968) | (817) | (1,640) |
Recoveries | 69 | 181 | 226 | 321 |
Provision | 3,463 | 2,087 | 6,205 | 6,479 |
Allowance for Loan Losses, Ending Balance | 38,048 | 29,350 | 38,048 | 29,350 |
Construction & Development | ||||
Allowance for Loan Losses: | ||||
Allowance for Loan Losses, Beginning Balance | 2,236 | 2,428 | 2,042 | 2,030 |
Provision | 688 | (201) | 882 | 197 |
Allowance for Loan Losses, Ending Balance | 2,924 | 2,227 | 2,924 | 2,227 |
Commercial Real Estate | ||||
Allowance for Loan Losses: | ||||
Allowance for Loan Losses, Beginning Balance | 10,623 | 11,244 | 11,044 | 9,180 |
Charge offs | (1) | (419) | (1) | (419) |
Recoveries | 13 | 29 | 23 | 33 |
Provision | 1,954 | 554 | 1,523 | 2,614 |
Allowance for Loan Losses, Ending Balance | 12,589 | 11,408 | 12,589 | 11,408 |
Commercial & Industrial | ||||
Allowance for Loan Losses: | ||||
Allowance for Loan Losses, Beginning Balance | 16,543 | 12,201 | 14,562 | 10,751 |
Charge offs | (416) | (549) | (638) | (1,221) |
Recoveries | 56 | 152 | 198 | 288 |
Provision | 724 | 1,573 | 2,785 | 3,559 |
Allowance for Loan Losses, Ending Balance | 16,907 | 13,377 | 16,907 | 13,377 |
Commercial Land | ||||
Allowance for Loan Losses: | ||||
Allowance for Loan Losses, Beginning Balance | 5,709 | 2,177 | 4,786 | 2,229 |
Charge offs | (178) | (178) | ||
Recoveries | 5 | |||
Provision | 97 | 161 | 1,015 | 109 |
Allowance for Loan Losses, Ending Balance | $ 5,628 | $ 2,338 | $ 5,628 | $ 2,338 |
Loans and Leases Held for In_12
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Recorded Allowance for Loan Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan and lease losses: | ||||||
Loans and leases individually evaluated for impairment | $ 11,459 | $ 9,091 | ||||
Loans and leases collectively evaluated for impairment | 26,589 | 23,343 | ||||
Total allowance for loan and lease losses | 38,048 | $ 35,111 | 32,434 | $ 29,350 | $ 28,050 | $ 24,190 |
Loans and leases receivable: | ||||||
Loans and leases individually evaluated for impairment | 117,109 | 102,414 | ||||
Loans and leases collectively evaluated for impairment | 2,108,388 | 1,748,066 | ||||
Total loans and leases receivable | 2,225,497 | 1,850,480 | ||||
Construction & Development | ||||||
Allowance for loan and lease losses: | ||||||
Loans and leases individually evaluated for impairment | 118 | |||||
Loans and leases collectively evaluated for impairment | 2,924 | 1,924 | ||||
Total allowance for loan and lease losses | 2,924 | 2,236 | 2,042 | 2,227 | 2,428 | 2,030 |
Loans and leases receivable: | ||||||
Loans and leases individually evaluated for impairment | 5,027 | |||||
Loans and leases collectively evaluated for impairment | 324,732 | 243,877 | ||||
Total loans and leases receivable | 324,732 | 248,904 | ||||
Commercial Real Estate | ||||||
Allowance for loan and lease losses: | ||||||
Loans and leases individually evaluated for impairment | 3,610 | 2,424 | ||||
Loans and leases collectively evaluated for impairment | 8,979 | 8,620 | ||||
Total allowance for loan and lease losses | 12,589 | 10,623 | 11,044 | 11,408 | 11,244 | 9,180 |
Loans and leases receivable: | ||||||
Loans and leases individually evaluated for impairment | 57,444 | 46,731 | ||||
Loans and leases collectively evaluated for impairment | 824,933 | 692,299 | ||||
Total loans and leases receivable | 882,377 | 739,030 | ||||
Commercial & Industrial | ||||||
Allowance for loan and lease losses: | ||||||
Loans and leases individually evaluated for impairment | 3,128 | 2,598 | ||||
Loans and leases collectively evaluated for impairment | 13,779 | 11,964 | ||||
Total allowance for loan and lease losses | 16,907 | 16,543 | 14,562 | 13,377 | 12,201 | 10,751 |
Loans and leases receivable: | ||||||
Loans and leases individually evaluated for impairment | 24,473 | 28,659 | ||||
Loans and leases collectively evaluated for impairment | 705,448 | 590,089 | ||||
Total loans and leases receivable | 729,921 | 618,748 | ||||
Commercial Land | ||||||
Allowance for loan and lease losses: | ||||||
Loans and leases individually evaluated for impairment | 4,721 | 3,951 | ||||
Loans and leases collectively evaluated for impairment | 907 | 835 | ||||
Total allowance for loan and lease losses | 5,628 | $ 5,709 | 4,786 | $ 2,338 | $ 2,177 | $ 2,229 |
Loans and leases receivable: | ||||||
Loans and leases individually evaluated for impairment | 35,192 | 21,997 | ||||
Loans and leases collectively evaluated for impairment | 253,275 | 221,801 | ||||
Total loans and leases receivable | $ 288,467 | $ 243,798 |
Loans and Leases Held for In_13
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Recorded Allowance for Loan Loans Receivable (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for Loan Losses: | ||
Total loans and leases receivable | $ 2,225,497 | $ 1,850,480 |
Loans and leases individually evaluated for impairment | 117,109 | 102,414 |
Loans Insured or Guaranteed by US Government Authorities | ||
Allowance for Loan Losses: | ||
Total loans and leases receivable | 498,800 | 305,400 |
Loans and leases individually evaluated for impairment | $ 79,300 | $ 72,400 |
Loans and Leases Held for In_14
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Loans and Leases Classified as Impaired (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | $ 117,109 | $ 102,414 |
Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 79,318 | 72,367 |
Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 37,791 | 30,047 |
Commercial & Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 24,473 | 28,659 |
Commercial & Industrial | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 17,726 | 21,675 |
Commercial & Industrial | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 6,747 | 6,984 |
Commercial & Industrial | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 7 | 7 |
Commercial & Industrial | Agriculture | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 7 | 7 |
Commercial & Industrial | Funeral Home & Cemetery | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 6 | |
Commercial & Industrial | Funeral Home & Cemetery | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 6 | |
Commercial & Industrial | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 9,096 | 9,668 |
Commercial & Industrial | Healthcare | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 6,530 | 7,229 |
Commercial & Industrial | Healthcare | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,566 | 2,439 |
Commercial & Industrial | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,457 | 9,356 |
Commercial & Industrial | Independent Pharmacies | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 4,105 | 7,896 |
Commercial & Industrial | Independent Pharmacies | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,352 | 1,460 |
Commercial & Industrial | Registered Investment Advisors | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,076 | 3,347 |
Commercial & Industrial | Registered Investment Advisors | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,409 | 2,427 |
Commercial & Industrial | Registered Investment Advisors | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 667 | 920 |
Commercial & Industrial | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,357 | 2,326 |
Commercial & Industrial | Veterinary Industry | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,876 | 1,819 |
Commercial & Industrial | Veterinary Industry | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 481 | 507 |
Commercial & Industrial | Other Industries | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,480 | 3,949 |
Commercial & Industrial | Other Industries | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 3,806 | 2,304 |
Commercial & Industrial | Other Industries | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,674 | 1,645 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 57,444 | 46,731 |
Commercial Real Estate | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 38,612 | 33,811 |
Commercial Real Estate | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 18,832 | 12,920 |
Commercial Real Estate | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 2,226 | 1,798 |
Commercial Real Estate | Agriculture | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,669 | 1,299 |
Commercial Real Estate | Agriculture | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 557 | 499 |
Commercial Real Estate | Funeral Home & Cemetery | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,958 | 3,143 |
Commercial Real Estate | Funeral Home & Cemetery | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,368 | 2,261 |
Commercial Real Estate | Funeral Home & Cemetery | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 590 | 882 |
Commercial Real Estate | Healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 22,879 | 20,442 |
Commercial Real Estate | Healthcare | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 14,206 | 14,559 |
Commercial Real Estate | Healthcare | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 8,673 | 5,883 |
Commercial Real Estate | Independent Pharmacies | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 7,168 | 5,633 |
Commercial Real Estate | Independent Pharmacies | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 6,082 | 4,079 |
Commercial Real Estate | Independent Pharmacies | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,086 | 1,554 |
Commercial Real Estate | Veterinary Industry | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 13,846 | 15,715 |
Commercial Real Estate | Veterinary Industry | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 9,466 | 11,613 |
Commercial Real Estate | Veterinary Industry | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 4,380 | 4,102 |
Commercial Real Estate | Other Industries | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 9,367 | |
Commercial Real Estate | Other Industries | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,821 | |
Commercial Real Estate | Other Industries | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 3,546 | |
Commercial Land | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 35,192 | 21,997 |
Commercial Land | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 22,980 | 13,177 |
Commercial Land | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 12,212 | 8,820 |
Commercial Land | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 35,192 | 21,997 |
Commercial Land | Agriculture | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 22,980 | 13,177 |
Commercial Land | Agriculture | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | $ 12,212 | 8,820 |
Construction & Development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,027 | |
Construction & Development | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 3,704 | |
Construction & Development | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 1,323 | |
Construction & Development | Agriculture | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 5,027 | |
Construction & Development | Agriculture | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | 3,704 | |
Construction & Development | Agriculture | Unguaranteed Exposure | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans | $ 1,323 |
Loans and Leases Held for In_15
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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | $ 113,617 | $ 113,617 | $ 100,321 | ||
Recorded Investment, With No Recorded Allowance | 3,492 | 3,492 | 2,093 | ||
Recorded Investment, Total | 117,109 | 117,109 | 102,414 | ||
Loans, Unpaid Principal Balance | 119,541 | 119,541 | 106,658 | ||
Loans, Related Allowance Recorded | 11,459 | 11,459 | 9,091 | ||
Loans, Average Balance | 115,352 | $ 64,608 | 114,734 | $ 64,188 | |
Loans, Interest Income Recognized | 785 | 304 | 1,482 | 586 | |
Commercial & Industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 23,943 | 23,943 | 27,639 | ||
Recorded Investment, With No Recorded Allowance | 530 | 530 | 1,020 | ||
Recorded Investment, Total | 24,473 | 24,473 | 28,659 | ||
Loans, Unpaid Principal Balance | 26,056 | 26,056 | 31,537 | ||
Loans, Related Allowance Recorded | 3,128 | 3,128 | 2,598 | ||
Loans, Average Balance | 25,126 | 20,200 | 25,077 | 20,348 | |
Loans, Interest Income Recognized | 64 | 61 | 141 | 125 | |
Commercial & Industrial | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 7 | 7 | |||
Recorded Investment, With No Recorded Allowance | 7 | ||||
Recorded Investment, Total | 7 | 7 | 7 | ||
Loans, Unpaid Principal Balance | 6 | 6 | 6 | ||
Loans, Related Allowance Recorded | 7 | 7 | |||
Loans, Average Balance | 6 | 6 | |||
Commercial & Industrial | Funeral Home & Cemetery | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With No Recorded Allowance | 6 | ||||
Recorded Investment, Total | 6 | ||||
Loans, Unpaid Principal Balance | 6 | ||||
Loans, Average Balance | 7 | 7 | |||
Commercial & Industrial | Healthcare | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 9,039 | 9,039 | 9,604 | ||
Recorded Investment, With No Recorded Allowance | 57 | 57 | 64 | ||
Recorded Investment, Total | 9,096 | 9,096 | 9,668 | ||
Loans, Unpaid Principal Balance | 9,827 | 9,827 | 10,432 | ||
Loans, Related Allowance Recorded | 870 | 870 | 827 | ||
Loans, Average Balance | 9,280 | 5,094 | 9,421 | 5,188 | |
Loans, Interest Income Recognized | 34 | 19 | 65 | 31 | |
Commercial & Industrial | Independent Pharmacies | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 5,161 | 5,161 | 9,032 | ||
Recorded Investment, With No Recorded Allowance | 296 | 296 | 324 | ||
Recorded Investment, Total | 5,457 | 5,457 | 9,356 | ||
Loans, Unpaid Principal Balance | 5,763 | 5,763 | 10,564 | ||
Loans, Related Allowance Recorded | 833 | 833 | 478 | ||
Loans, Average Balance | 5,459 | 7,978 | 5,385 | 8,038 | |
Loans, Interest Income Recognized | 5 | 7 | 15 | 27 | |
Commercial & Industrial | Registered Investment Advisors | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,076 | 2,076 | 3,347 | ||
Recorded Investment, Total | 2,076 | 2,076 | 3,347 | ||
Loans, Unpaid Principal Balance | 2,138 | 2,138 | 3,839 | ||
Loans, Related Allowance Recorded | 432 | 432 | 811 | ||
Loans, Average Balance | 2,083 | 2,818 | 2,103 | 2,825 | |
Loans, Interest Income Recognized | 5 | 12 | 10 | 24 | |
Commercial & Industrial | Veterinary Industry | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,180 | 2,180 | 2,160 | ||
Recorded Investment, With No Recorded Allowance | 177 | 177 | 166 | ||
Recorded Investment, Total | 2,357 | 2,357 | 2,326 | ||
Loans, Unpaid Principal Balance | 2,667 | 2,667 | 2,593 | ||
Loans, Related Allowance Recorded | 57 | 57 | 65 | ||
Loans, Average Balance | 2,394 | 2,930 | 2,417 | 2,917 | |
Loans, Interest Income Recognized | 13 | 18 | 27 | 38 | |
Commercial & Industrial | Other Industries | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 5,480 | 5,480 | 3,496 | ||
Recorded Investment, With No Recorded Allowance | 453 | ||||
Recorded Investment, Total | 5,480 | 5,480 | 3,949 | ||
Loans, Unpaid Principal Balance | 5,655 | 5,655 | 4,097 | ||
Loans, Related Allowance Recorded | 929 | 929 | 417 | ||
Loans, Average Balance | 5,904 | 1,373 | 5,745 | 1,373 | |
Loans, Interest Income Recognized | 7 | 5 | 24 | 5 | |
Commercial Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 54,482 | 54,482 | 45,658 | ||
Recorded Investment, With No Recorded Allowance | 2,962 | 2,962 | 1,073 | ||
Recorded Investment, Total | 57,444 | 57,444 | 46,731 | ||
Loans, Unpaid Principal Balance | 58,497 | 58,497 | 48,035 | ||
Loans, Related Allowance Recorded | 3,610 | 3,610 | 2,424 | ||
Loans, Average Balance | 57,791 | 34,945 | 57,832 | 34,614 | |
Loans, Interest Income Recognized | 441 | 190 | 823 | 380 | |
Commercial Real Estate | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 2,226 | 2,226 | 1,798 | ||
Recorded Investment, Total | 2,226 | 2,226 | 1,798 | ||
Loans, Unpaid Principal Balance | 2,226 | 2,226 | 1,732 | ||
Loans, Related Allowance Recorded | 13 | 13 | 93 | ||
Loans, Average Balance | 2,228 | 2,228 | |||
Commercial Real Estate | Funeral Home & Cemetery | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 1,821 | 1,821 | 2,859 | ||
Recorded Investment, With No Recorded Allowance | 137 | 137 | 284 | ||
Recorded Investment, Total | 1,958 | 1,958 | 3,143 | ||
Loans, Unpaid Principal Balance | 1,961 | 1,961 | 3,281 | ||
Loans, Related Allowance Recorded | 87 | 87 | 30 | ||
Loans, Average Balance | 1,967 | 3,122 | 1,974 | 3,133 | |
Loans, Interest Income Recognized | 27 | 2 | 64 | ||
Commercial Real Estate | Healthcare | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 20,754 | 20,754 | 20,211 | ||
Recorded Investment, With No Recorded Allowance | 2,125 | 2,125 | 231 | ||
Recorded Investment, Total | 22,879 | 22,879 | 20,442 | ||
Loans, Unpaid Principal Balance | 22,873 | 22,873 | 20,461 | ||
Loans, Related Allowance Recorded | 1,266 | 1,266 | 1,145 | ||
Loans, Average Balance | 23,057 | 12,852 | 23,198 | 12,486 | |
Loans, Interest Income Recognized | 259 | 64 | 487 | 80 | |
Commercial Real Estate | Independent Pharmacies | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 7,168 | 7,168 | 5,184 | ||
Recorded Investment, With No Recorded Allowance | 449 | ||||
Recorded Investment, Total | 7,168 | 7,168 | 5,633 | ||
Loans, Unpaid Principal Balance | 7,453 | 7,453 | 5,884 | ||
Loans, Related Allowance Recorded | 43 | 43 | 220 | ||
Loans, Average Balance | 7,198 | 2,836 | 6,663 | 2,836 | |
Loans, Interest Income Recognized | 25 | 1 | 67 | 1 | |
Commercial Real Estate | Veterinary Industry | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 13,146 | 13,146 | 15,606 | ||
Recorded Investment, With No Recorded Allowance | 700 | 700 | 109 | ||
Recorded Investment, Total | 13,846 | 13,846 | 15,715 | ||
Loans, Unpaid Principal Balance | 14,650 | 14,650 | 16,677 | ||
Loans, Related Allowance Recorded | 1,277 | 1,277 | 936 | ||
Loans, Average Balance | 13,984 | 16,135 | 14,412 | 16,159 | |
Loans, Interest Income Recognized | 105 | 98 | 206 | 235 | |
Commercial Real Estate | Other Industries | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 9,367 | 9,367 | |||
Recorded Investment, Total | 9,367 | 9,367 | |||
Loans, Unpaid Principal Balance | 9,334 | 9,334 | |||
Loans, Related Allowance Recorded | 924 | 924 | |||
Loans, Average Balance | 9,357 | 9,357 | |||
Loans, Interest Income Recognized | 52 | 61 | |||
Commercial Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 35,192 | 35,192 | 21,997 | ||
Recorded Investment, Total | 35,192 | 35,192 | 21,997 | ||
Loans, Unpaid Principal Balance | 34,988 | 34,988 | 22,147 | ||
Loans, Related Allowance Recorded | 4,721 | 4,721 | 3,951 | ||
Loans, Average Balance | 32,435 | 5,138 | 31,825 | 5,138 | |
Loans, Interest Income Recognized | 280 | 25 | 518 | 25 | |
Commercial Land | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 35,192 | 35,192 | 21,997 | ||
Recorded Investment, Total | 35,192 | 35,192 | 21,997 | ||
Loans, Unpaid Principal Balance | 34,988 | 34,988 | 22,147 | ||
Loans, Related Allowance Recorded | 4,721 | 4,721 | 3,951 | ||
Loans, Average Balance | 32,435 | 5,138 | 31,825 | 5,138 | |
Loans, Interest Income Recognized | $ 280 | 25 | $ 518 | 25 | |
Construction & Development | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 5,027 | ||||
Recorded Investment, Total | 5,027 | ||||
Loans, Unpaid Principal Balance | 4,939 | ||||
Loans, Related Allowance Recorded | 118 | ||||
Loans, Average Balance | 4,325 | 4,088 | |||
Loans, Interest Income Recognized | 28 | 56 | |||
Construction & Development | Agriculture | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With a Recorded Allowance | 5,027 | ||||
Recorded Investment, Total | 5,027 | ||||
Loans, Unpaid Principal Balance | 4,939 | ||||
Loans, Related Allowance Recorded | $ 118 | ||||
Loans, Average Balance | 2,526 | 2,509 | |||
Loans, Interest Income Recognized | 5 | ||||
Construction & Development | Healthcare | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans, Average Balance | 1,799 | 1,579 | |||
Loans, Interest Income Recognized | $ 28 | $ 51 |
Loans and Leases Held for In_16
Loans and Leases Held for Investment and Allowance for Loan and Lease Losses - Schedule of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019SecurityLoan | Jun. 30, 2018SecurityLoan | Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 0 | 0 | 3 | 1 |
Pre-modification recorded investment | $ 5,486 | $ 612 | ||
Post-modification recorded investment | $ 5,486 | $ 612 | ||
Interest Only | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 1 | |||
Pre-modification recorded investment | $ 612 | |||
Post-modification recorded investment | $ 612 | |||
Interest Only | Construction & Development | Healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 1 | |||
Pre-modification recorded investment | $ 612 | |||
Post-modification recorded investment | $ 612 | |||
Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 1 | |||
Pre-modification recorded investment | $ 3,489 | |||
Post-modification recorded investment | $ 3,489 | |||
Extended Maturity | Commercial Land | Agricultural | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 1 | |||
Pre-modification recorded investment | $ 3,489 | |||
Post-modification recorded investment | $ 3,489 | |||
Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 2 | |||
Pre-modification recorded investment | $ 1,997 | |||
Post-modification recorded investment | $ 1,997 | |||
Payment Deferral | Commercial & Industrial | Healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 1 | |||
Pre-modification recorded investment | $ 144 | |||
Post-modification recorded investment | $ 144 | |||
Payment Deferral | Commercial Real Estate | Healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | SecurityLoan | 1 | |||
Pre-modification recorded investment | $ 1,853 | |||
Post-modification recorded investment | $ 1,853 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)termLease | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Lessor Lease Description [Line Items] | |||||
Direct financing lease, interest income | $ 267 | $ 73 | $ 501 | $ 120 | |
Number of additional terms | term | 2 | ||||
Premises and equipment, net | 147,400 | $ 147,400 | $ 148,800 | ||
Premises and equipment, gross | 162,600 | 162,600 | 159,200 | ||
Premises and equipment, accumulated depreciation | 15,200 | 15,200 | $ 10,400 | ||
Premises and equipment, depreciation expense | 2,400 | 2,000 | 4,800 | 3,700 | |
Operating Lease, Lease Income | $ 2,400 | $ 1,900 | $ 4,700 | $ 3,500 | |
Lessee, operating lease, number of leases on which options to extend lease term will certainly be exercised | Lease | 1 | ||||
Finance lease, remaining lease term | 3 years 4 months 24 days | ||||
Minimum | |||||
Lessor Lease Description [Line Items] | |||||
Lessor, term of contract | 3 years | ||||
Term of contract | 10 years | 10 years | |||
Useful life | 20 years | ||||
Residual value (as a percent) | 20.00% | 20.00% | |||
Operating lease, remaining lease term | 1 year | ||||
Maximum | |||||
Lessor Lease Description [Line Items] | |||||
Lessor, term of contract | 7 years | ||||
Term of contract | 15 years | 15 years | |||
Useful life | 25 years | ||||
Residual value (as a percent) | 50.00% | 50.00% | |||
Operating lease, remaining lease term | 27 years | ||||
Lessee, operating lease, renewl term | 20 years | 20 years |
Leases - Direct Financing Lease
Leases - Direct Financing Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Gross direct finance lease payments receivable | $ 15,587 | $ 12,541 |
Less – unearned interest | (3,063) | (2,635) |
Net investment in direct financing leases | $ 12,524 | $ 9,906 |
Leases - Finance Lease Maturity
Leases - Finance Lease Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | $ 1,544 | |
2020 | 3,061 | |
2021 | 3,007 | |
2022 | 2,744 | |
2023 | 2,286 | |
Thereafter | 2,945 | |
Total | $ 15,587 | $ 12,541 |
Leases - Maturity Analysis of F
Leases - Maturity Analysis of Future Minimum Operating Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 3,889 |
2020 | 8,883 |
2021 | 8,930 |
2022 | 8,924 |
2023 | 8,956 |
Thereafter | 48,267 |
Total | $ 87,849 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 169 | $ 326 |
Short-term lease cost | 166 | 375 |
Finance lease cost: | ||
Amortization of right-of-use assets | 1 | 2 |
Sublease income | (9) | (18) |
Total net lease cost | $ 327 | $ 685 |
Leases - Summary of Consolidate
Leases - Summary of Consolidated Balance Sheet Related to Finance Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Right-of-use assets | $ 16 |
Financing lease obligations | $ 16 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Leases (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Operating leases | 15 years 3 months 18 days |
Finance lease | 3 years 5 months 1 day |
Operating leases | 3.50% |
Finance lease | 3.10% |
Leases - Summary of Operating a
Leases - Summary of Operating and Finance Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
Operating leases, 2019 | $ 343 |
Operating leases, 2020 | 504 |
Operating leases, 2021 | 297 |
Operating leases, 2022 | 275 |
Operating leases, 2023 | 143 |
Operating leases, thereafter | 1,285 |
Operating leases, future lease payments | 2,847 |
Operating leases, less: imputed interest | (685) |
Operating leases, total lease liabilities | 2,162 |
Finance leases | |
Finance leases,2019 | 3 |
Finance leases, 2020 | 5 |
Finance leases, 2021 | 5 |
Finance leases, 2022 | 4 |
Finance leases, future lease payments | 17 |
Finance leases, less: imputed interest | (1) |
Finance leases, total lease liabilities | $ 16 |
Servicing Assets - Narrative (D
Servicing Assets - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Servicing Assets At Fair Value [Line Items] | |||
Unpaid principal balance of loans serviced for others requiring recognition of a servicing asset | $ 2,390 | $ 2,630 | |
Unpaid principal balances of loan serviced for others | $ 3,050 | $ 3,220 | |
Weighted Average | |||
Servicing Assets At Fair Value [Line Items] | |||
Fair value of servicing rights, discount rate | 13.40% | 13.00% | |
Fair value of servicing rights, prepayment rate | 14.10% | 9.60% |
Servicing Assets - Summary of A
Servicing Assets - Summary of Activity Pertaining to Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Servicing Asset At Fair Value Amount Roll Forward | ||||
Balance at beginning of period | $ 44,324 | $ 53,120 | $ 47,641 | $ 52,298 |
Additions, net | 608 | 4,202 | 1,331 | 9,076 |
Fair value changes: | ||||
Due to changes in valuation inputs or assumptions | 260 | (552) | (489) | (553) |
Decay due to increases in principal paydowns or runoff | (3,505) | (4,081) | (6,796) | (8,132) |
Balance at end of period | $ 41,687 | $ 52,689 | $ 41,687 | $ 52,689 |
Borrowings - Total Outstanding
Borrowings - Total Outstanding Short and Long Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short term borrowings | $ 1,345 | $ 1,441 |
Long term borrowings | 16 | 16 |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Long term borrowings | 16 | 16 |
Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Short term borrowings | 1,345 | 1,441 |
Related Party Loans Transferred To Unaffiliated Commercial Bank | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Short term borrowings | $ 1,345 | $ 1,441 |
Borrowings - Total Outstandin_2
Borrowings - Total Outstanding Short and Long Term Borrowings (Parenthetical) (Details) | Oct. 02, 2018 | Aug. 17, 2018USD ($) | Oct. 20, 2017USD ($) | Apr. 18, 2017USD ($) | Feb. 23, 2015USD ($)SecurityLoan | Jun. 30, 2019USD ($) | Oct. 31, 2017USD ($) | Sep. 18, 2014USD ($) |
Revolving Line of Credit with Unaffiliated Commercial Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum borrowing capacity | $ 20,000,000 | |||||||
Debt instrument term | 12 months | |||||||
Current available credit facility | $ 20,000,000 | |||||||
Related Party Loans Transferred To Unaffiliated Commercial Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 4,700,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||
Repayments of debt | $ 1,300,000 | |||||||
Debt instrument, maturity date | Oct. 5, 2019 | |||||||
Number of related party loans transferred | SecurityLoan | 2 | |||||||
Collateral amount | $ 1,300,000 | |||||||
Debt instrument term | 60 months | |||||||
Related Party Loans Transferred To Unaffiliated Commercial Bank | Prime Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Note Payable Revolving Line of Credit With Unaffiliated Commercial Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum borrowing capacity | $ 25,000,000 | $ 8,100,000 | ||||||
Debt instrument, maturity date | Apr. 30, 2019 | |||||||
Debt instrument term | 24 months | |||||||
Current available credit facility | $ 0 | |||||||
Capital Leasewith Unaffiliated Lease Company | Capital Lease Obligations | ||||||||
Debt Instrument [Line Items] | ||||||||
Capital lease obligations, noncurrent | $ 19,000 | |||||||
Term of contract | 60 months | |||||||
Option to purchase equipment, amount | $ 1 | |||||||
Line of Credit | Revolving Line of Credit with Unaffiliated Commercial Bank | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Line of Credit | Note Payable Revolving Line of Credit With Unaffiliated Commercial Bank | Prime Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short term borrowings | $ 0 | $ 0 |
Repurchased agreements, borrowing capacity | 5,000,000 | 5,000,000 |
Repurchases agreements, outstanding balance | 0 | 0 |
FHLB maximum amount available | 1,010,000,000 | 849,100,000 |
Short term borrowings | 1,345,000 | 1,441,000 |
Federal Funds Purchased | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | 72,500,000 | 72,500,000 |
Federal Reserve Bank Advances | Federal Reserve Bank | ||
Debt Instrument [Line Items] | ||
Collateral amount | 412,900,000 | 395,200,000 |
Remaining available credit facility | 234,900,000 | 218,000,000 |
Short term borrowings | $ 0 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | $ 576,275 | $ 380,490 | ||||
Servicing assets | 41,687 | $ 44,324 | 47,641 | $ 52,689 | $ 53,120 | $ 52,298 |
US Treasury Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 5,015 | 4,966 | ||||
US government agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 48,905 | 30,944 | ||||
Mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 513,349 | 343,581 | ||||
Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Servicing assets | 41,687 | 47,641 | ||||
Equity warrant assets | 720 | 527 | ||||
Total assets at fair value | 620,857 | 430,757 | ||||
Recurring | Municipal bonds | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 9,006 | 999 | ||||
Recurring | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Servicing assets | 0 | 0 | ||||
Equity warrant assets | 0 | 0 | ||||
Total assets at fair value | 0 | 0 | ||||
Recurring | Level 1 | Municipal bonds | ||||||
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 | ||||
Equity warrant assets | 0 | 0 | ||||
Total assets at fair value | 578,357 | 381,590 | ||||
Recurring | Level 2 | Municipal bonds | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 8,913 | 0 | ||||
Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Servicing assets | 41,687 | 47,641 | ||||
Equity warrant assets | 720 | 527 | ||||
Total assets at fair value | 42,500 | 49,167 | ||||
Recurring | Level 3 | Municipal bonds | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 93 | 999 | ||||
Total assets at fair value | 93 | 999 | ||||
Recurring | US Treasury Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 5,015 | 4,966 | ||||
Recurring | US Treasury Securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Recurring | US Treasury Securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 5,015 | 4,966 | ||||
Recurring | US Treasury Securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Recurring | US government agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 48,905 | 30,944 | ||||
Recurring | US government agencies | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Recurring | US government agencies | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 48,905 | 30,944 | ||||
Recurring | US government agencies | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Recurring | Mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 513,349 | 343,581 | ||||
Recurring | Mortgage-backed securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Recurring | Mortgage-backed securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 513,349 | 343,581 | ||||
Recurring | Mortgage-backed securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Recurring | Mutual Fund | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mutual fund | 2,175 | 2,099 | ||||
Recurring | Mutual Fund | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mutual fund | 0 | 0 | ||||
Recurring | Mutual Fund | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mutual fund | 2,175 | 2,099 | ||||
Recurring | Mutual Fund | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mutual fund | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale with value | $ 900,000 | $ 900,000 | |
Equity Warrant Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity warrant assets gross at fair value | $ 399,000 | ||
Gain (loss) on derivative, net | (62,000) | 193,000 | |
Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value adjustment | $ 0 | $ 7,000 |
Fair Value of Financial Instr_5
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 102,158 | $ 91,230 |
Foreclosed assets | 6,044 | 1,094 |
Total assets at fair value | 108,202 | 92,324 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 102,158 | 91,230 |
Foreclosed assets | 6,044 | 1,094 |
Total assets at fair value | $ 108,202 | $ 92,324 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Analysis of Level 3 Valuation Techniques (Details) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | $ 620,857 | $ 430,757 |
Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | 42,500 | 49,167 |
Non-recurring Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | 108,202 | 92,324 |
Non-recurring Fair Value | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | 108,202 | 92,324 |
Municipal bonds | Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | $ 93 | $ 999 |
Municipal bonds | Discounted Expected Cash Flows | Discount rate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.0476 | 0.0514 |
Municipal bonds | Discounted Expected Cash Flows | Prepayment speed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.0500 | 0.0500 |
Impaired Loans | Non-recurring Fair Value | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | $ 102,158 | $ 91,230 |
Impaired Loans | Minimum | Discounted appraisals | Discount rate | Non-recurring Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0 | 0.08 |
Impaired Loans | Maximum | Discounted appraisals | Discount rate | Non-recurring Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.48 | 0.48 |
Impaired Loans | Weighted Average | Discounted Expected Cash Flows | Discount rate | Non-recurring Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.0677 | 0.0658 |
Foreclosed Assets | Non-recurring Fair Value | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | $ 6,044 | $ 1,094 |
Foreclosed Assets | Minimum | Discounted appraisals | Discount rate | Non-recurring Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.09 | 0.09 |
Foreclosed Assets | Maximum | Discounted appraisals | Discount rate | Non-recurring Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.37 | 0.37 |
Equity Warrant Assets | Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Asset, fair value | $ 720 | $ 527 |
Equity Warrant Assets | Black-Scholes Option Pricing Model | Discount rate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.2000 | 0.2000 |
Equity Warrant Assets | Black-Scholes Option Pricing Model | Expected Volatility Rate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.2090 | 0.2040 |
Equity Warrant Assets | Black-Scholes Option Pricing Model | Risk-Free Interest Rate | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.0203 | 0.0269 |
Equity Warrant Assets | Minimum | Black-Scholes Option Pricing Model | Expected Term | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 8 years | 9 years |
Equity Warrant Assets | Maximum | Black-Scholes Option Pricing Model | Expected Term | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, measurement input | 9 years | 10 years |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||||||
Investment securities, available-for-sale | $ 576,275 | $ 380,490 | ||||
Servicing assets | 41,687 | $ 44,324 | 47,641 | $ 52,689 | $ 53,120 | $ 52,298 |
Carrying Amount | ||||||
Financial assets | ||||||
Cash and due from banks | 115,292 | 316,823 | ||||
Federal funds sold | 68,153 | |||||
Certificates of deposit with other banks | 7,250 | 7,250 | ||||
Investment securities, available-for-sale | 576,275 | 380,490 | ||||
Loans held for sale | 857,837 | 687,393 | ||||
Loans and leases, net of allowance for loan and lease losses | 2,187,425 | 1,810,985 | ||||
Servicing assets | 41,687 | 47,641 | ||||
Accrued interest receivable | 19,791 | 15,895 | ||||
Mutual fund | 2,175 | 2,099 | ||||
Equity warrant assets | 720 | 527 | ||||
Financial liabilities | ||||||
Deposits | 3,721,597 | 3,149,583 | ||||
Accrued interest payable | 1,990 | 861 | ||||
Short term borrowings | 1,345 | 1,441 | ||||
Long term borrowings | 16 | 16 | ||||
Estimate of Fair Value Measurement | ||||||
Financial assets | ||||||
Cash and due from banks | 115,292 | 316,823 | ||||
Federal funds sold | 68,153 | |||||
Certificates of deposit with other banks | 7,604 | 7,442 | ||||
Investment securities, available-for-sale | 576,275 | 380,490 | ||||
Loans held for sale | 881,747 | 695,154 | ||||
Loans and leases, net of allowance for loan and lease losses | 2,182,023 | 1,807,528 | ||||
Servicing assets | 41,687 | 47,641 | ||||
Accrued interest receivable | 19,791 | 15,895 | ||||
Mutual fund | 2,175 | 2,099 | ||||
Equity warrant assets | 720 | 527 | ||||
Financial liabilities | ||||||
Deposits | 3,734,139 | 3,117,941 | ||||
Accrued interest payable | 1,990 | 861 | ||||
Short term borrowings | 1,347 | 1,441 | ||||
Long term borrowings | 16 | 16 | ||||
Level 1 | Estimate of Fair Value Measurement | ||||||
Financial assets | ||||||
Cash and due from banks | 115,292 | 316,823 | ||||
Federal funds sold | 68,153 | |||||
Certificates of deposit with other banks | 7,604 | 7,442 | ||||
Accrued interest receivable | 19,791 | 15,895 | ||||
Financial liabilities | ||||||
Accrued interest payable | 1,990 | 861 | ||||
Level 2 | Estimate of Fair Value Measurement | ||||||
Financial assets | ||||||
Investment securities, available-for-sale | 576,182 | 379,491 | ||||
Mutual fund | 2,175 | 2,099 | ||||
Financial liabilities | ||||||
Deposits | 3,734,139 | 3,117,941 | ||||
Level 3 | Estimate of Fair Value Measurement | ||||||
Financial assets | ||||||
Investment securities, available-for-sale | 93 | 999 | ||||
Loans held for sale | 881,747 | 695,154 | ||||
Loans and leases, net of allowance for loan and lease losses | 2,182,023 | 1,807,528 | ||||
Servicing assets | 41,687 | 47,641 | ||||
Equity warrant assets | 720 | 527 | ||||
Financial liabilities | ||||||
Short term borrowings | 1,347 | 1,441 | ||||
Long term borrowings | $ 16 | $ 16 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | $ 1,654,099 | $ 1,447,624 |
Commitments to Extend Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | 1,641,814 | 1,435,024 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | $ 12,285 | 2,150 |
Purchase Commitment | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Total unfunded off-balance-sheet credit risk | $ 10,450 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)Customer | Dec. 31, 2018USD ($) | |
Concentration Risk [Line Items] | ||
Commitment letters expiration period (in days) | 90 days | |
Commitments for on-balance-sheet investments | $ 1.6 | $ 2.8 |
Maximum retained credit exposure | 7.5 | |
Future minimum lease payments under non-cancelable operating leases | $ 87.8 | |
Sixteen Relationships | ||
Concentration Risk [Line Items] | ||
Number of relationships that have retained unguaranteed exposure | Customer | 16 | |
Retained credit exposure | $ 193 | |
Retained exposure, amount disbursed | 137 | |
Four Relationships | ||
Concentration Risk [Line Items] | ||
Future minimum lease payments under non-cancelable operating leases | $ 63.7 |
Stock Plans - Narrative (Detail
Stock Plans - Narrative (Details) - USD ($) | Feb. 11, 2019 | Aug. 10, 2018 | May 15, 2018 | May 14, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | May 24, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Intrinsic value of options exercised | $ 326,000 | $ 2,900,000 | |||||||
Shares, granted (in shares) | 0 | 0 | 0 | 0 | |||||
Employee Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation expense | $ 0 | $ 0 | $ 32,000 | $ 29,000 | |||||
Maximum annual purchase per employee | $ 25,000 | ||||||||
Purchase date discount | 15.00% | ||||||||
Stock Options | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation expense | 400,000 | 347,000 | $ 838,000 | 780,000 | |||||
Unrecognized compensation costs, stock options | 5,100,000 | $ 5,100,000 | |||||||
Unrecognized compensation costs period recognized | 3 years 1 month 6 days | ||||||||
Market Restricted Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unrecognized compensation costs period recognized | 3 years 3 months 18 days | ||||||||
Number of days share price must be maintained | 20 days | ||||||||
Units earned as a percent of units awarded | 100.00% | ||||||||
Shares, granted (in shares) | 500,000 | 500,000 | |||||||
Valuation period | 10 years | ||||||||
Risk free interest rate | 2.62% | ||||||||
Expected volatility rate | 37.60% | ||||||||
Expected dividend rate | 0.78% | ||||||||
Additional compensation expense | 166,000 | $ 234,000 | |||||||
Compensation expense | 2,000,000 | 947,000 | 3,800,000 | 1,900,000 | |||||
Unrecognized compensation costs | 19,100,000 | $ 19,100,000 | |||||||
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 | ||||||||
Expected term | 4 years 6 months | ||||||||
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) | $ 55 | ||||||||
Expected term | 5 years 9 months 18 days | ||||||||
Restricted Stock Units (RSUs) | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation expense | 556,000 | $ 921,000 | $ 1,100,000 | $ 1,800,000 | |||||
Unrecognized compensation costs, stock options | $ 8,200,000 | $ 8,200,000 | |||||||
Unrecognized compensation costs period recognized | 4 years 8 months 12 days | ||||||||
Shares, granted (in shares) | 69,621 | ||||||||
Market RSU Granted on May 14, 2018 | One Employee | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 10 years | 7 years | |||||||
Share price threshold for performance criteria (in dollars per share) | $ 48 | ||||||||
Number of days share price must be maintained | 20 days | ||||||||
Shares, granted (in shares) | 75,000 | ||||||||
Market RSU Granted on May 14, 2018 | Minimum | One Employee | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share price threshold for performance criteria (in dollars per share) | $ 35 | ||||||||
Market RSU Granted on May 14, 2018 | Maximum | One Employee | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share price threshold for performance criteria (in dollars per share) | $ 48 | ||||||||
Market RSU Granted on August 10, 2018 | Eleven Employees | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 10 years | 7 years | |||||||
Shares, granted (in shares) | 410,000 | ||||||||
2015 Omnibus Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common voting shares authorized (in shares) | 8,750,000 | 7,000,000 | |||||||
Options or restricted shares of expiration period (in years) | 10 years | ||||||||
Percentage of fair market value of common stock | 100.00% | ||||||||
2015 Omnibus Plan | Stock Options | Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
2015 Omnibus Plan | Restricted Stock | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 7 years |
Stock Plans - Stock Option Acti
Stock Plans - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Shares, outstanding, beginning balance (in shares) | 2,656,855 | 3,058,459 | ||
Shares, exercised (in shares) | 30,634 | 144,671 | ||
Shares, forfeited (in shares) | 32,042 | 134,623 | ||
Shares, granted (in shares) | 0 | 0 | 0 | 0 |
Shares, outstanding, ending balance (in shares) | 2,594,179 | 2,779,165 | 2,594,179 | 2,779,165 |
Shares, exercisable (in shares) | 954,353 | 727,697 | 954,353 | 727,697 |
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) | $ 11.27 | $ 11.30 | ||
Weighted average exercise price, exercised (in dollars per share) | 6.16 | 8.66 | ||
Weighted average exercise price, forfeited (in dollars per share) | 9.34 | 14.11 | ||
Weighted average exercise price, outstanding, ending balance (in dollars per share) | $ 11.35 | $ 11.30 | 11.35 | 11.30 |
Weighted average exercise price, exercisable (in dollars per share) | $ 10.24 | $ 9.83 | $ 10.24 | $ 9.83 |
Weighted average remaining contractual term, exercisable | 5 years 6 months 7 days | 6 years 6 months 14 days | ||
Weighted average remaining contractual term, exercisable | 5 years 3 months 18 days | 6 years 3 months 7 days | ||
Aggregate intrinsic value, outstanding | $ 15,457,477 | $ 53,786,948 | $ 15,457,477 | $ 53,786,948 |
Aggregate intrinsic value, exercisable | $ 6,721,334 | $ 15,148,795 | $ 6,721,334 | $ 15,148,795 |
Stock Plans - Summary of Non-ve
Stock Plans - Summary of Non-vested Stock Option Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares, non-vested, beginning balance (in shares) | 1,839,830 | 2,364,999 | ||
Shares, granted (in shares) | 0 | 0 | 0 | 0 |
Shares, vested (in shares) | (167,962) | (178,908) | ||
Shares, forfeited (in shares) | (32,042) | (134,623) | ||
Shares, non-vested, ending balance (in shares) | 1,639,826 | 2,051,468 | 1,639,826 | 2,051,468 |
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) | $ 4.60 | $ 4.65 | ||
Weighted average grant date fair value, granted (in dollars per share) | 0 | 0 | ||
Weighted average grant date fair value, vested (in dollars per share) | 2.85 | 2.95 | ||
Weighted average grant date fair value, forfeited (in dollars per share) | 9.34 | 6.26 | ||
Weighted average grant date fair value, non-vested, ending balance (in dollars per share) | $ 12 | $ 4.79 | $ 12 | $ 4.79 |
Stock Plans - Restricted Stock
Stock Plans - Restricted Stock Unit Activity (Details) - $ / shares | Feb. 11, 2019 | Jun. 30, 2019 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | ||
Shares, non-vested, beginning balance (in shares) | 388,187 | |
Shares, granted (in shares) | 69,621 | |
Shares, vested (in shares) | (26,714) | |
Shares, forfeited (in shares) | (4,918) | |
Shares, non-vested, ending balance (in shares) | 426,176 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Shares, non-vested, weighted average grant date fair value (in dollars per share) | $ 23.85 | |
Shares, granted, weighted average grant date fair value (in dollars per share) | 16.02 | |
Shares, vested, weighted average grant date fair value (in dollars per share) | 28.33 | |
Shares, forfeited, weighted average grant date fair value (in dollars per share) | 23.96 | |
Shares, non-vested, weighted average grant date fair value (in dollars per share) | $ 22.29 | |
Market Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | ||
Shares, non-vested, beginning balance (in shares) | 2,709,202 | |
Shares, granted (in shares) | 500,000 | 500,000 |
Shares, vested (in shares) | 0 | |
Shares, forfeited (in shares) | (22,347) | |
Shares, non-vested, ending balance (in shares) | 3,186,855 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Shares, non-vested, weighted average grant date fair value (in dollars per share) | $ 9.87 | |
Shares, granted, weighted average grant date fair value (in dollars per share) | 8.81 | |
Shares, vested, weighted average grant date fair value (in dollars per share) | 0 | |
Shares, forfeited, weighted average grant date fair value (in dollars per share) | 9.28 | |
Shares, non-vested, weighted average grant date fair value (in dollars per share) | $ 8.45 |