Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | County Bancorp, Inc. | |
Entity Central Index Key | 1,470,205 | |
Trading Symbol | ICBK | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 5,786,701 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 19,814 | $ 14,907 |
Securities available-for-sale, at fair value | 79,692 | 83,281 |
FHLB Stock, at cost | 3,724 | 3,507 |
Loans held for sale | 3,980 | 9,201 |
Loans, net of allowance for loan losses of $11,218 as of March 31, 2016; $10,405 as of December 31, 2015 | 764,630 | 737,784 |
Premises and equipment, net | 8,171 | 7,165 |
Loan servicing rights | 8,294 | 8,145 |
Other real estate owned, net | 2,947 | 2,872 |
Cash surrender value of bank owned life insurance | 11,228 | 11,155 |
Deferred tax asset, net | 2,185 | 2,048 |
Accrued interest receivable and other assets | 4,892 | 4,824 |
Total assets | 909,557 | 884,889 |
Deposits: | ||
Noninterest-bearing | 63,276 | 70,914 |
Interest-bearing | 629,905 | 601,312 |
Total deposits | 693,181 | 672,226 |
Other borrowings | 3,407 | 3,945 |
Advances from FHLB | 83,445 | 66,445 |
Subordinated debentures | 12,372 | 12,372 |
Accrued interest payable and other liabilities | 7,774 | 7,877 |
Total liabilities | 800,179 | 762,865 |
Small Business Lending Fund redeemable preferred stock-variable rate, noncumulative, nonparticipating, $1,000 stated value; 15,000 shares authorized; no shares issued at March 31, 2016; 15,000 shares issued, $15,000 redemption amount at December 31, 2015 | 15,000 | |
SHAREHOLDERS' EQUITY | ||
Preferred stock-variable rate, non-cumulative, nonparticipating, $1,000 stated value; 15,000 shares authorized; 8,000 shares issued at March 31, 2016 and December 31, 2015 | 8,000 | 8,000 |
Common stock - $0.01 par value; 50,000,000 authorized; 6,208,309 shares issued and 5,786,701 shares outstanding at March 31, 2016 and 6,192,609 shares issued and 5,771,001 shares outstanding at December 31, 2015 | 19 | 19 |
Surplus | 34,878 | 34,717 |
Retained earnings | 70,610 | 68,825 |
Treasury stock, at cost, 421,608 shares at March 31, 2016 and December 31, 2015 | (4,758) | (4,758) |
Accumulated other comprehensive income | 629 | 221 |
Total shareholders' equity | 109,378 | 107,024 |
Total liabilities and shareholders' equity | $ 909,557 | $ 884,889 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for loan losses | $ 11,218 | $ 10,405 |
Small Business Lending Fund redeemable preferred stock, stated value | $ 1,000 | $ 1,000 |
Small Business Lending Fund redeemable preferred stock, shares authorized | 15,000 | 15,000 |
Small Business Lending Fund redeemable preferred stock, shares issued | 0 | 15,000 |
Small Business Lending Fund redeemable preferred stock, redemption amount | $ 15,000 | |
Preferred Stock, stated value | $ 1,000 | $ 1,000 |
Preferred Stock, shares authorized | 15,000 | 15,000 |
Preferred Stock, shares issued | 8,000 | 8,000 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 6,208,309 | 6,192,609 |
Common Stock, shares outstanding | 5,786,701 | 5,771,001 |
Treasury Stock, shares | 421,608 | 421,608 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 8,730 | $ 7,628 |
Taxable securities | 240 | 229 |
Tax-exempt securities | 109 | 106 |
Federal funds sold and other | 39 | 18 |
Total interest and dividend income | 9,118 | 7,981 |
INTEREST EXPENSE | ||
Deposits | 1,812 | 1,478 |
FHLB advances and other borrowed funds | 303 | 218 |
Subordinated debentures | 66 | 120 |
Total interest expense | 2,181 | 1,816 |
Net interest income | 6,937 | 6,165 |
Provision for loan losses | 812 | (602) |
Net interest income after provision for loan losses | 6,125 | 6,767 |
NON-INTEREST INCOME | ||
Services charges | 277 | 220 |
Gain on sale of loans, net | 100 | 93 |
Loan servicing fees | 1,447 | 1,253 |
Other | 113 | 309 |
Total non-interest income | 1,937 | 1,875 |
NON-INTEREST EXPENSE | ||
Employee compensation and benefits | 3,001 | 2,720 |
Occupancy | 93 | 81 |
Write-down of other real estate owned | 84 | 182 |
Other | 1,413 | 1,635 |
Total non-interest expense | 4,591 | 4,618 |
Income before income taxes | 3,471 | 4,024 |
Income tax expense | 1,295 | 1,498 |
NET INCOME | $ 2,176 | $ 2,526 |
NET INCOME PER SHARE: | ||
Basic | $ 0.36 | $ 0.44 |
Diluted | 0.35 | 0.43 |
Dividends paid per share | $ 0.05 | $ 0.04 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 2,176 | $ 2,526 |
Other comprehensive income: | ||
Unrealized gains on securities available-for-sale | 669 | 479 |
Income tax benefit | (261) | (188) |
Total other comprehensive income | 408 | 291 |
Comprehensive income | $ 2,584 | $ 2,817 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | SBLF | Preferred Stock | Common Stock | Surplus | Retained Earnings | Retained EarningsSBLF | Treasury Stock | Accumulated Other Comprehensive Income |
Balance at Dec. 31, 2014 | $ 80,043 | $ 8,000 | $ 5 | $ 16,970 | $ 59,254 | $ (4,572) | $ 386 | ||
Net income | 2,526 | 2,526 | |||||||
Other comprehensive income | 291 | 291 | |||||||
Stock compensation expense, net of tax | 53 | 53 | |||||||
Cash dividends declared on common stock | (229) | (229) | |||||||
Cash dividends declared on preferred stock | (80) | $ (38) | (80) | $ (38) | |||||
Proceeds from sale of common stock | 16,978 | 13 | 16,965 | ||||||
Balance at Mar. 31, 2015 | 99,544 | 8,000 | 18 | 33,988 | 61,433 | (4,572) | 677 | ||
Balance at Dec. 31, 2015 | 107,024 | 8,000 | 19 | 34,717 | 68,825 | (4,758) | 221 | ||
Net income | 2,176 | 2,176 | |||||||
Other comprehensive income | 408 | 408 | |||||||
Stock compensation expense, net of tax | 128 | 128 | |||||||
Cash dividends declared on common stock | (289) | (289) | |||||||
Cash dividends declared on preferred stock | (81) | $ (21) | (81) | $ (21) | |||||
Proceeds from exercise of common stock options | 33 | 33 | |||||||
Balance at Mar. 31, 2016 | $ 109,378 | $ 8,000 | $ 19 | $ 34,878 | $ 70,610 | $ (4,758) | $ 629 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2015shares | |
Statement Of Stockholders Equity [Abstract] | |
Proceeds from sale of common stock, shares | 1,220,750 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 2,176 | $ 2,526 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 177 | 151 |
Provision for loan losses | 812 | (602) |
Realized loss on sales of other real estate owned | 373 | |
Write-down of other real estate owned | 84 | 182 |
Realized loss (gain) on sales of premises and equipment | (8) | 4 |
Increase in cash surrender value of bank owned life insurance | (72) | (71) |
Deferred income tax expense (benefit) | (402) | 194 |
Stock compensation expense, net | 128 | 53 |
Net amortization of securities | 134 | 147 |
Net change in: | ||
Accrued interest receivable and other assets | (69) | (120) |
Loans held for sale | 5,221 | (5,262) |
Loan servicing rights | (150) | (61) |
Accrued interest payable and other liabilities | (102) | 391 |
Net cash provided by (used in) operating activities | 7,929 | (2,095) |
Cash flows from investing activities | ||
Proceeds from maturities, principal repayments, and call of securities available for sale | 4,128 | 2,011 |
Purchases of securities available for sale | (1,561) | |
Purchases of FHLB stock | (217) | (218) |
Loan originations and principal collections, net | (27,817) | 13,323 |
Proceeds from sales of premises and equipment | 13 | 11 |
Purchases of premises and equipment | (1,188) | (54) |
Capitalized additions to other real estate owned | (39) | |
Proceeds from sales of other real estate owned | 1,493 | |
Net cash provided by (used in) investing activities | (25,081) | 14,966 |
Cash flows from financing activities | ||
Net decrease in demand and savings deposits | (30,117) | (6,726) |
Net increase in certificates of deposits | 51,072 | 9,698 |
Net change in other borrowings | (538) | (18,211) |
Proceeds from FHLB advances | 45,200 | 5,000 |
Repayment of FHLB advances | (28,200) | |
Proceeds from issuance of common stock | 33 | 16,978 |
Dividends paid on preferred stock | (81) | (80) |
Dividends paid on common stock | (289) | (229) |
Net cash provided by financing activities | 22,059 | 6,392 |
Net change in cash and cash equivalents | 4,907 | 19,263 |
Cash and cash equivalents, beginning of period | 14,907 | 10,480 |
Cash and cash equivalents, end of period | 19,814 | 29,743 |
Cash paid during the period for: | ||
Interest | 2,023 | 1,853 |
Income taxes | 650 | 220 |
Noncash investing activities: | ||
Transfer from loans to other real estate owned | 159 | |
Loans charged off | 149 | |
SBLF | ||
Cash flows from financing activities | ||
Redemption of SBLF preferred stock | (15,000) | |
Dividends paid on preferred stock | $ (21) | $ (38) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION The unaudited consolidated financial statements of County Bancorp, Inc. (the “Company”) and its subsidiaries have been prepared, in the opinion of management, to reflect all adjustments necessary for a fair presentiation of the financial position, results of operations, and cash flows for the interim period. The results of operations for the three months ended March 31, 2016 may not necessarily be indicative of the results to be expected for the entire fiscal year. Management of the Company is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods. Actual results could differ significantly from those estimates. These unaudited interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain information in footnote disclosure normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2015. The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the benefits of this extended transition period. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | On November 19, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, County Acquisition LLC, a wholly-owned subsidiary of the Company, and Fox River Valley Bancorp, Inc., a Wisconsin corporation (“Fox River Valley”), pursuant to which the Company will acquire Fox River Valley and its wholly-owned bank subsidiary, The Business Bank. Under the terms of the Merger Agreement, the Company will acquire 100% of Fox River Valley’s outstanding common stock for aggregate consideration of $28.9 million, subject to downward adjustment under certain circumstances. The purpose of the merger is for strategic reasons beneficial to the Company. The acquisition is consistent with its growth plans to expand into the desirable markets of Appleton and Green Bay, Wisconsin and diversify its loan portfolio to decrease its agricultural concentration. The Company believes it is well-positioned to achieve stronger financial performance and enhance shareholder value through synergies of the combined operations. Fox River Valley’s shareholders approved the Merger Agreement on March 17, 2016, and the merger transaction is appropriately not reflected in the Company’s March 31, 2016 financial statements. The Company received the required regulatory approvals in April 2016, and the merger is expected to close on May 13, 2016, and is subject to customary closing conditions. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 3 – EARNINGS PER SHARE Earnings per common share ("EPS") is computed using the two-class method. Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share plus the dilutive effect of share-based compensation using the treasury stock method. For the Three Months Ended March 31, 2016 2015 Net income from continuing operations $ 2,176 $ 2,526 Less: preferred stock dividends including SBLF 102 118 Income available to common shareholders for basic EPS $ 2,074 $ 2,408 Average number of common shares issued 6,561 6,193 Less: weighted average treasury shares 422 410 Less: weighted average nonvested equity incentive plan shares 360 348 Weighted average number of common shares outstanding 5,779 5,435 Effect of dilutive options 109 120 Weighted average number of common shares outstanding used to calculate diluted earnings per common share 5,888 5,555 |
SECURITIES AVAILABLE-FOR-SALE
SECURITIES AVAILABLE-FOR-SALE | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
SECURITIES AVAILABLE FOR SALE | NOTE 4 – SECURITIES AVAILABLE-FOR-SALE The amortized cost and fair value of securities available for sale as of March 31, 2016 and December 31, 2015 are as follows: Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) March 31, 2016 U.S. government and agency securities $ 2,003 $ 1 $ — $ 2,004 Municipal securities 43,462 346 (7 ) 43,801 Mortgage-backed securities 33,189 698 — 33,887 $ 78,654 $ 1,045 $ (7 ) $ 79,692 December 31, 2015 U.S. government and agency securities $ 2,003 $ — $ — $ 2,003 Municipal securities 46,185 185 (58 ) 46,312 Mortgage-backed securities 34,728 356 (118 ) 34,966 $ 82,916 $ 541 $ (176 ) $ 83,281 The amortized cost and fair value of securities at March 31, 2016 and December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (dollars in thousands) March 31, 2016 Due in one year or less $ 10,588 $ 10,611 Due from one to five years 32,179 32,433 Due from five to ten years 2,698 2,761 Due after ten years — — Mortgage-backed securities 33,189 33,887 $ 78,654 $ 79,692 December 31, 2015 Due in one year or less $ 5,005 $ 5,017 Due from one to five years 39,329 39,400 Due from five to ten years 3,854 3,898 Due after ten years — — Mortgage-backed securities 34,728 34,966 $ 82,916 $ 83,281 There were no security sales for the three months ended March 31, 2016 and 2015, respectively. The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temorarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015: Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) March 31, 2016 U.S. government and agency securities $ — $ — $ — $ — $ — $ — Municipal securities 3,851 (5 ) 610 (2 ) 4,461 (7 ) Mortgage-backed securities — — — — — — $ 3,851 $ (5 ) $ 610 $ (2 ) $ 4,461 $ (7 ) December 31, 2015 U.S. government and agency securities $ 2,003 $ — $ — $ — $ 2,003 $ — Municipal securities 14,153 (53 ) 711 (5 ) 14,864 (58 ) Mortgage-backed securities 11,291 (86 ) 2,039 (32 ) 13,330 (118 ) $ 27,447 $ (139 ) $ 2,750 $ (37 ) $ 30,197 $ (176 ) The unrealized loss on the investments at March 31, 2016 and December 31, 2015 was due to normal fluctuations and pricing inefficiencies. The contractual terms of the investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the investment. Because the Company does not intend to sell the investments and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of the amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2016 and December 31, 2015. |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS | NOTE 5 – LOANS The components of loans were as follows: March 31, December 31, 2016 2015 (dollars in thousands) Agricultural loans $ 520,756 $ 499,320 Commercial real estate loans 165,563 161,741 Commercial loans 52,518 51,978 Residential real estate loans 36,823 34,631 Installment and consumer other 188 519 Total gross loans 775,848 748,189 Allowance for loan losses (11,218 ) (10,405 ) Loans, net $ 764,630 $ 737,784 Changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 were as follows: March 31, 2016 Agricultural Commercial Real Estate Commercial Residential Real Estate Installment and Consumer Other Total (dollars in thousands) Balance, beginning of year $ 6,355 $ 2,237 $ 1,268 $ 533 $ 12 $ 10,405 Provision for loan losses 535 217 (97 ) 167 (10 ) 812 Loans charged off — — — — — — Recoveries 1 — — — — 1 Balance, end of period $ 6,891 $ 2,454 $ 1,171 $ 700 $ 2 $ 11,218 March 31, 2015 Balance, beginning of year $ 3,456 $ 3,326 $ 2,420 $ 1,392 $ 9 $ 10,603 Provision for loan losses 235 (405 ) (401 ) (25 ) (6 ) (602 ) Loans charged off — (36 ) (113 ) — — (149 ) Recoveries 1 1 415 — — 417 Balance, end of period $ 3,692 $ 2,886 $ 2,321 $ 1,367 $ 3 $ 10,269 The following tables present the balances in the allowance for loan losses and the recorded investment and unpaid principal balance in loans by portfolio segment and based on impairment method as of March 31, 2016 and December 31, 2015: March 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (dollars in thousands) Allowance for loan losses: Agricultural loans $ 874 $ 6,017 $ 6,891 Commercial real estate loans 798 1,656 2,454 Commercial loans 807 363 1,170 Residential real estate loans — 701 701 Installment and consumer other — 2 2 Total ending allowance for loan losses 2,479 8,739 11,218 Loans: Agricultural loans 15,899 504,857 520,756 Commercial real estate loans 4,173 161,390 165,563 Commercial loans 4,379 48,139 52,518 Residential real estate loans 107 36,716 36,823 Installment and consumer other — 188 188 Total loans 24,558 751,290 775,848 Net loans $ 22,079 $ 742,551 $ 764,630 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (dollars in thousands) Allowance for loan losses: Agricultural loans $ 1,055 $ 5,300 $ 6,355 Commercial real estate loans 357 1,880 2,237 Commercial loans 890 378 1,268 Residential real estate loans — 533 533 Installment and consumer other — 12 12 Total ending allowance for loan losses 2,302 8,103 10,405 Loans: Agricultural loans 20,724 478,596 499,320 Commercial real estate loans 4,197 157,544 161,741 Commercial loans 5,481 46,497 51,978 Residential real estate loans — 34,631 34,631 Installment and consumer other — 519 519 Total loans 30,402 717,787 748,189 Net loans $ 28,100 $ 709,684 $ 737,784 The following tables present the aging of the recorded investment in past due loans at March 31, 2016 and December 31, 2015: 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Loans Not Past Due (dollars in thousands) March 31, 2016 Agricultural loans $ — $ 868 $ 11,212 $ 12,080 $ 508,676 Commercial real estate loans — — 2,417 2,417 163,146 Commercial loans — — 3,477 3,477 49,041 Residential real estate loans — — — — 36,823 Installment and consumer other — — — — 188 Total $ — $ 868 $ 17,106 $ 17,974 $ 757,874 December 31, 2015 Agricultural loans $ 978 $ 5 $ 2,405 $ 3,388 $ 495,932 Commercial real estate loans — 234 2,418 2,652 159,089 Commercial loans — — 3,476 3,476 48,502 Residential real estate loans 5 — — 5 34,626 Installment and consumer other — — — — 519 Total $ 983 $ 239 $ 8,299 $ 9,521 $ 738,668 The following table lists information on nonaccrual, restructured, and certain past due loan at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (dollars in thousands) Nonaccrual loans, 90 days or more past due $ 17,106 $ 8,299 Nonaccrual loans 30-89 days past due 690 1,212 Nonaccrual loans, less than 30 days past due 1,768 15,068 Restructured loans not on nonaccrual status 602 610 90 days or more past due and still accruing — — The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (dollars in thousands) Agricultural loans $ 13,058 $ 17,705 Commercial real estate loans 2,922 3,162 Commercial loans 3,477 3,712 Residential real estate loans 107 — Total $ 19,564 $ 24,579 The average recorded investment in total impaired loans for the three months ended March 31, 2016 and for the year ended December 31, 2015 amounted to approximately $27.5 million and $27.6 million, respectively. Interest income recognized on total impaired loans for the three months ended March 31, 2016 and for the year ended December 31, 2015 amounted to approximately $0.1 million and $1.7 million, respectively. For nonaccrual loans included in impaired loans, the interest income that would have been recognized had those loans been performing in accordance with their original terms would have been approximately $0.4 million and $1.7 million for the three months ended March 31, 2016 and for the year ended December 31, 2015, respectively. Troubled Debt Restructurings The Company has allocated approximately $0.3 million and $0.7 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings (“TDR”) at March 31, 2016 and December 31, 2015, respectively. The Company has no additional lending commitments at March 31, 2016 and December 31, 2015 to customers with outstanding loans that are classified as TDRs. A TDR on nonaccrual status is classified as a nonaccrual loan until evaluation supports reasonable assurance of repayment and of performance according to the modified terms of the loan. Once this assurance is reached, the TDR is classified as a restructured loan. There were no unfunded commitments on these loans at March 31, 2016, and December 31, 2015. The following table presents the TDRs by loan class at March 31, 2016 and December 31, 2015: Non-Accrual Restructured and Accruing Total (dollars in thousands) March 31, 2016 Agricultural loans $ 6,165 $ — $ 6,165 Commercial real estate loans 504 483 987 Commercial loans 107 119 226 Residential real estate loans — — — Installment and consumer other — — — Total $ 6,776 $ 602 $ 7,378 December 31, 2015 Agricultural loans $ 1,337 $ — $ 1,337 Commercial real estate loans 744 486 1,230 Commercial loans 235 124 359 Residential real estate loans — — — Installment and consumer other — — — Total $ 2,316 $ 610 $ 2,926 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes agricultural, commercial, and commercial real estate loans individually by classifying the credits as to credit risk. The process of analyzing loans for changes in risk rating is ongoing through routine monitoring of the portfolio and annual internal credit reviews for credits with total exposure in excess of $300,000. The Company uses the following definitions for credit risk ratings: Sound. Credits classified as sound show very good probability of ongoing ability to meet and/or exceed obligations. Acceptable. Credits classified as acceptable show a good probability of ongoing ability to meet and/or exceed obligations. Satisfactory. Credits classified as satisfactory show fair probability of ongoing ability to meet and/or exceed obligations. Low Satisfactory . Credits classified as low satisfactory show fair probability of ongoing ability to meet and/or exceed obligations. Low satisfactory credits may be newer or have less of an established track record of financial performance, inconsistent earnings, or may be going through an expansion. Watch. Credits classified as watch show some questionable probability of ongoing ability to meet and/or exceed obligations. Special Mention. Credits classified as special mention show potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution’s credit position at some future date. Substandard . Credits classified as substandard generally have well-defined weaknesses that jeopardize the repayment of the debt. They have a distinct possibility that a loss will be sustained if the deficiencies are not corrected. Doubtful. Credits classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable. The Company categorizes residential real estate, installment and consumer other loans as satisfactory at the time of origination based on information obtained as to the ability of the borrower(s) to service their debt, such as current financial information, employment status and history, historical payment experience, credit scores and type and amount of collateral among other factors. The Company updates relevant information on these types of loans at the time of refinance, troubled debt restructuring or other indications of financial difficulty, downgrading as needed using the same category descriptions as for agricultural, commercial, and commercial real estate loans. In addition, the Company further considers current payment status as an indicator of which risk category to assign the borrower. The greater the level of deteriorated risk as indicated by a loan’s assigned risk category, the greater the likelihood a loss will occur in the future. If the loan is impaired then the loan loss reserves for the loan are recorded at the loss level of impairment. If the loan is not impaired, then its loan loss reserves are determined by the application of a loss rate that increases with risk in accordance with the allowance for loan loss analysis. Based on the most recent analysis performed by management, the risk category of loans by class of loans is as follows as of March 31, 2016 and December 31, 2015: As of March 31, 2016 Sound/ Acceptable/ Satisfactory/ Low Satisfactory Watch Special Mention Substandard Total Loans (dollars in thousands) Agricultural loans $ 463,869 $ 27,903 $ 13,085 $ 15,899 $ 520,756 Commercial real estate loans 141,961 15,030 4,399 4,173 165,563 Commercial loans 42,409 5,218 512 4,379 52,518 Residential real estate loans 29,626 4,561 2,529 107 36,823 Installment and consumer other 186 2 — — 188 Total $ 678,051 $ 52,714 $ 20,525 $ 24,558 $ 775,848 As of December 31, 2015 Sound/ Acceptable/ Satisfactory/ Low Satisfactory Watch Special Mention Substandard Total Loans (dollars in thousands) Agricultural loans $ 441,528 $ 30,762 $ 6,306 $ 20,724 $ 499,320 Commercial real estate loans 139,061 13,956 4,527 4,197 161,741 Commercial loans 40,496 5,468 533 5,481 51,978 Residential real estate loans 27,514 4,572 2,545 — 34,631 Installment and consumer other 518 1 — — 519 Total $ 649,117 $ 54,759 $ 13,911 $ 30,402 $ 748,189 |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 3 Months Ended |
Mar. 31, 2016 | |
Transfers And Servicing [Abstract] | |
LOAN SERVICING RIGHTS | NOTE 6 – LOAN SERVICING RIGHTS Loans serviced for others are not included in the accompanying consolidated balance sheets. The risks inherent in servicing assets relate primarily to changes in prepayments that result from shifts in interest rates. The unpaid principal balances of mortgage and other loans serviced for others were approximately $505.5 million and $495.9 million at March 31, 2016 and December 31, 2015, respectively. The fair value of these rights were approximately $10.9 million and $10.7 million at March 31, 2016 and December 31, 2015, respectively. The fair value of servicing rights was determined using an assumed discount rate of 10 percent and prepayment speeds primarily ranging from 4 percent to 9 percent, depending upon the stratification of the specific right, and nominal credit losses. The following summarizes servicing rights capitalized and amortized, along with the aggregate activity in related valuation allowances: March 31, December 31, 2016 2015 (dollars in thousands) Loan servicing rights: Balance, beginning of period $ 8,145 $ 7,746 Additions 1,023 3,731 Disposals (378 ) (1,421 ) Amortization (496 ) (1,911 ) Balance, end of period $ 8,294 $ 8,145 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
DEPOSITS | NOTE 7 – DEPOSITS Deposits are summarized as follows at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (dollars in thousands) Demand deposits $ 63,276 $ 70,914 Savings 152,501 174,979 Certificates of deposit 477,404 426,333 Total deposits $ 693,181 $ 672,226 At March 31, 2016 and December 31, 2015, brokered deposits amounted to $184.6 million and $164.6 million, respectively, and are included in savings and certificates of deposit categories. |
EQUITY INCENTIVE PLAN
EQUITY INCENTIVE PLAN | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
EQUITY INCENTIVE PLAN | NOTE 8 – EQUITY INCENTIVE PLAN Under the Company’s 2012 Equity Incentive Compensation Plan (the “Plan”), the Company may grant options to purchase shares of common stock and issue restricted stock to its directors, officers, and employees. Both qualified and non-qualified stock options and restricted stock may be granted and issued, respectively, under the Plan. The exercise price of each option equals the market price of the Company’s stock on the date of grant and an option’s maximum term is ten years. Vesting periods range from one to five years from the date of grant. The restricted stock vesting periods range from one to five years from the date of issuance. The status of the Company’s Plan and changes in the Plan as of March 31, 2016 are as follows: March 31, 2016 Number of Options Weighted-Average Exercise Price Aggregate Intrinsic Value (1) (dollars in thousands except option and per share data) Outstanding, beginning of year 351,931 $ 13.71 Granted 18,675 19.77 Exercised (1,943 ) 17.15 Forfeited/expired — — Outstanding, end of period 368,663 $ 14.00 $ 2,241 Options exercisable at period-end 265,033 $ 12.46 $ 2,020 Weighted-average fair value of options granted during the period (2) $ 4.84 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2016. This amount changes based on changes in the market value of the Company’s stock. (2) The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Activity in restricted stock awards (“RSA”) as of March 31, 2016 is as follows: March 31, 2016 RSAs Weighted Average Grant Price Outstanding, beginning of year 46,621 $ 14.92 Granted 13,757 19.77 Vested (10,980 ) 12.00 Forfeited/expired — — Outstanding, end of period 49,398 $ 16.92 For the three months ended March 31, 2016 and 2015, share-based compensation expense, including options and restricted stock awards, applicable to the Plan was $128.0 thousand and $53.0 thousand, respectively. As of March 31, 2016, unrecognized share-based compensation expense related to nonvested options and restricted stock awards amounted to $1.0 million and is expected to be recognized over a weighted average period of 2.0 years. |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
REGULATORY MATTERS | NOTE 9 – REGULATORY MATTERS The Company (on a consolidated basis) and Investors Community Bank (the “Bank”) are each subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets, as such terms are defined in the regulations. Management believed, as of March 31, 2016 and December 31, 2015, that the Company and the Bank met all capital adequacy requirements to which they were subject. As of March 31, 2016, the Bank’s capital ratios met those required to be considered as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following tables. The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table: Actual Minimum For Capital Adequacy Purposes: Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions: Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) March 31, 2016 Total Capital (to risk weighted assets): Consolidated $ 131,691 15.59 % $ 67,567 8.00 % No t Bank 114,237 13.53 % 67,551 8.00 % $ 84,438 10.00 % Tier 1 Capital (to risk weighted assets): Consolidated 121,121 14.34 % 50,675 6.00 % Not applicable Bank 103,667 12.28 % 50,663 6.00 % 67,551 8.00 % Tier 1 Capital (to average assets): Consolidated 121,121 13.44 % 36,047 4.00 % Not applicable Bank 103,667 11.51 % 36,026 4.00 % 45,033 5.00 % Tier 1 Common Equity Ratio (to risk weighted assets): Consolidated 100,749 11.93 % 43,285 5.13 % Not applicable Bank 103,667 12.28 % 43,275 5.13 % 54,885 6.50 % December 31, 2015 Total Capital (to risk weighted assets): Consolidated $ 144,495 17.51 % $ 66,013 8.00 % Not applicable Bank 125,354 15.19 % 66,000 8.00 % $ 82,500 10.00 % Tier 1 Capital (to risk weighted assets): Consolidated 134,175 16.26 % 49,510 6.00 % Not applicable Bank 115,036 13.94 % 49,500 6.00 % 66,000 8.00 % Tier 1 Capital (to average assets): Consolidated 134,175 15.49 % 34,656 4.00 % Not applicable Bank 115,036 13.29 % 34,635 4.00 % 43,294 5.00 % Tier 1 Common Equity Ratio (to risk weighted assets): Consolidated 98,803 11.97 % 37,132 4.50 % Not applicable Bank 115,036 13.94 % 37,125 4.50 % 53,625 6.50 % The Basel III Capital Rules, which became effective January 1, 2015, revised the prompt corrective action requirements by, among other things: (i) introducing a Common Equity Tier 1 ratio requirement at each level (other than critically undercapitalized), with the required Common Equity Tier 1 ratio being 6.5% for “well-capitalized” status; (ii) increasing the minimum Tier 1 capital ratio requirement for each category (other than critically undercapitalized), with the minimum Tier 1 capital ratio for “well-capitalized” status being 8% (compared to the prior ratio of 6%); and (iii) eliminating the former provision that provided that a bank with a composite supervisory rating of 1 may have a 3% Leverage Ratio and still be adequately capitalized. The Basel III Capital Rules do not change the total risk based capital requirement for any prompt corrective action category. The Basel III Capital Rules also implemented a new capital conservation buffer that is added to the minimum requirements for capital adequacy purposes. The capital conservation buffer is subject to a three year phase-in period that began on January 1, 2016 and will be fully phased in on January 1, 2019 at 2.5%. The required phase-in capital conservation buffer during 2016 is 0.625%. At the present time, the ratios for the Company and the Bank are sufficient to meet the fully phased-in conservation buffer. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 10 – FAIR VALUE MEASUREMENTS ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, and both able and willing to transact. ASC 820-10 requires the use of valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, ASC 820-10 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2—Valuation is based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3—Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used by the Company in estimating the fair value disclosures for financial instruments: Cash and Cash Equivalents and Interest-Bearing Deposits in Banks The carrying amounts of cash and short-term instruments approximate fair values based on the short-term nature of the assets. Fair values of other interest-bearing deposits are estimated using discounted cash flow analyses based on current rates for similar types of deposits. Securities Available for Sale Where quoted prices are available in an active market, the Company classifies the securities within Level 1 of the valuation hierarchy. Securities are defined as both long and short positions. Level 1 securities include highly liquid government bonds and exchange-traded equities. If quoted market prices are not available, the Company estimates fair values using pricing models and discounted cash flows that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes and credit spreads. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include U.S. government and agency securities, corporate bonds and other securities. Mortgage-backed securities are included in Level 2 if observable inputs are available. In certain cases where there is limited activity or less transparency around inputs to the valuation, the Company classifies those securities in Level 3. Loans For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for certain mortgage loans (e.g., one-to-four family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. Fair values for other loans (e.g., commercial and agricultural loans) are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for non-performing loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Loans Held for Sale The carrying value of loans held for sale generally approximates fair value based on the short-term nature of the assets. If management identifies a loan held for sale that will ultimately sell at a value less than its carrying value, it is recorded at the estimated value. Loan Servicing Rights Fair value is based on market prices for comparable loan servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Other Real Estate Owned Loans on which the underlying collateral has been repossessed are adjusted to fair value upon transfer to other real estate owned. Subsequently, other real estate owned is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral, or management’s estimation of the value of the collateral. Due to the significance of the unobservable inputs, all other real estate owned are classified as Level 3. Deposits The fair values disclosed for demand deposits (e.g., interest and non-interest checking, statement savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Other Borrowings The carrying amounts of federal funds purchased, other borrowings, and other short-term borrowings maturing within ninety days approximate their fair values. Advances from FHLB Current market rates for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. Fair values are estimated using discounted cash flow analyses based on current market rates for similar types of borrowing arrangements. Subordinated Debentures The carrying amounts approximate fair value. Accrued Interest The carrying amounts approximate fair value. Commitments to Extend Credit and Standby Letters of Credit As of March 31, 2016 and December 31, 2015, the carrying and fair values of the commitment to extend credit and standby letters of credit are not considered significant. Assets measured at fair value on a recurring basis are summarized below: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (dollars in thousands) March 31, 2016 Securities available for sale: U.S. government and agency securities $ — $ 2,004 $ — $ 2,004 Municipal securities — 43,801 — 43,801 Mortgage-backed securities — 33,887 — 33,887 Total assets at fair value $ — $ 79,692 $ — $ 79,692 December 31, 2015 Securities available for sale: U.S. government and agency securities $ — $ 2,003 $ — $ 2,003 Municipal securities — 46,312 — 46,312 Mortgage-backed securities — 34,966 — 34,966 Total assets at fair value $ — $ 83,281 $ — $ 83,281 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy for which a nonrecurring change in fair value has been recorded: Level 1 Inputs Level 2 Inputs Level 3 Inputs Impairment Losses (dollars in thousands) March 31, 2016 Impaired loans $ — $ — $ 22,079 $ 2,479 Other real estate owned — — 2,947 84 Total assets at fair value $ — $ — $ 25,026 $ 2,563 December 31, 2015 Impaired loans $ — $ — $ 28,100 $ 2,302 Other real estate owned — — 2,872 256 Total assets at fair value $ — $ — $ 30,972 $ 2,558 The significant inputs used in the fair value measurements for Level 3 assets measured at fair value on a nonrecurring basis are as follows: March 31, 2016 Valuation Techniques Unobservable Inputs Range (Average) Impaired loans Evaluation of collateral Estimation of value NM* Other real estate owned Appraisal Appraisal adjustment 6%-46% (14%) December 31, 2015 Valuation Techniques Unobservable Inputs Range (Average) Impaired loans Evaluation of collateral Estimation of value NM* Other real estate owned Appraisal Appraisal adjustment 4%-23% (12%) * Not Meaningful. The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows: March 31, December 31, 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value Input Level (dollars in thousands) Financial assets: Cash and cash equivalents $ 19,814 $ 19,814 $ 14,907 $ 14,907 1 FHLB Stock 3,724 3,724 3,507 3,507 2 Securities available for sale 79,692 79,692 83,281 83,281 2 Loans, net of allowance for loan losses 764,630 774,439 737,784 745,572 3 Loans held for sale 3,980 3,980 9,201 9,201 3 Accrued interest receivable 2,528 2,528 2,562 2,562 2 Loan servicing rights 8,294 10,934 8,145 10,705 3 Financial liabilities: Deposits: Time 477,404 484,466 426,333 431,077 3 Other deposits 215,777 216,025 245,893 242,493 1 Other borrowings 3,407 3,407 3,945 3,945 3 Advances from FHLB 83,445 84,812 66,445 67,318 3 Subordinated debentures 12,372 12,372 12,372 12,372 3 Accrued interest payable 1,617 1,617 1,459 1,459 2 |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
OTHER REAL ESTATE OWNED | NOTE 11 – OTHER REAL ESTATE OWNED Changes in other real estate owned are as follows: For the three months ended March 31, 2016 2015 (dollars in thousands) Balance, beginning of period $ 2,872 $ 7,137 Assets foreclosed 159 — Write-down of other real estate owned (84 ) (182 ) Net loss on sales of other real estate owned — (373 ) Capitalized additions to other real estate owned — 39 Proceeds from sale of other real estate owned — (1,493 ) Balance, end of period $ 2,947 $ 5,128 Expenses applicable to other real estate owned include the following: For the three months ended March 31, 2016 2015 (dollars in thousands) Net loss on sales of other real estate owned $ — $ 373 Write-down of other real estate owned 84 182 Operating expenses, net of rental income 31 (31 ) $ 115 $ 524 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUESNT EVENTS Management evaluated subsequent events through the date the financial statements were issued. There were no significant events or transactions occurring after March 31, 2016, but prior to May 12, 2016, that provided additional evidence about conditions that existed at March 31, 2016. There were no other significant events or transactions that provided evidence about conditions that did not exist at March 31, 2016 . |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Earnings per common share ("EPS") is computed using the two-class method. Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share plus the dilutive effect of share-based compensation using the treasury stock method. For the Three Months Ended March 31, 2016 2015 Net income from continuing operations $ 2,176 $ 2,526 Less: preferred stock dividends including SBLF 102 118 Income available to common shareholders for basic EPS $ 2,074 $ 2,408 Average number of common shares issued 6,561 6,193 Less: weighted average treasury shares 422 410 Less: weighted average nonvested equity incentive plan shares 360 348 Weighted average number of common shares outstanding 5,779 5,435 Effect of dilutive options 109 120 Weighted average number of common shares outstanding used to calculate diluted earnings per common share 5,888 5,555 |
SECURITIES AVAILABLE-FOR-SALE (
SECURITIES AVAILABLE-FOR-SALE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available for Sale of Securities | The amortized cost and fair value of securities available for sale as of March 31, 2016 and December 31, 2015 are as follows: Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) March 31, 2016 U.S. government and agency securities $ 2,003 $ 1 $ — $ 2,004 Municipal securities 43,462 346 (7 ) 43,801 Mortgage-backed securities 33,189 698 — 33,887 $ 78,654 $ 1,045 $ (7 ) $ 79,692 December 31, 2015 U.S. government and agency securities $ 2,003 $ — $ — $ 2,003 Municipal securities 46,185 185 (58 ) 46,312 Mortgage-backed securities 34,728 356 (118 ) 34,966 $ 82,916 $ 541 $ (176 ) $ 83,281 |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2016 and December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (dollars in thousands) March 31, 2016 Due in one year or less $ 10,588 $ 10,611 Due from one to five years 32,179 32,433 Due from five to ten years 2,698 2,761 Due after ten years — — Mortgage-backed securities 33,189 33,887 $ 78,654 $ 79,692 December 31, 2015 Due in one year or less $ 5,005 $ 5,017 Due from one to five years 39,329 39,400 Due from five to ten years 3,854 3,898 Due after ten years — — Mortgage-backed securities 34,728 34,966 $ 82,916 $ 83,281 |
Schedule of Fair Value and Gross Unrealized Losses of Entity's Investment | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temorarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015: Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) March 31, 2016 U.S. government and agency securities $ — $ — $ — $ — $ — $ — Municipal securities 3,851 (5 ) 610 (2 ) 4,461 (7 ) Mortgage-backed securities — — — — — — $ 3,851 $ (5 ) $ 610 $ (2 ) $ 4,461 $ (7 ) December 31, 2015 U.S. government and agency securities $ 2,003 $ — $ — $ — $ 2,003 $ — Municipal securities 14,153 (53 ) 711 (5 ) 14,864 (58 ) Mortgage-backed securities 11,291 (86 ) 2,039 (32 ) 13,330 (118 ) $ 27,447 $ (139 ) $ 2,750 $ (37 ) $ 30,197 $ (176 ) |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Components of Loans | The components of loans were as follows: March 31, December 31, 2016 2015 (dollars in thousands) Agricultural loans $ 520,756 $ 499,320 Commercial real estate loans 165,563 161,741 Commercial loans 52,518 51,978 Residential real estate loans 36,823 34,631 Installment and consumer other 188 519 Total gross loans 775,848 748,189 Allowance for loan losses (11,218 ) (10,405 ) Loans, net $ 764,630 $ 737,784 |
Changes in Allowance for Loan Losses by Portfolio Segment | Changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 were as follows: March 31, 2016 Agricultural Commercial Real Estate Commercial Residential Real Estate Installment and Consumer Other Total (dollars in thousands) Balance, beginning of year $ 6,355 $ 2,237 $ 1,268 $ 533 $ 12 $ 10,405 Provision for loan losses 535 217 (97 ) 167 (10 ) 812 Loans charged off — — — — — — Recoveries 1 — — — — 1 Balance, end of period $ 6,891 $ 2,454 $ 1,171 $ 700 $ 2 $ 11,218 March 31, 2015 Balance, beginning of year $ 3,456 $ 3,326 $ 2,420 $ 1,392 $ 9 $ 10,603 Provision for loan losses 235 (405 ) (401 ) (25 ) (6 ) (602 ) Loans charged off — (36 ) (113 ) — — (149 ) Recoveries 1 1 415 — — 417 Balance, end of period $ 3,692 $ 2,886 $ 2,321 $ 1,367 $ 3 $ 10,269 |
Balances in Allowance for Loan Losses and Recorded Investment and Unpaid Principal Balance in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balances in the allowance for loan losses and the recorded investment and unpaid principal balance in loans by portfolio segment and based on impairment method as of March 31, 2016 and December 31, 2015: March 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (dollars in thousands) Allowance for loan losses: Agricultural loans $ 874 $ 6,017 $ 6,891 Commercial real estate loans 798 1,656 2,454 Commercial loans 807 363 1,170 Residential real estate loans — 701 701 Installment and consumer other — 2 2 Total ending allowance for loan losses 2,479 8,739 11,218 Loans: Agricultural loans 15,899 504,857 520,756 Commercial real estate loans 4,173 161,390 165,563 Commercial loans 4,379 48,139 52,518 Residential real estate loans 107 36,716 36,823 Installment and consumer other — 188 188 Total loans 24,558 751,290 775,848 Net loans $ 22,079 $ 742,551 $ 764,630 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (dollars in thousands) Allowance for loan losses: Agricultural loans $ 1,055 $ 5,300 $ 6,355 Commercial real estate loans 357 1,880 2,237 Commercial loans 890 378 1,268 Residential real estate loans — 533 533 Installment and consumer other — 12 12 Total ending allowance for loan losses 2,302 8,103 10,405 Loans: Agricultural loans 20,724 478,596 499,320 Commercial real estate loans 4,197 157,544 161,741 Commercial loans 5,481 46,497 51,978 Residential real estate loans — 34,631 34,631 Installment and consumer other — 519 519 Total loans 30,402 717,787 748,189 Net loans $ 28,100 $ 709,684 $ 737,784 |
Schedule of Aging of Recorded Investment in Past Due Loans | The following tables present the aging of the recorded investment in past due loans at March 31, 2016 and December 31, 2015: 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Loans Not Past Due (dollars in thousands) March 31, 2016 Agricultural loans $ — $ 868 $ 11,212 $ 12,080 $ 508,676 Commercial real estate loans — — 2,417 2,417 163,146 Commercial loans — — 3,477 3,477 49,041 Residential real estate loans — — — — 36,823 Installment and consumer other — — — — 188 Total $ — $ 868 $ 17,106 $ 17,974 $ 757,874 December 31, 2015 Agricultural loans $ 978 $ 5 $ 2,405 $ 3,388 $ 495,932 Commercial real estate loans — 234 2,418 2,652 159,089 Commercial loans — — 3,476 3,476 48,502 Residential real estate loans 5 — — 5 34,626 Installment and consumer other — — — — 519 Total $ 983 $ 239 $ 8,299 $ 9,521 $ 738,668 |
Nonaccrual, Restructured and Certain Past Due Loans | The following table lists information on nonaccrual, restructured, and certain past due loan at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (dollars in thousands) Nonaccrual loans, 90 days or more past due $ 17,106 $ 8,299 Nonaccrual loans 30-89 days past due 690 1,212 Nonaccrual loans, less than 30 days past due 1,768 15,068 Restructured loans not on nonaccrual status 602 610 90 days or more past due and still accruing — — |
Recorded Investment in Nonaccrual and Loans Past Due 90 Days or More | The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (dollars in thousands) Agricultural loans $ 13,058 $ 17,705 Commercial real estate loans 2,922 3,162 Commercial loans 3,477 3,712 Residential real estate loans 107 — Total $ 19,564 $ 24,579 |
TDRs by Loan Class | The following table presents the TDRs by loan class at March 31, 2016 and December 31, 2015: Non-Accrual Restructured and Accruing Total (dollars in thousands) March 31, 2016 Agricultural loans $ 6,165 $ — $ 6,165 Commercial real estate loans 504 483 987 Commercial loans 107 119 226 Residential real estate loans — — — Installment and consumer other — — — Total $ 6,776 $ 602 $ 7,378 December 31, 2015 Agricultural loans $ 1,337 $ — $ 1,337 Commercial real estate loans 744 486 1,230 Commercial loans 235 124 359 Residential real estate loans — — — Installment and consumer other — — — Total $ 2,316 $ 610 $ 2,926 |
Risk Category of Loans by Class of Loans | Based on the most recent analysis performed by management, the risk category of loans by class of loans is as follows as of March 31, 2016 and December 31, 2015: As of March 31, 2016 Sound/ Acceptable/ Satisfactory/ Low Satisfactory Watch Special Mention Substandard Total Loans (dollars in thousands) Agricultural loans $ 463,869 $ 27,903 $ 13,085 $ 15,899 $ 520,756 Commercial real estate loans 141,961 15,030 4,399 4,173 165,563 Commercial loans 42,409 5,218 512 4,379 52,518 Residential real estate loans 29,626 4,561 2,529 107 36,823 Installment and consumer other 186 2 — — 188 Total $ 678,051 $ 52,714 $ 20,525 $ 24,558 $ 775,848 As of December 31, 2015 Sound/ Acceptable/ Satisfactory/ Low Satisfactory Watch Special Mention Substandard Total Loans (dollars in thousands) Agricultural loans $ 441,528 $ 30,762 $ 6,306 $ 20,724 $ 499,320 Commercial real estate loans 139,061 13,956 4,527 4,197 161,741 Commercial loans 40,496 5,468 533 5,481 51,978 Residential real estate loans 27,514 4,572 2,545 — 34,631 Installment and consumer other 518 1 — — 519 Total $ 649,117 $ 54,759 $ 13,911 $ 30,402 $ 748,189 |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Transfers And Servicing [Abstract] | |
Summary of Servicing Rights Capitalized and Amortized along with the Aggregate Activity in Related Valuation | The following summarizes servicing rights capitalized and amortized, along with the aggregate activity in related valuation allowances: March 31, December 31, 2016 2015 (dollars in thousands) Loan servicing rights: Balance, beginning of period $ 8,145 $ 7,746 Additions 1,023 3,731 Disposals (378 ) (1,421 ) Amortization (496 ) (1,911 ) Balance, end of period $ 8,294 $ 8,145 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
Summary of Deposits | Deposits are summarized as follows at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (dollars in thousands) Demand deposits $ 63,276 $ 70,914 Savings 152,501 174,979 Certificates of deposit 477,404 426,333 Total deposits $ 693,181 $ 672,226 |
EQUITY INCENTIVE PLAN (Tables)
EQUITY INCENTIVE PLAN (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Status and Changes in Stock Option Plan | The status of the Company’s Plan and changes in the Plan as of March 31, 2016 are as follows: March 31, 2016 Number of Options Weighted-Average Exercise Price Aggregate Intrinsic Value (1) (dollars in thousands except option and per share data) Outstanding, beginning of year 351,931 $ 13.71 Granted 18,675 19.77 Exercised (1,943 ) 17.15 Forfeited/expired — — Outstanding, end of period 368,663 $ 14.00 $ 2,241 Options exercisable at period-end 265,033 $ 12.46 $ 2,020 Weighted-average fair value of options granted during the period (2) $ 4.84 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2016. This amount changes based on changes in the market value of the Company’s stock. (2) The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. |
Activity in Restricted Stock Awards | Activity in restricted stock awards (“RSA”) as of March 31, 2016 is as follows: March 31, 2016 RSAs Weighted Average Grant Price Outstanding, beginning of year 46,621 $ 14.92 Granted 13,757 19.77 Vested (10,980 ) 12.00 Forfeited/expired — — Outstanding, end of period 49,398 $ 16.92 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Summary of Actual Capital Amount and Ratio of Company's and Bank's | The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table: Actual Minimum For Capital Adequacy Purposes: Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions: Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) March 31, 2016 Total Capital (to risk weighted assets): Consolidated $ 131,691 15.59 % $ 67,567 8.00 % No t Bank 114,237 13.53 % 67,551 8.00 % $ 84,438 10.00 % Tier 1 Capital (to risk weighted assets): Consolidated 121,121 14.34 % 50,675 6.00 % Not applicable Bank 103,667 12.28 % 50,663 6.00 % 67,551 8.00 % Tier 1 Capital (to average assets): Consolidated 121,121 13.44 % 36,047 4.00 % Not applicable Bank 103,667 11.51 % 36,026 4.00 % 45,033 5.00 % Tier 1 Common Equity Ratio (to risk weighted assets): Consolidated 100,749 11.93 % 43,285 5.13 % Not applicable Bank 103,667 12.28 % 43,275 5.13 % 54,885 6.50 % December 31, 2015 Total Capital (to risk weighted assets): Consolidated $ 144,495 17.51 % $ 66,013 8.00 % Not applicable Bank 125,354 15.19 % 66,000 8.00 % $ 82,500 10.00 % Tier 1 Capital (to risk weighted assets): Consolidated 134,175 16.26 % 49,510 6.00 % Not applicable Bank 115,036 13.94 % 49,500 6.00 % 66,000 8.00 % Tier 1 Capital (to average assets): Consolidated 134,175 15.49 % 34,656 4.00 % Not applicable Bank 115,036 13.29 % 34,635 4.00 % 43,294 5.00 % Tier 1 Common Equity Ratio (to risk weighted assets): Consolidated 98,803 11.97 % 37,132 4.50 % Not applicable Bank 115,036 13.94 % 37,125 4.50 % 53,625 6.50 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (dollars in thousands) March 31, 2016 Securities available for sale: U.S. government and agency securities $ — $ 2,004 $ — $ 2,004 Municipal securities — 43,801 — 43,801 Mortgage-backed securities — 33,887 — 33,887 Total assets at fair value $ — $ 79,692 $ — $ 79,692 December 31, 2015 Securities available for sale: U.S. government and agency securities $ — $ 2,003 $ — $ 2,003 Municipal securities — 46,312 — 46,312 Mortgage-backed securities — 34,966 — 34,966 Total assets at fair value $ — $ 83,281 $ — $ 83,281 |
Financial Instruments Carried on Consolidated Balance Sheet for Which Nonrecurring Change in Fair Value Has Been Recorded | The following table presents the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy for which a nonrecurring change in fair value has been recorded: Level 1 Inputs Level 2 Inputs Level 3 Inputs Impairment Losses (dollars in thousands) March 31, 2016 Impaired loans $ — $ — $ 22,079 $ 2,479 Other real estate owned — — 2,947 84 Total assets at fair value $ — $ — $ 25,026 $ 2,563 December 31, 2015 Impaired loans $ — $ — $ 28,100 $ 2,302 Other real estate owned — — 2,872 256 Total assets at fair value $ — $ — $ 30,972 $ 2,558 |
Significant Inputs Used in Fair Value Measurements for Level 3 Assets Measured on Nonrecurring Basis | The significant inputs used in the fair value measurements for Level 3 assets measured at fair value on a nonrecurring basis are as follows: March 31, 2016 Valuation Techniques Unobservable Inputs Range (Average) Impaired loans Evaluation of collateral Estimation of value NM* Other real estate owned Appraisal Appraisal adjustment 6%-46% (14%) December 31, 2015 Valuation Techniques Unobservable Inputs Range (Average) Impaired loans Evaluation of collateral Estimation of value NM* Other real estate owned Appraisal Appraisal adjustment 4%-23% (12%) |
Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows: March 31, December 31, 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value Input Level (dollars in thousands) Financial assets: Cash and cash equivalents $ 19,814 $ 19,814 $ 14,907 $ 14,907 1 FHLB Stock 3,724 3,724 3,507 3,507 2 Securities available for sale 79,692 79,692 83,281 83,281 2 Loans, net of allowance for loan losses 764,630 774,439 737,784 745,572 3 Loans held for sale 3,980 3,980 9,201 9,201 3 Accrued interest receivable 2,528 2,528 2,562 2,562 2 Loan servicing rights 8,294 10,934 8,145 10,705 3 Financial liabilities: Deposits: Time 477,404 484,466 426,333 431,077 3 Other deposits 215,777 216,025 245,893 242,493 1 Other borrowings 3,407 3,407 3,945 3,945 3 Advances from FHLB 83,445 84,812 66,445 67,318 3 Subordinated debentures 12,372 12,372 12,372 12,372 3 Accrued interest payable 1,617 1,617 1,459 1,459 2 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
Schedule of Other Real Estate Owned | Changes in other real estate owned are as follows: For the three months ended March 31, 2016 2015 (dollars in thousands) Balance, beginning of period $ 2,872 $ 7,137 Assets foreclosed 159 — Write-down of other real estate owned (84 ) (182 ) Net loss on sales of other real estate owned — (373 ) Capitalized additions to other real estate owned — 39 Proceeds from sale of other real estate owned — (1,493 ) Balance, end of period $ 2,947 $ 5,128 |
Expenses Applicable to Other Real Estate Owned | Expenses applicable to other real estate owned include the following: For the three months ended March 31, 2016 2015 (dollars in thousands) Net loss on sales of other real estate owned $ — $ 373 Write-down of other real estate owned 84 182 Operating expenses, net of rental income 31 (31 ) $ 115 $ 524 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Fox River Valley - USD ($) $ in Millions | Nov. 19, 2015 | Mar. 31, 2016 |
Business Acquisition [Line Items] | ||
Business acquisition, date of acquisition agreement | Nov. 19, 2015 | |
Business acquisition, name of acquired entity | Fox River Valley Bancorp, Inc. | |
Business acquisition, percentage of outstanding common stock acquired | 100.00% | |
Business acquisition, aggregate consideration | $ 28.9 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income from continuing operations | $ 2,176 | $ 2,526 |
Less: preferred stock dividends including SBLF | 102 | 118 |
Income available to common shareholders for basic EPS | $ 2,074 | $ 2,408 |
Average number of common shares issued | 6,561 | 6,193 |
Less: weighted average treasury shares | 422 | 410 |
Less: weighted average nonvested equity incentive plan shares | 360 | 348 |
Weighted average number of common shares outstanding | 5,779 | 5,435 |
Effect of dilutive options | 109 | 120 |
Weighted average number of common shares outstanding used to calculate diluted earnings per common share | 5,888 | 5,555 |
Securities Available-for-Sale -
Securities Available-for-Sale - Schedule of Amortized Cost and Fair Value of Available for Sale of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 78,654 | $ 82,916 |
Unrealized Gains | 1,045 | 541 |
Unrealized Losses | (7) | (176) |
Fair Value | 79,692 | 83,281 |
U.S. Government and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,003 | 2,003 |
Unrealized Gains | 1 | |
Fair Value | 2,004 | 2,003 |
Municipal securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 43,462 | 46,185 |
Unrealized Gains | 346 | 185 |
Unrealized Losses | (7) | (58) |
Fair Value | 43,801 | 46,312 |
Mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 33,189 | 34,728 |
Unrealized Gains | 698 | 356 |
Unrealized Losses | (118) | |
Fair Value | $ 33,887 | $ 34,966 |
Securities Available for Sale -
Securities Available for Sale - Schedule of Amortized Cost and Fair Value of Securities Available for Sale by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available For Sale Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 10,588 | $ 5,005 |
Due from one to five years, Amortized Cost | 32,179 | 39,329 |
Due from five to ten years, Amortized Cost | 2,698 | 3,854 |
Due after ten years, Amortized Cost | 0 | 0 |
Mortgage-backed securities, Amortized Cost | 33,189 | 34,728 |
Amortized Cost | 78,654 | 82,916 |
Due in one year or less, Fair Value | 10,611 | 5,017 |
Due from one to five years, Fair Value | 32,433 | 39,400 |
Due from five to ten years, Fair Value | 2,761 | 3,898 |
Due after ten years, Fair Value | 0 | 0 |
Mortgage-backed securities, Fair Value | 33,887 | 34,966 |
Fair Value | $ 79,692 | $ 83,281 |
Securities Available-for-Sale34
Securities Available-for-Sale - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Available For Sale Securities [Abstract] | ||
Sale of available-for-sale securities | $ 0 | $ 0 |
Securities Available-for-Sale35
Securities Available-for-Sale - Schedule of Fair Value and Gross Unrealized Losses of Entity's Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Investments with unrealized losses less than 12 months, fair value | $ 3,851 | $ 27,447 |
Investments with unrealized losses less than 12 months, unrealized losses | (5) | (139) |
Investments with unrealized losses 12 months or greater, fair value | 610 | 2,750 |
Investments with unrealized losses 12 months or greater, unrealized losses | (2) | (37) |
Investments with unrealized losses, fair value | 4,461 | 30,197 |
Investments with unrealized losses, unrealized losses | (7) | (176) |
U.S. Government and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments with unrealized losses less than 12 months, fair value | 2,003 | |
Investments with unrealized losses, fair value | 2,003 | |
Municipal securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments with unrealized losses less than 12 months, fair value | 3,851 | 14,153 |
Investments with unrealized losses less than 12 months, unrealized losses | (5) | (53) |
Investments with unrealized losses 12 months or greater, fair value | 610 | 711 |
Investments with unrealized losses 12 months or greater, unrealized losses | (2) | (5) |
Investments with unrealized losses, fair value | 4,461 | 14,864 |
Investments with unrealized losses, unrealized losses | $ (7) | (58) |
Mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments with unrealized losses less than 12 months, fair value | 11,291 | |
Investments with unrealized losses less than 12 months, unrealized losses | (86) | |
Investments with unrealized losses 12 months or greater, fair value | 2,039 | |
Investments with unrealized losses 12 months or greater, unrealized losses | (32) | |
Investments with unrealized losses, fair value | 13,330 | |
Investments with unrealized losses, unrealized losses | $ (118) |
Loans - Components of Loans (De
Loans - Components of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans And Leases Receivable Net Reported Amount [Abstract] | ||||
Agricultural loans | $ 520,756 | $ 499,320 | ||
Commercial real estate loans | 165,563 | 161,741 | ||
Commercial loans | 52,518 | 51,978 | ||
Residential real estate loans | 36,823 | 34,631 | ||
Installment and consumer other | 188 | 519 | ||
Total gross loans | 775,848 | 748,189 | ||
Allowance for loan losses | (11,218) | (10,405) | $ (10,269) | $ (10,603) |
Loans, net | $ 764,630 | $ 737,784 |
Loans - Changes in Allowance fo
Loans - Changes in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Balance, beginning of year | $ 10,405 | $ 10,603 |
Provision for loan losses | 812 | (602) |
Loans charged off | (149) | |
Recoveries | 1 | 417 |
Balance, end of period | 11,218 | 10,269 |
Agricultural | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Balance, beginning of year | 6,355 | 3,456 |
Provision for loan losses | 535 | 235 |
Recoveries | 1 | 1 |
Balance, end of period | 6,891 | 3,692 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Balance, beginning of year | 2,237 | 3,326 |
Provision for loan losses | 217 | (405) |
Loans charged off | (36) | |
Recoveries | 1 | |
Balance, end of period | 2,454 | 2,886 |
Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Balance, beginning of year | 1,268 | 2,420 |
Provision for loan losses | (97) | (401) |
Loans charged off | (113) | |
Recoveries | 415 | |
Balance, end of period | 1,171 | 2,321 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Balance, beginning of year | 533 | 1,392 |
Provision for loan losses | 167 | (25) |
Balance, end of period | 700 | 1,367 |
Installment And Consumer Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Balance, beginning of year | 12 | 9 |
Provision for loan losses | (10) | (6) |
Balance, end of period | $ 2 | $ 3 |
Loans - Balances in Allowance f
Loans - Balances in Allowance for Loan Losses and Recorded Investment and Unpaid Principal Balance in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | $ 22,079 | $ 28,100 |
Loans collectively evaluated for impairment | 742,551 | 709,684 |
Loans, net | 764,630 | 737,784 |
Allowance for loan losses: | ||
Allowance for loan losses individually evaluated for impairment | 2,479 | 2,302 |
Allowance for loan losses collectively evaluated for impairment | 8,739 | 8,103 |
Total | 11,218 | 10,405 |
Loans: | ||
Loans individually evaluated for impairment | 24,558 | 30,402 |
Loans collectively evaluated for impairment | 751,290 | 717,787 |
Total gross loans | 775,848 | 748,189 |
Agricultural Loans | ||
Allowance for loan losses: | ||
Allowance for loan losses individually evaluated for impairment | 874 | 1,055 |
Allowance for loan losses collectively evaluated for impairment | 6,017 | 5,300 |
Total | 6,891 | 6,355 |
Loans: | ||
Loans individually evaluated for impairment | 15,899 | 20,724 |
Loans collectively evaluated for impairment | 504,857 | 478,596 |
Total gross loans | 520,756 | 499,320 |
Commercial Real Estate Loans | ||
Allowance for loan losses: | ||
Allowance for loan losses individually evaluated for impairment | 798 | 357 |
Allowance for loan losses collectively evaluated for impairment | 1,656 | 1,880 |
Total | 2,454 | 2,237 |
Loans: | ||
Loans individually evaluated for impairment | 4,173 | 4,197 |
Loans collectively evaluated for impairment | 161,390 | 157,544 |
Total gross loans | 165,563 | 161,741 |
Commercial Loans | ||
Allowance for loan losses: | ||
Allowance for loan losses individually evaluated for impairment | 807 | 890 |
Allowance for loan losses collectively evaluated for impairment | 363 | 378 |
Total | 1,170 | 1,268 |
Loans: | ||
Loans individually evaluated for impairment | 4,379 | 5,481 |
Loans collectively evaluated for impairment | 48,139 | 46,497 |
Total gross loans | 52,518 | 51,978 |
Residential Real Estate Loans | ||
Allowance for loan losses: | ||
Allowance for loan losses collectively evaluated for impairment | 701 | 533 |
Total | 701 | 533 |
Loans: | ||
Loans individually evaluated for impairment | 107 | |
Loans collectively evaluated for impairment | 36,716 | 34,631 |
Total gross loans | 36,823 | 34,631 |
Installment and consumer other | ||
Allowance for loan losses: | ||
Allowance for loan losses collectively evaluated for impairment | 2 | 12 |
Total | 2 | 12 |
Loans: | ||
Loans collectively evaluated for impairment | 188 | 519 |
Total gross loans | $ 188 | $ 519 |
Loans - Schedule of Aging of Re
Loans - Schedule of Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | $ 17,974 | $ 9,521 |
Loans Not Past Due | 757,874 | 738,668 |
Financing Receivables 30 To 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 983 | |
Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 868 | 239 |
Financing Receivables Equal To Greater Than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 17,106 | 8,299 |
Agricultural Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 12,080 | 3,388 |
Loans Not Past Due | 508,676 | 495,932 |
Agricultural Loans | Financing Receivables 30 To 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 978 | |
Agricultural Loans | Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 868 | 5 |
Agricultural Loans | Financing Receivables Equal To Greater Than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 11,212 | 2,405 |
Commercial Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 2,417 | 2,652 |
Loans Not Past Due | 163,146 | 159,089 |
Commercial Real Estate Loans | Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 234 | |
Commercial Real Estate Loans | Financing Receivables Equal To Greater Than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 2,417 | 2,418 |
Commercial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 3,477 | 3,476 |
Loans Not Past Due | 49,041 | 48,502 |
Commercial Loans | Financing Receivables Equal To Greater Than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 3,477 | 3,476 |
Residential Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 5 | |
Loans Not Past Due | 36,823 | 34,626 |
Residential Real Estate Loans | Financing Receivables 30 To 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 5 | |
Installment and consumer other | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Not Past Due | $ 188 | $ 519 |
Loans - Nonaccrual, Restructure
Loans - Nonaccrual, Restructured and Certain Past Due Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual loans, past due | $ 17,974 | $ 9,521 |
Restructured loans not on nonaccrual status | 602 | 610 |
Financing Receivables Equal To Greater Than 90 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual loans, past due | 17,106 | 8,299 |
Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual loans, past due | 690 | 1,212 |
Financing Receivables 1 To 29 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual loans, past due | $ 1,768 | $ 15,068 |
Loans - Recorded Investment in
Loans - Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days or More (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Recorded investment in nonaccrual and loans past due 90 days or more | $ 19,564 | $ 24,579 |
Agricultural Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Recorded investment in nonaccrual and loans past due 90 days or more | 13,058 | 17,705 |
Commercial Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Recorded investment in nonaccrual and loans past due 90 days or more | 2,922 | 3,162 |
Commercial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Recorded investment in nonaccrual and loans past due 90 days or more | 3,477 | $ 3,712 |
Residential Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Recorded investment in nonaccrual and loans past due 90 days or more | $ 107 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Average recorded investment in total impaired loans | $ 27,500,000 | $ 27,600,000 |
Interest income recognized on total impaired loans | 100,000 | 1,700,000 |
Interest income recognized for nonaccrual loans | 400,000 | 1,700,000 |
Specific reserve to customers whose loan terms have been modified in TDR | 300,000 | 700,000 |
Additional lending commitments to customers with outstanding loans that are classified as TDRs | 0 | 0 |
Minimum exposure for annual internal credit review | 300,000 | |
TDR Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
TDR loans, unfunded commitments | $ 0 | $ 0 |
Loans - TDRs by loan class (Det
Loans - TDRs by loan class (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | $ 19,564 | $ 24,579 |
Restructured and Accruing | 602 | 610 |
TDR Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 6,776 | 2,316 |
Restructured and Accruing | 602 | 610 |
Total | 7,378 | 2,926 |
Agricultural Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 13,058 | 17,705 |
Agricultural Loans | TDR Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 6,165 | 1,337 |
Total | 6,165 | 1,337 |
Commercial Real Estate Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 2,922 | 3,162 |
Commercial Real Estate Loans | TDR Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 504 | 744 |
Restructured and Accruing | 483 | 486 |
Total | 987 | 1,230 |
Commercial Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 3,477 | 3,712 |
Commercial Loans | TDR Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | 107 | 235 |
Restructured and Accruing | 119 | 124 |
Total | 226 | $ 359 |
Residential Real Estate Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-Accrual | $ 107 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Long Term Debt [Line Items] | ||
Agricultural loans | $ 520,756 | $ 499,320 |
Commercial real estate loans | 165,563 | 161,741 |
Commercial loans | 52,518 | 51,978 |
Residential real estate loans | 36,823 | 34,631 |
Installment and consumer other | 188 | 519 |
Total gross loans | 775,848 | 748,189 |
Sound/ Acceptable/ Satisfactory/ Low Satisfactory | ||
Long Term Debt [Line Items] | ||
Agricultural loans | 463,869 | 441,528 |
Commercial real estate loans | 141,961 | 139,061 |
Commercial loans | 42,409 | 40,496 |
Residential real estate loans | 29,626 | 27,514 |
Installment and consumer other | 186 | 518 |
Total gross loans | 678,051 | 649,117 |
Watch | ||
Long Term Debt [Line Items] | ||
Agricultural loans | 27,903 | 30,762 |
Commercial real estate loans | 15,030 | 13,956 |
Commercial loans | 5,218 | 5,468 |
Residential real estate loans | 4,561 | 4,572 |
Installment and consumer other | 2 | 1 |
Total gross loans | 52,714 | 54,759 |
Special Mention | ||
Long Term Debt [Line Items] | ||
Agricultural loans | 13,085 | 6,306 |
Commercial real estate loans | 4,399 | 4,527 |
Commercial loans | 512 | 533 |
Residential real estate loans | 2,529 | 2,545 |
Total gross loans | 20,525 | 13,911 |
Substandard | ||
Long Term Debt [Line Items] | ||
Agricultural loans | 15,899 | 20,724 |
Commercial real estate loans | 4,173 | 4,197 |
Commercial loans | 4,379 | 5,481 |
Residential real estate loans | 107 | |
Total gross loans | $ 24,558 | $ 30,402 |
Loan Servicing Rights - Additio
Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Assets at Fair Value [Line Items] | ||
Unpaid principal balance of mortgage | $ 505,500 | $ 495,900 |
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate | 10.00% | |
Level 3 Inputs | ||
Servicing Assets at Fair Value [Line Items] | ||
Loan servicing rights, fair value | $ 10,934 | $ 10,705 |
Minimum | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, Prepayment speed | 4.00% | |
Maximum | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, Prepayment speed | 9.00% |
Loan Servicing Rights - Summary
Loan Servicing Rights - Summary of Servicing Rights Capitalized and Amortized along with the Aggregate Activity in Related Valuation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Transfers And Servicing [Abstract] | ||
Balance, beginning of period | $ 8,145 | $ 7,746 |
Additions | 1,023 | 3,731 |
Disposals | (378) | (1,421) |
Amortization | (496) | (1,911) |
Balance, end of period | $ 8,294 | $ 8,145 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Demand deposits | $ 63,276 | $ 70,914 |
Savings | 152,501 | 174,979 |
Certificates of deposit | 477,404 | 426,333 |
Total deposits | $ 693,181 | $ 672,226 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Brokered deposits | $ 184.6 | $ 164.6 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 128,000 | $ 53,000 |
Stock Options And Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | 128,000 | $ 53,000 |
Employee Stock Option and Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized share-based compensation expense related to nonvested options and restricted stock awards amounted | $ 1,000,000 | |
Unrecognized share-based compensation expense related to nonvested options and restricted stock award amounted, weighted average period of recognition | 2 years | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option term | 10 years | |
Maximum | Equity Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Maximum | Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Minimum | Equity Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Minimum | Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 1 year |
Equity Incentive Plan - Status
Equity Incentive Plan - Status and Changes in Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / sharesshares | ||
Number of Options | ||
Options, Outstanding beginning of year | shares | 351,931 | |
Options, Granted | shares | 18,675 | |
Options, Exercised | shares | (1,943) | |
Options, Outstanding end of period | shares | 368,663 | |
Options exercisable at period-end | shares | 265,033 | |
Weighted-Average Exercise Price | ||
Weighted Average Exercise price, Outstanding, beginning of year | $ 13.71 | |
Weighted Average Exercise Price, Granted | 19.77 | |
Weighted Average Exercise Price, Exercised | 17.15 | |
Weighted Average Exercise Price, Outstanding, end of period | 14 | |
Weighted Average Exercise Price, Options exercisable at period-end | 12.46 | |
Weighted-average fair value of options granted during the period | $ 4.84 | [1] |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Outstanding, end of period | $ | $ 2,241 | [2] |
Aggregate Intrinsic Value, Options exercisable at period-end | $ | $ 2,020 | [2] |
[1] | The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. | |
[2] | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2016. This amount changes based on changes in the market value of the Company’s stock. |
Equity Incentive Plan - Activit
Equity Incentive Plan - Activity in Restricted Stock Awards (Detail) - Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Number of RSAs | |
RSAs Outstanding, beginning of year | shares | 46,621 |
RSAs Granted | shares | 13,757 |
RSAs Vested | shares | (10,980) |
RSAs Outstanding, end of period | shares | 49,398 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Price Outstanding, Beginning of year | $ / shares | $ 14.92 |
Weighted Average Grant Price Outstanding, Granted | $ / shares | 19.77 |
Weighted Average Grant Price, Vested | $ / shares | 12 |
Weighted Average Grant Price Outstanding, End of year | $ / shares | $ 16.92 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Actual Capital Amounts and Ratios of Company's and Bank's (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to risk weighted assets), Actual Amount | $ 131,691 | $ 144,495 |
Total Capital (to risk weighted assets), Actual Ratio | 15.59% | 17.51% |
Total Capital (to risk weighted assets), Minimum For Capital Adequacy Purpose, Amount | $ 67,567 | $ 66,013 |
Total Capital (to risk weighted assets), Minimum For Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to risk weighted assets), Actual Amount | $ 121,121 | $ 134,175 |
Tier 1 Capital (to risk weighted assets), Actual Ratio | 14.34% | 16.26% |
Tier 1 Capital (to risk weighted assets), Minimum For Capital Adequacy Purposes, Amount | $ 50,675 | $ 49,510 |
Tier 1 Capital (to risk weighted assets), Minimum For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to average assets), Actual Amount | $ 121,121 | $ 134,175 |
Tier 1 Capital (to average assets), Actual Ratio | 13.44% | 15.49% |
Tier 1 Capital (to average assets), Minimum To Be Adequately Capitalized Under Prompt Corrective Action Provisions, Amount | $ 36,047 | $ 34,656 |
Tier 1 Capital (to average assets), Minimum To Be Adequately Capitalized Under Prompt Corrective Action Provisions, Ratio | 4.00% | 4.00% |
Tier 1 Common Equity Ratio (to risk weighted assets), Actual Amount | $ 100,749 | $ 98,803 |
Tier 1 Common Equity Ratio (to risk weighted assets), Actual Ratio | 11.93% | 11.97% |
Tier 1 Common Equity Ratio (to risk weighted assets), Minimum For Capital Adequacy Purposes, Amount | $ 43,285 | $ 37,132 |
Tier 1 Common Equity Ratio (to risk weighted assets), Minimum For Capital Adequacy Purposes, Ratio | 5.13% | 4.50% |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to risk weighted assets), Actual Amount | $ 114,237 | $ 125,354 |
Total Capital (to risk weighted assets), Actual Ratio | 13.53% | 15.19% |
Total Capital (to risk weighted assets), Minimum For Capital Adequacy Purpose, Amount | $ 67,551 | $ 66,000 |
Total Capital (to risk weighted assets), Minimum For Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Total Capital (to risk weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 84,438 | $ 82,500 |
Total Capital (to risk weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk weighted assets), Actual Amount | $ 103,667 | $ 115,036 |
Tier 1 Capital (to risk weighted assets), Actual Ratio | 12.28% | 13.94% |
Tier 1 Capital (to risk weighted assets), Minimum For Capital Adequacy Purposes, Amount | $ 50,663 | $ 49,500 |
Tier 1 Capital (to risk weighted assets), Minimum For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to risk weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 67,551 | $ 66,000 |
Tier 1 Capital (to risk weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to average assets), Actual Amount | $ 103,667 | $ 115,036 |
Tier 1 Capital (to average assets), Actual Ratio | 11.51% | 13.29% |
Tier 1 Capital (to average assets), Minimum To Be Adequately Capitalized Under Prompt Corrective Action Provisions, Amount | $ 36,026 | $ 34,635 |
Tier 1 Capital (to average assets), Minimum To Be Adequately Capitalized Under Prompt Corrective Action Provisions, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to average assets), Minimum To Be Adequately Capitalized Under Prompt Corrective Action Provisions, Amount | $ 45,033 | $ 43,294 |
Tier 1 Capital (to average assets), Minimum To Be Adequately Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tier 1 Common Equity Ratio (to risk weighted assets), Actual Amount | $ 103,667 | $ 115,036 |
Tier 1 Common Equity Ratio (to risk weighted assets), Actual Ratio | 12.28% | 13.94% |
Tier 1 Common Equity Ratio (to risk weighted assets), Minimum For Capital Adequacy Purposes, Amount | $ 43,275 | $ 37,125 |
Tier 1 Common Equity Ratio (to risk weighted assets), Minimum For Capital Adequacy Purposes, Ratio | 5.13% | 4.50% |
Tier 1 Common Equity Ratio (to risk weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 54,885 | $ 53,625 |
Tier 1 Common Equity Ratio (to risk weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 79,692 | $ 83,281 |
Level 2 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 79,692 | 83,281 |
Fair Value on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 79,692 | 83,281 |
Fair Value on a Recurring Basis | Level 2 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 79,692 | 83,281 |
Fair Value on a Recurring Basis | U.S. Government and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 2,004 | 2,003 |
Fair Value on a Recurring Basis | U.S. Government and Agency Securities | Level 2 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 2,004 | 2,003 |
Fair Value on a Recurring Basis | Municipal securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 43,801 | 46,312 |
Fair Value on a Recurring Basis | Municipal securities | Level 2 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 43,801 | 46,312 |
Fair Value on a Recurring Basis | Mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 33,887 | 34,966 |
Fair Value on a Recurring Basis | Mortgage-backed securities | Level 2 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 33,887 | $ 34,966 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Carried on Consolidated Balance Sheet for Which Nonrecurring Change in Fair Value Has Been Recorded (Detail) - Fair Value on a Nonrecurring Basis - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment Losses | $ 2,563 | $ 2,558 |
Level 3 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 25,026 | 30,972 |
Impaired Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment Losses | 2,479 | 2,302 |
Impaired Loans | Level 3 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 22,079 | 28,100 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment Losses | 84 | 256 |
Other Real Estate Owned | Level 3 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 2,947 | $ 2,872 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Inputs Used in Fair Value Measurements for Level 3 Assets Measured on Nonrecurring Basis (Detail) - Level 3 Inputs | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Valuation Techniques | Evaluation of collateral | Evaluation of collateral |
Unobservable Inputs | Estimation of value | Estimation of value |
Other Real Estate Owned | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Valuation Techniques | Appraisal | Appraisal |
Unobservable Inputs | Appraisal adjustment | Appraisal adjustment |
Other Real Estate Owned | Minimum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Range (Average) | 6.00% | 4.00% |
Other Real Estate Owned | Maximum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Range (Average) | 46.00% | 23.00% |
Other Real Estate Owned | Weighted Average | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Range (Average) | 14.00% | 12.00% |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 19,814 | $ 14,907 | $ 29,743 | $ 10,480 |
FHLB Stock | 3,724 | 3,507 | ||
Loans, net of allowance for loan losses | 764,630 | 737,784 | ||
Loans held for sale | 3,980 | 9,201 | ||
Loan servicing rights | 8,294 | 8,145 | $ 7,746 | |
Financial liabilities: | ||||
Deposits | 693,181 | 672,226 | ||
Other borrowings | 3,407 | 3,945 | ||
Advances from FHLB | 83,445 | 66,445 | ||
Subordinated debentures | 12,372 | 12,372 | ||
Financial assets: | ||||
Securities available for sale | 79,692 | 83,281 | ||
Level 1 Inputs | ||||
Financial assets: | ||||
Cash and cash equivalents | 19,814 | 14,907 | ||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 19,814 | 14,907 | ||
Level 1 Inputs | Other Deposits | ||||
Financial liabilities: | ||||
Deposits | 215,777 | 245,893 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 216,025 | 242,493 | ||
Level 2 Inputs | ||||
Financial assets: | ||||
FHLB Stock | 3,724 | 3,507 | ||
Securities available for sale | 79,692 | 83,281 | ||
Accrued interest receivable | 2,528 | 2,562 | ||
Financial liabilities: | ||||
Accrued interest payable | 1,617 | 1,459 | ||
Financial assets: | ||||
FHLB Stock, Fair Value | 3,724 | 3,507 | ||
Securities available for sale | 79,692 | 83,281 | ||
Accrued interest receivable | 2,528 | 2,562 | ||
Financial liabilities: | ||||
Accrued interest payable, Fair Value | 1,617 | 1,459 | ||
Level 3 Inputs | ||||
Financial assets: | ||||
Loans, net of allowance for loan losses | 764,630 | 737,784 | ||
Loans held for sale | 3,980 | 9,201 | ||
Loan servicing rights | 8,294 | 8,145 | ||
Financial liabilities: | ||||
Other borrowings | 3,407 | 3,945 | ||
Advances from FHLB | 83,445 | 66,445 | ||
Subordinated debentures | 12,372 | 12,372 | ||
Financial assets: | ||||
Loans, net of allowance for loan losses, Fair Value | 774,439 | 745,572 | ||
Loans held for sale, Fair Value | 3,980 | 9,201 | ||
Loan servicing rights, fair value | 10,934 | 10,705 | ||
Financial liabilities: | ||||
Other borrowings, Fair Value | 3,407 | 3,945 | ||
Advances from FHLB, Fair Value | 84,812 | 67,318 | ||
Subordinated debentures, Fair Value | 12,372 | 12,372 | ||
Level 3 Inputs | Bank Time Deposits | ||||
Financial liabilities: | ||||
Deposits | 477,404 | 426,333 | ||
Financial liabilities: | ||||
Deposits, Fair Value | $ 484,466 | $ 431,077 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Changes in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Balance, beginning of period | $ 2,872 | $ 7,137 |
Assets foreclosed | 159 | |
Write-down of other real estate owned | (84) | (182) |
Net loss on sales of other real estate owned | (373) | |
Capitalized additions to other real estate owned | 39 | |
Proceeds from sale of other real estate owned | (1,493) | |
Balance, end of period | $ 2,947 | $ 5,128 |
Other Real Estate Owned - Expen
Other Real Estate Owned - Expenses Applicable to Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Net loss on sales of other real estate owned | $ 373 | |
Write-down of other real estate owned | $ 84 | 182 |
Operating expenses, net of rental income | 31 | (31) |
Total Expenses | $ 115 | $ 524 |