Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'NBCB | ' |
Entity Registrant Name | 'First NBC Bank Holding Co | ' |
Entity Central Index Key | '0001496631 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,555,172 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | |
Cash and due from banks | $38,660 | $28,140 | |
Short-term investments | 24,790 | 3,502 | |
Investment in short-term receivables | 252,460 | 246,817 | |
Investment securities available for sale, at fair value | 280,991 | 277,719 | |
Investment securities held to maturity | 91,075 | 94,904 | |
Mortgage loans held for sale | 5,264 | 6,577 | |
Loans, net of allowance for loan losses of $37,403 and $32,143, respectively | 2,539,681 | 2,325,634 | |
Bank premises and equipment, net | 52,474 | 51,174 | |
Accrued interest receivable | 11,691 | 10,994 | |
Goodwill and other intangible assets | 8,132 | 8,433 | |
Investment in real estate properties | 11,394 | 10,147 | |
Investment in tax credit entities | 111,940 | 117,684 | |
Cash surrender value of bank-owned life insurance | 46,583 | 26,187 | |
Other real estate | 5,190 | 3,733 | |
Deferred tax asset | 61,256 | 51,191 | |
Other assets | 26,827 | 23,781 | |
Total assets | 3,568,408 | 3,286,617 | |
Deposits: | ' | ' | |
Noninterest-bearing | 340,716 | 291,080 | |
Interest-bearing | 2,616,803 | 2,439,727 | |
Total deposits | 2,957,519 | 2,730,807 | |
Short-term borrowings | ' | 8,425 | |
Repurchase agreements | 106,393 | 75,957 | |
Long-term borrowings | 55,110 | 55,110 | |
Accrued interest payable | 6,846 | 6,682 | |
Other liabilities | 33,366 | 27,777 | |
Total liabilities | 3,159,234 | 2,904,758 | |
Shareholders' equity: | ' | ' | |
Common stock- par value $1 per share; 100,000,000 shares authorized; 18,554,499 shares issued and outstanding at June 30, 2014 and 18,514,271 shares issued and outstanding at December 31, 2013 | 18,554 | 18,514 | |
Additional paid-in capital | 238,241 | 237,063 | |
Accumulated earnings | 125,726 | 100,389 | |
Accumulated other comprehensive loss, net | -15,755 | -16,515 | |
Total shareholders' equity | 409,172 | 381,857 | |
Noncontrolling interest | 2 | 2 | |
Total equity | 409,174 | 381,859 | [1] |
Total liabilities and equity | 3,568,408 | 3,286,617 | |
Convertible Preferred Stock Series C [Member] | ' | ' | |
Shareholders' equity: | ' | ' | |
Preferred stock | 4,471 | 4,471 | |
Series D Preferred Stock [Member] | ' | ' | |
Shareholders' equity: | ' | ' | |
Preferred stock | $37,935 | $37,935 | [1] |
[1] | Balances as of December 31, 2012 and December 31, 2013 are audited. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for loan losses | $37,403 | $32,143 |
Common stock, par value per share | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,554,499 | 18,514,271 |
Common stock, shares outstanding | 18,554,499 | 18,514,271 |
Convertible Preferred Stock Series C [Member] | ' | ' |
Preferred stock, par value | $0 | $0 |
Preferred stock, share authorized | 1,680,219,000 | 1,680,219,000 |
Preferred stock, share issued | 364,983,000 | 364,983,000 |
Preferred stock, share outstanding | 364,983,000 | 364,983,000 |
Series D Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0 | $0 |
Preferred stock, share authorized | 37,935,000 | 37,935,000 |
Preferred stock, share issued | 37,935,000 | 37,935,000 |
Preferred stock, share outstanding | 37,935,000 | 37,935,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loans, including fees | $33,397 | $26,356 | $64,496 | $52,551 |
Investment securities | 2,378 | 1,661 | 4,730 | 3,292 |
Investment in short-term receivables | 1,391 | 958 | 3,086 | 1,695 |
Short-term investments | 27 | 59 | 42 | 76 |
Total interest income | 37,193 | 29,034 | 72,354 | 57,614 |
Interest expense: | ' | ' | ' | ' |
Deposits | 9,994 | 8,869 | 19,653 | 17,062 |
Borrowings and securities sold under repurchase agreements | 649 | 910 | 1,303 | 1,611 |
Total interest expense | 10,643 | 9,779 | 20,956 | 18,673 |
Net interest income | 26,550 | 19,255 | 51,398 | 38,941 |
Provision for loan losses | 3,000 | 2,400 | 6,000 | 5,000 |
Net interest income after provision for loan losses | 23,550 | 16,855 | 45,398 | 33,941 |
Noninterest income: | ' | ' | ' | ' |
Service charges on deposit accounts | 498 | 462 | 1,057 | 960 |
Investment securities gain, net | 56 | ' | 56 | 306 |
Gain (loss) on assets sold, net | 64 | -15 | 139 | 148 |
Gain on sale of loans, net | 70 | 55 | 70 | 278 |
Cash surrender value income on bank-owned life insurance | 237 | 172 | 396 | 350 |
Income from sales of state tax credits | 728 | 335 | 1,761 | 790 |
Community Development Entity fees earned | 196 | 975 | 875 | 1,328 |
ATM fee income | 505 | 474 | 978 | 913 |
Other | 579 | 280 | 960 | 492 |
Total non-interest income | 2,933 | 2,738 | 6,292 | 5,565 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 5,942 | 5,014 | 11,339 | 10,621 |
Occupancy and equipment expenses | 2,684 | 2,437 | 5,268 | 4,965 |
Professional fees | 1,511 | 1,577 | 3,410 | 2,993 |
Taxes, licenses and FDIC assessments | 1,343 | 793 | 2,542 | 1,851 |
Tax credit investment amortization | 3,377 | 2,104 | 6,204 | 3,891 |
Write-down of foreclosed assets | 20 | 61 | 186 | 113 |
Data processing | 1,141 | 1,068 | 2,239 | 2,116 |
Advertising and marketing | 556 | 512 | 1,134 | 969 |
Other | 1,994 | 1,619 | 3,583 | 3,307 |
Total non-interest expense | 18,568 | 15,185 | 35,905 | 30,826 |
Income before income taxes | 7,915 | 4,408 | 15,785 | 8,680 |
Income tax (benefit) expense | -4,784 | -4,198 | -9,742 | -8,211 |
Net income | 12,699 | 8,606 | 25,527 | 16,891 |
Less net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Company | 12,699 | 8,606 | 25,527 | 16,891 |
Less preferred stock dividends | -95 | -95 | -190 | -190 |
Less earnings allocated to participating securities | -243 | -455 | -489 | -994 |
Income available to common shareholders | $12,361 | $8,056 | $24,848 | $15,707 |
Earnings per common share - basic | $0.67 | $0.51 | $1.34 | $1.09 |
Earnings per common share - diluted | $0.65 | $0.49 | $1.31 | $1.06 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $12,699 | $8,606 | $25,527 | $16,891 |
Fair value of derivative instruments, designated as cash flow hedges: | ' | ' | ' | ' |
Change in fair value of derivative instruments designated as cash flow hedges during the period, before tax | -3,661 | 5,645 | -8,767 | 6,798 |
Unrealized gains (loss) on investment securities: | ' | ' | ' | ' |
Unrealized gains (loss) on investment securities arising during the period | 4,213 | -14,838 | 9,724 | -16,924 |
Less: reclassification adjustment for gains included in net income | -56 | ' | -56 | -305 |
Amortization of unrealized net loss on securities transferred from available for sale to held to maturity | 165 | ' | 269 | ' |
Unrealized gains (loss) on investment securities, before tax | 4,322 | -14,838 | 9,937 | -17,229 |
Other comprehensive income (loss), before taxes | 661 | -9,193 | 1,170 | -10,431 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 231 | -3,217 | 410 | -3,651 |
Other comprehensive income (loss), net of tax | 430 | -5,976 | 760 | -6,780 |
Comprehensive income | 13,129 | 2,630 | 26,287 | 10,111 |
Preferred Shareholders [Member] | ' | ' | ' | ' |
Unrealized gains (loss) on investment securities: | ' | ' | ' | ' |
Comprehensive income | -95 | -95 | -190 | -190 |
Participating Securities [Member] | ' | ' | ' | ' |
Unrealized gains (loss) on investment securities: | ' | ' | ' | ' |
Comprehensive income | -243 | -455 | -489 | -994 |
Common Shareholders [Member] | ' | ' | ' | ' |
Unrealized gains (loss) on investment securities: | ' | ' | ' | ' |
Comprehensive income | $12,791 | $2,080 | $25,608 | $8,927 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Total | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interest [Member] | |
In Thousands | ||||||||||
Beginning Balance at Dec. 31, 2012 | [1] | $248,102 | ' | ' | $13,052 | $128,984 | $59,825 | ($2,926) | $248,101 | $1 |
Beginning Balance at Dec. 31, 2012 | [1] | ' | 11,231 | 37,935 | ' | ' | ' | ' | ' | ' |
Net income | 16,891 | ' | ' | ' | ' | 16,891 | ' | 16,891 | ' | |
Other comprehensive income | -6,780 | ' | ' | ' | ' | ' | -6,780 | -6,780 | ' | |
Share-based compensation | 567 | ' | ' | ' | 567 | ' | ' | 567 | ' | |
Issuance of common stock | 104,500 | ' | ' | 4,808 | 99,692 | ' | ' | 104,500 | ' | |
Preferred stock dividends | -190 | ' | ' | ' | ' | -190 | ' | -190 | ' | |
Ending Balance at Jun. 30, 2013 | 363,090 | ' | ' | 17,860 | 229,243 | 76,526 | -9,706 | 363,089 | 1 | |
Ending Balance at Jun. 30, 2013 | ' | 11,231 | 37,935 | ' | ' | ' | ' | ' | ' | |
Beginning Balance at Dec. 31, 2013 | [1] | 381,859 | ' | ' | 18,514 | 237,063 | 100,389 | -16,515 | 381,857 | 2 |
Beginning Balance at Dec. 31, 2013 | [1] | ' | 4,471 | 37,935 | ' | ' | ' | ' | ' | ' |
Net income | 25,527 | ' | ' | ' | ' | 25,527 | ' | 25,527 | ' | |
Other comprehensive income | 760 | ' | ' | ' | ' | ' | 760 | 760 | ' | |
Share-based compensation | 625 | ' | ' | ' | 625 | ' | ' | 625 | ' | |
Stock option and director plans | 593 | ' | ' | 40 | 553 | ' | ' | 593 | ' | |
Preferred stock dividends | -190 | ' | ' | ' | ' | -190 | ' | -190 | ' | |
Ending Balance at Jun. 30, 2014 | 409,174 | ' | ' | 18,554 | 238,241 | 125,726 | -15,755 | 409,172 | 2 | |
Ending Balance at Jun. 30, 2014 | ' | $4,471 | $37,935 | ' | ' | ' | ' | ' | ' | |
[1] | Balances as of December 31, 2012 and December 31, 2013 are audited. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $25,527 | $16,891 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Noncontrolling interest | 0 | 0 |
Deferred tax benefit | -9,742 | -8,211 |
Amortization of tax credit investments | 6,204 | 3,891 |
Net discount accretion or premium amortization | -10 | 1,654 |
Gain on sale of investment securities | -56 | -306 |
Gain on assets sold | -139 | -148 |
Write-down of foreclosed assets | 186 | 113 |
Proceeds from sale of mortgage loans held for sale | 34,919 | 51,304 |
Mortgage loans originated and held for sale | -33,606 | -39,033 |
Gain on sale of loans | -70 | -278 |
Provision for loan losses | 6,000 | 5,000 |
Depreciation and amortization | 1,751 | 1,465 |
Share-based and other compensation expense | 625 | 567 |
Increase in cash surrender value of bank-owned life insurance | -20,396 | -350 |
Decrease in receivables from sales of investments | 0 | 16,909 |
Changes in operating assets and liabilities: | ' | ' |
Change in other assets | -5,553 | -893 |
Change in accrued interest receivable | -697 | -1,222 |
Change in accrued interest payable | 164 | 676 |
Change in other liabilities | -2,752 | 7,728 |
Net cash provided by operating activities | 2,355 | 55,757 |
Investing activities | ' | ' |
Purchases of available for sale investment securities | -14,484 | -91,928 |
Proceeds from sales of available for sale investment securities | 4,700 | 37,385 |
Proceeds from maturities, prepayments, and calls of available for sale investment securities | 16,488 | 77,354 |
Proceeds from sales of held to maturity securities | 2,650 | ' |
Proceeds from maturities, prepayments, and calls of held to maturity securities | 1,171 | ' |
Net change in investments in short-term receivables | -5,643 | -95,822 |
Reimbursement of investment in tax credit entities | 8,000 | 262 |
Purchases of investments in tax credit entities | -8,460 | -16,068 |
Loans originated, net of repayments | -223,456 | -180,783 |
Proceeds from sale of bank premises and equipment | 0 | 175 |
Purchases of bank premises and equipment | -2,751 | -3,937 |
Proceeds from disposition of real estate owned | 2,283 | 758 |
Net cash used in investing activities | -219,502 | -272,604 |
Financing activities | ' | ' |
Net change in repurchase agreements | 30,436 | 36,667 |
Repayment of borrowings | -8,425 | -41,800 |
Net increase in deposits | 226,541 | 244,296 |
Proceeds from sale of common stock | 593 | 104,500 |
Dividends paid | -190 | -190 |
Net cash provided by financing activities | 248,955 | 343,473 |
Net change in cash, due from banks, and short-term investments | 31,808 | 126,626 |
Cash, due from banks, and short-term investments at beginning of period | 31,642 | 36,012 |
Cash, due from banks, and short-term investments at end of period | $63,450 | $162,638 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited consolidated financial statements of First NBC Bank Holding Company (Company) have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include information or footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month and six-month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto, which were filed with the Securities and Exchange Commission as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Nature of Operations | |
The Company is a bank holding company that offers a broad range of financial services through First NBC Bank, a Louisiana state non-member bank, to businesses, institutions, and individuals in southeastern Louisiana and the Mississippi Gulf Coast. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States and to prevailing practices within the banking industry. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and First NBC Bank, and First NBC Bank’s wholly owned subsidiaries, which include First NBC Community Development, LLC (FNBC CDC) and First NBC Community Development Fund, LLC (FNBC CDE) (collectively referred to as the Bank). FNBC CDC is a Community Development Corporation formed to construct, purchase, and renovate affordable residential real estate properties in the New Orleans area. FNBC CDE is a Community Development Entity (CDE) formed to apply for and receive allocations of Federal New Markets Tax Credits (NMTC). | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to a significant change in the near term are the allowance for loan losses, income tax provision, fair value adjustments and share-based compensation. | |
Concentration of Credit Risk | |
The Company’s loan portfolio consists of the various types of loans described in Note 4. Real estate or other assets secure most loans. The majority of these loans have been made to individuals and businesses in the Company’s market area of southeastern Louisiana and southern Mississippi, which are dependent on the area economy for their livelihoods and servicing of their loan obligations. The Company does not have any significant concentrations to any one industry or customer. | |
The Company maintains deposits in other financial institutions that may, from time to time, exceed the federally insured deposit limits. | |
Reclassifications | |
Certain reclassifications have been made to prior period balances to conform to the current period presentation. | |
Recent Accounting Pronouncements | |
ASU No. 2014-11 | |
In June 2014, the FASB issued ASU No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty that will result in secured borrowing accounting for the repurchase agreement. The ASU requires new disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. These disclosures include information about the types of assets pledged and the relationship between those assets and the related obligation to return the proceeds. The ASU also requires new disclosures for transfers of financial assets that are accounted for as sales that involve an agreement with the transferee entered into in contemplation of the initial transfer that result in the transferor retaining substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The accounting and disclosure changes are effective for annual periods beginning after December 15, 2014. The Company is evaluating the adoption of this ASU and has not determined the impact on the Company’s financial condition or results of operations. | |
ASU No. 2014-09 | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 205): An Amendment of the FASB Accounting Standards Codification, which clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis for annual reporting periods beginning after December 15, 2016, with early adoption not permitted. The Company does not expect the new guidance to have a material impact on its consolidated financial condition or results of operation. | |
ASU No. 2014-01 | |
In January 2014, the FASB issued ASU No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). This ASU applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes. The provisions of this ASU should be applied retrospectively to all periods presented for periods beginning after December 15, 2014, with early adoption permitted. The Company is evaluating the adoption of this ASU and has not determined the impact on the Company’s financial condition or results of operations. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
2. Earnings Per Share | |||||||||||||||||
The following sets forth the computation of basic net income per common share and diluted net income per common share: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic: Income available to common shareholders | $ | 12,361 | $ | 8,056 | $ | 24,848 | $ | 15,707 | |||||||||
Weighted-average common shares outstanding | 18,526,705 | 15,912,118 | 18,518,078 | 14,482,871 | |||||||||||||
Basic earnings per share | $ | 0.67 | $ | 0.51 | $ | 1.34 | $ | 1.09 | |||||||||
Diluted: Income available to common shareholders | $ | 12,361 | $ | 8,056 | $ | 24,848 | $ | 15,707 | |||||||||
Weighted-average common shares outstanding | 18,526,705 | 15,912,118 | 18,518,078 | 14,482,871 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options outstanding | 384,672 | 346,431 | 391,094 | 264,079 | |||||||||||||
Warrants | 116,638 | 87,597 | 117,769 | 71,902 | |||||||||||||
Weighted-average common shares outstanding – assuming dilution | 19,028,015 | 16,346,146 | 19,026,941 | 14,818,852 | |||||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.49 | $ | 1.31 | $ | 1.06 | |||||||||
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
3. Investment Securities | |||||||||||||||||||||||||
The amortized cost and market values of investment securities, with gross unrealized gains and losses, as of June 30, 2014 and December 31, 2013, were as follows (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross Unrealized Losses | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Market Value | |||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
Less Than | Greater Than | ||||||||||||||||||||||||
One Year | One Year | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. government agency securities | $ | 153,896 | $ | 769 | $ | — | $ | (6,451 | ) | $ | 148,214 | ||||||||||||||
U.S. Treasury securities | 13,021 | — | — | (547 | ) | 12,474 | |||||||||||||||||||
Municipal securities | 18,785 | 188 | (182 | ) | — | 18,791 | |||||||||||||||||||
Mortgage-backed securities | 65,490 | 728 | (1,258 | ) | — | 64,960 | |||||||||||||||||||
Corporate bonds | 36,672 | 539 | (8 | ) | (651 | ) | 36,552 | ||||||||||||||||||
$ | 287,864 | $ | 2,224 | $ | (1,448 | ) | $ | (7,649 | ) | $ | 280,991 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Municipal securities | $ | 41,332 | $ | 1,509 | $ | (16 | ) | $ | — | $ | 42,825 | ||||||||||||||
Mortgage-backed securities | 49,743 | 725 | (1,883 | ) | — | 48,585 | |||||||||||||||||||
$ | 91,075 | $ | 2,234 | $ | (1,899 | ) | $ | — | $ | 91,410 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. government agency securities | $ | 163,964 | $ | 81 | $ | (10,991 | ) | $ | (1,731 | ) | $ | 151,323 | |||||||||||||
U.S. Treasury securities | 13,022 | — | (873 | ) | — | 12,149 | |||||||||||||||||||
Municipal securities | 23,240 | 140 | (213 | ) | — | 23,167 | |||||||||||||||||||
Mortgage-backed securities | 57,010 | 447 | (1,897 | ) | (16 | ) | 55,544 | ||||||||||||||||||
Corporate bonds | 37,023 | 395 | (1,677 | ) | (205 | ) | 35,536 | ||||||||||||||||||
$ | 294,259 | $ | 1,063 | $ | (15,651 | ) | $ | (1,952 | ) | $ | 277,719 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Municipal securities | $ | 44,294 | $ | 94 | $ | (398 | ) | $ | — | $ | 43,990 | ||||||||||||||
Mortgage-backed securities | 50,610 | 12 | (3,646 | ) | — | 46,976 | |||||||||||||||||||
$ | 94,904 | $ | 106 | $ | (4,044 | ) | $ | — | $ | 90,966 | |||||||||||||||
During 2013, the Company transferred securities with a fair value of $95.4 million from available for sale to held to maturity. Management determined it had both the positive intent and ability to hold these securities until maturity. The reclassified securities consisted of municipal and mortgage-backed securities and were transferred due to movements in interest rates. The securities were reclassified at fair value at the time of transfer and represented a non-cash transaction. Accumulated other comprehensive income included pre-tax unrealized losses of $5.9 million on these securities at the date of transfer. As of June 30, 2014, $5.4 million of pre-tax unrealized losses on these securities were included in accumulated other comprehensive income. These unrealized losses and offsetting other comprehensive income components are being amortized into net interest income over the remaining life of the related securities as a yield adjustment, resulting in no impact on future net income. | |||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company had 46 and 88 securities, respectively, that were in a loss position. The unrealized losses for each of the 46 securities relate to market interest rate changes. The Company has considered the current market for the securities in a loss position, as well as the severity and duration of the impairments, and expects that the value will recover. As of June 30, 2014, management does not intend to sell these investments until the fair value exceeds amortized cost and it is more likely than not the Company will not be required to sell debt securities before the anticipated recovery of the amortized cost basis of the security; thus, the impairment is determined not to be other-than-temporary. | |||||||||||||||||||||||||
The amortized cost and estimated market values by contractual maturity of investment securities as of June 30, 2014 and December 31, 2013 are shown in the following table (in thousands). Mortgage-backed securities have been allocated based on expected maturities. 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. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Weighted | Amortized | Estimated | Weighted | Amortized | Estimated | ||||||||||||||||||||
Average | Cost | Market | Average | Cost | Market | ||||||||||||||||||||
Yield | Value | Yield | Value | ||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Due in one year or less | 1.91 | % | $ | 3,556 | $ | 3,638 | 1.39 | % | $ | 12,340 | $ | 12,368 | |||||||||||||
Due after one year through five years | 2.69 | 82,862 | 83,688 | 2.58 | 64,790 | 65,038 | |||||||||||||||||||
Due after five years through ten years | 2.05 | 163,382 | 157,845 | 2.12 | 180,362 | 168,243 | |||||||||||||||||||
Due after ten years | 3 | 38,064 | 35,820 | 3.17 | 36,767 | 32,070 | |||||||||||||||||||
Total securities | 2.36 | % | $ | 287,864 | $ | 280,991 | 2.3 | % | $ | 294,259 | $ | 277,719 | |||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Due in one year or less | 3.88 | % | $ | 2,045 | $ | 2,028 | 1.76 | % | $ | 1,007 | $ | 1,007 | |||||||||||||
Due after one year through five years | 3.73 | 13,192 | 13,463 | 2.6 | 18,101 | 17,539 | |||||||||||||||||||
Due after five years through ten years | 3.81 | 35,616 | 36,987 | 3.7 | 37,591 | 37,137 | |||||||||||||||||||
Due after ten years | 3.11 | 40,222 | 38,932 | 3.41 | 38,205 | 35,283 | |||||||||||||||||||
Total securities | 3.49 | % | $ | 91,075 | $ | 91,410 | 3.35 | % | $ | 94,904 | $ | 90,966 | |||||||||||||
Securities with estimated market values of $299.5 million and $204.3 million at June 30, 2014 and December 31, 2013, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase, and long-term borrowings. | |||||||||||||||||||||||||
Proceeds from sales of securities for the six months ended June 30, 2014 and June 30, 2013 were $7.4 million and $37.4 million, respectively. Gross gains of $0.2 million and $0.5 million were realized on these sales for the six months ended June 30, 2014 and June 30, 2013, respectively. There were gross losses of $0.1 million and $0.2 million for the six months ended June 30, 2014 and June 30, 2013, respectively. | |||||||||||||||||||||||||
Loans
Loans | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
4. Loans | |||||||||||||||||||||||||
Major classifications of loans at June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||
Construction | $ | 279,303 | $ | 203,369 | |||||||||||||||||||||
Mortgage(1) | 1,164,994 | 1,118,048 | |||||||||||||||||||||||
1,444,297 | 1,321,417 | ||||||||||||||||||||||||
Consumer real estate loans: | |||||||||||||||||||||||||
Construction | 9,904 | 8,986 | |||||||||||||||||||||||
Mortgage | 123,975 | 115,307 | |||||||||||||||||||||||
133,879 | 124,293 | ||||||||||||||||||||||||
Commercial and industrial loans | 946,896 | 868,469 | |||||||||||||||||||||||
Loans to individuals, excluding real estate | 21,125 | 16,345 | |||||||||||||||||||||||
Nonaccrual loans | 20,218 | 16,396 | |||||||||||||||||||||||
Other loans | 10,669 | 10,857 | |||||||||||||||||||||||
2,577,084 | 2,357,777 | ||||||||||||||||||||||||
Less allowance for loan losses | (37,403 | ) | (32,143 | ) | |||||||||||||||||||||
Loans, net | $ | 2,539,681 | $ | 2,325,634 | |||||||||||||||||||||
(1) | Included in commercial real estate loans, mortgage, are owner-occupied real estate loans of $354.5 million at June 30, 2014 and $364.9 million at December 31, 2013. | ||||||||||||||||||||||||
A summary of changes in the allowance for loan losses during the six months ended June 30, 2014 and June 30, 2013 is as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 32,143 | $ | 26,977 | |||||||||||||||||||||
Provision charged to operations | 6,000 | 5,000 | |||||||||||||||||||||||
Charge-offs | (769 | ) | (4,316 | ) | |||||||||||||||||||||
Recoveries | 29 | 87 | |||||||||||||||||||||||
Balance, end of period | $ | 37,403 | $ | 27,748 | |||||||||||||||||||||
The allowance for loan losses and recorded investment in loans, including loans acquired with deteriorated credit quality as of the dates indicated are as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Other | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | Consumer | ||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance | $ | 2,790 | $ | 13,780 | $ | 2,656 | $ | 12,677 | $ | 240 | $ | 32,143 | |||||||||||||
Charge-offs | (4 | ) | (396 | ) | (43 | ) | (254 | ) | (72 | ) | (769 | ) | |||||||||||||
Recoveries | — | 1 | — | 18 | 10 | 29 | |||||||||||||||||||
Provision | 1,276 | 1,278 | 676 | 2,690 | 80 | 6,000 | |||||||||||||||||||
Ending balance | $ | 4,062 | $ | 14,663 | $ | 3,289 | $ | 15,131 | $ | 258 | $ | 37,403 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 33 | $ | 1,772 | $ | 964 | $ | 2,400 | $ | 1 | $ | 5,170 | |||||||||||||
Collectively evaluated for impairment | $ | 4,029 | $ | 12,891 | $ | 2,325 | $ | 12,731 | $ | 257 | $ | 32,233 | |||||||||||||
Loans receivable: | |||||||||||||||||||||||||
Ending balance-total | $ | 289,382 | $ | 1,178,199 | $ | 126,368 | $ | 961,908 | $ | 21,227 | $ | 2,577,084 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 303 | $ | 12,809 | $ | 2,567 | $ | 4,438 | $ | 3 | $ | 20,120 | |||||||||||||
Collectively evaluated for impairment | $ | 289,079 | $ | 1,165,390 | $ | 123,801 | $ | 957,470 | $ | 21,224 | $ | 2,556,964 | |||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Other | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | Consumer | ||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance | $ | 2,004 | $ | 10,716 | $ | 2,450 | $ | 11,675 | $ | 132 | $ | 26,977 | |||||||||||||
Charge-offs | — | (135 | ) | (24 | ) | (4,014 | ) | (143 | ) | (4,316 | ) | ||||||||||||||
Recoveries | — | 11 | — | 56 | 20 | 87 | |||||||||||||||||||
Provision | 552 | 2,290 | 442 | 1,505 | 211 | 5,000 | |||||||||||||||||||
Ending balance | $ | 2,556 | $ | 12,882 | $ | 2,868 | $ | 9,222 | $ | 220 | $ | 27,748 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 200 | $ | 1,353 | $ | 566 | $ | 952 | $ | — | $ | 3,071 | |||||||||||||
Collectively evaluated for impairment | $ | 2,356 | $ | 11,529 | $ | 2,302 | $ | 8,270 | $ | 220 | $ | 24,677 | |||||||||||||
Loans receivable: | |||||||||||||||||||||||||
Ending balance-total | $ | 182,577 | $ | 1,075,276 | $ | 108,712 | $ | 710,478 | $ | 17,150 | $ | 2,094,193 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 803 | $ | 7,222 | $ | 2,922 | $ | 2,932 | $ | — | $ | 13,879 | |||||||||||||
Collectively evaluated for impairment | $ | 181,774 | $ | 1,068,054 | $ | 105,790 | $ | 707,546 | $ | 17,150 | $ | 2,080,314 | |||||||||||||
Credit quality indicators on the Company’s loan portfolio, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands). | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Pass/Watch | Mention | ||||||||||||||||||||||||
Construction | $ | 276,453 | $ | 3 | $ | 12,926 | $ | — | $ | 289,382 | |||||||||||||||
Commercial real estate | 1,122,316 | 1,632 | 54,251 | — | 1,178,199 | ||||||||||||||||||||
Consumer real estate | 122,006 | 64 | 4,298 | — | 126,368 | ||||||||||||||||||||
Commercial and industrial | 953,411 | 16 | 8,481 | — | 961,908 | ||||||||||||||||||||
Other consumer | 21,044 | 8 | 175 | — | 21,227 | ||||||||||||||||||||
Total loans | $ | 2,495,230 | $ | 1,723 | $ | 80,131 | $ | — | $ | 2,577,084 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Pass/Watch | Mention | ||||||||||||||||||||||||
Construction | $ | 197,951 | $ | 4 | $ | 14,475 | $ | — | $ | 212,430 | |||||||||||||||
Commercial real estate | 1,073,339 | 1,720 | 53,122 | — | 1,128,181 | ||||||||||||||||||||
Consumer real estate | 113,037 | 185 | 4,431 | — | 117,653 | ||||||||||||||||||||
Commercial and industrial | 873,547 | 17 | 9,547 | — | 883,111 | ||||||||||||||||||||
Other consumer | 16,251 | 9 | 142 | — | 16,402 | ||||||||||||||||||||
Total loans | $ | 2,274,125 | $ | 1,935 | $ | 81,717 | $ | — | $ | 2,357,777 | |||||||||||||||
The table above as of June 30, 2014 includes $5.6 million of substandard loans and no special mention loans which are loans acquired with deteriorated credit quality. As of December 31, 2013, included in the above table were $7.4 million of substandard loans and $1.6 million of special mention loans which are loans acquired with deteriorated credit quality. | |||||||||||||||||||||||||
The above classifications follow regulatory guidelines and can generally be described as follows: | |||||||||||||||||||||||||
• | Pass and pass/watch loans are of satisfactory quality. | ||||||||||||||||||||||||
• | Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities, and possible reduction in the collateral values. | ||||||||||||||||||||||||
• | Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. | ||||||||||||||||||||||||
• | Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. | ||||||||||||||||||||||||
Age analysis of past due loans, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Greater | 90 Days and | Total Past | Current | Total Loans | |||||||||||||||||||||
Than 30 and | Greater Past | Due | Loans | ||||||||||||||||||||||
Fewer Than | Due | ||||||||||||||||||||||||
90 Days Past | |||||||||||||||||||||||||
Due | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 601 | $ | 175 | $ | 776 | $ | 288,606 | $ | 289,382 | |||||||||||||||
Commercial real estate | 225 | 9,970 | 10,195 | 1,168,004 | 1,178,199 | ||||||||||||||||||||
Consumer real estate | 1,679 | 2,235 | 3,914 | 122,454 | 126,368 | ||||||||||||||||||||
Total real estate loans | 2,505 | 12,380 | 14,885 | 1,579,064 | 1,593,949 | ||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 1,476 | 4,403 | 5,879 | 956,029 | 961,908 | ||||||||||||||||||||
Other consumer | 274 | 90 | 364 | 20,863 | 21,227 | ||||||||||||||||||||
Total other loans | 1,750 | 4,493 | 6,243 | 976,892 | 983,135 | ||||||||||||||||||||
Total loans | $ | 4,255 | $ | 16,873 | $ | 21,128 | $ | 2,555,956 | $ | 2,577,084 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Greater Than | 90 Days and | Total Past | Current | ||||||||||||||||||||||
30 and Fewer | Greater Past | ||||||||||||||||||||||||
Than 90 Days | |||||||||||||||||||||||||
Past Due | Due | Due | Loans | Total Loans | |||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 15 | $ | 75 | $ | 90 | $ | 212,430 | $ | 212,520 | |||||||||||||||
Commercial real estate | 2,935 | 7,642 | 10,577 | 1,117,514 | 1,128,091 | ||||||||||||||||||||
Consumer real estate | 1,260 | 2,166 | 3,426 | 114,227 | 117,653 | ||||||||||||||||||||
Total real estate loans | 4,210 | 9,883 | 14,093 | 1,444,171 | 1,458,264 | ||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 3,076 | 1,281 | 4,357 | 878,754 | 883,111 | ||||||||||||||||||||
Other consumer | 488 | 207 | 695 | 15,707 | 16,402 | ||||||||||||||||||||
Total other loans | 3,564 | 1,488 | 5,052 | 894,461 | 899,513 | ||||||||||||||||||||
Total loans | $ | 7,774 | $ | 11,371 | $ | 19,145 | $ | 2,338,632 | $ | 2,357,777 | |||||||||||||||
In the table above there were no tuition loans included with other consumer loans 90 days and greater past due as of June 30, 2014 and $0.2 million of tuition loans included with other consumer loans 90 days and greater past due as of December 31, 2013. These loans are cash secured and the Company has a right of offset against the guarantors’ deposit account when the loans are 120 days past due. | |||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans, which consist primarily of nonaccrual loans, excluding loans acquired with deteriorated credit quality, as of the periods indicated (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Recorded | Contractual | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 48 | $ | 48 | $ | — | |||||||||||||||||||
Commercial real estate | 6,836 | 7,209 | — | ||||||||||||||||||||||
Consumer real estate | 1,981 | 1,993 | — | ||||||||||||||||||||||
Commercial and industrial | 484 | 484 | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 9,349 | $ | 9,734 | $ | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 255 | $ | 255 | $ | 33 | |||||||||||||||||||
Commercial real estate | 5,973 | 6,187 | 1,772 | ||||||||||||||||||||||
Consumer real estate | 586 | 611 | 964 | ||||||||||||||||||||||
Commercial and industrial | 3,954 | 4,006 | 2,400 | ||||||||||||||||||||||
Other consumer | 3 | 3 | 1 | ||||||||||||||||||||||
Total | $ | 10,771 | $ | 11,062 | $ | 5,170 | |||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 303 | $ | 303 | $ | 33 | |||||||||||||||||||
Commercial real estate | 12,809 | 13,396 | 1,772 | ||||||||||||||||||||||
Consumer real estate | 2,567 | 2,604 | 964 | ||||||||||||||||||||||
Commercial and industrial | 4,438 | 4,490 | 2,400 | ||||||||||||||||||||||
Other consumer | 3 | 3 | 1 | ||||||||||||||||||||||
Total | $ | 20,120 | $ | 20,796 | $ | 5,170 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Recorded | Contractual | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 48 | $ | 48 | $ | — | |||||||||||||||||||
Commercial real estate | 1,864 | 1,984 | — | ||||||||||||||||||||||
Consumer real estate | 534 | 534 | — | ||||||||||||||||||||||
Commercial and industrial | 854 | 874 | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 3,300 | $ | 3,440 | $ | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 751 | $ | 751 | $ | 176 | |||||||||||||||||||
Commercial real estate | 3,339 | 3,367 | 548 | ||||||||||||||||||||||
Consumer real estate | 644 | 644 | 765 | ||||||||||||||||||||||
Commercial and industrial | 13,279 | 13,280 | 5,453 | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 18,013 | $ | 18,042 | $ | 6,942 | |||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 799 | $ | 799 | $ | 176 | |||||||||||||||||||
Commercial real estate | 5,203 | 5,351 | 548 | ||||||||||||||||||||||
Consumer real estate | 1,178 | 1,178 | 765 | ||||||||||||||||||||||
Commercial and industrial | 14,133 | 14,154 | 5,453 | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 21,313 | $ | 21,482 | $ | 6,942 | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 48 | $ | 1 | $ | 48 | $ | — | |||||||||||||||||
Commercial real estate | 5,716 | 35 | 1,903 | 47 | |||||||||||||||||||||
Consumer real estate | 1,981 | — | 1,566 | 7 | |||||||||||||||||||||
Commercial and industrial | 782 | 5 | 1,307 | 8 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 8,527 | $ | 41 | $ | 4,824 | $ | 62 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 311 | $ | 3 | $ | 753 | $ | 11 | |||||||||||||||||
Commercial real estate | 6,408 | — | 4,390 | 211 | |||||||||||||||||||||
Consumer real estate | 652 | 3 | 1,075 | 1 | |||||||||||||||||||||
Commercial and industrial | 3,536 | — | 5,230 | — | |||||||||||||||||||||
Other consumer | 3 | — | — | ||||||||||||||||||||||
Total | $ | 10,910 | $ | 6 | $ | 11,448 | $ | 223 | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 359 | $ | 4 | $ | 801 | $ | 11 | |||||||||||||||||
Commercial real estate | 12,124 | 35 | 6,293 | 258 | |||||||||||||||||||||
Consumer real estate | 2,633 | 3 | 2,641 | 8 | |||||||||||||||||||||
Commercial and industrial | 4,318 | 5 | 6,537 | 8 | |||||||||||||||||||||
Other consumer | 3 | — | — | — | |||||||||||||||||||||
Total | $ | 19,437 | $ | 47 | $ | 16,272 | $ | 285 | |||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 24 | $ | 1 | $ | 48 | $ | 1 | |||||||||||||||||
Commercial real estate | 5,549 | 116 | 1,953 | 65 | |||||||||||||||||||||
Consumer real estate | 1,977 | — | 1,191 | 7 | |||||||||||||||||||||
Commercial and industrial | 792 | 33 | 1,011 | 30 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 8,342 | $ | 150 | $ | 4,203 | $ | 103 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 283 | $ | 11 | $ | 753 | $ | — | |||||||||||||||||
Commercial real estate | 5,764 | 3 | 4,259 | 211 | |||||||||||||||||||||
Consumer real estate | 802 | 10 | 859 | 2 | |||||||||||||||||||||
Commercial and industrial | 3,430 | — | 7,522 | 43 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 10,279 | $ | 24 | $ | 13,393 | $ | 256 | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 307 | $ | 12 | $ | 801 | $ | 1 | |||||||||||||||||
Commercial real estate | 11,313 | 119 | 6,212 | 276 | |||||||||||||||||||||
Consumer real estate | 2,779 | 10 | 2,050 | 9 | |||||||||||||||||||||
Commercial and industrial | 4,222 | 33 | 8,533 | 73 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 18,621 | $ | 174 | $ | 17,596 | $ | 359 | |||||||||||||||||
Also presented in the above table is the average recorded investment of the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is in nonaccrual status, contractual interest is credited to interest income when received under the cash basis method. In the table above, all interest recognized represents cash collected. The average balances are calculated based on the month-end balances of the financing receivables of the period reported. | |||||||||||||||||||||||||
As of June 30, 2014, there were no loans that were past due 90 days or more that were still accruing interest, and $0.2 million in cash secured tuition loans that were past due 90 days or more still accruing interest as of December 31, 2013. | |||||||||||||||||||||||||
The following is a summary of information pertaining to nonaccrual loans as of the periods indicated (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||
Construction | $ | 174 | $ | 75 | |||||||||||||||||||||
Commercial real estate | 13,205 | 10,133 | |||||||||||||||||||||||
Consumer real estate | 2,393 | 2,347 | |||||||||||||||||||||||
Commercial and industrial | 4,343 | 3,784 | |||||||||||||||||||||||
Other consumer | 103 | 57 | |||||||||||||||||||||||
$ | 20,218 | $ | 16,396 | ||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the average recorded investment in nonaccrual loans was $18.2 million and $17.9 million, respectively. The amount of interest income that would have been recognized on nonaccrual loans based on contractual terms was $0.5 million and $1.0 million at June 30, 2014 and December 31, 2013, respectively. As of June 30, 2014, the Company was not committed to lend additional funds to any customer whose loan was classified as impaired. | |||||||||||||||||||||||||
ASC 310-30 Loans | |||||||||||||||||||||||||
The Company acquired certain loans from the Federal Deposit Insurance Corporation, as receiver for Central Progressive Bank, that are subject to ASC 310-30. ASC 310-30 provides recognition, measurement, and disclosure requirements for acquired loans that have evidence of deterioration of credit quality since origination for which it is probable, at acquisition, that the Company will be unable to collect all contractual amounts owed. The Company’s allowance for loan losses for all acquired loans subject to ASC 310-30 would reflect only those losses incurred after acquisition. | |||||||||||||||||||||||||
The following is a summary of changes in the accretable yields of acquired loans as of the periods indicated as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 170 | $ | 628 | |||||||||||||||||||||
Acquisition | — | — | |||||||||||||||||||||||
Net transfers from nonaccretable difference to accretable yield | 816 | 45 | |||||||||||||||||||||||
Accretion | (777 | ) | (323 | ) | |||||||||||||||||||||
Balance, end of period | $ | 209 | $ | 350 | |||||||||||||||||||||
Information about the Company’s troubled debt restructurings (TDRs) at June 30, 2014 and June 30, 2013 is presented in the following tables (in thousands). | |||||||||||||||||||||||||
Current | Greater | Nonaccrual | Total Loans | ||||||||||||||||||||||
Than 30 | TDRs | ||||||||||||||||||||||||
Days Past | |||||||||||||||||||||||||
Due | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 303 | $ | — | $ | — | $ | 303 | |||||||||||||||||
Commercial real estate | 355 | — | 102 | 457 | |||||||||||||||||||||
Consumer real estate | 616 | — | 139 | 755 | |||||||||||||||||||||
Total real estate loans | 1,274 | — | 241 | 1,515 | |||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 305 | — | — | 305 | |||||||||||||||||||||
Total loans | $ | 1,579 | $ | — | $ | 241 | $ | 1,820 | |||||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 47 | $ | — | $ | — | $ | 47 | |||||||||||||||||
Commercial real estate | 275 | — | 101 | 376 | |||||||||||||||||||||
Consumer real estate | 636 | 141 | 777 | ||||||||||||||||||||||
Total real estate loans | 958 | — | 242 | 1,200 | |||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 361 | — | — | 361 | |||||||||||||||||||||
Total loans | $ | 1,319 | $ | — | $ | 242 | $ | 1,561 | |||||||||||||||||
The Company had $1.9 million in TDRs as of December 31, 2013, of which $0.2 million were nonaccrual TDRs. There were no TDRs modified during the three and six months ended June 30, 2014 and June 30, 2013. | |||||||||||||||||||||||||
A summary of information pertaining to modified terms of loans, as of the dates indicated, is as follows: | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Number of | Pre- | Post- | |||||||||||||||||||||||
Contracts | Modification | Modification | |||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Troubled debt restructuring: | |||||||||||||||||||||||||
Construction | 2 | $ | 303 | $ | 303 | ||||||||||||||||||||
Commercial real estate | 3 | 457 | 457 | ||||||||||||||||||||||
Consumer real estate | 3 | 755 | 755 | ||||||||||||||||||||||
Commercial and industrial | 1 | 305 | 305 | ||||||||||||||||||||||
9 | $ | 1,820 | $ | 1,820 | |||||||||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||||||
Number of | Pre- | Post- | |||||||||||||||||||||||
Contracts | Modification | Modification | |||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Troubled debt restructuring: | |||||||||||||||||||||||||
Construction | 1 | $ | 47 | $ | 47 | ||||||||||||||||||||
Commercial real estate | 3 | 376 | 376 | ||||||||||||||||||||||
Consumer real estate | 3 | 777 | 777 | ||||||||||||||||||||||
Commercial and industrial | 1 | 361 | 361 | ||||||||||||||||||||||
8 | $ | 1,561 | $ | 1,561 | |||||||||||||||||||||
None of the performing TDRs defaulted subsequent to the restructuring through the date the financial statements were available to be issued. | |||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company was not committed to lend additional funds to any customer whose loan was classified as impaired or as a TDR. | |||||||||||||||||||||||||
Investments_in_Tax_Credit_Enti
Investments in Tax Credit Entities | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Schedule Of Investments [Abstract] | ' | |||
Investments in Tax Credit Entities | ' | |||
5. Investments in Tax Credit Entities | ||||
NMTC | ||||
Investment in Bank Owned CDE | ||||
During June 2014, the Company was notified that FNBC CDE had not been awarded an allocation of Federal New Markets Tax Credits (NMTC). FNBC CDE has received allocations of Federal NMTC, totaling $118.0 million over a three year period beginning in 2011. These allocations generated $46.0 million in tax credits. The Federal NMTC program is administered by the Community Development Financial Institutions Fund of the U.S. Treasury and is aimed at stimulating economic and community development and job creation in low-income communities. The program provides federal tax credits to investors who make qualified equity investments (QEIs) in a CDE. The CDE is required to invest the proceeds of each QEI in projects located in or benefitting low-income communities, which are generally defined as those census tracts with poverty rates greater than 20% and/or median family incomes that are less than or equal to 80% of the area median family income. | ||||
The credit provided to the investor totals 39% of each QEI in a CDE and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to 5% of the total amount invested in the project. For each of the remaining four years, the investor receives a credit equal to 6% of the total amount invested in the project. The Company is eligible to receive up to $46.0 million in tax credits over the seven-year credit allowance period, beginning with the period in which the QEI was made, for its QEI of $118.0 million. Through June 30, 2014, FNBC CDE has invested in allocations of $118.0 million, of which $42.6 million of the awards was invested by the Company and $75.4 million was invested by other investors and leverage lenders, which include the Company. These investments generate a total Federal NMTC of approximately $46.0 million, of which $10.4 million has been recognized by the Company through December 31, 2013, $6.1 million in tax benefits is expected to be recognized during 2014, and $29.5 million remains available to be earned over five years beginning in 2015, subject to continuing compliance with applicable regulations. The Federal NMTCs claimed by the Company, with respect to each QEI, remain subject to recapture over each QEI’s credit allowance period upon the occurrence of any of the following: | ||||
• | FNBC CDE does not invest substantially all (generally defined as 85%) of the QEI proceeds in qualified low income community investments; | |||
• | FNBC CDE ceases to be a CDE; or | |||
• | FNBC CDE redeems its QEI investment prior to the end of the current credit allowance period. | |||
The Company also made loans unrelated to the generation and use of tax credits related to these real estate projects totaling $47.5 million and $36.5 million at June 30, 2014 and December 31, 2013, respectively. These loans are subject to the Company’s normal underwriting criteria and all loans were performing according to their contractual term at June 30, 2014. | ||||
At June 30, 2014 and December 31, 2013, none of the above recapture events had occurred, nor, in the opinion of management, are such events anticipated to occur in the foreseeable future. As of June 30, 2014, FNBC CDE had total assets of $122.1 million, consisting of cash of $7.6 million, loans of $108.3 million and other assets of $6.2 million, with liabilities of $0.3 million and capital of $121.8 million. | ||||
Investments in Non-Bank Owned CDEs | ||||
The Company is also a limited partner in several tax-advantaged limited partnerships and a shareholder in several C corporations whose purpose is to invest in approved Federal NMTC and state projects that are CDEs and that are not associated with FNBC CDE. At June 30, 2014, the Company had $44.6 million invested in state and federal partnerships and C corporations. These investments generated $60.5 million in Federal NMTC, of which $27.2 million had been recognized by the Company through December 31, 2013, $9.2 million is expected to be recognized during 2014, and $24.1 million is expected to be recognized in periods after 2014. Based on the structure of these transactions, the Company expects to recover its investment totaling $44.6 million solely through use of the tax credits that were generated by the investments. As such, the investment in these entities will be amortized on a straight-line basis over the period over which the Company holds its investment (approximately seven years). The Company also made loans unrelated to the generation and use of tax credits related to these real estate projects totaling $41.9 million and $45.3 million at June 30, 2014 and December 31, 2013, respectively. These loans are subject to the Company’s normal underwriting criteria and all loans were performing according to their contractual term at June 30, 2014. | ||||
Low-Income Housing Tax Credits | ||||
The Company is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved Low-Income Housing tax credit projects. At June 30, 2014 and December 31, 2013, the Company had $37.6 million and $40.0 million, respectively, invested in these partnerships, which are expected to generate Low-Income Housing tax credits of approximately $55.3 million. Of that amount, $9.5 million had been recognized through December 31, 2013, $3.5 million is expected to be recognized during 2014, and $42.3 million is expected to be recognized in periods after 2014. Based on the structure of these transactions, the Company expects to recover its remaining investments of $37.6 million at June 30, 2014 solely through use of the tax credits that were generated by the investments. As such, the investment in these partnerships will be amortized on a straight-line basis over the period for which the Company maintains its 99.99% interest in the property (approximately 15 years). The Company also made loans unrelated to the generation and use of tax credits related to these real estate projects totaling $41.9 million and $42.0 million at June 30, 2014 and December 31, 2013, respectively. These loans are subject to the Company’s normal underwriting criteria and all loans were performing according to their contractual terms at June 30, 2014. | ||||
Federal Historic Rehabilitation Tax Credits | ||||
The Company is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved Federal Historic Rehabilitation tax credit projects. At June 30, 2014 and December 31, 2013, the Company had $24.1 million and $16.5 million, respectively, invested in these partnerships. These investments are expected to generate Federal Historic Rehabilitation tax credits of $27.0 million. Of that amount, $17.8 million had been recognized through December 31, 2013 and $9.2 million is expected to be recognized during 2014. Based on the structure of these transactions, the Company expects to recover its investments totaling $24.1 million at June 30, 2014 solely through use of the tax credits that were generated by the investments. As such, these amounts will be amortized on a straight-line basis over the period during which the Company retains its 99.9% interest in the property (approximately 10 years). The Company also made loans unrelated to the generation and use of tax credits related to these real estate projects totaling $3.3 million at June 30, 2014. These loans are subject to the Company’s normal underwriting criteria and all loans were performing according to their contractual terms at June 30, 2014. | ||||
Derivative_Interest_Rate_Swap_
Derivative - Interest Rate Swap Agreements | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Derivative - Interest Rate Swap Agreements | ' |
6. Derivative - Interest Rate Swap Agreements | |
Interest Rate Swaps. During 2012, the Company entered into a delayed interest rate swap with Counterparty A to manage exposure to future interest rate risk through modification of the Company’s net interest sensitivity to levels deemed to be appropriate. The Company entered this interest rate swap agreement to convert a portion of its forecasted variable-rate debt to a fixed rate, which is a cash flow hedge of a forecasted transaction. The total notional amount of the derivative contract is $115.0 million. | |
During 2013, the Company entered into a delayed interest rate swap with Counterparty B to manage exposure against the variability in the expected future cash flows attributed to changes in the benchmark interest rate on a portion of its variable-rate debt. The Company entered this interest rate swap agreement to convert a portion of its variable-rate debt to a fixed rate, which is a cash flow hedge of a forecasted transaction. The total notional amount of the derivative contract is $150.0 million. | |
For the six months ended June 30, 2014, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges because it was probable the original forecasted transaction would not occur by the end of the originally specified term. | |
At June 30, 2014, no amount of the derivatives will mature within the next 12 months. The Company does not expect to reclassify any amount from accumulated other comprehensive income into interest income over the next 12 months for derivatives that will be settled. | |
For the six months ended June 30, 2014, a loss of $3.3 million (net of income taxes) has been recognized in other comprehensive income on the delayed interest rate swap with Counterparty A. For the six months ended June 30, 2013, a gain of $4.4 million (net of income taxes) has been recognized in other comprehensive income. The fair value of the derivative liability of $3.9 million as of June 30, 2014 has been recognized in other liabilities in the accompanying consolidated balance sheets. The fair value of the derivative asset was $1.2 million as of December 31, 2013 and has been recognized in other assets in the accompanying consolidated balance sheets. No amounts of gains or losses have been reclassified from accumulated comprehensive income nor have any amounts of gains or losses been recognized due to ineffectiveness of a portion of the derivative. | |
Pursuant to the interest rate swap agreement with Counterparty A, the Company pledged collateral to the counterparty in the form of investment securities totaling $12.5 million (with a fair value at June 30, 2014 of $12.1 million), which has been presented gross in the Company’s balance sheet. | |
Interest Rate-Prime Swaps. During 2013, the Company entered into four interest rate swaps with Counterparty B to manage exposure against the variability in the expected future cash flows on the designated Prime, Prime plus 1%, Prime plus 1% floored at 5% and Prime plus 1% floored at 5.5% pools of its floating rate loan portfolio (the Prime Hedges). The Company entered into the interest rate swap agreements to hedge the cash flows from these pools of its floating rate loan portfolio, which is expected to offset the variability in the expected future cash flows attributable to the fluctuations in the daily weighted average Wall Street Journal Prime index, which is a cash flow hedge of a forecasted transaction. The total notional amount of the prime hedges is $250.0 million. | |
For the six months ended June 30, 2014 and the year ended December 31, 2013, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges because it was probable the original forecasted transaction would not occur by the end of the originally specified term. | |
At June 30, 2014, no amount of the derivative will mature within the next 12 months. The Company does not expect to reclassify any amount from accumulated other comprehensive income into interest income over the next 12 months for derivatives that will be settled. | |
The Company entered into a master netting arrangement with Counterparty B whereby the delayed interest rate swap and Prime Hedges would be settled net. | |
For the six months ended June 30, 2014, a loss of $2.5 million (net of income taxes) has been recognized on the Prime Hedges and delayed interest rate swap with Counterparty B in other comprehensive income. For the six months ended June 30, 2013, no amounts related to the Prime Hedges and delayed interest swap were recognized in other comprehensive income. The gross fair value of the derivative liability of $10.2 million for the delayed interest rate swap and the gross fair value of the derivative asset of $2.1 million for the Prime Hedges have been recognized as a net $8.1 million derivative liability in other liabilities in the accompanying consolidated balance sheets as of June 30, 2014. The gross fair values of the derivative liabilities were $2.0 million for the delayed interest rate swap and $2.3 million for the Prime Hedges as of December 31, 2013 and have been recognized in other liabilities in the accompanying consolidated balance sheets. No amounts of gains or losses have been reclassified from accumulated comprehensive income nor have any amounts of gains or losses been recognized due to ineffectiveness of a portion of the derivative as of June 30, 2014 and December 31, 2013, respectively. | |
Pursuant to the interest rate swap agreements described above with Counterparty B, the Company pledged collateral in the form of investment securities totaling $82.5 million (with a fair value at June 30, 2014 of $79.6 million), which has been presented gross in the Company’s balance sheet. There was no collateral posted from the counterparty to the Company as of June 30, 2014. | |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
7. Income Taxes | |||||||||
The income tax benefit on the statement of income for the six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||
June 30, 2014 | June 30, 2013 | ||||||||
Current tax benefit | $ | — | $ | — | |||||
Deferred tax benefit | (9,742 | ) | (8,211 | ) | |||||
Total tax benefit | $ | (9,742 | ) | $ | (8,211 | ) | |||
The amount of taxes in the accompanying consolidated statements of income is different from the expected amount using statutory federal income tax rates primarily due to the effect of various tax credits. As discussed in Note 5, the Company earns Federal NMTC, Federal Historic Rehabilitation, and Low-Income Housing tax credits, which reduce the Company’s federal income tax liability or create a carryforward as applicable. The Company is also required to reduce its tax basis of the investment in certain of the projects that generated the Federal NMTC or Federal Historic Rehabilitation tax credits by the amount of the credit generated in that year. In the opinion of management, no valuation allowance was required for the net deferred tax assets at June 30, 2014 as the amounts will more likely than not be realized as reductions of future taxable income or by utilizing available tax planning strategies. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
8. Commitments and Contingencies | |||||||||
Off-Balance-Sheet Arrangements | |||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These transactions include commitments to extend credit in the ordinary course of business to approved customers. Generally, loan commitments have been granted on a temporary basis for working capital or commercial real estate financing requirements or may be reflective of loans in various stages of funding. These commitments are recorded on the Company’s financial statements as they are funded. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Loan commitments include unused commitments for open-end lines secured by one to four family residential properties and commercial properties, commitments to fund loans secured by commercial real estate, construction loans, business lines of credit, and other unused commitments. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, the Company would be entitled to seek recovery from the customer. The Company minimizes its exposure to loss under loan commitments and standby letters of credit by subjecting them to credit approval and monitoring procedures. The effect on the Company’s revenues, expenses, cash flows, and liquidity of the unused portions of these commitments cannot be reasonably predicted because there is no guarantee that the lines of credit will be used. | |||||||||
The following is a summary of the total notional amount of loan commitments and standby letters of credit outstanding at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Standby letters of credit | $ | 111,576 | $ | 106,467 | |||||
Unused loan commitments | 394,460 | 268,760 | |||||||
$ | 506,036 | $ | 375,227 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
9. Accumulated Other Comprehensive Income | |||||||||||||||||
The components of accumulated other comprehensive income and changes in those components are presented in the following table (in thousands). | |||||||||||||||||
Cash Flow | Transfers of | Available | Total | ||||||||||||||
Hedge | Available for | for sale | |||||||||||||||
sale securities | securities | ||||||||||||||||
to Held to | |||||||||||||||||
Maturity | |||||||||||||||||
Balance at January 1, 2014 | $ | (2,054 | ) | $ | (3,710 | ) | $ | (10,751 | ) | $ | (16,515 | ) | |||||
Other comprehensive income before income taxes: | |||||||||||||||||
Net change in unrealized gain (loss) | (8,767 | ) | — | 9,724 | 957 | ||||||||||||
Reclassification of net gains realized and included in earnings | — | (56 | ) | (56 | ) | ||||||||||||
Amortization of unrealized net gain (loss) on securities | — | 269 | — | 269 | |||||||||||||
Income tax expense (benefit) | (3,069 | ) | 94 | 3,385 | 410 | ||||||||||||
Balance at June 30, 2014 | $ | (7,752 | ) | $ | (3,535 | ) | $ | (4,468 | ) | $ | (15,755 | ) | |||||
Balance at January 1, 2013 | $ | (4,455 | ) | $ | — | $ | 1,529 | $ | (2,926 | ) | |||||||
Other comprehensive income before income taxes: | |||||||||||||||||
Net change in unrealized gain (loss) | 6,798 | — | (16,924 | ) | (10,126 | ) | |||||||||||
Reclassification of net gains realized and included in earnings | — | — | (305 | ) | (305 | ) | |||||||||||
Income tax expense (benefit) | 2,379 | — | (6,030 | ) | (3,651 | ) | |||||||||||
Balance at June 30, 2013 | $ | (36 | ) | $ | — | $ | (9,670 | ) | $ | (9,706 | ) | ||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
10. Fair Value of Financial Instruments | |||||||||||||||||||||
ASC 820, Fair Value Measurements and Disclosures, clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||
Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. | |||||||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. | |||||||||||||||||||||
Securities are classified within Level 1 when quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using pricing models or quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Examples include certain available for sale securities. The Company’s investment portfolio did not include Level 3 securities as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||
The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy, based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. government agency securities | $ | 148,214 | $ | — | $ | 148,214 | $ | — | |||||||||||||
U.S. Treasury securities | 12,474 | — | 12,474 | — | |||||||||||||||||
Municipal securities | 18,791 | — | 18,791 | — | |||||||||||||||||
Mortgage-backed securities | 64,960 | — | 64,960 | — | |||||||||||||||||
Corporate bonds | 36,552 | — | 36,552 | — | |||||||||||||||||
$ | 280,991 | $ | — | $ | 280,991 | $ | — | ||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative instruments | $ | 11,926 | $ | — | $ | 11,926 | $ | — | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. government agency securities | $ | 151,323 | $ | — | $ | 151,323 | $ | — | |||||||||||||
U.S. Treasury securities | 12,149 | — | 12,149 | — | |||||||||||||||||
Municipal securities | 23,167 | — | 23,167 | — | |||||||||||||||||
Mortgage-backed securities | 55,544 | — | 55,544 | — | |||||||||||||||||
Corporate bonds | 35,536 | — | 35,536 | — | |||||||||||||||||
$ | 277,719 | $ | — | $ | 277,719 | $ | — | ||||||||||||||
Derivative instruments | 1,157 | — | 1,157 | — | |||||||||||||||||
Total | $ | 278,876 | $ | — | $ | 278,876 | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivative instruments | $ | 4,317 | $ | — | $ | 4,317 | $ | — | |||||||||||||
The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands). | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Loans | $ | 10,772 | $ | — | $ | — | $ | 10,772 | |||||||||||||
OREO | 3,700 | — | — | 3,700 | |||||||||||||||||
$ | 14,472 | $ | — | $ | — | $ | 14,472 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Loans | $ | 9,782 | $ | — | $ | — | $ | 9,782 | |||||||||||||
OREO | 2,390 | — | — | 2,390 | |||||||||||||||||
$ | 12,172 | $ | — | $ | — | $ | 12,172 | ||||||||||||||
In accordance with ASC Topic 310, the Company records loans and other real estate considered impaired at the lower of cost or fair value. Impaired loans, recorded at fair value, are Level 3 assets measured using appraisals from external parties of the collateral, less any prior liens primarily using the market or income approach. | |||||||||||||||||||||
The Company did not record any liabilities at fair value for which measurement of the fair value was made on a nonrecurring basis during the six months ended June 30, 2014 or the year ended December 31, 2013. | |||||||||||||||||||||
ASC 820 requires the disclosure of the fair value for each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value. | |||||||||||||||||||||
Cash and Due from banks and Short-Term Investments | |||||||||||||||||||||
The carrying amounts of these short-term instruments approximate their fair values and would be classified within Level 1 of the hierarchy. | |||||||||||||||||||||
Investment in Short-Term Receivables | |||||||||||||||||||||
The carrying amounts of these short-term receivables approximate their fair value and would be classified within Level 1 of the hierarchy. | |||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
Securities are classified within Level 1 where quoted market prices are available in the active market. If quoted market prices are unavailable, fair value is estimated using pricing models or quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Inputs include securities that have quoted prices in active markets for identical assets. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values are based on carrying values. Fair values for fixed-rate commercial real estate, commercial loans, and consumer loans are estimated using discounted cash flow analyses using interest rates currently being offered for loans with similar terms and borrowers of similar credit quality. Fair value of mortgage loans held for sale is based on commitments on hand from investors or prevailing market rates. The fair value associated with the loans includes estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows, which would be classified as Level 3 of the hierarchy. | |||||||||||||||||||||
Bank-Owned Life Insurance | |||||||||||||||||||||
The carrying amounts of the bank-owned life insurance policies are recorded at cash surrender value, which approximate their fair values and would be classified within Level 1 of the hierarchy. | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts 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. The fair value of the Company’s deposits would, therefore, be categorized within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Short-Term Borrowings and Repurchase Agreements | |||||||||||||||||||||
The carrying amounts of these short-term instruments approximate their fair values and would be classified within Level 2 of the hierarchy. | |||||||||||||||||||||
Long-Term Borrowings | |||||||||||||||||||||
The fair values of long-term borrowings are estimated using discounted cash flows analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company’s long-term debt would, therefore, be categorized within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||
Fair values for interest rate swap agreements are based upon the amounts required to settle the contracts. The derivative instruments are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows as of the dates indicated (in thousands): | |||||||||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 38,660 | $ | 38,660 | $ | 38,660 | $ | — | $ | — | |||||||||||
Short-term investments | 24,790 | 24,790 | 24,790 | — | — | ||||||||||||||||
Investment in short-term receivables | 252,460 | 252,460 | 252,460 | — | — | ||||||||||||||||
Investment securities available for sale | 280,991 | 280,991 | — | 280,991 | — | ||||||||||||||||
Investment securities held to maturity | 91,075 | 91,446 | — | 91,446 | — | ||||||||||||||||
Loans and loans held for sale | 2,582,348 | 2,782,833 | — | — | 2,782,833 | ||||||||||||||||
Cash surrender value of bank-owned life insurance | 46,583 | 46,583 | 46,583 | — | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits, noninterest-bearing | 340,716 | 340,716 | — | 340,716 | — | ||||||||||||||||
Deposits, interest-bearing | 2,616,803 | 2,600,965 | — | — | 2,600,965 | ||||||||||||||||
Short-term borrowings and repurchase agreements | 106,393 | 106,393 | — | 106,393 | — | ||||||||||||||||
Long-term borrowings | 55,110 | 57,628 | — | — | 57,628 | ||||||||||||||||
Derivative instruments | 11,926 | 11,926 | — | 11,926 | — | ||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 28,140 | $ | 28,140 | $ | 28,140 | $ | — | $ | — | |||||||||||
Short-term investments | 3,502 | 3,502 | 3,502 | — | — | ||||||||||||||||
Investment in short-term receivables | 246,817 | 246,817 | 246,817 | — | — | ||||||||||||||||
Investment securities available for sale | 277,719 | 277,719 | — | 277,719 | — | ||||||||||||||||
Investment securities held to maturity | 94,904 | 90,966 | — | 90,966 | — | ||||||||||||||||
Loans and loans held for sale | 2,364,354 | 2,344,475 | — | — | 2,344,475 | ||||||||||||||||
Cash surrender value of bank-owned life insurance | 26,187 | 26,187 | 26,187 | — | — | ||||||||||||||||
Derivative instruments | 1,157 | 1,157 | — | 1,157 | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits, noninterest-bearing | 291,080 | 291,080 | — | 291,080 | — | ||||||||||||||||
Deposits, interest-bearing | 2,439,727 | 2,380,985 | — | — | 2,380,985 | ||||||||||||||||
Short-term borrowings and repurchase agreements | 84,382 | 84,382 | — | 84,382 | — | ||||||||||||||||
Long-term borrowings | 55,110 | 55,616 | — | — | 55,616 | ||||||||||||||||
Derivative instruments | 4,317 | 4,317 | — | 4,317 | — |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
The Company is a bank holding company that offers a broad range of financial services through First NBC Bank, a Louisiana state non-member bank, to businesses, institutions, and individuals in southeastern Louisiana and the Mississippi Gulf Coast. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States and to prevailing practices within the banking industry. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and First NBC Bank, and First NBC Bank’s wholly owned subsidiaries, which include First NBC Community Development, LLC (FNBC CDC) and First NBC Community Development Fund, LLC (FNBC CDE) (collectively referred to as the Bank). FNBC CDC is a Community Development Corporation formed to construct, purchase, and renovate affordable residential real estate properties in the New Orleans area. FNBC CDE is a Community Development Entity (CDE) formed to apply for and receive allocations of Federal New Markets Tax Credits (NMTC). | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to a significant change in the near term are the allowance for loan losses, income tax provision, fair value adjustments and share-based compensation. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
The Company’s loan portfolio consists of the various types of loans described in Note 4. Real estate or other assets secure most loans. The majority of these loans have been made to individuals and businesses in the Company’s market area of southeastern Louisiana and southern Mississippi, which are dependent on the area economy for their livelihoods and servicing of their loan obligations. The Company does not have any significant concentrations to any one industry or customer. | |
The Company maintains deposits in other financial institutions that may, from time to time, exceed the federally insured deposit limits. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to prior period balances to conform to the current period presentation. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
ASU No. 2014-11 | |
In June 2014, the FASB issued ASU No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty that will result in secured borrowing accounting for the repurchase agreement. The ASU requires new disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. These disclosures include information about the types of assets pledged and the relationship between those assets and the related obligation to return the proceeds. The ASU also requires new disclosures for transfers of financial assets that are accounted for as sales that involve an agreement with the transferee entered into in contemplation of the initial transfer that result in the transferor retaining substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The accounting and disclosure changes are effective for annual periods beginning after December 15, 2014. The Company is evaluating the adoption of this ASU and has not determined the impact on the Company’s financial condition or results of operations. | |
ASU No. 2014-09 | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 205): An Amendment of the FASB Accounting Standards Codification, which clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis for annual reporting periods beginning after December 15, 2016, with early adoption not permitted. The Company does not expect the new guidance to have a material impact on its consolidated financial condition or results of operation. | |
ASU No. 2014-01 | |
In January 2014, the FASB issued ASU No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). This ASU applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes. The provisions of this ASU should be applied retrospectively to all periods presented for periods beginning after December 15, 2014, with early adoption permitted. The Company is evaluating the adoption of this ASU and has not determined the impact on the Company’s financial condition or results of operations. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Computation of Basic and Diluted Net Income Per Common Share | ' | ||||||||||||||||
The following sets forth the computation of basic net income per common share and diluted net income per common share: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic: Income available to common shareholders | $ | 12,361 | $ | 8,056 | $ | 24,848 | $ | 15,707 | |||||||||
Weighted-average common shares outstanding | 18,526,705 | 15,912,118 | 18,518,078 | 14,482,871 | |||||||||||||
Basic earnings per share | $ | 0.67 | $ | 0.51 | $ | 1.34 | $ | 1.09 | |||||||||
Diluted: Income available to common shareholders | $ | 12,361 | $ | 8,056 | $ | 24,848 | $ | 15,707 | |||||||||
Weighted-average common shares outstanding | 18,526,705 | 15,912,118 | 18,518,078 | 14,482,871 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options outstanding | 384,672 | 346,431 | 391,094 | 264,079 | |||||||||||||
Warrants | 116,638 | 87,597 | 117,769 | 71,902 | |||||||||||||
Weighted-average common shares outstanding – assuming dilution | 19,028,015 | 16,346,146 | 19,026,941 | 14,818,852 | |||||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.49 | $ | 1.31 | $ | 1.06 | |||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of Amortized Cost and Market Values of Investment Securities with Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||||||
The amortized cost and market values of investment securities, with gross unrealized gains and losses, as of June 30, 2014 and December 31, 2013, were as follows (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross Unrealized Losses | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Market Value | |||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
Less Than | Greater Than | ||||||||||||||||||||||||
One Year | One Year | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. government agency securities | $ | 153,896 | $ | 769 | $ | — | $ | (6,451 | ) | $ | 148,214 | ||||||||||||||
U.S. Treasury securities | 13,021 | — | — | (547 | ) | 12,474 | |||||||||||||||||||
Municipal securities | 18,785 | 188 | (182 | ) | — | 18,791 | |||||||||||||||||||
Mortgage-backed securities | 65,490 | 728 | (1,258 | ) | — | 64,960 | |||||||||||||||||||
Corporate bonds | 36,672 | 539 | (8 | ) | (651 | ) | 36,552 | ||||||||||||||||||
$ | 287,864 | $ | 2,224 | $ | (1,448 | ) | $ | (7,649 | ) | $ | 280,991 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Municipal securities | $ | 41,332 | $ | 1,509 | $ | (16 | ) | $ | — | $ | 42,825 | ||||||||||||||
Mortgage-backed securities | 49,743 | 725 | (1,883 | ) | — | 48,585 | |||||||||||||||||||
$ | 91,075 | $ | 2,234 | $ | (1,899 | ) | $ | — | $ | 91,410 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. government agency securities | $ | 163,964 | $ | 81 | $ | (10,991 | ) | $ | (1,731 | ) | $ | 151,323 | |||||||||||||
U.S. Treasury securities | 13,022 | — | (873 | ) | — | 12,149 | |||||||||||||||||||
Municipal securities | 23,240 | 140 | (213 | ) | — | 23,167 | |||||||||||||||||||
Mortgage-backed securities | 57,010 | 447 | (1,897 | ) | (16 | ) | 55,544 | ||||||||||||||||||
Corporate bonds | 37,023 | 395 | (1,677 | ) | (205 | ) | 35,536 | ||||||||||||||||||
$ | 294,259 | $ | 1,063 | $ | (15,651 | ) | $ | (1,952 | ) | $ | 277,719 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Municipal securities | $ | 44,294 | $ | 94 | $ | (398 | ) | $ | — | $ | 43,990 | ||||||||||||||
Mortgage-backed securities | 50,610 | 12 | (3,646 | ) | — | 46,976 | |||||||||||||||||||
$ | 94,904 | $ | 106 | $ | (4,044 | ) | $ | — | $ | 90,966 | |||||||||||||||
Summary of Amortized Cost and Estimated Market Values by Contractual Maturity of Investment Securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated market values by contractual maturity of investment securities as of June 30, 2014 and December 31, 2013 are shown in the following table (in thousands). | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Weighted | Amortized | Estimated | Weighted | Amortized | Estimated | ||||||||||||||||||||
Average | Cost | Market | Average | Cost | Market | ||||||||||||||||||||
Yield | Value | Yield | Value | ||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Due in one year or less | 1.91 | % | $ | 3,556 | $ | 3,638 | 1.39 | % | $ | 12,340 | $ | 12,368 | |||||||||||||
Due after one year through five years | 2.69 | 82,862 | 83,688 | 2.58 | 64,790 | 65,038 | |||||||||||||||||||
Due after five years through ten years | 2.05 | 163,382 | 157,845 | 2.12 | 180,362 | 168,243 | |||||||||||||||||||
Due after ten years | 3 | 38,064 | 35,820 | 3.17 | 36,767 | 32,070 | |||||||||||||||||||
Total securities | 2.36 | % | $ | 287,864 | $ | 280,991 | 2.3 | % | $ | 294,259 | $ | 277,719 | |||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Due in one year or less | 3.88 | % | $ | 2,045 | $ | 2,028 | 1.76 | % | $ | 1,007 | $ | 1,007 | |||||||||||||
Due after one year through five years | 3.73 | 13,192 | 13,463 | 2.6 | 18,101 | 17,539 | |||||||||||||||||||
Due after five years through ten years | 3.81 | 35,616 | 36,987 | 3.7 | 37,591 | 37,137 | |||||||||||||||||||
Due after ten years | 3.11 | 40,222 | 38,932 | 3.41 | 38,205 | 35,283 | |||||||||||||||||||
Total securities | 3.49 | % | $ | 91,075 | $ | 91,410 | 3.35 | % | $ | 94,904 | $ | 90,966 | |||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Summary of Major Classifications of Loans | ' | ||||||||||||||||||||||||
Major classifications of loans at June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||
Construction | $ | 279,303 | $ | 203,369 | |||||||||||||||||||||
Mortgage(1) | 1,164,994 | 1,118,048 | |||||||||||||||||||||||
1,444,297 | 1,321,417 | ||||||||||||||||||||||||
Consumer real estate loans: | |||||||||||||||||||||||||
Construction | 9,904 | 8,986 | |||||||||||||||||||||||
Mortgage | 123,975 | 115,307 | |||||||||||||||||||||||
133,879 | 124,293 | ||||||||||||||||||||||||
Commercial and industrial loans | 946,896 | 868,469 | |||||||||||||||||||||||
Loans to individuals, excluding real estate | 21,125 | 16,345 | |||||||||||||||||||||||
Nonaccrual loans | 20,218 | 16,396 | |||||||||||||||||||||||
Other loans | 10,669 | 10,857 | |||||||||||||||||||||||
2,577,084 | 2,357,777 | ||||||||||||||||||||||||
Less allowance for loan losses | (37,403 | ) | (32,143 | ) | |||||||||||||||||||||
Loans, net | $ | 2,539,681 | $ | 2,325,634 | |||||||||||||||||||||
(1) | Included in commercial real estate loans, mortgage, are owner-occupied real estate loans, of $354.5 million at June 30, 2014 and $364.9 million at December 31, 2013. | ||||||||||||||||||||||||
Summary of Changes in Allowance for Loan Losses | ' | ||||||||||||||||||||||||
A summary of changes in the allowance for loan losses during the six months ended June 30, 2014 and June 30, 2013 is as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 32,143 | $ | 26,977 | |||||||||||||||||||||
Provision charged to operations | 6,000 | 5,000 | |||||||||||||||||||||||
Charge-offs | (769 | ) | (4,316 | ) | |||||||||||||||||||||
Recoveries | 29 | 87 | |||||||||||||||||||||||
Balance, end of period | $ | 37,403 | $ | 27,748 | |||||||||||||||||||||
Summary of Allowance for Loan Losses and Recorded Investment in Loans | ' | ||||||||||||||||||||||||
The allowance for loan losses and recorded investment in loans, including loans acquired with deteriorated credit quality as of the dates indicated are as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Other | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | Consumer | ||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance | $ | 2,790 | $ | 13,780 | $ | 2,656 | $ | 12,677 | $ | 240 | $ | 32,143 | |||||||||||||
Charge-offs | (4 | ) | (396 | ) | (43 | ) | (254 | ) | (72 | ) | (769 | ) | |||||||||||||
Recoveries | — | 1 | — | 18 | 10 | 29 | |||||||||||||||||||
Provision | 1,276 | 1,278 | 676 | 2,690 | 80 | 6,000 | |||||||||||||||||||
Ending balance | $ | 4,062 | $ | 14,663 | $ | 3,289 | $ | 15,131 | $ | 258 | $ | 37,403 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 33 | $ | 1,772 | $ | 964 | $ | 2,400 | $ | 1 | $ | 5,170 | |||||||||||||
Collectively evaluated for impairment | $ | 4,029 | $ | 12,891 | $ | 2,325 | $ | 12,731 | $ | 257 | $ | 32,233 | |||||||||||||
Loans receivable: | |||||||||||||||||||||||||
Ending balance-total | $ | 289,382 | $ | 1,178,199 | $ | 126,368 | $ | 961,908 | $ | 21,227 | $ | 2,577,084 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 303 | $ | 12,809 | $ | 2,567 | $ | 4,438 | $ | 3 | $ | 20,120 | |||||||||||||
Collectively evaluated for impairment | $ | 289,079 | $ | 1,165,390 | $ | 123,801 | $ | 957,470 | $ | 21,224 | $ | 2,556,964 | |||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Other | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | Consumer | ||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance | $ | 2,004 | $ | 10,716 | $ | 2,450 | $ | 11,675 | $ | 132 | $ | 26,977 | |||||||||||||
Charge-offs | — | (135 | ) | (24 | ) | (4,014 | ) | (143 | ) | (4,316 | ) | ||||||||||||||
Recoveries | — | 11 | — | 56 | 20 | 87 | |||||||||||||||||||
Provision | 552 | 2,290 | 442 | 1,505 | 211 | 5,000 | |||||||||||||||||||
Ending balance | $ | 2,556 | $ | 12,882 | $ | 2,868 | $ | 9,222 | $ | 220 | $ | 27,748 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 200 | $ | 1,353 | $ | 566 | $ | 952 | $ | — | $ | 3,071 | |||||||||||||
Collectively evaluated for impairment | $ | 2,356 | $ | 11,529 | $ | 2,302 | $ | 8,270 | $ | 220 | $ | 24,677 | |||||||||||||
Loans receivable: | |||||||||||||||||||||||||
Ending balance-total | $ | 182,577 | $ | 1,075,276 | $ | 108,712 | $ | 710,478 | $ | 17,150 | $ | 2,094,193 | |||||||||||||
Ending balances: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 803 | $ | 7,222 | $ | 2,922 | $ | 2,932 | $ | — | $ | 13,879 | |||||||||||||
Collectively evaluated for impairment | $ | 181,774 | $ | 1,068,054 | $ | 105,790 | $ | 707,546 | $ | 17,150 | $ | 2,080,314 | |||||||||||||
Summary of Credit Quality Indicators on Company's Loan Portfolio | ' | ||||||||||||||||||||||||
Credit quality indicators on the Company’s loan portfolio, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands). | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Pass/Watch | Mention | ||||||||||||||||||||||||
Construction | $ | 276,453 | $ | 3 | $ | 12,926 | $ | — | $ | 289,382 | |||||||||||||||
Commercial real estate | 1,122,316 | 1,632 | 54,251 | — | 1,178,199 | ||||||||||||||||||||
Consumer real estate | 122,006 | 64 | 4,298 | — | 126,368 | ||||||||||||||||||||
Commercial and industrial | 953,411 | 16 | 8,481 | — | 961,908 | ||||||||||||||||||||
Other consumer | 21,044 | 8 | 175 | — | 21,227 | ||||||||||||||||||||
Total loans | $ | 2,495,230 | $ | 1,723 | $ | 80,131 | $ | — | $ | 2,577,084 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Pass/Watch | Mention | ||||||||||||||||||||||||
Construction | $ | 197,951 | $ | 4 | $ | 14,475 | $ | — | $ | 212,430 | |||||||||||||||
Commercial real estate | 1,073,339 | 1,720 | 53,122 | — | 1,128,181 | ||||||||||||||||||||
Consumer real estate | 113,037 | 185 | 4,431 | — | 117,653 | ||||||||||||||||||||
Commercial and industrial | 873,547 | 17 | 9,547 | — | 883,111 | ||||||||||||||||||||
Other consumer | 16,251 | 9 | 142 | — | 16,402 | ||||||||||||||||||||
Total loans | $ | 2,274,125 | $ | 1,935 | $ | 81,717 | $ | — | $ | 2,357,777 | |||||||||||||||
Age Analysis of Past Due Loans Including Loans Acquired with Deteriorated Credit Quality | ' | ||||||||||||||||||||||||
Age analysis of past due loans, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Greater | 90 Days and | Total Past | Current | Total Loans | |||||||||||||||||||||
Than 30 and | Greater Past | Due | Loans | ||||||||||||||||||||||
Fewer Than | Due | ||||||||||||||||||||||||
90 Days Past | |||||||||||||||||||||||||
Due | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 601 | $ | 175 | $ | 776 | $ | 288,606 | $ | 289,382 | |||||||||||||||
Commercial real estate | 225 | 9,970 | 10,195 | 1,168,004 | 1,178,199 | ||||||||||||||||||||
Consumer real estate | 1,679 | 2,235 | 3,914 | 122,454 | 126,368 | ||||||||||||||||||||
Total real estate loans | 2,505 | 12,380 | 14,885 | 1,579,064 | 1,593,949 | ||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 1,476 | 4,403 | 5,879 | 956,029 | 961,908 | ||||||||||||||||||||
Other consumer | 274 | 90 | 364 | 20,863 | 21,227 | ||||||||||||||||||||
Total other loans | 1,750 | 4,493 | 6,243 | 976,892 | 983,135 | ||||||||||||||||||||
Total loans | $ | 4,255 | $ | 16,873 | $ | 21,128 | $ | 2,555,956 | $ | 2,577,084 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Greater Than | 90 Days and | Total Past | Current | ||||||||||||||||||||||
30 and Fewer | Greater Past | ||||||||||||||||||||||||
Than 90 Days | |||||||||||||||||||||||||
Past Due | Due | Due | Loans | Total Loans | |||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 15 | $ | 75 | $ | 90 | $ | 212,430 | $ | 212,520 | |||||||||||||||
Commercial real estate | 2,935 | 7,642 | 10,577 | 1,117,514 | 1,128,091 | ||||||||||||||||||||
Consumer real estate | 1,260 | 2,166 | 3,426 | 114,227 | 117,653 | ||||||||||||||||||||
Total real estate loans | 4,210 | 9,883 | 14,093 | 1,444,171 | 1,458,264 | ||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 3,076 | 1,281 | 4,357 | 878,754 | 883,111 | ||||||||||||||||||||
Other consumer | 488 | 207 | 695 | 15,707 | 16,402 | ||||||||||||||||||||
Total other loans | 3,564 | 1,488 | 5,052 | 894,461 | 899,513 | ||||||||||||||||||||
Total loans | $ | 7,774 | $ | 11,371 | $ | 19,145 | $ | 2,338,632 | $ | 2,357,777 | |||||||||||||||
Summary of Information Pertaining to Impaired Loans | ' | ||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans, which consist primarily of nonaccrual loans, excluding loans acquired with deteriorated credit quality, as of the periods indicated (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Recorded | Contractual | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 48 | $ | 48 | $ | — | |||||||||||||||||||
Commercial real estate | 6,836 | 7,209 | — | ||||||||||||||||||||||
Consumer real estate | 1,981 | 1,993 | — | ||||||||||||||||||||||
Commercial and industrial | 484 | 484 | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 9,349 | $ | 9,734 | $ | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 255 | $ | 255 | $ | 33 | |||||||||||||||||||
Commercial real estate | 5,973 | 6,187 | 1,772 | ||||||||||||||||||||||
Consumer real estate | 586 | 611 | 964 | ||||||||||||||||||||||
Commercial and industrial | 3,954 | 4,006 | 2,400 | ||||||||||||||||||||||
Other consumer | 3 | 3 | 1 | ||||||||||||||||||||||
Total | $ | 10,771 | $ | 11,062 | $ | 5,170 | |||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 303 | $ | 303 | $ | 33 | |||||||||||||||||||
Commercial real estate | 12,809 | 13,396 | 1,772 | ||||||||||||||||||||||
Consumer real estate | 2,567 | 2,604 | 964 | ||||||||||||||||||||||
Commercial and industrial | 4,438 | 4,490 | 2,400 | ||||||||||||||||||||||
Other consumer | 3 | 3 | 1 | ||||||||||||||||||||||
Total | $ | 20,120 | $ | 20,796 | $ | 5,170 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Recorded | Contractual | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 48 | $ | 48 | $ | — | |||||||||||||||||||
Commercial real estate | 1,864 | 1,984 | — | ||||||||||||||||||||||
Consumer real estate | 534 | 534 | — | ||||||||||||||||||||||
Commercial and industrial | 854 | 874 | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 3,300 | $ | 3,440 | $ | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 751 | $ | 751 | $ | 176 | |||||||||||||||||||
Commercial real estate | 3,339 | 3,367 | 548 | ||||||||||||||||||||||
Consumer real estate | 644 | 644 | 765 | ||||||||||||||||||||||
Commercial and industrial | 13,279 | 13,280 | 5,453 | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 18,013 | $ | 18,042 | $ | 6,942 | |||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 799 | $ | 799 | $ | 176 | |||||||||||||||||||
Commercial real estate | 5,203 | 5,351 | 548 | ||||||||||||||||||||||
Consumer real estate | 1,178 | 1,178 | 765 | ||||||||||||||||||||||
Commercial and industrial | 14,133 | 14,154 | 5,453 | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Total | $ | 21,313 | $ | 21,482 | $ | 6,942 | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 48 | $ | 1 | $ | 48 | $ | — | |||||||||||||||||
Commercial real estate | 5,716 | 35 | 1,903 | 47 | |||||||||||||||||||||
Consumer real estate | 1,981 | — | 1,566 | 7 | |||||||||||||||||||||
Commercial and industrial | 782 | 5 | 1,307 | 8 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 8,527 | $ | 41 | $ | 4,824 | $ | 62 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 311 | $ | 3 | $ | 753 | $ | 11 | |||||||||||||||||
Commercial real estate | 6,408 | — | 4,390 | 211 | |||||||||||||||||||||
Consumer real estate | 652 | 3 | 1,075 | 1 | |||||||||||||||||||||
Commercial and industrial | 3,536 | — | 5,230 | — | |||||||||||||||||||||
Other consumer | 3 | — | — | ||||||||||||||||||||||
Total | $ | 10,910 | $ | 6 | $ | 11,448 | $ | 223 | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 359 | $ | 4 | $ | 801 | $ | 11 | |||||||||||||||||
Commercial real estate | 12,124 | 35 | 6,293 | 258 | |||||||||||||||||||||
Consumer real estate | 2,633 | 3 | 2,641 | 8 | |||||||||||||||||||||
Commercial and industrial | 4,318 | 5 | 6,537 | 8 | |||||||||||||||||||||
Other consumer | 3 | — | — | — | |||||||||||||||||||||
Total | $ | 19,437 | $ | 47 | $ | 16,272 | $ | 285 | |||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 24 | $ | 1 | $ | 48 | $ | 1 | |||||||||||||||||
Commercial real estate | 5,549 | 116 | 1,953 | 65 | |||||||||||||||||||||
Consumer real estate | 1,977 | — | 1,191 | 7 | |||||||||||||||||||||
Commercial and industrial | 792 | 33 | 1,011 | 30 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 8,342 | $ | 150 | $ | 4,203 | $ | 103 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Construction | $ | 283 | $ | 11 | $ | 753 | $ | — | |||||||||||||||||
Commercial real estate | 5,764 | 3 | 4,259 | 211 | |||||||||||||||||||||
Consumer real estate | 802 | 10 | 859 | 2 | |||||||||||||||||||||
Commercial and industrial | 3,430 | — | 7,522 | 43 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 10,279 | $ | 24 | $ | 13,393 | $ | 256 | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||
Construction | $ | 307 | $ | 12 | $ | 801 | $ | 1 | |||||||||||||||||
Commercial real estate | 11,313 | 119 | 6,212 | 276 | |||||||||||||||||||||
Consumer real estate | 2,779 | 10 | 2,050 | 9 | |||||||||||||||||||||
Commercial and industrial | 4,222 | 33 | 8,533 | 73 | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Total | $ | 18,621 | $ | 174 | $ | 17,596 | $ | 359 | |||||||||||||||||
Summary of Nonaccrual Loans | ' | ||||||||||||||||||||||||
The following is a summary of information pertaining to nonaccrual loans as of the periods indicated (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||
Construction | $ | 174 | $ | 75 | |||||||||||||||||||||
Commercial real estate | 13,205 | 10,133 | |||||||||||||||||||||||
Consumer real estate | 2,393 | 2,347 | |||||||||||||||||||||||
Commercial and industrial | 4,343 | 3,784 | |||||||||||||||||||||||
Other consumer | 103 | 57 | |||||||||||||||||||||||
$ | 20,218 | $ | 16,396 | ||||||||||||||||||||||
Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired | ' | ||||||||||||||||||||||||
The following is a summary of changes in the accretable yields of acquired loans as of the periods indicated as follows (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 170 | $ | 628 | |||||||||||||||||||||
Acquisition | — | — | |||||||||||||||||||||||
Net transfers from nonaccretable difference to accretable yield | 816 | 45 | |||||||||||||||||||||||
Accretion | (777 | ) | (323 | ) | |||||||||||||||||||||
Balance, end of period | $ | 209 | $ | 350 | |||||||||||||||||||||
Summary of Company's Troubled Debt Restructurings ("TDRs') | ' | ||||||||||||||||||||||||
Information about the Company’s troubled debt restructurings (TDRs) at June 30, 2014 and June 30, 2013, is presented in the following tables (in thousands). | |||||||||||||||||||||||||
Current | Greater | Nonaccrual | Total Loans | ||||||||||||||||||||||
Than 30 | TDRs | ||||||||||||||||||||||||
Days Past | |||||||||||||||||||||||||
Due | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 303 | $ | — | $ | — | $ | 303 | |||||||||||||||||
Commercial real estate | 355 | — | 102 | 457 | |||||||||||||||||||||
Consumer real estate | 616 | — | 139 | 755 | |||||||||||||||||||||
Total real estate loans | 1,274 | — | 241 | 1,515 | |||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 305 | — | — | 305 | |||||||||||||||||||||
Total loans | $ | 1,579 | $ | — | $ | 241 | $ | 1,820 | |||||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Construction | $ | 47 | $ | — | $ | — | $ | 47 | |||||||||||||||||
Commercial real estate | 275 | — | 101 | 376 | |||||||||||||||||||||
Consumer real estate | 636 | 141 | 777 | ||||||||||||||||||||||
Total real estate loans | 958 | — | 242 | 1,200 | |||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial and industrial | 361 | — | — | 361 | |||||||||||||||||||||
Total loans | $ | 1,319 | $ | — | $ | 242 | $ | 1,561 | |||||||||||||||||
Summary of Information Pertaining to Modified Terms of Loans | ' | ||||||||||||||||||||||||
A summary of information pertaining to modified terms of loans, as of the dates indicated, is as follows: | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Number of | Pre- | Post- | |||||||||||||||||||||||
Contracts | Modification | Modification | |||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Troubled debt restructuring: | |||||||||||||||||||||||||
Construction | 2 | $ | 303 | $ | 303 | ||||||||||||||||||||
Commercial real estate | 3 | 457 | 457 | ||||||||||||||||||||||
Consumer real estate | 3 | 755 | 755 | ||||||||||||||||||||||
Commercial and industrial | 1 | 305 | 305 | ||||||||||||||||||||||
9 | $ | 1,820 | $ | 1,820 | |||||||||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||||||
Number of | Pre- | Post- | |||||||||||||||||||||||
Contracts | Modification | Modification | |||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Troubled debt restructuring: | |||||||||||||||||||||||||
Construction | 1 | $ | 47 | $ | 47 | ||||||||||||||||||||
Commercial real estate | 3 | 376 | 376 | ||||||||||||||||||||||
Consumer real estate | 3 | 777 | 777 | ||||||||||||||||||||||
Commercial and industrial | 1 | 361 | 361 | ||||||||||||||||||||||
8 | $ | 1,561 | $ | 1,561 | |||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Summary of Income Tax Benefit on Statement of Income | ' | ||||||||
The income tax benefit on the statement of income for the six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||
June 30, 2014 | June 30, 2013 | ||||||||
Current tax benefit | $ | — | $ | — | |||||
Deferred tax benefit | (9,742 | ) | (8,211 | ) | |||||
Total tax benefit | $ | (9,742 | ) | $ | (8,211 | ) | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of Total Notional Amount of Loan Commitments and Standby Letters of Credit | ' | ||||||||
The following is a summary of the total notional amount of loan commitments and standby letters of credit outstanding at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Standby letters of credit | $ | 111,576 | $ | 106,467 | |||||
Unused loan commitments | 394,460 | 268,760 | |||||||
$ | 506,036 | $ | 375,227 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The components of accumulated other comprehensive income and changes in those components are presented in the following table (in thousands). | |||||||||||||||||
Cash Flow | Transfers of | Available | Total | ||||||||||||||
Hedge | Available for | for sale | |||||||||||||||
sale securities | securities | ||||||||||||||||
to Held to | |||||||||||||||||
Maturity | |||||||||||||||||
Balance at January 1, 2014 | $ | (2,054 | ) | $ | (3,710 | ) | $ | (10,751 | ) | $ | (16,515 | ) | |||||
Other comprehensive income before income taxes: | |||||||||||||||||
Net change in unrealized gain (loss) | (8,767 | ) | — | 9,724 | 957 | ||||||||||||
Reclassification of net gains realized and included in earnings | — | (56 | ) | (56 | ) | ||||||||||||
Amortization of unrealized net gain (loss) on securities | — | 269 | — | 269 | |||||||||||||
Income tax expense (benefit) | (3,069 | ) | 94 | 3,385 | 410 | ||||||||||||
Balance at June 30, 2014 | $ | (7,752 | ) | $ | (3,535 | ) | $ | (4,468 | ) | $ | (15,755 | ) | |||||
Balance at January 1, 2013 | $ | (4,455 | ) | $ | — | $ | 1,529 | $ | (2,926 | ) | |||||||
Other comprehensive income before income taxes: | |||||||||||||||||
Net change in unrealized gain (loss) | 6,798 | — | (16,924 | ) | (10,126 | ) | |||||||||||
Reclassification of net gains realized and included in earnings | — | — | (305 | ) | (305 | ) | |||||||||||
Income tax expense (benefit) | 2,379 | — | (6,030 | ) | (3,651 | ) | |||||||||||
Balance at June 30, 2013 | $ | (36 | ) | $ | — | $ | (9,670 | ) | $ | (9,706 | ) | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Carrying Value and Fair Value Measurements of Financial Assets and Liabilities on Recurring Basis | ' | ||||||||||||||||||||
The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy, based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. government agency securities | $ | 148,214 | $ | — | $ | 148,214 | $ | — | |||||||||||||
U.S. Treasury securities | 12,474 | — | 12,474 | — | |||||||||||||||||
Municipal securities | 18,791 | — | 18,791 | — | |||||||||||||||||
Mortgage-backed securities | 64,960 | — | 64,960 | — | |||||||||||||||||
Corporate bonds | 36,552 | — | 36,552 | — | |||||||||||||||||
$ | 280,991 | $ | — | $ | 280,991 | $ | — | ||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative instruments | $ | 11,926 | $ | — | $ | 11,926 | $ | — | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
U.S. government agency securities | $ | 151,323 | $ | — | $ | 151,323 | $ | — | |||||||||||||
U.S. Treasury securities | 12,149 | — | 12,149 | — | |||||||||||||||||
Municipal securities | 23,167 | — | 23,167 | — | |||||||||||||||||
Mortgage-backed securities | 55,544 | — | 55,544 | — | |||||||||||||||||
Corporate bonds | 35,536 | — | 35,536 | — | |||||||||||||||||
$ | 277,719 | $ | — | $ | 277,719 | $ | — | ||||||||||||||
Derivative instruments | 1,157 | — | 1,157 | — | |||||||||||||||||
Total | $ | 278,876 | $ | — | $ | 278,876 | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivative instruments | $ | 4,317 | $ | — | $ | 4,317 | $ | — | |||||||||||||
Carrying Value and Fair Value Measurements of Financial Assets and Liabilities on Non Recurring Basis | ' | ||||||||||||||||||||
The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands). | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Loans | $ | 10,772 | $ | — | $ | — | $ | 10,772 | |||||||||||||
OREO | 3,700 | — | — | 3,700 | |||||||||||||||||
$ | 14,472 | $ | — | $ | — | $ | 14,472 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
( Level 1) | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Loans | $ | 9,782 | $ | — | $ | — | $ | 9,782 | |||||||||||||
OREO | 2,390 | — | — | 2,390 | |||||||||||||||||
$ | 12,172 | $ | — | $ | — | $ | 12,172 | ||||||||||||||
Carrying Value and Fair Value Measurements of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows as of the dates indicated (in thousands): | |||||||||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 38,660 | $ | 38,660 | $ | 38,660 | $ | — | $ | — | |||||||||||
Short-term investments | 24,790 | 24,790 | 24,790 | — | — | ||||||||||||||||
Investment in short-term receivables | 252,460 | 252,460 | 252,460 | — | — | ||||||||||||||||
Investment securities available for sale | 280,991 | 280,991 | — | 280,991 | — | ||||||||||||||||
Investment securities held to maturity | 91,075 | 91,446 | — | 91,446 | — | ||||||||||||||||
Loans and loans held for sale | 2,582,348 | 2,782,833 | — | — | 2,782,833 | ||||||||||||||||
Cash surrender value of bank-owned life insurance | 46,583 | 46,583 | 46,583 | — | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits, noninterest-bearing | 340,716 | 340,716 | — | 340,716 | — | ||||||||||||||||
Deposits, interest-bearing | 2,616,803 | 2,600,965 | — | — | 2,600,965 | ||||||||||||||||
Short-term borrowings and repurchase agreements | 106,393 | 106,393 | — | 106,393 | — | ||||||||||||||||
Long-term borrowings | 55,110 | 57,628 | — | — | 57,628 | ||||||||||||||||
Derivative instruments | 11,926 | 11,926 | — | 11,926 | — | ||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 28,140 | $ | 28,140 | $ | 28,140 | $ | — | $ | — | |||||||||||
Short-term investments | 3,502 | 3,502 | 3,502 | — | — | ||||||||||||||||
Investment in short-term receivables | 246,817 | 246,817 | 246,817 | — | — | ||||||||||||||||
Investment securities available for sale | 277,719 | 277,719 | — | 277,719 | — | ||||||||||||||||
Investment securities held to maturity | 94,904 | 90,966 | — | 90,966 | — | ||||||||||||||||
Loans and loans held for sale | 2,364,354 | 2,344,475 | — | — | 2,344,475 | ||||||||||||||||
Cash surrender value of bank-owned life insurance | 26,187 | 26,187 | 26,187 | — | — | ||||||||||||||||
Derivative instruments | 1,157 | 1,157 | — | 1,157 | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits, noninterest-bearing | 291,080 | 291,080 | — | 291,080 | — | ||||||||||||||||
Deposits, interest-bearing | 2,439,727 | 2,380,985 | — | — | 2,380,985 | ||||||||||||||||
Short-term borrowings and repurchase agreements | 84,382 | 84,382 | — | 84,382 | — | ||||||||||||||||
Long-term borrowings | 55,110 | 55,616 | — | — | 55,616 | ||||||||||||||||
Derivative instruments | 4,317 | 4,317 | — | 4,317 | — |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic: Income available to common shareholders | $12,361 | $8,056 | $24,848 | $15,707 |
Weighted-average common shares outstanding | 18,526,705 | 15,912,118 | 18,518,078 | 14,482,871 |
Basic earnings per share | $0.67 | $0.51 | $1.34 | $1.09 |
Diluted: Income available to common shareholders | $12,361 | $8,056 | $24,848 | $15,707 |
Weighted-average common shares outstanding | 18,526,705 | 15,912,118 | 18,518,078 | 14,482,871 |
Stock options outstanding | 384,672 | 346,431 | 391,094 | 264,079 |
Warrants | 116,638 | 87,597 | 117,769 | 71,902 |
Weighted-average common shares outstanding - assuming dilution | 19,028,015 | 16,346,146 | 19,026,941 | 14,818,852 |
Diluted earnings per share | $0.65 | $0.49 | $1.31 | $1.06 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Market Values of Investment Securities with Gross Unrealized Gains and Losses (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $287,864 | $294,259 |
Gross Unrealized Gains | 2,224 | 1,063 |
Gross Unrealized Losses Less Than One Year | -1,448 | -15,651 |
Gross Unrealized Losses Greater Than One Year | -7,649 | -1,952 |
Estimated Market Value | 280,991 | 277,719 |
Amortized Cost | 91,075 | 94,904 |
Gross Unrealized Gains | 2,234 | 106 |
Gross Unrealized Losses Less Than One Year | -1,899 | -4,044 |
Gross Unrealized Losses Greater Than One Year | ' | ' |
Estimated Market Value | 91,075 | 94,904 |
U.S. government agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 153,896 | 163,964 |
Gross Unrealized Gains | 769 | 81 |
Gross Unrealized Losses Less Than One Year | ' | -10,991 |
Gross Unrealized Losses Greater Than One Year | -6,451 | -1,731 |
Estimated Market Value | 148,214 | 151,323 |
U.S. Treasury securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 13,021 | 13,022 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses Less Than One Year | ' | -873 |
Gross Unrealized Losses Greater Than One Year | -547 | ' |
Estimated Market Value | 12,474 | 12,149 |
Municipal securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 18,785 | 23,240 |
Gross Unrealized Gains | 188 | 140 |
Gross Unrealized Losses Less Than One Year | -182 | -213 |
Gross Unrealized Losses Greater Than One Year | ' | ' |
Estimated Market Value | 18,791 | 23,167 |
Amortized Cost | 41,332 | 44,294 |
Gross Unrealized Gains | 1,509 | 94 |
Gross Unrealized Losses Less Than One Year | -16 | -398 |
Gross Unrealized Losses Greater Than One Year | ' | ' |
Estimated Market Value | 42,825 | 43,990 |
Mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 65,490 | 57,010 |
Gross Unrealized Gains | 728 | 447 |
Gross Unrealized Losses Less Than One Year | -1,258 | -1,897 |
Gross Unrealized Losses Greater Than One Year | ' | -16 |
Estimated Market Value | 64,960 | 55,544 |
Amortized Cost | 49,743 | 50,610 |
Gross Unrealized Gains | 725 | 12 |
Gross Unrealized Losses Less Than One Year | -1,883 | -3,646 |
Gross Unrealized Losses Greater Than One Year | ' | ' |
Estimated Market Value | 48,585 | 46,976 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 36,672 | 37,023 |
Gross Unrealized Gains | 539 | 395 |
Gross Unrealized Losses Less Than One Year | -8 | -1,677 |
Gross Unrealized Losses Greater Than One Year | -651 | -205 |
Estimated Market Value | $36,552 | $35,536 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Security | Security | ||
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Transfer of securities with fair value | ' | ' | $95.40 |
Accumulated other comprehensive income included net pre-tax unrealized losses | 5.4 | ' | 5.9 |
Number of securities in loss position | 46 | ' | 88 |
Securities with estimated market values | 299.5 | ' | 204.3 |
Proceeds from sales of securities | 7.4 | 37.4 | ' |
Gross gains realized | 0.2 | 0.5 | ' |
Gross losses realized | $0.10 | $0.20 | ' |
Investment_Securities_Summary_1
Investment Securities - Summary of Amortized Cost and Estimated Market Values by Contractual Maturity of Investment Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' |
Weighted average yield, Due in one year or less | 1.91% | 1.39% |
Weighted average yield, Due after one year through five years | 2.69% | 2.58% |
Weighted average yield, Due after five years through ten years | 2.05% | 2.12% |
Weighted average yield, Due after ten years | 3.00% | 3.17% |
Weighted average yield, Total securities | 2.36% | 2.30% |
Weighted average yield, Due in one year or less | 3.88% | 1.76% |
Weighted average yield, Due after one year through five years | 3.73% | 2.60% |
Weighted average yield, Due after five years through ten years | 3.81% | 3.70% |
Weighted average yield, Due after ten years | 3.11% | 3.41% |
Weighted average yield, Total securities | 3.49% | 3.35% |
Amortized Cost, Due in one year or less | $3,556 | $12,340 |
Amortized Cost, Due after one year through five years | 82,862 | 64,790 |
Amortized Cost, Due after five years through ten years | 163,382 | 180,362 |
Amortized Cost, Due after ten years | 38,064 | 36,767 |
Amortized Cost, Total securities | 287,864 | 294,259 |
Amortized Cost, Due in one year or less | 2,045 | 1,007 |
Amortized Cost, Due after one year through five years | 13,192 | 18,101 |
Amortized Cost, Due after five years through ten years | 35,616 | 37,591 |
Amortized Cost, Due after ten years | 40,222 | 38,205 |
Amortized Cost, Total securities | 91,075 | 94,904 |
Estimated Market Value, Due in one year or less | 3,638 | 12,368 |
Estimated Market Value, Due after one year through five years | 83,688 | 65,038 |
Estimated Market Value, Due after five years through ten years | 157,845 | 168,243 |
Estimated Market Value, Due after ten years | 35,820 | 32,070 |
Estimated Market Value | 280,991 | 277,719 |
Estimated Market Value, Due in one year or less | 2,028 | 1,007 |
Estimated Market Value, Due after one year through five years | 13,463 | 17,539 |
Estimated Market Value, Due after five years through ten years | 36,987 | 37,137 |
Estimated Market Value, Due after ten years | 38,932 | 35,283 |
Estimated Market Value, Total securities | $91,075 | $94,904 |
Loans_Summary_of_Major_Classif
Loans - Summary of Major Classifications of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Commercial real estate loans: | ' | ' | ' | ' |
Construction | $279,303 | $203,369 | ' | ' |
Mortgage | 1,164,994 | 1,118,048 | ' | ' |
Total commercial real estate loans | 1,444,297 | 1,321,417 | ' | ' |
Consumer real estate loans: | ' | ' | ' | ' |
Construction | 9,904 | 8,986 | ' | ' |
Mortgage | 123,975 | 115,307 | ' | ' |
Total consumer real estate loans | 133,879 | 124,293 | ' | ' |
Commercial and industrial loans | 946,896 | 868,469 | ' | ' |
Loans to individuals, excluding real estate | 21,125 | 16,345 | ' | ' |
Nonaccrual loans | 20,218 | 16,396 | ' | ' |
Other loans | 10,669 | 10,857 | ' | ' |
Loans, gross | 2,577,084 | 2,357,777 | ' | ' |
Less allowance for loan losses | -37,403 | -32,143 | -27,748 | -26,977 |
Loans, net | $2,539,681 | $2,325,634 | ' | ' |
Loans_Summary_of_Major_Classif1
Loans - Summary of Major Classifications of Loans (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Federal Home Loan Banks [Abstract] | ' | ' |
Commercial real estate loans | $354.50 | $364.90 |
Loans_Summary_of_Changes_in_Al
Loans - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance For Loan And Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $32,143 | $26,977 |
Provision charged to operations | 3,000 | 2,400 | 6,000 | 5,000 |
Charge-offs | ' | ' | -769 | -4,316 |
Recoveries | ' | ' | 29 | 87 |
Balance, end of period | $37,403 | $27,748 | $37,403 | $27,748 |
Loans_Summary_of_Allowance_for
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $32,143 | $26,977 | ' |
Charge-offs | ' | ' | -769 | -4,316 | ' |
Recoveries | ' | ' | 29 | 87 | ' |
Provision | 3,000 | 2,400 | 6,000 | 5,000 | ' |
Balance, end of period | 37,403 | 27,748 | 37,403 | 27,748 | ' |
Individually evaluated for impairment | 5,170 | 3,071 | 5,170 | 3,071 | ' |
Collectively evaluated for impairment | 32,233 | 24,677 | 32,233 | 24,677 | ' |
Ending balance-total | 2,577,084 | ' | 2,577,084 | ' | 2,357,777 |
Loans receivable [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Ending balance-total | 2,577,084 | 2,094,193 | 2,577,084 | 2,094,193 | ' |
Individually evaluated for impairment | 20,120 | 13,879 | 20,120 | 13,879 | ' |
Collectively evaluated for impairment | 2,556,964 | 2,080,314 | 2,556,964 | 2,080,314 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 2,790 | 2,004 | ' |
Charge-offs | ' | ' | -4 | ' | ' |
Recoveries | ' | ' | ' | ' | ' |
Provision | ' | ' | 1,276 | 552 | ' |
Balance, end of period | 4,062 | 2,556 | 4,062 | 2,556 | ' |
Individually evaluated for impairment | 33 | 200 | 33 | 200 | ' |
Collectively evaluated for impairment | 4,029 | 2,356 | 4,029 | 2,356 | ' |
Ending balance-total | 289,382 | ' | 289,382 | ' | 212,520 |
Construction [Member] | Loans receivable [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Ending balance-total | 289,382 | 182,577 | 289,382 | 182,577 | ' |
Individually evaluated for impairment | 303 | 803 | 303 | 803 | ' |
Collectively evaluated for impairment | 289,079 | 181,774 | 289,079 | 181,774 | ' |
Commercial real estate [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 13,780 | 10,716 | ' |
Charge-offs | ' | ' | -396 | -135 | ' |
Recoveries | ' | ' | 1 | 11 | ' |
Provision | ' | ' | 1,278 | 2,290 | ' |
Balance, end of period | 14,663 | 12,882 | 14,663 | 12,882 | ' |
Individually evaluated for impairment | 1,772 | 1,353 | 1,772 | 1,353 | ' |
Collectively evaluated for impairment | 12,891 | 11,529 | 12,891 | 11,529 | ' |
Ending balance-total | 1,178,199 | ' | 1,178,199 | ' | 1,128,091 |
Commercial real estate [Member] | Loans receivable [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Ending balance-total | 1,178,199 | 1,075,276 | 1,178,199 | 1,075,276 | ' |
Individually evaluated for impairment | 12,809 | 7,222 | 12,809 | 7,222 | ' |
Collectively evaluated for impairment | 1,165,390 | 1,068,054 | 1,165,390 | 1,068,054 | ' |
Consumer real estate [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 2,656 | 2,450 | ' |
Charge-offs | ' | ' | -43 | -24 | ' |
Recoveries | ' | ' | ' | ' | ' |
Provision | ' | ' | 676 | 442 | ' |
Balance, end of period | 3,289 | 2,868 | 3,289 | 2,868 | ' |
Individually evaluated for impairment | 964 | 566 | 964 | 566 | ' |
Collectively evaluated for impairment | 2,325 | 2,302 | 2,325 | 2,302 | ' |
Ending balance-total | 126,368 | ' | 126,368 | ' | 117,653 |
Consumer real estate [Member] | Loans receivable [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Ending balance-total | 126,368 | 108,712 | 126,368 | 108,712 | ' |
Individually evaluated for impairment | 2,567 | 2,922 | 2,567 | 2,922 | ' |
Collectively evaluated for impairment | 123,801 | 105,790 | 123,801 | 105,790 | ' |
Commercial and industrial [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 12,677 | 11,675 | ' |
Charge-offs | ' | ' | -254 | -4,014 | ' |
Recoveries | ' | ' | 18 | 56 | ' |
Provision | ' | ' | 2,690 | 1,505 | ' |
Balance, end of period | 15,131 | 9,222 | 15,131 | 9,222 | ' |
Individually evaluated for impairment | 2,400 | 952 | 2,400 | 952 | ' |
Collectively evaluated for impairment | 12,731 | 8,270 | 12,731 | 8,270 | ' |
Ending balance-total | 961,908 | ' | 961,908 | ' | 883,111 |
Commercial and industrial [Member] | Loans receivable [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Ending balance-total | 961,908 | 710,478 | 961,908 | 710,478 | ' |
Individually evaluated for impairment | 4,438 | 2,932 | 4,438 | 2,932 | ' |
Collectively evaluated for impairment | 957,470 | 707,546 | 957,470 | 707,546 | ' |
Other consumer [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 240 | 132 | ' |
Charge-offs | ' | ' | -72 | -143 | ' |
Recoveries | ' | ' | 10 | 20 | ' |
Provision | ' | ' | 80 | 211 | ' |
Balance, end of period | 258 | 220 | 258 | 220 | ' |
Individually evaluated for impairment | 1 | ' | 1 | ' | ' |
Collectively evaluated for impairment | 257 | 220 | 257 | 220 | ' |
Ending balance-total | 21,227 | ' | 21,227 | ' | 16,402 |
Other consumer [Member] | Loans receivable [Member] | ' | ' | ' | ' | ' |
Schedule Of Allowance For Loan Losses [Line Items] | ' | ' | ' | ' | ' |
Ending balance-total | 21,227 | 17,150 | 21,227 | 17,150 | ' |
Individually evaluated for impairment | 3 | ' | 3 | ' | ' |
Collectively evaluated for impairment | $21,224 | $17,150 | $21,224 | $17,150 | ' |
Loans_Summary_of_Credit_Qualit
Loans - Summary of Credit Quality Indicators on Company's Loan Portfolio (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $2,577,084 | $2,357,777 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 289,382 | 212,520 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,178,199 | 1,128,091 |
Consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 126,368 | 117,653 |
Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 961,908 | 883,111 |
Other consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 21,227 | 16,402 |
Pass and Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,495,230 | 2,274,125 |
Pass and Pass/Watch [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 276,453 | 197,951 |
Pass and Pass/Watch [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,122,316 | 1,073,339 |
Pass and Pass/Watch [Member] | Consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 122,006 | 113,037 |
Pass and Pass/Watch [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 953,411 | 873,547 |
Pass and Pass/Watch [Member] | Other consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 21,044 | 16,251 |
Special Mention Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,723 | 1,935 |
Special Mention Loans [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3 | 4 |
Special Mention Loans [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,632 | 1,720 |
Special Mention Loans [Member] | Consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 64 | 185 |
Special Mention Loans [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 16 | 17 |
Special Mention Loans [Member] | Other consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 8 | 9 |
Substandard Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 80,131 | 81,717 |
Substandard Loans [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 12,926 | 14,475 |
Substandard Loans [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 54,251 | 53,122 |
Substandard Loans [Member] | Consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,298 | 4,431 |
Substandard Loans [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 8,481 | 9,547 |
Substandard Loans [Member] | Other consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 175 | 142 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Doubtful [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Doubtful [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Doubtful [Member] | Consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Doubtful [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Doubtful [Member] | Other consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Financing Receivable, Equal to Greater than 90 Days Past Due | $16,873,000 | ' | $16,873,000 | ' | $11,371,000 |
Average recorded investment in nonaccrual loan | 18,200,000 | ' | 18,200,000 | ' | 17,900,000 |
Amount of interest income | ' | ' | 500,000 | ' | 1,000,000 |
Troubled debt restructurings | 1,820,000 | 1,561,000 | 1,820,000 | 1,561,000 | 1,900,000 |
Nonaccrual TDRs | 241,000 | 242,000 | 241,000 | 242,000 | 200,000 |
Troubled debt restructurings modified | 0 | 0 | 0 | 0 | ' |
Secured Tuition Loans [Member] | ' | ' | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Financing Receivable, Equal to Greater than 90 Days Past Due | 0 | ' | 0 | ' | 200,000 |
Other consumer [Member] | ' | ' | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Financing Receivable, Equal to Greater than 90 Days Past Due | 90,000 | ' | 90,000 | ' | 207,000 |
Other consumer [Member] | Secured Tuition Loans [Member] | ' | ' | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Financing Receivable, Equal to Greater than 90 Days Past Due | 0 | ' | 0 | ' | 200,000 |
Substandard Loans [Member] | ' | ' | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Loans acquired with deteriorated credit quality | 5,600,000 | ' | 5,600,000 | ' | 7,400,000 |
Special Mention Loans [Member] | ' | ' | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Loans acquired with deteriorated credit quality | $0 | ' | $0 | ' | $1,600,000 |
Loans_Age_Analysis_of_Past_Due
Loans - Age Analysis of Past Due Loans Including Loans Acquired with Deteriorated Credit Quality (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | $4,255 | $7,774 |
90 Days and Greater Past Due | 16,873 | 11,371 |
Total Past Due | 21,128 | 19,145 |
Current Loans | 2,555,956 | 2,338,632 |
Loans, gross | 2,577,084 | 2,357,777 |
Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 2,505 | 4,210 |
90 Days and Greater Past Due | 12,380 | 9,883 |
Total Past Due | 14,885 | 14,093 |
Current Loans | 1,579,064 | 1,444,171 |
Loans, gross | 1,593,949 | 1,458,264 |
Other loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 1,750 | 3,564 |
90 Days and Greater Past Due | 4,493 | 1,488 |
Total Past Due | 6,243 | 5,052 |
Current Loans | 976,892 | 894,461 |
Loans, gross | 983,135 | 899,513 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 601 | 15 |
90 Days and Greater Past Due | 175 | 75 |
Total Past Due | 776 | 90 |
Current Loans | 288,606 | 212,430 |
Loans, gross | 289,382 | 212,520 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 225 | 2,935 |
90 Days and Greater Past Due | 9,970 | 7,642 |
Total Past Due | 10,195 | 10,577 |
Current Loans | 1,168,004 | 1,117,514 |
Loans, gross | 1,178,199 | 1,128,091 |
Consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 1,679 | 1,260 |
90 Days and Greater Past Due | 2,235 | 2,166 |
Total Past Due | 3,914 | 3,426 |
Current Loans | 122,454 | 114,227 |
Loans, gross | 126,368 | 117,653 |
Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 1,476 | 3,076 |
90 Days and Greater Past Due | 4,403 | 1,281 |
Total Past Due | 5,879 | 4,357 |
Current Loans | 956,029 | 878,754 |
Loans, gross | 961,908 | 883,111 |
Other consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater Than 30 and Fewer Than 90 Days Past Due | 274 | 488 |
90 Days and Greater Past Due | 90 | 207 |
Total Past Due | 364 | 695 |
Current Loans | 20,863 | 15,707 |
Loans, gross | $21,227 | $16,402 |
Loans_Summary_of_Information_P
Loans - Summary of Information Pertaining to Impaired Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | $9,349 | ' | $9,349 | ' | $3,300 |
With no related allowance recorded, Contractual Balance | 9,734 | ' | 9,734 | ' | 3,440 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 10,771 | ' | 10,771 | ' | 18,013 |
With an allowance recorded, Contractual Balance | 11,062 | ' | 11,062 | ' | 18,042 |
With an allowance recorded, Related Allowance | 5,170 | ' | 5,170 | ' | 6,942 |
Total impaired loans, Recorded Investment | 20,120 | ' | 20,120 | ' | 21,313 |
Total impaired loans, Contractual Balance | 20,796 | ' | 20,796 | ' | 21,482 |
Total impaired loans, Related Allowance | 5,170 | ' | 5,170 | ' | 6,942 |
With no related allowance recorded, Average Recorded Investment | 8,527 | 4,824 | 8,342 | 4,203 | ' |
With no related allowance recorded, Interest Income Recognized | 41 | 62 | 150 | 103 | ' |
With an allowance recorded, Average Recorded Investment | 10,910 | 11,448 | 10,279 | 4,203 | ' |
With an allowance recorded, Interest Income Recognized | 6 | 223 | 150 | 103 | ' |
Total impaired loans, Average Recorded Investment | 19,437 | 16,272 | 18,621 | 17,596 | ' |
Total impaired loans, Interest Income Recognized | 47 | 285 | 174 | 359 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 48 | ' | 48 | ' | 48 |
With no related allowance recorded, Contractual Balance | 48 | ' | 48 | ' | 48 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 255 | ' | 255 | ' | 751 |
With an allowance recorded, Contractual Balance | 255 | ' | 255 | ' | 751 |
With an allowance recorded, Related Allowance | 33 | ' | 33 | ' | 176 |
Total impaired loans, Recorded Investment | 303 | ' | 303 | ' | 799 |
Total impaired loans, Contractual Balance | 303 | ' | 303 | ' | 799 |
Total impaired loans, Related Allowance | 33 | ' | 33 | ' | 176 |
With no related allowance recorded, Average Recorded Investment | 48 | 48 | 24 | 48 | ' |
With no related allowance recorded, Interest Income Recognized | 1 | ' | 1 | 1 | ' |
With an allowance recorded, Average Recorded Investment | 311 | 753 | 283 | 48 | ' |
With an allowance recorded, Interest Income Recognized | 3 | 11 | 1 | 1 | ' |
Total impaired loans, Average Recorded Investment | 359 | 801 | 307 | 801 | ' |
Total impaired loans, Interest Income Recognized | 4 | 11 | 12 | 1 | ' |
Commercial real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 6,836 | ' | 6,836 | ' | 1,864 |
With no related allowance recorded, Contractual Balance | 7,209 | ' | 7,209 | ' | 1,984 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 5,973 | ' | 5,973 | ' | 3,339 |
With an allowance recorded, Contractual Balance | 6,187 | ' | 6,187 | ' | 3,367 |
With an allowance recorded, Related Allowance | 1,772 | ' | 1,772 | ' | 548 |
Total impaired loans, Recorded Investment | 12,809 | ' | 12,809 | ' | 5,203 |
Total impaired loans, Contractual Balance | 13,396 | ' | 13,396 | ' | 5,351 |
Total impaired loans, Related Allowance | 1,772 | ' | 1,772 | ' | 548 |
With no related allowance recorded, Average Recorded Investment | 5,716 | 1,903 | 5,549 | 1,953 | ' |
With no related allowance recorded, Interest Income Recognized | 35 | 47 | 116 | 65 | ' |
With an allowance recorded, Average Recorded Investment | 6,408 | 4,390 | 5,764 | 1,953 | ' |
With an allowance recorded, Interest Income Recognized | ' | 211 | 116 | 65 | ' |
Total impaired loans, Average Recorded Investment | 12,124 | 6,293 | 11,313 | 6,212 | ' |
Total impaired loans, Interest Income Recognized | 35 | 258 | 119 | 276 | ' |
Consumer real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 1,981 | ' | 1,981 | ' | 534 |
With no related allowance recorded, Contractual Balance | 1,993 | ' | 1,993 | ' | 534 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 586 | ' | 586 | ' | 644 |
With an allowance recorded, Contractual Balance | 611 | ' | 611 | ' | 644 |
With an allowance recorded, Related Allowance | 964 | ' | 964 | ' | 765 |
Total impaired loans, Recorded Investment | 2,567 | ' | 2,567 | ' | 1,178 |
Total impaired loans, Contractual Balance | 2,604 | ' | 2,604 | ' | 1,178 |
Total impaired loans, Related Allowance | 964 | ' | 964 | ' | 765 |
With no related allowance recorded, Average Recorded Investment | 1,981 | 1,566 | 1,977 | 1,191 | ' |
With no related allowance recorded, Interest Income Recognized | ' | 7 | ' | 7 | ' |
With an allowance recorded, Average Recorded Investment | 652 | 1,075 | 802 | 1,191 | ' |
With an allowance recorded, Interest Income Recognized | 3 | 1 | ' | 7 | ' |
Total impaired loans, Average Recorded Investment | 2,633 | 2,641 | 2,779 | 2,050 | ' |
Total impaired loans, Interest Income Recognized | 3 | 8 | 10 | 9 | ' |
Commercial and industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | 484 | ' | 484 | ' | 854 |
With no related allowance recorded, Contractual Balance | 484 | ' | 484 | ' | 874 |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 3,954 | ' | 3,954 | ' | 13,279 |
With an allowance recorded, Contractual Balance | 4,006 | ' | 4,006 | ' | 13,280 |
With an allowance recorded, Related Allowance | 2,400 | ' | 2,400 | ' | 5,453 |
Total impaired loans, Recorded Investment | 4,438 | ' | 4,438 | ' | 14,133 |
Total impaired loans, Contractual Balance | 4,490 | ' | 4,490 | ' | 14,154 |
Total impaired loans, Related Allowance | 2,400 | ' | 2,400 | ' | 5,453 |
With no related allowance recorded, Average Recorded Investment | 782 | 1,307 | 792 | 1,011 | ' |
With no related allowance recorded, Interest Income Recognized | 5 | 8 | 33 | 30 | ' |
With an allowance recorded, Average Recorded Investment | 3,536 | 5,230 | 3,430 | 1,011 | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | 33 | 30 | ' |
Total impaired loans, Average Recorded Investment | 4,318 | 6,537 | 4,222 | 8,533 | ' |
Total impaired loans, Interest Income Recognized | 5 | 8 | 33 | 73 | ' |
Other consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With no related allowance recorded, Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance recorded, Contractual Balance | ' | ' | ' | ' | ' |
With no related allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 3 | ' | 3 | ' | ' |
With an allowance recorded, Contractual Balance | 3 | ' | 3 | ' | ' |
With an allowance recorded, Related Allowance | 1 | ' | 1 | ' | ' |
Total impaired loans, Recorded Investment | 3 | ' | 3 | ' | ' |
Total impaired loans, Contractual Balance | 3 | ' | 3 | ' | ' |
Total impaired loans, Related Allowance | 1 | ' | 1 | ' | ' |
With no related allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | 3 | ' | ' | ' | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ' |
Total impaired loans, Average Recorded Investment | 3 | ' | ' | ' | ' |
Total impaired loans, Interest Income Recognized | ' | ' | ' | ' | ' |
Loans_Summary_of_Nonaccrual_Lo
Loans - Summary of Nonaccrual Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | $20,218 | $16,396 |
Nonaccrual Loans [Member] | Construction [Member] | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | 174 | 75 |
Nonaccrual Loans [Member] | Commercial real estate [Member] | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | 13,205 | 10,133 |
Nonaccrual Loans [Member] | Consumer real estate [Member] | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | 2,393 | 2,347 |
Nonaccrual Loans [Member] | Commercial and industrial [Member] | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | 4,343 | 3,784 |
Nonaccrual Loans [Member] | Other consumer [Member] | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | $103 | $57 |
Loans_Changes_in_Carrying_Amou
Loans -Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Receivables [Abstract] | ' | ' |
Balance, beginning of period | $170 | $628 |
Acquisition | ' | ' |
Net transfers from nonaccretable difference to accretable yield | 816 | 45 |
Accretion | -777 | -323 |
Balance, end of period | $209 | $350 |
Loans_Summary_of_Companys_Trou
Loans - Summary of Company's Troubled Debt Restructurings ("TDRs') (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Current | $1,579 | ' | $1,319 |
Greater than 30 Days Past Due | ' | ' | ' |
Nonaccrual TDRs | 241 | 200 | 242 |
Total Loans | 1,820 | 1,900 | 1,561 |
Total real estate loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Current | 1,274 | ' | 958 |
Greater than 30 Days Past Due | ' | ' | ' |
Nonaccrual TDRs | 241 | ' | 242 |
Total Loans | 1,515 | ' | 1,200 |
Total real estate loans [Member] | Construction [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Current | 303 | ' | 47 |
Greater than 30 Days Past Due | ' | ' | ' |
Nonaccrual TDRs | ' | ' | ' |
Total Loans | 303 | ' | 47 |
Total real estate loans [Member] | Commercial real estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Current | 355 | ' | 275 |
Greater than 30 Days Past Due | ' | ' | ' |
Nonaccrual TDRs | 102 | ' | 101 |
Total Loans | 457 | ' | 376 |
Total real estate loans [Member] | Consumer real estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Current | 616 | ' | 636 |
Greater than 30 Days Past Due | ' | ' | ' |
Nonaccrual TDRs | 139 | ' | 141 |
Total Loans | 755 | ' | 777 |
Other loans [Member] | Commercial and industrial [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Current | 305 | ' | 361 |
Greater than 30 Days Past Due | ' | ' | ' |
Nonaccrual TDRs | ' | ' | ' |
Total Loans | $305 | ' | $361 |
Loans_Summary_of_Information_P1
Loans - Summary of Information Pertaining to Modified Terms of Loans (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 9 | 8 |
Pre- Modification Outstanding Recorded Investment | $1,820 | $1,561 |
Post- Modification Outstanding Recorded Investment | 1,820 | 1,561 |
Troubled debt restructuring [Member] | Construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 2 | 1 |
Pre- Modification Outstanding Recorded Investment | 303 | 47 |
Post- Modification Outstanding Recorded Investment | 303 | 47 |
Troubled debt restructuring [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 3 | 3 |
Pre- Modification Outstanding Recorded Investment | 457 | 376 |
Post- Modification Outstanding Recorded Investment | 457 | 376 |
Troubled debt restructuring [Member] | Consumer real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 3 | 3 |
Pre- Modification Outstanding Recorded Investment | 755 | 777 |
Post- Modification Outstanding Recorded Investment | 755 | 777 |
Troubled debt restructuring [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | 305 | 361 |
Post- Modification Outstanding Recorded Investment | $305 | $361 |
Investments_in_Tax_Credit_Enti1
Investments in Tax Credit Entities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Due Between One Year And Three Years [Member] | Due Between Year Four And Year Seven [Member] | Maximum [Member] | Federal New Markets Tax Credits (NMTC) [Member] | Federal New Markets Tax Credits (NMTC) [Member] | Federal New Markets Tax Credits (NMTC) [Member] | State [Member] | Lender [Member] | Community Development Fund [Member] | Certified Development Entities [Member] | Certified Development Entities [Member] | Certified Development Entities [Member] | Certified Development Entities [Member] | Certified Development Entities [Member] | Low-Income Housing investment tax credit [Member] | Low-Income Housing investment tax credit [Member] | Federal Historic Rehabilitation Tax Credits [Member] | Federal Historic Rehabilitation Tax Credits [Member] | Development Entities [Member] | Development Entities [Member] | ||||||
Investment In Limited Partnership [Member] | Investment In Limited Partnership [Member] | Federal New Markets Tax Credits (NMTC) [Member] | |||||||||||||||||||||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Received allocation amount | ' | ' | ' | ' | ' | ' | ' | $46,000,000 | ' | $118,000,000 | $118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Generated Tax credits | 3,377,000 | 2,104,000 | 6,204,000 | 3,891,000 | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | 44,600,000 | ' | ' | ' | ' | ' | ' | 27,000,000 | ' | ' | ' |
Investments in QEI projects | ' | ' | ' | ' | ' | ' | ' | ' | 'The CDE is required to invest the proceeds of each QEI in projects located in or benefitting low-income communities, which are generally defined as those census tracts with poverty rates greater than 20% and/or median family incomes that are less than or equal to 80% of the area median family income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CDE investments in QEI projects located in low-income communities with poverty rates | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CDE investments in QEI projects located in low-income communities with median family income | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax credit as Percentage of project cost | ' | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit allowance period | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investor receives a credit equal to the total amount invested in the project | ' | ' | ' | ' | ' | 5.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualified Equity Investments | 118,000,000 | ' | 118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CDE gross amount | 118,000,000 | ' | 118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 42,600,000 | 75,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments generated recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 60,500,000 | ' | ' | ' | ' | ' | ' |
Investments generated recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected NMTC for year 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | 9,200,000 | ' | ' | ' |
Accrued Tax Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' | ' | ' | ' | ' | ' | 24,100,000 | ' | ' | 42,300,000 | ' | ' | ' | ' | ' |
Qualified Equity Investment low Income community investment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans related to real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,900,000 | 45,300,000 | ' | ' | ' | ' | ' | ' | ' | 47,500,000 | 36,500,000 |
Total assets | 3,568,408,000 | ' | 3,568,408,000 | ' | 3,286,617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 38,660,000 | ' | 38,660,000 | ' | 28,140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 2,539,681,000 | ' | 2,539,681,000 | ' | 2,325,634,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | 26,827,000 | ' | 26,827,000 | ' | 23,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | 3,159,234,000 | ' | 3,159,234,000 | ' | 2,904,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,600,000 | ' | ' | ' | ' | 37,600,000 | 40,000,000 | 24,100,000 | 16,500,000 | ' | ' |
Tax credits recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 27,200,000 | ' | ' | 9,500,000 | ' | 17,800,000 | ' | ' |
Investment in partnership expected to generate Low-Income Housing tax credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,300,000 | ' | ' | ' | ' | ' |
Interest in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.99% | ' | 99.90% | ' | ' | ' |
Property investment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | '10 years | ' | ' | ' |
Loans related to real estate projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41,900,000 | $42,000,000 | $3,300,000 | ' | ' | ' |
Derivative_Interest_Rate_Swap_1
Derivative - Interest Rate Swap Agreements - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Prime Swaps [Member] | Prime Swaps [Member] | Delayed Interest Rate Swap [Member] | Delayed Interest Rate Swap [Member] | Counterparty B [Member] | Counterparty A [Member] | Counterparty A [Member] | Prime Rate [Member] | Prime plus 1% [Member] | Prime plus 1% floored at 5% [Member] | Prime plus 1% floored at 5.5% [Member] | Prime plus 1% floored at 5.5% [Member] | ||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Prime Swaps [Member] | |||||||||||
Interest Rate Derivatives Outstanding [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivative contract | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | $115,000,000 | ' | ' | ' | ' | $250,000,000 |
Gain loss after income tax recognized in other comprehensive income | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' |
Fair Value of Derivative Liabilities | 3,900,000 | ' | ' | 8,100,000 | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Derivative Assets | ' | ' | 1,200,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts of gains or losses have been reclassified from accumulated comprehensive income | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment securities principal amount | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of investment securities | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime | 'Prime plus 1% | 'Prime plus 1% floored at 5% | 'Prime plus 1% floored at 5.5% | ' |
Debt instrument basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | 1.00% | ' |
Debt instrument interest floored rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.50% | ' |
Amount of derivative will mature within next 12 months | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss recognized in other comprehensive income | 2,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value | ' | ' | ' | ' | 2,300,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral | 82,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $79,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Benefit on Statement of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current tax benefit | ' | ' | ' | ' |
Deferred tax benefit | ' | ' | -9,742 | -8,211 |
Total tax benefit | ($4,784) | ($4,198) | ($9,742) | ($8,211) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of Total Notional Amount of Loan Commitments and Standby Letters of Credit (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Standby letters of credit | $111,576 | $106,467 |
Unused loan commitments | 394,460 | 268,760 |
Total | $506,036 | $375,227 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($16,515) | ($2,926) |
Net change in unrealized gain (loss) | ' | ' | 957 | -10,126 |
Reclassification of net gains realized and included in earnings | -56 | ' | -56 | -305 |
Amortization of unrealized net gain (loss) on securities | 165 | ' | 269 | ' |
Income tax expense (benefit) | 231 | -3,217 | 410 | -3,651 |
Ending balance | -15,755 | -9,706 | -15,755 | -9,706 |
Cash Flow Hedge [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -2,054 | -4,455 |
Net change in unrealized gain (loss) | ' | ' | -8,767 | 6,798 |
Reclassification of net gains realized and included in earnings | ' | ' | ' | ' |
Amortization of unrealized net gain (loss) on securities | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | -3,069 | 2,379 |
Ending balance | -7,752 | -36 | -7,752 | -36 |
Transfers of Available for Sale Securities to Held to Maturity [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -3,710 | ' |
Net change in unrealized gain (loss) | ' | ' | ' | ' |
Reclassification of net gains realized and included in earnings | ' | ' | ' | ' |
Amortization of unrealized net gain (loss) on securities | ' | ' | 269 | ' |
Income tax expense (benefit) | ' | ' | 94 | ' |
Ending balance | -3,535 | ' | -3,535 | ' |
Available-for-sale securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -10,751 | 1,529 |
Net change in unrealized gain (loss) | ' | ' | 9,724 | -16,924 |
Reclassification of net gains realized and included in earnings | ' | ' | -56 | -305 |
Amortization of unrealized net gain (loss) on securities | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | 3,385 | -6,030 |
Ending balance | ($4,468) | ($9,670) | ($4,468) | ($9,670) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Value and Fair Value Measurements of Financial Assets and Liabilities on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale securities: | ' | ' |
Available for sale securities | $280,991 | $277,719 |
Derivative instruments | ' | 1,200 |
Liabilities | ' | ' |
Derivative instruments | 3,900 | ' |
U.S. government agency securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 148,214 | 151,323 |
U.S. Treasury securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 12,474 | 12,149 |
Municipal securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 18,791 | 23,167 |
Mortgage-backed securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 64,960 | 55,544 |
Corporate bonds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 36,552 | 35,536 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 280,991 | 277,719 |
Derivative instruments | ' | 1,157 |
Liabilities | ' | ' |
Derivative instruments | 11,926 | 4,317 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Available for sale securities: | ' | ' |
Total | 14,472 | 12,172 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 280,991 | 277,719 |
Derivative instruments | ' | 1,157 |
Total | ' | 278,876 |
Liabilities | ' | ' |
Derivative instruments | 11,926 | 4,317 |
Fair Value, Measurements, Recurring [Member] | U.S. government agency securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 148,214 | 151,323 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 12,474 | 12,149 |
Fair Value, Measurements, Recurring [Member] | Municipal securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 18,791 | 23,167 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 64,960 | 55,544 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 36,552 | 35,536 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Derivative instruments | ' | ' |
Total | ' | ' |
Liabilities | ' | ' |
Derivative instruments | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. government agency securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 280,991 | 277,719 |
Derivative instruments | ' | 1,157 |
Total | ' | 278,876 |
Liabilities | ' | ' |
Derivative instruments | 11,926 | 4,317 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. government agency securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 148,214 | 151,323 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 12,474 | 12,149 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 18,791 | 23,167 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 64,960 | 55,544 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | 36,552 | 35,536 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Derivative instruments | ' | ' |
Total | ' | ' |
Liabilities | ' | ' |
Derivative instruments | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. government agency securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Available for sale securities | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Carrying Value and Fair Value Measurements of Financial Assets and Liabilities on Non Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Assets | ' | ' |
Loans | $10,772 | $9,782 |
OREO | 3,700 | 2,390 |
Total | 14,472 | 12,172 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Assets | ' | ' |
Loans | ' | ' |
OREO | ' | ' |
Total | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Assets | ' | ' |
Loans | ' | ' |
OREO | ' | ' |
Total | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Loans | 10,772 | 9,782 |
OREO | 3,700 | 2,390 |
Total | $14,472 | $12,172 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Carrying Value and Fair Value Measurements of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | $38,660 | $28,140 |
Short-term investments | 24,790 | 3,502 |
Investment in short-term receivables | 252,460 | 246,817 |
Investment securities available for sale | 280,991 | 277,719 |
Investment securities held to maturity | 91,075 | 94,904 |
Loans and loans held for sale | 5,264 | 6,577 |
Cash surrender value of bank-owned life insurance | 46,583 | 26,187 |
Derivative instruments | ' | 1,200 |
Deposits, noninterest-bearing | 340,716 | 291,080 |
Deposits, interest-bearing | 2,616,803 | 2,439,727 |
Short-term borrowings and repurchase agreements | 106,393 | 75,957 |
Long-term borrowings | 55,110 | 55,110 |
Derivative instruments | 3,900 | ' |
Total Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 38,660 | 28,140 |
Short-term investments | 24,790 | 3,502 |
Investment in short-term receivables | 252,460 | 246,817 |
Investment securities available for sale | 280,991 | 277,719 |
Investment securities held to maturity | 91,446 | 90,966 |
Loans and loans held for sale | 2,782,833 | 2,344,475 |
Cash surrender value of bank-owned life insurance | 46,583 | 26,187 |
Derivative instruments | ' | 1,157 |
Deposits, noninterest-bearing | 340,716 | 291,080 |
Deposits, interest-bearing | 2,600,965 | 2,380,985 |
Short-term borrowings and repurchase agreements | 106,393 | 84,382 |
Long-term borrowings | 57,628 | 55,616 |
Derivative instruments | 11,926 | 4,317 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 38,660 | 28,140 |
Short-term investments | 24,790 | 3,502 |
Investment in short-term receivables | 252,460 | 246,817 |
Investment securities available for sale | 280,991 | 277,719 |
Investment securities held to maturity | 91,075 | 94,904 |
Loans and loans held for sale | 2,582,348 | 2,364,354 |
Cash surrender value of bank-owned life insurance | 46,583 | 26,187 |
Derivative instruments | ' | 1,157 |
Deposits, noninterest-bearing | 340,716 | 291,080 |
Deposits, interest-bearing | 2,616,803 | 2,439,727 |
Short-term borrowings and repurchase agreements | 106,393 | 84,382 |
Long-term borrowings | 55,110 | 55,110 |
Derivative instruments | 11,926 | 4,317 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 38,660 | 28,140 |
Short-term investments | 24,790 | 3,502 |
Investment in short-term receivables | 252,460 | 246,817 |
Cash surrender value of bank-owned life insurance | 46,583 | 26,187 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 280,991 | 277,719 |
Investment securities held to maturity | 91,446 | 90,966 |
Derivative instruments | ' | 1,157 |
Deposits, noninterest-bearing | 340,716 | 291,080 |
Short-term borrowings and repurchase agreements | 106,393 | 84,382 |
Derivative instruments | 11,926 | 4,317 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans and loans held for sale | 2,782,833 | 2,344,475 |
Deposits, interest-bearing | 2,600,965 | 2,380,985 |
Long-term borrowings | $57,628 | $55,616 |