Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FNBC | |
Entity Registrant Name | First NBC Bank Holding Co | |
Entity Central Index Key | 1496631 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,653,670 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $53,234 | $32,484 |
Short-term investments | 151,586 | 18,404 |
Investment in short-term receivables | 236,644 | 237,135 |
Investment securities available for sale, at fair value | 257,865 | 247,647 |
Investment securities held to maturity | 87,265 | 89,076 |
Mortgage loans held for sale | 3,986 | 1,622 |
Loans, net of allowance for loan losses of $45,195 and $42,336, respectively | 2,858,844 | 2,731,928 |
Bank premises and equipment, net | 55,969 | 52,881 |
Accrued interest receivable | 11,702 | 11,451 |
Goodwill and other intangible assets | 7,739 | 7,831 |
Investment in real estate properties | 13,426 | 12,771 |
Investment in tax credit entities | 147,104 | 140,913 |
Cash surrender value of bank-owned life insurance | 47,641 | 47,289 |
Other real estate | 4,966 | 5,549 |
Deferred tax asset | 95,817 | 83,461 |
Other assets | 35,534 | 30,175 |
Total assets | 4,069,322 | 3,750,617 |
Deposits: | ||
Noninterest-bearing | 433,377 | 364,534 |
Interest-bearing | 2,933,069 | 2,756,316 |
Total deposits | 3,366,446 | 3,120,850 |
Short-term borrowings | 0 | 0 |
Repurchase agreements | 111,864 | 117,991 |
Long-term borrowings | 103,392 | 40,000 |
Accrued interest payable | 7,200 | 6,650 |
Other liabilities | 30,457 | 28,752 |
Total liabilities | 3,619,359 | 3,314,243 |
Shareholders’ equity: | ||
Common stock- par value $1 per share; 100,000,000 shares authorized; 18,609,753 shares issued and outstanding at March 31, 2015 and 18,576,488 shares issued and outstanding at December 31, 2014 | 18,610 | 18,576 |
Additional paid-in capital | 236,847 | 239,528 |
Accumulated earnings | 171,572 | 155,599 |
Accumulated other comprehensive loss, net | -19,474 | -19,737 |
Total shareholders’ equity | 449,961 | 436,372 |
Noncontrolling interest | 2 | 2 |
Total equity | 449,963 | 436,374 |
Total liabilities and equity | 4,069,322 | 3,750,617 |
Convertible Preferred Stock Series C | ||
Shareholders’ equity: | ||
Preferred stock | 4,471 | 4,471 |
Preferred Stock Series D | ||
Shareholders’ equity: | ||
Preferred stock | $37,935 | $37,935 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for loan losses | $45,195 | $42,336 |
Common stock, par value per share (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,609,753 | 18,576,488 |
Common stock, shares outstanding | 18,609,753 | 18,576,488 |
Convertible Preferred Stock Series C | ||
Preferred stock, share authorized | 1,680,219 | 1,680,219 |
Preferred stock, share issued | 364,983 | 364,983 |
Preferred stock, share outstanding | 364,983 | 364,983 |
Preferred Stock Series D | ||
Preferred stock, share authorized | 37,935 | 37,935 |
Preferred stock, share issued | 37,935 | 37,935 |
Preferred stock, share outstanding | 37,935 | 37,935 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans, including fees | $35,248 | $31,099 |
Investment securities | 2,104 | 2,352 |
Investment in short-term receivables | 1,690 | 1,695 |
Short-term investments | 64 | 15 |
Total interest income | 39,106 | 35,161 |
Interest expense: | ||
Deposits | 10,244 | 9,659 |
Borrowings and securities sold under repurchase agreements | 1,240 | 654 |
Total interest expense | 11,484 | 10,313 |
Net interest income | 27,622 | 24,848 |
Provision for loan losses | 3,000 | 3,000 |
Net interest income after provision for loan losses | 24,622 | 21,848 |
Noninterest income: | ||
Service charges on deposit accounts | 559 | 559 |
Investment securities loss, net | -50 | 0 |
Gain on assets sold, net | 43 | 75 |
Gain on sale of loans, net | 15 | 0 |
Cash surrender value income on bank-owned life insurance | 352 | 159 |
Income from sales of state tax credits | 519 | 1,033 |
Community Development Entity fees earned | 123 | 679 |
ATM fee income | 501 | 473 |
Other | 448 | 381 |
Total non-interest income | 2,510 | 3,359 |
Noninterest expense: | ||
Salaries and employee benefits | 6,907 | 5,397 |
Occupancy and equipment expenses | 2,928 | 2,584 |
Professional fees | 2,141 | 1,899 |
Taxes, licenses and FDIC assessments | 1,239 | 1,199 |
Tax credit investment amortization | 4,852 | 2,827 |
Write-down of foreclosed assets | 58 | 166 |
Data processing | 1,422 | 1,098 |
Advertising and marketing | 1,018 | 578 |
Other | 1,939 | 1,589 |
Total non-interest expense | 22,504 | 17,337 |
Income before income taxes | 4,628 | 7,870 |
Income tax benefit | -11,440 | -4,958 |
Net income attributable to Company | 16,068 | 12,828 |
Preferred stock dividends | -95 | -95 |
Less earnings allocated to participating securities | -308 | -246 |
Income available to common shareholders | $15,665 | $12,487 |
Earnings per common share – basic (in usd per share) | $0.84 | $0.68 |
Earnings per common share - diluted (in usd per share) | $0.82 | $0.66 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $16,068 | $12,828 |
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 | -3,773 | -5,106 |
Less: reclassification adjustment for losses included in net income from terminated cash flow hedge | 266 | 0 |
Unrealized losses on cash flow hedges, before tax | -3,507 | -5,106 |
Unrealized gains on investment securities: | ||
Unrealized gains on investment securities arising during the period | 3,783 | 5,511 |
Amortization of unrealized net gain on securities transferred from available for sale to held to maturity | 128 | 104 |
Unrealized gains on investment securities, before tax | 3,911 | 5,615 |
Other comprehensive income, before taxes | 404 | 509 |
Income tax expense related to items of other comprehensive income | 141 | 178 |
Other comprehensive income, net of tax | 263 | 331 |
Comprehensive income | 16,331 | 13,159 |
Comprehensive income attributable to preferred shareholders | -95 | -95 |
Comprehensive income attributable to participating securities | -308 | -246 |
Comprehensive income available to common shareholders | $15,928 | $12,818 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Earnings | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | Non-Controlling Interest | Preferred Stock Series C | Preferred Stock Series D |
In Thousands, unless otherwise specified | |||||||||
Beginning Balance at Dec. 31, 2013 | $381,859 | $18,514 | $237,063 | $100,389 | ($16,515) | $381,857 | $2 | ||
Beginning Balance, Preferred Stock at Dec. 31, 2013 | 4,471 | 37,935 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 12,828 | 12,828 | 12,828 | ||||||
Other comprehensive income | 331 | 331 | 331 | ||||||
Share-based compensation | 272 | 272 | 272 | ||||||
Stock option and director plans | 194 | 8 | 186 | 194 | |||||
Net tax benefit related to stock option plans | 0 | ||||||||
Preferred stock dividends | -95 | -95 | -95 | ||||||
Ending Balance at Mar. 31, 2014 | 395,389 | 18,522 | 237,521 | 113,122 | -16,184 | 395,387 | 2 | ||
Ending Balance, Preferred Stock at Mar. 31, 2014 | 4,471 | 37,935 | |||||||
Beginning Balance at Dec. 31, 2014 | 436,374 | 18,576 | 239,528 | 155,599 | -19,737 | 436,372 | 2 | ||
Beginning Balance, Preferred Stock at Dec. 31, 2014 | 4,471 | 37,935 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 16,068 | 16,068 | 16,068 | ||||||
Other comprehensive income | 263 | 263 | 263 | ||||||
Share-based compensation | 185 | 185 | 185 | ||||||
Restricted stock awards compensation | -406 | -406 | -406 | ||||||
Stock option and director plans | 346 | 21 | 325 | 346 | |||||
Restricted stock awards | 442 | 13 | 429 | 442 | |||||
Net tax benefit related to stock option plans | 97 | 97 | 97 | ||||||
Purchase of common shares by ESOP | -3,212 | -3,212 | -3,212 | ||||||
Allocation of ESOP shares | -99 | -99 | -99 | ||||||
Preferred stock dividends | -95 | -95 | -95 | ||||||
Ending Balance at Mar. 31, 2015 | 449,963 | 18,610 | 236,847 | 171,572 | -19,474 | 449,961 | 2 | ||
Ending Balance, Preferred Stock at Mar. 31, 2015 | $4,471 | $37,935 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $16,068 | $12,828 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred tax benefit | -12,520 | -5,258 |
Amortization of tax credit investments | 4,852 | 2,827 |
Accretion of market value adjustments related to acquisition | -42 | -11 |
Net discount accretion or premium amortization | 38 | -212 |
Loss on sale of investment securities | 50 | 0 |
Gain on assets sold | -43 | -75 |
Write-down of foreclosed assets | 58 | 166 |
Proceeds from sale of mortgage loans held for sale | 8,301 | 17,581 |
Mortgage loans originated and held for sale | -10,665 | -16,332 |
Gain on sale of loans | -15 | 0 |
Derivative losses on terminated interest rate hedge | 266 | 0 |
Provision for loan losses | 3,000 | 3,000 |
Depreciation and amortization | 901 | 870 |
Share-based and other compensation expense | -221 | 272 |
Increase in cash surrender value of bank-owned life insurance | -352 | -158 |
Changes in operating assets and liabilities: | ||
Change in other assets | -5,526 | -4,040 |
Change in accrued interest receivable | -251 | -158 |
Change in accrued interest payable | 550 | 95 |
Change in other liabilities | -2,063 | -2,952 |
Net cash provided by operating activities | 2,386 | 8,443 |
Investing activities | ||
Proceeds from maturities, prepayments, and calls of available for sale investment securities | 3,023 | 12,373 |
Proceeds from maturities, prepayments, and calls of held to maturity securities | 1,986 | 745 |
Net change in investments in short-term receivables | 491 | 9,161 |
Purchases of investments in tax credit entities | -11,043 | -6,531 |
Loans originated, net of repayments | -102,485 | -116,092 |
Cash received in acquisition | 31,517 | 0 |
Purchases of bank premises and equipment | -778 | -1,527 |
Proceeds from disposition of real estate owned | 917 | 2,015 |
Net cash used in investing activities | -76,372 | -99,856 |
Financing activities | ||
Net change in repurchase agreements | -6,127 | 30,849 |
Proceeds from borrowings | 60,000 | 0 |
Proceeds from ESOP loan | 3,392 | 0 |
Repayment of borrowings | 0 | -8,425 |
Purchase of common stock by ESOP | -3,311 | 0 |
Net increase in deposits | 173,271 | 158,537 |
Proceeds from sale of common stock | 788 | 194 |
Dividends paid | -95 | -95 |
Net cash provided by financing activities | 227,918 | 181,060 |
Net change in cash, due from banks, and short-term investments | 153,932 | 89,647 |
Cash, due from banks, and short-term investments at beginning of period | 50,888 | 31,642 |
Cash, due from banks, and short-term investments at end of period | $204,820 | $121,289 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 period ended March 31, 2015 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, 2014. | |
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, the Mississippi Gulf Coast, and the Florida panhandle. 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), and any variable interest entities (VIE) of which the Company is primary beneficiary. Substantially all of the VIEs for which the Company is the primary beneficiary relate to tax credit investments. 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, southern Mississippi, and the Florida panhandle, 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. | |
Recent Accounting Pronouncements | |
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 the Company's financial condition or results of operations. | |
ASU No. 2014-12 | |
In June 2014, the FASB issued ASU No. 2014-12 Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is intended to resolve the diverse accounting treatments of these types of awards in practice and is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. | |
ASU No. 2014-13 | |
In August 2014, the FASB issued ASU No. 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity, which will allow an alternative fair value measurement approach for consolidated collateralized financing entities (CFEs) to eliminate a practice issue that results in measuring the fair value of a CFE’s financial assets at a different amount from the fair value of its financial liabilities even when the financial liabilities have recourse to only the financial assets. The approach would permit the parent company of a consolidated CFE to measure the CFE’s financial assets and financial liabilities based on the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The new accounting guidance is for the annual period ending after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted as of the beginning of an annual period. The Company does not expect the new guidance to have a material impact on the Company’s financial condition or results of operations. | |
ASU No. 2014-15 | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which will require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards in connection with preparing financial statements for each annual and interim reporting period. The new accounting guidance is for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. | |
ASU No. 2015-02 | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. | |
ASU No. 2015-03 | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction form the carrying amount of that debt liability, consistent with debt discounts. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. |
Acquisitions
Acquisitions | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Acquisitions | Acquisitions | |||
On January 16, 2015, the Company acquired certain assets and assumed certain liabilities from the Federal Deposit Insurance Corporation ("FDIC"), as receiver for First National Bank of Crestview, a full-service commercial bank headquartered in Crestview, Florida, which was closed and placed into receivership. Under the terms of the agreement, the Company agreed to assume all of the deposit liabilities, and acquire approximately $62.3 million of assets, of the the failed bank. The acquired assets included the failed bank's performing loans, substantially all of its investment securities portfolio, and its three banking facilities, with the FDIC retaining the remaining assets. The transaction did not include a loss-share agreement with the FDIC. The Company received an initial settlement amount from the FDIC of $10.1 million. | ||||
The acquisition was accounted for under the purchase method of accounting in accordance with ASC Topic 805. Both the purchased assets and liabilities were recorded at the acquisition date fair values. Identifiable intangible assets, including core deposit intangible assets, if any, will be recorded at fair value. | ||||
In accordance with ASC Topic 805, estimated fair values are subject to change up to one year after the acquisition date. This allows for adjustments to the initial purchase entries if additional information relative to closing date fair values becomes available. Material adjustments to acquisition date estimated fair values would be recorded in the period in which the acquisition occurred, and as a result, previously reported results are subject to change. Information regarding the amounts recorded in the acquisition may be adjusted as the Company refines its estimates of the fair value of loans acquired, core deposit intangible asset, and the deferred tax assets or liabilities created from the acquisition. Determining the fair value of assets and liabilities, particularly illiquid assets and liabilities, is a complicated process involving significant judgment regarding estimates and assumptions used to calculate estimated fair value. Fair value adjustments based on updated estimates could materially affect the goodwill, if any, recorded on the acquisition. The Company may incur losses on the acquired loans that are materially different from losses the Company originally projected. | ||||
The acquired assets and liabilities, as well as the adjustments to record the assets and liabilities at their estimated fair values, are presented in the following table: | ||||
(In thousands) | As Acquired | |||
Assets | ||||
Cash and due from banks | $ | 1,511 | ||
Short-term investments | 19,971 | |||
Investment securities-available for sale | 9,559 | |||
Loans | 27,647 | |||
Bank premises | 3,120 | |||
Core deposit intangible(1) | — | |||
Other assets | 455 | |||
Total Assets | $ | 62,263 | ||
Liabilities | ||||
Deposits: | ||||
Non-interest bearing | $ | 22,680 | ||
Interest bearing | 49,584 | |||
Total deposits | 72,264 | |||
Other liabilities | 34 | |||
Total Liabilities | $ | 72,298 | ||
(1) The Company is still evaluating the fair value of the core deposit intangible created in the acquisition and, as such, has not recorded a fair value of core deposit intangible as of March 31, 2015. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | Earnings Per Share | |||||||
The following table sets forth the computation of basic net income per common share and diluted net income per common share: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands, except per share data) | 2015 | 2014 | ||||||
Basic: Income available to common shareholders | $ | 15,665 | $ | 12,487 | ||||
Weighted-average common shares outstanding | 18,586 | 18,509 | ||||||
Basic earnings per share | $ | 0.84 | $ | 0.68 | ||||
Diluted: Income available to common shareholders | $ | 15,665 | $ | 12,487 | ||||
Weighted-average common shares outstanding | 18,586 | 18,509 | ||||||
Effect of dilutive securities: | ||||||||
Stock options outstanding | 384 | 408 | ||||||
Warrants | 119 | 119 | ||||||
Weighted-average common shares outstanding – assuming dilution | 19,089 | 19,036 | ||||||
Diluted earnings per share | $ | 0.82 | $ | 0.66 | ||||
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||
Investment Securities | Investment Securities | |||||||||||||||||||||
The amortized cost and market values of investment securities, with gross unrealized gains and losses, as of March 31, 2015 and December 31, 2014, were as follows (in thousands): | ||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||
Amortized | Gross | Gross Unrealized Losses | Estimated | |||||||||||||||||||
Cost | Unrealized | Market Value | ||||||||||||||||||||
Gains | Less Than | Greater Than | ||||||||||||||||||||
One Year | One Year | |||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||
U.S. government agency securities | $ | 162,439 | $ | 1,236 | $ | (387 | ) | $ | (1,520 | ) | $ | 161,768 | ||||||||||
U.S. Treasury securities | 13,018 | — | — | (217 | ) | 12,801 | ||||||||||||||||
Municipal securities | 12,160 | 167 | (43 | ) | — | 12,284 | ||||||||||||||||
Mortgage-backed securities | 62,516 | 733 | (391 | ) | (111 | ) | 62,747 | |||||||||||||||
Corporate bonds | 8,224 | 20 | — | — | 8,244 | |||||||||||||||||
Other equity securities | 21 | — | — | — | 21 | |||||||||||||||||
$ | 258,378 | $ | 2,156 | $ | (821 | ) | $ | (1,848 | ) | $ | 257,865 | |||||||||||
Held to maturity: | ||||||||||||||||||||||
Municipal securities | $ | 40,071 | $ | 2,429 | $ | (12 | ) | $ | (1 | ) | $ | 42,487 | ||||||||||
Mortgage-backed securities | 47,194 | 1,299 | (1,518 | ) | (130 | ) | 46,845 | |||||||||||||||
$ | 87,265 | $ | 3,728 | $ | (1,530 | ) | $ | (131 | ) | $ | 89,332 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||
Amortized | Gross | Gross Unrealized Losses | Estimated | |||||||||||||||||||
Cost | Unrealized | Market Value | ||||||||||||||||||||
Gains | Less Than | Greater Than | ||||||||||||||||||||
One Year | One Year | |||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||
U.S. government agency securities | $ | 161,461 | $ | 891 | $ | — | $ | (4,825 | ) | $ | 157,527 | |||||||||||
U.S. Treasury securities | 13,019 | — | — | (409 | ) | 12,610 | ||||||||||||||||
Municipal securities | 12,175 | 107 | (36 | ) | — | 12,246 | ||||||||||||||||
Mortgage-backed securities | 57,025 | 635 | (137 | ) | (436 | ) | 57,087 | |||||||||||||||
Corporate bonds | 8,263 | — | — | (86 | ) | 8,177 | ||||||||||||||||
$ | 251,943 | $ | 1,633 | $ | (173 | ) | $ | (5,756 | ) | $ | 247,647 | |||||||||||
Held to maturity: | ||||||||||||||||||||||
Municipal securities | $ | 41,255 | $ | 2,182 | $ | (62 | ) | $ | — | $ | 43,375 | |||||||||||
Mortgage-backed securities | 47,821 | 1,098 | (208 | ) | (1,130 | ) | 47,581 | |||||||||||||||
$ | 89,076 | $ | 3,280 | $ | (270 | ) | $ | (1,130 | ) | $ | 90,956 | |||||||||||
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 (loss) included pre-tax unrealized losses of $5.9 million on these securities at the date of transfer. As of March 31, 2015, $5.0 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 March 31, 2015 and December 31, 2014, the Company had 42 and 38 securities, respectively, that were in a loss position. The unrealized losses for each of the 42 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 March 31, 2015, management does not intend to sell these investment securities 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 March 31, 2015 and December 31, 2014 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. | ||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||
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 | 2.79 | % | $ | 10,761 | $ | 11,181 | 1.78 | % | $ | 571 | $ | 573 | ||||||||||
Due after one year through five years | 2.12 | 68,799 | 69,682 | 2.64 | 51,037 | 51,916 | ||||||||||||||||
Due after five years through ten years | 1.63 | 150,818 | 149,395 | 2.02 | 176,631 | 172,012 | ||||||||||||||||
Due after ten years | 3.17 | 28,000 | 27,607 | 3.34 | 23,704 | 23,146 | ||||||||||||||||
Total securities | 1.95 | % | $ | 258,378 | $ | 257,865 | 2.27 | % | $ | 251,943 | $ | 247,647 | ||||||||||
Held to maturity: | ||||||||||||||||||||||
Due in one year or less | 8.06 | % | $ | 2,966 | $ | 2,998 | 3.88 | % | $ | 2,045 | $ | 2,003 | ||||||||||
Due after one year through five years | 3.33 | 19,607 | 20,483 | 4.16 | 20,921 | 21,875 | ||||||||||||||||
Due after five years through ten years | 3.38 | 29,331 | 30,265 | 3.39 | 32,618 | 33,898 | ||||||||||||||||
Due after ten years | 3.29 | 35,361 | 35,586 | 3.3 | 33,492 | 33,180 | ||||||||||||||||
Total securities | 3.54 | % | $ | 87,265 | $ | 89,332 | 3.55 | % | $ | 89,076 | $ | 90,956 | ||||||||||
Securities with estimated market values of $289.7 million and $279.1 million at March 31, 2015 and December 31, 2014, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase, and long-term borrowings. |
Loans
Loans | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||
Major classifications of loans at March 31, 2015 and December 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||
Construction | $ | 344,340 | $ | 316,492 | ||||||||||||||||||||
Mortgage(1) | 1,277,635 | 1,252,225 | ||||||||||||||||||||||
1,621,975 | 1,568,717 | |||||||||||||||||||||||
Consumer real estate loans: | ||||||||||||||||||||||||
Construction | 11,182 | 10,393 | ||||||||||||||||||||||
Mortgage | 159,217 | 131,031 | ||||||||||||||||||||||
170,399 | 141,424 | |||||||||||||||||||||||
Commercial and industrial loans | 1,054,837 | 1,016,414 | ||||||||||||||||||||||
Loans to individuals, excluding real estate | 17,706 | 18,316 | ||||||||||||||||||||||
Nonaccrual loans | 22,978 | 21,228 | ||||||||||||||||||||||
Other loans | 16,144 | 8,165 | ||||||||||||||||||||||
2,904,039 | 2,774,264 | |||||||||||||||||||||||
Less allowance for loan losses | (45,195 | ) | (42,336 | ) | ||||||||||||||||||||
Loans, net | $ | 2,858,844 | $ | 2,731,928 | ||||||||||||||||||||
-1 | Included in commercial real estate loans, mortgage, are owner-occupied real estate loans of $412.2 million at March 31, 2015 and $419.3 million at December 31, 2014. | |||||||||||||||||||||||
A summary of changes in the allowance for loan losses during the three months ended March 31, 2015 and March 31, 2014 is as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||
Balance, beginning of period | $ | 42,336 | $ | 32,143 | ||||||||||||||||||||
Provision charged to operations | 3,000 | 3,000 | ||||||||||||||||||||||
Charge-offs | (207 | ) | (697 | ) | ||||||||||||||||||||
Recoveries | 66 | 19 | ||||||||||||||||||||||
Balance, end of period | $ | 45,195 | $ | 34,465 | ||||||||||||||||||||
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): | ||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | and | ||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Balance, beginning of period | $ | 4,030 | $ | 14,965 | $ | 3,316 | $ | 19,814 | $ | 211 | $ | 42,336 | ||||||||||||
Charge-offs | (2 | ) | (29 | ) | — | (150 | ) | (26 | ) | (207 | ) | |||||||||||||
Recoveries | — | — | — | 61 | 5 | 66 | ||||||||||||||||||
Provision | 705 | 1,814 | — | 480 | 1 | 3,000 | ||||||||||||||||||
Balance, end of period | $ | 4,733 | $ | 16,750 | $ | 3,316 | $ | 20,205 | $ | 191 | $ | 45,195 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 4,427 | $ | 2 | $ | 4,249 | $ | — | $ | 8,678 | ||||||||||||
Collectively evaluated for impairment | $ | 4,733 | $ | 12,323 | $ | 3,314 | $ | 15,956 | $ | 191 | $ | 36,517 | ||||||||||||
Loans receivable: | ||||||||||||||||||||||||
Ending balance-total | $ | 356,487 | $ | 1,291,344 | $ | 161,308 | $ | 1,077,153 | $ | 17,747 | $ | 2,904,039 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 895 | $ | 14,355 | $ | 2,256 | $ | 16,178 | $ | — | $ | 33,684 | ||||||||||||
Collectively evaluated for impairment | $ | 355,592 | $ | 1,276,989 | $ | 159,052 | $ | 1,060,975 | $ | 17,747 | $ | 2,870,355 | ||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | and | ||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Balance, beginning of period | $ | 2,790 | $ | 13,780 | $ | 2,656 | $ | 12,677 | $ | 240 | $ | 32,143 | ||||||||||||
Charge-offs | (4 | ) | (386 | ) | (43 | ) | (254 | ) | (10 | ) | (697 | ) | ||||||||||||
Recoveries | — | 1 | — | 13 | 5 | 19 | ||||||||||||||||||
Provision | 346 | 411 | 720 | 1,485 | 38 | 3,000 | ||||||||||||||||||
Balance, end of period | $ | 3,132 | $ | 13,806 | $ | 3,333 | $ | 13,921 | $ | 273 | $ | 34,465 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 40 | $ | 1,730 | $ | 997 | $ | 2,294 | $ | 1 | $ | 5,062 | ||||||||||||
Collectively evaluated for impairment | $ | 3,092 | $ | 12,076 | $ | 2,336 | $ | 11,627 | $ | 272 | $ | 29,403 | ||||||||||||
Loans receivable: | ||||||||||||||||||||||||
Ending balance-total | $ | 237,190 | $ | 1,145,380 | $ | 122,005 | $ | 948,029 | $ | 18,359 | $ | 2,470,963 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 414 | $ | 11,433 | $ | 2,574 | $ | 4,324 | $ | 3 | $ | 18,748 | ||||||||||||
Collectively evaluated for impairment | $ | 236,776 | $ | 1,133,947 | $ | 119,431 | $ | 943,705 | $ | 18,356 | $ | 2,452,215 | ||||||||||||
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): | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Pass/Watch | Mention | |||||||||||||||||||||||
Construction | $ | 342,409 | $ | 1 | $ | 14,077 | $ | — | $ | 356,487 | ||||||||||||||
Commercial real estate | 1,243,132 | — | 48,212 | — | 1,291,344 | |||||||||||||||||||
Consumer real estate | 156,100 | 59 | 5,149 | — | 161,308 | |||||||||||||||||||
Commercial and industrial | 1,051,028 | — | 26,125 | — | 1,077,153 | |||||||||||||||||||
Consumer | 17,659 | 6 | 82 | — | 17,747 | |||||||||||||||||||
Total loans | $ | 2,810,328 | $ | 66 | $ | 93,645 | $ | — | $ | 2,904,039 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Pass/Watch | Mention | |||||||||||||||||||||||
Construction | $ | 313,987 | $ | 2 | $ | 13,688 | $ | — | $ | 327,677 | ||||||||||||||
Commercial real estate | 1,215,673 | 1,613 | 47,085 | — | 1,264,371 | |||||||||||||||||||
Consumer real estate | 128,507 | 60 | 4,383 | — | 132,950 | |||||||||||||||||||
Commercial and industrial | 1,005,829 | — | 24,800 | — | 1,030,629 | |||||||||||||||||||
Consumer | 18,247 | 7 | 383 | — | 18,637 | |||||||||||||||||||
Total loans | $ | 2,682,243 | $ | 1,682 | $ | 90,339 | $ | — | $ | 2,774,264 | ||||||||||||||
The table above as of March 31, 2015 includes $5.4 million of substandard loans which are loans acquired with deteriorated credit quality. As of December 31, 2014, included in the above table were $5.4 million of substandard loans and $1.6 million of special mention loans all of 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 improbable. | |||||||||||||||||||||||
Age analysis of past due loans, including loans acquired with deteriorated credit quality, as of the dates indicated were as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
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 | $ | 1 | $ | 965 | $ | 966 | $ | 355,521 | $ | 356,487 | ||||||||||||||
Commercial real estate | 359 | 11,538 | 11,897 | 1,279,447 | 1,291,344 | |||||||||||||||||||
Consumer real estate | 2,306 | 1,399 | 3,705 | 157,603 | 161,308 | |||||||||||||||||||
Total real estate loans | 2,666 | 13,902 | 16,568 | 1,792,571 | 1,809,139 | |||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 438 | 4,422 | 4,860 | 1,072,293 | 1,077,153 | |||||||||||||||||||
Consumer | 291 | 43 | 334 | 17,413 | 17,747 | |||||||||||||||||||
Total other loans | 729 | 4,465 | 5,194 | 1,089,706 | 1,094,900 | |||||||||||||||||||
Total loans | $ | 3,395 | $ | 18,367 | $ | 21,762 | $ | 2,882,277 | $ | 2,904,039 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Greater Than | 90 Days and | Total Past | Current | Total Loans | ||||||||||||||||||||
30 and Fewer | Greater Past | Due | Loans | |||||||||||||||||||||
Than 90 Days | Due | |||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Construction | $ | 97 | $ | 750 | $ | 847 | $ | 326,830 | $ | 327,677 | ||||||||||||||
Commercial real estate | 2,497 | 9,545 | 12,042 | 1,252,329 | 1,264,371 | |||||||||||||||||||
Consumer real estate | 1,623 | 1,255 | 2,878 | 130,072 | 132,950 | |||||||||||||||||||
Total real estate loans | 4,217 | 11,550 | 15,767 | 1,709,231 | 1,724,998 | |||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 159 | 4,426 | 4,585 | 1,026,044 | 1,030,629 | |||||||||||||||||||
Consumer | 564 | 322 | 886 | 17,751 | 18,637 | |||||||||||||||||||
Total other loans | 723 | 4,748 | 5,471 | 1,043,795 | 1,049,266 | |||||||||||||||||||
Total loans | $ | 4,940 | $ | 16,298 | $ | 21,238 | $ | 2,753,026 | $ | 2,774,264 | ||||||||||||||
In the table above, there were $13 thousand of tuition loans included with other consumer loans 90 days and greater past due as of March 31, 2015 and $28 thousand of tuition loans included with other consumer loans 90 days and greater past due as of December 31, 2014. 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 excluding loans acquired with deteriorated credit quality, as of the periods indicated (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Recorded | Contractual | Related | ||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction | $ | 895 | $ | 895 | $ | — | ||||||||||||||||||
Commercial real estate | 2,670 | 2,616 | — | |||||||||||||||||||||
Consumer real estate | 2,152 | 2,167 | — | |||||||||||||||||||||
Commercial and industrial | 320 | 44 | — | |||||||||||||||||||||
Total | $ | 6,037 | $ | 5,722 | $ | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial real estate | 11,685 | 11,981 | 4,427 | |||||||||||||||||||||
Consumer real estate | 104 | 117 | 2 | |||||||||||||||||||||
Commercial and industrial | 15,858 | 16,104 | 4,249 | |||||||||||||||||||||
Total | $ | 27,647 | $ | 28,202 | $ | 8,678 | ||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Construction | $ | 895 | $ | 895 | $ | — | ||||||||||||||||||
Commercial real estate | 14,355 | 14,597 | 4,427 | |||||||||||||||||||||
Consumer real estate | 2,256 | 2,284 | 2 | |||||||||||||||||||||
Commercial and industrial | 16,178 | 16,148 | 4,249 | |||||||||||||||||||||
Total | $ | 33,684 | $ | 33,924 | $ | 8,678 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Recorded | Contractual | Related | ||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction | $ | 927 | $ | 927 | $ | — | ||||||||||||||||||
Commercial real estate | 7,175 | 7,453 | — | |||||||||||||||||||||
Consumer real estate | 2,085 | 2,097 | — | |||||||||||||||||||||
Commercial and industrial | 436 | 498 | — | |||||||||||||||||||||
Consumer | 256 | 256 | — | |||||||||||||||||||||
Total | $ | 10,879 | $ | 11,231 | $ | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial real estate | 5,955 | 6,235 | 3,138 | |||||||||||||||||||||
Consumer real estate | — | — | — | |||||||||||||||||||||
Commercial and industrial | 14,721 | 14,774 | 5,889 | |||||||||||||||||||||
Consumer | 3 | 3 | 1 | |||||||||||||||||||||
Total | $ | 20,679 | $ | 21,012 | $ | 9,028 | ||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Construction | $ | 927 | $ | 927 | $ | — | ||||||||||||||||||
Commercial real estate | 13,130 | 13,688 | 3,138 | |||||||||||||||||||||
Consumer real estate | 2,085 | 2,097 | — | |||||||||||||||||||||
Commercial and industrial | 15,157 | 15,272 | 5,889 | |||||||||||||||||||||
Consumer | 259 | 259 | 1 | |||||||||||||||||||||
Total | $ | 31,558 | $ | 32,243 | $ | 9,028 | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction | $ | 911 | $ | — | $ | 24 | $ | 1 | ||||||||||||||||
Commercial real estate | 4,923 | — | 4,428 | 76 | ||||||||||||||||||||
Consumer real estate | 2,119 | 3 | 1,977 | — | ||||||||||||||||||||
Commercial and industrial | 378 | — | 1,090 | 28 | ||||||||||||||||||||
Consumer | 128 | — | — | — | ||||||||||||||||||||
Total | $ | 8,459 | $ | 3 | $ | 7,519 | $ | 105 | ||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | 338 | $ | 7 | ||||||||||||||||
Commercial real estate | 8,820 | — | 6,135 | 8 | ||||||||||||||||||||
Consumer real estate | 52 | — | 865 | 7 | ||||||||||||||||||||
Commercial and industrial | 15,290 | 4 | 3,075 | — | ||||||||||||||||||||
Consumer | 2 | — | 2 | — | ||||||||||||||||||||
Total | $ | 24,164 | $ | 4 | $ | 10,415 | $ | 22 | ||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Construction | $ | 911 | $ | — | $ | 362 | $ | 8 | ||||||||||||||||
Commercial real estate | 13,743 | — | 10,563 | 84 | ||||||||||||||||||||
Consumer real estate | 2,171 | 3 | 2,842 | 7 | ||||||||||||||||||||
Commercial and industrial | 15,668 | 4 | 4,165 | 28 | ||||||||||||||||||||
Consumer | 130 | — | 2 | — | ||||||||||||||||||||
Total | $ | 32,623 | $ | 7 | $ | 17,934 | $ | 127 | ||||||||||||||||
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 March 31, 2015, there were $13 thousand of cash secured tuition loans that were past due 90 days or more that were still accruing interest, and $28 thousand in cash secured tuition loans that were past due 90 days or more still accruing interest as of December 31, 2014. | ||||||||||||||||||||||||
The following is a summary of information pertaining to nonaccrual loans as of the periods indicated (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||
Construction | $ | 965 | $ | 792 | ||||||||||||||||||||
Commercial real estate | 13,709 | 12,146 | ||||||||||||||||||||||
Consumer real estate | 2,091 | 1,919 | ||||||||||||||||||||||
Commercial and industrial | 6,172 | 6,051 | ||||||||||||||||||||||
Consumer | 41 | 320 | ||||||||||||||||||||||
$ | 22,978 | $ | 21,228 | |||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the average recorded investment in nonaccrual loans was $22.1 million and $19.6 million, respectively. The amount of interest income that would have been recognized on nonaccrual loans based on contractual terms was $0.3 million and $1.0 million at March 31, 2015 and December 31, 2014, respectively. As of March 31, 2015, the Company was not committed to lend additional funds to any customer whose loan was classified as impaired. | ||||||||||||||||||||||||
ASC 310-30 Loans | ||||||||||||||||||||||||
During 2011, 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): | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||
Balance, beginning of period | $ | 115 | $ | 170 | ||||||||||||||||||||
Acquisition | — | — | ||||||||||||||||||||||
Net transfers from nonaccretable difference to accretable yield | — | 1,437 | ||||||||||||||||||||||
Accretion | (74 | ) | (381 | ) | ||||||||||||||||||||
Balance, end of period | $ | 41 | $ | 1,226 | ||||||||||||||||||||
Information about the Company’s troubled debt restructurings (TDRs) at March 31, 2015 and March 31, 2014 is presented in the following tables (in thousands): | ||||||||||||||||||||||||
Current | Greater Than 30 | Nonaccrual | Total TDRs | |||||||||||||||||||||
Days Past Due | TDRs | |||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Construction | $ | 201 | $ | — | $ | — | $ | 201 | ||||||||||||||||
Commercial real estate | — | — | 1,879 | 1,879 | ||||||||||||||||||||
Consumer real estate | 597 | — | 131 | 728 | ||||||||||||||||||||
Total real estate loans | 798 | — | 2,010 | 2,808 | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 629 | — | 179 | 808 | ||||||||||||||||||||
Total loans | $ | 1,427 | $ | — | $ | 2,189 | $ | 3,616 | ||||||||||||||||
Current | Greater Than 30 | Nonaccrual | Total TDRs | |||||||||||||||||||||
Days Past Due | TDRs | |||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Construction | $ | 306 | $ | — | $ | — | $ | 306 | ||||||||||||||||
Commercial real estate | 356 | — | 102 | 458 | ||||||||||||||||||||
Consumer real estate | 619 | — | 140 | 759 | ||||||||||||||||||||
Total real estate loans | 1,281 | — | 242 | 1,523 | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 318 | — | — | 318 | ||||||||||||||||||||
Total loans | $ | 1,599 | $ | — | $ | 242 | $ | 1,841 | ||||||||||||||||
There were no new TDRs which were modified during the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
A summary of information pertaining to modified terms of loans, as of the dates indicated, is as follows: | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Troubled debt restructuring: | ||||||||||||||||||||||||
Construction | 3 | $ | 201 | $ | 201 | |||||||||||||||||||
Commercial real estate | 2 | 1,879 | 1,879 | |||||||||||||||||||||
Consumer real estate | 4 | 728 | 728 | |||||||||||||||||||||
Commercial and industrial | 2 | 808 | 808 | |||||||||||||||||||||
11 | $ | 3,616 | $ | 3,616 | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Troubled debt restructuring: | ||||||||||||||||||||||||
Construction | 2 | $ | 306 | $ | 306 | |||||||||||||||||||
Commercial real estate | 3 | 458 | 458 | |||||||||||||||||||||
Consumer real estate | 3 | 759 | 759 | |||||||||||||||||||||
Commercial and industrial | 1 | 318 | 318 | |||||||||||||||||||||
9 | $ | 1,841 | $ | 1,841 | ||||||||||||||||||||
None of the performing TDRs defaulted subsequent to the restructuring through the date the financial statements were available to be issued. | ||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||
Investments in Tax Credit Entities | Investments in Tax Credit Entities | ||||||||||||||||||||||||||||||||||||
Federal NMTC | |||||||||||||||||||||||||||||||||||||
Investment in Bank Owned CDE | |||||||||||||||||||||||||||||||||||||
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 Community Development Entity. The CDE is required to invest the proceeds of each QEI in projects located in or benefiting 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. FNBC CDE has received allocations of Federal NMTC, totaling $118.0 million since 2011. These allocations generated $46.0 million in tax credits. | |||||||||||||||||||||||||||||||||||||
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 QEI allocated to each project. For each of the remaining four years, the investor receives a credit equal to 6% of the total QEI allocated to each 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 March 31, 2015, FNBC CDE had invested in allocations of $118.0 million, of which $40.0 million was invested by the Company and $78.0 million was invested by other investors and leverage lenders, which include the Company. Of the $78.0 million invested by other investors and leverage lenders, $17.5 million was invested by the Company as the leverage lender. The Company's investment is eliminated upon consolidation. The Federal NMTC 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 (defined as a minimum of 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. | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, 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 March 31, 2015, FNBC CDE had total assets of $130.3 million, consisting of cash of $5.2 million, loans of $112.3 million and other assets of $12.8 million, with liabilities of $0.6 million and capital of $129.7 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 projects through CDEs that are not associated with FNBC CDE. During 2014 and 2013, several of these partnerships in which the Company was a limited partner converted to C corporations. The Company’s ownership in the CDEs did not change based on the conversion. These investments are accounted for using the cost method of accounting and are included in investment in tax credit entities in the accompanying consolidated balance sheets. The limited partnerships and C corporations are considered VIEs. The VIEs have not been consolidated because the Company is not considered the primary beneficiary. All of the Company’s investments in Federal NMTC structures are privately held, and their market values are not readily determinable. Based on the structure of these transactions, the Company expects to recover its investment 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). | |||||||||||||||||||||||||||||||||||||
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. These investments are accounted for using the cost method of accounting and are included in investments in tax credit entities in the accompanying consolidated balance sheets. The limited partnerships are considered to be VIEs. The VIEs have not been consolidated because the Company is not considered the primary beneficiary. All of the Company’s investments in low-income housing partnerships are evaluated for impairment at the end of each reporting period. Based on the structure of these transactions, the Company expects to recover its remaining investments at March 31, 2015 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 ownership interest in the property (approximately 15 years). | |||||||||||||||||||||||||||||||||||||
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. These investments are accounted for using the cost method of accounting and are included in investments in tax credit entities in the accompanying consolidated balance sheets. The limited partnerships are considered to be VIEs. The VIEs have not been consolidated because the Company is not considered the primary beneficiary. All of the Company’s investments in limited partnerships are evaluated for impairment at the end of each reporting period. Based on the structure of these transactions, the Company expects to recover its remaining investments in Federal Historic Rehabilitation tax credits at March 31, 2015 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 ownership interest in the tax credit entity (approximately 10 years). | |||||||||||||||||||||||||||||||||||||
State NMTC | |||||||||||||||||||||||||||||||||||||
Investments in Non-Bank Owned CDEs | |||||||||||||||||||||||||||||||||||||
The Company is a limited partner in several tax-advantaged limited partnerships that are CDEs, whose purpose is to invest in approved state projects that are not associated with FNBC CDE. Based on the structure of these transactions, the Company expects to recover its remaining investments at March 31, 2015 in State NMTC through the transfer of its ownership interest to third party investors. | |||||||||||||||||||||||||||||||||||||
The tables below set forth the Company's investment in Federal NMTC, State NMTC, Federal Low-Income Housing, Federal Historic Rehabilitation, and State Historic Rehabilitation tax credits, along with the credits expected to be generated through its participation in these programs as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||
Investment | Accumulated Amortization | Loans to Investment Funds(1) | Elimination | Net Investment | Tax Benefits Recognized Through December 31, 2014 | Tax Benefits Expected to be Recognized in 2015 | Tax Benefits Expected to be Recognized in 2016, and Thereafter | Total Tax Benefits Expected to be Recognized | |||||||||||||||||||||||||||||
NMTC: | |||||||||||||||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||||||||||||||
Non-Bank Owned CDEs | $ | 172,192 | $ | (17,816 | ) | $ | (127,520 | ) | $ | — | $ | 26,856 | $ | 36,580 | $ | 9,769 | $ | 20,076 | $ | 66,425 | |||||||||||||||||
Bank Owned CDEs(2) | 118,000 | — | — | (118,000 | ) | — | 16,490 | 6,580 | 22,949 | 46,019 | |||||||||||||||||||||||||||
Bank Owned CDE Equity Investment(3) | 5,700 | — | — | — | 5,700 | — | — | — | — | ||||||||||||||||||||||||||||
Total Bank Owned CDEs | 123,700 | — | — | (118,000 | ) | 5,700 | 16,490 | 6,580 | 22,949 | 46,019 | |||||||||||||||||||||||||||
State | 28,227 | — | — | — | 28,227 | — | — | — | — | ||||||||||||||||||||||||||||
Total NMTC | 324,119 | (17,816 | ) | (127,520 | ) | (118,000 | ) | 60,783 | 53,070 | 16,349 | 43,025 | 112,444 | |||||||||||||||||||||||||
Low-Income Housing | 44,161 | (7,988 | ) | — | — | 36,173 | 13,188 | 4,490 | 37,618 | 55,296 | |||||||||||||||||||||||||||
Historic Rehabilitation: | |||||||||||||||||||||||||||||||||||||
Federal(4) | 46,357 | (4,235 | ) | — | — | 42,122 | 37,143 | 27,351 | 33,795 | 98,289 | |||||||||||||||||||||||||||
State | 8,026 | — | — | — | 8,026 | — | — | — | — | ||||||||||||||||||||||||||||
Total Historic Rehabilitation | 54,383 | (4,235 | ) | — | — | 50,148 | 37,143 | 27,351 | 33,795 | 98,289 | |||||||||||||||||||||||||||
Total | $ | 422,663 | $ | (30,039 | ) | $ | (127,520 | ) | $ | (118,000 | ) | $ | 147,104 | $ | 103,401 | $ | 48,190 | $ | 114,438 | $ | 266,029 | ||||||||||||||||
(1) Interest only loan made to the investment fund during the compliance period for Federal NMTC. | |||||||||||||||||||||||||||||||||||||
(2) Through March 31, 2015, FNBC CDE received allocations of Federal NMTC from the CDFI Fund of the U.S. Treasury totaling $118.0 million over a three year period beginning in 2011. These investments are eliminated upon consolidation by the Company. | |||||||||||||||||||||||||||||||||||||
(3) The Company made an equity investment of $5.7 million in various Federal NMTC projects. This investment generated Federal NMTC. For its equity investment, the Company is a limited partner and will have the right to share in the activity of the Partnership. | |||||||||||||||||||||||||||||||||||||
(4) As of March 31, 2015, the Company had $15.7 million invested in Federal Rehabilitation Tax Credit projects which the Company expects to generate Federal Rehabilitation Tax Credits in 2015 and 2016 when the projects are completed, receive the certificates of occupancy, and the property is placed into service. The amount of tax credits to be received will be determined when the costs are certified. | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Investment | Accumulated Amortization | Loans to Investment Funds(1) | Elimination | Net Investment | Tax Benefits Recognized Through December 31, 2013 | Tax Benefits Recognized in 2014 | Tax Benefits Expected to be Recognized in 2015, and Thereafter | Total Tax Benefits Expected to be Recognized | |||||||||||||||||||||||||||||
NMTC: | |||||||||||||||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||||||||||||||
Non-Bank Owned CDEs | $ | 162,192 | $ | (15,852 | ) | $ | (120,540 | ) | $ | — | $ | 25,800 | $ | 27,213 | $ | 9,367 | $ | 25,945 | $ | 62,525 | |||||||||||||||||
Bank Owned CDEs(2) | 118,000 | — | — | (118,000 | ) | — | 10,375 | 6,115 | 29,530 | 46,020 | |||||||||||||||||||||||||||
Bank Owned CDE Equity Investment(3) | 5,700 | — | — | — | 5,700 | — | — | — | — | ||||||||||||||||||||||||||||
Total Bank Owned CDEs | 123,700 | — | — | (118,000 | ) | 5,700 | 10,375 | 6,115 | 29,530 | 46,020 | |||||||||||||||||||||||||||
State | 28,227 | — | — | — | 28,227 | — | — | — | — | ||||||||||||||||||||||||||||
Total NMTC | 314,119 | (15,852 | ) | (120,540 | ) | (118,000 | ) | 59,727 | 37,588 | 15,482 | 55,475 | 108,545 | |||||||||||||||||||||||||
Low-Income Housing | 43,733 | (7,264 | ) | — | — | 36,469 | 9,546 | 3,642 | 42,109 | 55,297 | |||||||||||||||||||||||||||
Historic Rehabilitation: | |||||||||||||||||||||||||||||||||||||
Federal(4) | 41,794 | (3,412 | ) | — | — | 38,382 | 17,823 | 19,321 | 37,295 | 74,439 | |||||||||||||||||||||||||||
State | 6,335 | — | — | — | 6,335 | — | — | — | — | ||||||||||||||||||||||||||||
Total Historic Rehabilitation | 48,129 | (3,412 | ) | — | — | 44,717 | 17,823 | 19,321 | 37,295 | 74,439 | |||||||||||||||||||||||||||
Total | $ | 405,981 | $ | (26,528 | ) | $ | (120,540 | ) | $ | (118,000 | ) | $ | 140,913 | $ | 64,957 | $ | 38,445 | $ | 134,879 | $ | 238,281 | ||||||||||||||||
(1) Interest only loan made to the investment fund during the compliance period for Federal NMTC. | |||||||||||||||||||||||||||||||||||||
(2) Through December 31, 2014, FNBC CDE received allocations of Federal NMTC from the CDFI Fund of the U.S. Treasury totaling $118.0 million over a three year period beginning in 2011. These investments are eliminated upon consolidation by the Company. | |||||||||||||||||||||||||||||||||||||
(3) The Company made an equity investment of $5.7 million in various Federal NMTC projects. This investment generated Federal NMTC. For its equity investment, the Company is a limited partner and will have the right to share in the activity of the Partnership. | |||||||||||||||||||||||||||||||||||||
(4) As of December 31, 2014, the Company had $12.6 million invested in Federal Historic Rehabilitation Tax Credit projects which the Company expects to generate Federal Historic Rehabilitation Tax Credits in 2015 and 2016 when the projects are completed, receive the certificate of occupancy, and the property is placed in service. The amount of tax credits to be received will be determined when the costs are certified. | |||||||||||||||||||||||||||||||||||||
The amortization of tax credit investments for the three month periods ended March 31, 2015 and March 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Federal NMTC (1) | $ | 3,305 | $ | 1,914 | |||||||||||||||||||||||||||||||||
Low-Income Housing | 724 | 541 | |||||||||||||||||||||||||||||||||||
Federal Historic Rehabilitation | 823 | 372 | |||||||||||||||||||||||||||||||||||
Total amortization | $ | 4,852 | $ | 2,827 | |||||||||||||||||||||||||||||||||
(1) Included in the amortization of Federal NMTC tax credit investments was $1.3 million of amortization related to the QLICI loans generated by the $118.0 million allocation from the CDFI Fund of the U.S. Treasury. | |||||||||||||||||||||||||||||||||||||
The amount of basis reduction recorded related to the Company's investment in tax credit entities for the three month periods ended March 31, 2015 and March 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Federal NMTC | $ | 368 | $ | 417 | |||||||||||||||||||||||||||||||||
Federal Historic Rehabilitation | 138 | — | |||||||||||||||||||||||||||||||||||
Total basis reduction | $ | 506 | $ | 417 | |||||||||||||||||||||||||||||||||
The Company also made loans to the tax credit related projects. The proceeds from these loans can be utilized for the generation and use of tax credits on the related real estate project or as funding for the tax credit real estate project itself. These loans are subject to the Company's normal underwriting criteria and all loans were performing according to their contractual terms at March 31, 2015. These loans were classified in the Company's loan portfolio at March 31, 2015 and December 31, 2014 as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Construction | $ | 82,776 | $ | 80,741 | |||||||||||||||||||||||||||||||||
Commercial real estate | 80,280 | 67,520 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 141,379 | 117,191 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 304,435 | $ | 265,452 | |||||||||||||||||||||||||||||||||
Longterm_Borrowings
Long-term Borrowings | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-term Borrowings | Long-term Borrowings | |||||||
Subordinated Notes Due 2025 | ||||||||
In February 2015, the Company issued $60.0 million in aggregate principal amount of subordinated notes to certain qualified institutional investors. Unless earlier redeemed, the notes have a maturity date of February 18, 2025 and bear interest, payable semiannually in arrears on February 18 and August 18 of each year, commencing August 18, 2015, at a fixed interest rate of 5.75% per year. | ||||||||
The notes are not convertible into common stock or preferred stock of the Company and are not subject to redemption at the option of the holders. The notes may be redeemed by the Company, in whole or in part, on or after November 18, 2024 or, in whole but not in part, under certain limited circumstances set forth in the Indenture. Any redemption by the Company would be at a redemption price equal to 100% of the principal balance being redeemed, together with any accrued and unpaid interest to the date of redemption. | ||||||||
Principal and interest on the notes are not subject to acceleration, except upon certain bankruptcy-related events. The notes are the unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s current and future senior indebtedness and to the Company’s obligations to its general creditors. | ||||||||
The Company plans to use the net proceeds from the sale of the subordinated notes for general corporate purposes, which may include supporting the continued growth of its business, acquisitions, and the redemption or repayment of other fixed obligations. | ||||||||
Employee Stock Ownership Plan Loan | ||||||||
In March 2015, the Company sponsored Employee Stock Ownership Trust entered into a loan from First National Bankers Bank (FNBB) in order to purchase 100,000 shares of Company stock for $3.3 million. This borrowing is required to be recorded on the Company’s balance sheet, with an offsetting entry to additional paid-in capital. The loan matures on December 5, 2024, and bears interest at a floating rate equal to the Wall Street Journal Prime rate, which was 3.25% as of March 31, 2015. The loan is subject to a pledge of 99,000 shares of the Company stock, owned by the Trust, as of March 31, 2015. | ||||||||
The $40.0 million borrowing included within long-term borrowings at March 31, 2015 and December 31, 2014 consists of a borrowing by the Company from Credit Suisse which is in the legal form of a long-term repurchase agreement. The borrowing matures on April 1, 2019, and bears interest at a floating rate equal to three-month USD LIBOR plus 1.35%, and was 1.61% at March 31, 2015. | ||||||||
The following table includes a summary of long-term borrowings as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
FNBB | $ | 3,392 | $ | — | ||||
Credit Suisse Securities (USA) LLC | 40,000 | 40,000 | ||||||
5.75% Subordinated Notes due 2025 | 60,000 | — | ||||||
Total long-term borrowings | $ | 103,392 | $ | 40,000 | ||||
Derivative_Interest_Rate_Swap_
Derivative - Interest Rate Swap Agreements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Derivative - Interest Rate Swap Agreements | Derivative - Interest Rate Swap Agreements | |||||||||||||||||||
Interest Rate Swaps. During 2014, the Company entered into three delayed interest rate swaps with Counterparty C 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 into these interest rate swap agreements 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 three derivative contracts is $165.0 million. | ||||||||||||||||||||
In December 2014, the Company terminated its cash flow hedge with Counterparty A, which the Company had entered into in 2012, as internal forecasts for future interest rates changed since this transaction was initiated. The total notional amount of the derivative contract was $115.0 million. The termination of the cash flow hedge resulted in a loss of $8.0 million which had been reflected in the Company’s operating cash flows and will be reclassified from accumulated other comprehensive income (loss) to net income as interest expense as it is amortized over a multi-year period consistent with the original maturity dates of the hedge which began in January 2015 and terminates in January 2022. | ||||||||||||||||||||
The Company entered into a delayed interest rate swap with Counterparty B in 2013 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 into 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. | ||||||||||||||||||||
Interest Rate-Prime Swaps. In March 2015, the Company entered into four interest rate swaps with Counterparty C to manage exposure against the variability in the expected future cash flows on the designated Prime plus 1% floored at 5%, Prime plus 2%, Prime plus 2% actual/365, and Prime plus 2.25% pools of its floating rate loan portfolio (the Prime Hedges). The Company entered into the interest rate-prime 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 notional amount of the contracts are Prime plus 1% floored at 5% tranche of $40.0 million, Prime plus 2% tranche of $15.0 million, Prime plus 2% actual/365 tranche of $10.0 million, and Prime plus 2.25% tranche of $10.0 million for a total notional amount of $75.0 million. The Company will receive payments from the counterparty at a fixed rate of interest and pay the counterparty at the Prime rate associated with each tranche on its notional amount. The Prime plus 1% floored at 5% tranche will receive payments at a fixed rate of 5.81% and pay the counterparty at Prime plus 1%, floored at 5% on the notional amount. The Prime plus 2% and Prime plus 2% actual/365 tranches will receive payments at a fixed rate of 6.56% and pay the counterparty at Prime plus 2% on the notional amounts. The Prime plus 2.25% tranche will receive payments at a fixed rate of 6.81% and pay the counterparty at Prime plus 2.25% on the notional amount. The cash flow payments on the derivatives begin March 2015 and terminate March 2021. | ||||||||||||||||||||
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. The cash flow payments on the derivatives began September 2013 and terminate September 2019. | ||||||||||||||||||||
Information pertaining to outstanding derivative instruments is as follows (in thousands): | ||||||||||||||||||||
Derivative Assets Fair Value | Derivative Liabilities Fair Value | |||||||||||||||||||
Balance Sheet Location | March 31, 2015 | December 31, 2014 | Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||||||||
Derivatives designated as hedging instruments under ASC Topic 815: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | Other Assets | $ | — | $ | — | Other Liabilities | $ | 19,783 | $ | 15,995 | ||||||||||
Interest rate-prime swaps - Counterparty B | Other Assets | 5,415 | 3,042 | Other Liabilities | — | — | ||||||||||||||
Interest rate swaps - Counterparty C | Other Assets | — | 37 | Other Liabilities | 2,787 | — | ||||||||||||||
Interest rate-prime swaps - Counterparty C | Other Assets | 466 | — | Other Liabilities | — | — | ||||||||||||||
$ | 5,881 | $ | 3,079 | $ | 22,570 | $ | 15,995 | |||||||||||||
The Company entered into master netting arrangements with both Counterparty B and Counterparty C whereby the delayed interest rate swaps and Prime Hedges would be settled net. Net fair values of the Counterparty B and Counterparty C delayed interest rate swaps and Prime Hedges as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
Derivatives | Collateral | Net | ||||||||||||||||||
Derivatives subject to master netting arrangements: | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate-prime swaps - Counterparty B | $ | 5,415 | $ | — | $ | — | $ | 5,415 | ||||||||||||
Interest rate-prime swaps - Counterparty C | 466 | — | — | 466 | ||||||||||||||||
$ | 5,881 | $ | — | $ | — | $ | 5,881 | |||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | $ | 19,783 | $ | — | $ | — | $ | 19,783 | ||||||||||||
Interest rate swaps - Counterparty C | 2,787 | — | — | 2,787 | ||||||||||||||||
$ | 22,570 | — | — | $ | 22,570 | |||||||||||||||
Net derivative liability | $ | 16,689 | $ | — | $ | — | $ | 16,689 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
Derivatives | Collateral | Net | ||||||||||||||||||
Derivatives subject to master netting arrangements: | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate-prime swaps - Counterparty B | $ | 3,042 | $ | — | $ | — | $ | 3,042 | ||||||||||||
$ | 3,042 | $ | — | $ | — | $ | 3,042 | |||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | $ | 15,995 | $ | — | $ | — | $ | 15,995 | ||||||||||||
$ | 15,995 | — | — | $ | 15,995 | |||||||||||||||
Net derivative liability | $ | 12,953 | $ | — | $ | — | $ | 12,953 | ||||||||||||
Pursuant to the interest rate swap agreements described above with Counterparty B, the Company pledged collateral in the form of investment securities totaling $16.2 million (with a fair value at March 31, 2015 of $16.7 million), which has been presented gross in the Company’s balance sheet. Pursuant to the interest rate swap agreements described above with Counterparty C, the Company pledged collateral in the form of investment securities totaling $4.5 million (with a fair value at March 31, 2015 of $4.0 million), which has been presented gross in the Company’s balance sheet. There was no collateral posted from the counterparties to the Company as of March 31, 2015. | ||||||||||||||||||||
For the three months ended March 31, 2015, the Company reclassified $0.3 million from accumulated other comprehensive income (loss) into interest expense as a result of the discontinuance of the cash flow hedge with Counterparty A. No amounts were reclassified into earnings for the three months ended March 31, 2014. | ||||||||||||||||||||
As of March 31, 2015 and 2014, no amounts of gains or losses have been reclassified from accumulated comprehensive income (loss), nor have any amounts of gains or losses been recognized due to ineffectiveness of a portion of the derivatives. At March 31, 2015, 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 (loss) into interest income over the next 12 months for derivatives that will be settled. | ||||||||||||||||||||
At March 31, 2015 and 2014, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows (in thousands): | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI, net of taxes (Effective Portion) | ||||||||||||||||||||
As of March 31, | ||||||||||||||||||||
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships: | 2015 | 2014 | ||||||||||||||||||
Interest rate swap with Counterparty A | $ | (5,021 | ) | $ | (751 | ) | ||||||||||||||
Interest rate swap and prime swaps with Counterparty B | (9,339 | ) | (4,622 | ) | ||||||||||||||||
Interest rate swap and prime swaps with Counterparty C | (1,510 | ) | $ | — | ||||||||||||||||
Total | $ | (15,870 | ) | $ | (5,373 | ) |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
The income tax benefit on the statement of income for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | ||||||||
31-Mar-15 | 31-Mar-14 | |||||||
Current tax expense | $ | 1,080 | $ | 300 | ||||
Deferred tax benefit | (12,520 | ) | (5,258 | ) | ||||
Total tax benefit | $ | (11,440 | ) | $ | (4,958 | ) | ||
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 6, 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. No valuation allowance was recorded for the net deferred tax assets at March 31, 2015 and December 31, 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | 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 March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Standby letters of credit | $ | 109,057 | $ | 110,636 | ||||
Unused loan commitments | 641,697 | 509,665 | ||||||
Total | $ | 750,754 | $ | 620,301 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | |||||||||||||||||||
The components of accumulated other comprehensive income (loss) and changes in those components are presented in the following table (in thousands): | ||||||||||||||||||||
Cash Flow | Terminated Cash Flow Hedge(2) | Transfers of | Available | Total | ||||||||||||||||
Hedges(1) | Available for | for Sale | ||||||||||||||||||
Sale Securities | Securities | |||||||||||||||||||
to Held to | ||||||||||||||||||||
Maturity | ||||||||||||||||||||
Balance at January 1, 2015 | $ | (8,396 | ) | $ | (5,194 | ) | $ | (3,354 | ) | $ | (2,793 | ) | $ | (19,737 | ) | |||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||||||
Net change in unrealized gain (loss) | (3,773 | ) | — | — | 3,783 | 10 | ||||||||||||||
Reclassification of net losses realized and included in earnings | — | 266 | — | — | 266 | |||||||||||||||
Amortization of unrealized net gain | — | — | 128 | — | 128 | |||||||||||||||
Income tax expense (benefit) | (1,320 | ) | 93 | 45 | 1,323 | 141 | ||||||||||||||
Balance at March 31, 2015 | $ | (10,849 | ) | $ | (5,021 | ) | $ | (3,271 | ) | $ | (333 | ) | $ | (19,474 | ) | |||||
Cash Flow | Terminated Cash Flow Hedge(2) | Transfers of | Available | Total | ||||||||||||||||
Hedges(1) | 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 (loss) before income taxes: | ||||||||||||||||||||
Net change in unrealized gain (loss) | (5,106 | ) | — | — | 5,511 | 405 | ||||||||||||||
Amortization of unrealized net gain | — | — | 104 | — | 104 | |||||||||||||||
Income tax expense (benefit) | (1,787 | ) | — | 36 | 1,929 | 178 | ||||||||||||||
Balance at March 31, 2014 | $ | (5,373 | ) | $ | — | $ | (3,642 | ) | $ | (7,169 | ) | $ | (16,184 | ) | ||||||
(1) Balances in the Cash Flow Hedge column represent the net operating changes in all of the Company's cash flow hedge relationships as of the dates stated. | ||||||||||||||||||||
(2) Balances in the Terminated Cash Flow Hedge column represent the net unrealized loss at termination of a certain cash flow hedge relationship. See Note 8 for further explanation on the terminated cash flow hedge. |
Capital_Requirements_and_Other
Capital Requirements and Other Regulatory Matters | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Banking and Thrift [Abstract] | ||||||||||
Capital Requirements and Other Regulatory Matters | Capital Requirements and Other Regulatory Matters | |||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements of the Company and the Bank. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | ||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets, Tier 1 capital to average assets, and common equity tier 1 to risk-weighted assets. Management believes, as of March 31, 2015 and December 31, 2014, that the Company and the Bank met all capital adequacy requirements to which they are subject. | ||||||||||
As of March 31, 2015, the Bank was in compliance with all regulatory requirements and the Bank was classified as “well capitalized” for purposes of the Federal Deposit Insurance Corporation's prompt corrective action requirements. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage, and common equity tier 1 ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. | ||||||||||
The following tables present the actual capital amounts and regulatory capital ratios for the Company and the Bank as of March 31, 2015 and December 31, 2014: | ||||||||||
31-Mar-15 | ||||||||||
"Well Capitalized" Minimums | Actual | |||||||||
(in thousands) | Ratio | Amount | ||||||||
First NBC Bank Holding Company | ||||||||||
Tier 1 leverage capital | 9.99 | % | $ | 388,593 | ||||||
Tier 1 risk-based capital | 11.01 | % | 388,593 | |||||||
Total risk-based capital | 13.97 | % | 493,267 | |||||||
Common equity tier 1 risk-based capital | 9.81 | % | 346,187 | |||||||
First NBC Bank | ||||||||||
Tier 1 leverage capital | 5 | % | 10.71 | % | $ | 415,939 | ||||
Tier 1 risk-based capital | 8 | % | 11.79 | % | 415,939 | |||||
Total risk-based capital | 10 | % | 13.06 | % | 460,613 | |||||
Common equity tier 1 risk-based capital | 6.5 | % | 11.79 | % | 415,939 | |||||
31-Dec-14 | ||||||||||
"Well Capitalized" Minimums | Actual | |||||||||
(in thousands) | Ratio | Amount | ||||||||
First NBC Bank Holding Company | ||||||||||
Tier 1 leverage capital | 10.66 | % | $ | 387,224 | ||||||
Tier 1 risk-based capital | 11.59 | % | 387,224 | |||||||
Total risk-based capital | 12.84 | % | 428,962 | |||||||
Common equity tier 1 risk-based capital | NA | NA | ||||||||
First NBC Bank | ||||||||||
Tier 1 leverage capital | 5 | % | 9.95 | % | $ | 361,078 | ||||
Tier 1 risk-based capital | 6 | % | 10.82 | % | 361,078 | |||||
Total risk-based capital | 10 | % | 12.07 | % | 402,816 | |||||
Common equity tier 1 risk-based capital | NA | NA | NA | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value of Financial Instruments | 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
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): | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
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 | $ | 161,768 | $ | — | $ | 161,768 | $ | — | ||||||||||||
U.S. Treasury securities | 12,801 | — | 12,801 | — | ||||||||||||||||
Municipal securities | 12,284 | — | 12,284 | — | ||||||||||||||||
Mortgage-backed securities | 62,747 | — | 62,747 | — | ||||||||||||||||
Corporate bonds | 8,244 | — | 8,244 | — | ||||||||||||||||
Other equity securities | 21 | — | 21 | — | ||||||||||||||||
$ | 257,865 | $ | — | $ | 257,865 | $ | — | |||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | $ | 16,689 | $ | — | $ | 16,689 | $ | — | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
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 | $ | 157,527 | $ | — | $ | 157,527 | $ | — | ||||||||||||
U.S. Treasury securities | 12,610 | — | 12,610 | — | ||||||||||||||||
Municipal securities | 12,246 | — | 12,246 | — | ||||||||||||||||
Mortgage-backed securities | 57,087 | — | 57,087 | — | ||||||||||||||||
Corporate bonds | 8,177 | — | 8,177 | — | ||||||||||||||||
$ | 247,647 | $ | — | $ | 247,647 | $ | — | |||||||||||||
Derivative instruments | 37 | — | 37 | — | ||||||||||||||||
Total | $ | 247,684 | $ | — | $ | 247,684 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | $ | 12,953 | $ | — | $ | 12,953 | $ | — | ||||||||||||
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): | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
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 | $ | 27,647 | $ | — | $ | — | $ | 27,647 | ||||||||||||
Other real estate owned | 2,946 | — | — | 2,946 | ||||||||||||||||
$ | 30,593 | $ | — | $ | — | $ | 30,593 | |||||||||||||
31-Dec-14 | ||||||||||||||||||||
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 | $ | 20,679 | $ | — | $ | — | $ | 20,679 | ||||||||||||
Other real estate owned | 3,022 | — | — | 3,022 | ||||||||||||||||
$ | 23,701 | $ | — | $ | — | $ | 23,701 | |||||||||||||
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 three months ended March 31, 2015 or the year ended December 31, 2014. | ||||||||||||||||||||
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) and would be categorized within Level 2 of the fair value hierarchy. 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 interest-bearing 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 March 31, 2015 | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 53,234 | $ | 53,234 | $ | 53,234 | $ | — | $ | — | ||||||||||
Short-term investments | 151,586 | 151,586 | 151,586 | — | — | |||||||||||||||
Investment in short-term receivables | 236,644 | 236,644 | 236,644 | — | — | |||||||||||||||
Investment securities available for sale | 257,865 | 257,865 | — | 257,865 | — | |||||||||||||||
Investment securities held to maturity | 87,265 | 89,332 | — | 89,332 | — | |||||||||||||||
Loans and loans held for sale | 2,908,025 | 3,135,123 | — | — | 3,135,123 | |||||||||||||||
Cash surrender value of bank-owned life insurance | 47,641 | 47,641 | 47,641 | — | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits, noninterest-bearing | 433,377 | 433,377 | — | 433,377 | — | |||||||||||||||
Deposits, interest-bearing | 2,933,069 | 2,904,142 | — | — | 2,904,142 | |||||||||||||||
Repurchase agreements | 111,864 | 111,864 | — | 111,864 | — | |||||||||||||||
Long-term borrowings | 103,392 | 103,080 | — | — | 103,080 | |||||||||||||||
Derivative instruments | 16,689 | 16,689 | — | 16,689 | — | |||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 32,484 | $ | 32,484 | $ | 32,484 | $ | — | $ | — | ||||||||||
Short-term investments | 18,404 | 18,404 | 18,404 | — | — | |||||||||||||||
Investment in short-term receivables | 237,135 | 237,135 | 237,135 | — | — | |||||||||||||||
Investment securities available for sale | 247,647 | 247,647 | — | 247,647 | — | |||||||||||||||
Investment securities held to maturity | 89,076 | 90,956 | — | 90,956 | — | |||||||||||||||
Loans and loans held for sale | 2,775,886 | 3,003,280 | — | — | 3,003,280 | |||||||||||||||
Cash surrender value of bank-owned life insurance | 47,289 | 47,289 | 47,289 | — | — | |||||||||||||||
Derivative instruments | 37 | 37 | — | 37 | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits, noninterest-bearing | 364,534 | 364,534 | — | 364,534 | — | |||||||||||||||
Deposits, interest-bearing | 2,756,316 | 2,722,134 | — | — | 2,722,134 | |||||||||||||||
Repurchase agreements | 117,991 | 117,991 | — | 117,991 | — | |||||||||||||||
Long-term borrowings | 40,000 | 42,270 | — | — | 42,270 | |||||||||||||||
Derivative instruments | 12,953 | 12,953 | — | 12,953 | — | |||||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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, the Mississippi Gulf Coast, and the Florida panhandle. 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), and any variable interest entities (VIE) of which the Company is primary beneficiary. Substantially all of the VIEs for which the Company is the primary beneficiary relate to tax credit investments. 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, southern Mississippi, and the Florida panhandle, 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. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
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 the Company's financial condition or results of operations. | |
ASU No. 2014-12 | |
In June 2014, the FASB issued ASU No. 2014-12 Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is intended to resolve the diverse accounting treatments of these types of awards in practice and is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. | |
ASU No. 2014-13 | |
In August 2014, the FASB issued ASU No. 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity, which will allow an alternative fair value measurement approach for consolidated collateralized financing entities (CFEs) to eliminate a practice issue that results in measuring the fair value of a CFE’s financial assets at a different amount from the fair value of its financial liabilities even when the financial liabilities have recourse to only the financial assets. The approach would permit the parent company of a consolidated CFE to measure the CFE’s financial assets and financial liabilities based on the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The new accounting guidance is for the annual period ending after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted as of the beginning of an annual period. The Company does not expect the new guidance to have a material impact on the Company’s financial condition or results of operations. | |
ASU No. 2014-15 | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which will require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards in connection with preparing financial statements for each annual and interim reporting period. The new accounting guidance is for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. | |
ASU No. 2015-02 | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. | |
ASU No. 2015-03 | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction form the carrying amount of that debt liability, consistent with debt discounts. The new accounting guidance is for the annual period beginning after December 15, 2015, and for annual periods and interim periods thereafter, with early application permitted. The Company does not expect the new guidance to have a material impact on the Company's financial condition or results of operations. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Schedule of Acquired Assets and Liabilities | The acquired assets and liabilities, as well as the adjustments to record the assets and liabilities at their estimated fair values, are presented in the following table: | |||
(In thousands) | As Acquired | |||
Assets | ||||
Cash and due from banks | $ | 1,511 | ||
Short-term investments | 19,971 | |||
Investment securities-available for sale | 9,559 | |||
Loans | 27,647 | |||
Bank premises | 3,120 | |||
Core deposit intangible(1) | — | |||
Other assets | 455 | |||
Total Assets | $ | 62,263 | ||
Liabilities | ||||
Deposits: | ||||
Non-interest bearing | $ | 22,680 | ||
Interest bearing | 49,584 | |||
Total deposits | 72,264 | |||
Other liabilities | 34 | |||
Total Liabilities | $ | 72,298 | ||
(1) The Company is still evaluating the fair value of the core deposit intangible created in the acquisition and, as such, has not recorded a fair value of core deposit intangible as of March 31, 2015. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Computation of Basic and Diluted Net Income Per Common Share | The following table sets forth the computation of basic net income per common share and diluted net income per common share: | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands, except per share data) | 2015 | 2014 | ||||||
Basic: Income available to common shareholders | $ | 15,665 | $ | 12,487 | ||||
Weighted-average common shares outstanding | 18,586 | 18,509 | ||||||
Basic earnings per share | $ | 0.84 | $ | 0.68 | ||||
Diluted: Income available to common shareholders | $ | 15,665 | $ | 12,487 | ||||
Weighted-average common shares outstanding | 18,586 | 18,509 | ||||||
Effect of dilutive securities: | ||||||||
Stock options outstanding | 384 | 408 | ||||||
Warrants | 119 | 119 | ||||||
Weighted-average common shares outstanding – assuming dilution | 19,089 | 19,036 | ||||||
Diluted earnings per share | $ | 0.82 | $ | 0.66 | ||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014, were as follows (in thousands): | |||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||
Amortized | Gross | Gross Unrealized Losses | Estimated | |||||||||||||||||||
Cost | Unrealized | Market Value | ||||||||||||||||||||
Gains | Less Than | Greater Than | ||||||||||||||||||||
One Year | One Year | |||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||
U.S. government agency securities | $ | 162,439 | $ | 1,236 | $ | (387 | ) | $ | (1,520 | ) | $ | 161,768 | ||||||||||
U.S. Treasury securities | 13,018 | — | — | (217 | ) | 12,801 | ||||||||||||||||
Municipal securities | 12,160 | 167 | (43 | ) | — | 12,284 | ||||||||||||||||
Mortgage-backed securities | 62,516 | 733 | (391 | ) | (111 | ) | 62,747 | |||||||||||||||
Corporate bonds | 8,224 | 20 | — | — | 8,244 | |||||||||||||||||
Other equity securities | 21 | — | — | — | 21 | |||||||||||||||||
$ | 258,378 | $ | 2,156 | $ | (821 | ) | $ | (1,848 | ) | $ | 257,865 | |||||||||||
Held to maturity: | ||||||||||||||||||||||
Municipal securities | $ | 40,071 | $ | 2,429 | $ | (12 | ) | $ | (1 | ) | $ | 42,487 | ||||||||||
Mortgage-backed securities | 47,194 | 1,299 | (1,518 | ) | (130 | ) | 46,845 | |||||||||||||||
$ | 87,265 | $ | 3,728 | $ | (1,530 | ) | $ | (131 | ) | $ | 89,332 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||
Amortized | Gross | Gross Unrealized Losses | Estimated | |||||||||||||||||||
Cost | Unrealized | Market Value | ||||||||||||||||||||
Gains | Less Than | Greater Than | ||||||||||||||||||||
One Year | One Year | |||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||
U.S. government agency securities | $ | 161,461 | $ | 891 | $ | — | $ | (4,825 | ) | $ | 157,527 | |||||||||||
U.S. Treasury securities | 13,019 | — | — | (409 | ) | 12,610 | ||||||||||||||||
Municipal securities | 12,175 | 107 | (36 | ) | — | 12,246 | ||||||||||||||||
Mortgage-backed securities | 57,025 | 635 | (137 | ) | (436 | ) | 57,087 | |||||||||||||||
Corporate bonds | 8,263 | — | — | (86 | ) | 8,177 | ||||||||||||||||
$ | 251,943 | $ | 1,633 | $ | (173 | ) | $ | (5,756 | ) | $ | 247,647 | |||||||||||
Held to maturity: | ||||||||||||||||||||||
Municipal securities | $ | 41,255 | $ | 2,182 | $ | (62 | ) | $ | — | $ | 43,375 | |||||||||||
Mortgage-backed securities | 47,821 | 1,098 | (208 | ) | (1,130 | ) | 47,581 | |||||||||||||||
$ | 89,076 | $ | 3,280 | $ | (270 | ) | $ | (1,130 | ) | $ | 90,956 | |||||||||||
Summary of Amortized Cost and Estimated Market Values by Contractual Maturity of Investment Securities | As of March 31, 2015 and December 31, 2014, the Company had 42 and 38 securities, respectively, that were in a loss position. The unrealized losses for each of the 42 securities relate to ma | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||
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 | 2.79 | % | $ | 10,761 | $ | 11,181 | 1.78 | % | $ | 571 | $ | 573 | ||||||||||
Due after one year through five years | 2.12 | 68,799 | 69,682 | 2.64 | 51,037 | 51,916 | ||||||||||||||||
Due after five years through ten years | 1.63 | 150,818 | 149,395 | 2.02 | 176,631 | 172,012 | ||||||||||||||||
Due after ten years | 3.17 | 28,000 | 27,607 | 3.34 | 23,704 | 23,146 | ||||||||||||||||
Total securities | 1.95 | % | $ | 258,378 | $ | 257,865 | 2.27 | % | $ | 251,943 | $ | 247,647 | ||||||||||
Held to maturity: | ||||||||||||||||||||||
Due in one year or less | 8.06 | % | $ | 2,966 | $ | 2,998 | 3.88 | % | $ | 2,045 | $ | 2,003 | ||||||||||
Due after one year through five years | 3.33 | 19,607 | 20,483 | 4.16 | 20,921 | 21,875 | ||||||||||||||||
Due after five years through ten years | 3.38 | 29,331 | 30,265 | 3.39 | 32,618 | 33,898 | ||||||||||||||||
Due after ten years | 3.29 | 35,361 | 35,586 | 3.3 | 33,492 | 33,180 | ||||||||||||||||
Total securities | 3.54 | % | $ | 87,265 | $ | 89,332 | 3.55 | % | $ | 89,076 | $ | 90,956 | ||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Summary of Major Classifications of Loans | Major classifications of loans at March 31, 2015 and December 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||
Construction | $ | 344,340 | $ | 316,492 | ||||||||||||||||||||
Mortgage(1) | 1,277,635 | 1,252,225 | ||||||||||||||||||||||
1,621,975 | 1,568,717 | |||||||||||||||||||||||
Consumer real estate loans: | ||||||||||||||||||||||||
Construction | 11,182 | 10,393 | ||||||||||||||||||||||
Mortgage | 159,217 | 131,031 | ||||||||||||||||||||||
170,399 | 141,424 | |||||||||||||||||||||||
Commercial and industrial loans | 1,054,837 | 1,016,414 | ||||||||||||||||||||||
Loans to individuals, excluding real estate | 17,706 | 18,316 | ||||||||||||||||||||||
Nonaccrual loans | 22,978 | 21,228 | ||||||||||||||||||||||
Other loans | 16,144 | 8,165 | ||||||||||||||||||||||
2,904,039 | 2,774,264 | |||||||||||||||||||||||
Less allowance for loan losses | (45,195 | ) | (42,336 | ) | ||||||||||||||||||||
Loans, net | $ | 2,858,844 | $ | 2,731,928 | ||||||||||||||||||||
-1 | Included in commercial real estate loans, mortgage, are owner-occupied real estate loans of $412.2 million at March 31, 2015 and $419.3 million at December 31, 2014. | |||||||||||||||||||||||
These loans were classified in the Company's loan portfolio at March 31, 2015 and December 31, 2014 as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Construction | $ | 82,776 | $ | 80,741 | ||||||||||||||||||||
Commercial real estate | 80,280 | 67,520 | ||||||||||||||||||||||
Commercial and industrial | 141,379 | 117,191 | ||||||||||||||||||||||
Total loans | $ | 304,435 | $ | 265,452 | ||||||||||||||||||||
Summary of Changes in Allowance for Loan Losses | A summary of changes in the allowance for loan losses during the three months ended March 31, 2015 and March 31, 2014 is as follows (in thousands): | |||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||
Balance, beginning of period | $ | 42,336 | $ | 32,143 | ||||||||||||||||||||
Provision charged to operations | 3,000 | 3,000 | ||||||||||||||||||||||
Charge-offs | (207 | ) | (697 | ) | ||||||||||||||||||||
Recoveries | 66 | 19 | ||||||||||||||||||||||
Balance, end of period | $ | 45,195 | $ | 34,465 | ||||||||||||||||||||
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): | |||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | and | ||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Balance, beginning of period | $ | 4,030 | $ | 14,965 | $ | 3,316 | $ | 19,814 | $ | 211 | $ | 42,336 | ||||||||||||
Charge-offs | (2 | ) | (29 | ) | — | (150 | ) | (26 | ) | (207 | ) | |||||||||||||
Recoveries | — | — | — | 61 | 5 | 66 | ||||||||||||||||||
Provision | 705 | 1,814 | — | 480 | 1 | 3,000 | ||||||||||||||||||
Balance, end of period | $ | 4,733 | $ | 16,750 | $ | 3,316 | $ | 20,205 | $ | 191 | $ | 45,195 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 4,427 | $ | 2 | $ | 4,249 | $ | — | $ | 8,678 | ||||||||||||
Collectively evaluated for impairment | $ | 4,733 | $ | 12,323 | $ | 3,314 | $ | 15,956 | $ | 191 | $ | 36,517 | ||||||||||||
Loans receivable: | ||||||||||||||||||||||||
Ending balance-total | $ | 356,487 | $ | 1,291,344 | $ | 161,308 | $ | 1,077,153 | $ | 17,747 | $ | 2,904,039 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 895 | $ | 14,355 | $ | 2,256 | $ | 16,178 | $ | — | $ | 33,684 | ||||||||||||
Collectively evaluated for impairment | $ | 355,592 | $ | 1,276,989 | $ | 159,052 | $ | 1,060,975 | $ | 17,747 | $ | 2,870,355 | ||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Construction | Commercial | Consumer | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | and | ||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Balance, beginning of period | $ | 2,790 | $ | 13,780 | $ | 2,656 | $ | 12,677 | $ | 240 | $ | 32,143 | ||||||||||||
Charge-offs | (4 | ) | (386 | ) | (43 | ) | (254 | ) | (10 | ) | (697 | ) | ||||||||||||
Recoveries | — | 1 | — | 13 | 5 | 19 | ||||||||||||||||||
Provision | 346 | 411 | 720 | 1,485 | 38 | 3,000 | ||||||||||||||||||
Balance, end of period | $ | 3,132 | $ | 13,806 | $ | 3,333 | $ | 13,921 | $ | 273 | $ | 34,465 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 40 | $ | 1,730 | $ | 997 | $ | 2,294 | $ | 1 | $ | 5,062 | ||||||||||||
Collectively evaluated for impairment | $ | 3,092 | $ | 12,076 | $ | 2,336 | $ | 11,627 | $ | 272 | $ | 29,403 | ||||||||||||
Loans receivable: | ||||||||||||||||||||||||
Ending balance-total | $ | 237,190 | $ | 1,145,380 | $ | 122,005 | $ | 948,029 | $ | 18,359 | $ | 2,470,963 | ||||||||||||
Ending balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 414 | $ | 11,433 | $ | 2,574 | $ | 4,324 | $ | 3 | $ | 18,748 | ||||||||||||
Collectively evaluated for impairment | $ | 236,776 | $ | 1,133,947 | $ | 119,431 | $ | 943,705 | $ | 18,356 | $ | 2,452,215 | ||||||||||||
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): | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Pass/Watch | Mention | |||||||||||||||||||||||
Construction | $ | 342,409 | $ | 1 | $ | 14,077 | $ | — | $ | 356,487 | ||||||||||||||
Commercial real estate | 1,243,132 | — | 48,212 | — | 1,291,344 | |||||||||||||||||||
Consumer real estate | 156,100 | 59 | 5,149 | — | 161,308 | |||||||||||||||||||
Commercial and industrial | 1,051,028 | — | 26,125 | — | 1,077,153 | |||||||||||||||||||
Consumer | 17,659 | 6 | 82 | — | 17,747 | |||||||||||||||||||
Total loans | $ | 2,810,328 | $ | 66 | $ | 93,645 | $ | — | $ | 2,904,039 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Pass and | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Pass/Watch | Mention | |||||||||||||||||||||||
Construction | $ | 313,987 | $ | 2 | $ | 13,688 | $ | — | $ | 327,677 | ||||||||||||||
Commercial real estate | 1,215,673 | 1,613 | 47,085 | — | 1,264,371 | |||||||||||||||||||
Consumer real estate | 128,507 | 60 | 4,383 | — | 132,950 | |||||||||||||||||||
Commercial and industrial | 1,005,829 | — | 24,800 | — | 1,030,629 | |||||||||||||||||||
Consumer | 18,247 | 7 | 383 | — | 18,637 | |||||||||||||||||||
Total loans | $ | 2,682,243 | $ | 1,682 | $ | 90,339 | $ | — | $ | 2,774,264 | ||||||||||||||
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): | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
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 | $ | 1 | $ | 965 | $ | 966 | $ | 355,521 | $ | 356,487 | ||||||||||||||
Commercial real estate | 359 | 11,538 | 11,897 | 1,279,447 | 1,291,344 | |||||||||||||||||||
Consumer real estate | 2,306 | 1,399 | 3,705 | 157,603 | 161,308 | |||||||||||||||||||
Total real estate loans | 2,666 | 13,902 | 16,568 | 1,792,571 | 1,809,139 | |||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 438 | 4,422 | 4,860 | 1,072,293 | 1,077,153 | |||||||||||||||||||
Consumer | 291 | 43 | 334 | 17,413 | 17,747 | |||||||||||||||||||
Total other loans | 729 | 4,465 | 5,194 | 1,089,706 | 1,094,900 | |||||||||||||||||||
Total loans | $ | 3,395 | $ | 18,367 | $ | 21,762 | $ | 2,882,277 | $ | 2,904,039 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Greater Than | 90 Days and | Total Past | Current | Total Loans | ||||||||||||||||||||
30 and Fewer | Greater Past | Due | Loans | |||||||||||||||||||||
Than 90 Days | Due | |||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Construction | $ | 97 | $ | 750 | $ | 847 | $ | 326,830 | $ | 327,677 | ||||||||||||||
Commercial real estate | 2,497 | 9,545 | 12,042 | 1,252,329 | 1,264,371 | |||||||||||||||||||
Consumer real estate | 1,623 | 1,255 | 2,878 | 130,072 | 132,950 | |||||||||||||||||||
Total real estate loans | 4,217 | 11,550 | 15,767 | 1,709,231 | 1,724,998 | |||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 159 | 4,426 | 4,585 | 1,026,044 | 1,030,629 | |||||||||||||||||||
Consumer | 564 | 322 | 886 | 17,751 | 18,637 | |||||||||||||||||||
Total other loans | 723 | 4,748 | 5,471 | 1,043,795 | 1,049,266 | |||||||||||||||||||
Total loans | $ | 4,940 | $ | 16,298 | $ | 21,238 | $ | 2,753,026 | $ | 2,774,264 | ||||||||||||||
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans excluding loans acquired with deteriorated credit quality, as of the periods indicated (in thousands): | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Recorded | Contractual | Related | ||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction | $ | 895 | $ | 895 | $ | — | ||||||||||||||||||
Commercial real estate | 2,670 | 2,616 | — | |||||||||||||||||||||
Consumer real estate | 2,152 | 2,167 | — | |||||||||||||||||||||
Commercial and industrial | 320 | 44 | — | |||||||||||||||||||||
Total | $ | 6,037 | $ | 5,722 | $ | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial real estate | 11,685 | 11,981 | 4,427 | |||||||||||||||||||||
Consumer real estate | 104 | 117 | 2 | |||||||||||||||||||||
Commercial and industrial | 15,858 | 16,104 | 4,249 | |||||||||||||||||||||
Total | $ | 27,647 | $ | 28,202 | $ | 8,678 | ||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Construction | $ | 895 | $ | 895 | $ | — | ||||||||||||||||||
Commercial real estate | 14,355 | 14,597 | 4,427 | |||||||||||||||||||||
Consumer real estate | 2,256 | 2,284 | 2 | |||||||||||||||||||||
Commercial and industrial | 16,178 | 16,148 | 4,249 | |||||||||||||||||||||
Total | $ | 33,684 | $ | 33,924 | $ | 8,678 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Recorded | Contractual | Related | ||||||||||||||||||||||
Investment | Balance | Allowance | ||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction | $ | 927 | $ | 927 | $ | — | ||||||||||||||||||
Commercial real estate | 7,175 | 7,453 | — | |||||||||||||||||||||
Consumer real estate | 2,085 | 2,097 | — | |||||||||||||||||||||
Commercial and industrial | 436 | 498 | — | |||||||||||||||||||||
Consumer | 256 | 256 | — | |||||||||||||||||||||
Total | $ | 10,879 | $ | 11,231 | $ | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial real estate | 5,955 | 6,235 | 3,138 | |||||||||||||||||||||
Consumer real estate | — | — | — | |||||||||||||||||||||
Commercial and industrial | 14,721 | 14,774 | 5,889 | |||||||||||||||||||||
Consumer | 3 | 3 | 1 | |||||||||||||||||||||
Total | $ | 20,679 | $ | 21,012 | $ | 9,028 | ||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Construction | $ | 927 | $ | 927 | $ | — | ||||||||||||||||||
Commercial real estate | 13,130 | 13,688 | 3,138 | |||||||||||||||||||||
Consumer real estate | 2,085 | 2,097 | — | |||||||||||||||||||||
Commercial and industrial | 15,157 | 15,272 | 5,889 | |||||||||||||||||||||
Consumer | 259 | 259 | 1 | |||||||||||||||||||||
Total | $ | 31,558 | $ | 32,243 | $ | 9,028 | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Construction | $ | 911 | $ | — | $ | 24 | $ | 1 | ||||||||||||||||
Commercial real estate | 4,923 | — | 4,428 | 76 | ||||||||||||||||||||
Consumer real estate | 2,119 | 3 | 1,977 | — | ||||||||||||||||||||
Commercial and industrial | 378 | — | 1,090 | 28 | ||||||||||||||||||||
Consumer | 128 | — | — | — | ||||||||||||||||||||
Total | $ | 8,459 | $ | 3 | $ | 7,519 | $ | 105 | ||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | 338 | $ | 7 | ||||||||||||||||
Commercial real estate | 8,820 | — | 6,135 | 8 | ||||||||||||||||||||
Consumer real estate | 52 | — | 865 | 7 | ||||||||||||||||||||
Commercial and industrial | 15,290 | 4 | 3,075 | — | ||||||||||||||||||||
Consumer | 2 | — | 2 | — | ||||||||||||||||||||
Total | $ | 24,164 | $ | 4 | $ | 10,415 | $ | 22 | ||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Construction | $ | 911 | $ | — | $ | 362 | $ | 8 | ||||||||||||||||
Commercial real estate | 13,743 | — | 10,563 | 84 | ||||||||||||||||||||
Consumer real estate | 2,171 | 3 | 2,842 | 7 | ||||||||||||||||||||
Commercial and industrial | 15,668 | 4 | 4,165 | 28 | ||||||||||||||||||||
Consumer | 130 | — | 2 | — | ||||||||||||||||||||
Total | $ | 32,623 | $ | 7 | $ | 17,934 | $ | 127 | ||||||||||||||||
Summary of Nonaccrual Loans | The following is a summary of information pertaining to nonaccrual loans as of the periods indicated (in thousands): | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||
Construction | $ | 965 | $ | 792 | ||||||||||||||||||||
Commercial real estate | 13,709 | 12,146 | ||||||||||||||||||||||
Consumer real estate | 2,091 | 1,919 | ||||||||||||||||||||||
Commercial and industrial | 6,172 | 6,051 | ||||||||||||||||||||||
Consumer | 41 | 320 | ||||||||||||||||||||||
$ | 22,978 | $ | 21,228 | |||||||||||||||||||||
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): | |||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||
Balance, beginning of period | $ | 115 | $ | 170 | ||||||||||||||||||||
Acquisition | — | — | ||||||||||||||||||||||
Net transfers from nonaccretable difference to accretable yield | — | 1,437 | ||||||||||||||||||||||
Accretion | (74 | ) | (381 | ) | ||||||||||||||||||||
Balance, end of period | $ | 41 | $ | 1,226 | ||||||||||||||||||||
Summary of Company's Troubled Debt Restructurings ("TDRs') | Information about the Company’s troubled debt restructurings (TDRs) at March 31, 2015 and March 31, 2014 is presented in the following tables (in thousands): | |||||||||||||||||||||||
Current | Greater Than 30 | Nonaccrual | Total TDRs | |||||||||||||||||||||
Days Past Due | TDRs | |||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Construction | $ | 201 | $ | — | $ | — | $ | 201 | ||||||||||||||||
Commercial real estate | — | — | 1,879 | 1,879 | ||||||||||||||||||||
Consumer real estate | 597 | — | 131 | 728 | ||||||||||||||||||||
Total real estate loans | 798 | — | 2,010 | 2,808 | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 629 | — | 179 | 808 | ||||||||||||||||||||
Total loans | $ | 1,427 | $ | — | $ | 2,189 | $ | 3,616 | ||||||||||||||||
Current | Greater Than 30 | Nonaccrual | Total TDRs | |||||||||||||||||||||
Days Past Due | TDRs | |||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Construction | $ | 306 | $ | — | $ | — | $ | 306 | ||||||||||||||||
Commercial real estate | 356 | — | 102 | 458 | ||||||||||||||||||||
Consumer real estate | 619 | — | 140 | 759 | ||||||||||||||||||||
Total real estate loans | 1,281 | — | 242 | 1,523 | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||
Commercial and industrial | 318 | — | — | 318 | ||||||||||||||||||||
Total loans | $ | 1,599 | $ | — | $ | 242 | $ | 1,841 | ||||||||||||||||
There were no new TDRs which were modified during the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
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 March 31, 2015 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Troubled debt restructuring: | ||||||||||||||||||||||||
Construction | 3 | $ | 201 | $ | 201 | |||||||||||||||||||
Commercial real estate | 2 | 1,879 | 1,879 | |||||||||||||||||||||
Consumer real estate | 4 | 728 | 728 | |||||||||||||||||||||
Commercial and industrial | 2 | 808 | 808 | |||||||||||||||||||||
11 | $ | 3,616 | $ | 3,616 | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Troubled debt restructuring: | ||||||||||||||||||||||||
Construction | 2 | $ | 306 | $ | 306 | |||||||||||||||||||
Commercial real estate | 3 | 458 | 458 | |||||||||||||||||||||
Consumer real estate | 3 | 759 | 759 | |||||||||||||||||||||
Commercial and industrial | 1 | 318 | 318 | |||||||||||||||||||||
9 | $ | 1,841 | $ | 1,841 | ||||||||||||||||||||
Investments_in_Tax_Credit_Enti1
Investments in Tax Credit Entities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||
Investment Holdings, Schedule of Investments | The tables below set forth the Company's investment in Federal NMTC, State NMTC, Federal Low-Income Housing, Federal Historic Rehabilitation, and State Historic Rehabilitation tax credits, along with the credits expected to be generated through its participation in these programs as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||
Investment | Accumulated Amortization | Loans to Investment Funds(1) | Elimination | Net Investment | Tax Benefits Recognized Through December 31, 2014 | Tax Benefits Expected to be Recognized in 2015 | Tax Benefits Expected to be Recognized in 2016, and Thereafter | Total Tax Benefits Expected to be Recognized | |||||||||||||||||||||||||||||
NMTC: | |||||||||||||||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||||||||||||||
Non-Bank Owned CDEs | $ | 172,192 | $ | (17,816 | ) | $ | (127,520 | ) | $ | — | $ | 26,856 | $ | 36,580 | $ | 9,769 | $ | 20,076 | $ | 66,425 | |||||||||||||||||
Bank Owned CDEs(2) | 118,000 | — | — | (118,000 | ) | — | 16,490 | 6,580 | 22,949 | 46,019 | |||||||||||||||||||||||||||
Bank Owned CDE Equity Investment(3) | 5,700 | — | — | — | 5,700 | — | — | — | — | ||||||||||||||||||||||||||||
Total Bank Owned CDEs | 123,700 | — | — | (118,000 | ) | 5,700 | 16,490 | 6,580 | 22,949 | 46,019 | |||||||||||||||||||||||||||
State | 28,227 | — | — | — | 28,227 | — | — | — | — | ||||||||||||||||||||||||||||
Total NMTC | 324,119 | (17,816 | ) | (127,520 | ) | (118,000 | ) | 60,783 | 53,070 | 16,349 | 43,025 | 112,444 | |||||||||||||||||||||||||
Low-Income Housing | 44,161 | (7,988 | ) | — | — | 36,173 | 13,188 | 4,490 | 37,618 | 55,296 | |||||||||||||||||||||||||||
Historic Rehabilitation: | |||||||||||||||||||||||||||||||||||||
Federal(4) | 46,357 | (4,235 | ) | — | — | 42,122 | 37,143 | 27,351 | 33,795 | 98,289 | |||||||||||||||||||||||||||
State | 8,026 | — | — | — | 8,026 | — | — | — | — | ||||||||||||||||||||||||||||
Total Historic Rehabilitation | 54,383 | (4,235 | ) | — | — | 50,148 | 37,143 | 27,351 | 33,795 | 98,289 | |||||||||||||||||||||||||||
Total | $ | 422,663 | $ | (30,039 | ) | $ | (127,520 | ) | $ | (118,000 | ) | $ | 147,104 | $ | 103,401 | $ | 48,190 | $ | 114,438 | $ | 266,029 | ||||||||||||||||
(1) Interest only loan made to the investment fund during the compliance period for Federal NMTC. | |||||||||||||||||||||||||||||||||||||
(2) Through March 31, 2015, FNBC CDE received allocations of Federal NMTC from the CDFI Fund of the U.S. Treasury totaling $118.0 million over a three year period beginning in 2011. These investments are eliminated upon consolidation by the Company. | |||||||||||||||||||||||||||||||||||||
(3) The Company made an equity investment of $5.7 million in various Federal NMTC projects. This investment generated Federal NMTC. For its equity investment, the Company is a limited partner and will have the right to share in the activity of the Partnership. | |||||||||||||||||||||||||||||||||||||
(4) As of March 31, 2015, the Company had $15.7 million invested in Federal Rehabilitation Tax Credit projects which the Company expects to generate Federal Rehabilitation Tax Credits in 2015 and 2016 when the projects are completed, receive the certificates of occupancy, and the property is placed into service. The amount of tax credits to be received will be determined when the costs are certified. | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Investment | Accumulated Amortization | Loans to Investment Funds(1) | Elimination | Net Investment | Tax Benefits Recognized Through December 31, 2013 | Tax Benefits Recognized in 2014 | Tax Benefits Expected to be Recognized in 2015, and Thereafter | Total Tax Benefits Expected to be Recognized | |||||||||||||||||||||||||||||
NMTC: | |||||||||||||||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||||||||||||||
Non-Bank Owned CDEs | $ | 162,192 | $ | (15,852 | ) | $ | (120,540 | ) | $ | — | $ | 25,800 | $ | 27,213 | $ | 9,367 | $ | 25,945 | $ | 62,525 | |||||||||||||||||
Bank Owned CDEs(2) | 118,000 | — | — | (118,000 | ) | — | 10,375 | 6,115 | 29,530 | 46,020 | |||||||||||||||||||||||||||
Bank Owned CDE Equity Investment(3) | 5,700 | — | — | — | 5,700 | — | — | — | — | ||||||||||||||||||||||||||||
Total Bank Owned CDEs | 123,700 | — | — | (118,000 | ) | 5,700 | 10,375 | 6,115 | 29,530 | 46,020 | |||||||||||||||||||||||||||
State | 28,227 | — | — | — | 28,227 | — | — | — | — | ||||||||||||||||||||||||||||
Total NMTC | 314,119 | (15,852 | ) | (120,540 | ) | (118,000 | ) | 59,727 | 37,588 | 15,482 | 55,475 | 108,545 | |||||||||||||||||||||||||
Low-Income Housing | 43,733 | (7,264 | ) | — | — | 36,469 | 9,546 | 3,642 | 42,109 | 55,297 | |||||||||||||||||||||||||||
Historic Rehabilitation: | |||||||||||||||||||||||||||||||||||||
Federal(4) | 41,794 | (3,412 | ) | — | — | 38,382 | 17,823 | 19,321 | 37,295 | 74,439 | |||||||||||||||||||||||||||
State | 6,335 | — | — | — | 6,335 | — | — | — | — | ||||||||||||||||||||||||||||
Total Historic Rehabilitation | 48,129 | (3,412 | ) | — | — | 44,717 | 17,823 | 19,321 | 37,295 | 74,439 | |||||||||||||||||||||||||||
Total | $ | 405,981 | $ | (26,528 | ) | $ | (120,540 | ) | $ | (118,000 | ) | $ | 140,913 | $ | 64,957 | $ | 38,445 | $ | 134,879 | $ | 238,281 | ||||||||||||||||
(1) Interest only loan made to the investment fund during the compliance period for Federal NMTC. | |||||||||||||||||||||||||||||||||||||
(2) Through December 31, 2014, FNBC CDE received allocations of Federal NMTC from the CDFI Fund of the U.S. Treasury totaling $118.0 million over a three year period beginning in 2011. These investments are eliminated upon consolidation by the Company. | |||||||||||||||||||||||||||||||||||||
(3) The Company made an equity investment of $5.7 million in various Federal NMTC projects. This investment generated Federal NMTC. For its equity investment, the Company is a limited partner and will have the right to share in the activity of the Partnership. | |||||||||||||||||||||||||||||||||||||
(4) As of December 31, 2014, the Company had $12.6 million invested in Federal Historic Rehabilitation Tax Credit projects which the Company expects to generate Federal Historic Rehabilitation Tax Credits in 2015 and 2016 when the projects are completed, receive the certificate of occupancy, and the property is placed in service. The amount of tax credits to be received will be determined when the costs are certified. | |||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Credit Investments | The amortization of tax credit investments for the three month periods ended March 31, 2015 and March 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Federal NMTC (1) | $ | 3,305 | $ | 1,914 | |||||||||||||||||||||||||||||||||
Low-Income Housing | 724 | 541 | |||||||||||||||||||||||||||||||||||
Federal Historic Rehabilitation | 823 | 372 | |||||||||||||||||||||||||||||||||||
Total amortization | $ | 4,852 | $ | 2,827 | |||||||||||||||||||||||||||||||||
(1) Included in the amortization of Federal NMTC tax credit investments was $1.3 million of amortization related to the QLICI loans generated by the $118.0 million allocation from the CDFI Fund of the U.S. Treasury. | |||||||||||||||||||||||||||||||||||||
Summary Of Basis Reduction Recorded Related To Investments In Tax Credit Entities | The amount of basis reduction recorded related to the Company's investment in tax credit entities for the three month periods ended March 31, 2015 and March 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Federal NMTC | $ | 368 | $ | 417 | |||||||||||||||||||||||||||||||||
Federal Historic Rehabilitation | 138 | — | |||||||||||||||||||||||||||||||||||
Total basis reduction | $ | 506 | $ | 417 | |||||||||||||||||||||||||||||||||
Summary of Major Classifications of Loans | Major classifications of loans at March 31, 2015 and December 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||||||||||||||
Construction | $ | 344,340 | $ | 316,492 | |||||||||||||||||||||||||||||||||
Mortgage(1) | 1,277,635 | 1,252,225 | |||||||||||||||||||||||||||||||||||
1,621,975 | 1,568,717 | ||||||||||||||||||||||||||||||||||||
Consumer real estate loans: | |||||||||||||||||||||||||||||||||||||
Construction | 11,182 | 10,393 | |||||||||||||||||||||||||||||||||||
Mortgage | 159,217 | 131,031 | |||||||||||||||||||||||||||||||||||
170,399 | 141,424 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 1,054,837 | 1,016,414 | |||||||||||||||||||||||||||||||||||
Loans to individuals, excluding real estate | 17,706 | 18,316 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans | 22,978 | 21,228 | |||||||||||||||||||||||||||||||||||
Other loans | 16,144 | 8,165 | |||||||||||||||||||||||||||||||||||
2,904,039 | 2,774,264 | ||||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (45,195 | ) | (42,336 | ) | |||||||||||||||||||||||||||||||||
Loans, net | $ | 2,858,844 | $ | 2,731,928 | |||||||||||||||||||||||||||||||||
-1 | Included in commercial real estate loans, mortgage, are owner-occupied real estate loans of $412.2 million at March 31, 2015 and $419.3 million at December 31, 2014. | ||||||||||||||||||||||||||||||||||||
These loans were classified in the Company's loan portfolio at March 31, 2015 and December 31, 2014 as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Construction | $ | 82,776 | $ | 80,741 | |||||||||||||||||||||||||||||||||
Commercial real estate | 80,280 | 67,520 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 141,379 | 117,191 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 304,435 | $ | 265,452 | |||||||||||||||||||||||||||||||||
Longterm_Borrowings_Tables
Long-term Borrowings (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Borrowings | The following table includes a summary of long-term borrowings as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
FNBB | $ | 3,392 | $ | — | ||||
Credit Suisse Securities (USA) LLC | 40,000 | 40,000 | ||||||
5.75% Subordinated Notes due 2025 | 60,000 | — | ||||||
Total long-term borrowings | $ | 103,392 | $ | 40,000 | ||||
Derivative_Interest_Rate_Swap_1
Derivative - Interest Rate Swap Agreements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows (in thousands): | |||||||||||||||||||
Derivative Assets Fair Value | Derivative Liabilities Fair Value | |||||||||||||||||||
Balance Sheet Location | March 31, 2015 | December 31, 2014 | Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||||||||
Derivatives designated as hedging instruments under ASC Topic 815: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | Other Assets | $ | — | $ | — | Other Liabilities | $ | 19,783 | $ | 15,995 | ||||||||||
Interest rate-prime swaps - Counterparty B | Other Assets | 5,415 | 3,042 | Other Liabilities | — | — | ||||||||||||||
Interest rate swaps - Counterparty C | Other Assets | — | 37 | Other Liabilities | 2,787 | — | ||||||||||||||
Interest rate-prime swaps - Counterparty C | Other Assets | 466 | — | Other Liabilities | — | — | ||||||||||||||
$ | 5,881 | $ | 3,079 | $ | 22,570 | $ | 15,995 | |||||||||||||
Schedule of Derivative Assets Subject to Master Netting Arrangements | The Company entered into master netting arrangements with both Counterparty B and Counterparty C whereby the delayed interest rate swaps and Prime Hedges would be settled net. Net fair values of the Counterparty B and Counterparty C delayed interest rate swaps and Prime Hedges as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
Derivatives | Collateral | Net | ||||||||||||||||||
Derivatives subject to master netting arrangements: | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate-prime swaps - Counterparty B | $ | 5,415 | $ | — | $ | — | $ | 5,415 | ||||||||||||
Interest rate-prime swaps - Counterparty C | 466 | — | — | 466 | ||||||||||||||||
$ | 5,881 | $ | — | $ | — | $ | 5,881 | |||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | $ | 19,783 | $ | — | $ | — | $ | 19,783 | ||||||||||||
Interest rate swaps - Counterparty C | 2,787 | — | — | 2,787 | ||||||||||||||||
$ | 22,570 | — | — | $ | 22,570 | |||||||||||||||
Net derivative liability | $ | 16,689 | $ | — | $ | — | $ | 16,689 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
Derivatives | Collateral | Net | ||||||||||||||||||
Derivatives subject to master netting arrangements: | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate-prime swaps - Counterparty B | $ | 3,042 | $ | — | $ | — | $ | 3,042 | ||||||||||||
$ | 3,042 | $ | — | $ | — | $ | 3,042 | |||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | $ | 15,995 | $ | — | $ | — | $ | 15,995 | ||||||||||||
$ | 15,995 | — | — | $ | 15,995 | |||||||||||||||
Net derivative liability | $ | 12,953 | $ | — | $ | — | $ | 12,953 | ||||||||||||
Schedule of Derivative Liabilities Subject to Master Netting Arrangements | The Company entered into master netting arrangements with both Counterparty B and Counterparty C whereby the delayed interest rate swaps and Prime Hedges would be settled net. Net fair values of the Counterparty B and Counterparty C delayed interest rate swaps and Prime Hedges as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
Derivatives | Collateral | Net | ||||||||||||||||||
Derivatives subject to master netting arrangements: | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate-prime swaps - Counterparty B | $ | 5,415 | $ | — | $ | — | $ | 5,415 | ||||||||||||
Interest rate-prime swaps - Counterparty C | 466 | — | — | 466 | ||||||||||||||||
$ | 5,881 | $ | — | $ | — | $ | 5,881 | |||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | $ | 19,783 | $ | — | $ | — | $ | 19,783 | ||||||||||||
Interest rate swaps - Counterparty C | 2,787 | — | — | 2,787 | ||||||||||||||||
$ | 22,570 | — | — | $ | 22,570 | |||||||||||||||
Net derivative liability | $ | 16,689 | $ | — | $ | — | $ | 16,689 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
Derivatives | Collateral | Net | ||||||||||||||||||
Derivatives subject to master netting arrangements: | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate-prime swaps - Counterparty B | $ | 3,042 | $ | — | $ | — | $ | 3,042 | ||||||||||||
$ | 3,042 | $ | — | $ | — | $ | 3,042 | |||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - Counterparty B | $ | 15,995 | $ | — | $ | — | $ | 15,995 | ||||||||||||
$ | 15,995 | — | — | $ | 15,995 | |||||||||||||||
Net derivative liability | $ | 12,953 | $ | — | $ | — | $ | 12,953 | ||||||||||||
Schedule of Effect of Hedging Instruments | At March 31, 2015 and 2014, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI, net of taxes (Effective Portion) | ||||||||||||||||||||
As of March 31, | ||||||||||||||||||||
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships: | 2015 | 2014 | ||||||||||||||||||
Interest rate swap with Counterparty A | $ | (5,021 | ) | $ | (751 | ) | ||||||||||||||
Interest rate swap and prime swaps with Counterparty B | (9,339 | ) | (4,622 | ) | ||||||||||||||||
Interest rate swap and prime swaps with Counterparty C | (1,510 | ) | $ | — | ||||||||||||||||
Total | $ | (15,870 | ) | $ | (5,373 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Summary of Income Tax Benefit on Statement of Income | The income tax benefit on the statement of income for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | |||||||
31-Mar-15 | 31-Mar-14 | |||||||
Current tax expense | $ | 1,080 | $ | 300 | ||||
Deferred tax benefit | (12,520 | ) | (5,258 | ) | ||||
Total tax benefit | $ | (11,440 | ) | $ | (4,958 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, 2015 and December 31, 2014 (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Standby letters of credit | $ | 109,057 | $ | 110,636 | ||||
Unused loan commitments | 641,697 | 509,665 | ||||||
Total | $ | 750,754 | $ | 620,301 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) and changes in those components are presented in the following table (in thousands): | |||||||||||||||||||
Cash Flow | Terminated Cash Flow Hedge(2) | Transfers of | Available | Total | ||||||||||||||||
Hedges(1) | Available for | for Sale | ||||||||||||||||||
Sale Securities | Securities | |||||||||||||||||||
to Held to | ||||||||||||||||||||
Maturity | ||||||||||||||||||||
Balance at January 1, 2015 | $ | (8,396 | ) | $ | (5,194 | ) | $ | (3,354 | ) | $ | (2,793 | ) | $ | (19,737 | ) | |||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||||||
Net change in unrealized gain (loss) | (3,773 | ) | — | — | 3,783 | 10 | ||||||||||||||
Reclassification of net losses realized and included in earnings | — | 266 | — | — | 266 | |||||||||||||||
Amortization of unrealized net gain | — | — | 128 | — | 128 | |||||||||||||||
Income tax expense (benefit) | (1,320 | ) | 93 | 45 | 1,323 | 141 | ||||||||||||||
Balance at March 31, 2015 | $ | (10,849 | ) | $ | (5,021 | ) | $ | (3,271 | ) | $ | (333 | ) | $ | (19,474 | ) | |||||
Cash Flow | Terminated Cash Flow Hedge(2) | Transfers of | Available | Total | ||||||||||||||||
Hedges(1) | 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 (loss) before income taxes: | ||||||||||||||||||||
Net change in unrealized gain (loss) | (5,106 | ) | — | — | 5,511 | 405 | ||||||||||||||
Amortization of unrealized net gain | — | — | 104 | — | 104 | |||||||||||||||
Income tax expense (benefit) | (1,787 | ) | — | 36 | 1,929 | 178 | ||||||||||||||
Balance at March 31, 2014 | $ | (5,373 | ) | $ | — | $ | (3,642 | ) | $ | (7,169 | ) | $ | (16,184 | ) | ||||||
(1) Balances in the Cash Flow Hedge column represent the net operating changes in all of the Company's cash flow hedge relationships as of the dates stated. | ||||||||||||||||||||
(2) Balances in the Terminated Cash Flow Hedge column represent the net unrealized loss at termination of a certain cash flow hedge relationship. See Note 8 for further explanation on the terminated cash flow hedge. |
Capital_Requirements_and_Other1
Capital Requirements and Other Regulatory Matters (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Banking and Thrift [Abstract] | ||||||||||
Summary of Capital Amounts and Ratios | The following tables present the actual capital amounts and regulatory capital ratios for the Company and the Bank as of March 31, 2015 and December 31, 2014: | |||||||||
31-Mar-15 | ||||||||||
"Well Capitalized" Minimums | Actual | |||||||||
(in thousands) | Ratio | Amount | ||||||||
First NBC Bank Holding Company | ||||||||||
Tier 1 leverage capital | 9.99 | % | $ | 388,593 | ||||||
Tier 1 risk-based capital | 11.01 | % | 388,593 | |||||||
Total risk-based capital | 13.97 | % | 493,267 | |||||||
Common equity tier 1 risk-based capital | 9.81 | % | 346,187 | |||||||
First NBC Bank | ||||||||||
Tier 1 leverage capital | 5 | % | 10.71 | % | $ | 415,939 | ||||
Tier 1 risk-based capital | 8 | % | 11.79 | % | 415,939 | |||||
Total risk-based capital | 10 | % | 13.06 | % | 460,613 | |||||
Common equity tier 1 risk-based capital | 6.5 | % | 11.79 | % | 415,939 | |||||
31-Dec-14 | ||||||||||
"Well Capitalized" Minimums | Actual | |||||||||
(in thousands) | Ratio | Amount | ||||||||
First NBC Bank Holding Company | ||||||||||
Tier 1 leverage capital | 10.66 | % | $ | 387,224 | ||||||
Tier 1 risk-based capital | 11.59 | % | 387,224 | |||||||
Total risk-based capital | 12.84 | % | 428,962 | |||||||
Common equity tier 1 risk-based capital | NA | NA | ||||||||
First NBC Bank | ||||||||||
Tier 1 leverage capital | 5 | % | 9.95 | % | $ | 361,078 | ||||
Tier 1 risk-based capital | 6 | % | 10.82 | % | 361,078 | |||||
Total risk-based capital | 10 | % | 12.07 | % | 402,816 | |||||
Common equity tier 1 risk-based capital | NA | NA | NA | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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): | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
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 | $ | 161,768 | $ | — | $ | 161,768 | $ | — | ||||||||||||
U.S. Treasury securities | 12,801 | — | 12,801 | — | ||||||||||||||||
Municipal securities | 12,284 | — | 12,284 | — | ||||||||||||||||
Mortgage-backed securities | 62,747 | — | 62,747 | — | ||||||||||||||||
Corporate bonds | 8,244 | — | 8,244 | — | ||||||||||||||||
Other equity securities | 21 | — | 21 | — | ||||||||||||||||
$ | 257,865 | $ | — | $ | 257,865 | $ | — | |||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | $ | 16,689 | $ | — | $ | 16,689 | $ | — | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
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 | $ | 157,527 | $ | — | $ | 157,527 | $ | — | ||||||||||||
U.S. Treasury securities | 12,610 | — | 12,610 | — | ||||||||||||||||
Municipal securities | 12,246 | — | 12,246 | — | ||||||||||||||||
Mortgage-backed securities | 57,087 | — | 57,087 | — | ||||||||||||||||
Corporate bonds | 8,177 | — | 8,177 | — | ||||||||||||||||
$ | 247,647 | $ | — | $ | 247,647 | $ | — | |||||||||||||
Derivative instruments | 37 | — | 37 | — | ||||||||||||||||
Total | $ | 247,684 | $ | — | $ | 247,684 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | $ | 12,953 | $ | — | $ | 12,953 | $ | — | ||||||||||||
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): | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
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 | $ | 27,647 | $ | — | $ | — | $ | 27,647 | ||||||||||||
Other real estate owned | 2,946 | — | — | 2,946 | ||||||||||||||||
$ | 30,593 | $ | — | $ | — | $ | 30,593 | |||||||||||||
31-Dec-14 | ||||||||||||||||||||
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 | $ | 20,679 | $ | — | $ | — | $ | 20,679 | ||||||||||||
Other real estate owned | 3,022 | — | — | 3,022 | ||||||||||||||||
$ | 23,701 | $ | — | $ | — | $ | 23,701 | |||||||||||||
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 March 31, 2015 | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 53,234 | $ | 53,234 | $ | 53,234 | $ | — | $ | — | ||||||||||
Short-term investments | 151,586 | 151,586 | 151,586 | — | — | |||||||||||||||
Investment in short-term receivables | 236,644 | 236,644 | 236,644 | — | — | |||||||||||||||
Investment securities available for sale | 257,865 | 257,865 | — | 257,865 | — | |||||||||||||||
Investment securities held to maturity | 87,265 | 89,332 | — | 89,332 | — | |||||||||||||||
Loans and loans held for sale | 2,908,025 | 3,135,123 | — | — | 3,135,123 | |||||||||||||||
Cash surrender value of bank-owned life insurance | 47,641 | 47,641 | 47,641 | — | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits, noninterest-bearing | 433,377 | 433,377 | — | 433,377 | — | |||||||||||||||
Deposits, interest-bearing | 2,933,069 | 2,904,142 | — | — | 2,904,142 | |||||||||||||||
Repurchase agreements | 111,864 | 111,864 | — | 111,864 | — | |||||||||||||||
Long-term borrowings | 103,392 | 103,080 | — | — | 103,080 | |||||||||||||||
Derivative instruments | 16,689 | 16,689 | — | 16,689 | — | |||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 32,484 | $ | 32,484 | $ | 32,484 | $ | — | $ | — | ||||||||||
Short-term investments | 18,404 | 18,404 | 18,404 | — | — | |||||||||||||||
Investment in short-term receivables | 237,135 | 237,135 | 237,135 | — | — | |||||||||||||||
Investment securities available for sale | 247,647 | 247,647 | — | 247,647 | — | |||||||||||||||
Investment securities held to maturity | 89,076 | 90,956 | — | 90,956 | — | |||||||||||||||
Loans and loans held for sale | 2,775,886 | 3,003,280 | — | — | 3,003,280 | |||||||||||||||
Cash surrender value of bank-owned life insurance | 47,289 | 47,289 | 47,289 | — | — | |||||||||||||||
Derivative instruments | 37 | 37 | — | 37 | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits, noninterest-bearing | 364,534 | 364,534 | — | 364,534 | — | |||||||||||||||
Deposits, interest-bearing | 2,756,316 | 2,722,134 | — | — | 2,722,134 | |||||||||||||||
Repurchase agreements | 117,991 | 117,991 | — | 117,991 | — | |||||||||||||||
Long-term borrowings | 40,000 | 42,270 | — | — | 42,270 | |||||||||||||||
Derivative instruments | 12,953 | 12,953 | — | 12,953 | — | |||||||||||||||
Acquisitions_Details
Acquisitions (Details) (USD $) | Jan. 16, 2015 |
facility | |
Business Combinations [Abstract] | |
Number of banking facilities acquired | 3 |
Initial settlement amount | $10,100,000 |
Assets | |
Cash and due from banks | 1,511,000 |
Short-term investments | 19,971,000 |
Investment securities-available for sale | 9,559,000 |
Loans | 27,647,000 |
Bank premises | 3,120,000 |
Core deposit intangible | 0 |
Other assets | 455,000 |
Total Assets | 62,263,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits [Abstract] | |
Non-interest bearing | 22,680,000 |
Interest bearing | 49,584,000 |
Total deposits | 72,264,000 |
Other liabilities | 34,000 |
Total Liabilities | $72,298,000 |
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 | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Basic: Income available to common shareholders | $15,665 | $12,487 |
Weighted-average common shares outstanding | 18,586 | 18,509 |
Basic earnings per share (in usd per share) | $0.84 | $0.68 |
Diluted: Income available to common shareholders | $15,665 | $12,487 |
Weighted-average common shares outstanding | 18,586 | 18,509 |
Effect of dilutive securities: | ||
Stock options outstanding (in shares) | 384 | 408 |
Warrants (in shares) | 119 | 119 |
Weighted-average common shares outstanding – assuming dilution | 19,089 | 19,036 |
Diluted earnings per share (in usd per share) | $0.82 | $0.66 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Market Values of Investment Securities with Gross Unrealized Gains and Losses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available for sale: | ||
Amortized Cost | $258,378 | $251,943 |
Gross Unrealized Gains | 2,156 | 1,633 |
Gross Unrealized Losses Less Than One Year | -821 | -173 |
Gross Unrealized Losses Greater Than One Year | -1,848 | -5,756 |
Estimated Market Value | 257,865 | 247,647 |
Held to maturity: | ||
Amortized Cost | 87,265 | 89,076 |
Gross Unrealized Gains | 3,728 | 3,280 |
Gross Unrealized Losses Less Than One Year | -1,530 | -270 |
Gross Unrealized Losses Greater Than One Year | -131 | -1,130 |
Estimated Market Value | 89,332 | 90,956 |
U.S. government agency securities | ||
Available for sale: | ||
Amortized Cost | 162,439 | 161,461 |
Gross Unrealized Gains | 1,236 | 891 |
Gross Unrealized Losses Less Than One Year | -387 | 0 |
Gross Unrealized Losses Greater Than One Year | -1,520 | -4,825 |
Estimated Market Value | 161,768 | 157,527 |
U.S. Treasury securities | ||
Available for sale: | ||
Amortized Cost | 13,018 | 13,019 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses Less Than One Year | 0 | 0 |
Gross Unrealized Losses Greater Than One Year | -217 | -409 |
Estimated Market Value | 12,801 | 12,610 |
Municipal securities | ||
Available for sale: | ||
Amortized Cost | 12,160 | 12,175 |
Gross Unrealized Gains | 167 | 107 |
Gross Unrealized Losses Less Than One Year | -43 | -36 |
Gross Unrealized Losses Greater Than One Year | 0 | 0 |
Estimated Market Value | 12,284 | 12,246 |
Held to maturity: | ||
Amortized Cost | 40,071 | 41,255 |
Gross Unrealized Gains | 2,429 | 2,182 |
Gross Unrealized Losses Less Than One Year | -12 | -62 |
Gross Unrealized Losses Greater Than One Year | -1 | 0 |
Estimated Market Value | 42,487 | 43,375 |
Mortgage-backed securities | ||
Available for sale: | ||
Amortized Cost | 62,516 | 57,025 |
Gross Unrealized Gains | 733 | 635 |
Gross Unrealized Losses Less Than One Year | -391 | -137 |
Gross Unrealized Losses Greater Than One Year | -111 | -436 |
Estimated Market Value | 62,747 | 57,087 |
Held to maturity: | ||
Amortized Cost | 47,194 | 47,821 |
Gross Unrealized Gains | 1,299 | 1,098 |
Gross Unrealized Losses Less Than One Year | -1,518 | -208 |
Gross Unrealized Losses Greater Than One Year | -130 | -1,130 |
Estimated Market Value | 46,845 | 47,581 |
Corporate bonds | ||
Available for sale: | ||
Amortized Cost | 8,224 | 8,263 |
Gross Unrealized Gains | 20 | 0 |
Gross Unrealized Losses Less Than One Year | 0 | 0 |
Gross Unrealized Losses Greater Than One Year | 0 | -86 |
Estimated Market Value | 8,244 | 8,177 |
Other equity securities | ||
Available for sale: | ||
Amortized Cost | 21 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses Less Than One Year | 0 | |
Gross Unrealized Losses Greater Than One Year | 0 | |
Estimated Market Value | $21 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 |
security | security | ||
Investments, Debt and Equity Securities [Abstract] | |||
Transfer of securities with fair value | $95.40 | ||
Accumulated other comprehensive income (loss) included net pre-tax unrealized losses | -5.9 | ||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -5 | ||
Number of securities in loss position | 42 | 38 | |
Securities with estimated market values | $289.70 | $279.10 |
Investment_Securities_Summary_1
Investment Securities - Summary of Amortized Cost and Estimated Market Values by Contractual Maturity of Investment Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available for sale: | ||
Weighted average yield, Due in one year or less | 2.79% | 1.78% |
Weighted average yield, Due after one year through five years | 2.12% | 2.64% |
Weighted average yield, Due after five years through ten years | 1.63% | 2.02% |
Weighted average yield, Due after ten years | 3.17% | 3.34% |
Weighted average yield, Total securities | 1.95% | 2.27% |
Amortized Cost, Due in one year or less | $10,761 | $571 |
Amortized Cost, Due after one year through five years | 68,799 | 51,037 |
Amortized Cost, Due after five years through ten years | 150,818 | 176,631 |
Amortized Cost, Due after ten years | 28,000 | 23,704 |
Amortized Cost, Total securities | 258,378 | 251,943 |
Estimated Market Value, Due in one year or less | 11,181 | 573 |
Estimated Market Value, Due after one year through five years | 69,682 | 51,916 |
Estimated Market Value, Due after five years through ten years | 149,395 | 172,012 |
Estimated Market Value, Due after ten years | 27,607 | 23,146 |
Estimated Market Value | 257,865 | 247,647 |
Held to maturity: | ||
Weighted average yield, Due in one year or less | 8.06% | 3.88% |
Weighted average yield, Due after one year through five years | 3.33% | 4.16% |
Weighted average yield, Due after five years through ten years | 3.38% | 3.39% |
Weighted average yield, Due after ten years | 3.29% | 3.30% |
Weighted average yield, Total securities | 3.54% | 3.55% |
Amortized Cost, Due in one year or less | 2,966 | 2,045 |
Amortized Cost, Due after one year through five years | 19,607 | 20,921 |
Amortized Cost, Due after five years through ten years | 29,331 | 32,618 |
Amortized Cost, Due after ten years | 35,361 | 33,492 |
Amortized Cost, Total securities | 87,265 | 89,076 |
Estimated Market Value, Due in one year or less | 2,998 | 2,003 |
Estimated Market Value, Due after one year through five years | 20,483 | 21,875 |
Estimated Market Value, Due after five years through ten years | 30,265 | 33,898 |
Estimated Market Value, Due after ten years | 35,586 | 33,180 |
Estimated Market Value | $89,332 | $90,956 |
Loans_Summary_of_Major_Classif
Loans - Summary of Major Classifications of Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Commercial real estate loans: | ||||
Construction | $344,340,000 | $316,492,000 | ||
Mortgage | 1,277,635,000 | 1,252,225,000 | ||
Total commercial real estate loans | 1,621,975,000 | 1,568,717,000 | ||
Consumer real estate loans: | ||||
Construction | 11,182,000 | 10,393,000 | ||
Mortgage | 159,217,000 | 131,031,000 | ||
Total consumer real estate loans | 170,399,000 | 141,424,000 | ||
Commercial and industrial loans | 1,054,837,000 | 1,016,414,000 | ||
Loans to individuals, excluding real estate | 17,706,000 | 18,316,000 | ||
Nonaccrual loans | 22,978,000 | 21,228,000 | ||
Other loans | 16,144,000 | 8,165,000 | ||
Total Loans | 2,904,039,000 | 2,774,264,000 | ||
Less allowance for loan losses | -45,195,000 | -42,336,000 | -34,465,000 | -32,143,000 |
Loans, net | 2,858,844,000 | 2,731,928,000 | ||
Owner Occupied Commercial Real Estate Loan | $412,200,000 | $419,300,000 |
Loans_Summary_of_Changes_in_Al
Loans - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance, beginning of period | $42,336 | $32,143 |
Provision charged to operations | 3,000 | 3,000 |
Charge-offs | -207 | -697 |
Recoveries | 66 | 19 |
Balance, end of period | $45,195 | $34,465 |
Loans_Summary_of_Allowance_for
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | $42,336 | $32,143 | |
Charge-offs | -207 | -697 | |
Recoveries | 66 | 19 | |
Provision | 3,000 | 3,000 | |
Balance, end of period | 45,195 | 34,465 | |
Individually evaluated for impairment | 8,678 | 5,062 | |
Collectively evaluated for impairment | 36,517 | 29,403 | |
Ending balance-total | 2,904,039 | 2,774,264 | |
Loans receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending balance-total | 2,904,039 | 2,470,963 | |
Individually evaluated for impairment | 33,684 | 18,748 | |
Collectively evaluated for impairment | 2,870,355 | 2,452,215 | |
Construction | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 4,030 | 2,790 | |
Charge-offs | -2 | -4 | |
Recoveries | 0 | 0 | |
Provision | 705 | 346 | |
Balance, end of period | 4,733 | 3,132 | |
Individually evaluated for impairment | 0 | 40 | |
Collectively evaluated for impairment | 4,733 | 3,092 | |
Ending balance-total | 356,487 | 327,677 | |
Construction | Loans receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending balance-total | 356,487 | 237,190 | |
Individually evaluated for impairment | 895 | 414 | |
Collectively evaluated for impairment | 355,592 | 236,776 | |
Commercial Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 14,965 | 13,780 | |
Charge-offs | -29 | -386 | |
Recoveries | 0 | 1 | |
Provision | 1,814 | 411 | |
Balance, end of period | 16,750 | 13,806 | |
Individually evaluated for impairment | 4,427 | 1,730 | |
Collectively evaluated for impairment | 12,323 | 12,076 | |
Ending balance-total | 1,291,344 | 1,264,371 | |
Commercial Real Estate | Loans receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending balance-total | 1,291,344 | 1,145,380 | |
Individually evaluated for impairment | 14,355 | 11,433 | |
Collectively evaluated for impairment | 1,276,989 | 1,133,947 | |
Consumer Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 3,316 | 2,656 | |
Charge-offs | 0 | -43 | |
Recoveries | 0 | 0 | |
Provision | 0 | 720 | |
Balance, end of period | 3,316 | 3,333 | |
Individually evaluated for impairment | 2 | 997 | |
Collectively evaluated for impairment | 3,314 | 2,336 | |
Ending balance-total | 161,308 | 132,950 | |
Consumer Real Estate | Loans receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending balance-total | 161,308 | 122,005 | |
Individually evaluated for impairment | 2,256 | 2,574 | |
Collectively evaluated for impairment | 159,052 | 119,431 | |
Commercial and Industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 19,814 | 12,677 | |
Charge-offs | -150 | -254 | |
Recoveries | 61 | 13 | |
Provision | 480 | 1,485 | |
Balance, end of period | 20,205 | 13,921 | |
Individually evaluated for impairment | 4,249 | 2,294 | |
Collectively evaluated for impairment | 15,956 | 11,627 | |
Ending balance-total | 1,077,153 | 1,030,629 | |
Commercial and Industrial | Loans receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending balance-total | 1,077,153 | 948,029 | |
Individually evaluated for impairment | 16,178 | 4,324 | |
Collectively evaluated for impairment | 1,060,975 | 943,705 | |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 211 | 240 | |
Charge-offs | -26 | -10 | |
Recoveries | 5 | 5 | |
Provision | 1 | 38 | |
Balance, end of period | 191 | 273 | |
Individually evaluated for impairment | 0 | 1 | |
Collectively evaluated for impairment | 191 | 272 | |
Ending balance-total | 17,747 | 18,637 | |
Consumer | Loans receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending balance-total | 17,747 | 18,359 | |
Individually evaluated for impairment | 0 | 3 | |
Collectively evaluated for impairment | $17,747 | $18,356 |
Loans_Summary_of_Credit_Qualit
Loans - Summary of Credit Quality Indicators on Company's Loan Portfolio (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $2,904,039 | $2,774,264 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 356,487 | 327,677 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,291,344 | 1,264,371 |
Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 161,308 | 132,950 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,077,153 | 1,030,629 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,747 | 18,637 |
Pass and Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,810,328 | 2,682,243 |
Pass and Pass/Watch | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 342,409 | 313,987 |
Pass and Pass/Watch | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,243,132 | 1,215,673 |
Pass and Pass/Watch | Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 156,100 | 128,507 |
Pass and Pass/Watch | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,051,028 | 1,005,829 |
Pass and Pass/Watch | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,659 | 18,247 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 66 | 1,682 |
Special Mention | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1 | 2 |
Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 1,613 |
Special Mention | Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 59 | 60 |
Special Mention | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6 | 7 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 93,645 | 90,339 |
Substandard | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,077 | 13,688 |
Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,212 | 47,085 |
Substandard | Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,149 | 4,383 |
Substandard | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 26,125 | 24,800 |
Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 82 | 383 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $0 | $0 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Equal to Greater than 90 Days Past Due | $18,367,000 | $16,298,000 |
Average recorded investment in nonaccrual loan | 22,100,000 | 19,600,000 |
Amount of interest income | 300,000 | 1,000,000 |
Secured Tuition Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Equal to Greater than 90 Days Past Due | 13,000 | 28,000 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Equal to Greater than 90 Days Past Due | 43,000 | 322,000 |
Consumer | Secured Tuition Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Equal to Greater than 90 Days Past Due | 13,000 | 28,000 |
Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans acquired with deteriorated credit quality | 5,400,000 | 5,400,000 |
Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans acquired with deteriorated credit quality | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | $3,395 | $4,940 |
90 Days and Greater Past Due | 18,367 | 16,298 |
Total Past Due | 21,762 | 21,238 |
Current Loans | 2,882,277 | 2,753,026 |
Total Loans | 2,904,039 | 2,774,264 |
Total real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 2,666 | 4,217 |
90 Days and Greater Past Due | 13,902 | 11,550 |
Total Past Due | 16,568 | 15,767 |
Current Loans | 1,792,571 | 1,709,231 |
Total Loans | 1,809,139 | 1,724,998 |
Total other loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 729 | 723 |
90 Days and Greater Past Due | 4,465 | 4,748 |
Total Past Due | 5,194 | 5,471 |
Current Loans | 1,089,706 | 1,043,795 |
Total Loans | 1,094,900 | 1,049,266 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 1 | 97 |
90 Days and Greater Past Due | 965 | 750 |
Total Past Due | 966 | 847 |
Current Loans | 355,521 | 326,830 |
Total Loans | 356,487 | 327,677 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 359 | 2,497 |
90 Days and Greater Past Due | 11,538 | 9,545 |
Total Past Due | 11,897 | 12,042 |
Current Loans | 1,279,447 | 1,252,329 |
Total Loans | 1,291,344 | 1,264,371 |
Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 2,306 | 1,623 |
90 Days and Greater Past Due | 1,399 | 1,255 |
Total Past Due | 3,705 | 2,878 |
Current Loans | 157,603 | 130,072 |
Total Loans | 161,308 | 132,950 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 438 | 159 |
90 Days and Greater Past Due | 4,422 | 4,426 |
Total Past Due | 4,860 | 4,585 |
Current Loans | 1,072,293 | 1,026,044 |
Total Loans | 1,077,153 | 1,030,629 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Greater Than 30 and Fewer Than 90 Days Past Due | 291 | 564 |
90 Days and Greater Past Due | 43 | 322 |
Total Past Due | 334 | 886 |
Current Loans | 17,413 | 17,751 |
Total Loans | $17,747 | $18,637 |
Loans_Summary_of_Information_P
Loans - Summary of Information Pertaining to Impaired Loans (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | $6,037 | $10,879 | |
With no related allowance recorded, Contractual Balance | 5,722 | 11,231 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 27,647 | 20,679 | |
With an allowance recorded, Contractual Balance | 28,202 | 21,012 | |
With an allowance recorded, Related Allowance | 8,678 | 9,028 | |
Total impaired loans, Recorded Investment | 33,684 | 31,558 | |
Total impaired loans, Contractual Balance | 33,924 | 32,243 | |
Total impaired loans, Related Allowance | 8,678 | 9,028 | |
With no related allowance recorded, Average Recorded Investment | 8,459 | 7,519 | |
With no related allowance recorded, Interest Income Recognized | 3 | 105 | |
With an allowance recorded, Average Recorded Investment | 24,164 | 10,415 | |
With an allowance recorded, Interest Income Recognized | 4 | 22 | |
Total impaired loans, Average Recorded Investment | 32,623 | 17,934 | |
Total impaired loans, Interest Income Recognized | 7 | 127 | |
Construction | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 895 | 927 | |
With no related allowance recorded, Contractual Balance | 895 | 927 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 0 | 0 | |
With an allowance recorded, Contractual Balance | 0 | 0 | |
With an allowance recorded, Related Allowance | 0 | 0 | |
Total impaired loans, Recorded Investment | 895 | 927 | |
Total impaired loans, Contractual Balance | 895 | 927 | |
Total impaired loans, Related Allowance | 0 | 0 | |
With no related allowance recorded, Average Recorded Investment | 911 | 24 | |
With no related allowance recorded, Interest Income Recognized | 0 | 1 | |
With an allowance recorded, Average Recorded Investment | 0 | 338 | |
With an allowance recorded, Interest Income Recognized | 0 | 7 | |
Total impaired loans, Average Recorded Investment | 911 | 362 | |
Total impaired loans, Interest Income Recognized | 0 | 8 | |
Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 2,670 | 7,175 | |
With no related allowance recorded, Contractual Balance | 2,616 | 7,453 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 11,685 | 5,955 | |
With an allowance recorded, Contractual Balance | 11,981 | 6,235 | |
With an allowance recorded, Related Allowance | 4,427 | 3,138 | |
Total impaired loans, Recorded Investment | 14,355 | 13,130 | |
Total impaired loans, Contractual Balance | 14,597 | 13,688 | |
Total impaired loans, Related Allowance | 4,427 | 3,138 | |
With no related allowance recorded, Average Recorded Investment | 4,923 | 4,428 | |
With no related allowance recorded, Interest Income Recognized | 0 | 76 | |
With an allowance recorded, Average Recorded Investment | 8,820 | 6,135 | |
With an allowance recorded, Interest Income Recognized | 0 | 8 | |
Total impaired loans, Average Recorded Investment | 13,743 | 10,563 | |
Total impaired loans, Interest Income Recognized | 0 | 84 | |
Consumer Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 2,152 | 2,085 | |
With no related allowance recorded, Contractual Balance | 2,167 | 2,097 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 104 | 0 | |
With an allowance recorded, Contractual Balance | 117 | 0 | |
With an allowance recorded, Related Allowance | 2 | 0 | |
Total impaired loans, Recorded Investment | 2,256 | 2,085 | |
Total impaired loans, Contractual Balance | 2,284 | 2,097 | |
Total impaired loans, Related Allowance | 2 | 0 | |
With no related allowance recorded, Average Recorded Investment | 2,119 | 1,977 | |
With no related allowance recorded, Interest Income Recognized | 3 | 0 | |
With an allowance recorded, Average Recorded Investment | 52 | 865 | |
With an allowance recorded, Interest Income Recognized | 0 | 7 | |
Total impaired loans, Average Recorded Investment | 2,171 | 2,842 | |
Total impaired loans, Interest Income Recognized | 3 | 7 | |
Commercial and Industrial | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 320 | 436 | |
With no related allowance recorded, Contractual Balance | 44 | 498 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 15,858 | 14,721 | |
With an allowance recorded, Contractual Balance | 16,104 | 14,774 | |
With an allowance recorded, Related Allowance | 4,249 | 5,889 | |
Total impaired loans, Recorded Investment | 16,178 | 15,157 | |
Total impaired loans, Contractual Balance | 16,148 | 15,272 | |
Total impaired loans, Related Allowance | 4,249 | 5,889 | |
With no related allowance recorded, Average Recorded Investment | 378 | 1,090 | |
With no related allowance recorded, Interest Income Recognized | 0 | 28 | |
With an allowance recorded, Average Recorded Investment | 15,290 | 3,075 | |
With an allowance recorded, Interest Income Recognized | 4 | 0 | |
Total impaired loans, Average Recorded Investment | 15,668 | 4,165 | |
Total impaired loans, Interest Income Recognized | 4 | 28 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 256 | ||
With no related allowance recorded, Contractual Balance | 256 | ||
With no related allowance recorded, Related Allowance | 0 | ||
With an allowance recorded, Recorded Investment | 3 | ||
With an allowance recorded, Contractual Balance | 3 | ||
With an allowance recorded, Related Allowance | 1 | ||
Total impaired loans, Recorded Investment | 259 | ||
Total impaired loans, Contractual Balance | 259 | ||
Total impaired loans, Related Allowance | 1 | ||
With no related allowance recorded, Average Recorded Investment | 128 | 0 | |
With no related allowance recorded, Interest Income Recognized | 0 | 0 | |
With an allowance recorded, Average Recorded Investment | 2 | 2 | |
With an allowance recorded, Interest Income Recognized | 0 | 0 | |
Total impaired loans, Average Recorded Investment | 130 | 2 | |
Total impaired loans, Interest Income Recognized | $0 | $0 |
Loans_Summary_of_Nonaccrual_Lo
Loans - Summary of Nonaccrual Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans | $22,978 | $21,228 |
Nonaccrual Loans | Construction | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans | 965 | 792 |
Nonaccrual Loans | Commercial Real Estate | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans | 13,709 | 12,146 |
Nonaccrual Loans | Consumer Real Estate | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans | 2,091 | 1,919 |
Nonaccrual Loans | Commercial and Industrial | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans | 6,172 | 6,051 |
Nonaccrual Loans | Consumer | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans | $41 | $320 |
Loans_Changes_in_Carrying_Amou
Loans - Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $115 | $170 |
Acquisition | 0 | 0 |
Net transfers from nonaccretable difference to accretable yield | 0 | 1,437 |
Accretion | -74 | -381 |
Balance, end of period | $41 | $1,226 |
Loans_Summary_of_Companys_Trou
Loans - Summary of Company's Troubled Debt Restructurings ("TDRs") (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
Current | $1,427 | $1,599 |
Greater Than 30 Days Past Due | 0 | 0 |
Nonaccrual TDRs | 2,189 | 242 |
Total TDRs | 3,616 | 1,841 |
Total real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Current | 798 | 1,281 |
Greater Than 30 Days Past Due | 0 | 0 |
Nonaccrual TDRs | 2,010 | 242 |
Total TDRs | 2,808 | 1,523 |
Total real estate loans | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Current | 201 | 306 |
Greater Than 30 Days Past Due | 0 | 0 |
Nonaccrual TDRs | 0 | 0 |
Total TDRs | 201 | 306 |
Total real estate loans | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Current | 0 | 356 |
Greater Than 30 Days Past Due | 0 | 0 |
Nonaccrual TDRs | 1,879 | 102 |
Total TDRs | 1,879 | 458 |
Total real estate loans | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Current | 597 | 619 |
Greater Than 30 Days Past Due | 0 | 0 |
Nonaccrual TDRs | 131 | 140 |
Total TDRs | 728 | 759 |
Total other loans | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Current | 629 | 318 |
Greater Than 30 Days Past Due | 0 | 0 |
Nonaccrual TDRs | 179 | 0 |
Total TDRs | $808 | $318 |
Loans_Summary_of_Information_P1
Loans - Summary of Information Pertaining to Modified Terms of Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 11 | 9 |
Pre- Modification Outstanding Recorded Investment | $3,616 | $1,841 |
Post- Modification Outstanding Recorded Investment | 3,616 | 1,841 |
Troubled debt restructuring | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 3 | 2 |
Pre- Modification Outstanding Recorded Investment | 201 | 306 |
Post- Modification Outstanding Recorded Investment | 201 | 306 |
Troubled debt restructuring | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 3 |
Pre- Modification Outstanding Recorded Investment | 1,879 | 458 |
Post- Modification Outstanding Recorded Investment | 1,879 | 458 |
Troubled debt restructuring | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 3 |
Pre- Modification Outstanding Recorded Investment | 728 | 759 |
Post- Modification Outstanding Recorded Investment | 728 | 759 |
Troubled debt restructuring | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 1 |
Pre- Modification Outstanding Recorded Investment | 808 | 318 |
Post- Modification Outstanding Recorded Investment | $808 | $318 |
Investments_in_Tax_Credit_Enti2
Investments in Tax Credit Entities - Narrative (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | |||
Amortization of tax credit investments | $4,852,000 | $2,827,000 | |
Assets | 4,069,322,000 | 3,750,617,000 | |
Cash and Due from Banks | 53,234,000 | 32,484,000 | |
Loans Receivable, Net | 2,858,844,000 | 2,731,928,000 | |
Other assets | 35,534,000 | 30,175,000 | |
Liabilities | 3,619,359,000 | 3,314,243,000 | |
Federal | |||
Net Investment Income [Line Items] | |||
Tax credit as Percentage of project cost | 39.00% | ||
Period Of Credit Allowance | 7 years | ||
Qualified Equity Investments | 118,000,000 | ||
Federal | Maximum | |||
Net Investment Income [Line Items] | |||
Allocation Of Tax Credits Received | 46,000,000 | ||
Federal | Due Between One Year And Three Years | |||
Net Investment Income [Line Items] | |||
Investment Credit Percentage Due | 5.00% | ||
Federal | Due Between Year Four And Year Seven | |||
Net Investment Income [Line Items] | |||
Investment Credit Percentage Due | 6.00% | ||
Federal NMTC | Federal | |||
Net Investment Income [Line Items] | |||
CDE investments in QEI projects located in low-income communities with poverty rates (as a percent) | 20.00% | ||
CDE investments in QEI projects located in low-income communities with median family income (as a percent) | 80.00% | ||
Allocation Of Tax Credits Received | 118,000,000 | 118,000,000 | |
Amortization of tax credit investments | 46,000,000 | ||
Property Investment Term Period | 7 years | ||
Total Bank Owned CDEs | Federal | |||
Net Investment Income [Line Items] | |||
Equity Method Investment, Aggregate Cost | 118,000,000 | ||
Assets | 130,300,000 | ||
Cash and Due from Banks | 5,200,000 | ||
Loans Receivable, Net | 112,300,000 | ||
Other assets | 12,800,000 | ||
Liabilities | 600,000 | ||
Capital | 129,700,000 | ||
Community Development Fund | Federal | |||
Net Investment Income [Line Items] | |||
Qualified Equity Investment Percentage Of Proceeds | 85.00% | ||
Low-Income Housing | Federal | |||
Net Investment Income [Line Items] | |||
Property Investment Term Period | 15 years | ||
Federal Historic Rehabilitation | Federal | |||
Net Investment Income [Line Items] | |||
Property Investment Term Period | 10 years | ||
Parent Company | Total Bank Owned CDEs | Federal | |||
Net Investment Income [Line Items] | |||
Equity Method Investment, Aggregate Cost | 40,000,000 | ||
Other Investors and Leverage Lenders | Total Bank Owned CDEs | Federal | |||
Net Investment Income [Line Items] | |||
Equity Method Investment, Aggregate Cost | 78,000,000 | ||
Leverage Lender | Total Bank Owned CDEs | Federal | |||
Net Investment Income [Line Items] | |||
Equity Method Investment, Aggregate Cost | $17,500,000 |
Investments_in_Tax_Credit_Enti3
Investments in Tax Credit Entities - Schedule of Investments and Tax Benefits (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Net Investment Income [Line Items] | ||
Investment | $422,663,000 | $405,981,000 |
Accumulated Amortization | -30,039,000 | -26,528,000 |
Loans to Investment Funds | -127,520,000 | -120,540,000 |
Elimination | -118,000,000 | -118,000,000 |
Net Investment | 147,104,000 | 140,913,000 |
Tax Benefits Recognized Through Prior Year | 103,401,000 | 64,957,000 |
Tax Benefits Expected to be Recognized in Current Year | 48,190,000 | 38,445,000 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 114,438,000 | 134,879,000 |
Total Tax Benefits Expected to be Recognized | 266,029,000 | 238,281,000 |
Low-Income Housing | ||
Net Investment Income [Line Items] | ||
Investment | 44,161,000 | 43,733,000 |
Accumulated Amortization | -7,988,000 | -7,264,000 |
Loans to Investment Funds | 0 | 0 |
Elimination | 0 | 0 |
Net Investment | 36,173,000 | 36,469,000 |
Low Income Housing Tax Credits Benefits Recognized, Prior Year | 13,188,000 | 9,546,000 |
Low Income Housing Tax Credits Benefits Recognized, Current Year | 4,490,000 | 3,642,000 |
Low Income Housing Tax Credits Benefits Recognizable Year Two And After | 37,618,000 | 42,109,000 |
Total Tax Benefits Expected to be Recognized | 55,296,000 | 55,297,000 |
Federal Historic Rehabilitation | ||
Net Investment Income [Line Items] | ||
Investment | 54,383,000 | 48,129,000 |
Accumulated Amortization | -4,235,000 | -3,412,000 |
Loans to Investment Funds | 0 | 0 |
Elimination | 0 | 0 |
Net Investment | 50,148,000 | 44,717,000 |
Historic Rehabilitation Tax Credits Benefits Recognized, Prior Year | 37,143,000 | 17,823,000 |
Historic Rehabilitation Tax Credits Benefits Recognized, Current Year | 27,351,000 | 19,321,000 |
Historic Rehabilitation Tax Credits Benefits Recognizable Year Two And After | 33,795,000 | 37,295,000 |
Total Tax Benefits Expected to be Recognized | 98,289,000 | 74,439,000 |
Federal | ||
Net Investment Income [Line Items] | ||
Investment | 324,119,000 | 314,119,000 |
Accumulated Amortization | -17,816,000 | -15,852,000 |
Loans to Investment Funds | -127,520,000 | -120,540,000 |
Elimination | -118,000,000 | -118,000,000 |
Net Investment | 60,783,000 | 59,727,000 |
Tax Benefits Recognized Through Prior Year | 53,070,000 | 37,588,000 |
Tax Benefits Expected to be Recognized in Current Year | 16,349,000 | 15,482,000 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 43,025,000 | 55,475,000 |
Total Tax Benefits Expected to be Recognized | 112,444,000 | 108,545,000 |
Federal | Non-Bank Owned CDEs | ||
Net Investment Income [Line Items] | ||
Investment | 172,192,000 | 162,192,000 |
Accumulated Amortization | -17,816,000 | -15,852,000 |
Loans to Investment Funds | -127,520,000 | -120,540,000 |
Elimination | 0 | 0 |
Net Investment | 26,856,000 | 25,800,000 |
Tax Benefits Recognized Through Prior Year | 36,580,000 | 27,213,000 |
Tax Benefits Expected to be Recognized in Current Year | 9,769,000 | 9,367,000 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 20,076,000 | 25,945,000 |
Total Tax Benefits Expected to be Recognized | 66,425,000 | 62,525,000 |
Federal | Bank Owned CDEs | ||
Net Investment Income [Line Items] | ||
Investment | 118,000,000 | 118,000,000 |
Accumulated Amortization | 0 | 0 |
Loans to Investment Funds | 0 | 0 |
Elimination | -118,000,000 | -118,000,000 |
Net Investment | 0 | 0 |
Tax Benefits Recognized Through Prior Year | 16,490,000 | 10,375,000 |
Tax Benefits Expected to be Recognized in Current Year | 6,580,000 | 6,115,000 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 22,949,000 | 29,530,000 |
Total Tax Benefits Expected to be Recognized | 46,019,000 | 46,020,000 |
Federal | Bank Owned CDE Equity Investment | ||
Net Investment Income [Line Items] | ||
Investment | 5,700,000 | 5,700,000 |
Accumulated Amortization | 0 | 0 |
Loans to Investment Funds | 0 | 0 |
Elimination | 0 | 0 |
Net Investment | 5,700,000 | 5,700,000 |
Tax Benefits Recognized Through Prior Year | 0 | 0 |
Tax Benefits Expected to be Recognized in Current Year | 0 | 0 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 0 | 0 |
Total Tax Benefits Expected to be Recognized | 0 | 0 |
Federal | Total Bank Owned CDEs | ||
Net Investment Income [Line Items] | ||
Investment | 123,700,000 | 123,700,000 |
Accumulated Amortization | 0 | 0 |
Loans to Investment Funds | 0 | 0 |
Elimination | -118,000,000 | -118,000,000 |
Net Investment | 5,700,000 | 5,700,000 |
Tax Benefits Recognized Through Prior Year | 16,490,000 | 10,375,000 |
Tax Benefits Expected to be Recognized in Current Year | 6,580,000 | 6,115,000 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 22,949,000 | 29,530,000 |
Total Tax Benefits Expected to be Recognized | 46,019,000 | 46,020,000 |
Federal | Federal Historic Rehabilitation | ||
Net Investment Income [Line Items] | ||
Investment | 46,357,000 | 41,794,000 |
Accumulated Amortization | -4,235,000 | -3,412,000 |
Loans to Investment Funds | 0 | 0 |
Elimination | 0 | 0 |
Net Investment | 42,122,000 | 38,382,000 |
Historic Rehabilitation Tax Credits Benefits Recognized, Prior Year | 37,143,000 | 17,823,000 |
Historic Rehabilitation Tax Credits Benefits Recognized, Current Year | 27,351,000 | 19,321,000 |
Historic Rehabilitation Tax Credits Benefits Recognizable Year Two And After | 33,795,000 | 37,295,000 |
Total Tax Benefits Expected to be Recognized | 98,289,000 | 74,439,000 |
Federal | Federal NMTC | ||
Net Investment Income [Line Items] | ||
Allocation Of Tax Credits Received | 118,000,000 | 118,000,000 |
Federal | Federal Rehabilitation Tax Credit | ||
Net Investment Income [Line Items] | ||
Net Investment | 15,700,000 | 12,600,000 |
State | ||
Net Investment Income [Line Items] | ||
Investment | 28,227,000 | 28,227,000 |
Accumulated Amortization | 0 | 0 |
Loans to Investment Funds | 0 | 0 |
Elimination | 0 | |
Net Investment | 28,227,000 | 28,227,000 |
Tax Benefits Recognized Through Prior Year | 0 | 0 |
Tax Benefits Expected to be Recognized in Current Year | 0 | 0 |
Tax Benefits Expected to be Recognized in Future Year and Thereafter | 0 | 0 |
Total Tax Benefits Expected to be Recognized | 0 | 0 |
State | State Rehabilitation Tax Credit | ||
Net Investment Income [Line Items] | ||
Investment | 8,026,000 | 6,335,000 |
Accumulated Amortization | 0 | 0 |
Loans to Investment Funds | 0 | 0 |
Elimination | 0 | 0 |
Net Investment | 8,026,000 | 6,335,000 |
Historic Rehabilitation Tax Credits Benefits Recognized, Prior Year | 0 | 0 |
Historic Rehabilitation Tax Credits Benefits Recognized, Current Year | 0 | 0 |
Historic Rehabilitation Tax Credits Benefits Recognizable Year Two And After | 0 | 0 |
Total Tax Benefits Expected to be Recognized | $0 | $0 |
Investments_in_Tax_Credit_Enti4
Investments in Tax Credit Entities - Amortization (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | |||
Investment Tax Credit, Amortization Expense | $4,852,000 | $2,827,000 | |
Federal NMTC | |||
Net Investment Income [Line Items] | |||
Investment Tax Credit, Amortization Expense | 3,305,000 | 1,914,000 | |
Federal NMTC | QLICI Loans | |||
Net Investment Income [Line Items] | |||
Investment Tax Credit, Amortization Expense | 1,300,000 | ||
Low-Income Housing | |||
Net Investment Income [Line Items] | |||
Investment Tax Credit, Amortization Expense | 724,000 | 541,000 | |
Federal Historic Rehabilitation | |||
Net Investment Income [Line Items] | |||
Investment Tax Credit, Amortization Expense | 823,000 | 372,000 | |
Federal | Federal NMTC | |||
Net Investment Income [Line Items] | |||
Allocation Of Tax Credits Received | $118,000,000 | $118,000,000 |
Investments_in_Tax_Credit_Enti5
Investments in Tax Credit Entities - Summary of Basis Reduction Recorded Related to Investments in Tax Credit Entities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Investment Income [Line Items] | ||
Investment Tax Credit, Reduction In Tax Basis | $506 | $417 |
Federal NMTC | ||
Net Investment Income [Line Items] | ||
Investment Tax Credit, Reduction In Tax Basis | 368 | 417 |
Federal Historic Rehabilitation | ||
Net Investment Income [Line Items] | ||
Investment Tax Credit, Reduction In Tax Basis | $138 | $0 |
Investments_in_Tax_Credit_Enti6
Investments in Tax Credit Entities - Loan Portfolio (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Net Investment Income [Line Items] | ||
Loans Receivable Real Estate | $304,435 | $265,452 |
Construction | ||
Net Investment Income [Line Items] | ||
Loans Receivable Real Estate | 82,776 | 80,741 |
Commercial Real Estate | ||
Net Investment Income [Line Items] | ||
Loans Receivable Real Estate | 80,280 | 67,520 |
Commercial and Industrial | ||
Net Investment Income [Line Items] | ||
Loans Receivable Real Estate | $141,379 | $117,191 |
Longterm_Borrowings_Narrative_
Long-term Borrowings (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Long-term borrowings | $103,392,000 | 103,392,000 | $40,000,000 | |
5.75% Subordinated Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings | 60,000,000 | 60,000,000 | 60,000,000 | 0 |
Debt instrument, fixed interest rate (as a percentage) | 5.75% | 5.75% | 5.75% | |
Debt Instrument, redemption price (as a percentage) | 100.00% | |||
Employee Stock Ownership Trust | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, fixed interest rate (as a percentage) | 3.25% | 3.25% | ||
Number of shares purchased in ESOP | 100,000 | |||
Price of shares purchased in ESOP | 3,300,000 | 3,300,000 | ||
Number of shares pledged to ESOP loan | 99,000 | 99,000 | ||
Credit Suisse Securities (USA) LLC | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings | $40,000,000 | 40,000,000 | $40,000,000 | |
Debt instrument, effective interest rate (as a percent) | 1.61% | 1.61% | ||
LIBOR | Credit Suisse Securities (USA) LLC | ||||
Debt Instrument [Line Items] | ||||
Debt instrument basis spread on variable rate (as a percent) | 1.35% |
Longterm_Borrowings_Details
Long-term Borrowings (Details) (USD $) | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | $103,392 | $40,000 | |
5.75% Subordinated Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument, fixed interest rate (as a percentage) | 5.75% | 5.75% | |
Long-term borrowings | 60,000 | 60,000 | 0 |
FNBB | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 3,392 | 0 | |
Credit Suisse Securities (USA) LLC | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | $40,000 | $40,000 |
Derivative_Interest_Rate_Swap_2
Derivative - Interest Rate Swap Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2012 | |
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ($3,507,000) | ($5,106,000) | |||||
Amount of derivative will mature within next 12 months | 0 | 0 | |||||
Interest rate swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | 165,000,000 | 165,000,000 | |||||
Counterparty A | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Amounts of gains or losses have been reclassified from accumulated comprehensive income | 300,000 | 0 | |||||
Counterparty A | Interest rate swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | 115,000,000 | ||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -8,000,000 | ||||||
Counterparty B | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Financial Instruments Owned and Pledged as Collateral | 16,200,000 | 16,200,000 | |||||
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 16,700,000 | 16,700,000 | |||||
Counterparty B | Interest rate swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | 150,000,000 | ||||||
Counterparty B | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Number of interest rate swaps | 4 | ||||||
Counterparty B | Prime plus 1% floored at 5% | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Debt instrument basis spread on variable rate (as a percent) | 1.00% | ||||||
Debt instrument interest floored rate (as a percent) | 5.00% | ||||||
Counterparty B | Prime plus 1% | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Debt instrument basis spread on variable rate (as a percent) | 1.00% | ||||||
Counterparty B | Prime plus 1% floored at 5.5% | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | 250,000,000 | ||||||
Debt instrument basis spread on variable rate (as a percent) | 1.00% | ||||||
Debt instrument interest floored rate (as a percent) | 5.50% | ||||||
Counterparty C | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Financial Instruments Owned and Pledged as Collateral | 4,500,000 | 4,500,000 | |||||
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 4,000,000 | 4,000,000 | |||||
Counterparty C | Interest rate swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Number of interest rate swaps | 3 | 3 | |||||
Counterparty C | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Number of interest rate swaps | 4 | 4 | |||||
Notional amount of derivative contract | 75,000,000 | 75,000,000 | |||||
Counterparty C | Prime plus 1% floored at 5% | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | 40,000,000 | 40,000,000 | |||||
Debt instrument basis spread on variable rate (as a percent) | 1.00% | ||||||
Debt instrument interest floored rate (as a percent) | 5.00% | ||||||
Derivative, Fixed Interest Rate (as a percent) | 5.81% | 5.81% | |||||
Counterparty C | Prime plus 2%, One | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | 15,000,000 | 15,000,000 | |||||
Debt instrument basis spread on variable rate (as a percent) | 2.00% | ||||||
Derivative, Fixed Interest Rate (as a percent) | 6.56% | 6.56% | |||||
Counterparty C | Prime plus 2%, Two | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Number of interest rate swaps | 2 | 2 | |||||
Notional amount of derivative contract | 10,000,000 | 10,000,000 | |||||
Debt instrument basis spread on variable rate (as a percent) | 2.00% | ||||||
Counterparty C | Prime plus 2.25% | Interest rate-prime swaps | |||||||
Interest Rate Derivatives Outstanding [Line Items] | |||||||
Notional amount of derivative contract | $10,000,000 | $10,000,000 | |||||
Debt instrument basis spread on variable rate (as a percent) | 2.25% | ||||||
Derivative, Fixed Interest Rate (as a percent) | 6.81% | 6.81% |
Derivative_Interest_Rate_Swap_3
Derivative - Interest Rate Swap Agreements - Derivative Instruments at Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Fair Value | $5,881 | $3,042 |
Derivative Liabilities Fair Value | 22,570 | 15,995 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Fair Value | 5,881 | 3,079 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities Fair Value | 22,570 | 15,995 |
Counterparty B | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Fair Value | 0 | 0 |
Counterparty B | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities Fair Value | 19,783 | 15,995 |
Counterparty B | Interest rate-prime swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Fair Value | 5,415 | 3,042 |
Counterparty B | Interest rate-prime swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities Fair Value | 0 | 0 |
Counterparty C | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Fair Value | 0 | 37 |
Counterparty C | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities Fair Value | 2,787 | 0 |
Counterparty C | Interest rate-prime swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Fair Value | 466 | 0 |
Counterparty C | Interest rate-prime swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities Fair Value | $0 | $0 |
Derivative_Interest_Rate_Swap_4
Derivative - Interest Rate Swap Agreements - Master Netting Arrangement (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative assets: | ||
Gross Amounts Presented in the Balance Sheet | $5,881 | $3,042 |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | 0 |
Net | 5,881 | 3,042 |
Derivative liabilities: | ||
Gross Amounts Presented in the Balance Sheet | 22,570 | 15,995 |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | 0 |
Net | 22,570 | 15,995 |
Net derivative liability | ||
Gross Amounts Presented in the Balance Sheet | 16,689 | 12,953 |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | 0 |
Net | 16,689 | 12,953 |
Interest rate-prime swaps | Counterparty B | ||
Derivative assets: | ||
Gross Amounts Presented in the Balance Sheet | 5,415 | 3,042 |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | 0 |
Net | 5,415 | 3,042 |
Interest rate-prime swaps | Counterparty C | ||
Derivative assets: | ||
Gross Amounts Presented in the Balance Sheet | 466 | |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | |
Net | 466 | |
Interest rate swaps | Counterparty B | ||
Derivative liabilities: | ||
Gross Amounts Presented in the Balance Sheet | 19,783 | 15,995 |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | 0 |
Net | 19,783 | 15,995 |
Interest rate swaps | Counterparty C | ||
Derivative liabilities: | ||
Gross Amounts Presented in the Balance Sheet | 2,787 | |
Gross Amounts Not Offset in the Balance Sheet, Derivatives | 0 | |
Gross Amounts Not Offset in the Balance Sheet, Collateral | 0 | |
Net | $2,787 |
Derivative_Interest_Rate_Swap_5
Derivative - Interest Rate Swap Agreements - Effect of Hedging Instruments (Details) (Cash Flow Hedging, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI, net of taxes (Effective Portion) | ($15,870) | ($5,373) |
Interest rate swaps | Counterparty A | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI, net of taxes (Effective Portion) | -5,021 | -751 |
Interest Rate Swap and Prime Swaps | Counterparty B | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI, net of taxes (Effective Portion) | -9,339 | -4,622 |
Interest Rate Swap and Prime Swaps | Counterparty C | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI, net of taxes (Effective Portion) | ($1,510) | $0 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Benefit on Statement of Income (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current tax expense | $1,080,000 | $300,000 | |
Deferred tax benefit | -12,520,000 | -5,258,000 | |
Total tax benefit | -11,440,000 | -4,958,000 | |
Deferred tax assets, valuation allowance | $0 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of Total Notional Amount of Loan Commitments and Standby Letters of Credit (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Standby letters of credit | $109,057 | $110,636 |
Unused loan commitments | 641,697 | 509,665 |
Total | $750,754 | $620,301 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | ($19,737) | ($16,515) |
Net change in unrealized gain (loss) | 10 | 405 |
Reclassification of net losses realized and included in earnings, terminated cash flow hedges | 266 | 0 |
Amortization of unrealized net gain | 128 | 104 |
Income tax expense (benefit) | 141 | 178 |
Ending balance | -19,474 | -16,184 |
Cash Flow Hedges | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | -8,396 | -2,054 |
Net change in unrealized gain (loss) | -3,773 | -5,106 |
Reclassification of net losses realized and included in earnings, terminated cash flow hedges | 0 | |
Amortization of unrealized net gain | 0 | |
Income tax expense (benefit) | -1,320 | -1,787 |
Ending balance | -10,849 | -5,373 |
Terminated Cash Flow Hedge | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | -5,194 | 0 |
Net change in unrealized gain (loss) | 0 | 0 |
Reclassification of net losses realized and included in earnings, terminated cash flow hedges | 266 | |
Amortization of unrealized net gain | 0 | |
Income tax expense (benefit) | 93 | 0 |
Ending balance | -5,021 | 0 |
Transfers of Available for Sale Securities to Held to Maturity | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | -3,354 | -3,710 |
Net change in unrealized gain (loss) | 0 | 0 |
Reclassification of net losses realized and included in earnings, terminated cash flow hedges | 0 | |
Amortization of unrealized net gain | 128 | 104 |
Income tax expense (benefit) | 45 | 36 |
Ending balance | -3,271 | -3,642 |
Available for Sale Securities | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | -2,793 | -10,751 |
Net change in unrealized gain (loss) | 3,783 | 5,511 |
Reclassification of net losses realized and included in earnings, terminated cash flow hedges | 0 | |
Amortization of unrealized net gain | 0 | |
Income tax expense (benefit) | 1,323 | 1,929 |
Ending balance | ($333) | ($7,169) |
Capital_Requirements_and_Other2
Capital Requirements and Other Regulatory Matters (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
First NBC Bank Holding Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual, Ratio (as a percent) | 9.99% | 10.66% |
Tier 1 risk-based capital, Actual, Ratio (as a percent) | 11.01% | 11.59% |
Total risk-based capital, Actual, Ratio (as a percent) | 13.97% | 12.84% |
Common equity tier 1 risk-based capital, Actual, Ratio (as a percent) | 9.81% | |
Tier 1 leverage capital, Actual, Amount | $388,593 | $387,224 |
Tier 1 risk-based capital, Actual, Amount | 388,593 | 387,224 |
Total risk-based capital, Actual, Amount | 493,267 | 428,962 |
Common equity tier 1 risk-based capital, Actual, Amount | 346,187 | |
First NBC Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual, Ratio (as a percent) | 10.71% | 9.95% |
Tier 1 risk-based capital, Actual, Ratio (as a percent) | 11.79% | 10.82% |
Total risk-based capital, Actual, Ratio (as a percent) | 13.06% | 12.07% |
Common equity tier 1 risk-based capital, Actual, Ratio (as a percent) | 11.79% | |
Tier 1 leverage capital, Actual, Amount | 415,939 | 361,078 |
Tier 1 risk-based capital, Actual, Amount | 415,939 | 361,078 |
Total risk-based capital, Actual, Amount | 460,613 | 402,816 |
Common equity tier 1 risk-based capital, Actual, Amount | $415,939 | |
Tier 1 leverage capital, Well Capitalized Minimum (as a percent) | 5.00% | 5.00% |
Tier 1 risk-based capital, Well Capitalized Minimum (as a percent) | 8.00% | 6.00% |
Total risk-based capital, Well Capitalized Minimum (as a percent) | 10.00% | 10.00% |
Common equity tier 1 risk-based capital, Well Capitalized Minimum (as a percent) | 6.50% |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available for sale: | ||
Available for sale securities: | $257,865 | $247,647 |
U.S. government agency securities | ||
Available for sale: | ||
Available for sale securities: | 161,768 | 157,527 |
U.S. Treasury securities | ||
Available for sale: | ||
Available for sale securities: | 12,801 | 12,610 |
Municipal securities | ||
Available for sale: | ||
Available for sale securities: | 12,284 | 12,246 |
Mortgage-backed securities | ||
Available for sale: | ||
Available for sale securities: | 62,747 | 57,087 |
Corporate bonds | ||
Available for sale: | ||
Available for sale securities: | 8,244 | 8,177 |
Other equity securities | ||
Available for sale: | ||
Available for sale securities: | 21 | |
Quoted Prices in Active Markets for Identical Assets ( Level 1) | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Derivative instruments | 0 | |
Liabilities | ||
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Available for sale: | ||
Available for sale securities: | 257,865 | 247,647 |
Derivative instruments | 37 | |
Liabilities | ||
Derivative instruments | 16,689 | 12,953 |
Significant Unobservable Inputs (Level 3) | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Derivative instruments | 0 | |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Available for sale: | ||
Available for sale securities: | 257,865 | 247,647 |
Derivative instruments | 37 | |
Total | 247,684 | |
Liabilities | ||
Derivative instruments | 16,689 | 12,953 |
Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available for sale: | ||
Available for sale securities: | 161,768 | 157,527 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Available for sale: | ||
Available for sale securities: | 12,801 | 12,610 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Available for sale: | ||
Available for sale securities: | 12,284 | 12,246 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Available for sale: | ||
Available for sale securities: | 62,747 | 57,087 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Available for sale: | ||
Available for sale securities: | 8,244 | 8,177 |
Fair Value, Measurements, Recurring | Other equity securities | ||
Available for sale: | ||
Available for sale securities: | 21 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Derivative instruments | 0 | |
Total | 0 | |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | U.S. government agency securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | U.S. Treasury securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | Municipal securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | Mortgage-backed securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | Corporate bonds | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets ( Level 1) | Other equity securities | ||
Available for sale: | ||
Available for sale securities: | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Available for sale: | ||
Available for sale securities: | 257,865 | 247,647 |
Derivative instruments | 37 | |
Total | 247,684 | |
Liabilities | ||
Derivative instruments | 16,689 | 12,953 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency securities | ||
Available for sale: | ||
Available for sale securities: | 161,768 | 157,527 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Available for sale: | ||
Available for sale securities: | 12,801 | 12,610 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities | ||
Available for sale: | ||
Available for sale securities: | 12,284 | 12,246 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Available for sale: | ||
Available for sale securities: | 62,747 | 57,087 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Available for sale: | ||
Available for sale securities: | 8,244 | 8,177 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other equity securities | ||
Available for sale: | ||
Available for sale securities: | 21 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Derivative instruments | 0 | |
Total | 0 | |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Available for sale: | ||
Available for sale securities: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other equity securities | ||
Available for sale: | ||
Available for sale securities: | $0 |
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) (Fair Value, Measurements, Nonrecurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Loans | $27,647 | $20,679 |
Other real estate owned | 2,946 | 3,022 |
Total | 30,593 | 23,701 |
Quoted Prices in Active Markets for Identical Assets ( Level 1) | ||
Assets | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Loans | 27,647 | 20,679 |
Other real estate owned | 2,946 | 3,022 |
Total | $30,593 | $23,701 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Carrying Value and Fair Value Measurements of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Cash and due from banks | $53,234 | $32,484 |
Short-term investments | 151,586 | 18,404 |
Investment in short-term receivables | 236,644 | 237,135 |
Investment securities available for sale | 257,865 | 247,647 |
Investment securities held to maturity | 89,332 | 90,956 |
Loans and loans held for sale | 3,986 | 1,622 |
Cash surrender value of bank-owned life insurance | 47,641 | 47,289 |
Financial Liabilities: | ||
Deposits, noninterest-bearing | 433,377 | 364,534 |
Deposits, interest-bearing | 2,933,069 | 2,756,316 |
Repurchase agreements | 111,864 | 117,991 |
Long-term borrowings | 103,392 | 40,000 |
Quoted Prices in Active Markets for Identical Assets ( Level 1) | ||
Financial Assets: | ||
Cash and due from banks | 53,234 | 32,484 |
Short-term investments | 151,586 | 18,404 |
Investment in short-term receivables | 236,644 | 237,135 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans and loans held for sale | 0 | 0 |
Cash surrender value of bank-owned life insurance | 47,641 | 47,289 |
Derivative instruments | 0 | |
Financial Liabilities: | ||
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 0 | 0 |
Repurchase agreements | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial Assets: | ||
Cash and due from banks | 0 | 0 |
Short-term investments | 0 | 0 |
Investment in short-term receivables | 0 | 0 |
Investment securities available for sale | 257,865 | 247,647 |
Investment securities held to maturity | 89,332 | 90,956 |
Loans and loans held for sale | 0 | 0 |
Cash surrender value of bank-owned life insurance | 0 | 0 |
Derivative instruments | 37 | |
Financial Liabilities: | ||
Deposits, noninterest-bearing | 433,377 | 364,534 |
Deposits, interest-bearing | 0 | 0 |
Repurchase agreements | 111,864 | 117,991 |
Long-term borrowings | 0 | 0 |
Derivative instruments | 16,689 | 12,953 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Cash and due from banks | 0 | 0 |
Short-term investments | 0 | 0 |
Investment in short-term receivables | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans and loans held for sale | 3,135,123 | 3,003,280 |
Cash surrender value of bank-owned life insurance | 0 | 0 |
Derivative instruments | 0 | |
Financial Liabilities: | ||
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 2,904,142 | 2,722,134 |
Repurchase agreements | 0 | 0 |
Long-term borrowings | 103,080 | 42,270 |
Derivative instruments | 0 | 0 |
Carrying Amount | ||
Financial Assets: | ||
Cash and due from banks | 53,234 | 32,484 |
Short-term investments | 151,586 | 18,404 |
Investment in short-term receivables | 236,644 | 237,135 |
Investment securities available for sale | 257,865 | 247,647 |
Investment securities held to maturity | 87,265 | 89,076 |
Loans and loans held for sale | 2,908,025 | 2,775,886 |
Cash surrender value of bank-owned life insurance | 47,641 | 47,289 |
Derivative instruments | 37 | |
Financial Liabilities: | ||
Deposits, noninterest-bearing | 433,377 | 364,534 |
Deposits, interest-bearing | 2,933,069 | 2,756,316 |
Repurchase agreements | 111,864 | 117,991 |
Long-term borrowings | 103,392 | 40,000 |
Derivative instruments | 16,689 | 12,953 |
Total Fair Value | ||
Financial Assets: | ||
Cash and due from banks | 53,234 | 32,484 |
Short-term investments | 151,586 | 18,404 |
Investment in short-term receivables | 236,644 | 237,135 |
Investment securities available for sale | 257,865 | 247,647 |
Investment securities held to maturity | 89,332 | 90,956 |
Loans and loans held for sale | 3,135,123 | 3,003,280 |
Cash surrender value of bank-owned life insurance | 47,641 | 47,289 |
Derivative instruments | 37 | |
Financial Liabilities: | ||
Deposits, noninterest-bearing | 433,377 | 364,534 |
Deposits, interest-bearing | 2,904,142 | 2,722,134 |
Repurchase agreements | 111,864 | 117,991 |
Long-term borrowings | 103,080 | 42,270 |
Derivative instruments | $16,689 | $12,953 |