Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2018 | |
Document And Entity Information [Abstract] | |
Document Type | S4 |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2018 |
Trading Symbol | RBB |
Entity Registrant Name | RBB BANCORP |
Entity Central Index Key | 1,499,422 |
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Cash and due from banks | $ 53,535 | $ 70,048 | $ 74,213 |
Federal funds sold and other cash equivalents | 25,000 | 80,000 | 44,500 |
Cash and cash equivalents | 78,535 | 150,048 | 118,713 |
Interest-earning deposits in other financial institutions | 600 | 600 | 345 |
Securities: | |||
Available for sale | 82,848 | 64,957 | 39,277 |
Held to maturity | 9,998 | 10,009 | 6,214 |
Mortgage loans held for sale | 183,391 | 125,847 | 44,345 |
Loans held for investment: | |||
Real estate | 871,073 | 839,230 | 755,301 |
Commercial | 391,614 | 410,812 | 361,227 |
Total loans | 1,262,687 | 1,250,042 | 1,116,528 |
Unaccreted discount on acquired loans | (2,410) | (2,762) | (8,085) |
Deferred loan costs (fees), net | 1,651 | 1,794 | 2,003 |
Total loans, gross | 1,261,928 | 1,249,074 | 1,110,446 |
Allowance for loan losses | (13,957) | (13,773) | (14,162) |
Net loans | 1,247,971 | 1,235,301 | 1,096,284 |
Premises and equipment | 6,687 | 6,583 | 6,585 |
Federal Home Loan Bank (FHLB) stock | 6,770 | 6,770 | 6,770 |
Net deferred tax assets | 6,460 | 6,086 | 11,097 |
Income tax receivable | 272 | 272 | |
Other real estate owned (OREO) | 293 | 293 | 833 |
Cash surrender value of life insurance | 32,980 | 32,782 | 21,958 |
Goodwill | 29,940 | 29,940 | 29,940 |
Servicing assets | 5,979 | 5,957 | 3,704 |
Core deposit intangibles | 1,357 | 1,438 | 1,793 |
Accrued interest and other assets | 21,023 | 14,176 | 7,693 |
Total assets | 1,715,104 | 1,691,059 | 1,395,551 |
Deposits: | |||
Noninterest-bearing demand | 316,047 | 285,690 | 174,272 |
Savings, NOW and money market accounts | 399,892 | 411,663 | 296,699 |
Time deposits under $250,000 | 292,887 | 293,471 | 310,969 |
Time deposits $250,000 and over | 364,678 | 346,457 | 370,823 |
Total deposits | 1,373,504 | 1,337,281 | 1,152,763 |
Reserve for unfunded commitments | 575 | 282 | 604 |
Income tax payable | 1,563 | 793 | |
FHLB advances | 25,000 | ||
Long-term debt | 49,564 | 49,528 | 49,383 |
Subordinated debentures | 3,447 | 3,424 | 3,334 |
Accrued interest and other liabilities | 10,629 | 10,368 | 7,089 |
Total liabilities | 1,439,282 | 1,425,883 | 1,213,966 |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred Stock | |||
Common Stock | 210,595 | 205,927 | 142,651 |
Additional paid-in capital | 7,429 | 8,426 | 8,417 |
Retained earnings | 58,838 | 51,266 | 30,784 |
Accumulated other comprehensive income (loss)-net unrealized loss on securities available for sale, net | (1,040) | (443) | (267) |
Total shareholders' equity | 275,822 | 265,176 | 181,585 |
Total liabilities and shareholders' equity | $ 1,715,104 | $ 1,691,059 | $ 1,395,551 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | |||
Securities held to maturity, fair value | $ 10,020 | $ 10,250 | $ 6,553 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Preferred stock, par value | |||
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, par value | |||
Common stock, shares issued | 16,288,928 | 15,908,893 | 12,827,803 |
Common stock, shares outstanding | 16,288,928 | 15,908,893 | 12,827,803 |
Accumulated other comprehensive income (loss) - net unrealized loss on securities available for sale, tax | $ 437 | $ 186 | $ 186 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income: | |||||
Interest and fees on loans | $ 19,074 | $ 16,033 | $ 70,289 | $ 65,888 | $ 41,026 |
Interest on interest-earning deposits | 187 | 151 | 940 | 334 | 246 |
Interest on investment securities | 560 | 278 | 1,406 | 872 | 553 |
Dividend income on FHLB stock | 119 | 153 | 472 | 800 | 474 |
Interest on federal funds sold and other | 237 | 144 | 997 | 295 | 214 |
Total interest income | 20,177 | 16,759 | 74,104 | 68,189 | 42,513 |
Interest expense: | |||||
Interest on savings deposits, now and money market accounts | 702 | 474 | 2,382 | 1,975 | 1,343 |
Interest on time deposits | 2,046 | 1,849 | 7,891 | 6,968 | 5,592 |
Interest on subordinated debentures and other | 913 | 905 | 3,629 | 2,547 | |
Interest on other borrowed funds | 71 | 17 | 36 | 217 | 1 |
Total interest expense | 3,732 | 3,245 | 13,938 | 11,707 | 6,936 |
Net interest income | 16,445 | 13,514 | 60,166 | 56,482 | 35,577 |
Provision (recapture) for credit losses | 184 | (1,053) | 4,974 | 1,386 | |
Net interest income after provision for credit losses | 16,261 | 13,514 | 61,219 | 51,508 | 34,191 |
Noninterest income: | |||||
Service charges, fees and other | 466 | 460 | 2,111 | 1,758 | 1,296 |
Gain on sale of loans | 1,815 | 1,497 | 9,318 | 5,847 | 4,316 |
Loan servicing fees, net of amortization | (31) | 262 | 722 | 615 | 272 |
Recoveries on loans acquired in business combinations | 6 | 28 | 84 | 170 | 103 |
Increase in cash surrender value of life insurance | 199 | 185 | 824 | 560 | 579 |
Gain on sale of securities | 19 | 78 | |||
Gain on sale of OREO | 142 | 1,218 | |||
Loss on sale of fixed assets | (3) | ||||
Total noninterest income | 2,455 | 2,432 | 13,201 | 8,966 | 7,862 |
Noninterest expense: | |||||
Salaries and employee benefits | 4,951 | 4,183 | 16,821 | 13,784 | 11,122 |
Occupancy and equipment expenses | 791 | 744 | 2,940 | 3,098 | 2,359 |
Data processing | 473 | 352 | 1,622 | 2,018 | 1,532 |
Legal and professional | 258 | (387) | 331 | 1,565 | 954 |
Office expenses | 171 | 154 | 679 | 598 | 353 |
Marketing and business promotion | 203 | 182 | 837 | 542 | 475 |
Insurance and regulatory assessments | 210 | 205 | 799 | 883 | 761 |
Amortization of intangibles | 81 | 94 | 355 | 372 | 117 |
OREO expenses | 7 | 14 | 28 | 28 | (18) |
Other expenses | 1,144 | 1,037 | 3,211 | 5,018 | 2,429 |
Total noninterest expense | 8,289 | 6,578 | 27,623 | 27,906 | 20,084 |
Income before income taxes | 10,427 | 9,368 | 46,797 | 32,568 | 21,969 |
Income tax expense | 1,580 | 3,875 | 21,269 | 13,489 | 8,996 |
Net income | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Net income per share | |||||
Basic | $ 0.55 | $ 0.43 | $ 1.81 | $ 1.49 | $ 1.02 |
Diluted | 0.52 | 0.40 | 1.68 | 1.39 | 0.96 |
Cash dividends declared per common share | $ 0.08 | $ 0.30 | $ 0.38 | $ 0.20 | $ 0.25 |
Weighted-average common shares outstanding | |||||
Basic | 16,082,895 | 12,827,803 | 14,078,281 | 12,800,990 | 12,761,832 |
Diluted | 17,162,320 | 13,725,721 | 15,238,365 | 13,695,900 | 13,552,682 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Other comprehensive income (loss): | |||||
Unrealized gains (losses) on securities available for sale, Change in unrealized gains (losses) | (853) | 115 | (176) | (107) | (161) |
Unrealized gains (losses) on securities available for sale, Reclassification of gains recognized in net income | (19) | (78) | |||
Unrealized gains (losses) on securities available for sale | (176) | (126) | (239) | ||
Related income tax effect, Change in unrealized gains (losses) | 256 | (47) | 72 | 44 | 66 |
Related income tax effect, Reclassification of gains recognized in net income | 8 | 32 | |||
Related income tax effect | 72 | 52 | 98 | ||
Total other comprehensive income (loss) | (597) | 68 | (104) | (74) | (141) |
Total comprehensive income | $ 8,250 | $ 5,561 | $ 25,424 | $ 19,005 | $ 12,832 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at Jan. 01, 2015 | $ 151,981 | $ 136,212 | $ 6,373 | $ 9,448 | $ (52) |
Balance, shares at Jan. 01, 2015 | 12,410,399 | ||||
Net income | 12,973 | 12,973 | |||
Stock-based compensation | 1,455 | 1,455 | |||
Stock dividend | $ 5,048 | (5,048) | |||
Stock dividend, shares | 311,443 | ||||
Cash dividend | (3,114) | (3,114) | |||
Stock options exercised, including tax benefits | 491 | $ 613 | (122) | ||
Stock options exercised including tax benefits, shares | 48,729 | ||||
Other comprehensive income, net of taxes | (141) | (141) | |||
Balance at Dec. 31, 2015 | 163,645 | $ 141,873 | 7,706 | 14,259 | (193) |
Balance, shares at Dec. 31, 2015 | 12,770,571 | ||||
Net income | 19,079 | 19,079 | |||
Stock-based compensation | 894 | 894 | |||
Cash dividend | (2,554) | (2,554) | |||
Stock options exercised, including tax benefits | 595 | $ 778 | (183) | ||
Stock options exercised including tax benefits, shares | 57,232 | ||||
Other comprehensive income, net of taxes | (74) | (74) | |||
Balance at Dec. 31, 2016 | $ 181,585 | $ 142,651 | 8,417 | 30,784 | (267) |
Balance, shares at Dec. 31, 2016 | 12,827,803 | 12,827,803 | |||
Net income | $ 5,493 | 5,493 | |||
Stock-based compensation | 198 | 198 | |||
Cash dividend | (3,848) | (3,848) | |||
Other comprehensive income, net of taxes | 68 | 68 | |||
Balance at Mar. 31, 2017 | 183,496 | $ 142,651 | 8,615 | 32,429 | (199) |
Balance, shares at Mar. 31, 2017 | 12,827,803 | ||||
Balance at Dec. 31, 2016 | $ 181,585 | $ 142,651 | 8,417 | 30,784 | (267) |
Balance, shares at Dec. 31, 2016 | 12,827,803 | 12,827,803 | |||
Net income | $ 25,528 | 25,528 | |||
Stock-based compensation | 779 | 779 | |||
Cash dividend | (5,118) | (5,118) | |||
Stock options exercised | $ 2,296 | $ 3,066 | (770) | ||
Stock options exercised, shares | 223,334 | 223,334 | |||
Issuance of common stock, net of issuance costs | $ 60,210 | $ 60,210 | |||
Issuance of common stock, net of issuance costs, shares | 2,857,756 | ||||
Other comprehensive income, net of taxes | (104) | (104) | |||
Reclassification of stranded tax effects from change in tax rates | 72 | (72) | |||
Balance at Dec. 31, 2017 | $ 265,176 | $ 205,927 | 8,426 | 51,266 | (443) |
Balance, shares at Dec. 31, 2017 | 15,908,893 | 15,908,893 | |||
Net income | $ 8,847 | 8,847 | |||
Stock-based compensation | 131 | 131 | |||
Cash dividend | (1,275) | (1,275) | |||
Stock options exercised | 3,540 | $ 4,668 | (1,128) | ||
Stock options exercised, shares | 380,035 | ||||
Other comprehensive income, net of taxes | (597) | (597) | |||
Balance at Mar. 31, 2018 | $ 275,822 | $ 210,595 | $ 7,429 | $ 58,838 | $ (1,040) |
Balance, shares at Mar. 31, 2018 | 16,288,928 | 16,288,928 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock dividend, percentage | 0.00% | 0.00% | 2.50% |
Income tax benefits, stock options exercised | $ 10 | $ 21 | |
Issuance of common stock, net of issuance costs | $ 5,518 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||||
Net income | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Adjustments to reconcile net income to net cash from | |||||
Depreciation and amortization of premises, equipment and intangibles | 295 | 338 | 1,273 | 1,360 | 1,020 |
Net amortization (accretion) of securities, loans, deposits, and other | (4,801) | (7,199) | (1,012) | ||
Net (accretion) of securities, loans, deposits, and other | (88) | (1,020) | |||
Amortization of affordable housing tax credits | 316 | 14 | |||
Provision for credit losses | 184 | (1,053) | 4,974 | 1,386 | |
Stock-based compensation | 131 | 198 | 779 | 894 | 1,455 |
Deferred tax expense | 5,083 | 1,289 | 1,361 | ||
Gain on sale of securities | (19) | (78) | |||
Gain on sale of loans | (1,815) | (1,497) | (9,318) | (5,847) | (4,316) |
Gain on sale of OREO | (142) | (1,218) | |||
Increase in cash surrender value of life insurance | (198) | (185) | (824) | (560) | (579) |
Loans originated and purchased for sale | (88,790) | (43,500) | (254,629) | (184,030) | (157,409) |
Proceeds from loans sold | 57,453 | 24,780 | 265,497 | 221,328 | 176,744 |
Other items | 2,478 | 2,950 | 1,074 | 4,936 | (1,232) |
Net cash from operating activities | (21,503) | (12,443) | 28,783 | 56,219 | 29,095 |
Investing activities | |||||
Decrease in interest-earning deposits | 245 | (255) | 9,437 | (7,262) | |
Securities available for sale: | |||||
Purchases | (24,920) | (1,000) | (29,557) | (12,485) | (5,471) |
Maturities, prepayments and calls | 6,126 | 1,152 | 4,353 | 4,403 | 4,115 |
Sales | 0 | 5,083 | 5,514 | ||
Securities Held to Maturity: | |||||
Purchases | (4,926) | ||||
Maturities, Prepayments and Calls | 1,100 | ||||
Purchase of FHLB stock and other equity securities, net | (4,549) | (5) | (837) | (3,265) | (766) |
Purchase of investment in qualified affordable housing projects | (2,500) | (5,000) | (1,000) | ||
Net (increase) decrease in loans | (37,377) | (30,712) | (218,897) | 40,290 | (103,128) |
Proceeds from sales of OREO | 257 | 2,086 | |||
Purchase of life insurance | (10,000) | (10,000) | |||
Net cash paid in connection with acquisition | (35,051) | ||||
Purchases of premises and equipment | (277) | (124) | (684) | (210) | (468) |
Net cash from investing activities | (63,497) | (40,444) | (264,446) | 7,202 | (105,380) |
Financing activities | |||||
Net increase in demand deposits and savings accounts | 18,586 | 70,270 | 226,382 | (47,679) | 65,761 |
Net increase in time deposits | 17,636 | 25,299 | (41,772) | (58,235) | 20,343 |
Net (decrease) increase in FHLB advances | (25,000) | 10,000 | 25,000 | ||
Cash dividends paid | (1,275) | (3,848) | (5,118) | (2,554) | (3,114) |
Issuance of subordinated debentures, net of issuance costs | 49,274 | ||||
Issuance of common stock, net of issuance costs | 60,210 | ||||
Exercise of stock options | 3,540 | 2,296 | 595 | 491 | |
Net cash from financing activities | 13,487 | 101,721 | 266,998 | (58,599) | 83,481 |
Net (decrease) increase in cash and cash equivalents | (71,513) | 48,834 | 31,335 | 4,822 | 7,196 |
Cash and cash equivalents at beginning of period | 150,048 | 118,713 | 118,713 | 113,891 | 106,695 |
Cash and cash equivalents at end of period | 78,535 | 167,547 | 150,048 | 118,713 | 113,891 |
Cash paid during the period: | |||||
Interest paid | 13,848 | 12,342 | 6,872 | ||
Taxes paid | 16,935 | 12,515 | 7,120 | ||
Non-cash investing and financing activities: | |||||
Transfer of loan to available for sale securities | 1,000 | ||||
Transfer from loans to OREO | 540 | ||||
Transfer of loans to held for sale | 23,989 | 25,046 | 165,651 | 71,626 | 53,127 |
Loan to facilitate OREO | 425 | ||||
Securities held to maturity transferred to available for sale | 433 | ||||
Net change in unrealized holding gain on securities available for sale | $ (853) | $ 115 | $ (176) | $ (107) | $ (161) |
Business Description
Business Description | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | NOTE 1—BUSINESS DESCRIPTION RBB Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. RBB Bancorp’s principal business is to serve as the holding company for its wholly-owned banking subsidiaries, Royal Business Bank (“Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”. At December 31, 2017, the Company had total assets of $1.7 billion, gross loans of $1.2 billion, total deposits of $1.3 billion and total stockholders’ equity of $265.2 million. On July 31, 2017, the Company completed its initial public offering of 3,750,000 shares at a price to the public of $23.00 per share. The Company’s stock trades on the Nasdaq Global Select Market under the symbol “RBB”. Royal Business Bank provides business banking services to the Chinese-American communities in Los Angeles County, Orange County, Ventura County and in Las Vegas, including remote deposit, E-banking, The Company operates full-service banking offices in Arcadia, Cerritos, Diamond Bar, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silver Lake, Torrance, West Los Angeles, and Westlake Village, California and Las Vegas, Nevada and a loan production office in the City of Industry, California. The Company’s primary source of revenue is providing loans to customers, who are predominately small and middle-market businesses and individuals. The Company generates its revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities. The Company also derived income from noninterest sources, such as fees received in connection with various lending and deposit services, residential mortgage loan originations, loan servicing and gain on sales of loans. The Company’s principle expenses include interest expense on deposits and subordinated debentures, and operating expenses, such as salaries and employee benefits, occupancy and equipment, data processing, and income tax expense. The Company has completed four acquisitions from July 8, 2011 through February 19, 2016, including the acquisition of TFC Holding Company on February 19, 2016. The acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. See Note 3. Acquisitions, for more information about the TFC acquisition. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Summary of Significant Accounting Policies | NOTE 1—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of RBB Bancorp and its wholly-owned subsidiaries Royal Business Bank (Bank) and RBB Asset Management Company (RAM), collectively referred to herein as “the Company”, “we”, “our” or “us”. All significant intercompany accounts and transactions have been eliminated in consolidation. RBB Bancorp has no significant business activity other than its investments in Royal Business Bank and RAM. The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) for Form 10-Q 10-K The Company accounts for its investments in its wholly owned special purpose TFC Statutory Trust under the equity method whereby the subsidiary’s net earnings are recognized in the Company’s statement of income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements were compiled in accordance with the accounting policies set forth in Note 2—Summary of Significant Policies in our consolidated financial statements included in our 2017 Annual Report. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) 2016-01 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use right-of-use right-of-use In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718.) 2016-09 2016-09, paid-in 2016-09 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instrument (Topic 326) off-balance 2016-13 No. 2016-13 2016-13. The No. 2016-13 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) zero-coupon In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805). 2017-01 In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) No. 2017-14 In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities (Subtopic 310-20) No. 2017-08 In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation: Scope of codification Accounting (Topic 718) 2017-09 No. 2017-09 In July 2017, the FASB issued ASU 2017-13—Revenue 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update) non-PBE In February 2018, the FASB issued ASU 2018-02—Income | NOTE 2—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-K Reclassifications Certain amounts in the prior periods’ financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. Principles of Consolidation and Nature of Operations The accompanying consolidated financial statements include the accounts of RBB Bancorp and its wholly-owned subsidiaries Royal Business Bank (“Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”. All significant intercompany transactions have been eliminated. RBB Bancorp was formed in January 2011 as a bank holding company. RAM was formed in 2012 to hold and manage problem assets acquired in business combinations. RBB Bancorp has no significant business activity other than its investments in Royal Business Bank and RAM. Parent only condensed financial information on RBB Bancorp is provided in Note 22. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, term federal funds sold and interest-bearing deposits in other financial institutions with original maturities of less than 90 days. Net cash flows are reported for customer loan and deposit transactions and interest-bearing deposits in other financial institutions. Cash and Due from Banks Banking regulations require that banks maintain a percentage of their deposits as reserves in cash or on deposit with the Federal Reserve Bank. The reserves required to be held as of December 31, 2017 and 2016 were $19,664,000 and $9,811,000, respectively. The Company maintains amounts in due from bank accounts, which may exceed federally insured limits. The Company has not experienced any losses in such accounts. Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions not included in cash and cash equivalents are carried at cost. Investment Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not classified as held to maturity are classified as available for sale. Equity securities with readily determinable fair values are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a semi-annual basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows; OTTI related to credit loss, which must be recognized in the income statement and; OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Loans Held For Sale Mortgage loans originated or acquired and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans held for sale consist primarily of first trust deed mortgages on single-family residential properties located in California. Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right, when applicable. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loans sold. Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances reduced by any charge-offs or specific valuation accounts and net of any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Premiums and discounts on loans purchased are grouped by type and certain common risk characteristics and amortized or accreted as an adjustment of yield over the weighted-average remaining contractual lives of each group of loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest is past due 90 days or when, in the opinion of management, there is reasonable doubt as to collectability based on contractual terms of the loan. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on nonaccrual loans is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectible. Interest accruals are resumed on such loans only when they are brought current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to all principal and interest. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. Amounts charged-off The Company determines a separate allowance for each portfolio segment. The allowance consists of specific and general reserves. Specific reserves relate to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting all amounts when due. Measurement of impairment is based on the expected future cash flows of an impaired loan, which are to be discounted at the loan’s effective interest rate, or measured by reference to an observable market value, if one exists, or the fair value of the collateral for a collateral-dependent loan. The Company selects the measurement method on a loan-by-loan The Company recognizes interest income on impaired loans based on its existing methods of recognizing interest income on nonaccrual loans. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired with measurement of impairment as described above. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. General reserves cover non-impaired Portfolio segments identified by the Company include real estate and commercial loans. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value Certain Acquired Loans As part of business acquisitions, the Company acquires certain loans that have shown evidence of credit deterioration since origination. These acquired loans are recorded at the allocated fair value, such that there is no carryover of the seller’s allowance for loan losses. Such acquired loans are accounted for individually. The Company estimates the amount and timing of expected cash flows for each purchased loan, and the expected cash flows in excess of the allocated fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (non-accretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded through the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Servicing Rights When mortgage and Small Business Administration (“SBA”) loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Servicing fee income, which is reported on the income statement as loan servicing fees, net of amortization , Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Gains on sales of mortgage and SBA loans totaled $9.3 million, $5.8 million, and $4.3 million in 2017, 2016, and 2015, respectively. Gains on sale of mortgage loans totaled $3.7 million, $3.4 million, and $1.6 million, and gains on sale of SBA loans totaled $5.6 million, $2.4 million, and $2.7 million in 2017, 2016, and 2015 respectively. Premises and Equipment Land is carried at cost. Premises, leasehold improvements and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives, which is thirty years for premises and ranges from three to ten years for leasehold improvements and equipment. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the remaining lease term, whichever is shorter. Expenditures for betterments or major repairs are capitalized and those for ordinary repairs and maintenance are charged to operations as incurred. Other Real Estate Owned Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value at the date of foreclosure, establishing a new cost basis by a charge to the allowance for loan losses, if necessary. Other real estate owned is carried at the lower of the Company’s carrying value of the property or its fair value, less estimated carrying costs and costs of disposition. Fair value is based on current appraisals less estimated selling costs. Any subsequent write-downs are charged against operating expenses and recognized as a valuation allowance. Operating expenses and related income of such properties and gains and losses on their disposition are included in other operating income and expenses. Goodwill and Other Intangible Assets Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill resulting from whole bank acquisitions is not amortized, but tested for impairment at least annually. The Company has selected December 31 as the date to perform the annual impairment test. Goodwill amounted to $29.9 million as of December 31, 2017 and 2016, respectively, and is the only intangible asset with an indefinite life on the balance sheet. No impairment was recognized on goodwill during 2017 and 2016. Other intangible assets consist of core deposit intangible (“CDI”) assets arising from whole bank acquisitions. CDI assets are amortized on an accelerated method over their estimated useful life of 8 to 10 years. CDI was recognized in the 2013 acquisition of Los Angeles National Bank and in the 2016 acquisition of TFC Holding Company. The unamortized balance as of December 31, 2017 and 2016 was $1,438,000 and $1,793,000, respectively. CDI amortization expense was $355,000, $372,000, and $117,000 in 2017, 2016 and 2015, respectively. Estimated CDI amortization expense for the next 5 years is as follows (dollars in thousands): Year ending December 31: 2018 $ 311 2019 274 2020 244 2021 172 2022 129 Thereafter 308 Total $ 1,438 Bank Owned Life Insurance The Company has purchased life insurance policies on a select group of employees and directors. Bank owned life insurance (BOLI) is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Increases of the cash value of these policies, as well as insurance proceeds received, are recorded in the other noninterest income and are not subject to income tax for as long as they are held for the life of the covered employee and director. Federal Home Loan Bank (“FHLB”) Stock The Company is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Stock-Based Compensation Compensation cost is recognized for stock options issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. This cost is recognized over the period which an employee is required to provide services in exchange for the award, generally defined as the vesting period. When the options are exercised, the Company’s policy is to issue new shares of stock. Income Taxes The Company files its income taxes on a consolidated basis with its subsidiaries. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of income tax expense. Retirement Plans The Company established a 401(k) plan in 2010. The Company contributed $272,000, $221,000, and $125,000 in 2017 , 2 016, and 2015, respectively . Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. Financial Instruments In the ordinary course of business, the Company has entered into off-balance Earnings Per Share (“EPS”) Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. See Note 17 and Note 18 for more information and disclosures relating to the Company’s fair value measurements. Operating Segments Management has determined that since generally all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) No. 2016-01 In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) right-of-use right-of-use right-of-use In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718.) 2016-09 2016-09, paid-in 2016-09 In June 2016, the FASB issued ASU No. 2016-13, off-balance 2016-13 No. 2016-13 2016-13. The No. 2016-13 In August 2016, the FASB issued ASU No. 2016-15, zero-coupon In January 2017, the FASB issued ASU 2017-01, 2017-01 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-14 In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 No. 2017-09 In July 2017, the FASB issued ASU 2017-13—Revenue 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update) non-PBE In February 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-02, Income Statement—Reporting Comprehensive Income |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 3—ACQUISITIONS TFC HOLDING COMPANY ACQUISITION: On February 19, 2016, the Company acquired all the assets and assumed all the liabilities of TFC Holding Company in exchange for cash of $86.7 million. TFC Holding Company operated six branches in the Los Angeles metropolitan area. The Company acquired TFC Holding Company to strategically increase its existing presence in the Los Angeles area. Goodwill in the amount of $25.9 million was recognized in this acquisition. Goodwill represents the future economic benefits arising from net assets acquired that are not individually identified and separately recognized and is attributable to synergies expected to be derived from the combination of the two entities. Goodwill is not deductible for income tax purposes. The following table represents the assets acquired and liabilities assumed of TFC Holding Company as of February 19, 2016 and the fair value adjustments and amounts recorded by the Company in 2016 under the acquisition method of accounting: (dollars in thousands) TFC Book Value Fair Value Adjustments Fair Value Assets acquired Cash and cash equivalents $ 51,613 $ — $ 51,613 Interest-bearing deposits in other financial Institutions 2,320 — 2,320 Net investments—available for sale 15,952 (106 ) 15,846 Loans, gross 400,887 (13,211 ) 387,676 Allowance for loan losses (9,857 ) 9,857 — Bank premises and equipment 225 — 225 Deferred income taxes 4,027 858 4,885 Other assets 5,595 1,699 7,294 Total assets acquired $ 470,762 $ (903 ) $ 469,859 Liabilities assumed Deposits $ 404,465 $ 848 $ 405,313 Subordinated debentures 5,155 (1,900 ) 3,255 Other liabilities 566 — 566 Total liabilities assumed 410,186 (1,052 ) 409,134 Excess of assets acquired over liabilities assumed 60,576 149 60,725 $ 470,762 $ (903 ) Cash paid 86,664 Goodwill recognized $ 25,939 The Company accounted for the transaction under the acquisition method of accounting which requires purchased assets and liabilities assumed to be recorded at their respective fair values at the date of acquisition. The Company determined the fair value of loans, leases, core deposit intangible, deposits, and Subordinated Debentures with the assistance of a third party valuation. The estimated fair values are subject to refinement as additional information relative to the closing date fair values becomes available through the measurement period. While additional significant changes to the closing date fair values are not expected, any information relative to the changes in these fair values will be evaluated to determine if such changes are due to events and circumstances that existed as of the acquisition date. During the measurement period, any such changes will be recorded as part of the closing date fair value. In many cases, the fair values of assets acquired and liabilities assumed were determined by estimating the cash flows expected to result from those assets and liabilities and discounting them at appropriate market rates. The most significant category of assets for which this procedure was used was that of acquired loans. The excess of expected cash flows above the fair value of the majority of loans will be accreted to interest income over the remaining lives of the loans in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-20. For loans acquired, the contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates were as follows: (dollars in thousands) Acquired Loans Contractual amounts due $ 441,275 Cash flows not expected to be collected — Expected cash flows 441,275 Interest component of expected cash flows 53,599 Fair value of acquired loans $ 387,676 None of the loans acquired had evidence of deterioration of credit quality since origination for which it was probable, at acquisition, that the Company would be unable to collect all contractually required payments receivable. In accordance with generally accepted accounting principles there was no carryover of the allowance for loan losses that had been previously recorded by TFC Holding Company. |
Investment Securities
Investment Securities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||
Investment Securities | NOTE 2—INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of securities available for sale and held to maturity at March 31, 2018 and December 31, 2017, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2018 Available for sale Government agency securities $ 7,746 $ — $ (264 ) $ 7,482 Mortgage-backed securities Government sponsored agencies 38,843 — (1,171 ) 37,672 Corporate debt securities 37,736 145 (187 ) 37,694 $ 84,325 $ 145 $ (1,622 ) $ 82,848 Held to maturity Municipal taxable securities $ 4,294 $ 165 $ — $ 4,459 Municipal securities 5,704 4 (147 ) 5,561 $ 9,998 $ 169 $ (147 ) $ 10,020 December 31, 2017 Available for sale Government agency securities $ 7,968 $ — $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies 39,806 17 (608 ) 39,215 Corporate debt securities 17,813 161 (48 ) 17,926 $ 65,587 $ 178 $ (808 ) $ 64,957 Held to maturity Municipal taxable securities $ 4,295 $ 228 $ — $ 4,523 Municipal securities 5,714 32 (19 ) 5,727 $ 10,009 $ 260 $ (19 ) $ 10,250 One security with a fair value of $759,000 and $796,000 was pledged to secure a local agency deposit at March 31, 2018 and December 31, 2017, respectively. The amortized cost and fair value of the investment securities portfolio at March 31, 2018 are shown by expected maturity below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due from one to five years $ 52,326 $ 51,530 $ 2,780 $ 2,865 Due from five to ten years 27,958 27,333 2,397 2,481 Due from ten years and greater 4,041 3,985 4,821 4,674 $ 84,325 $ 82,848 $ 9,998 $ 10,020 The following table summarizes available for sale securities with unrealized losses at March 31, 2018 and December 31, 2017, aggregated by major security type and length of time in a continuous unrealized loss position: Less than Twelve Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value March 31, 2018 Government agency securities $ (112 ) $ 3,873 $ (152 ) $ 3,609 $ (264 ) $ 7,482 Mortgage-backed securities Government sponsored agencies (786 ) 25,484 (385 ) 11,852 (1,171 ) 37,336 Corporate debt securities (119 ) 9,660 (68 ) 1,937 (187 ) 11,597 Total available for sale $ (1,017 ) $ 39,017 $ (605 ) $ 17,398 $ (1,622 ) $ 56,415 Municipal securities $ (147 ) $ 4,674 $ — $ — $ (147 ) $ 4,674 Total held to maturity $ (147 ) $ 4,674 $ — $ — $ (147 ) $ 4,674 December 31, 2017 Government agency securities $ (32 ) $ 4,039 $ (120 ) $ 3,777 $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies (359 ) 23,609 (249 ) 11,887 (608 ) 35,496 Corporate debt securities (15 ) 5,035 (33 ) 1,972 (48 ) 7,007 Total available for sale $ (406 ) $ 32,683 $ (402 ) $ 17,636 $ (808 ) $ 50,319 Municipal securities $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 Total held to maturity $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 Unrealized losses have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell, it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the bonds approach maturity. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. | NOTE 4—INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2017 and 2016, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: (dollars in thousands) December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale Government agency securities $ 7,968 $ — $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies 39,806 17 (608 ) 39,215 Corporate debt securities 17,813 161 (48 ) 17,926 $ 65,587 $ 178 $ (808 ) $ 64,957 Held to maturity Municipal taxable securities $ 4,295 $ 228 $ — $ 4,523 Municipal securities 5,714 32 (19 ) 5,727 $ 10,009 $ 260 $ (19 ) $ 10,250 December 31, 2016 Available for sale Government agency securities $ 5,453 $ — $ (136 ) $ 5,317 Mortgage-backed securities Government sponsored agencies 23,913 38 (311 ) 23,640 Corporate debt securities 10,364 21 (65 ) 10,320 $ 39,730 $ 59 $ (512 ) $ 39,277 Held to maturity Municipal taxable securities $ 5,301 $ 328 $ — $ 5,629 Municipal securities 913 11 — 924 $ 6,214 $ 339 $ — $ 6,553 The Company did not sell any securities in 2017. During 2016 and 2015 the Company sold $5.1 million and $5.5 million of securities available for sale, recognizing gross gains of $19,000 and $78,000, respectively. One security with a fair value of $796,000 and $933,000 was pledged to secure a local agency deposit at December 31, 2017 and December 31, 2016, respectively. The amortized cost and fair value of the investment securities portfolio as of December 31, 2017 are shown by expected maturity below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due from one to five years $ 35,221 $ 34,825 $ 2,780 $ 2,897 Due from five to ten years 26,321 26,102 2,404 2,521 Due from ten years and greater 4,045 4,030 4,825 4,832 $ 65,587 $ 64,957 $ 10,009 $ 10,250 The following table summarizes securities with unrealized losses at December 31, 2017 and December 31, 2016, aggregated by major security type and length of time in a continuous unrealized loss position. There were no held to maturity securities in a continuous unrealized loss position at December 31, 2016: Less than Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value December 31, 2017 Government agency securities $ (32 ) $ 4,039 $ (120 ) $ 3,777 $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies (359 ) 23,609 (249 ) 11,887 (608 ) 35,496 Corporate debt securities (15 ) 5,035 (33 ) 1,972 (48 ) 7,007 Total available for sale $ (406 ) $ 32,683 $ (402 ) $ 17,636 $ (808 ) $ 50,319 Municipal securities $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 Total held to maturity $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 December 31, 2016 Government agency securities $ (136 ) $ 5,317 $ — $ — $ (136 ) $ 5,317 Mortgage-backed securities Government sponsored agencies (221 ) 16,231 (90 ) 2,504 (311 ) 18,735 Corporate debt securities (65 ) 5,147 — — (65 ) 5,147 Total available for sale $ (422 ) $ 26,695 $ (90 ) $ 2,504 $ (512 ) $ 29,199 Unrealized losses have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell, it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the bonds approach maturity. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Loans and Allowance for Loan Losses | NOTE 3—LOANS AND ALLOWANCE FOR LOAN LOSSES The Company’s loan portfolio consists primarily of loans to borrowers within Los Angeles, Ventura and Orange counties in California and Las Vegas (Clark County) in Nevada. Although the Company seeks to avoid concentrations of loans to a single industry or based upon a single class of collateral, real estate and real estate associated businesses are among the principal industries in the Company’s market area and, as a result, the Company’s loan and collateral portfolios are, to some degree, concentrated in those industries. The following tables present the balance and activity related to the allowance for loan losses for held for investment loans by type for the periods presented. Three Months Ended March 31, 2018 2017 (dollars in thousands) Real Estate Commercial Unallocated Total Real Estate Commercial Unallocated Total Beginning balance $ 9,309 $ 4,044 $ 420 $ 13,773 $ 8,111 $ 6,051 $ — $ 14,162 Additions (reductions) to the allowance charged to expense 653 (118 ) (351 ) 184 (1,169 ) 1,169 — — Recoveries on loans charged-off — — — — — — — — Less loans charged-off — — — — — 24 — 24 Ending balance $ 9,962 $ 3,926 $ 69 $ 13,957 $ 6,942 $ 7,244 $ — $ 14,186 The following table presents the recorded investment in loans and impairment method as of and for the three months ended March 31, 2018 and March 31, 2017, and the activity in the allowance for loan losses for the year ended December 31, 2017, by portfolio segment: (dollars in thousands) As of and for the three months ended March 31, 2018 Real Estate Commercial Unallocated Total Reserves: Specific $ — $ — $ — $ — General 9,962 3,926 69 13,957 Loans acquired with deteriorated credit quality — — — — $ 9,962 $ 3,926 $ 69 $ 13,957 Loans evaluated for impairment: Individually $ 2,393 $ 2,072 $ — $ 4,465 Collectively 866,176 390,974 — 1,257,150 Loans acquired with deteriorated credit quality 313 — — 313 $ 868,882 $ 393,046 $ — $ 1,261,928 As of and for the three months ended March 31, 2017 Real Estate Commercial Unallocated Total Reserves: Specific $ — $ 3,559 $ — $ 3,559 General 6,942 3,685 — 10,627 Loans acquired with deteriorated credit quality — — — — $ 6,942 $ 7,244 $ — $ 14,186 Loans evaluated for impairment: Individually $ 2,550 $ 3,559 $ — $ 6,109 Collectively 771,870 360,847 — 1,132,717 Loans acquired with deteriorated credit quality 737 — — 737 $ 775,157 $ 364,406 $ — $ 1,139,563 December 31, 2017 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 8,111 $ 6,051 $ — $ 14,162 Provisions 1,198 (2,671 ) 420 (1,053 ) Charge-offs — (83 ) — (83 ) Recoveries — 747 — 747 $ 9,309 $ 4,044 $ 420 $ 13,773 Reserves: Specific $ — $ — $ — $ — General 9,309 4,044 420 13,773 Loans acquired with deteriorated credit quality — — — — $ 9,309 $ 4,044 $ 420 $ 13,773 Loans evaluated for impairment: Individually $ 2,420 $ 155 $ — $ 2,575 Collectively 834,152 412,032 — 1,246,184 Loans acquired with deteriorated credit quality 315 — — 315 $ 836,887 $ 412,187 $ — $ 1,249,074 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous Pass Special Mention Substandard Impaired The risk category of loans by class of loans was as follows at March 31, 2018 and December 31, 2017: (dollars in thousands) Pass Special Mention Substandard Impaired Total March 31, 2018 Real estate: Construction and land development $ 100,954 $ — $ — $ 286 $ 101,240 Commercial real estate 478,059 4,464 15,421 2,107 500,051 Single-family residential mortgages 267,591 — — — 267,591 Commercial: Other 277,678 195 520 — 278,393 SBA 108,711 — 3,870 2,072 114,653 $ 1,232,993 $ 4,659 $ 19,811 $ 4,465 $ 1,261,928 December 31, 2017 Real estate: Construction and land development $ 91,619 $ — $ — $ 289 $ 91,908 Commercial real estate 469,422 19,070 5,416 2,131 496,039 Single-family residential mortgages 248,940 — — — 248,940 Commercial: Other 277,518 2,360 888 — 280,766 SBA 126,759 1,778 2,729 155 131,421 $ 1,214,258 $ 23,208 $ 9,033 $ 2,575 $ 1,249,074 The following table presents the aging of the recorded investment in past-due (dollars in thousands) 30-59 Days 60-89 Days 90 Days Or More (2) Total Past Due Loans Not Past Due Total Loans Non- Accrual Loans (1) March 31, 2018 Real estate: Construction and land development $ — $ — $ — $ — $ 101,240 $ 101,240 $ — Commercial real estate — — — — 500,051 500,051 — Single-family residential mortgages 790 — — 790 266,801 267,591 — Commercial: Other 689 — — 689 277,704 278,393 — SBA 1,462 — 586 2,048 112,605 114,653 2,001 $ 2,941 $ — $ 586 $ 3,527 $ 1,258,401 $ 1,261,928 $ 2,001 Real estate: Single-family residential mortgages held for sale $ 696 $ — $ — $ 696 $ 182,695 $ 183,391 $ — December 31, 2017 Real estate: Construction and land development $ — $ — $ — $ — $ 91,908 $ 91,908 $ — Commercial real estate — — — — 496,039 496,039 — Single-family residential mortgages 1,175 338 — 1,513 247,427 248,940 — Commercial: Other — — — — 280,766 280,766 — SBA — 1,426 84 1,510 129,911 131,421 155 $ 1,175 $ 1,764 $ 84 $ 3,023 $ 1,246,051 $ 1,249,074 $ 155 Real estate: Single-family residential mortgages held for sale $ 697 $ — $ — $ 697 $ 125,150 $ 125,847 $ — (1) Included in total loans. (2) As of March 31, 2018, there were no loans over 90 days past due and still accruing. There was one loan over 90 days past due and still accruing in the amount of $71,000 as of December 31, 2017. Information relating to individually impaired loans presented by class of loans was as follows at March 31, 2018 and December 31, 2017: (dollars in thousands) Unpaid Principal Balance Recorded Investment Average Balance Interest Income Related Allowance March 31, 2018 With no related allowance recorded Real estate: Construction and land development $ 286 $ 286 $ 288 $ 6 $ — Commercial real estate 2,108 2,108 2,119 51 — Commercial—SBA 2,071 2,071 1,114 34 — Total $ 4,465 $ 4,465 $ 3,521 $ 91 $ — December 31, 2017 With no related allowance recorded Real estate: Construction and land development $ 289 $ 289 $ 296 $ 16 $ — Commercial real estate 2,131 2,131 2,192 297 — Commercial—SBA 155 155 78 15 — Total $ 2,575 $ 2,575 $ 2,566 $ 328 $ — No interest income was recognized on a cash basis for the three months ended March 31, 2018 and for the year ended December 31, 2017. The Company had five and four loans identified as TDRs at March 31, 2018 and December 31, 2017, respectively. There were no specific reserves on TDRs as of March 31, 2018 or December 31, 2017. There are no commitments to lend additional amounts at March 31, 2018 and December 31, 2017 to customers with outstanding loans that are classified as TDRs. As of March 31, 2018, the terms of one loan was modified as TDR. The modification of the terms generally included loans where a moratorium on loan payments was granted. Such moratoriums ranged from three months to twelve months on the loans restructured in 2017 and 2016. The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2018. There were no TDRs for the year ended December 31, 2017. (dollars in thousands) Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment March 31, 2018 Commercial 1 $ 71 $ 71 The Company has purchased loans as part of its whole bank acquisitions, for which there was at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of purchased credit-impaired loans at March 31, 2018 and December 31, 2017 were as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Outstanding balance $ 319 $ 322 Carrying amount $ 313 $ 315 For these purchased credit-impaired loans, the Company did not increase the allowance for loan losses during the three months ended March 31, 2018 or for the year ended December 31, 2017, as there were no significant reductions in the expected cash flows. Below is a summary of activity in the accretable yield on purchased credit-impaired loans for the three months ended March 31, 2018 and 2017: (dollars in thousands) March 31, 2018 March 31, 2017 Beginning balance $ 122 $ 142 Accretion of income (1 ) (20 ) Ending balance $ 121 $ 122 | NOTE 5—LOANS The Company’s loan portfolio consists primarily of loans to borrowers within Los Angeles and Orange County, California. Although the Company seeks to avoid concentrations of loans to a single industry or based upon a single class of collateral, real estate and real estate associated businesses are among the principal industries in the Company’s market area and, as a result, the Company’s loan and collateral portfolios are, to some degree, concentrated in those industries. A summary of the changes in the allowance for loan losses as of December 31 follows: (dollars in thousands) 2017 2016 2015 Beginning balance $ 14,162 $ 10,023 $ 8,848 Additions (reductions) to the allowance charged to expense (1,053 ) 4,974 1,386 Recoveries on loans charged-off 747 — 211 13,856 14,997 10,445 Less loans charged-off (83 ) (835 ) (422 ) Ending balance $ 13,773 $ 14,162 $ 10,023 The following table presents the recorded investment in loans and impairment method as of December 31, 2017, 2016 and 2015 and the activity in the allowance for loan losses for the years then ended, by portfolio segment: (dollars in thousands) December 31, 2017 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 8,111 $ 6,051 $ — $ 14,162 Provisions 1,198 (2,671 ) 420 (1,053 ) Charge-offs — (83 ) — (83 ) Recoveries — 747 — 747 $ 9,309 $ 4,044 $ 420 $ 13,773 Reserves: Specific $ — $ — $ — $ — General 9,309 4,044 420 13,773 Loans acquired with deteriorated credit quality — — — — $ 9,309 $ 4,044 $ 420 $ 13,773 Loans evaluated for impairment: Individually $ 2,420 $ 155 $ — $ 2,575 Collectively 834,152 412,032 — 1,246,184 Loans acquired with deteriorated credit quality 315 — — 315 $ 836,887 $ 412,187 $ — $ 1,249,074 December 31, 2016 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 5,788 $ 4,235 $ — $ 10,023 Provisions 2,323 2,651 — 4,974 Charge-offs — (835 ) — (835 ) Recoveries — — — — $ 8,111 $ 6,051 $ — $ 14,162 Reserves: Specific $ — $ 1,782 $ — $ 1,782 General 8,111 4,269 — 12,380 Loans acquired with deteriorated credit quality — — — — $ 8,111 $ 6,051 $ — $ 14,162 Loans evaluated for impairment: Individually $ 2,556 $ 3,577 $ — $ 6,133 Collectively 744,349 359,234 — 1,103,583 Loans acquired with deteriorated credit quality 730 — — 730 $ 747,635 $ 362,811 $ — $ 1,110,446 December 31, 2015 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 5,696 $ 3,152 $ — $ 8,848 Provisions (108 ) 1,494 — 1,386 Charge-offs — (422 ) — (422 ) Recoveries 200 11 — 211 $ 5,788 $ 4,235 $ — $ 10,023 Reserves: Specific $ — $ — $ — $ — General 5,788 4,235 — 10,023 Loans acquired with deteriorated credit quality — — — — $ 5,788 $ 4,235 $ — $ 10,023 Loans evaluated for impairment: Individually $ 1,482 $ 4,630 $ — $ 6,112 Collectively 519,963 264,610 — 784,573 Loans acquired with deteriorated credit quality 1,677 — — 1,677 $ 523,122 $ 269,240 $ — $ 792,362 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous Pass Special Mention— Substandard— Impaired The risk category of loans by class of loans was as follows as of December 31, 2017 and 2016: (dollars in thousands) December 31, 2017 Pass Special Mention Substandard Impaired Total Real estate: Construction and land development $ 91,619 $ — $ — $ 289 $ 91,908 Commercial real estate 469,422 19,070 5,416 2,131 496,039 Single-family residential mortgages 248,940 — — — 248,940 Commercial: Other 277,518 2,360 888 — 280,766 SBA 126,759 1,778 2,729 155 131,421 $ 1,214,258 $ 23,208 $ 9,033 $ 2,575 $ 1,249,074 December 31, 2016 Real estate: Construction and land development $ 87,174 $ 1,932 $ — $ 303 $ 89,409 Commercial real estate 475,499 4,562 19,484 2,253 501,798 Single-family residential mortgages 136,206 13,950 6,272 — 156,428 Commercial: Other 194,227 — 9,616 — 203,843 SBA 151,066 1,934 2,391 3,577 158,968 $ 1,044,172 $ 22,378 $ 37,763 $ 6,133 $ 1,110,446 The following table presents the aging of the recorded investment in past-due (dollars in thousands) December 31, 2017 30-59 Days 60-89 Days 90 Days Or More (2) Total Past Due Loans Not Past Due Total Loans Non- Accrual Loans (1) Real estate: Construction and land development $ — $ — $ — $ — $ 91,908 $ 91,908 $ — Commercial real estate — — — — 496,039 496,039 — Single-family residential mortgages 1,175 338 — 1,513 247,427 248,940 — Commercial: Other — — — — 280,766 280,766 — SBA — 1,426 84 1,510 129,911 131,421 155 $ 1,175 $ 1,764 $ 84 $ 3,023 $ 1,246,051 $ 1,249,074 $ 155 Real estate: Single-family residential mortgages held for sale $ 697 $ — $ — $ 697 $ 125,150 $ 125,847 $ — December 31, 2016 Real estate: Construction and land development $ — $ — $ — $ — $ 89,409 $ 89,409 $ — Commercial real estate — — — — 501,798 501,798 — Single-family residential mortgages — — — — 156,428 156,428 — Commercial: Other 343 — — 343 203,500 203,843 — SBA — — 3,577 3,577 155,391 158,968 3,577 $ 343 $ — $ 3,577 $ 3,920 $ 1,106,526 $ 1,110,446 $ 3,577 Real estate: Single-family residential mortgages held for sale $ — $ — $ — $ — $ 44,345 $ 44,345 $ — (1) Included in total loans (2) As of December 31, 2017, there was one loan over 90 days past due and still accruing in the amount of $71,000. Information relating to individually impaired loans presented by class of loans was as follows as of December 31, 2017, 2016 and 2015: (dollars in thousands) December 31, 2017 Unpaid Principal Balance Recorded Investment Average Balance Interest Income Related Allowance With no related allowance recorded Construction and land development $ 289 $ 289 $ 296 $ 16 $ — Commercial real estate 2,131 2,131 2,192 297 — Commercial—SBA 155 155 78 15 — Total $ 2,575 $ 2,575 $ 2,566 $ 328 $ — December 31, 2016 With no related allowance recorded Construction and land development $ 303 $ 303 $ 309 $ 21 $ — Commercial real estate 2,253 2,253 1,710 280 — Commercial—SBA 18 18 93 — — Subtotal 2,574 2,574 2,112 301 — With an allowance recorded Commercial—SBA 3,559 3,559 3,559 — 1,782 Total $ 6,133 $ 6,133 $ 5,671 $ 301 $ 1,782 December 31, 2015 With no related allowance recorded Construction and land development $ 315 $ 315 $ 320 $ 4 $ — Commercial real estate 1,167 1,167 1,145 195 — Commercial—SBA 4,630 4,630 4,545 14 — Total $ 6,112 $ 6,112 $ 6,010 $ 213 $ — No interest income was recognized on a cash basis as of December 31, 2017, 2016 and 2015. The Company had four and six loans identified as troubled debt restructurings (“TDR’s”) at December 31, 2017 and 2016, respectively. There were no specific reserves allocated to the loans as of December 31, 2017. A specific reserve for $1,782,000 was allocated for one loan as of December 31, 2016. There were no commitments to lend additional amounts as of December 31, 2017 and 2016, respectively, to customers with outstanding loans that are classified as TDR’s. During the year ended December 31, 2016, the terms of certain loans were modified as TDR’s. The modification of the terms generally included loans where a moratorium on loan payments was granted. Such moratoriums ranged from three months to six months on the loans restructured in 2016. The following table presents loans by class modified as TDR’s that occurred during the year ended December 31, 2016: (dollars in thousands) December 31, 2016 Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Commercial real estate 1 $ 1,047 $ 1,047 There were no loans modified as TDR’s during the year ended December 31, 2017. There were no defaults of TDR’s in 2017 and 2016 where the loan was modified within the prior twelve months. The Company has purchased loans as part of its whole bank acquisitions, for which there was at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of purchased credit-impaired loans as of December 31 were as follows: (dollars in thousands) 2017 2016 Outstanding balance $ 322 $ 878 Carrying amount $ 315 $ 730 For these purchased credit-impaired loans, the Company did not increase the allowance for loan losses during 2017 or 2016 as there were no significant reductions in the expected cash flows. Below is a summary of activity in the accretable yield on purchased credit-impaired loans for 2017, 2016 and 2015: (dollars in thousands) 2017 2016 2015 Beginning balance $ 142 $ 349 $ 574 Disposals — — (99 ) Restructuring as TDR — (22 ) — Accretion of income (135 ) (185 ) (126 ) Ending balance $ 7 $ 142 $ 349 |
Loan Servicing
Loan Servicing | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Text Block [Abstract] | ||
Loan Servicing | NOTE 4—LOAN SERVICING When mortgage and Small Business Administration (SBA) loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. The amortization of mortgage servicing rights is netted against loan servicing fee income. The principal balances of mortgage and SBA loans serviced for others at March 31, 2018 and December 31, 2017 are as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Loans serviced for others: Mortgage loans $ 406,559 $ 384,437 SBA loans $ 174,282 $ 175,919 Activity for servicing assets follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (dollars in thousands) Mortgage Loans SBA Loans Mortgage Loans SBA Loans Servicing assets: Beginning of year $ 1,540 $ 4,417 $ 1,002 $ 2,702 Additions 315 484 — 724 Disposals (39 ) (425 ) — — Amortized to expense (155 ) (158 ) (86 ) (119 ) End of period $ 1,661 $ 4,318 $ 916 $ 3,307 The fair value of servicing assets for mortgage loans was $2,751,000 and $2,538,000 at March 31, 2018 and December 31, 2017, respectively. The fair value of servicing assets for SBA loans was $5,984,000 and $5,915,000 at March 31, 2018 and December 31, 2017, respectively. Servicing fees net of servicing asset amortization totaled $(31,000) and $262,000 for the three months ended March 31, 2018 and 2017, respectively. | NOTE 6—LOAN SERVICING Mortgage and SBA loans serviced for others are not reported as assets. The principal balances as of December 31 are as follows: (dollars in thousands) 2017 2016 Loans serviced for others: Mortgage loans $ 384,437 $ 259,207 SBA loans $ 175,919 $ 110,263 Activity for servicing assets follows: 2017 2016 2015 (dollars in thousands) Mortgage Loans SBA Loans Mortgage Loans SBA Loans Mortgage Loans SBA Loans Servicing assets: Beginning of year $ 1,002 $ 2,702 $ 298 $ 1,807 $ — $ 720 Additions 1,115 2,628 912 1,353 329 1,268 Disposals (172 ) (367 ) — — — — Amortized to expense (405 ) (546 ) (208 ) (458 ) (31 ) (181 ) End of period $ 1,540 $ 4,417 $ 1,002 $ 2,702 $ 298 $ 1,807 The fair value of servicing assets for mortgage loans was $2,538,000 and $1,184,000 as of December 31, 2017 and 2016, respectively. Fair value at December 31, 2017 was determined using a discount rate of 12.50%, prepayment speeds ranging from 20.00% to 21.79%, depending on the stratification of the specific right, and a weighted-average default rate of 0.25%. Fair value at December 31, 2016 was determined using a discount rate of 12.50%, prepayment speeds ranging from 20.74% to 22.90%, depending on the stratification of the specific right, and a weighted-average default rate of 0.25%. The fair value of servicing assets for SBA loans was $5,915,000 and $3,142,000 as of December 31, 2017 and 2016, respectively. Fair value at December 31, 2017 was determined using a discount rate of 8.50%, prepayment speeds ranging from 11.40% to 13.78%, depending on the stratification of the specific right, and a weighted-average default rate of 0.98%. Fair value at December 31, 2016 was determined using a discount rate of 8.50% and prepayment speeds ranging from 7.20% to 12.80%, depending on the stratification of the specific right. Servicing fees net of servicing asset amortization totaled $722,000, $615,000, and $272,000 for the years ended December 31, 2017, 2016, and 2015, respectively. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 7—PREMISES AND EQUIPMENT A summary of premises and equipment as of December 31 follows: (dollars in thousands) 2017 2016 Land $ 2,956 $ 2,956 Building and improvements 2,467 2,467 Furniture, fixtures, and equipment 3,222 2,950 Leasehold improvements 2,872 2,865 11,517 11,238 Less accumulated depreciation and amortization (5,359 ) (4,673 ) Construction in progress 425 20 $6,583 $6,585 Depreciation and amortization expense was $686,000, $750,000, and $625,000 for 2017, 2016, and 2015, respectively. The Company leases several of its operating facilities under various noncancellable operating leases expiring at various dates through 2028. The Company is also responsible for common area maintenance, taxes and insurance at the various branch locations. Future minimum rent payments on the Company’s leases were as follows as of December 31, 2017: (dollars in thousands) Year ending December 31: 2018 $ 1,857 2019 1,625 2020 1,396 2021 1,312 2022 1,029 Thereafter 4,102 $ 11,321 The minimum rent payments shown above are given for the existing lease obligations and are not a forecast of future rental expense. Total rental expense, recognized on a straight-line basis, was $1.5 million, $1.6 million, and $1.2 million for 2017, 2016, and 2015, respectively. The lease for the Company’s downtown headquarters expires in May 2018. In October 2017 the Company signed a lease for a new headquarters office at 1055 Wilshire Boulevard, Suite 1220, Los Angeles, California 90017, which the Company expects to occupy by June 2018. In February 2018 the Company signed a lease for a new office in Irvine which the Company expects to occupy in May 2018. In September 2017 the Company signed a lease to occupy a new location in Oxnard which the Company occupied on March 26, 2018. The future payments for all of the new leases are included in the schedule above. |
Deposits
Deposits | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Banking and Thrift [Abstract] | ||
Deposits | NOTE 6—DEPOSITS At March 31, 2018, the scheduled maturities of time deposits are as follows: (dollars in thousands) One year $ 651,067 Two to three years 6,498 $657,565 | NOTE 8—DEPOSITS At December 31, 2017 the scheduled maturities of time deposits are as follows: (dollars in thousands) One year $ 627,665 Two to three years 12,263 $ 639,928 |
Long-term Debt
Long-term Debt | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Long-term Debt | NOTE 7—LONG-TERM DEBT In March 2016, the Company issued $50 million of 6.5% fixed to floating rate subordinated debentures, due March 31, 2026. The interest rate is fixed through March 31, 2021 and floats at 3 month London Interbank Offered Rate (LIBOR) plus 516 basis points thereafter. The subordinated debt is considered Tier-2 Tier-1 At March 31, 2018 and December 31, 2017 the aggregate outstanding principal amount and unamortized debt issuance costs related to these subordinated debentures were as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Principal $ 50,000 $ 50,000 Unamortized debt issuance costs $ 436 $ 472 | NOTE 9—LONG-TERM DEBT At December 31, 2017 and 2016, respectively, long-term debt—6.5% fixed-to-floating (dollars in thousands) 2017 2016 Principal $ 50,000 $ 50,000 Unamortized debt issuance costs $ 472 $ 617 In March 2016, the Company issued $50 million of 6.5% fixed to floating rate subordinated debentures, due March 31, 2026. The interest rate is fixed through March 31, 2021 and floats at 3 month LIBOR plus 516 basis points thereafter. The Company can redeem these subordinated debentures beginning March 31, 2021. The sub-debt Tier-two Tier-one |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Brokers and Dealers [Abstract] | ||
Subordinated Debentures | NOTE 8—SUBORDINATED DEBENTURES The Company, through the acquisition of TFC Bancorp, acquired TFC Statutory Trust (Trust). The Trust contained a pooled private offering of 5,000 Trust preferred securities with a liquidation amount of $1,000 per security. TFC Bancorp issued $5,000,000 of subordinated debentures to the Trust in exchange for ownership of all of the common security of the Trust and the proceeds of the preferred securities sold by the Trust. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the Trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability at market value as of the close of the acquisition which was $3,255,000. There was a $1,900,000 valuation reserve recorded to arrive at market value which is treated as a yield adjustment and is amortized over the life of the security. The amount of amortization expense recognized for the three months ended March 31, 2018 and 2017 was constant at $23,000. The Company also purchased an investment in the common stock of the Trust for $155,000 which is included in other assets. The Company may redeem the subordinated debentures, subject to prior approval by the Federal Reserve Bank on or after March 15, 2012, at 100% of the principal amount, plus accrued and unpaid interest. The subordinated debentures mature on March 15, 2037. The Company has the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed five consecutive years. The Company has been paying interest on a quarterly basis. The subordinated debentures may be included in Tier 1 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. The subordinated debentures have a variable rate of interest equal to the three month LIBOR plus 1.65%, which was 3.77% and 3.24% at March 31, 2018 and December 31, 2017, respectively. | NOTE 10—SUBORDINATED DEBENTURES The Company, through the acquisition of TFC Bancorp, acquired TFC Statutory Trust. The Trust contained a pooled private offering of 5,000 trust preferred securities with a liquidation amount of $1,000 per security. TFC Bancorp issued $5,000,000 of subordinated debentures to the trust in exchange for ownership of all of the common security of the trust and the proceeds of the preferred securities sold by the trust. The Company is not considered the primary beneficiary of this trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability at market value as of the close of the acquisition which was $3,255,000. There was a $1,900,000 valuation reserve recorded to arrive at market value which is treated as a yield adjustment and is amortized over the life of the security. The amount of amortization expense recognized in 2017 was $90,000 and in 2016 was $79,000. The Company also purchased an investment in the common stock of the trust for $155,000 which is included in other assets. The Company may redeem the subordinated debentures, subject to prior approval by the Federal Reserve Bank on or after March 15, 2012, at 100% of the principal amount, plus accrued and unpaid interest. The subordinated debentures mature on March 15, 2037. The Company has the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed five consecutive years. The Company has been paying interest on a quarterly basis. The subordinated debentures may be included in Tier I capital (with certain limitations applicable) under current regulatory guidelines and interpretations. The subordinated debentures have a variable rate of interest equal to the three month London Interbank Offered Rate (LIBOR) plus 1.65%, which was 3.24% at December 31, 2017. In July 2017, British banking regulators announced plan to eliminate the LIBOR rate by the end of 2021, before these subordinated notes and debentures mature. For these subordinated notes and debentures, there are provisions for amendments to establish a new interest rate benchmark. |
Borrowing Arrangements
Borrowing Arrangements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Borrowing Arrangements | NOTE 9—BORROWING ARRANGEMENTS The Company has established secured and unsecured lines of credit. The Company may borrow funds from time to time on a term or overnight basis from the Federal Home Loan Bank of San Francisco (FHLB), the Federal Reserve Bank of San Francisco (“FRB”) and other financial institutions as indicated below. Federal Funds Arrangements with Commercial Banks. Letter of Credit Arrangements. FRB Secured Line of Credit. FHLB Secured Line of Credit. There were no amounts outstanding under any of the arrangements above at March 31, 2018. At December 31, 2017, the Company had $25.0 million in short-term borrowings with the FHLB at 1.41% which was repaid on January 2, 2018. | NOTE 11—BORROWING ARRANGEMENTS The Company has established secured and unsecured lines of credit. The Company may borrow funds from time to time on a term or overnight basis from the Federal Home Loan Bank of San Francisco (“FHLB”), the Federal Reserve Bank of San Francisco (“FRB”) and other financial institutions as indicated below. Federal Funds Arrangements with Commercial Banks Letter of Credit Arrangements. FRB Secured Line of Credit. FHLB Secured Line of Credit. At December 31, 2017, the Company had $25.0 million in short-term borrowings with the FHLB at 1.41% which was repaid on January 2, 2018. There were no amounts outstanding under any of the other borrowing arrangements above as of December 31, 2017 and 2016. |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | NOTE 10—INCOME TAXES The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. During the three months ended March 31, 2018 and 2017, the Company recorded an income tax provision of $1.6 million and $3.9 million, respectively, reflecting and effective tax rate of 15.2% and 41.4% for the three months ended March 31, 2018 and 2017, respectively. | NOTE 12—INCOME TAXES The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income tax expense consists of the following: (dollars in thousands) 2017 2016 2015 Current: Federal $ 12,097 $ 9,345 $ 5,662 State 3,773 2,841 1,973 15,870 12,186 7,635 Deferred 2,492 1,289 1,361 Deferred tax adjustment for enacted change in tax rate 2,591 — — Affordable housing tax credits 316 14 — $ 21,269 $ 13,489 $ 8,996 A comparison of the federal statutory income tax rates to the Company’s effective income tax rates as of December 31 follows: 2017 2016 2015 (dollars in thousands) Amount Rate Amount Rate Amount Rate Statutory federal tax $ 16,379 35.0 % $ 11,399 35.0 % $ 7,469 34.0 % State franchise tax, net of federal benefit 3,135 6.7 % 2,281 7.0 % 1,550 7.1 % Tax-exempt (297 ) -0.6 % (202 ) -0.6 % (203 ) -0.9 % Tax impact from enacted change in tax rate 2,591 5.5 % — 0.0 % — 0.0 % Other items, net (539 ) -1.2 %% 11 0.0 % 180 0.8 % Actual tax expense $ 21,269 45.4 % $ 13,489 41.4 % $ 8,996 41.0 % On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). Among other changes, the Tax Act reduces the U.S. federal corporate tax rate from 35% to 21%. The Company has recorded an income tax expense of $2.6 million related to the re-measurement Deferred taxes are a result of differences between income tax accounting and generally accepted accounting principles with respect to income and expense recognition. The following is a summary of the components of the net deferred tax asset accounts recognized in the accompanying balance sheets as of December 31: (dollars in thousands) 2017 2016 Deferred tax assets: Pre-opening $ 173 $ 287 Allowance for loan losses 4,072 5,954 Stock-based compensation 1,973 2,576 Off balance sheet reserve 83 254 Operating loss carryforwards 285 693 Other real estate owned 10 17 Acquisition accounting fair value adjustments — 1,779 Unrealized loss on AFS securities 186 186 Other 1,968 2,520 8,750 14,266 Deferred tax liabilities: Depreciation (511 ) (917 ) Acquisition accounting fair value adjustments (145 ) — Other (2,008 ) (2,252 ) (2,664 ) (3,169 ) Net deferred tax assets $ 6,086 $ 11,097 The Company has net operating loss carryforwards from acquisitions of approximately $37,000 for federal income and approximately $3.2 million for California franchise tax purposes. Net operating loss carry forwards, to the extent not used will begin to expire in 2027. Net operating loss carryforwards available from acquisitions are substantially limited by Section 382 of the Internal Revenue Code and benefits not expected to be realized due to the limitation have been excluded from the deferred tax asset and net operating loss carryforward amounts noted above. The Company acquired operating loss carryforwards in its acquisitions that were subject to limitations under Section 382 of the Internal Revenue Code. The amount of net operating loss carry forwards the Company was able to utilize amounted to $3.8 million and $11.4 million for federal income and California franchise tax purposes, respectively. These operating loss carryforwards expire in 2031 through 2033. The Company is subject to federal income tax and franchise tax of the state of California. Income tax returns for the years ended after December 31, 2013 are open to audit by the federal authorities and for the years ended after December 31, 2012 are open to audit by California state authorities. There were no recorded interest or penalties related to uncertain tax positions as part of income tax for the years ended December 31, 2017, 2016, and 2015, respectively. The Company has determined that as of December 31, 2017 all tax positions taken to date are highly certain and, accordingly, no accounting adjustment has been made to the consolidated financial statements. |
Commitments
Commitments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments | NOTE 11—COMMITMENTS The Company leases several of its operating facilities under various noncancellable operating leases expiring at various dates through 2028. The Company is also responsible for common area maintenance, taxes and insurance at the various branch locations. Future minimum rent payments on the Company’s leases were as follows at March 31, 2018: (dollars in thousands) Year ending December 31: 2018 remaining $ 1,338 2019 1,625 2020 1,396 2021 1,312 2022 1,089 Thereafter 4,117 $ 10,877 The minimum rent payments shown above are given for the existing lease obligation and are not a forecast of future rental expense. Total rental expense, recognized on a straight-line basis, was $437,000 and $381,000 for the three months ended March 31, 2018 and 2017, respectively. In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit, unused lines of credit, commercial and similar letters of credit and standby letters of credit. Those instruments involve to varying degrees, elements of credit and interest rate risk not recognized in the Company’s financial statements. The Company’s exposure to loan loss in the event of nonperformance on these financial commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for loans reflected in the financial statements. At March 31, 2018 and December 31, 2017, the Company had the following financial commitments whose contractual amount represents credit risk: (dollars in thousands) March 31, 2018 December 31, 2017 Commitments to make loans $ 103,354 $ 101,960 Unused lines of credit 119,964 99,217 Commercial and similar letters of credit 4,700 3,013 Standby letters of credit 1,575 1,575 $ 229,593 $ 205,765 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case The Company is involved in various matters of litigation which have arisen in the ordinary course of business and accruals for estimates of potential losses have been provided when necessary and appropriate under GAAP. In the opinion of management, the disposition of such pending litigation will not have a material effect on the Company’s financial statements. | NOTE 13—COMMITMENTS In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit, unused lines of credit, commercial and similar letters of credit and standby letters of credit. Those instruments involve to varying degrees, elements of credit and interest rate risk not recognized in the Company’s financial statements. The Company’s exposure to loan loss in the event of nonperformance on these financial commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for loans reflected in the financial statements. As of December 31, 2017 and 2016, the Company had the following financial commitments whose contractual amount represents credit risk: 2017 2016 (dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 19,438 $ 82,522 $ 54,812 $ 13,191 Unused lines of credit 58,291 40,926 38,943 53,435 Commercial and similar letters of credit 3,013 — 8,966 — Standby letters of credit 1,225 350 1,100 150 $81,967 $123,798 $103,821 $66,776 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case The Company is involved in various matters of litigation which have arisen in the ordinary course of business and accruals for estimates of potential losses have been provided when necessary and appropriate under generally accepted accounting principles. In the opinion of management, the disposition of such pending litigation will not have a material effect on the Company’s financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | NOTE 12—RELATED PARTY TRANSACTIONS Loans to principal officers, directors, and their affiliates were as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Beginning balance $ 2,300 $ 3,445 New loans and advances 300 2,200 Repayments (500 ) (3,345 ) Ending balance $ 2,100 $ 2,300 Loan commitments outstanding to executive officers, directors and their related interests with whom they are associated totaled approximately $1.8 million and $2.1 million at March 31, 2018 and December 31, 2017, respectively. Deposits from principal officers, directors, and their affiliates at March 31, 2018 and December 31, 2017 were $43.9 million and $43.8 million, respectively. | NOTE 14—RELATED PARTY TRANSACTIONS Loans to principal officers, directors, and their affiliates were as follows: (dollars in thousands) 2017 2016 Beginning balance $ 3,445 $ 3,971 New loans and advances 2,200 1,274 Repayments (3,345 ) (1,800 ) Ending balance $ 2,300 $ 3,445 Loan commitments outstanding to executive officers, directors and their related interests with whom they are associated totaled approximately $2.1 million and $2.3 million as of December 31, 2017 and 2016, respectively. Deposits from principal officers, directors, and their affiliates at year-end |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based Compensation | NOTE 13—STOCK-BASED COMPENSATION RBB Bancorp 2017 Omnibus Stock Incentive Plan. The 2017 Omnibus Stock Incentive Plan, or OSIP, was adopted by the Company’s board of directors on January 18, 2017 and approved by the Company’s shareholders at the Company’s annual meeting on May 23, 2017. The OSIP was designed to ensure continued availability of equity awards that will assist the Company in attracting and retaining competent managerial personnel and rewarding key employees, directors and other service providers for high levels of performance. Pursuant to the OSIP, the Company’s board of directors are allowed to grant awards to eligible persons in the form of qualified and non-qualified RBB Bancorp 2010 Stock Option Plan Under the 2010 Plan, the Company was permitted to grant awards to eligible persons in the form of qualified and non-qualified The Company recognized stock-based compensation expense of $131,000 and recognized income tax benefits on that expense of $1.2 million for the three months ended March 31, 2018. The Company recognized stock-based compensation expense of $198,000 and recognized income tax benefits on that expense of $61,000 for the three months ended March 31, 2017. | NOTE 15—STOCK OPTION PLAN Under the terms of the Company’s 2017 Omnibus Stock Incentive Plan, officers and key employees may be granted both nonqualified and incentive stock options and directors and organizers, who are not also an officer or employee, may only be granted nonqualified stock options. The Plan provides for options to purchase up to 30 percent of the outstanding common stock at a price not less than 100 percent of the fair market value of the stock on the date of the grant. Stock options expire no later than ten years from the date of the grant and generally vest over three years. At December 31, 2017, 1,586,541 shares were available under the 2017 Omnibus Stock Incentive Plan for future grants. The Company adopted ASU 2016-09 paid-in The Company recognized stock-based compensation expense of $779,000, $894,000, and $1.5 million in 2017, 2016, and 2015 and recognized income tax benefits on that expense of $246,000, $267,000, and $482,000, respectively. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions presented below for 2016 and 2015. There were no stock options granted in 2017. 2016 2015 Expected volatility 35.0 % 35.0 % Expected term 6.0 years 6.0 years Expected dividends None None Risk free rate 1.93 % 1.84 % Grant date fair value $ 6.76 $ 6.29 Since the Company had a limited amount of historical stock activity in 2016, the expected volatility was based on the historical volatility of similar banks that had a longer trading history. The expected term represents the estimated average period of time that the options remain outstanding. Since the Company did not have sufficient historical data on the exercise of stock options in 2016, the expected term was based on the “simplified” method that measures the expected term as the average of the vesting period and the contractual term. The risk free rate of return reflects the grant date interest rate offered for zero coupon U.S. Treasury bonds over the expected term of the options. A summary of the status of the Company’s stock option plan as of December 31, 2017 and changes during the year then ended is presented below: (dollars in thousands, except for share amounts) Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of year 2,495,134 $ 11.26 Granted — $ — Exercised (223,334 ) $ 10.28 Forfeited or expired (10,000 ) $ 18.25 Outstanding at end of year 2,261,800 $ 11.32 3.8 years $ 36,297 Options exercisable 2,097,804 $ 10.80 3.4 years $ 34,755 As of December 31, 2017 there was approximately $637,000 of total unrecognized compensation cost related to outstanding stock options that will be recognized over a weighted-average period of 1.2 years. The intrinsic value of options exercised was $2,808,000, $216,000, and $231,000 in 2017, 2016, and 2015, respectively. The total fair value of the shares vested was $930,000, $1,511,000, and $1,454,000 in 2017, 2016, and 2015, respectively. The number of nonvested stock options were 163,996 and 328,826 with a weighted average grant date fair value of $6.53 and $6.28 as of December 31, 2017 and 2016. Cash received from the exercise of 223,334 share options was $2.3 million for the period ended December 31, 2017 with a related tax benefit of $573,000. |
Regulatory Matters
Regulatory Matters | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Regulated Operations [Abstract] | ||
Regulatory Matters | NOTE 14—REGULATORY MATTERS Holding companies (with assets over $1 billion at the beginning of the year) and banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. In July 2013, the federal bank regulatory agencies approved the final rules implementing the Basel Committee on Banking Super vision’s capital guidelines for U.S. banks. The new rules became effective on January 1, 2015, with certain of the requirements phased-in phased-in Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet As defined in applicable regulations and set forth in the tables below, the Company and the Bank continue to exceed the regulatory capital minimum requirements and the Bank continues to exceed the “well capitalized” standards at the dates indicated: Amount of Capital Required Actual Minimum Required Purposes To Be Well- Under Prompt (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of March 31, 2018: Tier 1 Leverage Ratio Consolidated $ 249,304 15.24 % $ 65,439 4.00 % $ 81,798 5.00 % Bank $ 242,192 14.84 % $ 65,283 4.00 % $ 81,604 5.00 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 245,857 17.95 % $ 61,620 4.50 % $ 89,007 6.50 % Bank $ 242,192 17.72 % $ 61,502 4.50 % $ 88,837 6.50 % Tier 1 Risk-Based Capital Ratio Consolidated $ 249,304 18.21 % $ 82,161 6.00 % $ 109,547 8.00 % Bank $ 242,192 17.72 % $ 82,003 6.00 % $ 109,338 8.00 % Total Risk-Based Capital Ratio Consolidated $ 313,402 22.89 % $ 109,547 8.00 % $ 136,934 10.00 % Bank $ 256,725 18.78 % $ 109,338 8.00 % $ 136,672 10.00 % As of December 31, 2017: Tier 1 Leverage Ratio Consolidated $ 238,219 14.35 % $ 66,423 4.00 % $ 83,029 5.00 % Bank $ 232,765 14.50 % $ 64,214 4.00 % $ 80,267 5.00 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 234,794 17.54 % $ 60,233 4.50 % $ 87,003 6.50 % Bank $ 232,765 17.42 % $ 60,122 4.50 % $ 86,843 6.50 % Tier 1 Risk-Based Capital Ratio Consolidated $ 238,219 17.80 % $ 80,311 6.00 % $ 107,081 8.00 % Bank $ 232,765 17.42 % $ 80,163 6.00 % $ 106,884 8.00 % Total Risk-Based Capital Ratio Consolidated $ 301,802 22.55 % $ 107,081 8.00 % $ 133,851 10.00 % Bank $ 246,820 18.47 % $ 106,884 8.00 % $ 133,605 10.00 % The California Financial Code generally acts to prohibit banks from making a cash distribution to its shareholders in excess of the lesser of the bank’s undivided profits or the bank’s net income for its last three fiscal years less the amount of any distribution made by the bank’s shareholders during the same period. The California General Corporation Law generally acts to prohibit companies from paying dividends on common stock unless its retained earnings, immediately prior to the dividend payment, equals or exceeds the amount of the dividend. If a company fails this test, then it may still pay dividends if after giving effect to the dividend the company’s assets are at least 125% of its liabilities. Additionally, the Federal Reserve Bank has issued guidance which requires that they be consulted before payment of a dividend if a bank holding company does not have earnings over the prior four quarters of at least equal to the dividend to be paid, plus other holding company obligations. | NOTE 16—REGULATORY MATTERS Holding companies (with assets over $1 billion at the beginning of the year) and banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. In July, 2013, the federal bank regulatory agencies approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks. The new rules became effective on January 1, 2015, with certain of the requirements phased-in phased-in phased-in Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet The Company’s capital conservation buffer for 2017 is 11.80%. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes, as of December 31, 2017 and 2016, that the Bank meets all capital adequacy requirements to which it is subject. As of December 31, 2017, the most recent notification from the FDIC categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action (there are no conditions or events since that notification that management believes have changed the Bank’s category). To be categorized as well-capitalized, the Bank must maintain minimum ratios as set forth in the table below. The following table sets forth RBB Bancorp’s consolidated and the Bank’s actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2017: Amount of Capital Required Actual For Capital Adequacy Purposes To Be Well- Capitalized Under Prompt Corrective Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Tier 1 Leverage Ratio Consolidated $ 238,219 14.35 % NA NA NA NA Bank $ 232,765 14.50 % $ 64,214 4.0 % $ 80,267 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 234,794 17.54 % NA NA NA NA Bank $ 232,765 17.42 % $ 60,122 4.5 % $ 86,843 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 238,219 17.80 % NA NA NA NA Bank $ 232,765 17.42 % $ 80,163 6.0 % $ 106,884 8.0 % Total Risk-Based Capital Ratio Consolidated $ 301,802 22.55 % NA NA NA NA Bank $ 246,820 18.47 % $ 106,884 8.0 % $ 133,605 10.0 % The following table sets forth RBB Bancorp’s consolidated and the Bank’s actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2016: Amount of Capital Required Actual For Capital Adequacy Purposes To Be Well- Capitalized Under Prompt Corrective Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Tier 1 Leverage Ratio Consolidated $ 153,682 10.99 % NA NA NA NA Bank $ 178,645 12.81 % $ 55,777 4.0 % $ 69,722 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 150,786 13.30 % NA NA NA NA Bank $ 178,645 15.81 % $ 50,860 4.5 % $ 73,464 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 153,682 13.55 % NA NA NA NA Bank $ 178,645 15.81 % $ 67,813 6.0 % $ 90,417 8.0 % Total Risk-Based Capital Ratio Consolidated $ 217,244 19.16 % NA NA NA NA Bank $ 192,784 17.06 % $ 90,417 8.0 % $ 113,021 10.0 % The California Financial Code generally acts to prohibit banks from making a cash distribution to its shareholders in excess of the lesser of the bank’s undivided profits or the bank’s net income for its last three fiscal years less the amount of any distribution made by the bank’s shareholders during the same period. The California general corporation law generally acts to prohibit companies from paying dividends on common stock unless its retained earnings, immediately prior to the dividend payment, equals or exceeds the amount of the dividend. If a company fails this test, then it may still pay dividends if after giving effect to the dividend the company’s assets are at least 125% of its liabilities. Additionally, the Federal Reserve Bank has issued guidance which requires that they be consulted before payment of a dividend if a bank holding company does not have earnings over the prior four quarters of at least equal to the dividend to be paid, plus other holding company obligations. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | NOTE 15—FAIR VALUE MEASUREMENTS The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities: Other Real Estate Owned Appraisals for other real estate owned are performed by state licensed appraisers (for commercial properties) or state certified appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. When a Notice of Default is recorded, an appraisal report is ordered. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison to independent data sources such as recent market data or industry wide-statistics for residential appraisals. Commercial appraisals are sent to an independent third party to review. The Company also compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustments, if any, should be made to the appraisal values on any remaining other real estate owned to arrive at fair value. If the existing appraisal is older than twelve months a new appraisal report is ordered. No significant adjustments to appraised values have been made as a result of this comparison process as of March 31, 2018. The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value at March 31, 2018 and December 31, 2017: Fair Value Measurements Using: (dollars in thousands) Level 1 Level 2 Level 3 Total March 31, 2018 Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 7,482 $ 7,482 Mortgage-backed securities Government sponsored agencies 37,672 37,672 Corporate debt securities 37,694 37,694 $ — $ 82,848 $ — $ 82,848 On a non-recurring Other real estate owned $ — $ — $ 293 $ 293 December 31, 2017 Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 7,816 7,816 Mortgage-backed securities Government sponsored agencies 39,215 39,215 Corporate debt securities 17,926 17,926 $ — $ 64,957 $ — $ 64,957 On a non-recurring Other real estate owned $ — $ — $ 293 $ 293 No write-downs to OREO were recorded in for the three months ended March 31, 2018 or for the year ended December 31, 2017. Quantitative information about the Company’s non-recurring (dollars in thousands) Fair Value Amount Valuation Technique Unobservable Input Adjustment Range Weighted- Average Adjustment March 31, 2018 Other real estate owned $ 293 Third Party Appraisals Management Adjustments to Reflect Current Conditions and Selling Costs 21 % 21 % December 31, 2017 Other real estate owned $ 293 Third Party Appraisals Management Adjustments to Reflect Current Conditions and Selling Costs 21 % 21 % | NOTE 17—FAIR VALUE MEASUREMENTS The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities: Other Real Estate Owned Appraisals for other real estate owned are performed by state licensed appraisers (for commercial properties) or state certified appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. When a Notice of Default is recorded, an appraisal report is ordered. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison to independent data sources such as recent market data or industry wide-statistics for residential appraisals. Commercial appraisals are sent to an independent third party to review. The Company also compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustments, if any, should be made to the appraisal values on any remaining other real estate owned to arrive at fair value. If the existing appraisal is older than twelve months a new appraisal report is ordered. No significant adjustments to appraised values have been made as a result of this comparison process as of December 31, 2017. The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value at December 31, 2017 and 2016: (dollars in thousands) Fair Value Measurements Using: December 31, 2017 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 7,816 $ 7,816 Mortgage-backed securities — Government sponsored agencies 39,215 39,215 Corporate debt securities 17,926 17,926 $ — $ 64,957 $ — $ 64,957 On a non-recurring Other real estate owned $ — $ — $ 293 $ 293 December 31, 2016 Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 5,317 5,317 Mortgage-backed securities Government sponsored agencies 23,640 23,640 Corporate debt securities 10,320 10,320 $ — $ 39,277 $ — $ 39,277 On a non-recurring Other real estate owned $ — $ — $ 833 $ 833 No write-downs to OREO were recorded in 2017 or 2016. Quantitative information about the Company’s non-recurring (dollars in thousands) December 31, 2017 Fair Value Amount Valuation Technique Unobservable Input Adjustment Range Weighted- Average Adjustment Other real estate owned $ 293 Third party appraisals Management adjustments to reflect current conditions and selling costs 21% 21% December 31, 2016 Other real estate owned $ 833 Third party appraisals Management adjustments to reflect current conditions and selling costs 10% - 15% 12% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Fair Value of Financial Instruments | NOTE 16—FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the amount at which the asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on financial instruments both on and off the balance sheet without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Additionally, tax consequences related to the realization of the unrealized gains and losses can have a potential effect on fair value estimates and have not been considered in many of the estimates. Fair value measurement and disclosure standards also establish a framework for measuring fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Further, the standards establish a fair value hierarchy that encourages an entity to maximize the use of observable inputs and limit the use of unobservable inputs when measuring fair values. The standards describe three levels of inputs that may be used to measure fair values: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the factors that market participants would likely consider in pricing an asset or liability. Fair value estimates are made at a specific point in time based on relevant market data and information about the financial instruments. The estimates incorporate our assumptions with regard to the impact of prepayments on future cash flows and credit quality adjustments based on risk characteristics of various financial instruments, among other things. The estimates are subjective and involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly alter the fair values presented. The fair value hierarchy level and estimated fair value of significant financial instruments at March 31, 2018 and December 31, 2017 are summarized as follows: March 31, December 31, 2018 2017 (dollars in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and due from banks Level 1 $ 53,535 $ 53,535 $ 70,048 $ 70,048 Federal funds sold and other cash equivalents Level 1 25,000 25,000 80,000 80,000 Interest-earning deposits in other financial institutions Level 1 600 600 600 600 Investment securities—AFS Level 2 82,848 82,848 64,957 64,957 Investment securities—HTM Level 2 9,998 10,020 10,009 10,250 Mortgage loans held for sale Level 1 183,391 128,491 125,847 128,972 Loans, net Level 3 1,247,971 1,288,740 1,235,301 1,236,289 Financial Liabilities: Deposits Level 2 1,373,504 1,371,213 $ 1,337,281 $ 1,336,353 FHLB advances Level 2 — — 25,000 25,000 Long-term debt Level 2 49,564 41,950 49,528 44,319 Subordinated debentures Level 3 3,447 3,625 3,424 3,348 | NOTE 18—FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the amount at which the asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on financial instruments both on and off the balance sheet without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Additionally, tax consequences related to the realization of the unrealized gains and losses can have a potential effect on fair value estimates and have not been considered in many of the estimates. The following methods and assumptions were used to estimate the fair value of significant financial instruments not previously presented: Cash and Cash Equivalents The carrying amounts of cash and short-term instruments approximate fair values. Time Deposits in Other Banks Fair values for time deposits with other banks are estimated using discounted cash flow analyses, using interest rates currently being offered with similar terms. Loans For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair values for all other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. Mortgage Loans Held for Sale The Company records mortgage loans held for sale at fair value based on the net premium received on recent sales of mortgage loans for identical pools of loans. Deposits The fair values disclosed for demand deposits, including interest and non-interest FHLB Advances The carrying amounts of short-term debt with maturities of less than ninety days, such as FHLB Advances, approximate their fair values. Long-Term Debt The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. Subordinated Debentures The fair values of the Company’s Subordinated Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. Off-Balance The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. The fair value of these financial instruments is not material. The fair value hierarchy level and estimated fair value of significant financial instruments at December 31, 2017 and 2016 are summarized as follows: 2017 2016 (dollars in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and due from banks Level 1 $ 70,048 $ 70,048 $ 74,213 $ 74,213 Federal funds sold and other cash equivalents Level 1 80,000 80,000 44,500 44,500 Interest-earning deposits in other financial institutions Level 1 600 600 345 345 Investment securities—AFS Level 2 64,957 64,957 39,277 39,277 Investment securities—HTM Level 2 10,009 10,250 6,214 6,553 Mortgage loans held for sale Level 2 125,847 128,972 44,345 45,433 Loans, net Level 3 1,235,301 1,236,289 1,096,284 1,095,944 Financial Liabilities: Deposits Level 2 $ 1,337,281 $ 1,336,353 $ 1,152,763 $ 1,140,707 FHLB advances Level 2 25,000 25,000 — — Long-term debt Level 2 49,528 44,319 49,383 48,447 Subordinated debentures Level 3 3,424 3,348 3,334 3,334 |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share (EPS) | NOTE 17—EARNINGS PER SHARE (EPS) The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS: Three Months Ended March 31 2018 2017 (dollars in thousands except per share amounts) Income Shares Income Shares Net income as reported $ 8,847 $ 5,493 Shares outstanding 16,288,928 12,827,803 Impact of weighting shares (206,033 ) — Used in basic EPS 8,847 16,082,895 5,493 12,827,803 Dilutive effect of outstanding Stock options 1,079,425 897,918 Used in dilutive EPS $ 8,847 17,162,320 $ 5,493 13,725,721 Basic earnings per common share $ 0.55 $ 0.43 Diluted earnings per common share $ 0.52 $ 0.40 | NOTE 19—EARNINGS PER SHARE (“EPS”) The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS: 2017 2016 2015 (dollars in thousands except per share amounts) Income Shares Income Shares Income Shares Net income as reported $ 25,528 $ 19,079 $ 12,973 Shares outstanding 15,908,893 12,827,803 12,770,571 Impact of weighting shares (1,830,612 ) (26,813 ) (8,739 ) Used in basic EPS 25,528 14,078,281 19,079 12,800,990 12,973 12,761,832 Dilutive effect of outstanding Stock options 1,160,084 894,910 790,850 Used in dilutive EPS $ 25,528 15,238,365 $ 19,079 13,695,900 $ 12,973 13,552,682 Basic earnings per common share $ 1.81 $ 1.49 $ 1.02 Diluted earnings per common share $ 1.68 $ 1.39 $ 0.96 Stock options for 321,000 and 139,225 shares of common stock were not considered in computing diluted earnings per common share for 2016 and 2015, respectively, because they were anti-dilutive. There were no anti-dilutive stock options in 2017. |
Stock Dividends
Stock Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Stock Dividends | NOTE 20—STOCK DIVIDENDS The Company issued a 2.5% stock dividend in 2015. No stock dividends were issued in 2017 or 2016. The per share data in the statements of income and the footnotes have been adjusted to give retroactive effect to these dividends. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Federal Home Loan Banks [Abstract] | ||
Qualified Affordable Housing Project Investments | NOTE 18—QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company began investing in qualified housing projects in 2016. At March 31, 2018 and December 31, 2017, the balance of the investment for qualified affordable housing projects was $8,031,000 and $5,670,000, respectively. This balance is reflected in the accrued interest and other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified housing projects totaled $6,264,000 and $4,194,000 at March 31, 2018 and December 31, 2017, respectively. The Company expects to fulfill these commitments during the years ending 2027 and 2028. For the three months ended March 31, 2018 and 2017, the Company recognized amortization expense of $139,000 and $22,000, respectively, which was included within income tax expense on the consolidated statements of income. | NOTE 21—QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company began investing in qualified affordable housing projects in 2016. At December 31, 2017 the balance of the investment for qualified affordable housing projects was $5,670,000. This balance is reflected in the accrued interest and other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $4,194,000 at December 31, 2017. The Company expects to fulfill these commitments during the year ending 2027. During the years ending December 31, 2017 and 2016, the Company recognized amortization expense of $316,000 and $14,000, respectively, which was included within income tax expense on the consolidated statements of income. During the years ended December 31, 2017 and 2016, the Company recognized tax credits from its investment in affordable housing tax credits of $275,000 and $6,000, respectively. The Company had no impairment losses during the years ended December 31, 2017 and 2016. Additionally, during the years ended December 31, 2017 and 2016, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $275,000 and $12,000, respectively. |
Parent Only Condensed Financial
Parent Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Only Condensed Financial Information | NOTE 22—PARENT ONLY CONDENSED FINANCIAL INFORMATION (Dollars in Thousands) 2017 2016 ASSETS Cash and cash equivalents $ 45,769 $ 17,497 Investment in Bank 263,022 209,727 Investment in RAM 6,268 6,125 Other assets 3,538 1,455 Total assets $ 318,597 $ 234,804 LIABILITIES AND SHAREHOLDERS’ EQUITY Long term debt 49,528 49,383 Subordinated debentures 3,424 3,334 Other liabilities 36 8 Total liabilities 52,989 52,725 Shareholders’ equity: Common stock 205,927 142,651 Additional paid-in 8,426 8,417 Retained earnings 51,697 31,278 Accumulated other comprehensive income (loss) (443 ) (267 ) Total shareholders’ equity 265,608 182,079 Total liabilities and shareholders’ equity $ 318,597 $ 234,804 (Dollars in Thousands) 2017 2016 2015 Interest expense $ 3,629 $ 2,728 $ — Noninterest expense 704 123 298 Loss before equity in undistributed income of subsidiaries (4,334 ) (2,851 ) (298 ) Equity in undistributed income of: Bank 27,620 20,483 12,310 RAM 143 274 804 Income before income taxes 23,430 17,906 12,816 Income tax benefit 2,036 1,173 125 Net income 25,466 19,079 12,941 Other comprehensive income (loss) (104 ) (74 ) (141 ) Total comprehensive income $ 25,362 $ 19,005 $ 12,800 Cash flows from operating activities: Net income $ 25,466 $ 19,079 $ 12,941 Net amortization of other 235 188 — Provision for deferred income taxes 1,807 (1,172 ) (125 ) Undistributed income of subsidiaries (27,763 ) (20,757 ) (13,114 ) Change in other assets and liabilities (3,861 ) (159 ) 135 (4,116 ) (2,821 ) (163 ) Cash flows from investment activities: Outlays for business acquisitions — (839 ) — Investment in subsidiaries (25,000 ) (35,000 ) 5,000 (25,000 ) (35,839 ) 5,000 Cash flows from financing activities: Issuance of subordinated debentures, net of issuance costs — 49,274 — Issuance of common stock, net of issuance costs 60,210 — — Dividends paid (5,118 ) (2,554 ) (3,114 ) Stock options exercised 2,296 585 470 57,388 47,305 (2,644 ) Increase in cash and cash equivalents 28,272 8,645 2,193 Cash and cash equivalents beginning of year 17,497 8,852 6,659 Cash and cash equivalents end of year $ 45,769 $ 17,497 $ 8,852 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 23—SUBSEQUENT EVENTS On January 17, 2018, the Company announced that the Board of Directors had declared a cash dividend of $0.08 per common share. The cash dividend is payable on February 15, 2018 to stockholders of record at the close of business on January 31, 2018 in the amount of $1,275,000. |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | NOTE 5—GOODWILL AND INTANGIBLES Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill resulting from whole bank acquisitions is not amortized, but tested for impairment at least annually. The Company has selected December 31st as the date to perform the annual impairment test. Goodwill amounted to $29.9 million at March 31, 2018 and December 31, 2017, and is the only intangible asset with an indefinite life on the balance sheet. There were no impairment losses recognized on goodwill during the three months ended March 31, 2018 and 2017. Other intangible assets consist of core deposit intangible (“CDI”) assets arising from whole bank acquisitions. CDI assets are amortized on an accelerated method over their estimated useful life of 8 to 10 years. CDI was recognized in the 2013 acquisition of Los Angeles National Bank and in the 2016 acquisition of TFC Holding Company. The unamortized balance at March 31, 2018 and December 31, 2017 was $1,357,000 and $1,438,000, respectively, for both Los Angeles National Bank and TFC Holding Company. CDI amortization expense was $81,000 and $94,000 for the three months ended March 31, 2018 and March 31, 2017, respectively, for both Los Angeles National Bank and TFC Holding Company. Estimated CDI amortization expense for future years is as follows (dollars in thousands): Year ending December 31: 2018 remaining $ 230 2019 274 2020 244 2021 172 2022 129 Thereafter 308 Total $ 1,357 |
Recent Developments
Recent Developments | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Recent Developments | NOTE 19—RECENT DEVELOPMENTS On April 18, 2018, RBB Bancorp declared a cash dividend of $0.09 per share for the first quarter of 2018. The dividend is payable on May 15, 2018 to common shareholders of record as of April 30, 2018. On April 23, 2018, RBB Bancorp and First American International Corporation, New York, New York (FAIC) entered into an Agreement and Plan of Merger (the Merger Agreement), providing for the merger of FAIC with and into RBB Bancorp, with RBB Bancorp as the surviving corporation (the Merger). Immediately following the effectiveness of the Merger, First American International Bank, a wholly-owned subsidiary of FAIC (FAIB) will be merged with and into the Bank, with the Bank being the surviving bank in the merger (the Bank Merger). Pursuant to the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger (the Effective Time), each share of the common stock of FAIC will be convertible into the right to receive (i) 1.3472 shares of the common stock, no par value per share, of RBB Bancorp and (ii) $15.30 in cash (such consideration set forth in clauses (i) and (ii), the Per Share Merger Consideration). Holders of in-the-money Pursuant to the terms of the Merger Agreement, RBB Bancorp and FAIC have agreed that FAIC will repurchase its currently outstanding $17 million of preferred stock held by the U.S. Department of the Treasury and issued under the Troubled Asset Relief Program prior to completion of the Merger (the TARP Redemption) and that the Bank will assist in financing such repurchase, if necessary. Royal Business Bank has committed to lend FAIC $17 million for up to one month, if necessary. The Merger is expected to close in the second half of 2018, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval of FAIC’s shareholders. Each director of FAIC has entered into an agreement with RBB Bancorp pursuant to which they have committed to vote their shares of FAIC common stock in favor of the proposed acquisition. |
Basis of Presentation and Sum34
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of RBB Bancorp and its wholly-owned subsidiaries Royal Business Bank (Bank) and RBB Asset Management Company (RAM), collectively referred to herein as “the Company”, “we”, “our” or “us”. All significant intercompany accounts and transactions have been eliminated in consolidation. RBB Bancorp has no significant business activity other than its investments in Royal Business Bank and RAM. The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) for Form 10-Q 10-K The Company accounts for its investments in its wholly owned special purpose TFC Statutory Trust under the equity method whereby the subsidiary’s net earnings are recognized in the Company’s statement of income. | Basis of Presentation The accompanying consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-K |
Reclassifications | Reclassifications Certain amounts in the prior periods’ financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. | |
Principles of Consolidation and Nature of Operations | Principles of Consolidation and Nature of Operations The accompanying consolidated financial statements include the accounts of RBB Bancorp and its wholly-owned subsidiaries Royal Business Bank (“Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”. All significant intercompany transactions have been eliminated. RBB Bancorp was formed in January 2011 as a bank holding company. RAM was formed in 2012 to hold and manage problem assets acquired in business combinations. RBB Bancorp has no significant business activity other than its investments in Royal Business Bank and RAM. Parent only condensed financial information on RBB Bancorp is provided in Note 22. | |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, term federal funds sold and interest-bearing deposits in other financial institutions with original maturities of less than 90 days. Net cash flows are reported for customer loan and deposit transactions and interest-bearing deposits in other financial institutions. | |
Cash and Due from Banks | Cash and Due from Banks Banking regulations require that banks maintain a percentage of their deposits as reserves in cash or on deposit with the Federal Reserve Bank. The reserves required to be held as of December 31, 2017 and 2016 were $19,664,000 and $9,811,000, respectively. The Company maintains amounts in due from bank accounts, which may exceed federally insured limits. The Company has not experienced any losses in such accounts. | |
Interest-Bearing Deposits in Other Financial Institutions | Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions not included in cash and cash equivalents are carried at cost. | |
Investment Securities | Investment Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not classified as held to maturity are classified as available for sale. Equity securities with readily determinable fair values are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a semi-annual basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows; OTTI related to credit loss, which must be recognized in the income statement and; OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | |
Loans Held For Sale | Loans Held For Sale Mortgage loans originated or acquired and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans held for sale consist primarily of first trust deed mortgages on single-family residential properties located in California. Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right, when applicable. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loans sold. | |
Loans | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances reduced by any charge-offs or specific valuation accounts and net of any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Premiums and discounts on loans purchased are grouped by type and certain common risk characteristics and amortized or accreted as an adjustment of yield over the weighted-average remaining contractual lives of each group of loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest is past due 90 days or when, in the opinion of management, there is reasonable doubt as to collectability based on contractual terms of the loan. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on nonaccrual loans is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectible. Interest accruals are resumed on such loans only when they are brought current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to all principal and interest. | |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. Amounts charged-off The Company determines a separate allowance for each portfolio segment. The allowance consists of specific and general reserves. Specific reserves relate to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting all amounts when due. Measurement of impairment is based on the expected future cash flows of an impaired loan, which are to be discounted at the loan’s effective interest rate, or measured by reference to an observable market value, if one exists, or the fair value of the collateral for a collateral-dependent loan. The Company selects the measurement method on a loan-by-loan The Company recognizes interest income on impaired loans based on its existing methods of recognizing interest income on nonaccrual loans. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired with measurement of impairment as described above. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. General reserves cover non-impaired Portfolio segments identified by the Company include real estate and commercial loans. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value | |
Certain Acquired Loans | Certain Acquired Loans As part of business acquisitions, the Company acquires certain loans that have shown evidence of credit deterioration since origination. These acquired loans are recorded at the allocated fair value, such that there is no carryover of the seller’s allowance for loan losses. Such acquired loans are accounted for individually. The Company estimates the amount and timing of expected cash flows for each purchased loan, and the expected cash flows in excess of the allocated fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (non-accretable | |
Servicing Rights | Servicing Rights When mortgage and Small Business Administration (“SBA”) loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Servicing fee income, which is reported on the income statement as loan servicing fees, net of amortization , | |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Gains on sales of mortgage and SBA loans totaled $9.3 million, $5.8 million, and $4.3 million in 2017, 2016, and 2015, respectively. Gains on sale of mortgage loans totaled $3.7 million, $3.4 million, and $1.6 million, and gains on sale of SBA loans totaled $5.6 million, $2.4 million, and $2.7 million in 2017, 2016, and 2015 respectively. | |
Premises and Equipment | Premises and Equipment Land is carried at cost. Premises, leasehold improvements and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives, which is thirty years for premises and ranges from three to ten years for leasehold improvements and equipment. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the remaining lease term, whichever is shorter. Expenditures for betterments or major repairs are capitalized and those for ordinary repairs and maintenance are charged to operations as incurred. | |
Other Real Estate Owned | Other Real Estate Owned Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value at the date of foreclosure, establishing a new cost basis by a charge to the allowance for loan losses, if necessary. Other real estate owned is carried at the lower of the Company’s carrying value of the property or its fair value, less estimated carrying costs and costs of disposition. Fair value is based on current appraisals less estimated selling costs. Any subsequent write-downs are charged against operating expenses and recognized as a valuation allowance. Operating expenses and related income of such properties and gains and losses on their disposition are included in other operating income and expenses. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill resulting from whole bank acquisitions is not amortized, but tested for impairment at least annually. The Company has selected December 31 as the date to perform the annual impairment test. Goodwill amounted to $29.9 million as of December 31, 2017 and 2016, respectively, and is the only intangible asset with an indefinite life on the balance sheet. No impairment was recognized on goodwill during 2017 and 2016. Other intangible assets consist of core deposit intangible (“CDI”) assets arising from whole bank acquisitions. CDI assets are amortized on an accelerated method over their estimated useful life of 8 to 10 years. CDI was recognized in the 2013 acquisition of Los Angeles National Bank and in the 2016 acquisition of TFC Holding Company. The unamortized balance as of December 31, 2017 and 2016 was $1,438,000 and $1,793,000, respectively. CDI amortization expense was $355,000, $372,000, and $117,000 in 2017, 2016 and 2015, respectively. Estimated CDI amortization expense for the next 5 years is as follows (dollars in thousands): Year ending December 31: 2018 $ 311 2019 274 2020 244 2021 172 2022 129 Thereafter 308 Total $ 1,438 | |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company has purchased life insurance policies on a select group of employees and directors. Bank owned life insurance (BOLI) is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Increases of the cash value of these policies, as well as insurance proceeds received, are recorded in the other noninterest income and are not subject to income tax for as long as they are held for the life of the covered employee and director. | |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (“FHLB”) Stock The Company is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Stock-Based Compensation | Stock-Based Compensation Compensation cost is recognized for stock options issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. This cost is recognized over the period which an employee is required to provide services in exchange for the award, generally defined as the vesting period. When the options are exercised, the Company’s policy is to issue new shares of stock. | |
Income Taxes | Income Taxes The Company files its income taxes on a consolidated basis with its subsidiaries. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of income tax expense. | |
Retirement Plans | Retirement Plans The Company established a 401(k) plan in 2010. The Company contributed $272,000, $221,000, and $125,000 in 2017 , 2 016, and 2015, respectively . | |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. | |
Financial Instruments | Financial Instruments In the ordinary course of business, the Company has entered into off-balance | |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. | |
Fair Value Measurement | Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. See Note 17 and Note 18 for more information and disclosures relating to the Company’s fair value measurements. | |
Operating Segments | Operating Segments Management has determined that since generally all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) 2016-01 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use right-of-use right-of-use In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718.) 2016-09 2016-09, paid-in 2016-09 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instrument (Topic 326) off-balance 2016-13 No. 2016-13 2016-13. The No. 2016-13 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) zero-coupon In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805). 2017-01 In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) No. 2017-14 In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities (Subtopic 310-20) No. 2017-08 In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation: Scope of codification Accounting (Topic 718) 2017-09 No. 2017-09 In July 2017, the FASB issued ASU 2017-13—Revenue 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update) non-PBE In February 2018, the FASB issued ASU 2018-02—Income | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) No. 2016-01 In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) right-of-use right-of-use right-of-use In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718.) 2016-09 2016-09, paid-in 2016-09 In June 2016, the FASB issued ASU No. 2016-13, off-balance 2016-13 No. 2016-13 2016-13. The No. 2016-13 In August 2016, the FASB issued ASU No. 2016-15, zero-coupon In January 2017, the FASB issued ASU 2017-01, 2017-01 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-14 In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 No. 2017-09 In July 2017, the FASB issued ASU 2017-13—Revenue 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update) non-PBE In February 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-02, Income Statement—Reporting Comprehensive Income |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements were compiled in accordance with the accounting policies set forth in Note 2—Summary of Significant Policies in our consolidated financial statements included in our 2017 Annual Report. |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Future Estimated Amortization Expense | Estimated CDI amortization expense for future years is as follows (dollars in thousands): Year ending December 31: 2018 remaining $ 230 2019 274 2020 244 2021 172 2022 129 Thereafter 308 Total $ 1,357 | Estimated CDI amortization expense for the next 5 years is as follows (dollars in thousands): Year ending December 31: 2018 $ 311 2019 274 2020 244 2021 172 2022 129 Thereafter 308 Total $ 1,438 |
Acquisitions (Tables)
Acquisitions (Tables) - TFC Holding Company | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Assets Acquired and Liabilities Assumed and Fair Value Adjustments | The following table represents the assets acquired and liabilities assumed of TFC Holding Company as of February 19, 2016 and the fair value adjustments and amounts recorded by the Company in 2016 under the acquisition method of accounting: (dollars in thousands) TFC Book Value Fair Value Adjustments Fair Value Assets acquired Cash and cash equivalents $ 51,613 $ — $ 51,613 Interest-bearing deposits in other financial Institutions 2,320 — 2,320 Net investments—available for sale 15,952 (106 ) 15,846 Loans, gross 400,887 (13,211 ) 387,676 Allowance for loan losses (9,857 ) 9,857 — Bank premises and equipment 225 — 225 Deferred income taxes 4,027 858 4,885 Other assets 5,595 1,699 7,294 Total assets acquired $ 470,762 $ (903 ) $ 469,859 Liabilities assumed Deposits $ 404,465 $ 848 $ 405,313 Subordinated debentures 5,155 (1,900 ) 3,255 Other liabilities 566 — 566 Total liabilities assumed 410,186 (1,052 ) 409,134 Excess of assets acquired over liabilities assumed 60,576 149 60,725 $ 470,762 $ (903 ) Cash paid 86,664 Goodwill recognized $ 25,939 |
Schedule of Loans Acquired Contractual Amounts Due Expected Cash Flow Interest Component and Fair Value | For loans acquired, the contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates were as follows: (dollars in thousands) Acquired Loans Contractual amounts due $ 441,275 Cash flows not expected to be collected — Expected cash flows 441,275 Interest component of expected cash flows 53,599 Fair value of acquired loans $ 387,676 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||
Summary of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The following table summarizes the amortized cost and fair value of securities available for sale and held to maturity at March 31, 2018 and December 31, 2017, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2018 Available for sale Government agency securities $ 7,746 $ — $ (264 ) $ 7,482 Mortgage-backed securities Government sponsored agencies 38,843 — (1,171 ) 37,672 Corporate debt securities 37,736 145 (187 ) 37,694 $ 84,325 $ 145 $ (1,622 ) $ 82,848 Held to maturity Municipal taxable securities $ 4,294 $ 165 $ — $ 4,459 Municipal securities 5,704 4 (147 ) 5,561 $ 9,998 $ 169 $ (147 ) $ 10,020 December 31, 2017 Available for sale Government agency securities $ 7,968 $ — $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies 39,806 17 (608 ) 39,215 Corporate debt securities 17,813 161 (48 ) 17,926 $ 65,587 $ 178 $ (808 ) $ 64,957 Held to maturity Municipal taxable securities $ 4,295 $ 228 $ — $ 4,523 Municipal securities 5,714 32 (19 ) 5,727 $ 10,009 $ 260 $ (19 ) $ 10,250 | The following table summarizes the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2017 and 2016, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: (dollars in thousands) December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale Government agency securities $ 7,968 $ — $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies 39,806 17 (608 ) 39,215 Corporate debt securities 17,813 161 (48 ) 17,926 $ 65,587 $ 178 $ (808 ) $ 64,957 Held to maturity Municipal taxable securities $ 4,295 $ 228 $ — $ 4,523 Municipal securities 5,714 32 (19 ) 5,727 $ 10,009 $ 260 $ (19 ) $ 10,250 December 31, 2016 Available for sale Government agency securities $ 5,453 $ — $ (136 ) $ 5,317 Mortgage-backed securities Government sponsored agencies 23,913 38 (311 ) 23,640 Corporate debt securities 10,364 21 (65 ) 10,320 $ 39,730 $ 59 $ (512 ) $ 39,277 Held to maturity Municipal taxable securities $ 5,301 $ 328 $ — $ 5,629 Municipal securities 913 11 — 924 $ 6,214 $ 339 $ — $ 6,553 |
Amortized Cost and Fair Value of Investment Securities Portfolio Expected Maturity | Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due from one to five years $ 52,326 $ 51,530 $ 2,780 $ 2,865 Due from five to ten years 27,958 27,333 2,397 2,481 Due from ten years and greater 4,041 3,985 4,821 4,674 $ 84,325 $ 82,848 $ 9,998 $ 10,020 | The amortized cost and fair value of the investment securities portfolio as of December 31, 2017 are shown by expected maturity below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due from one to five years $ 35,221 $ 34,825 $ 2,780 $ 2,897 Due from five to ten years 26,321 26,102 2,404 2,521 Due from ten years and greater 4,045 4,030 4,825 4,832 $ 65,587 $ 64,957 $ 10,009 $ 10,250 |
Summary of Available for Sale Securities With Unrealized Losses | The following table summarizes available for sale securities with unrealized losses at March 31, 2018 and December 31, 2017, aggregated by major security type and length of time in a continuous unrealized loss position: Less than Twelve Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value March 31, 2018 Government agency securities $ (112 ) $ 3,873 $ (152 ) $ 3,609 $ (264 ) $ 7,482 Mortgage-backed securities Government sponsored agencies (786 ) 25,484 (385 ) 11,852 (1,171 ) 37,336 Corporate debt securities (119 ) 9,660 (68 ) 1,937 (187 ) 11,597 Total available for sale $ (1,017 ) $ 39,017 $ (605 ) $ 17,398 $ (1,622 ) $ 56,415 Municipal securities $ (147 ) $ 4,674 $ — $ — $ (147 ) $ 4,674 Total held to maturity $ (147 ) $ 4,674 $ — $ — $ (147 ) $ 4,674 December 31, 2017 Government agency securities $ (32 ) $ 4,039 $ (120 ) $ 3,777 $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies (359 ) 23,609 (249 ) 11,887 (608 ) 35,496 Corporate debt securities (15 ) 5,035 (33 ) 1,972 (48 ) 7,007 Total available for sale $ (406 ) $ 32,683 $ (402 ) $ 17,636 $ (808 ) $ 50,319 Municipal securities $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 Total held to maturity $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 | The following table summarizes securities with unrealized losses at December 31, 2017 and December 31, 2016, aggregated by major security type and length of time in a continuous unrealized loss position. There were no held to maturity securities in a continuous unrealized loss position at December 31, 2016: Less than Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value December 31, 2017 Government agency securities $ (32 ) $ 4,039 $ (120 ) $ 3,777 $ (152 ) $ 7,816 Mortgage-backed securities Government sponsored agencies (359 ) 23,609 (249 ) 11,887 (608 ) 35,496 Corporate debt securities (15 ) 5,035 (33 ) 1,972 (48 ) 7,007 Total available for sale $ (406 ) $ 32,683 $ (402 ) $ 17,636 $ (808 ) $ 50,319 Municipal securities $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 Total held to maturity $ (19 ) $ 2,232 $ — $ — $ (19 ) $ 2,232 December 31, 2016 Government agency securities $ (136 ) $ 5,317 $ — $ — $ (136 ) $ 5,317 Mortgage-backed securities Government sponsored agencies (221 ) 16,231 (90 ) 2,504 (311 ) 18,735 Corporate debt securities (65 ) 5,147 — — (65 ) 5,147 Total available for sale $ (422 ) $ 26,695 $ (90 ) $ 2,504 $ (512 ) $ 29,199 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Summary of Balance and Activity Related to Allowance for Loan Losses for Held for Investment Loans and the Recorded Investments in Loans and Impairment method by Portfolio Segment | The following tables present the balance and activity related to the allowance for loan losses for held for investment loans by type for the periods presented. Three Months Ended March 31, 2018 2017 (dollars in thousands) Real Estate Commercial Unallocated Total Real Estate Commercial Unallocated Total Beginning balance $ 9,309 $ 4,044 $ 420 $ 13,773 $ 8,111 $ 6,051 $ — $ 14,162 Additions (reductions) to the allowance charged to expense 653 (118 ) (351 ) 184 (1,169 ) 1,169 — — Recoveries on loans charged-off — — — — — — — — Less loans charged-off — — — — — 24 — 24 Ending balance $ 9,962 $ 3,926 $ 69 $ 13,957 $ 6,942 $ 7,244 $ — $ 14,186 The following table presents the recorded investment in loans and impairment method as of and for the three months ended March 31, 2018 and March 31, 2017, and the activity in the allowance for loan losses for the year ended December 31, 2017, by portfolio segment: (dollars in thousands) As of and for the three months ended March 31, 2018 Real Estate Commercial Unallocated Total Reserves: Specific $ — $ — $ — $ — General 9,962 3,926 69 13,957 Loans acquired with deteriorated credit quality — — — — $ 9,962 $ 3,926 $ 69 $ 13,957 Loans evaluated for impairment: Individually $ 2,393 $ 2,072 $ — $ 4,465 Collectively 866,176 390,974 — 1,257,150 Loans acquired with deteriorated credit quality 313 — — 313 $ 868,882 $ 393,046 $ — $ 1,261,928 As of and for the three months ended March 31, 2017 Real Estate Commercial Unallocated Total Reserves: Specific $ — $ 3,559 $ — $ 3,559 General 6,942 3,685 — 10,627 Loans acquired with deteriorated credit quality — — — — $ 6,942 $ 7,244 $ — $ 14,186 Loans evaluated for impairment: Individually $ 2,550 $ 3,559 $ — $ 6,109 Collectively 771,870 360,847 — 1,132,717 Loans acquired with deteriorated credit quality 737 — — 737 $ 775,157 $ 364,406 $ — $ 1,139,563 December 31, 2017 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 8,111 $ 6,051 $ — $ 14,162 Provisions 1,198 (2,671 ) 420 (1,053 ) Charge-offs — (83 ) — (83 ) Recoveries — 747 — 747 $ 9,309 $ 4,044 $ 420 $ 13,773 Reserves: Specific $ — $ — $ — $ — General 9,309 4,044 420 13,773 Loans acquired with deteriorated credit quality — — — — $ 9,309 $ 4,044 $ 420 $ 13,773 Loans evaluated for impairment: Individually $ 2,420 $ 155 $ — $ 2,575 Collectively 834,152 412,032 — 1,246,184 Loans acquired with deteriorated credit quality 315 — — 315 $ 836,887 $ 412,187 $ — $ 1,249,074 | A summary of the changes in the allowance for loan losses as of December 31 follows: (dollars in thousands) 2017 2016 2015 Beginning balance $ 14,162 $ 10,023 $ 8,848 Additions (reductions) to the allowance charged to expense (1,053 ) 4,974 1,386 Recoveries on loans charged-off 747 — 211 13,856 14,997 10,445 Less loans charged-off (83 ) (835 ) (422 ) Ending balance $ 13,773 $ 14,162 $ 10,023 The following table presents the recorded investment in loans and impairment method as of December 31, 2017, 2016 and 2015 and the activity in the allowance for loan losses for the years then ended, by portfolio segment: (dollars in thousands) December 31, 2017 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 8,111 $ 6,051 $ — $ 14,162 Provisions 1,198 (2,671 ) 420 (1,053 ) Charge-offs — (83 ) — (83 ) Recoveries — 747 — 747 $ 9,309 $ 4,044 $ 420 $ 13,773 Reserves: Specific $ — $ — $ — $ — General 9,309 4,044 420 13,773 Loans acquired with deteriorated credit quality — — — — $ 9,309 $ 4,044 $ 420 $ 13,773 Loans evaluated for impairment: Individually $ 2,420 $ 155 $ — $ 2,575 Collectively 834,152 412,032 — 1,246,184 Loans acquired with deteriorated credit quality 315 — — 315 $ 836,887 $ 412,187 $ — $ 1,249,074 December 31, 2016 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 5,788 $ 4,235 $ — $ 10,023 Provisions 2,323 2,651 — 4,974 Charge-offs — (835 ) — (835 ) Recoveries — — — — $ 8,111 $ 6,051 $ — $ 14,162 Reserves: Specific $ — $ 1,782 $ — $ 1,782 General 8,111 4,269 — 12,380 Loans acquired with deteriorated credit quality — — — — $ 8,111 $ 6,051 $ — $ 14,162 Loans evaluated for impairment: Individually $ 2,556 $ 3,577 $ — $ 6,133 Collectively 744,349 359,234 — 1,103,583 Loans acquired with deteriorated credit quality 730 — — 730 $ 747,635 $ 362,811 $ — $ 1,110,446 December 31, 2015 Real Estate Commercial Unallocated Total Allowance for loan losses: Beginning of year $ 5,696 $ 3,152 $ — $ 8,848 Provisions (108 ) 1,494 — 1,386 Charge-offs — (422 ) — (422 ) Recoveries 200 11 — 211 $ 5,788 $ 4,235 $ — $ 10,023 Reserves: Specific $ — $ — $ — $ — General 5,788 4,235 — 10,023 Loans acquired with deteriorated credit quality — — — — $ 5,788 $ 4,235 $ — $ 10,023 Loans evaluated for impairment: Individually $ 1,482 $ 4,630 $ — $ 6,112 Collectively 519,963 264,610 — 784,573 Loans acquired with deteriorated credit quality 1,677 — — 1,677 $ 523,122 $ 269,240 $ — $ 792,362 |
Summary of Risk Category of Loans by Class of Loans | The risk category of loans by class of loans was as follows at March 31, 2018 and December 31, 2017: (dollars in thousands) Pass Special Mention Substandard Impaired Total March 31, 2018 Real estate: Construction and land development $ 100,954 $ — $ — $ 286 $ 101,240 Commercial real estate 478,059 4,464 15,421 2,107 500,051 Single-family residential mortgages 267,591 — — — 267,591 Commercial: Other 277,678 195 520 — 278,393 SBA 108,711 — 3,870 2,072 114,653 $ 1,232,993 $ 4,659 $ 19,811 $ 4,465 $ 1,261,928 December 31, 2017 Real estate: Construction and land development $ 91,619 $ — $ — $ 289 $ 91,908 Commercial real estate 469,422 19,070 5,416 2,131 496,039 Single-family residential mortgages 248,940 — — — 248,940 Commercial: Other 277,518 2,360 888 — 280,766 SBA 126,759 1,778 2,729 155 131,421 $ 1,214,258 $ 23,208 $ 9,033 $ 2,575 $ 1,249,074 | The risk category of loans by class of loans was as follows as of December 31, 2017 and 2016: (dollars in thousands) December 31, 2017 Pass Special Mention Substandard Impaired Total Real estate: Construction and land development $ 91,619 $ — $ — $ 289 $ 91,908 Commercial real estate 469,422 19,070 5,416 2,131 496,039 Single-family residential mortgages 248,940 — — — 248,940 Commercial: Other 277,518 2,360 888 — 280,766 SBA 126,759 1,778 2,729 155 131,421 $ 1,214,258 $ 23,208 $ 9,033 $ 2,575 $ 1,249,074 December 31, 2016 Real estate: Construction and land development $ 87,174 $ 1,932 $ — $ 303 $ 89,409 Commercial real estate 475,499 4,562 19,484 2,253 501,798 Single-family residential mortgages 136,206 13,950 6,272 — 156,428 Commercial: Other 194,227 — 9,616 — 203,843 SBA 151,066 1,934 2,391 3,577 158,968 $ 1,044,172 $ 22,378 $ 37,763 $ 6,133 $ 1,110,446 |
Summary of Aging Recorded Investment Past-due Loans | The following table presents the aging of the recorded investment in past-due (dollars in thousands) 30-59 Days 60-89 Days 90 Days Or More (2) Total Past Due Loans Not Past Due Total Loans Non- Accrual Loans (1) March 31, 2018 Real estate: Construction and land development $ — $ — $ — $ — $ 101,240 $ 101,240 $ — Commercial real estate — — — — 500,051 500,051 — Single-family residential mortgages 790 — — 790 266,801 267,591 — Commercial: Other 689 — — 689 277,704 278,393 — SBA 1,462 — 586 2,048 112,605 114,653 2,001 $ 2,941 $ — $ 586 $ 3,527 $ 1,258,401 $ 1,261,928 $ 2,001 Real estate: Single-family residential mortgages held for sale $ 696 $ — $ — $ 696 $ 182,695 $ 183,391 $ — December 31, 2017 Real estate: Construction and land development $ — $ — $ — $ — $ 91,908 $ 91,908 $ — Commercial real estate — — — — 496,039 496,039 — Single-family residential mortgages 1,175 338 — 1,513 247,427 248,940 — Commercial: Other — — — — 280,766 280,766 — SBA — 1,426 84 1,510 129,911 131,421 155 $ 1,175 $ 1,764 $ 84 $ 3,023 $ 1,246,051 $ 1,249,074 $ 155 Real estate: Single-family residential mortgages held for sale $ 697 $ — $ — $ 697 $ 125,150 $ 125,847 $ — (1) Included in total loans. (2) As of March 31, 2018, there were no loans over 90 days past due and still accruing. There was one loan over 90 days past due and still accruing in the amount of $71,000 as of December 31, 2017. | The following table presents the aging of the recorded investment in past-due (dollars in thousands) December 31, 2017 30-59 Days 60-89 Days 90 Days Or More (2) Total Past Due Loans Not Past Due Total Loans Non- Accrual Loans (1) Real estate: Construction and land development $ — $ — $ — $ — $ 91,908 $ 91,908 $ — Commercial real estate — — — — 496,039 496,039 — Single-family residential mortgages 1,175 338 — 1,513 247,427 248,940 — Commercial: Other — — — — 280,766 280,766 — SBA — 1,426 84 1,510 129,911 131,421 155 $ 1,175 $ 1,764 $ 84 $ 3,023 $ 1,246,051 $ 1,249,074 $ 155 Real estate: Single-family residential mortgages held for sale $ 697 $ — $ — $ 697 $ 125,150 $ 125,847 $ — December 31, 2016 Real estate: Construction and land development $ — $ — $ — $ — $ 89,409 $ 89,409 $ — Commercial real estate — — — — 501,798 501,798 — Single-family residential mortgages — — — — 156,428 156,428 — Commercial: Other 343 — — 343 203,500 203,843 — SBA — — 3,577 3,577 155,391 158,968 3,577 $ 343 $ — $ 3,577 $ 3,920 $ 1,106,526 $ 1,110,446 $ 3,577 Real estate: Single-family residential mortgages held for sale $ — $ — $ — $ — $ 44,345 $ 44,345 $ — (1) Included in total loans (2) As of December 31, 2017, there was one loan over 90 days past due and still accruing in the amount of $71,000. |
Summary of Individually Impaired Loans Presented by Class of Loans | Information relating to individually impaired loans presented by class of loans was as follows at March 31, 2018 and December 31, 2017: (dollars in thousands) Unpaid Principal Balance Recorded Investment Average Balance Interest Income Related Allowance March 31, 2018 With no related allowance recorded Real estate: Construction and land development $ 286 $ 286 $ 288 $ 6 $ — Commercial real estate 2,108 2,108 2,119 51 — Commercial—SBA 2,071 2,071 1,114 34 — Total $ 4,465 $ 4,465 $ 3,521 $ 91 $ — December 31, 2017 With no related allowance recorded Real estate: Construction and land development $ 289 $ 289 $ 296 $ 16 $ — Commercial real estate 2,131 2,131 2,192 297 — Commercial—SBA 155 155 78 15 — Total $ 2,575 $ 2,575 $ 2,566 $ 328 $ — | Information relating to individually impaired loans presented by class of loans was as follows as of December 31, 2017, 2016 and 2015: (dollars in thousands) December 31, 2017 Unpaid Principal Balance Recorded Investment Average Balance Interest Income Related Allowance With no related allowance recorded Construction and land development $ 289 $ 289 $ 296 $ 16 $ — Commercial real estate 2,131 2,131 2,192 297 — Commercial—SBA 155 155 78 15 — Total $ 2,575 $ 2,575 $ 2,566 $ 328 $ — December 31, 2016 With no related allowance recorded Construction and land development $ 303 $ 303 $ 309 $ 21 $ — Commercial real estate 2,253 2,253 1,710 280 — Commercial—SBA 18 18 93 — — Subtotal 2,574 2,574 2,112 301 — With an allowance recorded Commercial—SBA 3,559 3,559 3,559 — 1,782 Total $ 6,133 $ 6,133 $ 5,671 $ 301 $ 1,782 December 31, 2015 With no related allowance recorded Construction and land development $ 315 $ 315 $ 320 $ 4 $ — Commercial real estate 1,167 1,167 1,145 195 — Commercial—SBA 4,630 4,630 4,545 14 — Total $ 6,112 $ 6,112 $ 6,010 $ 213 $ — |
Summary of Loans Class Modified as TDRs | The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2018. There were no TDRs for the year ended December 31, 2017. (dollars in thousands) Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment March 31, 2018 Commercial 1 $ 71 $ 71 | The following table presents loans by class modified as TDR’s that occurred during the year ended December 31, 2016: (dollars in thousands) December 31, 2016 Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Commercial real estate 1 $ 1,047 $ 1,047 |
Summary of Outstanding Balance and Carrying Amount of Purchased Credit-impaired Loans | The outstanding balance and carrying amount of purchased credit-impaired loans at March 31, 2018 and December 31, 2017 were as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Outstanding balance $ 319 $ 322 Carrying amount $ 313 $ 315 | The outstanding balance and carrying amount of purchased credit-impaired loans as of December 31 were as follows: (dollars in thousands) 2017 2016 Outstanding balance $ 322 $ 878 Carrying amount $ 315 $ 730 |
Summary of Activity in Accretable Yield on Purchased Credit-impaired Loans | Below is a summary of activity in the accretable yield on purchased credit-impaired loans for the three months ended March 31, 2018 and 2017: (dollars in thousands) March 31, 2018 March 31, 2017 Beginning balance $ 122 $ 142 Accretion of income (1 ) (20 ) Ending balance $ 121 $ 122 | Below is a summary of activity in the accretable yield on purchased credit-impaired loans for 2017, 2016 and 2015: (dollars in thousands) 2017 2016 2015 Beginning balance $ 142 $ 349 $ 574 Disposals — — (99 ) Restructuring as TDR — (22 ) — Accretion of income (135 ) (185 ) (126 ) Ending balance $ 7 $ 142 $ 349 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Text Block [Abstract] | ||
Schedule of Principal Balances of Mortgage and SBA Loans Serviced for Others | The principal balances of mortgage and SBA loans serviced for others at March 31, 2018 and December 31, 2017 are as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Loans serviced for others: Mortgage loans $ 406,559 $ 384,437 SBA loans $ 174,282 $ 175,919 | Mortgage and SBA loans serviced for others are not reported as assets. The principal balances as of December 31 are as follows: (dollars in thousands) 2017 2016 Loans serviced for others: Mortgage loans $ 384,437 $ 259,207 SBA loans $ 175,919 $ 110,263 |
Schedule of Activity for Servicing Assets | Activity for servicing assets follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (dollars in thousands) Mortgage Loans SBA Loans Mortgage Loans SBA Loans Servicing assets: Beginning of year $ 1,540 $ 4,417 $ 1,002 $ 2,702 Additions 315 484 — 724 Disposals (39 ) (425 ) — — Amortized to expense (155 ) (158 ) (86 ) (119 ) End of period $ 1,661 $ 4,318 $ 916 $ 3,307 | Activity for servicing assets follows: 2017 2016 2015 (dollars in thousands) Mortgage Loans SBA Loans Mortgage Loans SBA Loans Mortgage Loans SBA Loans Servicing assets: Beginning of year $ 1,002 $ 2,702 $ 298 $ 1,807 $ — $ 720 Additions 1,115 2,628 912 1,353 329 1,268 Disposals (172 ) (367 ) — — — — Amortized to expense (405 ) (546 ) (208 ) (458 ) (31 ) (181 ) End of period $ 1,540 $ 4,417 $ 1,002 $ 2,702 $ 298 $ 1,807 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment as of December 31 follows: (dollars in thousands) 2017 2016 Land $ 2,956 $ 2,956 Building and improvements 2,467 2,467 Furniture, fixtures, and equipment 3,222 2,950 Leasehold improvements 2,872 2,865 11,517 11,238 Less accumulated depreciation and amortization (5,359 ) (4,673 ) Construction in progress 425 20 $6,583 $6,585 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Future Minimum Rent Payments on Company's Leases | Future minimum rent payments on the Company’s leases were as follows at March 31, 2018: (dollars in thousands) Year ending December 31: 2018 remaining $ 1,338 2019 1,625 2020 1,396 2021 1,312 2022 1,089 Thereafter 4,117 $ 10,877 | Future minimum rent payments on the Company’s leases were as follows as of December 31, 2017: (dollars in thousands) Year ending December 31: 2018 $ 1,857 2019 1,625 2020 1,396 2021 1,312 2022 1,029 Thereafter 4,102 $ 11,321 |
Schedule of Financial Commitments whose Contractual Amount Represents Credit Risk | At March 31, 2018 and December 31, 2017, the Company had the following financial commitments whose contractual amount represents credit risk: (dollars in thousands) March 31, 2018 December 31, 2017 Commitments to make loans $ 103,354 $ 101,960 Unused lines of credit 119,964 99,217 Commercial and similar letters of credit 4,700 3,013 Standby letters of credit 1,575 1,575 $ 229,593 $ 205,765 | As of December 31, 2017 and 2016, the Company had the following financial commitments whose contractual amount represents credit risk: 2017 2016 (dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 19,438 $ 82,522 $ 54,812 $ 13,191 Unused lines of credit 58,291 40,926 38,943 53,435 Commercial and similar letters of credit 3,013 — 8,966 — Standby letters of credit 1,225 350 1,100 150 $81,967 $123,798 $103,821 $66,776 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Banking and Thrift [Abstract] | ||
Schedule of Maturities of Time Deposits | At March 31, 2018, the scheduled maturities of time deposits are as follows: (dollars in thousands) One year $ 651,067 Two to three years 6,498 $657,565 NOT | At December 31, 2017 the scheduled maturities of time deposits are as follows: (dollars in thousands) One year $ 627,665 Two to three years 12,263 $ 639,928 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Schedule of Aggregate Outstanding Principal Amount and Unamortized Debt Issuance Cost Related to Subordinated Debentures | At March 31, 2018 and December 31, 2017 the aggregate outstanding principal amount and unamortized debt issuance costs related to these subordinated debentures were as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Principal $ 50,000 $ 50,000 Unamortized debt issuance costs $ 436 $ 472 | At December 31, 2017 and 2016, respectively, long-term debt—6.5% fixed-to-floating (dollars in thousands) 2017 2016 Principal $ 50,000 $ 50,000 Unamortized debt issuance costs $ 472 $ 617 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | Income tax expense consists of the following: (dollars in thousands) 2017 2016 2015 Current: Federal $ 12,097 $ 9,345 $ 5,662 State 3,773 2,841 1,973 15,870 12,186 7,635 Deferred 2,492 1,289 1,361 Deferred tax adjustment for enacted change in tax rate 2,591 — — Affordable housing tax credits 316 14 — $ 21,269 $ 13,489 $ 8,996 |
Comparison of Federal Statutory Income Tax Rates to Effective Income Tax Rates | A comparison of the federal statutory income tax rates to the Company’s effective income tax rates as of December 31 follows: 2017 2016 2015 (dollars in thousands) Amount Rate Amount Rate Amount Rate Statutory federal tax $ 16,379 35.0 % $ 11,399 35.0 % $ 7,469 34.0 % State franchise tax, net of federal benefit 3,135 6.7 % 2,281 7.0 % 1,550 7.1 % Tax-exempt (297 ) -0.6 % (202 ) -0.6 % (203 ) -0.9 % Tax impact from enacted change in tax rate 2,591 5.5 % — 0.0 % — 0.0 % Other items, net (539 ) -1.2 %% 11 0.0 % 180 0.8 % Actual tax expense $ 21,269 45.4 % $ 13,489 41.4 % $ 8,996 41.0 % |
Components of Net Deferred Tax Asset | The following is a summary of the components of the net deferred tax asset accounts recognized in the accompanying balance sheets as of December 31: (dollars in thousands) 2017 2016 Deferred tax assets: Pre-opening $ 173 $ 287 Allowance for loan losses 4,072 5,954 Stock-based compensation 1,973 2,576 Off balance sheet reserve 83 254 Operating loss carryforwards 285 693 Other real estate owned 10 17 Acquisition accounting fair value adjustments — 1,779 Unrealized loss on AFS securities 186 186 Other 1,968 2,520 8,750 14,266 Deferred tax liabilities: Depreciation (511 ) (917 ) Acquisition accounting fair value adjustments (145 ) — Other (2,008 ) (2,252 ) (2,664 ) (3,169 ) Net deferred tax assets $ 6,086 $ 11,097 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Schedule of Related Party Transactions | Loans to principal officers, directors, and their affiliates were as follows: (dollars in thousands) March 31, 2018 December 31, 2017 Beginning balance $ 2,300 $ 3,445 New loans and advances 300 2,200 Repayments (500 ) (3,345 ) Ending balance $ 2,100 $ 2,300 | Loans to principal officers, directors, and their affiliates were as follows: (dollars in thousands) 2017 2016 Beginning balance $ 3,445 $ 3,971 New loans and advances 2,200 1,274 Repayments (3,345 ) (1,800 ) Ending balance $ 2,300 $ 3,445 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Weighted Average Assumption for Fair Value of Option Grant Estimated Using Black-Scholes Option Pricing Model | There were no stock options granted in 2017. 2016 2015 Expected volatility 35.0 % 35.0 % Expected term 6.0 years 6.0 years Expected dividends None None Risk free rate 1.93 % 1.84 % Grant date fair value $ 6.76 $ 6.29 |
Summary of Stock Option Plan | A summary of the status of the Company’s stock option plan as of December 31, 2017 and changes during the year then ended is presented below: (dollars in thousands, except for share amounts) Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of year 2,495,134 $ 11.26 Granted — $ — Exercised (223,334 ) $ 10.28 Forfeited or expired (10,000 ) $ 18.25 Outstanding at end of year 2,261,800 $ 11.32 3.8 years $ 36,297 Options exercisable 2,097,804 $ 10.80 3.4 years $ 34,755 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Regulated Operations [Abstract] | ||
Summary of Company and Bank Continue to Exceed Regulatory Capital Minimum Requirements and Bank Continues to Exceed Well Capitalized Standards | As defined in applicable regulations and set forth in the tables below, the Company and the Bank continue to exceed the regulatory capital minimum requirements and the Bank continues to exceed the “well capitalized” standards at the dates indicated: Amount of Capital Required Actual Minimum Required Purposes To Be Well- Under Prompt (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of March 31, 2018: Tier 1 Leverage Ratio Consolidated $ 249,304 15.24 % $ 65,439 4.00 % $ 81,798 5.00 % Bank $ 242,192 14.84 % $ 65,283 4.00 % $ 81,604 5.00 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 245,857 17.95 % $ 61,620 4.50 % $ 89,007 6.50 % Bank $ 242,192 17.72 % $ 61,502 4.50 % $ 88,837 6.50 % Tier 1 Risk-Based Capital Ratio Consolidated $ 249,304 18.21 % $ 82,161 6.00 % $ 109,547 8.00 % Bank $ 242,192 17.72 % $ 82,003 6.00 % $ 109,338 8.00 % Total Risk-Based Capital Ratio Consolidated $ 313,402 22.89 % $ 109,547 8.00 % $ 136,934 10.00 % Bank $ 256,725 18.78 % $ 109,338 8.00 % $ 136,672 10.00 % As of December 31, 2017: Tier 1 Leverage Ratio Consolidated $ 238,219 14.35 % $ 66,423 4.00 % $ 83,029 5.00 % Bank $ 232,765 14.50 % $ 64,214 4.00 % $ 80,267 5.00 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 234,794 17.54 % $ 60,233 4.50 % $ 87,003 6.50 % Bank $ 232,765 17.42 % $ 60,122 4.50 % $ 86,843 6.50 % Tier 1 Risk-Based Capital Ratio Consolidated $ 238,219 17.80 % $ 80,311 6.00 % $ 107,081 8.00 % Bank $ 232,765 17.42 % $ 80,163 6.00 % $ 106,884 8.00 % Total Risk-Based Capital Ratio Consolidated $ 301,802 22.55 % $ 107,081 8.00 % $ 133,851 10.00 % Bank $ 246,820 18.47 % $ 106,884 8.00 % $ 133,605 10.00 % | The following table sets forth RBB Bancorp’s consolidated and the Bank’s actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2017: Amount of Capital Required Actual For Capital Adequacy Purposes To Be Well- Capitalized Under Prompt Corrective Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Tier 1 Leverage Ratio Consolidated $ 238,219 14.35 % NA NA NA NA Bank $ 232,765 14.50 % $ 64,214 4.0 % $ 80,267 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 234,794 17.54 % NA NA NA NA Bank $ 232,765 17.42 % $ 60,122 4.5 % $ 86,843 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 238,219 17.80 % NA NA NA NA Bank $ 232,765 17.42 % $ 80,163 6.0 % $ 106,884 8.0 % Total Risk-Based Capital Ratio Consolidated $ 301,802 22.55 % NA NA NA NA Bank $ 246,820 18.47 % $ 106,884 8.0 % $ 133,605 10.0 % The following table sets forth RBB Bancorp’s consolidated and the Bank’s actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2016: Amount of Capital Required Actual For Capital Adequacy Purposes To Be Well- Capitalized Under Prompt Corrective Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Tier 1 Leverage Ratio Consolidated $ 153,682 10.99 % NA NA NA NA Bank $ 178,645 12.81 % $ 55,777 4.0 % $ 69,722 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 150,786 13.30 % NA NA NA NA Bank $ 178,645 15.81 % $ 50,860 4.5 % $ 73,464 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 153,682 13.55 % NA NA NA NA Bank $ 178,645 15.81 % $ 67,813 6.0 % $ 90,417 8.0 % Total Risk-Based Capital Ratio Consolidated $ 217,244 19.16 % NA NA NA NA Bank $ 192,784 17.06 % $ 90,417 8.0 % $ 113,021 10.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Hierarchy and Fair Value for Each Major Category of Assets and Liabilities Measured at Fair Value | The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value at March 31, 2018 and December 31, 2017: Fair Value Measurements Using: (dollars in thousands) Level 1 Level 2 Level 3 Total March 31, 2018 Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 7,482 $ 7,482 Mortgage-backed securities Government sponsored agencies 37,672 37,672 Corporate debt securities 37,694 37,694 $ — $ 82,848 $ — $ 82,848 On a non-recurring Other real estate owned $ — $ — $ 293 $ 293 December 31, 2017 Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 7,816 7,816 Mortgage-backed securities Government sponsored agencies 39,215 39,215 Corporate debt securities 17,926 17,926 $ — $ 64,957 $ — $ 64,957 On a non-recurring Other real estate owned $ — $ — $ 293 $ 293 | The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value at December 31, 2017 and 2016: (dollars in thousands) Fair Value Measurements Using: December 31, 2017 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 7,816 $ 7,816 Mortgage-backed securities — Government sponsored agencies 39,215 39,215 Corporate debt securities 17,926 17,926 $ — $ 64,957 $ — $ 64,957 On a non-recurring Other real estate owned $ — $ — $ 293 $ 293 December 31, 2016 Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ 5,317 5,317 Mortgage-backed securities Government sponsored agencies 23,640 23,640 Corporate debt securities 10,320 10,320 $ — $ 39,277 $ — $ 39,277 On a non-recurring Other real estate owned $ — $ — $ 833 $ 833 |
Summary of Quantitative Information About Non-recurring Level 3 Fair Value Measurements | Quantitative information about the Company’s non-recurring (dollars in thousands) Fair Value Amount Valuation Technique Unobservable Input Adjustment Range Weighted- Average Adjustment March 31, 2018 Other real estate owned $ 293 Third Party Appraisals Management Adjustments to Reflect Current Conditions and Selling Costs 21 % 21 % December 31, 2017 Other real estate owned $ 293 Third Party Appraisals Management Adjustments to Reflect Current Conditions and Selling Costs 21 % 21 % | Quantitative information about the Company’s non-recurring (dollars in thousands) December 31, 2017 Fair Value Amount Valuation Technique Unobservable Input Adjustment Range Weighted- Average Adjustment Other real estate owned $ 293 Third party appraisals Management adjustments to reflect current conditions and selling costs 21% 21% December 31, 2016 Other real estate owned $ 833 Third party appraisals Management adjustments to reflect current conditions and selling costs 10% - 15% 12% |
Fair Value of Financial Instr49
Fair Value of Financial Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Fair Value Hierarchy Level and Estimated Fair Value of Significant Financial Instruments | The fair value hierarchy level and estimated fair value of significant financial instruments at March 31, 2018 and December 31, 2017 are summarized as follows: March 31, December 31, 2018 2017 (dollars in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and due from banks Level 1 $ 53,535 $ 53,535 $ 70,048 $ 70,048 Federal funds sold and other cash equivalents Level 1 25,000 25,000 80,000 80,000 Interest-earning deposits in other financial institutions Level 1 600 600 600 600 Investment securities—AFS Level 2 82,848 82,848 64,957 64,957 Investment securities—HTM Level 2 9,998 10,020 10,009 10,250 Mortgage loans held for sale Level 1 183,391 128,491 125,847 128,972 Loans, net Level 3 1,247,971 1,288,740 1,235,301 1,236,289 Financial Liabilities: Deposits Level 2 1,373,504 1,371,213 $ 1,337,281 $ 1,336,353 FHLB advances Level 2 — — 25,000 25,000 Long-term debt Level 2 49,564 41,950 49,528 44,319 Subordinated debentures Level 3 3,447 3,625 3,424 3,348 | The fair value hierarchy level and estimated fair value of significant financial instruments at December 31, 2017 and 2016 are summarized as follows: 2017 2016 (dollars in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and due from banks Level 1 $ 70,048 $ 70,048 $ 74,213 $ 74,213 Federal funds sold and other cash equivalents Level 1 80,000 80,000 44,500 44,500 Interest-earning deposits in other financial institutions Level 1 600 600 345 345 Investment securities—AFS Level 2 64,957 64,957 39,277 39,277 Investment securities—HTM Level 2 10,009 10,250 6,214 6,553 Mortgage loans held for sale Level 2 125,847 128,972 44,345 45,433 Loans, net Level 3 1,235,301 1,236,289 1,096,284 1,095,944 Financial Liabilities: Deposits Level 2 $ 1,337,281 $ 1,336,353 $ 1,152,763 $ 1,140,707 FHLB advances Level 2 25,000 25,000 — — Long-term debt Level 2 49,528 44,319 49,383 48,447 Subordinated debentures Level 3 3,424 3,348 3,334 3,334 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Reconciliation of Net Income and Shares Outstanding to Income and Number of Shares Used to Compute EPS | The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS: Three Months Ended March 31 2018 2017 (dollars in thousands except per share amounts) Income Shares Income Shares Net income as reported $ 8,847 $ 5,493 Shares outstanding 16,288,928 12,827,803 Impact of weighting shares (206,033 ) — Used in basic EPS 8,847 16,082,895 5,493 12,827,803 Dilutive effect of outstanding Stock options 1,079,425 897,918 Used in dilutive EPS $ 8,847 17,162,320 $ 5,493 13,725,721 Basic earnings per common share $ 0.55 $ 0.43 Diluted earnings per common share $ 0.52 $ 0.40 | The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS: 2017 2016 2015 (dollars in thousands except per share amounts) Income Shares Income Shares Income Shares Net income as reported $ 25,528 $ 19,079 $ 12,973 Shares outstanding 15,908,893 12,827,803 12,770,571 Impact of weighting shares (1,830,612 ) (26,813 ) (8,739 ) Used in basic EPS 25,528 14,078,281 19,079 12,800,990 12,973 12,761,832 Dilutive effect of outstanding Stock options 1,160,084 894,910 790,850 Used in dilutive EPS $ 25,528 15,238,365 $ 19,079 13,695,900 $ 12,973 13,552,682 Basic earnings per common share $ 1.81 $ 1.49 $ 1.02 Diluted earnings per common share $ 1.68 $ 1.39 $ 0.96 |
Parent Only Condensed Financi51
Parent Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Parent Only Condensed Balance Sheets | (Dollars in Thousands) 2017 2016 ASSETS Cash and cash equivalents $ 45,769 $ 17,497 Investment in Bank 263,022 209,727 Investment in RAM 6,268 6,125 Other assets 3,538 1,455 Total assets $ 318,597 $ 234,804 LIABILITIES AND SHAREHOLDERS’ EQUITY Long term debt 49,528 49,383 Subordinated debentures 3,424 3,334 Other liabilities 36 8 Total liabilities 52,989 52,725 Shareholders’ equity: Common stock 205,927 142,651 Additional paid-in 8,426 8,417 Retained earnings 51,697 31,278 Accumulated other comprehensive income (loss) (443 ) (267 ) Total shareholders’ equity 265,608 182,079 Total liabilities and shareholders’ equity $ 318,597 $ 234,804 |
Schedule of Parent Only Condensed Statements of Income | (Dollars in Thousands) 2017 2016 2015 Interest expense $ 3,629 $ 2,728 $ — Noninterest expense 704 123 298 Loss before equity in undistributed income of subsidiaries (4,334 ) (2,851 ) (298 ) Equity in undistributed income of: Bank 27,620 20,483 12,310 RAM 143 274 804 Income before income taxes 23,430 17,906 12,816 Income tax benefit 2,036 1,173 125 Net income 25,466 19,079 12,941 Other comprehensive income (loss) (104 ) (74 ) (141 ) Total comprehensive income $ 25,362 $ 19,005 $ 12,800 |
Schedule of Parent Only Condensed Statements of Cash Flows | (Dollars in Thousands) Cash flows from operating activities: Net income $ 25,466 $ 19,079 $ 12,941 Net amortization of other 235 188 — Provision for deferred income taxes 1,807 (1,172 ) (125 ) Undistributed income of subsidiaries (27,763 ) (20,757 ) (13,114 ) Change in other assets and liabilities (3,861 ) (159 ) 135 (4,116 ) (2,821 ) (163 ) Cash flows from investment activities: Outlays for business acquisitions — (839 ) — Investment in subsidiaries (25,000 ) (35,000 ) 5,000 (25,000 ) (35,839 ) 5,000 Cash flows from financing activities: Issuance of subordinated debentures, net of issuance costs — 49,274 — Issuance of common stock, net of issuance costs 60,210 — — Dividends paid (5,118 ) (2,554 ) (3,114 ) Stock options exercised 2,296 585 470 57,388 47,305 (2,644 ) Increase in cash and cash equivalents 28,272 8,645 2,193 Cash and cash equivalents beginning of year 17,497 8,852 6,659 Cash and cash equivalents end of year $ 45,769 $ 17,497 $ 8,852 |
Business Description - Addition
Business Description - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 31, 2017$ / sharesshares | Feb. 19, 2016Acquisition | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 01, 2015USD ($) |
Description Of Business [Line Items] | ||||||||
Total assets | $ 1,715,104 | $ 1,691,059 | $ 1,395,551 | |||||
Gross loans | 1,261,928 | 1,249,074 | 1,110,446 | |||||
Total deposits | 1,373,504 | 1,337,281 | 1,152,763 | |||||
Total stockholders' Equity | $ 275,822 | $ 265,176 | $ 183,496 | $ 181,585 | $ 163,645 | $ 151,981 | ||
Number of acquisitions | Acquisition | 4 | |||||||
Initial Public Offering | ||||||||
Description Of Business [Line Items] | ||||||||
Issuance of common stock, net of issuance costs, shares | shares | 3,750,000 | |||||||
Share price per share | $ / shares | $ 23 |
Basis of Presentation and Sum53
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and due from banks, reserves required to be held | $ 19,664,000 | $ 9,811,000 | |||
Securities evaluation for other-than-temporary impairment, measurement basis | semi-annual | ||||
Threshold period past due principal or interest, to discontinue accrual of interest on loans | 90 days | ||||
Gain on sale of loans | $ 1,815,000 | $ 1,497,000 | $ 9,318,000 | 5,847,000 | $ 4,316,000 |
Gains on sale of mortgage loans, total | 3,700,000 | 3,400,000 | 1,600,000 | ||
Gains on sale of SBA loans, total | 5,600,000 | 2,400,000 | 2,700,000 | ||
Goodwill | 29,940,000 | 29,940,000 | 29,940,000 | ||
Impairment losses recognized on goodwill | 0 | 0 | 0 | 0 | |
Amortization of intangibles | 81,000 | 94,000 | 355,000 | 372,000 | 117,000 |
Accounting Standards Update 2018-02 | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Reclassified stranded tax effects within AOCI to retained earnings | 72,000 | ||||
401(k) Plan | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Contributions to plan | 272,000 | 221,000 | 125,000 | ||
Core Deposit Intangible | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Unamortized balance of intangible assets | 1,357,000 | 1,438,000 | 1,793,000 | ||
Amortization of intangibles | $ 81,000 | $ 94,000 | $ 355,000 | 372,000 | 117,000 |
Premises | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of assets | 30 years | ||||
Mortgage and SBA | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Gain on sale of loans | $ 9,300,000 | $ 5,800,000 | $ 4,300,000 | ||
Maximum | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents maturity period | 90 days | ||||
Maximum | Core Deposit Intangible | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, estimated useful life | 10 years | 10 years | |||
Maximum | Leasehold Improvements | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of assets | 10 years | ||||
Maximum | Equipment | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of assets | 10 years | ||||
Minimum | Core Deposit Intangible | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, estimated useful life | 8 years | 8 years | |||
Minimum | Leasehold Improvements | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of assets | 3 years | ||||
Minimum | Equipment | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of assets | 3 years |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Future Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 311 | |
2018 remaining | $ 230 | |
2,019 | 274 | 274 |
2,020 | 244 | 244 |
2,021 | 172 | 172 |
2,022 | 129 | 129 |
Thereafter | 308 | 308 |
Total | $ 1,357 | $ 1,438 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Feb. 19, 2016USD ($)Branch | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 29,940,000 | $ 29,940,000 | $ 29,940,000 | |
TFC Holding Company | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 86,700,000 | |||
Number of branches operated | Branch | 6 | |||
Goodwill | $ 25,900,000 | |||
Loans acquired for deterioration of credit quality | $ 0 |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed and Fair Value Adjustments (Detail) - USD ($) $ in Thousands | Feb. 19, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill recognized | $ 29,940 | $ 29,940 | $ 29,940 | |
TFC Holding Company | ||||
Business Acquisition [Line Items] | ||||
Cash paid | $ 86,700 | |||
Goodwill recognized | 25,900 | |||
TFC Holding Company | Book Value | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 51,613 | |||
Interest-bearing deposits in other financial Institutions | 2,320 | |||
Net investments - available for sale | 15,952 | |||
Loans, gross | 400,887 | |||
Allowance for loan losses | (9,857) | |||
Bank premises and equipment | 225 | |||
Deferred income taxes | 4,027 | |||
Other assets | 5,595 | |||
Total assets acquired | 470,762 | |||
Deposits | 404,465 | |||
Subordinated debentures | 5,155 | |||
Other liabilities | 566 | |||
Total liabilities assumed | 410,186 | |||
Excess of assets acquired over liabilities assumed | 60,576 | |||
Business combination, Recognized identifiable assets acquired and liabilities assumed, net | 470,762 | |||
TFC Holding Company | Fair Value Adjustments | ||||
Business Acquisition [Line Items] | ||||
Net investments - available for sale | (106) | |||
Loans, gross | (13,211) | |||
Allowance for loan losses | 9,857 | |||
Deferred income taxes | 858 | |||
Other assets | 1,699 | |||
Total assets acquired | (903) | |||
Deposits | 848 | |||
Subordinated debentures | (1,900) | |||
Total liabilities assumed | (1,052) | |||
Excess of assets acquired over liabilities assumed | 149 | |||
Business combination, Recognized identifiable assets acquired and liabilities assumed, net | (903) | |||
TFC Holding Company | Fair Value | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 51,613 | |||
Interest-bearing deposits in other financial Institutions | 2,320 | |||
Net investments - available for sale | 15,846 | |||
Loans, gross | 387,676 | |||
Bank premises and equipment | 225 | |||
Deferred income taxes | 4,885 | |||
Other assets | 7,294 | |||
Total assets acquired | 469,859 | |||
Deposits | 405,313 | |||
Subordinated debentures | 3,255 | |||
Other liabilities | 566 | |||
Total liabilities assumed | 409,134 | |||
Excess of assets acquired over liabilities assumed | 60,725 | |||
Cash paid | 86,664 | |||
Goodwill recognized | $ 25,939 |
Acquisitions - Schedule of Loan
Acquisitions - Schedule of Loans Acquired Contractual Amounts Due Expected Cash Flow Interest Component and Fair Value (Detail) $ in Thousands | Feb. 19, 2016USD ($) |
Business Combinations [Abstract] | |
Contractual amounts due | $ 441,275 |
Expected cash flows | 441,275 |
Interest component of expected cash flows | 53,599 |
Fair value of acquired loans | $ 387,676 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale, Amortized Cost | $ 84,325 | $ 65,587 | $ 39,730 |
Available for sale, Gross Unrealized Gains | 145 | 178 | 59 |
Available for sale, Gross Unrealized Losses | (1,622) | (808) | (512) |
Available for sale, Fair Value | 82,848 | 64,957 | 39,277 |
Held to maturity, Amortized Cost | 9,998 | 10,009 | 6,214 |
Held to maturity, Gross Unrealized Gains | 169 | 260 | 339 |
Held to maturity, Gross Unrealized Losses | (147) | (19) | |
Securities held to maturity, fair value | 10,020 | 10,250 | 6,553 |
Municipal Taxable Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Held to maturity, Amortized Cost | 4,294 | 4,295 | 5,301 |
Held to maturity, Gross Unrealized Gains | 165 | 228 | 328 |
Securities held to maturity, fair value | 4,459 | 4,523 | 5,629 |
Municipal Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Held to maturity, Amortized Cost | 5,704 | 5,714 | 913 |
Held to maturity, Gross Unrealized Gains | 4 | 32 | 11 |
Held to maturity, Gross Unrealized Losses | (147) | (19) | |
Securities held to maturity, fair value | 5,561 | 5,727 | 924 |
Government Agency Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 7,746 | 7,968 | 5,453 |
Available for sale, Gross Unrealized Losses | (264) | (152) | (136) |
Available for sale, Fair Value | 7,482 | 7,816 | 5,317 |
Government Sponsored Agencies | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 38,843 | 39,806 | 23,913 |
Available for sale, Gross Unrealized Gains | 17 | 38 | |
Available for sale, Gross Unrealized Losses | (1,171) | (608) | (311) |
Available for sale, Fair Value | 37,672 | 39,215 | 23,640 |
Corporate Debt Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 37,736 | 17,813 | 10,364 |
Available for sale, Gross Unrealized Gains | 145 | 161 | 21 |
Available for sale, Gross Unrealized Losses | (187) | (48) | (65) |
Available for sale, Fair Value | $ 37,694 | $ 17,926 | $ 10,320 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2017USD ($)Security | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2018USD ($)Security | |
Investments Debt And Equity Securities [Abstract] | ||||
Securities available for sale, sold | $ 0 | $ 5,083,000 | $ 5,514,000 | |
Securities available for sale, recognizing gross gains | 19,000 | $ 78,000 | ||
Number of investment securities pledged as collateral | Security | 1 | 1 | ||
Fair value of securities pledged to secure local agency deposit | $ 796,000 | $ 933,000 | $ 759,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Investment Securities Portfolio Expected Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||
Due from one to five years, Available for sale, Amortized Cost | $ 52,326 | $ 35,221 | |
Due from five to ten years, Available for sale, Amortized Cost | 27,958 | 26,321 | |
Due from ten years and greater, Available for sale, Amortized Cost | 4,041 | 4,045 | |
Available for sale, Amortized Cost | 84,325 | 65,587 | $ 39,730 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Due from one to five years, Available for sale, Fair Value | 51,530 | 34,825 | |
Due from five to ten years, Available for sale, Fair Value | 27,333 | 26,102 | |
Due from ten years and greater, Available for sale, Fair Value | 3,985 | 4,030 | |
Available for sale, Fair value | 82,848 | 64,957 | 39,277 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | |||
Due from one to five years, Held to Maturity, Amortized Cost | 2,780 | 2,780 | |
Due from five to ten years, Held to Maturity, Amortized Cost | 2,397 | 2,404 | |
Due from ten years and greater, Held to Maturity, Amortized Cost | 4,821 | 4,825 | |
Held to maturity, Amortized Cost | 9,998 | 10,009 | 6,214 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Due from one to five years, Held to Maturity, Fair Value | 2,865 | 2,897 | |
Due from five to ten years, Held to Maturity, Fair Value | 2,481 | 2,521 | |
Due from ten years and greater, Held to Maturity, Fair Value | 4,674 | 4,832 | |
Securities held to maturity, fair value | $ 10,020 | $ 10,250 | $ 6,553 |
Investment Securities - Summa61
Investment Securities - Summary of Available for Sale Securities With Unrealized Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | |||
Less than Twelve Months Unrealized Losses | $ (1,017) | $ (406) | $ (422) |
Less than Twelve Months Estimated Fair Value | 39,017 | 32,683 | 26,695 |
Twelve Months or More Unrealized Losses | (605) | (402) | (90) |
Twelve Months or More Estimated Fair Value | 17,398 | 17,636 | 2,504 |
Total Unrealized Losses | (1,622) | (808) | (512) |
Total Estimated Fair Value | 56,415 | 50,319 | 29,199 |
Held to maturity, Less than Twelve Months Unrealized Losses | (147) | (19) | |
Held to maturity, Less than Twelve Months Estimated Fair Value | 4,674 | 2,232 | |
Held to maturity, Total Unrealized Losses | (147) | (19) | |
Held to maturity, Total Estimated Fair Value | 4,674 | 2,232 | |
Municipal Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Held to maturity, Less than Twelve Months Unrealized Losses | (147) | (19) | |
Held to maturity, Less than Twelve Months Estimated Fair Value | 4,674 | 2,232 | |
Held to maturity, Total Unrealized Losses | (147) | (19) | |
Held to maturity, Total Estimated Fair Value | 4,674 | 2,232 | |
Government Agency Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Less than Twelve Months Unrealized Losses | (112) | (32) | (136) |
Less than Twelve Months Estimated Fair Value | 3,873 | 4,039 | 5,317 |
Twelve Months or More Unrealized Losses | (152) | (120) | |
Twelve Months or More Estimated Fair Value | 3,609 | 3,777 | |
Total Unrealized Losses | (264) | (152) | (136) |
Total Estimated Fair Value | 7,482 | 7,816 | 5,317 |
Government Sponsored Agencies | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Less than Twelve Months Unrealized Losses | (786) | (359) | (221) |
Less than Twelve Months Estimated Fair Value | 25,484 | 23,609 | 16,231 |
Twelve Months or More Unrealized Losses | (385) | (249) | (90) |
Twelve Months or More Estimated Fair Value | 11,852 | 11,887 | 2,504 |
Total Unrealized Losses | (1,171) | (608) | (311) |
Total Estimated Fair Value | 37,336 | 35,496 | 18,735 |
Corporate Debt Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Less than Twelve Months Unrealized Losses | (119) | (15) | (65) |
Less than Twelve Months Estimated Fair Value | 9,660 | 5,035 | 5,147 |
Twelve Months or More Unrealized Losses | (68) | (33) | |
Twelve Months or More Estimated Fair Value | 1,937 | 1,972 | |
Total Unrealized Losses | (187) | (48) | (65) |
Total Estimated Fair Value | $ 11,597 | $ 7,007 | $ 5,147 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses - Summary of Balance and Activity Related to Allowance for Loan Losses for Held for Investment Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | $ 13,773 | $ 14,162 | $ 14,162 | $ 10,023 | $ 8,848 |
Additions (reductions) to the allowance charged to expense | 184 | (1,053) | 4,974 | 1,386 | |
Recoveries on loans charged-off | 747 | 211 | |||
Allowance for loan losses before charged off | 13,856 | 14,997 | 10,445 | ||
Less loans charged-off | 24 | (83) | (835) | (422) | |
Allowance for loan losses, Ending balance | 13,957 | 14,186 | 13,773 | 14,162 | 10,023 |
Real Estate | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 9,309 | 8,111 | 8,111 | 5,788 | 5,696 |
Additions (reductions) to the allowance charged to expense | 653 | (1,169) | |||
Recoveries on loans charged-off | 200 | ||||
Allowance for loan losses, Ending balance | 9,962 | 6,942 | 9,309 | 8,111 | 5,788 |
Commercial | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 4,044 | 6,051 | 6,051 | 4,235 | 3,152 |
Additions (reductions) to the allowance charged to expense | (118) | 1,169 | |||
Recoveries on loans charged-off | 747 | 11 | |||
Less loans charged-off | 24 | (83) | (835) | (422) | |
Allowance for loan losses, Ending balance | 3,926 | $ 7,244 | 4,044 | $ 6,051 | $ 4,235 |
Unallocated | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 420 | ||||
Additions (reductions) to the allowance charged to expense | (351) | ||||
Allowance for loan losses, Ending balance | $ 69 | $ 420 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan Losses - Summary of Recorded Investment in Loans Impairment Method and Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserves: | |||||
Loan losses, Reserves | $ 13,957 | $ 14,186 | $ 13,773 | $ 14,162 | $ 10,023 |
Loans evaluated for impairment: | |||||
Loans, Individually evaluated for impairment | 4,465 | 6,109 | 2,575 | 6,133 | 6,112 |
Loans, Collectively evaluated for impairment | 1,257,150 | 1,132,717 | 1,246,184 | 1,103,583 | 784,573 |
Total loans, gross | 1,261,928 | 1,139,563 | 1,249,074 | 1,110,446 | 792,362 |
Allowance for loan losses: | |||||
Allowance for loan losses, Beginning balance | 13,773 | 14,162 | 14,162 | 10,023 | 8,848 |
Allowance for loan losses, Provisions | 184 | (1,053) | 4,974 | 1,386 | |
Allowance for loan losses, Charge-offs | 24 | (83) | (835) | (422) | |
Allowance for loan losses, Recoveries | 747 | 211 | |||
Allowance for loan losses, Ending balance | 13,957 | 14,186 | 13,773 | 14,162 | 10,023 |
Loans Acquired with Deteriorated Credit Quality | |||||
Loans evaluated for impairment: | |||||
Loans acquired | 313 | 737 | 315 | 730 | 1,677 |
Specific Reserves | |||||
Reserves: | |||||
Loan losses, Reserves | 3,559 | 1,782 | |||
General Reserves | |||||
Reserves: | |||||
Loan losses, Reserves | 13,957 | 10,627 | 13,773 | 12,380 | 10,023 |
Real Estate | |||||
Reserves: | |||||
Loan losses, Reserves | 9,962 | 6,942 | 9,309 | 8,111 | 5,788 |
Loans evaluated for impairment: | |||||
Loans, Individually evaluated for impairment | 2,393 | 2,550 | 2,420 | 2,556 | 1,482 |
Loans, Collectively evaluated for impairment | 866,176 | 771,870 | 834,152 | 744,349 | 519,963 |
Total loans, gross | 868,882 | 775,157 | 836,887 | 747,635 | 523,122 |
Allowance for loan losses: | |||||
Allowance for loan losses, Beginning balance | 9,309 | 8,111 | 8,111 | 5,788 | 5,696 |
Allowance for loan losses, Provisions | 1,198 | 2,323 | (108) | ||
Allowance for loan losses, Recoveries | 200 | ||||
Allowance for loan losses, Ending balance | 9,962 | 6,942 | 9,309 | 8,111 | 5,788 |
Real Estate | Loans Acquired with Deteriorated Credit Quality | |||||
Loans evaluated for impairment: | |||||
Loans acquired | 313 | 737 | 315 | 730 | 1,677 |
Real Estate | General Reserves | |||||
Reserves: | |||||
Loan losses, Reserves | 9,962 | 6,942 | 9,309 | 8,111 | 5,788 |
Commercial | |||||
Reserves: | |||||
Loan losses, Reserves | 3,926 | 7,244 | 4,044 | 6,051 | 4,235 |
Loans evaluated for impairment: | |||||
Loans, Individually evaluated for impairment | 2,072 | 3,559 | 155 | 3,577 | 4,630 |
Loans, Collectively evaluated for impairment | 390,974 | 360,847 | 412,032 | 359,234 | 264,610 |
Total loans, gross | 393,046 | 364,406 | 412,187 | 362,811 | 269,240 |
Allowance for loan losses: | |||||
Allowance for loan losses, Beginning balance | 4,044 | 6,051 | 6,051 | 4,235 | 3,152 |
Allowance for loan losses, Provisions | (2,671) | 2,651 | 1,494 | ||
Allowance for loan losses, Charge-offs | 24 | (83) | (835) | (422) | |
Allowance for loan losses, Recoveries | 747 | 11 | |||
Allowance for loan losses, Ending balance | 3,926 | 7,244 | 4,044 | 6,051 | 4,235 |
Commercial | Specific Reserves | |||||
Reserves: | |||||
Loan losses, Reserves | 3,559 | 1,782 | |||
Commercial | General Reserves | |||||
Reserves: | |||||
Loan losses, Reserves | 3,926 | $ 3,685 | 4,044 | $ 4,269 | $ 4,235 |
Unallocated | |||||
Reserves: | |||||
Loan losses, Reserves | 69 | 420 | |||
Allowance for loan losses: | |||||
Allowance for loan losses, Beginning balance | 420 | ||||
Allowance for loan losses, Provisions | 420 | ||||
Allowance for loan losses, Ending balance | 69 | 420 | |||
Unallocated | General Reserves | |||||
Reserves: | |||||
Loan losses, Reserves | $ 69 | $ 420 |
Loans and Allowance for Loan 64
Loans and Allowance for Loan Losses - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 1,261,928 | $ 1,249,074 | $ 1,110,446 |
Real Estate | Construction and Land Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 101,240 | 91,908 | 89,409 |
Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 500,051 | 496,039 | 501,798 |
Real Estate | Single-family Residential Mortgages | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 267,591 | 248,940 | 156,428 |
Commercial | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 278,393 | 280,766 | 203,843 |
Commercial | SBA | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 114,653 | 131,421 | 158,968 |
Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,232,993 | 1,214,258 | 1,044,172 |
Pass | Real Estate | Construction and Land Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 100,954 | 91,619 | 87,174 |
Pass | Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 478,059 | 469,422 | 475,499 |
Pass | Real Estate | Single-family Residential Mortgages | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 267,591 | 248,940 | 136,206 |
Pass | Commercial | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 277,678 | 277,518 | 194,227 |
Pass | Commercial | SBA | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 108,711 | 126,759 | 151,066 |
Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 4,659 | 23,208 | 22,378 |
Special Mention | Real Estate | Construction and Land Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,932 | ||
Special Mention | Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 4,464 | 19,070 | 4,562 |
Special Mention | Real Estate | Single-family Residential Mortgages | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 13,950 | ||
Special Mention | Commercial | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 195 | 2,360 | |
Special Mention | Commercial | SBA | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,778 | 1,934 | |
Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 19,811 | 9,033 | 37,763 |
Substandard | Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 15,421 | 5,416 | 19,484 |
Substandard | Real Estate | Single-family Residential Mortgages | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,272 | ||
Substandard | Commercial | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 520 | 888 | 9,616 |
Substandard | Commercial | SBA | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,870 | 2,729 | 2,391 |
Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 4,465 | 2,575 | 6,133 |
Impaired | Real Estate | Construction and Land Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 286 | 289 | 303 |
Impaired | Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,107 | 2,131 | 2,253 |
Impaired | Commercial | SBA | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,072 | $ 155 | $ 3,577 |
Loans and Allowance for Loan 65
Loans and Allowance for Loan Losses - Summary of Aging Recorded Investment Past-due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 3,527 | $ 3,023 | $ 3,920 |
Loans Not Past Due | 1,258,401 | 1,246,051 | 1,106,526 |
Total Loans | 1,261,928 | 1,249,074 | 1,110,446 |
Non-Accrual Loans | 2,001 | 155 | 3,577 |
30-59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,941 | 1,175 | 343 |
60-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,764 | ||
90 Days Or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 586 | 84 | 3,577 |
Real Estate | Construction and Land Development | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans Not Past Due | 101,240 | 91,908 | 89,409 |
Total Loans | 101,240 | 91,908 | 89,409 |
Real Estate | Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans Not Past Due | 500,051 | 496,039 | 501,798 |
Total Loans | 500,051 | 496,039 | 501,798 |
Real Estate | Single-family Residential Mortgages | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 790 | 1,513 | |
Loans Not Past Due | 266,801 | 247,427 | 156,428 |
Total Loans | 267,591 | 248,940 | 156,428 |
Real Estate | Single Family Residential Mortgages Loans Held For Sale | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 696 | 697 | |
Loans Not Past Due | 182,695 | 125,150 | 44,345 |
Total Loans | 183,391 | 125,847 | 44,345 |
Real Estate | 30-59 Days | Single-family Residential Mortgages | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 790 | 1,175 | |
Real Estate | 30-59 Days | Single Family Residential Mortgages Loans Held For Sale | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 696 | 697 | |
Real Estate | 60-89 Days | Single-family Residential Mortgages | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 338 | ||
Commercial | Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 689 | 343 | |
Loans Not Past Due | 277,704 | 280,766 | 203,500 |
Total Loans | 278,393 | 280,766 | 203,843 |
Commercial | SBA | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,048 | 1,510 | 3,577 |
Loans Not Past Due | 112,605 | 129,911 | 155,391 |
Total Loans | 114,653 | 131,421 | 158,968 |
Non-Accrual Loans | 2,001 | 155 | 3,577 |
Commercial | 30-59 Days | Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 689 | 343 | |
Commercial | 30-59 Days | SBA | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,462 | ||
Commercial | 60-89 Days | SBA | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,426 | ||
Commercial | 90 Days Or More | SBA | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 586 | $ 84 | $ 3,577 |
Loans and Allowance for Loan 66
Loans and Allowance for Loan Losses - Summary of Aging Recorded Investment Past-due Loans (Parenthetical) (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
90 Days Or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loan over 90 days past due and still accruing | $ 0 | $ 71,000 |
Loans and Allowance for Loan 67
Loans and Allowance for Loan Losses - Summary of Individually Impaired Loans Presented by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | ||||
Unpaid Principal Balance, With no related allowance recorded | $ 4,465 | $ 2,575 | $ 2,574 | $ 6,112 |
Recorded Investment, With no related allowance recorded | 4,465 | 2,575 | 2,574 | 6,112 |
Average Balance, With no related allowance recorded | 3,521 | 2,566 | 2,112 | 6,010 |
Interest Income, With no related allowance recorded | 91 | 328 | 301 | 213 |
Unpaid Principal Balance, With an allowance recorded | 6,133 | |||
Recorded Investment, With an allowance recorded | 6,133 | |||
Average Balance, With an allowance recorded | 5,671 | |||
Interest Income, With an allowance recorded | 301 | |||
Related Allowance, With an allowance recorded | 1,782 | |||
Construction and Land Development | ||||
Financing Receivable Impaired [Line Items] | ||||
Unpaid Principal Balance, With no related allowance recorded | 286 | 289 | 303 | 315 |
Recorded Investment, With no related allowance recorded | 286 | 289 | 303 | 315 |
Average Balance, With no related allowance recorded | 288 | 296 | 309 | 320 |
Interest Income, With no related allowance recorded | 6 | 16 | 21 | 4 |
Commercial Real Estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Unpaid Principal Balance, With no related allowance recorded | 2,108 | 2,131 | 2,253 | 1,167 |
Recorded Investment, With no related allowance recorded | 2,108 | 2,131 | 2,253 | 1,167 |
Average Balance, With no related allowance recorded | 2,119 | 2,192 | 1,710 | 1,145 |
Interest Income, With no related allowance recorded | 51 | 297 | 280 | 195 |
Commercial | SBA | ||||
Financing Receivable Impaired [Line Items] | ||||
Unpaid Principal Balance, With no related allowance recorded | 2,071 | 155 | 18 | 4,630 |
Recorded Investment, With no related allowance recorded | 2,071 | 155 | 18 | 4,630 |
Average Balance, With no related allowance recorded | 1,114 | 78 | 93 | 4,545 |
Interest Income, With no related allowance recorded | $ 34 | $ 15 | $ 14 | |
Unpaid Principal Balance, With an allowance recorded | 3,559 | |||
Recorded Investment, With an allowance recorded | 3,559 | |||
Average Balance, With an allowance recorded | 3,559 | |||
Related Allowance, With an allowance recorded | $ 1,782 |
Loans and Allowance for Loan 68
Loans and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($)Loan | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) | |
Financing Receivable Recorded Investment [Line Items] | |||||
Interest income recognized on cash basis | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of loans identified as troubled debt restructurings | Loan | 5 | 4 | 6 | ||
Specific reserve | $ 13,957,000 | $ 13,773,000 | $ 14,162,000 | $ 10,023,000 | $ 14,186,000 |
Commitments to lend an additional amounts of outstanding loans are classified as TDR's | $ 0 | $ 0 | $ 0 | ||
Description of loans modified as troubled debt restructuring | As of March 31, 2018, the terms of one loan was modified as TDR. The modification of the terms generally included loans wherea moratorium on loan payments was granted. Such moratoriums ranged from three months to twelve months on the loans restructured in 2017 and 2016. | During the year ended December 31, 2016, the terms of certain loans were modified as TDR's. The modification of the terms generally included loans wherea moratorium on loan payments was granted. Suchmoratoriums ranged from three months to six monthson the loans restructured in 2016. | |||
Number of loans defaulted | Loan | 0 | 0 | |||
Increase in allowance for loan losses under purchased credit-impaired loans | $ 0 | $ 0 | $ 0 | ||
Significant reductions in allowance for loan losses under purchased credit-impaired loans | $ 0 | 0 | $ 0 | ||
Minimum | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Moratorium on loan payments period granted | 3 months | 3 months | |||
Maximum | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Moratorium on loan payments period granted | 12 months | 6 months | |||
One Loan | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Specific reserve | $ 0 | $ 0 | $ 1,782,000 |
Loans and Allowance for Loan 69
Loans and Allowance for Loan Losses - Summary of Loans Class Modified as TDRs (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)Loan | Dec. 31, 2017Loan | Dec. 31, 2016USD ($)Loan | |
Financing Receivable Recorded Investment [Line Items] | |||
Number of Loans | Loan | 5 | 4 | 6 |
Commercial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Number of Loans | Loan | 1 | 1 | |
Pre- Modification Recorded Investment | $ | $ 71 | $ 1,047 | |
Post- Modification Recorded Investment | $ | $ 71 | $ 1,047 |
Loans and Allowance for Loan 70
Loans and Allowance for Loan Losses - Summary of Outstanding Balance and Carrying Amount of Purchased Credit-impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | |||
Outstanding balance | $ 319 | $ 322 | $ 878 |
Carrying amount | $ 313 | $ 315 | $ 730 |
Loans and Allowance for Loan 71
Loans and Allowance for Loan Losses - Summary of Activity in Accretable Yield on Purchased Credit-impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | $ 122 | $ 142 | $ 142 | $ 349 | $ 574 |
Disposals | (99) | ||||
Restructuring as TDR | (22) | ||||
Accretion of income | (1) | (20) | (135) | (185) | (126) |
Ending balance | 121 | $ 122 | 122 | $ 142 | $ 349 |
Scenario, Previously Reported [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | $ 7 | ||||
Ending balance | $ 7 |
Loan Servicing- Schedule of Pri
Loan Servicing- Schedule of Principal Balances of Mortgage and SBA Loans Serviced for Others (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans | |||
Schedule Of Mortgage And Small Business Administration Loans Serviced [Line Items] | |||
Loans serviced for others | $ 406,559 | $ 384,437 | $ 259,207 |
SBA | |||
Schedule Of Mortgage And Small Business Administration Loans Serviced [Line Items] | |||
Loans serviced for others | $ 174,282 | $ 175,919 | $ 110,263 |
Loan Servicing - Schedule of Ac
Loan Servicing - Schedule of Activity for Servicing Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Loans | |||||
Servicing assets: | |||||
Beginning of year | $ 1,540 | $ 1,002 | $ 1,002 | $ 298 | |
Additions | 315 | 1,115 | 912 | $ 329 | |
Disposals | (39) | (172) | |||
Amortized to expense | (155) | (86) | (405) | (208) | (31) |
End of period | 1,661 | 916 | 1,540 | 1,002 | 298 |
SBA | |||||
Servicing assets: | |||||
Beginning of year | 4,417 | 2,702 | 2,702 | 1,807 | 720 |
Additions | 484 | 724 | 2,628 | 1,353 | 1,268 |
Disposals | (425) | (367) | |||
Amortized to expense | (158) | (119) | (546) | (458) | (181) |
End of period | $ 4,318 | $ 3,307 | $ 4,417 | $ 2,702 | $ 1,807 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Servicing assets | $ 5,979,000 | $ 5,957,000 | $ 3,704,000 | ||
Loan servicing fees, net of amortization | (31,000) | $ 262,000 | 722,000 | 615,000 | $ 272,000 |
Mortgage Loans | |||||
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Servicing assets | 2,751,000 | $ 2,538,000 | $ 1,184,000 | ||
Fair value discount rate | 12.50% | 12.50% | |||
Fair value weighted average default rate | 0.25% | 0.25% | |||
SBA | |||||
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Servicing assets | $ 5,984,000 | $ 5,915,000 | $ 3,142,000 | ||
Fair value discount rate | 8.50% | 8.50% | |||
Fair value weighted average default rate | 0.98% | ||||
Minimum | Mortgage Loans | |||||
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Fair value prepayment rate | 20.00% | 20.74% | |||
Minimum | SBA | |||||
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Fair value prepayment rate | 11.40% | 7.20% | |||
Maximum | Mortgage Loans | |||||
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Fair value prepayment rate | 21.79% | 22.90% | |||
Maximum | SBA | |||||
Loan Sales And Mortgage Servicing Rights [Line Items] | |||||
Fair value prepayment rate | 13.78% | 12.80% |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | |||
Premises and equipment, gross | $ 11,517 | $ 11,238 | |
Less accumulated depreciation and amortization | (5,359) | (4,673) | |
Construction in progress | 425 | 20 | |
Premises and equipment | $ 6,687 | 6,583 | 6,585 |
Land | |||
Property Plant And Equipment [Line Items] | |||
Premises and equipment, gross | 2,956 | 2,956 | |
Building and Improvements | |||
Property Plant And Equipment [Line Items] | |||
Premises and equipment, gross | 2,467 | 2,467 | |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Premises and equipment, gross | 2,872 | 2,865 | |
Furnitures, Fixtures and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Premises and equipment, gross | $ 3,222 | $ 2,950 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||||
Depreciation and amortization expense | $ 686,000 | $ 750,000 | $ 625,000 | ||
Total rental expense, recognized on straight-line basis | $ 437,000 | $ 381,000 | $ 1,500,000 | $ 1,600,000 | $ 1,200,000 |
Operating lease expiration date | 2018-05 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Future Minimum Rent Payments on Company's Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
2,018 | $ 1,857 | |
2,019 | $ 1,625 | 1,625 |
2,020 | 1,396 | 1,396 |
2,021 | 1,312 | 1,312 |
2,022 | 1,089 | 1,029 |
Thereafter | 4,117 | 4,102 |
Total | $ 10,877 | $ 11,321 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Maturities Of Time Deposits [Abstract] | ||
One year | $ 651,067 | $ 627,665 |
Two to three years | 6,498 | 12,263 |
Time deposits | $ 657,565 | $ 639,928 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |
6.5% Fixed to Floating Rate Subordinated Debentures, Due March 31, 2026 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fixed interest rate | 6.50% | 6.50% | 6.50% | |
Debt instrument, due date | Mar. 31, 2026 | Mar. 31, 2026 | Mar. 31, 2026 | |
Debt instrument, face amount | $ 50,000,000 | |||
Debt instrument, fixed to floating interest rate conversion date | Mar. 31, 2021 | |||
Debt instrument, floating rate description | 3 month London Interbank Offered Rate (LIBOR) plus 516 basis points | 3 month LIBOR plus 516 basis points | ||
Debt instrument, basis points | 5.16% | |||
Tier-1 capital | $ 35,000,000 | $ 35,000,000 | ||
Debt instrument, redemption period, start date | Mar. 31, 2021 |
Long-term Debt - Schedule of Ag
Long-term Debt - Schedule of Aggregate Outstanding Principal Amount and Unamortized Debt Issuance Cost Related to Subordinated Debentures (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instruments [Abstract] | |||
Principal | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 |
Unamortized debt issuance costs | $ 436,000 | $ 472,000 | $ 617,000 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) | Feb. 19, 2016 | Mar. 15, 2012 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||
Subordinated Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of principal amount redeemed | 100.00% | |||||
Debt instrument redemption period | Mar. 15, 2012 | Mar. 15, 2012 | ||||
Debt instrument maturity period | Mar. 15, 2037 | Mar. 15, 2037 | ||||
Defer interest payments maximum period | 5 years | 5 years | ||||
Debt instrument interest rate description | three month LIBOR plus 1.65%, which was 3.77% and 3.24% at March 31, 2018 and December 31, 2017 | three month London Interbank Offered Rate (LIBOR) plus 1.65%, which was 3.24% at December 31, 2017. | ||||
Debt instrument interest percentage | 3.77% | 3.24% | ||||
TFC Statutory Trust | Private Offering | ||||||
Debt Instrument [Line Items] | ||||||
Number of trust preferred securities | 5,000 | |||||
Trust preferred securities liquidation amount per preferred security | $ 1,000 | |||||
TFC Statutory Trust | Subordinated Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 5,000,000 | |||||
Debt valuation reserve | 1,900,000 | $ 1,900,000 | ||||
Debt amortization expense | 23,000 | $ 23,000 | $ 90,000 | $ 79,000 | ||
TFC Statutory Trust | Fair Value, Inputs, Level 1 | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated debenture liability | $ 3,255,000 | |||||
Other Assets | ||||||
Debt Instrument [Line Items] | ||||||
Investment in common stock | $ 155,000 | $ 155,000 | ||||
London Interbank Offered Rate | Subordinated Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis points | 1.65% | 1.65% |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Line of credit amount outstanding | $ 0 | $ 0 | |
FRB Secured Line of Credit | |||
Debt Instrument [Line Items] | |||
Secured borrowing capacity | 14,000,000 | $ 13,800,000 | |
Carrying value of collateral loan pledged | 25,800,000 | 25,200,000 | |
FHLB Secured Line of Credit | |||
Debt Instrument [Line Items] | |||
Secured borrowing capacity | 323,300,000 | 342,900,000 | |
Carrying value of collateral loan pledged | 368,100,000 | 392,200,000 | |
FHLB | |||
Debt Instrument [Line Items] | |||
Short-term borrowings | $ 25,000,000 | ||
Short-term borrowings interest percentage | 1.41% | ||
Short-term borrowings repayment date | Jan. 2, 2018 | ||
Zions Bank | Maximum | |||
Debt Instrument [Line Items] | |||
Borrowings of unsecured loan | $ 20,000,000 | 20,000,000 | |
Wells Fargo Bank | Maximum | |||
Debt Instrument [Line Items] | |||
Borrowings of unsecured loan | 10,000,000 | 10,000,000 | |
Wells Fargo Bank | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Borrowings of unsecured loan | 2,000,000 | 2,000,000 | |
First Tennessee National Bank | Maximum | |||
Debt Instrument [Line Items] | |||
Borrowings of unsecured loan | 12,000,000 | 12,000,000 | |
Pacific Coast Bankers' Bank | Maximum | |||
Debt Instrument [Line Items] | |||
Borrowings of unsecured loan | $ 5,000,000 | $ 5,000,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||
Federal | $ 12,097 | $ 9,345 | $ 5,662 | ||
State | 3,773 | 2,841 | 1,973 | ||
Current | 15,870 | 12,186 | 7,635 | ||
Deferred | 2,492 | 1,289 | 1,361 | ||
Deferred tax adjustment for enacted change in tax rate | 2,591 | ||||
Affordable housing tax credits | 316 | 14 | |||
Income tax expense | $ 1,580 | $ 3,875 | $ 21,269 | $ 13,489 | $ 8,996 |
Income Taxes - Comparison of Fe
Income Taxes - Comparison of Federal Statutory Income Tax Rates to Effective Income Tax Rates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | |||||
Statutory federal tax | $ 16,379 | $ 11,399 | $ 7,469 | ||
State franchise tax, net of federal benefit | 3,135 | 2,281 | 1,550 | ||
Tax-exempt income | (297) | (202) | (203) | ||
Tax impact from enacted change in tax rate | 2,591 | ||||
Other items, net | (539) | 11 | 180 | ||
Income tax expense | $ 1,580 | $ 3,875 | $ 21,269 | $ 13,489 | $ 8,996 |
Rate | |||||
Statutory federal tax | 35.00% | 35.00% | 34.00% | ||
State franchise tax, net of federal benefit | 6.70% | 7.00% | 7.10% | ||
Tax-exempt income | (0.60%) | (0.60%) | (0.90%) | ||
Tax impact from enacted change in tax rate | 5.50% | 0.00% | 0.00% | ||
Other items, net | (1.20%) | 0.00% | 0.80% | ||
Income tax expense | 15.20% | 41.40% | 45.40% | 41.40% | 41.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | ||||||
Net deferred tax assets as result of enactment of tax rate | $ 2,600,000 | |||||
Statutory federal tax | 35.00% | 35.00% | 34.00% | |||
Net operating loss carry forwards expiration, description | begin to expire in 2027 | |||||
Net operating loss carry forwards expiration year start | 2,027 | |||||
Net operating loss carryforwards utilized expiration, description | expire in 2031 through 2033 | |||||
Net operating loss carryforwards utilized expiration year start | 2,031 | |||||
Net operating loss carryforwards utilized expiration year end | 2,033 | |||||
Income tax return examination, description | Income tax returns for the years ended after December 31, 2013 are open to audit by the federal authorities and for the years ended after December 31, 2012 are open to audit by California state authorities. | |||||
Interest or penalties related to uncertain tax positions | $ 0 | $ 0 | $ 0 | |||
Adjustment to uncertain tax position | 0 | |||||
Income tax expense | $ 1,580,000 | $ 3,875,000 | $ 21,269,000 | $ 13,489,000 | $ 8,996,000 | |
Effective tax rate | 15.20% | 41.40% | 45.40% | 41.40% | 41.00% | |
California Franchise Tax | ||||||
Income Tax [Line Items] | ||||||
Net operating loss carryforwards | $ 3,200,000 | |||||
Net operating loss carryforwards utilized | 11,400,000 | |||||
Federal | ||||||
Income Tax [Line Items] | ||||||
Net operating loss carryforwards | 37,000 | |||||
Net operating loss carryforwards utilized | $ 3,800,000 | |||||
Scenario Forecast | ||||||
Income Tax [Line Items] | ||||||
Statutory federal tax | 21.00% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | |||
Pre-opening expenses | $ 173 | $ 287 | |
Allowance for loan losses | 4,072 | 5,954 | |
Stock-based compensation | 1,973 | 2,576 | |
Off balance sheet reserve | 83 | 254 | |
Operating loss carryforwards | 285 | 693 | |
Other real estate owned | 10 | 17 | |
Acquisition accounting fair value adjustments | 1,779 | ||
Unrealized loss on AFS securities | 186 | 186 | |
Other | 1,968 | 2,520 | |
Deferred tax assets | 8,750 | 14,266 | |
Deferred tax liabilities: | |||
Depreciation | (511) | (917) | |
Acquisition accounting fair value adjustments | (145) | ||
Other | (2,008) | (2,252) | |
Deferred tax liabilities | (2,664) | (3,169) | |
Net deferred tax assets | $ 6,460 | $ 6,086 | $ 11,097 |
Commitments - Schedule of Finan
Commitments - Schedule of Financial Commitments whose Contractual Amount Represents Credit Risk (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Financial commitments, contractual amount, Fixed Rate | $ 81,967 | $ 103,821 | |
Financial commitments, contractual amount, Variable Rate | 123,798 | 66,776 | |
Financial commitments, contractual amount | 205,765 | $ 229,593 | |
Commitments to Make Loans | |||
Loss Contingencies [Line Items] | |||
Financial commitments, contractual amount, Fixed Rate | 19,438 | 54,812 | |
Financial commitments, contractual amount, Variable Rate | 82,522 | 13,191 | |
Financial commitments, contractual amount | 101,960 | 103,354 | |
Unused Lines of Credit | |||
Loss Contingencies [Line Items] | |||
Financial commitments, contractual amount, Fixed Rate | 58,291 | 38,943 | |
Financial commitments, contractual amount, Variable Rate | 40,926 | 53,435 | |
Financial commitments, contractual amount | 99,217 | 119,964 | |
Commercial and Similar Letters of Credit | |||
Loss Contingencies [Line Items] | |||
Financial commitments, contractual amount, Fixed Rate | 3,013 | 8,966 | |
Financial commitments, contractual amount | 3,013 | 4,700 | |
Standby Letters of Credit | |||
Loss Contingencies [Line Items] | |||
Financial commitments, contractual amount, Fixed Rate | 1,225 | 1,100 | |
Financial commitments, contractual amount, Variable Rate | 350 | $ 150 | |
Financial commitments, contractual amount | $ 1,575 | $ 1,575 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |||
Beginning balance | $ 2,300 | $ 3,445 | $ 3,971 |
New loans and advances | 300 | 2,200 | 1,274 |
Repayments | (500) | (3,345) | (1,800) |
Ending balance | $ 2,100 | $ 2,300 | $ 3,445 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Executive Officers, Directors and their Related Interests | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 1.8 | $ 2.1 | $ 2.3 |
Principal Officers, Directors and their Affiliates | |||
Related Party Transaction [Line Items] | |||
Deposits from related parties | $ 43.9 | $ 43.8 | $ 37.2 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 18, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 131,000 | $ 198,000 | $ 779,000 | $ 894,000 | $ 1,500,000 | |
Income tax benefits recognized | 1,200,000 | $ 61,000 | $ 246,000 | 267,000 | 482,000 | |
Stock options granted | 0 | |||||
Total unrecognized compensation cost | $ 637,000 | |||||
Unrecognized compensation costs, weighted-average recognition period | 1 year 2 months 12 days | |||||
Option exercised of intrinsic value | $ 2,808,000 | 216,000 | 231,000 | |||
Total fair of share vested | $ 930,000 | $ 1,511,000 | 1,454,000 | |||
Number of nonvested stock options | 163,996 | 328,826 | ||||
Weighted average grant date fair value, nonvested stock options | $ 6.53 | $ 6.28 | ||||
Stock options exercised, shares | 223,334 | |||||
Stock options exercised | $ 3,540,000 | $ 2,296,000 | $ 595,000 | $ 491,000 | ||
Excess tax benefit | $ 573,000 | |||||
Omnibus Stock Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved as percentage of issued and outstanding shares | 24.00% | |||||
Stock option expiration period from date of grant | 10 years | |||||
Stock option vesting period | 3 years | |||||
Available for issuance of common stock | 1,353,207 | 1,586,541 | ||||
Common stock reserved for issuance | 3,848,341 | |||||
Maximum | Omnibus Stock Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved as percentage of issued and outstanding shares | 30.00% | |||||
Percentage of fair market value stock on date of the grant | 100.00% | |||||
Common stock reserved as percentage of issued and outstanding shares | 30.00% | |||||
Maximum | 2010 Stock Option Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved as percentage of issued and outstanding shares | 30.00% | |||||
Common stock reserved for issuance | 3,494,478 | |||||
Additional shares of common stock available for grant | 0 |
Stock Option Plan - Schedule of
Stock Option Plan - Schedule of Weighted Average Assumption for Fair Value of Option Grant Estimated Using Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Expected volatility | 35.00% | 35.00% |
Expected term | 6 years | 6 years |
Expected dividends | 0.00% | 0.00% |
Risk free rate | 1.93% | 1.84% |
Grant date fair value | $ 6.76 | $ 6.29 |
Stock Option Plan - Summary of
Stock Option Plan - Summary of Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Shares | 2,495,134 |
Granted, Shares | 0 |
Exercised, Shares | (223,334) |
Forfeited or expired, Shares | (10,000) |
Ending Balance, Shares | 2,261,800 |
Options exercisable, Shares | 2,097,804 |
Beginning Balance, Weighted Average Exercise Price | $ / shares | $ 11.26 |
Exercised, Weighted Average Exercise Price | $ / shares | 10.28 |
Forfeited or expired, Weighted Average Exercise Price | $ / shares | 18.25 |
Ending Balance, Weighted Average Exercise Price | $ / shares | 11.32 |
Options exercisable, Weighted Average Exercise Price | $ / shares | $ 10.80 |
Ending Balance, Weighted Average Remaining Contractual Term | 3 years 9 months 18 days |
Options exercisable, Weighted Average Remaining Contractual Term | 3 years 4 months 24 days |
Ending Balance, Aggregate Intrinsic Value | $ | $ 36,297 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 34,755 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | Jan. 02, 2016 | Jan. 01, 2019 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 02, 2017 | Dec. 31, 2016 | Jan. 01, 2015 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||||||
Common equity Tier 1 capital to risk-weighted assets ratio with minimum for capital adequacy | 4.50% | |||||||
Common equity Tier 1 capital to risk-weighted assets ratio with minimum for prompt corrective action purposes | 6.50% | |||||||
Tier 1 capital to risk-weighted assets ratio with minimum for capital adequacy | 6.00% | 6.00% | 6.00% | 4.00% | ||||
Increased Tier 1 capital to risk-weighted assets ratio with minimum for capital adequacy | 6.00% | |||||||
Tier 1 capital to risk-weighted assets ratio with minimum for prompt corrective action purposes | 8.00% | 8.00% | 8.00% | 6.00% | ||||
Increased Tier 1 capital to risk-weighted assets ratio with minimum for prompt corrective action purposes | 8.00% | |||||||
Capital conservation buffer | 0.625% | 2.50% | 11.80% | 2.50% | 2.50% | |||
Capital conservation buffer phased-in on pro rata basis period | 4 years | |||||||
Scenario Forecast | ||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||||||
Capital conservation buffer | 2.50% | |||||||
Minimum | ||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||||||
Regulatory assets | $ 1,000,000,000 | |||||||
Required assets to liabilities ratio after dividend effect | 125.00% | 125.00% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company and Bank Continue to Exceed Regulatory Capital Minimum Requirements and Bank Continues to Exceed Well Capitalized Standards (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2015 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Tier 1 Risk-Based Capital Ratio, Amount | $ 242,192 | $ 232,765 | $ 178,645 | |
Tier 1 Risk-Based Capital Ratio, Ratio | 17.72% | 17.42% | 15.81% | |
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 82,003 | $ 80,163 | $ 67,813 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 6.00% | 6.00% | 6.00% | 4.00% |
Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 109,338 | $ 106,884 | $ 90,417 | |
Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 8.00% | 8.00% | 8.00% | 6.00% |
Total Risk-Based Capital Ratio, Amount | $ 256,725 | $ 246,820 | $ 192,784 | |
Total Risk-Based Capital Ratio, Ratio | 18.78% | 18.47% | 17.06% | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 109,338 | $ 106,884 | $ 90,417 | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% | 8.00% | |
Total Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 136,672 | $ 133,605 | $ 113,021 | |
Total Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 10.00% | 10.00% | 10.00% | |
RBB Bancorp | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Tier 1 Leverage Ratio, Amount | $ 249,304 | $ 238,219 | $ 153,682 | |
Tier 1 Leverage Ratio, Ratio | 15.24% | 14.35% | 10.99% | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 65,439 | $ 66,423 | ||
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% | ||
Tier 1 Leverage Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 81,798 | $ 83,029 | ||
Tier 1 Leverage Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 5.00% | 5.00% | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Amount | $ 245,857 | $ 234,794 | $ 150,786 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Ratio | 17.95% | 17.54% | 13.30% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 61,620 | $ 60,233 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 4.50% | 4.50% | ||
Common Equity Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 89,007 | $ 87,003 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 6.50% | 6.50% | ||
Tier 1 Risk-Based Capital Ratio, Amount | $ 249,304 | $ 238,219 | $ 153,682 | |
Tier 1 Risk-Based Capital Ratio, Ratio | 18.21% | 17.80% | 13.55% | |
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 82,161 | $ 80,311 | ||
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 6.00% | 6.00% | ||
Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 109,547 | $ 107,081 | ||
Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 8.00% | 8.00% | ||
Total Risk-Based Capital Ratio, Amount | $ 313,402 | $ 301,802 | $ 217,244 | |
Total Risk-Based Capital Ratio, Ratio | 22.89% | 22.55% | 19.16% | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 109,547 | $ 107,081 | ||
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% | ||
Total Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 136,934 | $ 133,851 | ||
Total Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 10.00% | 10.00% | ||
Royal Business Bank | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Tier 1 Leverage Ratio, Amount | $ 242,192 | $ 232,765 | $ 178,645 | |
Tier 1 Leverage Ratio, Ratio | 14.84% | 14.50% | 12.81% | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 65,283 | $ 64,214 | $ 55,777 | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% | |
Tier 1 Leverage Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 81,604 | $ 80,267 | $ 69,722 | |
Tier 1 Leverage Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 5.00% | 5.00% | 5.00% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Amount | $ 242,192 | $ 232,765 | $ 178,645 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Ratio | 17.72% | 17.42% | 15.81% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 61,502 | $ 60,122 | $ 50,860 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 4.50% | 4.50% | 4.50% | |
Common Equity Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Amount | $ 88,837 | $ 86,843 | $ 73,464 | |
Common Equity Tier 1 Risk-Based Capital Ratio, To Be Well-Capitalized Under Prompt Corrective Provisions Ratio | 6.50% | 6.50% | 6.50% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Hierarchy and Fair Value for Each Major Category of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | $ 82,848 | $ 64,957 | $ 39,277 |
Other Real Estate Owned | |||
Assets measured at fair value: | |||
Assets measured at fair value on a non-recurring basis | 293 | 293 | 833 |
Government Agency Securities | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 7,482 | 7,816 | 5,317 |
Government Sponsored Agencies | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 37,672 | 39,215 | 23,640 |
Corporate Debt Securities | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 37,694 | 17,926 | 10,320 |
Fair Value Measurements Using Level 2 | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 82,848 | 64,957 | 39,277 |
Fair Value Measurements Using Level 2 | Government Agency Securities | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 7,482 | 7,816 | 5,317 |
Fair Value Measurements Using Level 2 | Government Sponsored Agencies | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 37,672 | 39,215 | 23,640 |
Fair Value Measurements Using Level 2 | Corporate Debt Securities | |||
Assets measured at fair value: | |||
Assets measured at fair value on recurring basis | 37,694 | 17,926 | 10,320 |
Fair Value Measurements Using Level 3 | Other Real Estate Owned | |||
Assets measured at fair value: | |||
Assets measured at fair value on a non-recurring basis | $ 293 | $ 293 | $ 833 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Write-downs to OREO | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Quantitative Information About Non-recurring Level 3 Fair Value Measurements (Detail) - Other Real Estate Owned - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Fair Value Amount | $ 293 | $ 293 | $ 833 |
Fair Value Measurements Using Level 3 | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Fair Value Amount | 293 | 293 | 833 |
Fair Value Measurements Using Level 3 | Third Party Appraisals | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Fair Value Amount | $ 293 | $ 293 | $ 833 |
Fair Value Adjustment | 21.00% | 21.00% | |
Fair Value Measurements Using Level 3 | Third Party Appraisals | Weighted Average | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Fair Value Adjustment | 21.00% | 21.00% | 12.00% |
Fair Value Measurements Using Level 3 | Third Party Appraisals | Minimum | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Fair Value Adjustment | 10.00% | ||
Fair Value Measurements Using Level 3 | Third Party Appraisals | Maximum | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Fair Value Adjustment | 15.00% |
Fair Value of Financial Instr98
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Level and Estimated Fair Value of Significant Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | |||
Cash and due from banks | $ 53,535 | $ 70,048 | $ 74,213 |
Federal funds sold and other cash equivalents | 25,000 | 80,000 | 44,500 |
Interest-earning deposits in other financial institutions | 600 | 600 | 345 |
Investment securities - AFS | 82,848 | 64,957 | 39,277 |
Investment securities - HTM | 9,998 | 10,009 | 6,214 |
Mortgage loans held for sale | 183,391 | 125,847 | 44,345 |
Loans, net | 1,247,971 | 1,235,301 | 1,096,284 |
Investment securities - HTM | 10,020 | 10,250 | 6,553 |
Financial Liabilities: | |||
Deposits | 1,373,504 | 1,337,281 | 1,152,763 |
FHLB advances | 25,000 | ||
Long-term debt | 49,564 | 49,528 | 49,383 |
Subordinated debentures | 3,447 | 3,424 | 3,334 |
Fair Value, Inputs, Level 1 | Fair Value | |||
Financial Assets: | |||
Cash and due from banks | 53,535 | 70,048 | 74,213 |
Federal funds sold and other cash equivalents | 25,000 | 80,000 | 44,500 |
Interest-earning deposits in other financial institutions | 600 | 600 | 345 |
Mortgage loans held for sale | 128,491 | 128,972 | |
Fair Value Measurements Using Level 2 | Fair Value | |||
Financial Assets: | |||
Investment securities - AFS | 82,848 | 64,957 | 39,277 |
Investment securities - HTM | 10,020 | 10,250 | 6,553 |
Mortgage loans held for sale | 128,972 | 45,433 | |
Financial Liabilities: | |||
Deposits | 1,371,213 | 1,336,353 | 1,140,707 |
FHLB advances | 25,000 | ||
Long-term debt | 41,950 | 44,319 | 48,447 |
Fair Value Measurements Using Level 3 | Fair Value | |||
Financial Assets: | |||
Loans, net | 1,288,740 | 1,236,289 | 1,095,944 |
Financial Liabilities: | |||
Subordinated debenture liability | $ 3,625 | $ 3,348 | $ 3,334 |
Earnings Per Share (EPS) - Comp
Earnings Per Share (EPS) - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||
Net income as reported | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Shares outstanding | 16,288,928 | 12,827,803 | 15,908,893 | 12,827,803 | 12,770,571 |
Impact of weighting shares | (206,033) | (1,830,612) | (26,813) | (8,739) | |
Used in basic EPS, Income | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Used in basic EPS, Shares | 16,082,895 | 12,827,803 | 14,078,281 | 12,800,990 | 12,761,832 |
Dilutive effect of outstanding | |||||
Stock options, Shares | 1,079,425 | 897,918 | 1,160,084 | 894,910 | 790,850 |
Used in dilutive EPS, Income | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Used in dilutive EPS, Shares | 17,162,320 | 13,725,721 | 15,238,365 | 13,695,900 | 13,552,682 |
Basic earnings per common share | $ 0.55 | $ 0.43 | $ 1.81 | $ 1.49 | $ 1.02 |
Diluted earnings per common share | $ 0.52 | $ 0.40 | $ 1.68 | $ 1.39 | $ 0.96 |
Earnings Per Share ("EPS") - Ad
Earnings Per Share ("EPS") - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock options | Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Excluded common stock for computation of diluted earnings per share | 0 | 321,000 | 139,225 |
Stock Dividends - Additional In
Stock Dividends - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Stock [Abstract] | |||
Stock dividend issued percentage | 0.00% | 0.00% | 2.50% |
Qualified Affordable Housing102
Qualified Affordable Housing Project Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Investment for qualified affordable housing projects | $ 8,031,000 | $ 5,670,000 | ||
Unfunded commitments related to the investments in qualified affordable housing projects | 6,264,000 | $ 4,194,000 | ||
Expected year in which commitments are fulfilled | 2,027 | |||
Amortization expense | $ 139,000 | $ 22,000 | $ 316,000 | $ 14,000 |
Recognized tax credits from its investment in affordable housing tax credits | 275,000 | 6,000 | ||
Impairment losses | 0 | 0 | ||
Recognized tax credits and other benefits from its investment in affordable housing tax credits | $ 275,000 | $ 12,000 | ||
Maximum | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Expected year in which commitments are fulfilled | 2,028 | |||
Minimum | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Expected year in which commitments are fulfilled | 2,027 |
Parent Only Condensed Financ103
Parent Only Condensed Financial Information - Schedule of Parent Only Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2015 |
Assets | ||||||
Cash and cash equivalents | $ 53,535 | $ 70,048 | $ 74,213 | |||
Total assets | 1,715,104 | 1,691,059 | 1,395,551 | |||
Liabilities and Shareholders' Equity | ||||||
Long-term debt | 49,564 | 49,528 | 49,383 | |||
Subordinated debentures | 3,447 | 3,424 | 3,334 | |||
Total liabilities | 1,439,282 | 1,425,883 | 1,213,966 | |||
Shareholders' equity: | ||||||
Common Stock | 210,595 | 205,927 | 142,651 | |||
Additional paid-in capital | 7,429 | 8,426 | 8,417 | |||
Retained earnings | 58,838 | 51,266 | 30,784 | |||
Accumulated other comprehensive income (loss) | (1,040) | (443) | (267) | |||
Total shareholders' equity | 275,822 | 265,176 | $ 183,496 | 181,585 | $ 163,645 | $ 151,981 |
Total liabilities and shareholders' equity | $ 1,715,104 | 1,691,059 | 1,395,551 | |||
RBB Bancorp | ||||||
Assets | ||||||
Cash and cash equivalents | 45,769 | 17,497 | ||||
Other assets | 3,538 | 1,455 | ||||
Total assets | 318,597 | 234,804 | ||||
Liabilities and Shareholders' Equity | ||||||
Long-term debt | 49,528 | 49,383 | ||||
Subordinated debentures | 3,424 | 3,334 | ||||
Other liabilities | 36 | 8 | ||||
Total liabilities | 52,989 | 52,725 | ||||
Shareholders' equity: | ||||||
Common Stock | 205,927 | 142,651 | ||||
Additional paid-in capital | 8,426 | 8,417 | ||||
Retained earnings | 51,697 | 31,278 | ||||
Accumulated other comprehensive income (loss) | (443) | (267) | ||||
Total shareholders' equity | 265,608 | 182,079 | ||||
Total liabilities and shareholders' equity | 318,597 | 234,804 | ||||
RBB Bancorp | Royal Business Bank | ||||||
Assets | ||||||
Investment | 263,022 | 209,727 | ||||
RBB Bancorp | Royal Asset Management | ||||||
Assets | ||||||
Investment | $ 6,268 | $ 6,125 |
Parent Only Condensed Financ104
Parent Only Condensed Financial Information - Schedule of Parent Only Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Income and Comprehensive Income | |||||
Interest expense | $ 3,732 | $ 3,245 | $ 13,938 | $ 11,707 | $ 6,936 |
Noninterest expense | 8,289 | 6,578 | 27,623 | 27,906 | 20,084 |
Income before income taxes | 10,427 | 9,368 | 46,797 | 32,568 | 21,969 |
Income tax benefit | (1,580) | (3,875) | (21,269) | (13,489) | (8,996) |
Net income | 8,847 | 5,493 | 25,528 | 19,079 | 12,973 |
Other comprehensive income (loss) | (597) | 68 | (104) | (74) | (141) |
Total comprehensive income | $ 8,250 | $ 5,561 | 25,424 | 19,005 | 12,832 |
RBB Bancorp | |||||
Consolidated Statements of Income and Comprehensive Income | |||||
Interest expense | 3,629 | 2,728 | |||
Noninterest expense | 704 | 123 | 298 | ||
Loss before equity in undistributed income of subsidiaries | (4,334) | (2,851) | (298) | ||
Income before income taxes | 23,430 | 17,906 | 12,816 | ||
Income tax benefit | 2,036 | 1,173 | 125 | ||
Net income | 25,466 | 19,079 | 12,941 | ||
Other comprehensive income (loss) | (104) | (74) | (141) | ||
Total comprehensive income | 25,362 | 19,005 | 12,800 | ||
RBB Bancorp | Royal Business Bank | |||||
Consolidated Statements of Income and Comprehensive Income | |||||
Equity in undistributed income | 27,620 | 20,483 | 12,310 | ||
RBB Bancorp | Royal Asset Management | |||||
Consolidated Statements of Income and Comprehensive Income | |||||
Equity in undistributed income | $ 143 | $ 274 | $ 804 |
Parent Only Condensed Financ105
Parent Only Condensed Financial Information - Schedule of Parent Only Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||
Net income | $ 8,847 | $ 5,493 | $ 25,528 | $ 19,079 | $ 12,973 |
Net cash from operating activities | (21,503) | (12,443) | 28,783 | 56,219 | 29,095 |
Cash flows from investment activities: | |||||
Net cash from investing activities | (63,497) | (40,444) | (264,446) | 7,202 | (105,380) |
Cash flows from financing activities: | |||||
Issuance of subordinated debentures, net of issuance costs | 49,274 | ||||
Issuance of common stock, net of issuance costs | 60,210 | ||||
Cash dividends paid | (1,275) | (3,848) | (5,118) | (2,554) | (3,114) |
Stock options exercised | 3,540 | 2,296 | 595 | 491 | |
Net cash from financing activities | 13,487 | 101,721 | 266,998 | (58,599) | 83,481 |
Net increase in cash and cash equivalents | (71,513) | 48,834 | 31,335 | 4,822 | 7,196 |
RBB Bancorp | |||||
Cash flows from operating activities: | |||||
Net income | 25,466 | 19,079 | 12,941 | ||
Net amortization of other | 235 | 188 | |||
Provision for deferred income taxes | 1,807 | (1,172) | (125) | ||
Undistributed income of subsidiaries | (27,763) | (20,757) | (13,114) | ||
Change in other assets and liabilities | (3,861) | (159) | 135 | ||
Net cash from operating activities | (4,116) | (2,821) | (163) | ||
Cash flows from investment activities: | |||||
Outlays for business acquisitions | (839) | ||||
Investment in subsidiaries | (25,000) | (35,000) | 5,000 | ||
Net cash from investing activities | (25,000) | (35,839) | 5,000 | ||
Cash flows from financing activities: | |||||
Issuance of subordinated debentures, net of issuance costs | 49,274 | ||||
Issuance of common stock, net of issuance costs | 60,210 | ||||
Cash dividends paid | (5,118) | (2,554) | (3,114) | ||
Stock options exercised | 2,296 | 585 | 470 | ||
Net cash from financing activities | 57,388 | 47,305 | (2,644) | ||
Net increase in cash and cash equivalents | 28,272 | 8,645 | 2,193 | ||
Cash and cash equivalents beginning of year | $ 45,769 | $ 17,497 | 17,497 | 8,852 | 6,659 |
Cash and cash equivalents end of year | $ 45,769 | $ 17,497 | $ 8,852 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 18, 2018 | Jan. 17, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2018 |
Subsequent Event [Line Items] | ||||||||
Cash dividends declared per common share | $ 0.08 | $ 0.30 | $ 0.38 | $ 0.20 | $ 0.25 | |||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash dividends declared per common share | $ 0.08 | |||||||
Cash dividend declared date | Apr. 18, 2018 | Jan. 17, 2018 | ||||||
Cash dividend payable date | May 15, 2018 | Feb. 15, 2018 | ||||||
Cash dividend declared, record date | Apr. 30, 2018 | Jan. 31, 2018 | ||||||
Cash dividend payable amount | $ 1,275,000 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Finite Lived Intangible Assets And Goodwill [Line Items] | |||||
Goodwill | $ 29,940,000 | $ 29,940,000 | $ 29,940,000 | ||
Impairment losses recognized on goodwill | 0 | $ 0 | 0 | 0 | |
Amortization of intangibles | 81,000 | 94,000 | 355,000 | 372,000 | $ 117,000 |
Core Deposit Intangible | |||||
Schedule Of Finite Lived Intangible Assets And Goodwill [Line Items] | |||||
Unamortized balance of intangible assets | 1,357,000 | 1,438,000 | 1,793,000 | ||
Amortization of intangibles | $ 81,000 | $ 94,000 | $ 355,000 | $ 372,000 | $ 117,000 |
Core Deposit Intangible | Minimum | |||||
Schedule Of Finite Lived Intangible Assets And Goodwill [Line Items] | |||||
Intangible assets, estimated useful life | 8 years | 8 years | |||
Core Deposit Intangible | Maximum | |||||
Schedule Of Finite Lived Intangible Assets And Goodwill [Line Items] | |||||
Intangible assets, estimated useful life | 10 years | 10 years |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Rent Payments on Company's Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
2018 remaining | $ 1,338 | |
2,019 | 1,625 | $ 1,625 |
2,020 | 1,396 | 1,396 |
2,021 | 1,312 | 1,312 |
2,022 | 1,089 | 1,029 |
Thereafter | 4,117 | 4,102 |
Total | $ 10,877 | $ 11,321 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||||
Total rental expense, recognized on straight-line basis | $ 437,000 | $ 381,000 | $ 1,500,000 | $ 1,600,000 | $ 1,200,000 |
Recent Developments - Additiona
Recent Developments - Additional Information (Detail) - USD ($) | Apr. 23, 2018 | Apr. 18, 2018 | Jan. 17, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Recent Developments [Line Items] | |||||||
Common stock, par value | |||||||
Subsequent Event | |||||||
Recent Developments [Line Items] | |||||||
Cash dividend declared date | Apr. 18, 2018 | Jan. 17, 2018 | |||||
Cash dividends declared per share | $ 0.09 | ||||||
Cash dividend payable date | May 15, 2018 | Feb. 15, 2018 | |||||
Cash dividend declared, record date | Apr. 30, 2018 | Jan. 31, 2018 | |||||
Subsequent Event | Merger Agreement | First American International Corporation | |||||||
Recent Developments [Line Items] | |||||||
Repurchase of outstanding preferred stock | $ 17,000,000 | ||||||
Amount committed to lend FAIC for repurchase of outstanding preferred stock | $ 17,000,000 | ||||||
Committed to lend FAIC for repurchase of outstanding preferred stock, maximum period | 1 month | ||||||
Subsequent Event | Convertible Common Stock | Merger Agreement | |||||||
Recent Developments [Line Items] | |||||||
Common stock shares issued | 1.3472 | ||||||
Common stock, par value | |||||||
Common stock purchase price, per share | $ 15.30 | ||||||
Exercise price of common stock options excluded from share price | $ 51 |