Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Dec. 17, 2014 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TBK | |
Entity Registrant Name | TRIUMPH BANCORP, INC. | |
Entity Central Index Key | 1539638 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,963,783 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $21,567 | $25,352 |
Interest-bearing deposits with other banks | 54,058 | 60,445 |
Total cash and cash equivalents | 75,625 | 85,797 |
Securities - available for sale | 165,489 | 184,654 |
Securities - held to maturity, fair value of $750 and $745, respectively | 745 | 743 |
Loans held for sale | 7,295 | 5,393 |
Loans | 977,139 | 881,099 |
Allowance for loan and lease losses | -7,320 | -3,645 |
Loans, net | 969,819 | 877,454 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 5,826 | 5,802 |
Premises and equipment, net | 21,744 | 23,344 |
Other real estate owned (OREO), net | 10,019 | 13,783 |
Goodwill and intangible assets, net | 29,783 | 28,518 |
Bank-owned life insurance | 28,955 | 28,554 |
Other assets | 32,498 | 34,197 |
Total assets | 1,347,798 | 1,288,239 |
Deposits | ||
Noninterest bearing | 154,750 | 150,238 |
Interest bearing | 950,874 | 894,616 |
Total deposits | 1,105,624 | 1,044,854 |
Customer repurchase agreements | 15,644 | 11,330 |
Federal Home Loan Bank advances | 21,000 | |
Senior secured note | 11,630 | 12,573 |
Junior subordinated debentures | 24,359 | 24,171 |
Other liabilities | 14,713 | 13,714 |
Total liabilities | 1,171,970 | 1,127,642 |
Commitments and contingencies - See Note 10 | ||
Stockholders’ equity | ||
Common stock | 99 | 98 |
Additional paid-in-capital | 105,304 | 104,631 |
Treasury stock, at cost | -68 | |
Retained earnings | 34,014 | 18,992 |
Accumulated other comprehensive income | 836 | 133 |
Total stockholders’ equity | 149,931 | 133,600 |
Noncontrolling interests | 25,897 | 26,997 |
Total equity | 175,828 | 160,597 |
Total liabilities and equity | 1,347,798 | 1,288,239 |
Preferred Class A | ||
Stockholders’ equity | ||
Preferred Stock Series A | 4,550 | 4,550 |
Preferred Class B | ||
Stockholders’ equity | ||
Preferred Stock Series A | $5,196 | $5,196 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Securities - Held to maturity, Fair value | $750 | $745 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ||||
Interest and fees on loans | $13,706 | $3,915 | $41,942 | $10,356 |
Interest and fees on factored receivables | 7,681 | 4,881 | 19,791 | 12,733 |
Interest and dividends on securities | 666 | 179 | 1,986 | 607 |
Interest on tax exempt securities | 15 | 46 | ||
Interest on cash deposits | 50 | 46 | 185 | 92 |
Total interest income | 22,118 | 9,021 | 63,950 | 23,788 |
Interest expense: | ||||
Deposits | 1,289 | 890 | 3,538 | 2,457 |
Federal Home Loan Bank advances | 19 | 3 | 43 | 5 |
Senior secured note | 134 | 411 | ||
Junior subordinated debentures | 276 | 819 | ||
Other | 5 | 8 | 1 | |
Total interest expense | 1,723 | 893 | 4,819 | 2,463 |
Net interest income | 20,395 | 8,128 | 59,131 | 21,325 |
Provision for loan losses | 1,375 | 1,735 | 4,047 | 2,355 |
Net interest income after provision for loan losses | 19,020 | 6,393 | 55,084 | 18,970 |
Noninterest income: | ||||
Service charges on deposits | 838 | 2,451 | ||
Card income | 544 | 1,582 | ||
Net realized gains (losses) and valuation adjustments on OREO | -11 | 87 | -340 | 67 |
Net gains on sale of loans | 484 | 276 | 1,058 | 352 |
Fee income | 448 | 324 | 1,267 | 834 |
Gain on branch sale | 12,619 | 12,619 | ||
Asset management fees | 374 | 503 | ||
Other | 508 | 30 | 1,906 | 238 |
Total noninterest income | 15,804 | 717 | 21,046 | 1,491 |
Noninterest expense: | ||||
Salaries and employee benefits | 11,032 | 4,540 | 29,379 | 12,415 |
Occupancy, furniture and equipment | 1,333 | 488 | 3,960 | 1,346 |
FDIC insurance assessment | 280 | 79 | 821 | 216 |
Carrying costs for OREO | 73 | 28 | 305 | 181 |
Professional fees | 1,043 | 345 | 2,428 | 1,005 |
Amortization of intangible assets | 746 | 2,196 | ||
Advertising and promotion | 1,102 | 175 | 2,228 | 460 |
Communications and technology | 954 | 230 | 2,787 | 659 |
Other | 1,898 | 662 | 5,413 | 1,785 |
Total noninterest expense | 18,461 | 6,547 | 49,517 | 18,067 |
Net income before income tax | 16,363 | 563 | 26,613 | 2,394 |
Income tax expense | 6,089 | 211 | 9,631 | 684 |
Net income | 10,274 | 352 | 16,982 | 1,710 |
Effect of noncontrolling interests and preferred shares | -779 | -116 | -2,054 | -1,189 |
Net income available to common stockholders | $9,495 | $236 | $14,928 | $521 |
Earnings per common share | ||||
Basic | $0.96 | $0.03 | $1.52 | $0.06 |
Diluted | $0.91 | $0.03 | $1.47 | $0.06 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $10,274 | $352 | $16,982 | $1,710 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period | -31 | -70 | 1,138 | -326 |
Reclassification of amount realized through sale of securities | 10 | -26 | ||
Tax effect | 16 | 24 | -409 | 111 |
Total other comprehensive income (loss) | -5 | -46 | 703 | -215 |
Comprehensive income | 10,269 | 306 | 17,685 | 1,495 |
Income attributable to noncontrolling interests | -779 | -116 | -2,054 | -1,189 |
Comprehensive income attributable to common stockholders | $9,490 | $190 | $15,631 | $306 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Additional Paid-in-Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | TBI Series A Preferred dividends | TBI Series A Preferred dividends | Series T-1 and T-2 dividends | Series T-1 and T-2 dividends | TBI Series B Preferred dividends | TBI Series B Preferred dividends | Preferred Stock - Series A | Series B Preferred Stock |
In Thousands, except Share data | Retained Earnings | Retained Earnings | Retained Earnings | ||||||||||||
Beginning Balance at Dec. 31, 2012 | $63,474 | $46 | $43,924 | $7,086 | $456 | $6,962 | $5,000 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2012 | 4,586,356 | 50,000 | |||||||||||||
Exchange offer | -461 | 5 | 6,307 | -461 | -5,862 | -450 | |||||||||
Exchange offer (in shares) | 545,069 | 4,500 | |||||||||||||
Common stock issuance, net of costs | 42,402 | 37 | 42,365 | ||||||||||||
Common stock issuance, net of cost (in shares) | 3,672,115 | ||||||||||||||
Stock based compensation | 86 | 86 | |||||||||||||
Preferred dividends | -188 | -188 | -542 | -542 | |||||||||||
Net income | 1,710 | 1,710 | |||||||||||||
Other comprehensive income (loss) | -215 | -215 | |||||||||||||
Ending Balance at Sep. 30, 2013 | 106,266 | 88 | 92,682 | 7,605 | 241 | 1,100 | 4,550 | ||||||||
Ending Balance (in shares) at Sep. 30, 2013 | 8,803,540 | 45,500 | |||||||||||||
Beginning Balance at Dec. 31, 2013 | 160,597 | 98 | 104,631 | 18,992 | 133 | 26,997 | 4,550 | 5,196 | |||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 9,832,585 | 45,500 | 51,956 | ||||||||||||
Common stock issuance, net of costs | 6 | 6 | |||||||||||||
Common stock issuance, net of cost (in shares) | 444 | ||||||||||||||
Stock based compensation | 613 | 613 | |||||||||||||
Preferred dividends | -64 | -64 | -272 | -272 | -1,313 | -1,313 | -311 | -311 | |||||||
Net income | 16,982 | 16,982 | |||||||||||||
Other comprehensive income (loss) | 703 | 703 | |||||||||||||
Vesting of restricted stock units | 55 | 1 | 54 | ||||||||||||
Vesting of restricted stock units (in shares) | 58,395 | ||||||||||||||
Purchase of treasury stock | -68 | -68 | |||||||||||||
Purchase of treasury stock (in share) | -4,646 | 4,646 | |||||||||||||
TCF Class B redemption | -1,100 | -1,100 | |||||||||||||
Ending Balance at Sep. 30, 2014 | $175,828 | $99 | $105,304 | ($68) | $34,014 | $836 | $25,897 | $4,550 | $5,196 | ||||||
Ending Balance (in shares) at Sep. 30, 2014 | 9,886,778 | 4,646 | 45,500 | 51,956 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ||
Net income | $16,982 | $1,710 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,406 | 403 |
Net accretion on loans and deposits | -7,313 | -1,515 |
Amortization of junior subordinated debentures | 188 | |
Net amortization on securities | 782 | 314 |
Amortization of intangible assets | 2,196 | |
Deferred taxes | 17 | 474 |
Provision for loan losses | 4,047 | 2,355 |
Stock based compensation | 613 | 86 |
Origination of loans held for sale | -42,283 | |
Proceeds from loan sales | 48,562 | 15,319 |
Net gain on sales of securities | -26 | |
Net gain on sales of loans | -1,058 | -352 |
Net realized losses (gains) and valuation adjustments on OREO | 340 | -67 |
Gain on branch sale | -12,619 | |
Decrease in OREO | 7 | |
Decrease in other assets | 905 | 242 |
Increase in other liabilities | 1,057 | 1,157 |
Net cash provided by operating activities | 13,803 | 20,126 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | -15,040 | |
Proceeds from sales of securities available for sale | 10,859 | 0 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 23,700 | 6,158 |
Net originations of loans | -129,472 | -70,809 |
Purchases of premises and equipment, net | -2,016 | -425 |
Net proceeds from sale of OREO | 3,792 | 1,423 |
Net proceeds from CLO warehouse investments | 50 | |
Purchase of FHLB and Federal Reserve Bank stock | -24 | -107 |
Net proceeds from sale of branch | 57,409 | |
Cash paid for acquisitions | -49,482 | |
Net cash used in investing activities | -100,224 | -63,760 |
Cash flows from financing activities: | ||
Net increase in deposits | 96,945 | 58,240 |
Increase in customer repurchase agreements | 4,314 | |
Decrease in Federal Home Loan Bank advances | -21,000 | -10,500 |
Repayment of senior secured note | -943 | |
Exchange offer | -461 | |
Issuance of common stock | 61 | 42,402 |
Purchase of Treasury Stock | -68 | |
Distributions on noncontrolling interest and preferred stock | -1,960 | -730 |
Redemption of TCF Class B units | -1,100 | |
Net cash provided by financing activities | 76,249 | 88,951 |
Net (decrease) increase in cash and cash equivalents | -10,172 | 45,317 |
Cash and cash equivalents at beginning of period | 85,797 | 15,784 |
Cash and cash equivalents at end of period | 75,625 | 61,101 |
Supplemental cash flow information: | ||
Interest paid | 6,345 | 2,416 |
Income taxes paid | 5,720 | 717 |
Supplemental noncash disclosures: | ||
Transfers from loans to OREO | 375 | 1,445 |
Loan transfers to branch assets held for sale | 78,071 | |
Premises and equipment transferred to branch assets held for sale | $2,260 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations. Triumph Bancorp, Inc. (collectively with its subsidiaries, “TBI”, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of TBI and its wholly owned subsidiaries Triumph Capital Advisors, LLC (TCA), Triumph CRA Holdings, LLC (TCRA), National Bancshares, Inc. (NBI), NBI’s wholly owned subsidiary Triumph Community Bank, N.A. (TCB), Triumph Savings Bank, SSB (TSB), TSB’s majority owned subsidiary Triumph Commercial Finance LLC (TCF), TCF’s wholly owned subsidiary Advance Business Capital LLC (ABC), which currently operates under the d/b/a of Triumph Business Capital, and TSB’s wholly owned subsidiary Triumph Insurance Group (TIG). In addition, (i) TSB does business under the Triumph Commercial Finance name with respect to its commercial finance business, including asset based lending, equipment lending and general factoring and (ii) TCB does business under the Triumph Healthcare Finance name with respect to its healthcare asset based lending business. | |
In the third quarter of 2014, the TCF entity was dissolved and ABC became a wholly owned subsidiary of TSB. | |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto for the fiscal years ended December 31, 2013 and 2012. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Furthermore, the acquisition of National Bancshares, Inc. during the fourth quarter of 2013 may impact the comparability of year to date 2014 versus year to date 2013 comparable information. The Company has three reportable segments consisting of Factoring, Banking, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. | |
The consolidated financial statements as of and for the year ended December 31, 2013 and accompanying notes and other detailed information can be found in the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission and declared effective on November 6, 2014. | |
Adoption of New Accounting Standards: | |
On January 1, 2013 the Company adopted Accounting Standards Update (ASU) 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires the Company to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in the Company’s consolidated statement of comprehensive income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. The adoption of this ASU is reflected in the accompanying consolidated statements of comprehensive income. | |
Newly Issued, But Not Yet Effective Accounting Standards: | |
In January of 2014, FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors.” ASU 2014-04 affects all creditors when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable has occurred. The ASU is effective for fiscal periods beginning after December 15, 2014. Adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Business_Combinations_and_Dive
Business Combinations and Divestitures | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Business Combinations [Abstract] | |||||||
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES | ||||||
Sale of Pewaukee Branch | |||||||
On July 11, 2014, Triumph Community Bank sold its operating branch in Pewaukee, Wisconsin, which constituted its sole branch in the state, to a third party for net cash proceeds of $57,409. Under the terms of the agreement, the acquirer assumed branch deposits of $36,326, purchased selected loans in the local market with a carrying amount of $78,071, and acquired the premises and equipment associated with the branch. The transaction resulted in the Company recording a pre-tax gain of $12,619, net of transaction costs. | |||||||
Doral Healthcare Acquisition | |||||||
On June 13, 2014, Triumph Bancorp, Inc., through its subsidiary, Triumph Community Bank, acquired the lending platform and certain assets of Doral Healthcare Finance (DHF), an asset based lender focused exclusively on the healthcare industry. DHF was a division of Doral Money, which is a subsidiary of Doral Bank. The purpose of the acquisition was to enhance the Company’s commercial finance offerings. In conjunction with the acquisition, Doral Healthcare Finance has been rebranded Triumph Healthcare Finance. The acquisition was not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. | |||||||
The Company acquired loans with a fair value of $45,334 at the acquisition date in addition to other assets and liabilities. Under the terms of the agreement, the Company paid cash in the amount of $49,482 and recognized $1,921 in goodwill that was allocated to the Company’s Banking segment. Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets acquired. Goodwill resulted from a combination of expected enhanced service offerings and cross-selling opportunities. Goodwill will be amortized for tax purposes, but not for financial reporting purposes. | |||||||
DHF’s results of operations are included in the Company’s results since the acquisition date. | |||||||
A summary of the fair values of assets acquired, liabilities assumed, consideration paid, and the resulting goodwill is as follows: | |||||||
Assets acquired: | |||||||
Loans | $ | 45,334 | |||||
Customer relationship intangible | 2,029 | ||||||
Premises and equipment | 50 | ||||||
Other assets | 276 | ||||||
$ | 47,689 | ||||||
Liabilities assumed: | |||||||
Customer deposits | 128 | ||||||
Fair value of net assets acquired | $ | 47,561 | |||||
Cash paid | 49,482 | ||||||
Goodwill | $ | 1,921 | |||||
Information about the acquired loan portfolio subject to purchased credit impaired (PCI) loan accounting guidance as of the acquisition date is as follows: | |||||||
PCI Loans: | |||||||
PCI | |||||||
Contractual balance at acquisition | $ | 5,009 | |||||
Contractual cash flows not expected to be collected | (873 | ) | |||||
(nonaccretable difference) | |||||||
Expected cash flows at acquisition | $ | 4,136 | |||||
Accretable yield | (482 | ) | |||||
Fair value of acquired PCI loans | $ | 3,654 | |||||
Loans acquired and not otherwise classified as PCI are predominately short term in nature and had a gross contractual balance and fair value at acquisition of $41,680. Substantially all contractual cash flows have been collected on all non-PCI loans acquired. | |||||||
NBI Acquisition | |||||||
Effective October 15, 2013, TBI acquired 100% of NBI, and thereby acquired THE National Bank due to NBI’s 100% ownership of THE National Bank. During 2014, THE National Bank was renamed Triumph Community Bank. The primary expected benefits of the acquisition are to (i) provide the Company with increased access to low cost stable core deposit funding and (ii) create the opportunity to achieve improved operating efficiency through the scale provided by a larger consolidated balance sheet. | |||||||
The Company recorded the assets acquired and the liabilities assumed in the acquisition of NBI at their respective fair values as of the acquisition date. In conjunction with the acquisition, the Company recognized a bargain purchase gain of $9,014 during the fourth quarter of 2013. | |||||||
TCB’s results of operations are included in the Company’s results since the acquisition date. | |||||||
A summary of the fair values of assets acquired, liabilities assumed, consideration paid and the resulting bargain purchase gain is as follows: | |||||||
Assets acquired: | |||||||
Cash and cash equivalents | $ | 89,990 | |||||
Securities | 160,450 | ||||||
Loans | 568,358 | ||||||
FHLB and Federal Reserve Bank stock | 4,507 | ||||||
Premises and equipment | 19,358 | ||||||
Other real estate owned | 11,285 | ||||||
Intangible assets | 15,091 | ||||||
Bank-owned life insurance | 28,435 | ||||||
Deferred income taxes | 17,237 | ||||||
Other assets | 22,023 | ||||||
936,734 | |||||||
Liabilities assumed: | |||||||
Deposits | 793,256 | ||||||
Customer repurchase agreements | 19,927 | ||||||
Senior secured note | 11,858 | ||||||
Junior subordinated debentures | 24,120 | ||||||
Federal Home Loan Bank advances | 5,003 | ||||||
Accrued interest and dividends payable | 7,282 | ||||||
Other liabilities | 7,988 | ||||||
869,434 | |||||||
Fair value of net assets acquired | 67,300 | ||||||
Cash paid to NBI common and preferred shareholders | 15,277 | ||||||
Common stock issued by TBI (1,029,045 shares) | 11,916 | ||||||
TBI Preferred stock Series B Issued | 5,196 | ||||||
Senior Preferred Stock, Series T-1 and T-2 assumed | 25,897 | ||||||
Consideration paid | 58,286 | ||||||
Bargain Purchase Gain | $ | (9,014 | ) | ||||
The consideration paid was comprised of a combination of cash and TBI common and preferred stock to all NBI stockholders, and the assumption of NBI’s Senior Preferred Stock, Series T-1 and T-2, classified as noncontrolling interest in the consolidated statements of changes in equity. | |||||||
In addition to the consideration paid TBI (i) retired the outstanding balance of NBI’s $11,858 senior secured note and (ii) retired all $3,640 of NBI’s senior convertible notes outstanding with cash. | |||||||
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||
Securities | NOTE 3 - SECURITIES | ||||||||||||||||||||||||
Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 90,577 | $ | 212 | $ | (52 | ) | $ | 90,737 | ||||||||||||||||
Mortgage-backed securities, residential | 30,130 | 584 | (1 | ) | 30,713 | ||||||||||||||||||||
Asset backed securities | 18,632 | 192 | (29 | ) | 18,795 | ||||||||||||||||||||
State and municipal | 7,879 | 219 | — | 8,098 | |||||||||||||||||||||
Corporate bonds | 16,758 | 173 | — | 16,931 | |||||||||||||||||||||
SBA pooled securities | 212 | 3 | — | 215 | |||||||||||||||||||||
Total available for sale securities | $ | 164,188 | $ | 1,383 | $ | (82 | ) | $ | 165,489 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other - State of Israel bonds | $ | 745 | $ | 5 | $ | — | $ | 750 | |||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 95,967 | $ | 91 | $ | (224 | ) | $ | 95,834 | ||||||||||||||||
Mortgage-backed securities, residential | 35,931 | 355 | (1 | ) | 36,285 | ||||||||||||||||||||
Asset backed securities | 18,811 | 34 | (6 | ) | 18,839 | ||||||||||||||||||||
State and municipal | 8,989 | 20 | (4 | ) | 9,005 | ||||||||||||||||||||
Corporate bonds | 20,817 | 62 | (36 | ) | 20,843 | ||||||||||||||||||||
Trust preferred | 3,706 | — | (106 | ) | 3,600 | ||||||||||||||||||||
SBA pooled securities | 244 | 4 | — | 248 | |||||||||||||||||||||
Total available for sale securities | $ | 184,465 | $ | 566 | $ | (377 | ) | $ | 184,654 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other - State of Israel bonds | $ | 743 | $ | 2 | $ | — | $ | 745 | |||||||||||||||||
The amortized cost and estimated fair value of securities at September 30, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Securities Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 1,336 | $ | 1,338 | $ | 225 | $ | 225 | |||||||||||||||||
Due from one year to five years | 94,588 | 94,900 | 520 | 525 | |||||||||||||||||||||
Due from five years to ten years | 17,699 | 17,846 | — | — | |||||||||||||||||||||
Due after ten years | 1,591 | 1,682 | — | — | |||||||||||||||||||||
115,214 | 115,766 | 745 | 750 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 30,130 | 30,713 | — | — | |||||||||||||||||||||
Asset backed securities | 18,632 | 18,795 | — | — | |||||||||||||||||||||
SBA pooled securities | 212 | 215 | — | — | |||||||||||||||||||||
$ | 164,188 | $ | 165,489 | $ | 745 | $ | 750 | ||||||||||||||||||
For the three and nine months ended September 30, 2014, securities were sold resulting in proceeds of $4,065 and $10,859, respectively, gross gains of $10 and $35, respectively, and gross losses of $0 and $9, respectively. There were no sales of securities for the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||
Securities with a carrying amount of approximately $96,031 and $87,434 at September 30, 2014 and December 31, 2013, respectively, were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank advances, and for other purposes required or permitted by law. | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at September 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 14,644 | $ | (52 | ) | $ | — | $ | — | $ | 14,644 | $ | (52 | ) | |||||||||||
Mortgage-backed securities, residential | 184 | (1 | ) | — | — | 184 | (1 | ) | |||||||||||||||||
Asset backed securities | 9,789 | (29 | ) | — | — | 9,789 | (29 | ) | |||||||||||||||||
State and municipal | — | — | — | — | — | — | |||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | |||||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 24,617 | $ | (82 | ) | $ | — | $ | — | $ | 24,617 | $ | (82 | ) | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 38,890 | $ | (222 | ) | $ | 1,849 | $ | (2 | ) | $ | 40,739 | $ | (224 | ) | ||||||||||
Mortgage-backed securities, residential | 800 | (1 | ) | — | — | 800 | (1 | ) | |||||||||||||||||
Asset backed securities | 4,913 | (6 | ) | — | — | 4,913 | (6 | ) | |||||||||||||||||
State and municipal | 1,481 | (4 | ) | — | — | 1,481 | (4 | ) | |||||||||||||||||
Corporate bonds | 8,419 | (36 | ) | — | — | 8,419 | (36 | ) | |||||||||||||||||
Trust preferred | 3,600 | (106 | ) | — | — | 3,600 | (106 | ) | |||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 58,103 | $ | (375 | ) | $ | 1,849 | $ | (2 | ) | $ | 59,952 | $ | (377 | ) | |||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
As of September 30, 2014, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of September 30, 2014, management believes the unrealized losses detailed in the previous table are temporary and no other than temporary impairment loss has been recognized in the Company’s consolidated statements of income. |
Loans_and_Allowance_for_Loan_a
Loans and Allowance for Loan and Lease Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Loans And Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan and Lease Losses | TRIUMPH BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | |||||||||||||||||||||||||||||||||
Loans at September 30, 2014 and December 31, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 261,836 | $ | 331,462 | |||||||||||||||||||||||||||||
Construction, land development, land | 45,996 | 37,626 | |||||||||||||||||||||||||||||||
1-4 family residential properties | 80,419 | 91,301 | |||||||||||||||||||||||||||||||
Farmland | 20,059 | 20,294 | |||||||||||||||||||||||||||||||
Total real estate | 408,310 | 480,683 | |||||||||||||||||||||||||||||||
Commercial | 340,316 | 255,655 | |||||||||||||||||||||||||||||||
Factored receivables | 169,112 | 117,370 | |||||||||||||||||||||||||||||||
Consumer | 12,527 | 13,878 | |||||||||||||||||||||||||||||||
Mortgage warehouse | 46,874 | 13,513 | |||||||||||||||||||||||||||||||
Total | 977,139 | 881,099 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (7,320 | ) | (3,645 | ) | |||||||||||||||||||||||||||||
$ | 969,819 | $ | 877,454 | ||||||||||||||||||||||||||||||
Total loans include net deferred origination fees and costs totaling $1,173 and $997 at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
Loans with carrying amounts of $143,971 and $166,688 at September 30, 2014 and December 31, 2013, respectively, were pledged to secure Federal Home Loan Bank advance capacity. | |||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses: The activity in the allowance for loan and lease losses (ALLL) during the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 463 | $ | (78 | ) | $ | — | $ | 1 | $ | 386 | ||||||||||||||||||||||
Construction, land development, land | 242 | 198 | (100 | ) | — | 340 | |||||||||||||||||||||||||||
1-4 family residential properties | 197 | 56 | (74 | ) | 3 | 182 | |||||||||||||||||||||||||||
Farmland | 11 | 2 | — | — | 13 | ||||||||||||||||||||||||||||
Total real estate | 913 | 178 | (174 | ) | 4 | 921 | |||||||||||||||||||||||||||
Commercial | 2,332 | 722 | - | 3 | 3,057 | ||||||||||||||||||||||||||||
Factored receivables | 2,838 | 397 | (119 | ) | 21 | 3,137 | |||||||||||||||||||||||||||
Consumer | 96 | 34 | (100 | ) | 57 | 87 | |||||||||||||||||||||||||||
Mortgage warehouse | 74 | 44 | — | — | 118 | ||||||||||||||||||||||||||||
$ | 6,253 | $ | 1,375 | $ | (393 | ) | $ | 85 | $ | 7,320 | |||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 252 | $ | (154 | ) | $ | — | $ | 129 | $ | 227 | ||||||||||||||||||||||
Construction, land development, land | 46 | (7 | ) | — | — | 39 | |||||||||||||||||||||||||||
1-4 family residential properties | 98 | (34 | ) | (19 | ) | 25 | 70 | ||||||||||||||||||||||||||
Farmland | 5 | (1 | ) | — | — | 4 | |||||||||||||||||||||||||||
Total real estate | 401 | (196 | ) | (19 | ) | 154 | 340 | ||||||||||||||||||||||||||
Commercial | 502 | 1,538 | (1,473 | ) | — | 567 | |||||||||||||||||||||||||||
Factored receivables | 1,532 | 370 | (121 | ) | 3 | 1,784 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | 15 | 23 | — | — | 38 | ||||||||||||||||||||||||||||
$ | 2,450 | $ | 1,735 | $ | (1,613 | ) | $ | 157 | $ | 2,729 | |||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 348 | $ | 35 | $ | — | $ | 3 | $ | 386 | |||||||||||||||||||||||
Construction, land development, land | 110 | 330 | (100 | ) | — | 340 | |||||||||||||||||||||||||||
1-4 family residential properties | 100 | 240 | (264 | ) | 106 | 182 | |||||||||||||||||||||||||||
Farmland | 7 | 6 | — | — | 13 | ||||||||||||||||||||||||||||
Total real estate | 565 | 611 | (364 | ) | 109 | 921 | |||||||||||||||||||||||||||
Commercial | 1,145 | 1,707 | (12 | ) | 217 | 3,057 | |||||||||||||||||||||||||||
Factored receivables | 1,842 | 1,533 | (294 | ) | 56 | 3,137 | |||||||||||||||||||||||||||
Consumer | 49 | 122 | (314 | ) | 230 | 87 | |||||||||||||||||||||||||||
Mortgage warehouse | 44 | 74 | — | — | 118 | ||||||||||||||||||||||||||||
$ | 3,645 | $ | 4,047 | $ | (984 | ) | $ | 612 | $ | 7,320 | |||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 261 | $ | (122 | ) | $ | (41 | ) | $ | 129 | $ | 227 | |||||||||||||||||||||
Construction, land development, land | 40 | (1 | ) | — | — | 39 | |||||||||||||||||||||||||||
1-4 family residential properties | 227 | (111 | ) | (88 | ) | 42 | 70 | ||||||||||||||||||||||||||
Farmland | 5 | (1 | ) | — | — | 4 | |||||||||||||||||||||||||||
Total real estate | 533 | (235 | ) | (129 | ) | 171 | 340 | ||||||||||||||||||||||||||
Commercial | 172 | 1,861 | (1,473 | ) | 7 | 567 | |||||||||||||||||||||||||||
Factored receivables | 1,221 | 691 | (183 | ) | 55 | 1,784 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | 38 | — | — | 38 | ||||||||||||||||||||||||||||
$ | 1,926 | $ | 2,355 | $ | (1,785 | ) | $ | 233 | $ | 2,729 | |||||||||||||||||||||||
The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (PCI) loans, and their respective allowance allocations: | |||||||||||||||||||||||||||||||||
30-Sep-14 | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | ||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 3,671 | $ | 243,632 | $ | 14,533 | $ | 261,836 | $ | — | $ | 386 | $ | — | $ | 386 | |||||||||||||||||
Construction, land development, land | 12 | 44,512 | 1,472 | 45,996 | — | 340 | — | 340 | |||||||||||||||||||||||||
1-4 family residential properties | 885 | 77,311 | 2,223 | 80,419 | — | 176 | 6 | 182 | |||||||||||||||||||||||||
Farmland | — | 20,059 | — | 20,059 | — | 13 | — | 13 | |||||||||||||||||||||||||
Total real estate | 4,568 | 385,514 | 18,228 | 408,310 | — | 915 | 6 | 921 | |||||||||||||||||||||||||
Commercial | 7,092 | 328,507 | 4,717 | 340,316 | 297 | 2,760 | — | 3,057 | |||||||||||||||||||||||||
Factored receivables | 990 | 168,122 | — | 169,112 | 849 | 2,288 | — | 3,137 | |||||||||||||||||||||||||
Consumer | — | 12,527 | — | 12,527 | — | 87 | — | 87 | |||||||||||||||||||||||||
Mortgage warehouse | — | 46,874 | — | 46,874 | — | 118 | — | 118 | |||||||||||||||||||||||||
$ | 12,650 | $ | 941,544 | $ | 22,945 | $ | 977,139 | $ | 1,146 | $ | 6,168 | $ | 6 | $ | 7,320 | ||||||||||||||||||
31-Dec-13 | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | ||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 4,489 | $ | 308,326 | $ | 18,647 | $ | 331,462 | $ | — | $ | 348 | $ | — | $ | 348 | |||||||||||||||||
Construction, land development, land | — | 35,585 | 2,041 | 37,626 | — | 110 | — | 110 | |||||||||||||||||||||||||
1-4 family residential properties | 842 | 87,987 | 2,472 | 91,301 | 14 | 79 | 7 | 100 | |||||||||||||||||||||||||
Farmland | — | 20,294 | — | 20,294 | — | 7 | — | 7 | |||||||||||||||||||||||||
Total real estate | 5,331 | 452,192 | 23,160 | 480,683 | 14 | 544 | 7 | 565 | |||||||||||||||||||||||||
Commercial | 5,495 | 248,129 | 2,031 | 255,655 | 15 | 1,130 | — | 1,145 | |||||||||||||||||||||||||
Factored receivables | 763 | 116,607 | — | 117,370 | 417 | 1,425 | — | 1,842 | |||||||||||||||||||||||||
Consumer | — | 13,878 | — | 13,878 | — | 49 | — | 49 | |||||||||||||||||||||||||
Mortgage warehouse | — | 13,513 | — | 13,513 | — | 44 | — | 44 | |||||||||||||||||||||||||
$ | 11,589 | $ | 844,319 | $ | 25,191 | $ | 881,099 | $ | 446 | $ | 3,192 | $ | 7 | $ | 3,645 | ||||||||||||||||||
The following is a summary of information pertaining to impaired loans at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Impaired Loans and Purchased Credit | Impaired Loans | ||||||||||||||||||||||||||||||||
Impaired Loans With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | |||||||||||||||||||||||||||||
30-Sep-14 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | 1,938 | $ | 1,957 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | 12 | 24 | ||||||||||||||||||||||||||||
1-4 family residential properties | 327 | 505 | 6 | 730 | 1,055 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Total real estate | 327 | 505 | 6 | 2,680 | 3,036 | ||||||||||||||||||||||||||||
Commercial | 1,029 | 1,058 | 297 | 6,064 | 6,293 | ||||||||||||||||||||||||||||
Factored receivables | 990 | 990 | 849 | — | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 2,346 | $ | 2,553 | $ | 1,152 | $ | 8,744 | $ | 9,329 | ||||||||||||||||||||||||
Impaired Loans and Purchased Credit | Impaired Loans | ||||||||||||||||||||||||||||||||
Impaired Loans With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | |||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | 114 | $ | 131 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | 127 | 169 | 21 | 157 | 166 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Total real estate | 127 | 169 | 21 | 271 | 297 | ||||||||||||||||||||||||||||
Commercial | 215 | 215 | 15 | 5,224 | 5,454 | ||||||||||||||||||||||||||||
Factored receivables | 762 | 762 | 417 | 1 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 1,104 | $ | 1,146 | $ | 453 | $ | 5,496 | $ | 5,751 | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,201 | $ | 17 | $ | 3,432 | $ | 156 | |||||||||||||||||||||||||
Construction, land development, land | 1 | 1 | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,035 | 18 | 301 | 8 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 3,237 | 36 | 3,733 | 164 | |||||||||||||||||||||||||||||
Commercial | 5,952 | 3 | 2,642 | — | |||||||||||||||||||||||||||||
Factored receivables | 381 | — | 690 | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 9,570 | $ | 39 | $ | 7,065 | $ | 164 | ||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,375 | $ | 206 | $ | 3,427 | $ | 470 | |||||||||||||||||||||||||
Construction, land development, land | 2 | 1 | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,068 | 164 | 326 | 25 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 3,445 | 371 | 3,753 | 495 | |||||||||||||||||||||||||||||
Commercial | 6,549 | 44 | 2,642 | — | |||||||||||||||||||||||||||||
Factored receivables | 381 | — | 830 | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 10,375 | $ | 415 | $ | 7,225 | $ | 495 | ||||||||||||||||||||||||||
Loans included in the above tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an allowance and are excluded from the tables above. | |||||||||||||||||||||||||||||||||
The following table presents the unpaid principal and recorded investment for loans at September 30, 2014 and December 31, 2013. The difference between the unpaid principal balance and recorded investment is principally associated with (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI), (2) net deferred origination costs and fees, and (3) previous charge-offs. | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | ||||||||||||||||||||||||||||||||
30-Sep-14 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 261,836 | $ | 277,087 | $ | (15,251 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 45,996 | 47,925 | (1,929 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 80,419 | 84,220 | (3,801 | ) | |||||||||||||||||||||||||||||
Farmland | 20,059 | 19,973 | 86 | ||||||||||||||||||||||||||||||
Total real estate | 408,310 | 429,205 | (20,895 | ) | |||||||||||||||||||||||||||||
Commercial | 340,316 | 344,115 | (3,799 | ) | |||||||||||||||||||||||||||||
Factored receivables | 169,112 | 170,281 | (1,169 | ) | |||||||||||||||||||||||||||||
Consumer | 12,527 | 12,604 | (77 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 46,874 | 46,874 | — | ||||||||||||||||||||||||||||||
$ | 977,139 | $ | 1,003,079 | $ | (25,940 | ) | |||||||||||||||||||||||||||
Recorded | Unpaid | ||||||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 331,462 | $ | 351,521 | $ | (20,059 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 37,626 | 41,034 | (3,408 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 91,301 | 96,742 | (5,441 | ) | |||||||||||||||||||||||||||||
Farmland | 20,294 | 20,145 | 149 | ||||||||||||||||||||||||||||||
Total real estate | 480,683 | 509,442 | (28,759 | ) | |||||||||||||||||||||||||||||
Commercial | 255,655 | 260,384 | (4,729 | ) | |||||||||||||||||||||||||||||
Factored receivables | 117,370 | 118,057 | (687 | ) | |||||||||||||||||||||||||||||
Consumer | 13,878 | 14,006 | (128 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 13,513 | 13,513 | — | ||||||||||||||||||||||||||||||
$ | 881,099 | $ | 915,402 | $ | (34,303 | ) | |||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had on deposit $16,435 and $10,653, respectively, of customer reserves associated with factored receivables. These deposits represent customer reserves held to settle any payment disputes or collection shortfalls and are reported as deposits in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||
Past Due and Nonaccrual Loans: The following is a summary of contractually past due and nonaccrual loans at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
30-89 Days | Days or More | ||||||||||||||||||||||||||||||||
30-Sep-14 | Past Due | Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 855 | $ | — | $ | 5,094 | $ | 5,949 | |||||||||||||||||||||||||
Construction, land development, land | 75 | — | 12 | 87 | |||||||||||||||||||||||||||||
1-4 family residential properties | 779 | 2 | 1,469 | 2,250 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 1,709 | 2 | 6,575 | 8,286 | |||||||||||||||||||||||||||||
Commercial | 110 | — | 10,176 | 10,286 | |||||||||||||||||||||||||||||
Factored receivables | 5,664 | 813 | — | 6,477 | |||||||||||||||||||||||||||||
Consumer | 407 | 2 | — | 409 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 7,890 | $ | 817 | $ | 16,751 | $ | 25,458 | ||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
30-89 Days | Days or More | ||||||||||||||||||||||||||||||||
31-Dec-13 | Past Due | Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,959 | $ | 47 | $ | 5,417 | $ | 8,423 | |||||||||||||||||||||||||
Construction, land development, land | 690 | — | — | 690 | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,803 | 19 | 1,392 | 3,214 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 5,452 | 66 | 6,809 | 12,327 | |||||||||||||||||||||||||||||
Commercial | 2,155 | 11 | 5,494 | 7,660 | |||||||||||||||||||||||||||||
Factored receivables | 3,836 | — | 89 | 3,925 | |||||||||||||||||||||||||||||
Consumer | 591 | 2 | — | 593 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 12,034 | $ | 79 | $ | 12,392 | $ | 24,505 | ||||||||||||||||||||||||||
Credit Quality Information: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes every loan and is performed on a semi-annual basis at TSB and every eighteen months for loans greater than $500 at TCB. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||
Pass: | |||||||||||||||||||||||||||||||||
Loans classified as pass are loans with low to average risk and not otherwise classified as special mention, substandard or doubtful. | |||||||||||||||||||||||||||||||||
Special Mention: | |||||||||||||||||||||||||||||||||
Loans classified as special mention have low to acceptable risks. Liquidity, asset quality, and debt service coverage are as a whole satisfactory and performance is generally as agreed. | |||||||||||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||||
Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||
Doubtful: | |||||||||||||||||||||||||||||||||
Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
PCI: | |||||||||||||||||||||||||||||||||
At acquisition, PCI loans had the characteristics of substandard loans and it was probable, at acquisition, that all contractually required principal payments would not be collected. The Company evaluates these loans on a projected cash flow basis with this evaluation performed quarterly. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013 based on the most recent analysis performed, the risk category of loans is as follows: | |||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||
30-Sep-14 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 238,251 | $ | 2,963 | $ | 6,089 | $ | — | $ | 14,533 | $ | 261,836 | |||||||||||||||||||||
Construction, land development, land | 44,512 | — | 12 | — | 1,472 | 45,996 | |||||||||||||||||||||||||||
1-4 family residential | 77,120 | 231 | 845 | — | 2,223 | 80,419 | |||||||||||||||||||||||||||
Farmland | 20,059 | — | — | — | — | 20,059 | |||||||||||||||||||||||||||
Total real estate | 379,942 | 3,194 | 6,946 | — | 18,228 | 408,310 | |||||||||||||||||||||||||||
Commercial | 322,647 | 2,490 | 10,462 | — | 4,717 | 340,316 | |||||||||||||||||||||||||||
Factored receivables | 168,121 | — | 344 | 647 | — | 169,112 | |||||||||||||||||||||||||||
Consumer | 12,527 | — | — | — | — | 12,527 | |||||||||||||||||||||||||||
Mortgage warehouse | 46,874 | — | — | — | — | 46,874 | |||||||||||||||||||||||||||
$ | 930,111 | $ | 5,684 | $ | 17,752 | $ | 647 | $ | 22,945 | $ | 977,139 | ||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||
31-Dec-13 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 308,077 | $ | 557 | $ | 4,180 | $ | — | $ | 18,648 | $ | 331,462 | |||||||||||||||||||||
Construction, land development, land | 35,585 | — | — | — | 2,041 | 37,626 | |||||||||||||||||||||||||||
1-4 family residential | 88,379 | — | 450 | — | 2,472 | 91,301 | |||||||||||||||||||||||||||
Farmland | 20,294 | — | — | — | — | 20,294 | |||||||||||||||||||||||||||
Total real estate | 452,335 | 557 | 4,630 | — | 23,161 | 480,683 | |||||||||||||||||||||||||||
Commercial | 247,941 | — | 5,684 | — | 2,030 | 255,655 | |||||||||||||||||||||||||||
Factored receivables | 116,607 | — | 336 | 427 | — | 117,370 | |||||||||||||||||||||||||||
Consumer | 13,878 | — | — | — | — | 13,878 | |||||||||||||||||||||||||||
Mortgage warehouse | 13,513 | — | — | — | — | 13,513 | |||||||||||||||||||||||||||
$ | 844,274 | $ | 557 | $ | 10,650 | $ | 427 | $ | 25,191 | $ | 881,099 | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Troubled debt restructurings and their effects were immaterial as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Purchased_Credit_Impaired_Loan
Purchased Credit Impaired Loans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Purchased Credit Impaired Loans | NOTE 5 - PURCHASED CREDIT IMPAIRED LOANS | ||||||||||||||||
The Company has loans that were acquired, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Contractually required principal and interest: | |||||||||||||||||
Real estate loans | $ | 30,905 | $ | 35,584 | |||||||||||||
Commercial loans | 6,962 | 2,795 | |||||||||||||||
Outstanding contractually required principal and interest | $ | 37,867 | $ | 38,379 | |||||||||||||
Gross carrying amount included in loans receivable | $ | 22,945 | $ | 25,191 | |||||||||||||
The changes in accretable yield during the three and nine months ended September 30, 2014 and 2013 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Accretable yield, beginning balance | $ | 6,883 | $ | 2,435 | $ | 4,587 | $ | 4,244 | |||||||||
Additions | — | — | 482 | — | |||||||||||||
Accretion | (1,910 | ) | (373 | ) | (3,868 | ) | (2,180 | ) | |||||||||
Reclassification from nonaccretable to accretable yield | — | — | 3,922 | — | |||||||||||||
Disposals | (10 | ) | (1 | ) | (160 | ) | (3 | ) | |||||||||
Accretable yield, ending balance | $ | 4,963 | $ | 2,061 | $ | 4,963 | $ | 2,061 | |||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Intangible Assets | NOTE 6 - GOODWILL AND INTANGIBLE ASSETS | ||||||||
Goodwill and intangible assets consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Goodwill | $ | 15,968 | $ | 14,047 | |||||
Other intangible assets | 13,815 | 14,471 | |||||||
$ | 29,783 | $ | 28,518 | ||||||
The changes in goodwill and intangible assets during the period are as follows: | |||||||||
2014 | |||||||||
Beginning balance, January 1, 2014 | $ | 28,518 | |||||||
Acquired goodwill | 1,921 | ||||||||
Acquired intangibles | 2,054 | ||||||||
Divestiture | (514 | ) | |||||||
Amortization of intangibles | (2,196 | ) | |||||||
Ending balance, September 30, 2014 | $ | 29,783 | |||||||
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 7 – Variable Interest Entities |
Collateralized Loan Obligation Funds - Closed | |
The Company, through its subsidiary, Triumph Capital Advisors, LLC (TCA), acts as asset manager to Trinitas CLO I, LTD (Trinitas I) and Trinitas CLO II, LTD (Trinitas II). Trinitas I and Trinitas II are collateralized loan obligation (CLO) funds. Trinitas I and Trinitas II were initially in a “warehouse” phase whereby they were acquiring senior secured corporate loans in anticipation of the securities offerings that completed the final CLO securitization structures. The purchases of these initial warehouse assets was funded by the proceeds from third party debt financing and equity investments made by both the Company and other third parties. On May 1, 2014, Trinitas I completed its CLO securities offering and issued $400,000 face amount of CLO securities. On August 4, 2014, Trinitas II completed its CLO securities offering by issuing $416,000 face amount of CLO securities. In connection with the respective offerings, Trinitas I and Trinitas II redeemed the equity securities issued as part of their warehouse phases and repaid and terminated their warehouse credit facilities. TBI earned management fees totaling $374 and $503 for the three and nine months ended September 30, 2014, respectively. There were no management fees earned during the three and nine months ended September 30, 2013. | |
The securities sold in the CLO offerings were issued in a series of tranches ranging from an AAA rated debt tranche to an unrated tranche of subordinated notes. Neither the Company nor any of its related persons acquired or holds any of the securities issued by Trinitas I or Trinitas II in the offerings, other than a de minimis interest held by a related person of the Company in Trinitas II. Effective as of the respective closing dates, TCA began earning asset management fees in accordance with the terms of its asset management agreement with Trinitas I and Trinitas II. | |
As part of the consummation of the CLO offerings by Trinitas I and Trinitas II, the Company performed a consolidation analysis to confirm, as of the effective date of the offerings, whether the Company was required to consolidate the assets, liabilities, equity or operations of Trinitas I or Trinitas II in its financial statements. The Company concluded that (a) Trinitas I and Trinitas II remained variable interest entities as of the respective dates of consummation of the offerings, and (b) the Company, through TCA, held variable interests in the entities due to the subordinated and incentive fees payable to TCA under their asset management agreements. However, the Company also concluded that it was not the “primary beneficiary” of Trinitas I or Trinitas II as (x) neither it nor any of its related persons held any investment or interest in the entities outside of the management fees payable to TCA under their asset management agreements other than a de minimis interest held by a related person of the Company in Trinitas II and (y) such management fees constituted standard third party agency fees at prevailing market rates for transactions of this type that could not potentially be significant to the entities. Consequently, the Company concluded that it was not required to consolidate the assets, liabilities, equity or operations of Trinitas I or Trinitas II in its financial statements as of September 30, 2014. | |
Collateralized Loan Obligation Fund – Warehouse Phase | |
On August 4, 2014, Trinitas CLO III, Ltd. (Trinitas III) was formed to be the issuer of a third CLO offering to be managed by TCA. On August 25, 2014, Trinitas III was capitalized with initial third party equity investments of $27,550 in addition to the Company’s $2,450 equity investment and entered into a warehouse credit agreement in order to begin acquiring senior secured loan assets that will comprise the initial collateral pool of the CLO once issued. When finalized, Trinitas III will use the proceeds of the debt and equity interests sold in the offering for the final CLO securitization structure to repay the initial warehouse phase debt and equity holders. In the final CLO securitization structure, interest and principal repayment of the leveraged loans held by Trinitas III will be used to repay debt holders with any excess cash flows used to provide a return on capital to equity investors. TCA will earn a management fee as the asset manager for Trinitas III that will commence upon the issuance of the final CLO securitization structure, but does not earn management or other fees from Trinitas III during the “warehouse” phase. | |
At September 30, 2014, the Company’s loss exposure to Trinitas III is limited to its equity investment in the entity which is classified as other assets within the Company’s consolidated balance sheets. | |
The Company performed a consolidation analysis of Trinitas III during the warehouse phase and concluded that Trinitas III is a variable interest entity and that the Company and its related persons hold variable interests in the entity that could potentially be significant to the entity in the form of equity investments in the entity. However, the Company also concluded that due to certain approval and denial powers available to the lender under the warehouse credit facility for Trinitas III which provide for shared decision-making powers, the Company is not the primary beneficiary and therefore is not required to consolidate the assets, liabilities, equity, or operations of the entity in the Company’s financial statements. |
Deposits
Deposits | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | NOTE 8 - Deposits | ||||||||
Deposits at September 30, 2014 and December 31, 2013 are summarized as follows: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Noninterest bearing demand | $ | 154,750 | $ | 150,238 | |||||
Interest-bearing demand | 209,491 | 199,826 | |||||||
Individual Retirement Accounts | 54,378 | 54,512 | |||||||
Money Market | 125,371 | 157,406 | |||||||
Savings | 72,012 | 69,336 | |||||||
Certificates of deposit, $100,000 and greater | 235,060 | 138,000 | |||||||
Certificates of deposit, less than $100,000 | 204,543 | 216,940 | |||||||
Other brokered funds | 50,019 | 58,596 | |||||||
Total Deposits | $ | 1,105,624 | $ | 1,044,854 | |||||
At September 30, 2014, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: | |||||||||
30-Sep-14 | |||||||||
Within one year | $ | 301,572 | |||||||
After one but within two years | 135,218 | ||||||||
After two but within three years | 82,562 | ||||||||
After three but within four years | 11,954 | ||||||||
After four but within five years | 12,694 | ||||||||
Total | $ | 544,000 | |||||||
Legal_Contingencies
Legal Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 9 - Legal Contingencies |
Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. The Company does not anticipate any material losses as a result of commitments and contingent liabilities. |
OffBalance_Sheet_Loan_Commitme
Off-Balance Sheet Loan Commitments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||
Off-Balance Sheet Loan Commitments | NOTE 10 - OFF-BALANCE SHEET LOAN COMMITMENTS | ||||||||||||||||
From time to time, the Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. | |||||||||||||||||
The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |||||||||||||||||
The contractual amounts of financial instruments with off-balance-sheet risk were as follows: | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Fixed | Variable | Fixed | Variable | ||||||||||||||
Rate | Rate | Rate | Rate | ||||||||||||||
Commitments to make loans | $ | 6,170 | $ | 10,800 | $ | 7,437 | $ | 4,823 | |||||||||
Unused lines of credit | 35,010 | 199,107 | 33,470 | 104,896 | |||||||||||||
Standby letters of credit | 2,098 | 1,362 | 2,147 | 1,897 | |||||||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer. | |||||||||||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures | NOTE 11 - Fair Value Disclosures | ||||||||||||||||||||
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. 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 a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in our annual financial statements. | |||||||||||||||||||||
Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
September 30, 2014: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 90,737 | $ | — | $ | 90,737 | |||||||||||||
Mortgage-backed securities-residential | — | 30,713 | — | 30,713 | |||||||||||||||||
Asset backed securities | — | 18,795 | — | 18,795 | |||||||||||||||||
State and municipal | — | 4,603 | 3,495 | 8,098 | |||||||||||||||||
Corporate bonds | — | 16,931 | — | 16,931 | |||||||||||||||||
SBA pooled securities | — | 215 | — | 215 | |||||||||||||||||
$ | — | $ | 161,994 | $ | 3,495 | $ | 165,489 | ||||||||||||||
Loans held for sale | |||||||||||||||||||||
Mortgages | — | 7,295 | — | 7,295 | |||||||||||||||||
$ | — | $ | 7,295 | $ | — | $ | 7,295 | ||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
December 31, 2013: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 95,834 | $ | — | $ | 95,834 | |||||||||||||
Mortgage-backed securities-residential | — | 36,285 | — | 36,285 | |||||||||||||||||
Asset backed securities | — | 18,839 | — | 18,839 | |||||||||||||||||
State and municipal | — | 5,423 | 3,582 | 9,005 | |||||||||||||||||
Corporate bonds | — | 20,843 | — | 20,843 | |||||||||||||||||
SBA pooled securities | — | 248 | — | 248 | |||||||||||||||||
Trust preferred | — | 3,600 | — | 3,600 | |||||||||||||||||
$ | — | $ | 181,072 | $ | 3,582 | $ | 184,654 | ||||||||||||||
Loans held for sale | |||||||||||||||||||||
Mortgages | — | 5,393 | — | 5,393 | |||||||||||||||||
$ | — | $ | 5,393 | $ | — | $ | 5,393 | ||||||||||||||
There were no transfers between levels during 2014 or 2013. | |||||||||||||||||||||
At September 30, 2014, the Company classified $3,495 of municipal securities as level 3. These municipal securities are bond issues for municipal government entities located in northwestern Illinois and are privately placed, non-rated bonds without CUSIP numbers. The municipal securities are valued by an independent third party using matrix pricing according to the municipal bond index that most closely matches the bond issue. Fair values for each maturity of the bond issue are then calculated based on the index yield at the appropriate point on the yield curve. The Company does not make any internal adjustments to the third party bond valuations. The only activity related to the above level 3 securities during the nine months ended September 30, 2014 was associated with immaterial contractual payments and changes in fair value that were recorded in other comprehensive income. | |||||||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
September 30, 2014: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
1-4 family residential properties | $ | — | $ | — | $ | 321 | $ | 321 | |||||||||||||
Commercial | — | — | 732 | 732 | |||||||||||||||||
Factored receivables | — | — | 141 | 141 | |||||||||||||||||
Other real estate owned (1): | |||||||||||||||||||||
1-4 family residential properties | — | — | 97 | 97 | |||||||||||||||||
Commercial | — | — | 391 | 391 | |||||||||||||||||
Construction, land development, land | — | — | 870 | 870 | |||||||||||||||||
$ | — | $ | — | $ | 2,552 | $ | 2,552 | ||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
December 31, 2013: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
1-4 family residential properties | $ | — | $ | — | $ | 106 | $ | 106 | |||||||||||||
Commercial | — | — | 200 | 200 | |||||||||||||||||
Factored receivables | — | — | 345 | 345 | |||||||||||||||||
Other real estate owned (1): | |||||||||||||||||||||
1-4 family residential properties | — | — | 367 | 367 | |||||||||||||||||
Commercial | — | — | 653 | 653 | |||||||||||||||||
Construction, land development, land | — | — | — | — | |||||||||||||||||
$ | — | $ | — | $ | 1,671 | $ | 1,671 | ||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Provision recorded for loans classified as impaired | $ | 699 | $ | 14 | |||||||||||||||||
Valuation adjustments recorded on other real estate | $ | 363 | $ | 144 | |||||||||||||||||
owned | |||||||||||||||||||||
(1) Represents the fair value of OREO that was adjusted subsequent to its initial classification as OREO | |||||||||||||||||||||
Impaired Loans with Specific Allocation of ALLL: A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. Fair value of the impaired loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. Unobservable inputs for estimated selling and closing costs range from 5% to 8% of the value of the underlying collateral. | |||||||||||||||||||||
OREO: OREO is comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs is charged to the ALLL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 75,625 | $ | 75,625 | $ | — | $ | — | $ | 75,625 | |||||||||||
Securities - Held to maturity | 745 | — | 750 | — | 750 | ||||||||||||||||
Loans, net | 969,819 | — | — | 977,509 | 977,509 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 5,826 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 4,127 | — | 4,127 | — | 4,127 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,105,624 | — | 1,109,111 | — | 1,109,111 | ||||||||||||||||
Customer repurchase agreements | 15,644 | — | 15,644 | — | 15,644 | ||||||||||||||||
Federal Home Loan Bank advances | — | — | — | — | — | ||||||||||||||||
Senior secured note | 11,630 | — | 11,434 | — | 11,434 | ||||||||||||||||
Junior subordinated debentures | 24,359 | — | 24,359 | — | 24,359 | ||||||||||||||||
Accrued interest payable | 901 | — | 901 | — | 901 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 85,797 | $ | 85,797 | $ | — | $ | — | $ | 85,797 | |||||||||||
Securities - Held to maturity | 743 | — | 745 | — | 745 | ||||||||||||||||
Loans, net | 877,454 | — | — | 884,307 | 884,307 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 5,802 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 3,748 | — | 3,748 | — | 3,748 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,044,854 | — | 1,046,226 | — | 1,046,226 | ||||||||||||||||
Customer repurchase agreements | 11,330 | — | 11,329 | — | 11,329 | ||||||||||||||||
Federal Home Loan Bank advances | 21,000 | — | 21,000 | — | 21,000 | ||||||||||||||||
Senior secured note | 12,573 | — | 12,379 | — | 12,379 | ||||||||||||||||
Junior subordinated debentures | 24,171 | — | 24,171 | — | 24,171 | ||||||||||||||||
Accrued interest payable | 2,426 | — | 2,426 | — | 2,426 | ||||||||||||||||
RegulatoryMatters
RegulatoryMatters | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | NOTE 12 - Regulatory Matters | ||||||||||||||||||||||||
The Company (on a consolidated basis), TSB and TCB are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s, TSB’s, or TCB’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company, TSB, and TCB must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulations to ensure capital adequacy require the Company, TSB, and TCB to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. | |||||||||||||||||||||||||
As of September 30, 2014, TSB’s and TCB’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized” they must maintain minimum total risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table. At September 30, 2014, the most recent notification categorized TSB and TCB as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since September 30, 2014 that management believes would change either institution’s category. | |||||||||||||||||||||||||
In July 2013, federal banking regulators released final rules for the regulation of capital and liquidity for U.S. banking organizations, establishing a new comprehensive capital framework (Basel III) for U.S. banking organizations that will become effective for reporting periods beginning after January 1, 2015 (subject to a phase-in period through January 2019). | |||||||||||||||||||||||||
In addition, under the final rules, bank holding companies with less than $15 billion in assets as of December 31, 2009 are allowed to continue to include junior subordinated debentures in Tier 1 capital, subject to certain restrictions. However, if an institution grows to above $15 billion in assets as a result of an acquisition, or organically grows to above $15 billion in assets and then makes an acquisition, the combined trust preferred issuances must be phased out of Tier 1 and into Tier 2 capital (75% in 2015 and 100% in 2016). It is possible that the Company may accelerate redemption of the existing junior subordinated debentures. All of the debentures issued to the Trusts, less the common stock of the Trusts, qualified as Tier 1 capital as of September 30, 2014, under guidance issued by the Board of Governors of the Federal Reserve System. | |||||||||||||||||||||||||
The actual capital amounts and ratios for the Company, TSB, and TCB are presented in the following table as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
To Be Adequately | To Be Well | ||||||||||||||||||||||||
Capitalized Under | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | Prompt Corrective | ||||||||||||||||||||||||
Actual | Action Provisions | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 167,709 | 15.30% | $ | 87,863 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 54,819 | 16.90% | $ | 26,027 | 8.00% | $ | 32,534 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 111,152 | 14.50% | $ | 61,428 | 8.00% | $ | 76,785 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 160,280 | 14.60% | $ | 43,942 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 51,250 | 15.80% | $ | 13,008 | 4.00% | $ | 19,511 | 6.00% | ||||||||||||||||
Triumph Community Bank | $ | 107,293 | 14.00% | $ | 30,714 | 4.00% | $ | 46,071 | 6.00% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 160,280 | 12.20% | $ | 52,551 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 51,250 | 12.80% | $ | 15,991 | 4.00% | $ | 19,988 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 107,293 | 11.90% | $ | 36,162 | 4.00% | $ | 45,203 | 5.00% | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 145,722 | 14.50% | $ | 80,398 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 50,985 | 16.40% | $ | 24,871 | 8.00% | $ | 31,088 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 89,690 | 13.00% | $ | 55,194 | 8.00% | $ | 68,992 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 142,077 | 14.10% | $ | 40,306 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 48,064 | 15.50% | $ | 12,404 | 4.00% | $ | 18,605 | 6.00% | ||||||||||||||||
Triumph Community Bank | $ | 88,921 | 12.90% | $ | 27,572 | 4.00% | $ | 41,359 | 6.00% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 142,077 | 12.90% | $ | 44,055 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 48,064 | 13.60% | $ | 14,136 | 4.00% | $ | 17,671 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 88,921 | 10.10% | $ | 35,216 | 4.00% | $ | 44,020 | 5.00% | ||||||||||||||||
Triumph has made certain commitments to the Federal Reserve Bank, including maintaining TSB’s leverage capital ratio (Tier 1 capital to average assets) at no less than 12.0% until January 1, 2015. | |||||||||||||||||||||||||
TCB’s board of directors has agreed to maintain a minimum Tier 1 capital to average assets ratio of 8.0% of adjusted average assets and total risk-based ratio of 10.0%. | |||||||||||||||||||||||||
Dividends paid by banks are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. | |||||||||||||||||||||||||
Equity_and_Noncontrolling_Inte
Equity and Noncontrolling Interests | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Equity and Noncontrolling Interests | NOTE 13 - EQUITY AND NONCONTROLLING INTERESTS | ||||||||||||||||||||||||||||||||
The following summarizes the capital structure of Triumph Bancorp, Inc. | |||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Series A | Series B | ||||||||||||||||||||||||||||||||
September | December | September | December | September | December | September | December | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Number of shares authorized | 50,000 | 50,000 | 115,000 | 115,000 | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||
Number of shares issued | 45,500 | 45,500 | 51,956 | 51,956 | 9,891,424 | 9,832,585 | |||||||||||||||||||||||||||
Number of shares outstanding | 45,500 | 45,500 | 51,956 | 51,956 | 9,886,778 | 9,832,585 | 4,646 | — | |||||||||||||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||
Liquidation preference per share | $ | 100 | $ | 100 | $ | 100 | $ | 100 | |||||||||||||||||||||||||
Dividend rate | Prime + 2% | Prime + 2% | 8 | % | 8 | % | |||||||||||||||||||||||||||
Dividend rate - floor | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
Initial dividend payment date | 3/31/13 | 3/31/13 | 12/31/13 | 12/31/13 | |||||||||||||||||||||||||||||
Subsequent dividend payment dates | Quarterly | Quarterly | Quarterly | Quarterly | |||||||||||||||||||||||||||||
Convertible to common stock | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||
Conversion period | Anytime | Anytime | Anytime | Anytime | |||||||||||||||||||||||||||||
Conversion ratio - preferred to common | 6.94008 | 6.94008 | 6.94008 | 6.94008 | |||||||||||||||||||||||||||||
TCF Non-Cumulative Non-Voting Class B Units Redemption: | |||||||||||||||||||||||||||||||||
On June 15, 2014, TCF redeemed all 11,000 of its non-cumulative non-voting Class B Units at their redemption rate of 102 per unit plus accrued and unpaid dividends through the redemption date. The TCF Class B Units were previously considered and reported as noncontrolling interests to the Company. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Share Based Compensation [Abstract] | |||||||||
Stock Based Compensation | NOTE 14 – STOCK BASED COMPENSATION | ||||||||
The Company’s Amended and Restricted Stock Plan (the Plan) provided for the issuance of up to 750,000 shares of restricted TBI common stock to officers, directors and employees of the Company and its subsidiaries. As of September 30, 2014, 58,395 restricted stock units (RSUs) had been issued pursuant to the Plan. Compensation expense for RSUs granted under the Plan was recognized over the vesting period of the awards based on the fair value of the stock at the issue date. The fair value of the stock was determined by the Company considering applicable discounts for, among other things, a repurchase option granted to the Company in certain circumstances. RSUs granted to employees under the Plan typically vested one third each year over three years, and therefore fully vested on the third anniversary of the grant date. In August 2014, the Company approved the immediate and full acceleration of vesting on all remaining nonvested RSUs in anticipation of its contemplated initial public offering. As a result, the Company recognized all remaining unrecognized compensation cost associated with these shares during the third quarter of 2014. | |||||||||
Stock based compensation expense that has been charged against income for RSU awards was $417 and $613 for the three and nine month periods ended September 30, 2014, respectively, and $43 and $86 for the three and nine month periods ended September 30, 2013, respectively. | |||||||||
A summary of changes in the Company’s nonvested RSUs for the nine months ended September 30, 2014 and 2013 were as follows: | |||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSUs | Units | Fair Value | |||||||
Nonvested at January 1, 2014 | 26,120 | $ | 10.77 | ||||||
Granted | 32,275 | 14.08 | |||||||
Vested | (58,395 | ) | 12.6 | ||||||
Forfeited | — | — | |||||||
Nonvested at September 30, 2014 | — | $ | — | ||||||
Nonvested at January 1, 2013 | — | $ | — | ||||||
Granted | 26,120 | 10.77 | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Nonvested at September 30, 2013 | 26,120 | $ | 10.77 | ||||||
In connection with the Company’s initial public offering in November 2014, the Company adopted the 2014 Omnibus Incentive Plan. See Note 17 – Subsequent Events for additional information. |
Earning_Per_Share
Earning Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share | NOTE 15 – EARNINGS PER SHARE | ||||||||||||||||
The factors used in the earnings per share computation follow: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic | |||||||||||||||||
Net income to common stockholders | $ | 9,495 | $ | 236 | $ | 14,928 | $ | 521 | |||||||||
Weighted average common shares outstanding | 9,872,923 | 8,800,670 | 9,850,640 | 8,078,476 | |||||||||||||
Basic earnings per common share | $ | 0.96 | $ | 0.03 | $ | 1.52 | $ | 0.06 | |||||||||
Diluted | |||||||||||||||||
Net income to common stockholders | $ | 9,495 | $ | 236 | $ | 14,928 | $ | 521 | |||||||||
Dilutive effect of preferred stock | 197 | — | 583 | — | |||||||||||||
Net income to common stockholders - diluted | $ | 9,692 | $ | 236 | $ | 15,511 | $ | 521 | |||||||||
Weighted average common shares outstanding for basic earnings per common share | 9,872,923 | 8,800,670 | 9,850,640 | 8,078,476 | |||||||||||||
Add: Dilutive effects of restricted stock units | — | 6,773 | 6,059 | 3,328 | |||||||||||||
Add: Dilutive effects of assumed exercises of stock warrants | 52,881 | — | 52,881 | — | |||||||||||||
Add: Dilutive effects of assumed conversion of Preferred A | 315,773 | N/A | 315,773 | N/A | |||||||||||||
Add: Dilutive effects of assumed conversion of Preferred B | 360,578 | N/A | 360,578 | N/A | |||||||||||||
Average shares and dilutive potential common shares | 10,602,155 | 8,807,443 | 10,585,931 | 8,081,804 | |||||||||||||
Dilutive earnings per common share | $ | 0.91 | $ | 0.03 | $ | 1.47 | $ | 0.06 | |||||||||
Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restricted stock units | — | — | — | — | |||||||||||||
Warrants | — | 259,067 | — | 259,067 | |||||||||||||
Shares assumed to be converted from Preferred Stock Series A | — | N/A | — | N/A | |||||||||||||
Shares assumed to be converted from Preferred Stock Series B | — | N/A | — | N/A | |||||||||||||
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segment Information | NOTE 16 – BUSINESS SEGMENT INFORMATION | ||||||||||||||||
The following presents the Company’s operating segments. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the factoring segment based on the Company’s prime rate. The provision for loan loss is allocated based on the segment’s allowance for loan loss determination which considers the effects of charge-offs. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis but not allocated for segment purposes The Factoring segment includes only factoring originated by ABC. General factoring services not originated through ABC are included in the Banking segment. | |||||||||||||||||
Consolidated | |||||||||||||||||
Three Months Ended September 30, 2014 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 7,423 | $ | 14,689 | $ | 6 | $ | 22,118 | |||||||||
Intersegment interest allocations | (990 | ) | 990 | — | — | ||||||||||||
Total interest expense | — | 1,312 | 411 | 1,723 | |||||||||||||
Net interest income (expense) | 6,433 | 14,367 | (405 | ) | 20,395 | ||||||||||||
Provision for loan losses | 452 | 923 | — | 1,375 | |||||||||||||
Net interest income after provision | 5,981 | 13,444 | (405 | ) | 19,020 | ||||||||||||
Gain on branch sale | — | 12,619 | — | 12,619 | |||||||||||||
Other noninterest income | 431 | 2,345 | 409 | 3,185 | |||||||||||||
Noninterest expense | 4,125 | 12,344 | 1,992 | 18,461 | |||||||||||||
Operating income (loss) | $ | 2,287 | $ | 16,064 | $ | (1,988 | ) | $ | 16,363 | ||||||||
Total assets | $ | 170,088 | $ | 1,155,434 | $ | 22,276 | $ | 1,347,798 | |||||||||
Gross loans | $ | 158,129 | $ | 819,010 | $ | — | $ | 977,139 | |||||||||
Consolidated | |||||||||||||||||
Three Months Ended September 30, 2013 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 4,704 | $ | 4,290 | $ | 27 | $ | 9,021 | |||||||||
Intersegment interest allocations | (577 | ) | 577 | — | — | ||||||||||||
Total interest expense | — | 893 | — | 893 | |||||||||||||
Net interest income | 4,127 | 3,974 | 27 | 8,128 | |||||||||||||
Provision for loan losses | 341 | 1,394 | — | 1,735 | |||||||||||||
Net interest income after provision | 3,786 | 2,580 | 27 | 6,393 | |||||||||||||
Noninterest income | 256 | 385 | 76 | 717 | |||||||||||||
Intersegment expense allocations | 14 | (14 | ) | — | — | ||||||||||||
Noninterest expense | 2,454 | 3,026 | 1,067 | 6,547 | |||||||||||||
Operating income (loss) | $ | 1,574 | $ | (47 | ) | $ | (964 | ) | $ | 563 | |||||||
Total assets | $ | 110,571 | $ | 243,533 | $ | 38,834 | $ | 392,938 | |||||||||
Gross loans | $ | 95,065 | $ | 170,328 | $ | — | $ | 265,393 | |||||||||
Consolidated | |||||||||||||||||
Nine Months Ended September 30, 2014 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 19,165 | $ | 44,753 | $ | 32 | $ | 63,950 | |||||||||
Intersegment interest allocations | (2,497 | ) | 2,497 | — | — | ||||||||||||
Total interest expense | — | 3,590 | 1,229 | 4,819 | |||||||||||||
Net interest income (expense) | 16,668 | 43,660 | (1,197 | ) | 59,131 | ||||||||||||
Provision for loan losses | 1,354 | 2,693 | — | 4,047 | |||||||||||||
Net interest income after provision | 15,314 | 40,967 | (1,197 | ) | 55,084 | ||||||||||||
Gain on branch sale | — | 12,619 | — | 12,619 | |||||||||||||
Other noninterest income | 1,218 | 6,256 | 953 | 8,427 | |||||||||||||
Noninterest expense | 10,570 | 34,234 | 4,713 | 49,517 | |||||||||||||
Operating income (loss) | $ | 5,962 | $ | 25,608 | $ | (4,957 | ) | $ | 26,613 | ||||||||
Total assets | $ | 170,088 | $ | 1,155,434 | $ | 22,276 | $ | 1,347,798 | |||||||||
Gross loans | $ | 158,129 | $ | 819,010 | $ | — | $ | 977,139 | |||||||||
Consolidated | |||||||||||||||||
Nine Months Ended September 30, 2013 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 12,381 | $ | 11,375 | $ | 32 | $ | 23,788 | |||||||||
Intersegment interest allocations | (1,508 | ) | 1,508 | — | — | ||||||||||||
Total interest expense | 1 | 2,462 | — | 2,463 | |||||||||||||
Net interest income | 10,872 | 10,421 | 32 | 21,325 | |||||||||||||
Provision for loan losses | 632 | 1,723 | — | 2,355 | |||||||||||||
Net interest income after provision | 10,240 | 8,698 | 32 | 18,970 | |||||||||||||
Noninterest income | 824 | 569 | 98 | 1,491 | |||||||||||||
Intersegment expense allocations | 100 | (100 | ) | — | — | ||||||||||||
Noninterest expense | 6,961 | 8,834 | 2,272 | 18,067 | |||||||||||||
Operating income (loss) | $ | 4,003 | $ | 533 | $ | (2,142 | ) | $ | 2,394 | ||||||||
Total assets | $ | 110,571 | $ | 243,533 | $ | 38,834 | $ | 392,938 | |||||||||
Gross loans | $ | 95,065 | $ | 170,328 | $ | — | $ | 265,393 | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS |
On November 13, 2014, the Company completed an initial public offering issuing 6,700,000 shares of common stock, $0.01 par value, at $12.00 per share for gross proceeds of $80,400. In addition, on November 20, 2014, the underwriters exercised their option to purchase an additional 1,005,000 shares of common stock from Triumph at the initial public offering price of $12.00 per share for additional gross proceeds of $12,060, resulting in total gross proceeds of $92,460. Net proceeds are expected to be approximately $83,000 based upon underwriting discounts and estimated offering expenses, which are not yet finalized. | |
In connection with the offering, the Company adopted the 2014 Omnibus Incentive Plan (Omnibus Incentive Plan). The Omnibus Incentive Plan provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, our common stock. The aggregate number of shares of our common stock available for issuance under the Omnibus Incentive Plan is 1,200,000 shares. On December 1, 2014, the Company granted 378,343 shares of restricted stock to certain officers and employees in accordance with the provisions of the Omnibus Incentive Plan. | |
On November 13, 2014, the Company retired our senior secured indebtedness, consisting of a senior secured note with a principal amount of $11,300, a 1.0% prepayment penalty of $113, and accrued but unpaid interest of $41. The senior secured note had an interest rate based at the prime rate with a minimum interest rate of 4.5% and was originally scheduled to mature on October 15, 2018. | |
On December 2, 2014, the Company received all necessary regulatory approvals to redeem all of the outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series T1 and Series T2 (TARP Preferred Stock). It is anticipated that the TARP Preferred Stock redemption will be consummated for a total redemption price of approximately $26,200 on or about December 31, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. Triumph Bancorp, Inc. (collectively with its subsidiaries, “TBI”, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of TBI and its wholly owned subsidiaries Triumph Capital Advisors, LLC (TCA), Triumph CRA Holdings, LLC (TCRA), National Bancshares, Inc. (NBI), NBI’s wholly owned subsidiary Triumph Community Bank, N.A. (TCB), Triumph Savings Bank, SSB (TSB), TSB’s majority owned subsidiary Triumph Commercial Finance LLC (TCF), TCF’s wholly owned subsidiary Advance Business Capital LLC (ABC), which currently operates under the d/b/a of Triumph Business Capital, and TSB’s wholly owned subsidiary Triumph Insurance Group (TIG). In addition, (i) TSB does business under the Triumph Commercial Finance name with respect to its commercial finance business, including asset based lending, equipment lending and general factoring and (ii) TCB does business under the Triumph Healthcare Finance name with respect to its healthcare asset based lending business. |
In the third quarter of 2014, the TCF entity was dissolved and ABC became a wholly owned subsidiary of TSB. | |
Basis of Presentation | Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto for the fiscal years ended December 31, 2013 and 2012. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Furthermore, the acquisition of National Bancshares, Inc. during the fourth quarter of 2013 may impact the comparability of year to date 2014 versus year to date 2013 comparable information. The Company has three reportable segments consisting of Factoring, Banking, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. | |
The consolidated financial statements as of and for the year ended December 31, 2013 and accompanying notes and other detailed information can be found in the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission and declared effective on November 6, 2014. | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards: |
On January 1, 2013 the Company adopted Accounting Standards Update (ASU) 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires the Company to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in the Company’s consolidated statement of comprehensive income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. The adoption of this ASU is reflected in the accompanying consolidated statements of comprehensive income. | |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards: |
In January of 2014, FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors.” ASU 2014-04 affects all creditors when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable has occurred. The ASU is effective for fiscal periods beginning after December 15, 2014. Adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Business_Combinations_and_Dive1
Business Combinations and Divestitures (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Schedule of Loans Acquired in Business Combination | Information about the acquired loan portfolio subject to purchased credit impaired (PCI) loan accounting guidance as of the acquisition date is as follows: | ||||||
PCI Loans: | |||||||
PCI | |||||||
Contractual balance at acquisition | $ | 5,009 | |||||
Contractual cash flows not expected to be collected | (873 | ) | |||||
(nonaccretable difference) | |||||||
Expected cash flows at acquisition | $ | 4,136 | |||||
Accretable yield | (482 | ) | |||||
Fair value of acquired PCI loans | $ | 3,654 | |||||
Doral Healthcare Acquisition | |||||||
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the fair values of assets acquired, liabilities assumed, consideration paid, and the resulting goodwill is as follows: | ||||||
Assets acquired: | |||||||
Loans | $ | 45,334 | |||||
Customer relationship intangible | 2,029 | ||||||
Premises and equipment | 50 | ||||||
Other assets | 276 | ||||||
$ | 47,689 | ||||||
Liabilities assumed: | |||||||
Customer deposits | 128 | ||||||
Fair value of net assets acquired | $ | 47,561 | |||||
Cash paid | 49,482 | ||||||
Goodwill | $ | 1,921 | |||||
NBI Acquisition | |||||||
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the fair values of assets acquired, liabilities assumed, consideration paid and the resulting bargain purchase gain is as follows: | ||||||
Assets acquired: | |||||||
Cash and cash equivalents | $ | 89,990 | |||||
Securities | 160,450 | ||||||
Loans | 568,358 | ||||||
FHLB and Federal Reserve Bank stock | 4,507 | ||||||
Premises and equipment | 19,358 | ||||||
Other real estate owned | 11,285 | ||||||
Intangible assets | 15,091 | ||||||
Bank-owned life insurance | 28,435 | ||||||
Deferred income taxes | 17,237 | ||||||
Other assets | 22,023 | ||||||
936,734 | |||||||
Liabilities assumed: | |||||||
Deposits | 793,256 | ||||||
Customer repurchase agreements | 19,927 | ||||||
Senior secured note | 11,858 | ||||||
Junior subordinated debentures | 24,120 | ||||||
Federal Home Loan Bank advances | 5,003 | ||||||
Accrued interest and dividends payable | 7,282 | ||||||
Other liabilities | 7,988 | ||||||
869,434 | |||||||
Fair value of net assets acquired | 67,300 | ||||||
Cash paid to NBI common and preferred shareholders | 15,277 | ||||||
Common stock issued by TBI (1,029,045 shares) | 11,916 | ||||||
TBI Preferred stock Series B Issued | 5,196 | ||||||
Senior Preferred Stock, Series T-1 and T-2 assumed | 25,897 | ||||||
Consideration paid | 58,286 | ||||||
Bargain Purchase Gain | $ | (9,014 | ) | ||||
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of Amortized Cost of Securities and Their Approximate Fair Values | Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 90,577 | $ | 212 | $ | (52 | ) | $ | 90,737 | ||||||||||||||||
Mortgage-backed securities, residential | 30,130 | 584 | (1 | ) | 30,713 | ||||||||||||||||||||
Asset backed securities | 18,632 | 192 | (29 | ) | 18,795 | ||||||||||||||||||||
State and municipal | 7,879 | 219 | — | 8,098 | |||||||||||||||||||||
Corporate bonds | 16,758 | 173 | — | 16,931 | |||||||||||||||||||||
SBA pooled securities | 212 | 3 | — | 215 | |||||||||||||||||||||
Total available for sale securities | $ | 164,188 | $ | 1,383 | $ | (82 | ) | $ | 165,489 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other - State of Israel bonds | $ | 745 | $ | 5 | $ | — | $ | 750 | |||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 95,967 | $ | 91 | $ | (224 | ) | $ | 95,834 | ||||||||||||||||
Mortgage-backed securities, residential | 35,931 | 355 | (1 | ) | 36,285 | ||||||||||||||||||||
Asset backed securities | 18,811 | 34 | (6 | ) | 18,839 | ||||||||||||||||||||
State and municipal | 8,989 | 20 | (4 | ) | 9,005 | ||||||||||||||||||||
Corporate bonds | 20,817 | 62 | (36 | ) | 20,843 | ||||||||||||||||||||
Trust preferred | 3,706 | — | (106 | ) | 3,600 | ||||||||||||||||||||
SBA pooled securities | 244 | 4 | — | 248 | |||||||||||||||||||||
Total available for sale securities | $ | 184,465 | $ | 566 | $ | (377 | ) | $ | 184,654 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other - State of Israel bonds | $ | 743 | $ | 2 | $ | — | $ | 745 | |||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Securities | The amortized cost and estimated fair value of securities at September 30, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Securities Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 1,336 | $ | 1,338 | $ | 225 | $ | 225 | |||||||||||||||||
Due from one year to five years | 94,588 | 94,900 | 520 | 525 | |||||||||||||||||||||
Due from five years to ten years | 17,699 | 17,846 | — | — | |||||||||||||||||||||
Due after ten years | 1,591 | 1,682 | — | — | |||||||||||||||||||||
115,214 | 115,766 | 745 | 750 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 30,130 | 30,713 | — | — | |||||||||||||||||||||
Asset backed securities | 18,632 | 18,795 | — | — | |||||||||||||||||||||
SBA pooled securities | 212 | 215 | — | — | |||||||||||||||||||||
$ | 164,188 | $ | 165,489 | $ | 745 | $ | 750 | ||||||||||||||||||
Schedule of Information Pertaining to Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at September 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 14,644 | $ | (52 | ) | $ | — | $ | — | $ | 14,644 | $ | (52 | ) | |||||||||||
Mortgage-backed securities, residential | 184 | (1 | ) | — | — | 184 | (1 | ) | |||||||||||||||||
Asset backed securities | 9,789 | (29 | ) | — | — | 9,789 | (29 | ) | |||||||||||||||||
State and municipal | — | — | — | — | — | — | |||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | |||||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 24,617 | $ | (82 | ) | $ | — | $ | — | $ | 24,617 | $ | (82 | ) | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 38,890 | $ | (222 | ) | $ | 1,849 | $ | (2 | ) | $ | 40,739 | $ | (224 | ) | ||||||||||
Mortgage-backed securities, residential | 800 | (1 | ) | — | — | 800 | (1 | ) | |||||||||||||||||
Asset backed securities | 4,913 | (6 | ) | — | — | 4,913 | (6 | ) | |||||||||||||||||
State and municipal | 1,481 | (4 | ) | — | — | 1,481 | (4 | ) | |||||||||||||||||
Corporate bonds | 8,419 | (36 | ) | — | — | 8,419 | (36 | ) | |||||||||||||||||
Trust preferred | 3,600 | (106 | ) | — | — | 3,600 | (106 | ) | |||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 58,103 | $ | (375 | ) | $ | 1,849 | $ | (2 | ) | $ | 59,952 | $ | (377 | ) | |||||||||||
Loans_and_Allowance_for_Loan_a1
Loans and Allowance for Loan and Lease Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Loans And Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Information Concerning Loan Portfolio | Loans at September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 261,836 | $ | 331,462 | |||||||||||||||||||||||||||||
Construction, land development, land | 45,996 | 37,626 | |||||||||||||||||||||||||||||||
1-4 family residential properties | 80,419 | 91,301 | |||||||||||||||||||||||||||||||
Farmland | 20,059 | 20,294 | |||||||||||||||||||||||||||||||
Total real estate | 408,310 | 480,683 | |||||||||||||||||||||||||||||||
Commercial | 340,316 | 255,655 | |||||||||||||||||||||||||||||||
Factored receivables | 169,112 | 117,370 | |||||||||||||||||||||||||||||||
Consumer | 12,527 | 13,878 | |||||||||||||||||||||||||||||||
Mortgage warehouse | 46,874 | 13,513 | |||||||||||||||||||||||||||||||
Total | 977,139 | 881,099 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (7,320 | ) | (3,645 | ) | |||||||||||||||||||||||||||||
$ | 969,819 | $ | 877,454 | ||||||||||||||||||||||||||||||
Summary of Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses: The activity in the allowance for loan and lease losses (ALLL) during the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 463 | $ | (78 | ) | $ | — | $ | 1 | $ | 386 | ||||||||||||||||||||||
Construction, land development, land | 242 | 198 | (100 | ) | — | 340 | |||||||||||||||||||||||||||
1-4 family residential properties | 197 | 56 | (74 | ) | 3 | 182 | |||||||||||||||||||||||||||
Farmland | 11 | 2 | — | — | 13 | ||||||||||||||||||||||||||||
Total real estate | 913 | 178 | (174 | ) | 4 | 921 | |||||||||||||||||||||||||||
Commercial | 2,332 | 722 | - | 3 | 3,057 | ||||||||||||||||||||||||||||
Factored receivables | 2,838 | 397 | (119 | ) | 21 | 3,137 | |||||||||||||||||||||||||||
Consumer | 96 | 34 | (100 | ) | 57 | 87 | |||||||||||||||||||||||||||
Mortgage warehouse | 74 | 44 | — | — | 118 | ||||||||||||||||||||||||||||
$ | 6,253 | $ | 1,375 | $ | (393 | ) | $ | 85 | $ | 7,320 | |||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 252 | $ | (154 | ) | $ | — | $ | 129 | $ | 227 | ||||||||||||||||||||||
Construction, land development, land | 46 | (7 | ) | — | — | 39 | |||||||||||||||||||||||||||
1-4 family residential properties | 98 | (34 | ) | (19 | ) | 25 | 70 | ||||||||||||||||||||||||||
Farmland | 5 | (1 | ) | — | — | 4 | |||||||||||||||||||||||||||
Total real estate | 401 | (196 | ) | (19 | ) | 154 | 340 | ||||||||||||||||||||||||||
Commercial | 502 | 1,538 | (1,473 | ) | — | 567 | |||||||||||||||||||||||||||
Factored receivables | 1,532 | 370 | (121 | ) | 3 | 1,784 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | 15 | 23 | — | — | 38 | ||||||||||||||||||||||||||||
$ | 2,450 | $ | 1,735 | $ | (1,613 | ) | $ | 157 | $ | 2,729 | |||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 348 | $ | 35 | $ | — | $ | 3 | $ | 386 | |||||||||||||||||||||||
Construction, land development, land | 110 | 330 | (100 | ) | — | 340 | |||||||||||||||||||||||||||
1-4 family residential properties | 100 | 240 | (264 | ) | 106 | 182 | |||||||||||||||||||||||||||
Farmland | 7 | 6 | — | — | 13 | ||||||||||||||||||||||||||||
Total real estate | 565 | 611 | (364 | ) | 109 | 921 | |||||||||||||||||||||||||||
Commercial | 1,145 | 1,707 | (12 | ) | 217 | 3,057 | |||||||||||||||||||||||||||
Factored receivables | 1,842 | 1,533 | (294 | ) | 56 | 3,137 | |||||||||||||||||||||||||||
Consumer | 49 | 122 | (314 | ) | 230 | 87 | |||||||||||||||||||||||||||
Mortgage warehouse | 44 | 74 | — | — | 118 | ||||||||||||||||||||||||||||
$ | 3,645 | $ | 4,047 | $ | (984 | ) | $ | 612 | $ | 7,320 | |||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 261 | $ | (122 | ) | $ | (41 | ) | $ | 129 | $ | 227 | |||||||||||||||||||||
Construction, land development, land | 40 | (1 | ) | — | — | 39 | |||||||||||||||||||||||||||
1-4 family residential properties | 227 | (111 | ) | (88 | ) | 42 | 70 | ||||||||||||||||||||||||||
Farmland | 5 | (1 | ) | — | — | 4 | |||||||||||||||||||||||||||
Total real estate | 533 | (235 | ) | (129 | ) | 171 | 340 | ||||||||||||||||||||||||||
Commercial | 172 | 1,861 | (1,473 | ) | 7 | 567 | |||||||||||||||||||||||||||
Factored receivables | 1,221 | 691 | (183 | ) | 55 | 1,784 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | 38 | — | — | 38 | ||||||||||||||||||||||||||||
$ | 1,926 | $ | 2,355 | $ | (1,785 | ) | $ | 233 | $ | 2,729 | |||||||||||||||||||||||
Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class | The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (PCI) loans, and their respective allowance allocations: | ||||||||||||||||||||||||||||||||
30-Sep-14 | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | ||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 3,671 | $ | 243,632 | $ | 14,533 | $ | 261,836 | $ | — | $ | 386 | $ | — | $ | 386 | |||||||||||||||||
Construction, land development, land | 12 | 44,512 | 1,472 | 45,996 | — | 340 | — | 340 | |||||||||||||||||||||||||
1-4 family residential properties | 885 | 77,311 | 2,223 | 80,419 | — | 176 | 6 | 182 | |||||||||||||||||||||||||
Farmland | — | 20,059 | — | 20,059 | — | 13 | — | 13 | |||||||||||||||||||||||||
Total real estate | 4,568 | 385,514 | 18,228 | 408,310 | — | 915 | 6 | 921 | |||||||||||||||||||||||||
Commercial | 7,092 | 328,507 | 4,717 | 340,316 | 297 | 2,760 | — | 3,057 | |||||||||||||||||||||||||
Factored receivables | 990 | 168,122 | — | 169,112 | 849 | 2,288 | — | 3,137 | |||||||||||||||||||||||||
Consumer | — | 12,527 | — | 12,527 | — | 87 | — | 87 | |||||||||||||||||||||||||
Mortgage warehouse | — | 46,874 | — | 46,874 | — | 118 | — | 118 | |||||||||||||||||||||||||
$ | 12,650 | $ | 941,544 | $ | 22,945 | $ | 977,139 | $ | 1,146 | $ | 6,168 | $ | 6 | $ | 7,320 | ||||||||||||||||||
31-Dec-13 | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | ||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 4,489 | $ | 308,326 | $ | 18,647 | $ | 331,462 | $ | — | $ | 348 | $ | — | $ | 348 | |||||||||||||||||
Construction, land development, land | — | 35,585 | 2,041 | 37,626 | — | 110 | — | 110 | |||||||||||||||||||||||||
1-4 family residential properties | 842 | 87,987 | 2,472 | 91,301 | 14 | 79 | 7 | 100 | |||||||||||||||||||||||||
Farmland | — | 20,294 | — | 20,294 | — | 7 | — | 7 | |||||||||||||||||||||||||
Total real estate | 5,331 | 452,192 | 23,160 | 480,683 | 14 | 544 | 7 | 565 | |||||||||||||||||||||||||
Commercial | 5,495 | 248,129 | 2,031 | 255,655 | 15 | 1,130 | — | 1,145 | |||||||||||||||||||||||||
Factored receivables | 763 | 116,607 | — | 117,370 | 417 | 1,425 | — | 1,842 | |||||||||||||||||||||||||
Consumer | — | 13,878 | — | 13,878 | — | 49 | — | 49 | |||||||||||||||||||||||||
Mortgage warehouse | — | 13,513 | — | 13,513 | — | 44 | — | 44 | |||||||||||||||||||||||||
$ | 11,589 | $ | 844,319 | $ | 25,191 | $ | 881,099 | $ | 446 | $ | 3,192 | $ | 7 | $ | 3,645 | ||||||||||||||||||
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Impaired Loans and Purchased Credit | Impaired Loans | ||||||||||||||||||||||||||||||||
Impaired Loans With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | |||||||||||||||||||||||||||||
30-Sep-14 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | 1,938 | $ | 1,957 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | 12 | 24 | ||||||||||||||||||||||||||||
1-4 family residential properties | 327 | 505 | 6 | 730 | 1,055 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Total real estate | 327 | 505 | 6 | 2,680 | 3,036 | ||||||||||||||||||||||||||||
Commercial | 1,029 | 1,058 | 297 | 6,064 | 6,293 | ||||||||||||||||||||||||||||
Factored receivables | 990 | 990 | 849 | — | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 2,346 | $ | 2,553 | $ | 1,152 | $ | 8,744 | $ | 9,329 | ||||||||||||||||||||||||
Impaired Loans and Purchased Credit | Impaired Loans | ||||||||||||||||||||||||||||||||
Impaired Loans With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | |||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | 114 | $ | 131 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | 127 | 169 | 21 | 157 | 166 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Total real estate | 127 | 169 | 21 | 271 | 297 | ||||||||||||||||||||||||||||
Commercial | 215 | 215 | 15 | 5,224 | 5,454 | ||||||||||||||||||||||||||||
Factored receivables | 762 | 762 | 417 | 1 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 1,104 | $ | 1,146 | $ | 453 | $ | 5,496 | $ | 5,751 | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,201 | $ | 17 | $ | 3,432 | $ | 156 | |||||||||||||||||||||||||
Construction, land development, land | 1 | 1 | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,035 | 18 | 301 | 8 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 3,237 | 36 | 3,733 | 164 | |||||||||||||||||||||||||||||
Commercial | 5,952 | 3 | 2,642 | — | |||||||||||||||||||||||||||||
Factored receivables | 381 | — | 690 | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 9,570 | $ | 39 | $ | 7,065 | $ | 164 | ||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
Impaired Loans | Recognized | Impaired Loans | Recognized | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,375 | $ | 206 | $ | 3,427 | $ | 470 | |||||||||||||||||||||||||
Construction, land development, land | 2 | 1 | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,068 | 164 | 326 | 25 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 3,445 | 371 | 3,753 | 495 | |||||||||||||||||||||||||||||
Commercial | 6,549 | 44 | 2,642 | — | |||||||||||||||||||||||||||||
Factored receivables | 381 | — | 830 | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 10,375 | $ | 415 | $ | 7,225 | $ | 495 | ||||||||||||||||||||||||||
Schedule of Recorded Investment and Unpaid Principal Balances for Impaired Loans | The following table presents the unpaid principal and recorded investment for loans at September 30, 2014 and December 31, 2013. The difference between the unpaid principal balance and recorded investment is principally associated with (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI), (2) net deferred origination costs and fees, and (3) previous charge-offs. | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | ||||||||||||||||||||||||||||||||
30-Sep-14 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 261,836 | $ | 277,087 | $ | (15,251 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 45,996 | 47,925 | (1,929 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 80,419 | 84,220 | (3,801 | ) | |||||||||||||||||||||||||||||
Farmland | 20,059 | 19,973 | 86 | ||||||||||||||||||||||||||||||
Total real estate | 408,310 | 429,205 | (20,895 | ) | |||||||||||||||||||||||||||||
Commercial | 340,316 | 344,115 | (3,799 | ) | |||||||||||||||||||||||||||||
Factored receivables | 169,112 | 170,281 | (1,169 | ) | |||||||||||||||||||||||||||||
Consumer | 12,527 | 12,604 | (77 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 46,874 | 46,874 | — | ||||||||||||||||||||||||||||||
$ | 977,139 | $ | 1,003,079 | $ | (25,940 | ) | |||||||||||||||||||||||||||
Recorded | Unpaid | ||||||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 331,462 | $ | 351,521 | $ | (20,059 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 37,626 | 41,034 | (3,408 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 91,301 | 96,742 | (5,441 | ) | |||||||||||||||||||||||||||||
Farmland | 20,294 | 20,145 | 149 | ||||||||||||||||||||||||||||||
Total real estate | 480,683 | 509,442 | (28,759 | ) | |||||||||||||||||||||||||||||
Commercial | 255,655 | 260,384 | (4,729 | ) | |||||||||||||||||||||||||||||
Factored receivables | 117,370 | 118,057 | (687 | ) | |||||||||||||||||||||||||||||
Consumer | 13,878 | 14,006 | (128 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 13,513 | 13,513 | — | ||||||||||||||||||||||||||||||
$ | 881,099 | $ | 915,402 | $ | (34,303 | ) | |||||||||||||||||||||||||||
Summary of Contractually Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans: The following is a summary of contractually past due and nonaccrual loans at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
30-89 Days | Days or More | ||||||||||||||||||||||||||||||||
30-Sep-14 | Past Due | Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 855 | $ | — | $ | 5,094 | $ | 5,949 | |||||||||||||||||||||||||
Construction, land development, land | 75 | — | 12 | 87 | |||||||||||||||||||||||||||||
1-4 family residential properties | 779 | 2 | 1,469 | 2,250 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 1,709 | 2 | 6,575 | 8,286 | |||||||||||||||||||||||||||||
Commercial | 110 | — | 10,176 | 10,286 | |||||||||||||||||||||||||||||
Factored receivables | 5,664 | 813 | — | 6,477 | |||||||||||||||||||||||||||||
Consumer | 407 | 2 | — | 409 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 7,890 | $ | 817 | $ | 16,751 | $ | 25,458 | ||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
30-89 Days | Days or More | ||||||||||||||||||||||||||||||||
31-Dec-13 | Past Due | Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,959 | $ | 47 | $ | 5,417 | $ | 8,423 | |||||||||||||||||||||||||
Construction, land development, land | 690 | — | — | 690 | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,803 | 19 | 1,392 | 3,214 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Total real estate | 5,452 | 66 | 6,809 | 12,327 | |||||||||||||||||||||||||||||
Commercial | 2,155 | 11 | 5,494 | 7,660 | |||||||||||||||||||||||||||||
Factored receivables | 3,836 | — | 89 | 3,925 | |||||||||||||||||||||||||||||
Consumer | 591 | 2 | — | 593 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
$ | 12,034 | $ | 79 | $ | 12,392 | $ | 24,505 | ||||||||||||||||||||||||||
Summary of Risk Category of Loans | As of September 30, 2014 and December 31, 2013 based on the most recent analysis performed, the risk category of loans is as follows: | ||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||
30-Sep-14 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 238,251 | $ | 2,963 | $ | 6,089 | $ | — | $ | 14,533 | $ | 261,836 | |||||||||||||||||||||
Construction, land development, land | 44,512 | — | 12 | — | 1,472 | 45,996 | |||||||||||||||||||||||||||
1-4 family residential | 77,120 | 231 | 845 | — | 2,223 | 80,419 | |||||||||||||||||||||||||||
Farmland | 20,059 | — | — | — | — | 20,059 | |||||||||||||||||||||||||||
Total real estate | 379,942 | 3,194 | 6,946 | — | 18,228 | 408,310 | |||||||||||||||||||||||||||
Commercial | 322,647 | 2,490 | 10,462 | — | 4,717 | 340,316 | |||||||||||||||||||||||||||
Factored receivables | 168,121 | — | 344 | 647 | — | 169,112 | |||||||||||||||||||||||||||
Consumer | 12,527 | — | — | — | — | 12,527 | |||||||||||||||||||||||||||
Mortgage warehouse | 46,874 | — | — | — | — | 46,874 | |||||||||||||||||||||||||||
$ | 930,111 | $ | 5,684 | $ | 17,752 | $ | 647 | $ | 22,945 | $ | 977,139 | ||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||
31-Dec-13 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 308,077 | $ | 557 | $ | 4,180 | $ | — | $ | 18,648 | $ | 331,462 | |||||||||||||||||||||
Construction, land development, land | 35,585 | — | — | — | 2,041 | 37,626 | |||||||||||||||||||||||||||
1-4 family residential | 88,379 | — | 450 | — | 2,472 | 91,301 | |||||||||||||||||||||||||||
Farmland | 20,294 | — | — | — | — | 20,294 | |||||||||||||||||||||||||||
Total real estate | 452,335 | 557 | 4,630 | — | 23,161 | 480,683 | |||||||||||||||||||||||||||
Commercial | 247,941 | — | 5,684 | — | 2,030 | 255,655 | |||||||||||||||||||||||||||
Factored receivables | 116,607 | — | 336 | 427 | — | 117,370 | |||||||||||||||||||||||||||
Consumer | 13,878 | — | — | — | — | 13,878 | |||||||||||||||||||||||||||
Mortgage warehouse | 13,513 | — | — | — | — | 13,513 | |||||||||||||||||||||||||||
$ | 844,274 | $ | 557 | $ | 10,650 | $ | 427 | $ | 25,191 | $ | 881,099 | ||||||||||||||||||||||
Purchased_Credit_Impaired_Loan1
Purchased Credit Impaired Loans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans | The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at September 30, 2014 and December 31, 2013, are as follows: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Contractually required principal and interest: | |||||||||||||||||
Real estate loans | $ | 30,905 | $ | 35,584 | |||||||||||||
Commercial loans | 6,962 | 2,795 | |||||||||||||||
Outstanding contractually required principal and interest | $ | 37,867 | $ | 38,379 | |||||||||||||
Gross carrying amount included in loans receivable | $ | 22,945 | $ | 25,191 | |||||||||||||
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three and nine months ended September 30, 2014 and 2013 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Accretable yield, beginning balance | $ | 6,883 | $ | 2,435 | $ | 4,587 | $ | 4,244 | |||||||||
Additions | — | — | 482 | — | |||||||||||||
Accretion | (1,910 | ) | (373 | ) | (3,868 | ) | (2,180 | ) | |||||||||
Reclassification from nonaccretable to accretable yield | — | — | 3,922 | — | |||||||||||||
Disposals | (10 | ) | (1 | ) | (160 | ) | (3 | ) | |||||||||
Accretable yield, ending balance | $ | 4,963 | $ | 2,061 | $ | 4,963 | $ | 2,061 | |||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Goodwill | $ | 15,968 | $ | 14,047 | |||||
Other intangible assets | 13,815 | 14,471 | |||||||
$ | 29,783 | $ | 28,518 | ||||||
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the period are as follows: | ||||||||
2014 | |||||||||
Beginning balance, January 1, 2014 | $ | 28,518 | |||||||
Acquired goodwill | 1,921 | ||||||||
Acquired intangibles | 2,054 | ||||||||
Divestiture | (514 | ) | |||||||
Amortization of intangibles | (2,196 | ) | |||||||
Ending balance, September 30, 2014 | $ | 29,783 | |||||||
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Summary Of Deposits | Deposits at September 30, 2014 and December 31, 2013 are summarized as follows: | ||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Noninterest bearing demand | $ | 154,750 | $ | 150,238 | |||||
Interest-bearing demand | 209,491 | 199,826 | |||||||
Individual Retirement Accounts | 54,378 | 54,512 | |||||||
Money Market | 125,371 | 157,406 | |||||||
Savings | 72,012 | 69,336 | |||||||
Certificates of deposit, $100,000 and greater | 235,060 | 138,000 | |||||||
Certificates of deposit, less than $100,000 | 204,543 | 216,940 | |||||||
Other brokered funds | 50,019 | 58,596 | |||||||
Total Deposits | $ | 1,105,624 | $ | 1,044,854 | |||||
Scheduled Maturities of Certificate of Deposits Individual Retirement Accounts and Brokered Deposits | At September 30, 2014, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: | ||||||||
30-Sep-14 | |||||||||
Within one year | $ | 301,572 | |||||||
After one but within two years | 135,218 | ||||||||
After two but within three years | 82,562 | ||||||||
After three but within four years | 11,954 | ||||||||
After four but within five years | 12,694 | ||||||||
Total | $ | 544,000 | |||||||
OffBalance_Sheet_Loan_Commitme1
Off-Balance Sheet Loan Commitments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||
Summary of Financial Instruments with Off-Balance Sheet Risk | The contractual amounts of financial instruments with off-balance-sheet risk were as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Fixed | Variable | Fixed | Variable | ||||||||||||||
Rate | Rate | Rate | Rate | ||||||||||||||
Commitments to make loans | $ | 6,170 | $ | 10,800 | $ | 7,437 | $ | 4,823 | |||||||||
Unused lines of credit | 35,010 | 199,107 | 33,470 | 104,896 | |||||||||||||
Standby letters of credit | 2,098 | 1,362 | 2,147 | 1,897 | |||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
September 30, 2014: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 90,737 | $ | — | $ | 90,737 | |||||||||||||
Mortgage-backed securities-residential | — | 30,713 | — | 30,713 | |||||||||||||||||
Asset backed securities | — | 18,795 | — | 18,795 | |||||||||||||||||
State and municipal | — | 4,603 | 3,495 | 8,098 | |||||||||||||||||
Corporate bonds | — | 16,931 | — | 16,931 | |||||||||||||||||
SBA pooled securities | — | 215 | — | 215 | |||||||||||||||||
$ | — | $ | 161,994 | $ | 3,495 | $ | 165,489 | ||||||||||||||
Loans held for sale | |||||||||||||||||||||
Mortgages | — | 7,295 | — | 7,295 | |||||||||||||||||
$ | — | $ | 7,295 | $ | — | $ | 7,295 | ||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
December 31, 2013: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 95,834 | $ | — | $ | 95,834 | |||||||||||||
Mortgage-backed securities-residential | — | 36,285 | — | 36,285 | |||||||||||||||||
Asset backed securities | — | 18,839 | — | 18,839 | |||||||||||||||||
State and municipal | — | 5,423 | 3,582 | 9,005 | |||||||||||||||||
Corporate bonds | — | 20,843 | — | 20,843 | |||||||||||||||||
SBA pooled securities | — | 248 | — | 248 | |||||||||||||||||
Trust preferred | — | 3,600 | — | 3,600 | |||||||||||||||||
$ | — | $ | 181,072 | $ | 3,582 | $ | 184,654 | ||||||||||||||
Loans held for sale | |||||||||||||||||||||
Mortgages | — | 5,393 | — | 5,393 | |||||||||||||||||
$ | — | $ | 5,393 | $ | — | $ | 5,393 | ||||||||||||||
Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
September 30, 2014: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
1-4 family residential properties | $ | — | $ | — | $ | 321 | $ | 321 | |||||||||||||
Commercial | — | — | 732 | 732 | |||||||||||||||||
Factored receivables | — | — | 141 | 141 | |||||||||||||||||
Other real estate owned (1): | |||||||||||||||||||||
1-4 family residential properties | — | — | 97 | 97 | |||||||||||||||||
Commercial | — | — | 391 | 391 | |||||||||||||||||
Construction, land development, land | — | — | 870 | 870 | |||||||||||||||||
$ | — | $ | — | $ | 2,552 | $ | 2,552 | ||||||||||||||
Fair Value Measurements Using | Total | ||||||||||||||||||||
December 31, 2013: | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
1-4 family residential properties | $ | — | $ | — | $ | 106 | $ | 106 | |||||||||||||
Commercial | — | — | 200 | 200 | |||||||||||||||||
Factored receivables | — | — | 345 | 345 | |||||||||||||||||
Other real estate owned (1): | |||||||||||||||||||||
1-4 family residential properties | — | — | 367 | 367 | |||||||||||||||||
Commercial | — | — | 653 | 653 | |||||||||||||||||
Construction, land development, land | — | — | — | — | |||||||||||||||||
$ | — | $ | — | $ | 1,671 | $ | 1,671 | ||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Provision recorded for loans classified as impaired | $ | 699 | $ | 14 | |||||||||||||||||
Valuation adjustments recorded on other real estate | $ | 363 | $ | 144 | |||||||||||||||||
owned | |||||||||||||||||||||
(1) Represents the fair value of OREO that was adjusted subsequent to its initial classification as OREO | |||||||||||||||||||||
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments at September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 75,625 | $ | 75,625 | $ | — | $ | — | $ | 75,625 | |||||||||||
Securities - Held to maturity | 745 | — | 750 | — | 750 | ||||||||||||||||
Loans, net | 969,819 | — | — | 977,509 | 977,509 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 5,826 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 4,127 | — | 4,127 | — | 4,127 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,105,624 | — | 1,109,111 | — | 1,109,111 | ||||||||||||||||
Customer repurchase agreements | 15,644 | — | 15,644 | — | 15,644 | ||||||||||||||||
Federal Home Loan Bank advances | — | — | — | — | — | ||||||||||||||||
Senior secured note | 11,630 | — | 11,434 | — | 11,434 | ||||||||||||||||
Junior subordinated debentures | 24,359 | — | 24,359 | — | 24,359 | ||||||||||||||||
Accrued interest payable | 901 | — | 901 | — | 901 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 85,797 | $ | 85,797 | $ | — | $ | — | $ | 85,797 | |||||||||||
Securities - Held to maturity | 743 | — | 745 | — | 745 | ||||||||||||||||
Loans, net | 877,454 | — | — | 884,307 | 884,307 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 5,802 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 3,748 | — | 3,748 | — | 3,748 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,044,854 | — | 1,046,226 | — | 1,046,226 | ||||||||||||||||
Customer repurchase agreements | 11,330 | — | 11,329 | — | 11,329 | ||||||||||||||||
Federal Home Loan Bank advances | 21,000 | — | 21,000 | — | 21,000 | ||||||||||||||||
Senior secured note | 12,573 | — | 12,379 | — | 12,379 | ||||||||||||||||
Junior subordinated debentures | 24,171 | — | 24,171 | — | 24,171 | ||||||||||||||||
Accrued interest payable | 2,426 | — | 2,426 | — | 2,426 | ||||||||||||||||
RegulatoryMatters_Tables
RegulatoryMatters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company, TSB, and TCB are presented in the following table as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
To Be Adequately | To Be Well | ||||||||||||||||||||||||
Capitalized Under | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | Prompt Corrective | ||||||||||||||||||||||||
Actual | Action Provisions | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 167,709 | 15.30% | $ | 87,863 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 54,819 | 16.90% | $ | 26,027 | 8.00% | $ | 32,534 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 111,152 | 14.50% | $ | 61,428 | 8.00% | $ | 76,785 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 160,280 | 14.60% | $ | 43,942 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 51,250 | 15.80% | $ | 13,008 | 4.00% | $ | 19,511 | 6.00% | ||||||||||||||||
Triumph Community Bank | $ | 107,293 | 14.00% | $ | 30,714 | 4.00% | $ | 46,071 | 6.00% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 160,280 | 12.20% | $ | 52,551 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 51,250 | 12.80% | $ | 15,991 | 4.00% | $ | 19,988 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 107,293 | 11.90% | $ | 36,162 | 4.00% | $ | 45,203 | 5.00% | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 145,722 | 14.50% | $ | 80,398 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 50,985 | 16.40% | $ | 24,871 | 8.00% | $ | 31,088 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 89,690 | 13.00% | $ | 55,194 | 8.00% | $ | 68,992 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 142,077 | 14.10% | $ | 40,306 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 48,064 | 15.50% | $ | 12,404 | 4.00% | $ | 18,605 | 6.00% | ||||||||||||||||
Triumph Community Bank | $ | 88,921 | 12.90% | $ | 27,572 | 4.00% | $ | 41,359 | 6.00% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 142,077 | 12.90% | $ | 44,055 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 48,064 | 13.60% | $ | 14,136 | 4.00% | $ | 17,671 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 88,921 | 10.10% | $ | 35,216 | 4.00% | $ | 44,020 | 5.00% | ||||||||||||||||
Equity_and_Noncontrolling_Inte1
Equity and Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Series A | Series B | ||||||||||||||||||||||||||||||||
September | December | September | December | September | December | September | December | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Number of shares authorized | 50,000 | 50,000 | 115,000 | 115,000 | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||
Number of shares issued | 45,500 | 45,500 | 51,956 | 51,956 | 9,891,424 | 9,832,585 | |||||||||||||||||||||||||||
Number of shares outstanding | 45,500 | 45,500 | 51,956 | 51,956 | 9,886,778 | 9,832,585 | 4,646 | — | |||||||||||||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||
Liquidation preference per share | $ | 100 | $ | 100 | $ | 100 | $ | 100 | |||||||||||||||||||||||||
Dividend rate | Prime + 2% | Prime + 2% | 8 | % | 8 | % | |||||||||||||||||||||||||||
Dividend rate - floor | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
Initial dividend payment date | 3/31/13 | 3/31/13 | 12/31/13 | 12/31/13 | |||||||||||||||||||||||||||||
Subsequent dividend payment dates | Quarterly | Quarterly | Quarterly | Quarterly | |||||||||||||||||||||||||||||
Convertible to common stock | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||
Conversion period | Anytime | Anytime | Anytime | Anytime | |||||||||||||||||||||||||||||
Conversion ratio - preferred to common | 6.94008 | 6.94008 | 6.94008 | 6.94008 | |||||||||||||||||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Share Based Compensation [Abstract] | |||||||||
Summary of changes in the Company's nonvested RSUs | A summary of changes in the Company’s nonvested RSUs for the nine months ended September 30, 2014 and 2013 were as follows: | ||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSUs | Units | Fair Value | |||||||
Nonvested at January 1, 2014 | 26,120 | $ | 10.77 | ||||||
Granted | 32,275 | 14.08 | |||||||
Vested | (58,395 | ) | 12.6 | ||||||
Forfeited | — | — | |||||||
Nonvested at September 30, 2014 | — | $ | — | ||||||
Nonvested at January 1, 2013 | — | $ | — | ||||||
Granted | 26,120 | 10.77 | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Nonvested at September 30, 2013 | 26,120 | $ | 10.77 | ||||||
Earnings_Per_Share_Basic_and_D
Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic | |||||||||||||||||
Net income to common stockholders | $ | 9,495 | $ | 236 | $ | 14,928 | $ | 521 | |||||||||
Weighted average common shares outstanding | 9,872,923 | 8,800,670 | 9,850,640 | 8,078,476 | |||||||||||||
Basic earnings per common share | $ | 0.96 | $ | 0.03 | $ | 1.52 | $ | 0.06 | |||||||||
Diluted | |||||||||||||||||
Net income to common stockholders | $ | 9,495 | $ | 236 | $ | 14,928 | $ | 521 | |||||||||
Dilutive effect of preferred stock | 197 | — | 583 | — | |||||||||||||
Net income to common stockholders - diluted | $ | 9,692 | $ | 236 | $ | 15,511 | $ | 521 | |||||||||
Weighted average common shares outstanding for basic earnings per common share | 9,872,923 | 8,800,670 | 9,850,640 | 8,078,476 | |||||||||||||
Add: Dilutive effects of restricted stock units | — | 6,773 | 6,059 | 3,328 | |||||||||||||
Add: Dilutive effects of assumed exercises of stock warrants | 52,881 | — | 52,881 | — | |||||||||||||
Add: Dilutive effects of assumed conversion of Preferred A | 315,773 | N/A | 315,773 | N/A | |||||||||||||
Add: Dilutive effects of assumed conversion of Preferred B | 360,578 | N/A | 360,578 | N/A | |||||||||||||
Average shares and dilutive potential common shares | 10,602,155 | 8,807,443 | 10,585,931 | 8,081,804 | |||||||||||||
Dilutive earnings per common share | $ | 0.91 | $ | 0.03 | $ | 1.47 | $ | 0.06 | |||||||||
Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restricted stock units | — | — | — | — | |||||||||||||
Warrants | — | 259,067 | — | 259,067 | |||||||||||||
Shares assumed to be converted from Preferred Stock Series A | — | N/A | — | N/A | |||||||||||||
Shares assumed to be converted from Preferred Stock Series B | — | N/A | — | N/A | |||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information | |||||||||||||||||
Consolidated | |||||||||||||||||
Three Months Ended September 30, 2014 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 7,423 | $ | 14,689 | $ | 6 | $ | 22,118 | |||||||||
Intersegment interest allocations | (990 | ) | 990 | — | — | ||||||||||||
Total interest expense | — | 1,312 | 411 | 1,723 | |||||||||||||
Net interest income (expense) | 6,433 | 14,367 | (405 | ) | 20,395 | ||||||||||||
Provision for loan losses | 452 | 923 | — | 1,375 | |||||||||||||
Net interest income after provision | 5,981 | 13,444 | (405 | ) | 19,020 | ||||||||||||
Gain on branch sale | — | 12,619 | — | 12,619 | |||||||||||||
Other noninterest income | 431 | 2,345 | 409 | 3,185 | |||||||||||||
Noninterest expense | 4,125 | 12,344 | 1,992 | 18,461 | |||||||||||||
Operating income (loss) | $ | 2,287 | $ | 16,064 | $ | (1,988 | ) | $ | 16,363 | ||||||||
Total assets | $ | 170,088 | $ | 1,155,434 | $ | 22,276 | $ | 1,347,798 | |||||||||
Gross loans | $ | 158,129 | $ | 819,010 | $ | — | $ | 977,139 | |||||||||
Consolidated | |||||||||||||||||
Three Months Ended September 30, 2013 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 4,704 | $ | 4,290 | $ | 27 | $ | 9,021 | |||||||||
Intersegment interest allocations | (577 | ) | 577 | — | — | ||||||||||||
Total interest expense | — | 893 | — | 893 | |||||||||||||
Net interest income | 4,127 | 3,974 | 27 | 8,128 | |||||||||||||
Provision for loan losses | 341 | 1,394 | — | 1,735 | |||||||||||||
Net interest income after provision | 3,786 | 2,580 | 27 | 6,393 | |||||||||||||
Noninterest income | 256 | 385 | 76 | 717 | |||||||||||||
Intersegment expense allocations | 14 | (14 | ) | — | — | ||||||||||||
Noninterest expense | 2,454 | 3,026 | 1,067 | 6,547 | |||||||||||||
Operating income (loss) | $ | 1,574 | $ | (47 | ) | $ | (964 | ) | $ | 563 | |||||||
Total assets | $ | 110,571 | $ | 243,533 | $ | 38,834 | $ | 392,938 | |||||||||
Gross loans | $ | 95,065 | $ | 170,328 | $ | — | $ | 265,393 | |||||||||
Consolidated | |||||||||||||||||
Nine Months Ended September 30, 2014 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 19,165 | $ | 44,753 | $ | 32 | $ | 63,950 | |||||||||
Intersegment interest allocations | (2,497 | ) | 2,497 | — | — | ||||||||||||
Total interest expense | — | 3,590 | 1,229 | 4,819 | |||||||||||||
Net interest income (expense) | 16,668 | 43,660 | (1,197 | ) | 59,131 | ||||||||||||
Provision for loan losses | 1,354 | 2,693 | — | 4,047 | |||||||||||||
Net interest income after provision | 15,314 | 40,967 | (1,197 | ) | 55,084 | ||||||||||||
Gain on branch sale | — | 12,619 | — | 12,619 | |||||||||||||
Other noninterest income | 1,218 | 6,256 | 953 | 8,427 | |||||||||||||
Noninterest expense | 10,570 | 34,234 | 4,713 | 49,517 | |||||||||||||
Operating income (loss) | $ | 5,962 | $ | 25,608 | $ | (4,957 | ) | $ | 26,613 | ||||||||
Total assets | $ | 170,088 | $ | 1,155,434 | $ | 22,276 | $ | 1,347,798 | |||||||||
Gross loans | $ | 158,129 | $ | 819,010 | $ | — | $ | 977,139 | |||||||||
Consolidated | |||||||||||||||||
Nine Months Ended September 30, 2013 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 12,381 | $ | 11,375 | $ | 32 | $ | 23,788 | |||||||||
Intersegment interest allocations | (1,508 | ) | 1,508 | — | — | ||||||||||||
Total interest expense | 1 | 2,462 | — | 2,463 | |||||||||||||
Net interest income | 10,872 | 10,421 | 32 | 21,325 | |||||||||||||
Provision for loan losses | 632 | 1,723 | — | 2,355 | |||||||||||||
Net interest income after provision | 10,240 | 8,698 | 32 | 18,970 | |||||||||||||
Noninterest income | 824 | 569 | 98 | 1,491 | |||||||||||||
Intersegment expense allocations | 100 | (100 | ) | — | — | ||||||||||||
Noninterest expense | 6,961 | 8,834 | 2,272 | 18,067 | |||||||||||||
Operating income (loss) | $ | 4,003 | $ | 533 | $ | (2,142 | ) | $ | 2,394 | ||||||||
Total assets | $ | 110,571 | $ | 243,533 | $ | 38,834 | $ | 392,938 | |||||||||
Gross loans | $ | 95,065 | $ | 170,328 | $ | — | $ | 265,393 | |||||||||
Business_Combinations_and_Dive2
Business Combinations and Divestitures - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 11, 2014 | Dec. 31, 2013 | Oct. 15, 2013 |
Business Acquisition [Line Items] | |||||
Net cash proceeds | $57,409 | ||||
Deposits | 1,105,624 | 1,105,624 | 1,044,854 | ||
Pre-tax gain | 12,619 | 12,619 | |||
Loans | 45,334 | 45,334 | |||
Cash paid | 49,482 | ||||
Goodwill | 1,921 | ||||
Fair value of acquired loans not classified as PCI | 41,680 | 41,680 | |||
Senior notes, outstanding balance | 11,630 | 11,630 | 12,573 | ||
THE National Bank | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||
TCB | |||||
Business Acquisition [Line Items] | |||||
Net cash proceeds | 57,409 | ||||
Deposits | 36,326 | ||||
Carrying amount of Loans Sold | 78,071 | ||||
Pre-tax gain | 12,619 | ||||
NBI | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||
Business acquisition, bargain purchase gain | 9,014 | ||||
Senior notes, outstanding balance | 11,858 | 11,858 | |||
NBI | Convertible Notes Payable | |||||
Business Acquisition [Line Items] | |||||
Senior notes, outstanding balance | $3,640 | $3,640 |
Business_Combinations_and_Dive3
Business Combinations and Divestitures - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Assets acquired: | |
Loans | $45,334 |
Liabilities assumed: | |
Cash paid | 49,482 |
Goodwill | 1,921 |
Doral Healthcare Acquisition | |
Assets acquired: | |
Loans | 45,334 |
Intangible assets | 2,029 |
Premises and equipment | 50 |
Other assets | 276 |
Total Assets Acquired | 47,689 |
Liabilities assumed: | |
Customer deposits | 128 |
Fair value of net assets acquired | 47,561 |
Cash paid | 49,482 |
Goodwill | 1,921 |
NBI Acquisition | |
Assets acquired: | |
Loans | 568,358 |
Intangible assets | 15,091 |
Premises and equipment | 19,358 |
Other assets | 22,023 |
Cash and cash equivalents | 89,990 |
Securities | 160,450 |
FHLB and Federal Reserve Bank stock | 4,507 |
Other real estate owned | 11,285 |
Bank-owned life insurance | 28,435 |
Deferred income taxes | 17,237 |
Total Assets Acquired | 936,734 |
Liabilities assumed: | |
Customer deposits | 793,256 |
Customer repurchase agreements | 19,927 |
Senior secured note | 11,858 |
Junior subordinated debentures | 24,120 |
Federal Home Loan Bank advances | 5,003 |
Accrued interest and dividends payable | 7,282 |
Other liabilities | 7,988 |
Total liabilities | 869,434 |
Fair value of net assets acquired | 67,300 |
Cash paid to NBI common and preferred shareholders | 15,277 |
Liabilities: | |
Consideration paid | 58,286 |
Bargain Purchase Gain | -9,014 |
NBI Acquisition | Series B Preferred Stock | |
Liabilities: | |
Stock Issued or Assumed | 5,196 |
NBI Acquisition | Common Stock | |
Liabilities: | |
Stock Issued or Assumed | 11,916 |
NBI Acquisition | Preferred Stock | |
Liabilities: | |
Stock Issued or Assumed | $25,897 |
Business_Combinations_and_Dive4
Business Combinations and Divestitures - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Details) (Triumph Bancorp Inc) | 9 Months Ended |
Sep. 30, 2014 | |
Triumph Bancorp Inc | |
Business Acquisition [Line Items] | |
Common stock shares issued | 1,029,045 |
Business_Combinations_and_Dive5
Business Combinations and Divestitures - Schedule of Loans Acquired in Business Combination (Details) (PCI Loans, USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
PCI Loans | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | |
Contractual balance at acquisition | $5,009 |
Contractual cash flows not expected to be collected (nonaccretable difference) | -873 |
Expected cash flows at acquisition | 4,136 |
Accretable yield | -482 |
Fair value of acquired PCI loans | $3,654 |
Securities_Schedule_of_Amortiz
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $164,188 | $184,465 |
Available for sale securities, Gross Unrealized Gains | 1,383 | 566 |
Available for sale securities, Gross Unrealized Losses | -82 | -377 |
Securities - available for sale | 165,489 | 184,654 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 745 | 743 |
Held to maturity securities, Fair Value | 750 | 745 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 90,577 | 95,967 |
Available for sale securities, Gross Unrealized Gains | 212 | 91 |
Available for sale securities, Gross Unrealized Losses | -52 | -224 |
Securities - available for sale | 90,737 | 95,834 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 30,130 | 35,931 |
Available for sale securities, Gross Unrealized Gains | 584 | 355 |
Available for sale securities, Gross Unrealized Losses | -1 | -1 |
Securities - available for sale | 30,713 | 36,285 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 18,632 | 18,811 |
Available for sale securities, Gross Unrealized Gains | 192 | 34 |
Available for sale securities, Gross Unrealized Losses | -29 | -6 |
Securities - available for sale | 18,795 | 18,839 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 7,879 | 8,989 |
Available for sale securities, Gross Unrealized Gains | 219 | 20 |
Available for sale securities, Gross Unrealized Losses | -4 | |
Securities - available for sale | 8,098 | 9,005 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 16,758 | 20,817 |
Available for sale securities, Gross Unrealized Gains | 173 | 62 |
Available for sale securities, Gross Unrealized Losses | -36 | |
Securities - available for sale | 16,931 | 20,843 |
Trust preferred | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 3,706 | |
Available for sale securities, Gross Unrealized Losses | -106 | |
Securities - available for sale | 3,600 | |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 212 | 244 |
Available for sale securities, Gross Unrealized Gains | 3 | 4 |
Securities - available for sale | 215 | 248 |
Other - State of Israel bonds | ||
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 745 | 743 |
Held to maturity securities, Gross Unrealized Gains | 5 | 2 |
Held to maturity securities, Fair Value | $750 | $745 |
Securities_Schedule_of_Amortiz1
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities Available for Sale, Amortized Cost | ||
Due in one year or less, Amortized Cost | $1,336 | |
Due from one year to five years, Amortized Cost | 94,588 | |
Due from five years to ten years, Amortized Cost | 17,699 | |
Due after ten years, Amortized Cost | 1,591 | |
Securities Available for Sale, with single maturity date, Amortized Cost | 115,214 | |
Securities Available for Sale, Amortized Cost | 164,188 | |
Securities Available for Sale, Fair Value | ||
Due in one year or less, Fair Value | 1,338 | |
Due from one year to five years, Fair Value | 94,900 | |
Due from five years to ten years, Fair Value | 17,846 | |
Due after ten years, Fair Value | 1,682 | |
Securities Available for Sale, with single maturity date, Fair Value | 115,766 | |
Securities Available for Sale, Fair Value | 165,489 | |
Held to Maturity, Amortized Cost | ||
Due in one year or less, Amortized Cost | 225 | |
Due from one year to five years, Amortized Cost | 520 | |
Held to Maturity, with single maturity date, Amortized Cost | 745 | |
Held to maturity securities, Amortized Cost | 745 | 743 |
Held to Maturity, Fair Value | ||
Due in one year or less, Fair Value | 225 | |
Due from one year to five years, Fair Value | 525 | |
Held to Maturity, with single maturity date, Fair Value | 750 | |
Held to maturity securities, Fair Value | 750 | 745 |
Mortgage-backed Securities, Residential | ||
Securities Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 30,130 | |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 30,713 | |
Asset Backed Securities | ||
Securities Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 18,632 | |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 18,795 | |
SBA Pooled Securities | ||
Securities Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 212 | |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | $215 |
Securities_Additional_Informat
Securities - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Investments Debt And Equity Securities [Abstract] | |||||
Proceeds from sale of securities | $4,065 | $0 | $10,859 | $0 | |
Gross gains on sale of securities | 10 | 35 | |||
Gross losses on sale of securities | 0 | 9 | |||
Pledged securities, at carrying value | $96,031 | $96,031 | $87,434 |
Securities_Schedule_of_Informa
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized Losses (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $24,617 | $58,103 |
Less than 12 Months, Unrealized Losses | -82 | -375 |
12 Months or More, Fair Value | 1,849 | |
12 Months or More, Unrealized Losses | -2 | |
Total, Fair Value | 24,617 | 59,952 |
Total, Unrealized Losses | -82 | -377 |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 14,644 | 38,890 |
Less than 12 Months, Unrealized Losses | -52 | -222 |
12 Months or More, Fair Value | 1,849 | |
12 Months or More, Unrealized Losses | -2 | |
Total, Fair Value | 14,644 | 40,739 |
Total, Unrealized Losses | -52 | -224 |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 184 | 800 |
Less than 12 Months, Unrealized Losses | -1 | -1 |
Total, Fair Value | 184 | 800 |
Total, Unrealized Losses | -1 | -1 |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 9,789 | 4,913 |
Less than 12 Months, Unrealized Losses | -29 | -6 |
Total, Fair Value | 9,789 | 4,913 |
Total, Unrealized Losses | -29 | -6 |
State and Municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,481 | |
Less than 12 Months, Unrealized Losses | -4 | |
Total, Fair Value | 1,481 | |
Total, Unrealized Losses | -4 | |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 8,419 | |
Less than 12 Months, Unrealized Losses | -36 | |
Total, Fair Value | 8,419 | |
Total, Unrealized Losses | -36 | |
Trust preferred | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 3,600 | |
Less than 12 Months, Unrealized Losses | -106 | |
Total, Fair Value | 3,600 | |
Total, Unrealized Losses | ($106) |
Loans_and_Allowance_for_Loan_a2
Loans and Allowance for Loan and Lease Losses - Summary of Information Concerning Loan Portfolio (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans [Line Items] | ||||||
Loans | $977,139 | $881,099 | $265,393 | |||
Allowance for loan and lease losses | -7,320 | -6,253 | -3,645 | -2,729 | -2,450 | -1,926 |
Loans, net | 969,819 | 877,454 | ||||
Loans receivable | Real estate, Commercial | ||||||
Loans [Line Items] | ||||||
Loans | 261,836 | 331,462 | ||||
Allowance for loan and lease losses | -386 | -463 | -348 | -227 | -252 | -261 |
Loans receivable | Real estate, Construction, land development, land | ||||||
Loans [Line Items] | ||||||
Loans | 45,996 | 37,626 | ||||
Allowance for loan and lease losses | -340 | -242 | -110 | -39 | -46 | -40 |
Loans receivable | Real estate, 1-4 family residential properties | ||||||
Loans [Line Items] | ||||||
Loans | 80,419 | 91,301 | ||||
Allowance for loan and lease losses | -182 | -197 | -100 | -70 | -98 | -227 |
Loans receivable | Real estate, Farmland | ||||||
Loans [Line Items] | ||||||
Loans | 20,059 | 20,294 | ||||
Allowance for loan and lease losses | -13 | -11 | -7 | -4 | -5 | -5 |
Loans receivable | Real estate | ||||||
Loans [Line Items] | ||||||
Loans | 408,310 | 480,683 | ||||
Allowance for loan and lease losses | -921 | -913 | -565 | -340 | -401 | -533 |
Loans receivable | Commercial | ||||||
Loans [Line Items] | ||||||
Loans | 340,316 | 255,655 | ||||
Allowance for loan and lease losses | -3,057 | -2,332 | -1,145 | -567 | -502 | -172 |
Loans receivable | Factored receivables | ||||||
Loans [Line Items] | ||||||
Loans | 169,112 | 117,370 | ||||
Allowance for loan and lease losses | -3,137 | -2,838 | -1,842 | -1,784 | -1,532 | -1,221 |
Loans receivable | Consumer | ||||||
Loans [Line Items] | ||||||
Loans | 12,527 | 13,878 | ||||
Allowance for loan and lease losses | -87 | -96 | -49 | |||
Loans receivable | Mortgage warehouse | ||||||
Loans [Line Items] | ||||||
Loans | 46,874 | 13,513 | ||||
Allowance for loan and lease losses | ($118) | ($74) | ($44) | ($38) | ($15) |
Loans_and_Allowance_for_Loan_a3
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans [Line Items] | ||
Net deferred origination fees and costs | $1,173 | $997 |
Loans with carrying amounts | 143,971 | 166,688 |
Deposits | 1,105,624 | 1,044,854 |
Loans at credit risk analysis | 500 | |
Loans receivable | Factored receivables | ||
Loans [Line Items] | ||
Deposits | $16,435 | $10,653 |
Loans_and_Allowance_for_Loan_a4
Loans and Allowance for Loan and Lease Losses - Summary of Allowance for Loan and Lease Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Loans [Line Items] | ||||
Beginning Balance | $6,253 | $2,450 | $3,645 | $1,926 |
Provision for loan losses | 1,375 | 1,735 | 4,047 | 2,355 |
Charge-offs | -393 | -1,613 | -984 | -1,785 |
Recoveries | 85 | 157 | 612 | 233 |
Ending Balance | 7,320 | 2,729 | 7,320 | 2,729 |
Loans receivable | Real estate, Commercial | ||||
Loans [Line Items] | ||||
Beginning Balance | 463 | 252 | 348 | 261 |
Provision for loan losses | -78 | -154 | 35 | -122 |
Charge-offs | -41 | |||
Recoveries | 1 | 129 | 3 | 129 |
Ending Balance | 386 | 227 | 386 | 227 |
Loans receivable | Real estate, Construction, land development, land | ||||
Loans [Line Items] | ||||
Beginning Balance | 242 | 46 | 110 | 40 |
Provision for loan losses | 198 | -7 | 330 | -1 |
Charge-offs | -100 | -100 | ||
Ending Balance | 340 | 39 | 340 | 39 |
Loans receivable | Real estate, 1-4 family residential properties | ||||
Loans [Line Items] | ||||
Beginning Balance | 197 | 98 | 100 | 227 |
Provision for loan losses | 56 | -34 | 240 | -111 |
Charge-offs | -74 | -19 | -264 | -88 |
Recoveries | 3 | 25 | 106 | 42 |
Ending Balance | 182 | 70 | 182 | 70 |
Loans receivable | Real estate, Farmland | ||||
Loans [Line Items] | ||||
Beginning Balance | 11 | 5 | 7 | 5 |
Provision for loan losses | 2 | -1 | 6 | -1 |
Ending Balance | 13 | 4 | 13 | 4 |
Loans receivable | Real estate | ||||
Loans [Line Items] | ||||
Beginning Balance | 913 | 401 | 565 | 533 |
Provision for loan losses | 178 | -196 | 611 | -235 |
Charge-offs | -174 | -19 | -364 | -129 |
Recoveries | 4 | 154 | 109 | 171 |
Ending Balance | 921 | 340 | 921 | 340 |
Loans receivable | Commercial | ||||
Loans [Line Items] | ||||
Beginning Balance | 2,332 | 502 | 1,145 | 172 |
Provision for loan losses | 722 | 1,538 | 1,707 | 1,861 |
Charge-offs | -1,473 | -12 | -1,473 | |
Recoveries | 3 | 217 | 7 | |
Ending Balance | 3,057 | 567 | 3,057 | 567 |
Loans receivable | Factored receivables | ||||
Loans [Line Items] | ||||
Beginning Balance | 2,838 | 1,532 | 1,842 | 1,221 |
Provision for loan losses | 397 | 370 | 1,533 | 691 |
Charge-offs | -119 | -121 | -294 | -183 |
Recoveries | 21 | 3 | 56 | 55 |
Ending Balance | 3,137 | 1,784 | 3,137 | 1,784 |
Loans receivable | Consumer | ||||
Loans [Line Items] | ||||
Beginning Balance | 96 | 49 | ||
Provision for loan losses | 34 | 122 | ||
Charge-offs | -100 | -314 | ||
Recoveries | 57 | 230 | ||
Ending Balance | 87 | 87 | ||
Loans receivable | Mortgage warehouse | ||||
Loans [Line Items] | ||||
Beginning Balance | 74 | 15 | 44 | |
Provision for loan losses | 44 | 23 | 74 | 38 |
Ending Balance | $118 | $38 | $118 | $38 |
Loans_and_Allowance_for_Loan_a5
Loans and Allowance for Loan and Lease Losses - Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | $12,650 | $11,589 | ||||
Loan Evaluation, Collectively | 941,544 | 844,319 | ||||
Loan Evaluation, PCI | 22,945 | 25,191 | ||||
Loan, Total | 977,139 | 881,099 | 265,393 | |||
ALLL Allocations, Individually | 1,146 | 446 | ||||
ALLL Allocations, Collectively | 6,168 | 3,192 | ||||
ALLL Allocations, PCI | 6 | 7 | ||||
ALLL Allocations, Total ALLL | 7,320 | 6,253 | 3,645 | 2,729 | 2,450 | 1,926 |
Loans receivable | Real estate, Commercial | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | 3,671 | 4,489 | ||||
Loan Evaluation, Collectively | 243,632 | 308,326 | ||||
Loan Evaluation, PCI | 14,533 | 18,647 | ||||
Loan, Total | 261,836 | 331,462 | ||||
ALLL Allocations, Collectively | 386 | 348 | ||||
ALLL Allocations, Total ALLL | 386 | 463 | 348 | 227 | 252 | 261 |
Loans receivable | Real estate, Construction, land development, land | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | 12 | |||||
Loan Evaluation, Collectively | 44,512 | 35,585 | ||||
Loan Evaluation, PCI | 1,472 | 2,041 | ||||
Loan, Total | 45,996 | 37,626 | ||||
ALLL Allocations, Collectively | 340 | 110 | ||||
ALLL Allocations, Total ALLL | 340 | 242 | 110 | 39 | 46 | 40 |
Loans receivable | Real estate, 1-4 family residential properties | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | 885 | 842 | ||||
Loan Evaluation, Collectively | 77,311 | 87,987 | ||||
Loan Evaluation, PCI | 2,223 | 2,472 | ||||
Loan, Total | 80,419 | 91,301 | ||||
ALLL Allocations, Individually | 14 | |||||
ALLL Allocations, Collectively | 176 | 79 | ||||
ALLL Allocations, PCI | 6 | 7 | ||||
ALLL Allocations, Total ALLL | 182 | 197 | 100 | 70 | 98 | 227 |
Loans receivable | Real estate, Farmland | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Collectively | 20,059 | 20,294 | ||||
Loan, Total | 20,059 | 20,294 | ||||
ALLL Allocations, Collectively | 13 | 7 | ||||
ALLL Allocations, Total ALLL | 13 | 11 | 7 | 4 | 5 | 5 |
Loans receivable | Real estate | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | 4,568 | 5,331 | ||||
Loan Evaluation, Collectively | 385,514 | 452,192 | ||||
Loan Evaluation, PCI | 18,228 | 23,160 | ||||
Loan, Total | 408,310 | 480,683 | ||||
ALLL Allocations, Individually | 14 | |||||
ALLL Allocations, Collectively | 915 | 544 | ||||
ALLL Allocations, PCI | 6 | 7 | ||||
ALLL Allocations, Total ALLL | 921 | 913 | 565 | 340 | 401 | 533 |
Loans receivable | Commercial | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | 7,092 | 5,495 | ||||
Loan Evaluation, Collectively | 328,507 | 248,129 | ||||
Loan Evaluation, PCI | 4,717 | 2,031 | ||||
Loan, Total | 340,316 | 255,655 | ||||
ALLL Allocations, Individually | 297 | 15 | ||||
ALLL Allocations, Collectively | 2,760 | 1,130 | ||||
ALLL Allocations, Total ALLL | 3,057 | 2,332 | 1,145 | 567 | 502 | 172 |
Loans receivable | Factored receivables | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Individually | 990 | 763 | ||||
Loan Evaluation, Collectively | 168,122 | 116,607 | ||||
Loan, Total | 169,112 | 117,370 | ||||
ALLL Allocations, Individually | 849 | 417 | ||||
ALLL Allocations, Collectively | 2,288 | 1,425 | ||||
ALLL Allocations, Total ALLL | 3,137 | 2,838 | 1,842 | 1,784 | 1,532 | 1,221 |
Loans receivable | Consumer | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Collectively | 12,527 | 13,878 | ||||
Loan, Total | 12,527 | 13,878 | ||||
ALLL Allocations, Collectively | 87 | 49 | ||||
ALLL Allocations, Total ALLL | 87 | 96 | 49 | |||
Loans receivable | Mortgage warehouse | ||||||
Loans [Line Items] | ||||||
Loan Evaluation, Collectively | 46,874 | 13,513 | ||||
Loan, Total | 46,874 | 13,513 | ||||
ALLL Allocations, Collectively | 118 | 44 | ||||
ALLL Allocations, Total ALLL | $118 | $74 | $44 | $38 | $15 |
Loans_and_Allowance_for_Loan_a6
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Loans [Line Items] | |||||
Recorded Investment, With Valuation Allowance | $2,346 | $2,346 | $1,104 | ||
Unpaid Principal, With Valuation Allowance | 2,553 | 2,553 | 1,146 | ||
Related Allowance, With Valuation Allowance | 1,152 | 1,152 | 453 | ||
Recorded Investment, Without Valuation Allowance | 8,744 | 8,744 | 5,496 | ||
Unpaid Principal, Without Valuation Allowance | 9,329 | 9,329 | 5,751 | ||
Average Impaired Loans | 9,570 | 7,065 | 10,375 | 7,225 | |
Interest Recognized | 39 | 164 | 415 | 495 | |
Real estate, Commercial | |||||
Loans [Line Items] | |||||
Recorded Investment, Without Valuation Allowance | 1,938 | 1,938 | 114 | ||
Unpaid Principal, Without Valuation Allowance | 1,957 | 1,957 | 131 | ||
Average Impaired Loans | 2,201 | 3,432 | 2,375 | 3,427 | |
Interest Recognized | 17 | 156 | 206 | 470 | |
Real estate, Construction, land development, land | |||||
Loans [Line Items] | |||||
Recorded Investment, Without Valuation Allowance | 12 | 12 | |||
Unpaid Principal, Without Valuation Allowance | 24 | 24 | |||
Average Impaired Loans | 1 | 2 | |||
Interest Recognized | 1 | 1 | |||
Real estate, 1-4 family residential properties | |||||
Loans [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 327 | 327 | 127 | ||
Unpaid Principal, With Valuation Allowance | 505 | 505 | 169 | ||
Related Allowance, With Valuation Allowance | 6 | 6 | 21 | ||
Recorded Investment, Without Valuation Allowance | 730 | 730 | 157 | ||
Unpaid Principal, Without Valuation Allowance | 1,055 | 1,055 | 166 | ||
Average Impaired Loans | 1,035 | 301 | 1,068 | 326 | |
Interest Recognized | 18 | 8 | 164 | 25 | |
Real estate | |||||
Loans [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 327 | 327 | 127 | ||
Unpaid Principal, With Valuation Allowance | 505 | 505 | 169 | ||
Related Allowance, With Valuation Allowance | 6 | 6 | 21 | ||
Recorded Investment, Without Valuation Allowance | 2,680 | 2,680 | 271 | ||
Unpaid Principal, Without Valuation Allowance | 3,036 | 3,036 | 297 | ||
Average Impaired Loans | 3,237 | 3,733 | 3,445 | 3,753 | |
Interest Recognized | 36 | 164 | 371 | 495 | |
Commercial | |||||
Loans [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 1,029 | 1,029 | 215 | ||
Unpaid Principal, With Valuation Allowance | 1,058 | 1,058 | 215 | ||
Related Allowance, With Valuation Allowance | 297 | 297 | 15 | ||
Recorded Investment, Without Valuation Allowance | 6,064 | 6,064 | 5,224 | ||
Unpaid Principal, Without Valuation Allowance | 6,293 | 6,293 | 5,454 | ||
Average Impaired Loans | 5,952 | 2,642 | 6,549 | 2,642 | |
Interest Recognized | 3 | 44 | |||
Factored receivables | |||||
Loans [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 990 | 990 | 762 | ||
Unpaid Principal, With Valuation Allowance | 990 | 990 | 762 | ||
Related Allowance, With Valuation Allowance | 849 | 849 | 417 | ||
Recorded Investment, Without Valuation Allowance | 1 | ||||
Average Impaired Loans | $381 | $690 | $381 | $830 |
Loans_and_Allowance_for_Loan_a7
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal Balances for Impaired Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | |||
Loan, Total | $977,139 | $881,099 | $265,393 |
Unpaid Principal | 1,003,079 | 915,402 | |
Difference | -25,940 | -34,303 | |
Loans receivable | Real estate, Commercial | |||
Loans [Line Items] | |||
Loan, Total | 261,836 | 331,462 | |
Unpaid Principal | 277,087 | 351,521 | |
Difference | -15,251 | -20,059 | |
Loans receivable | Real estate, Construction, land development, land | |||
Loans [Line Items] | |||
Loan, Total | 45,996 | 37,626 | |
Unpaid Principal | 47,925 | 41,034 | |
Difference | -1,929 | -3,408 | |
Loans receivable | Real estate, 1-4 family residential properties | |||
Loans [Line Items] | |||
Loan, Total | 80,419 | 91,301 | |
Unpaid Principal | 84,220 | 96,742 | |
Difference | -3,801 | -5,441 | |
Loans receivable | Real estate, Farmland | |||
Loans [Line Items] | |||
Loan, Total | 20,059 | 20,294 | |
Unpaid Principal | 19,973 | 20,145 | |
Difference | 86 | 149 | |
Loans receivable | Real estate | |||
Loans [Line Items] | |||
Loan, Total | 408,310 | 480,683 | |
Unpaid Principal | 429,205 | 509,442 | |
Difference | -20,895 | -28,759 | |
Loans receivable | Commercial | |||
Loans [Line Items] | |||
Loan, Total | 340,316 | 255,655 | |
Unpaid Principal | 344,115 | 260,384 | |
Difference | -3,799 | -4,729 | |
Loans receivable | Factored receivables | |||
Loans [Line Items] | |||
Loan, Total | 169,112 | 117,370 | |
Unpaid Principal | 170,281 | 118,057 | |
Difference | -1,169 | -687 | |
Loans receivable | Consumer | |||
Loans [Line Items] | |||
Loan, Total | 12,527 | 13,878 | |
Unpaid Principal | 12,604 | 14,006 | |
Difference | -77 | -128 | |
Loans receivable | Mortgage warehouse | |||
Loans [Line Items] | |||
Loan, Total | 46,874 | 13,513 | |
Unpaid Principal | $46,874 | $13,513 |
Loans_and_Allowance_for_Loan_a8
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans [Line Items] | ||
30-89 Days Past Due | $7,890 | $12,034 |
Past Due 90 Days or More Still Accruing | 817 | 79 |
Nonaccrual | 16,751 | 12,392 |
Total Past Due | 25,458 | 24,505 |
Loans receivable | Real estate, Commercial | ||
Loans [Line Items] | ||
30-89 Days Past Due | 855 | 2,959 |
Past Due 90 Days or More Still Accruing | 47 | |
Nonaccrual | 5,094 | 5,417 |
Total Past Due | 5,949 | 8,423 |
Loans receivable | Real estate, Construction, land development, land | ||
Loans [Line Items] | ||
30-89 Days Past Due | 75 | 690 |
Nonaccrual | 12 | |
Total Past Due | 87 | 690 |
Loans receivable | Real estate, 1-4 family residential properties | ||
Loans [Line Items] | ||
30-89 Days Past Due | 779 | 1,803 |
Past Due 90 Days or More Still Accruing | 2 | 19 |
Nonaccrual | 1,469 | 1,392 |
Total Past Due | 2,250 | 3,214 |
Loans receivable | Real estate | ||
Loans [Line Items] | ||
30-89 Days Past Due | 1,709 | 5,452 |
Past Due 90 Days or More Still Accruing | 2 | 66 |
Nonaccrual | 6,575 | 6,809 |
Total Past Due | 8,286 | 12,327 |
Loans receivable | Commercial | ||
Loans [Line Items] | ||
30-89 Days Past Due | 110 | 2,155 |
Past Due 90 Days or More Still Accruing | 11 | |
Nonaccrual | 10,176 | 5,494 |
Total Past Due | 10,286 | 7,660 |
Loans receivable | Factored receivables | ||
Loans [Line Items] | ||
30-89 Days Past Due | 5,664 | 3,836 |
Past Due 90 Days or More Still Accruing | 813 | |
Nonaccrual | 89 | |
Total Past Due | 6,477 | 3,925 |
Loans receivable | Consumer | ||
Loans [Line Items] | ||
30-89 Days Past Due | 407 | 591 |
Past Due 90 Days or More Still Accruing | 2 | 2 |
Total Past Due | $409 | $593 |
Loans_and_Allowance_for_Loan_a9
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | |||
Loans | $977,139 | $881,099 | $265,393 |
Loans receivable | Real estate, Commercial | |||
Loans [Line Items] | |||
Loans | 261,836 | 331,462 | |
Loans receivable | Real estate, Construction, land development, land | |||
Loans [Line Items] | |||
Loans | 45,996 | 37,626 | |
Loans receivable | Real estate, 1-4 family residential properties | |||
Loans [Line Items] | |||
Loans | 80,419 | 91,301 | |
Loans receivable | Real estate, Farmland | |||
Loans [Line Items] | |||
Loans | 20,059 | 20,294 | |
Loans receivable | Real estate | |||
Loans [Line Items] | |||
Loans | 408,310 | 480,683 | |
Loans receivable | Commercial | |||
Loans [Line Items] | |||
Loans | 340,316 | 255,655 | |
Loans receivable | Factored receivables | |||
Loans [Line Items] | |||
Loans | 169,112 | 117,370 | |
Loans receivable | Consumer | |||
Loans [Line Items] | |||
Loans | 12,527 | 13,878 | |
Loans receivable | Mortgage warehouse | |||
Loans [Line Items] | |||
Loans | 46,874 | 13,513 | |
Loans receivable | Pass | |||
Loans [Line Items] | |||
Loans | 930,111 | 844,274 | |
Loans receivable | Pass | Real estate, Commercial | |||
Loans [Line Items] | |||
Loans | 238,251 | 308,077 | |
Loans receivable | Pass | Real estate, Construction, land development, land | |||
Loans [Line Items] | |||
Loans | 44,512 | 35,585 | |
Loans receivable | Pass | Real estate, 1-4 family residential properties | |||
Loans [Line Items] | |||
Loans | 77,120 | 88,379 | |
Loans receivable | Pass | Real estate, Farmland | |||
Loans [Line Items] | |||
Loans | 20,059 | 20,294 | |
Loans receivable | Pass | Real estate | |||
Loans [Line Items] | |||
Loans | 379,942 | 452,335 | |
Loans receivable | Pass | Commercial | |||
Loans [Line Items] | |||
Loans | 322,647 | 247,941 | |
Loans receivable | Pass | Factored receivables | |||
Loans [Line Items] | |||
Loans | 168,121 | 116,607 | |
Loans receivable | Pass | Consumer | |||
Loans [Line Items] | |||
Loans | 12,527 | 13,878 | |
Loans receivable | Pass | Mortgage warehouse | |||
Loans [Line Items] | |||
Loans | 46,874 | 13,513 | |
Loans receivable | Special Mention | |||
Loans [Line Items] | |||
Loans | 5,684 | 557 | |
Loans receivable | Special Mention | Real estate, Commercial | |||
Loans [Line Items] | |||
Loans | 2,963 | 557 | |
Loans receivable | Special Mention | Real estate, 1-4 family residential properties | |||
Loans [Line Items] | |||
Loans | 231 | ||
Loans receivable | Special Mention | Real estate | |||
Loans [Line Items] | |||
Loans | 3,194 | 557 | |
Loans receivable | Special Mention | Commercial | |||
Loans [Line Items] | |||
Loans | 2,490 | ||
Loans receivable | Substandard | |||
Loans [Line Items] | |||
Loans | 17,752 | 10,650 | |
Loans receivable | Substandard | Real estate, Commercial | |||
Loans [Line Items] | |||
Loans | 6,089 | 4,180 | |
Loans receivable | Substandard | Real estate, Construction, land development, land | |||
Loans [Line Items] | |||
Loans | 12 | ||
Loans receivable | Substandard | Real estate, 1-4 family residential properties | |||
Loans [Line Items] | |||
Loans | 845 | 450 | |
Loans receivable | Substandard | Real estate | |||
Loans [Line Items] | |||
Loans | 6,946 | 4,630 | |
Loans receivable | Substandard | Commercial | |||
Loans [Line Items] | |||
Loans | 10,462 | 5,684 | |
Loans receivable | Substandard | Factored receivables | |||
Loans [Line Items] | |||
Loans | 344 | 336 | |
Loans receivable | Doubtful | |||
Loans [Line Items] | |||
Loans | 647 | 427 | |
Loans receivable | Doubtful | Factored receivables | |||
Loans [Line Items] | |||
Loans | 647 | 427 | |
Loans receivable | PCI | |||
Loans [Line Items] | |||
Loans | 22,945 | 25,191 | |
Loans receivable | PCI | Real estate, Commercial | |||
Loans [Line Items] | |||
Loans | 14,533 | 18,648 | |
Loans receivable | PCI | Real estate, Construction, land development, land | |||
Loans [Line Items] | |||
Loans | 1,472 | 2,041 | |
Loans receivable | PCI | Real estate, 1-4 family residential properties | |||
Loans [Line Items] | |||
Loans | 2,223 | 2,472 | |
Loans receivable | PCI | Real estate | |||
Loans [Line Items] | |||
Loans | 18,228 | 23,161 | |
Loans receivable | PCI | Commercial | |||
Loans [Line Items] | |||
Loans | $4,717 | $2,030 |
Purchased_Credit_Impaired_Loan2
Purchased Credit Impaired Loans - Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $37,867 | $38,379 |
Gross carrying amount included in loans receivable | 22,945 | 25,191 |
Loans receivable | Real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 30,905 | 35,584 |
Loans receivable | Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $6,962 | $2,795 |
Purchased_Credit_Impaired_Loan3
Purchased Credit Impaired Loans - Schedule of Changes in Accretable Yield for the PCI Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | $6,883 | $2,435 | $4,587 | $4,244 |
Additions | 482 | |||
Accretion | -1,910 | -373 | -3,868 | -2,180 |
Reclassification from nonaccretable to accretable yield | 3,922 | |||
Disposals | -10 | -1 | -160 | -3 |
Accretable yield, ending balance | $4,963 | $2,061 | $4,963 | $2,061 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill | $15,968 | $14,047 |
Other intangible assets | 13,815 | 14,471 |
Goodwill and intangible assets, net | $29,783 | $28,518 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill and intangible assets, beginning | $28,518 | |
Acquired goodwill | 1,921 | |
Acquired intangibles | 2,054 | |
Divestiture | -514 | |
Amortization of intangibles | -746 | -2,196 |
Goodwill and intangible assets, ending | $29,783 | $29,783 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information - (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 25, 2014 | 1-May-14 | Aug. 04, 2014 |
Variable Interest Entity [Line Items] | |||||||
Asset management fees | $374 | $503 | |||||
Collateralized Loan Obligation Funds | |||||||
Variable Interest Entity [Line Items] | |||||||
Asset management fees | 374 | 503 | 0 | 0 | |||
Equity investments | 2,450 | ||||||
Trinitas I | Collateralized Loan Obligation Funds | |||||||
Variable Interest Entity [Line Items] | |||||||
Securities issued at face value | 400,000 | ||||||
Trinitas II | Collateralized Loan Obligation Funds | |||||||
Variable Interest Entity [Line Items] | |||||||
Securities issued at face value | 416,000 | ||||||
Trinitas III | Collateralized Loan Obligation Funds | |||||||
Variable Interest Entity [Line Items] | |||||||
Equity investments | $27,550 |
Deposits_Summary_of_Deposits_D
Deposits - Summary of Deposits (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ||
Noninterest bearing demand | $154,750 | $150,238 |
Interest-bearing demand | 209,491 | 199,826 |
Individual Retirement Accounts | 54,378 | 54,512 |
Money Market | 125,371 | 157,406 |
Savings | 72,012 | 69,336 |
Other brokered funds | 50,019 | 58,596 |
Total deposits | 1,105,624 | 1,044,854 |
$100,000 and greater | ||
Deposits [Line Items] | ||
Certificates of deposit | 235,060 | 138,000 |
Less than $100,000 | ||
Deposits [Line Items] | ||
Certificates of deposit | $204,543 | $216,940 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificate of Deposits Individual Retirement Accounts and Brokered Deposits (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
Within one year | $301,572 |
After one but within two years | 135,218 |
After two but within three years | 82,562 |
After three but within four years | 11,954 |
After four but within five years | 12,694 |
Total | $544,000 |
OffBalance_Sheet_Loan_Commitme2
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | $2,098 | $2,147 |
Financial instruments, off balance sheet risk, variable rate | 1,362 | 1,897 |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 6,170 | 7,437 |
Financial instruments, off balance sheet risk, variable rate | 10,800 | 4,823 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 35,010 | 33,470 |
Financial instruments, off balance sheet risk, variable rate | $199,107 | $104,896 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure, recurring | 0 | $0 |
Liabilities, fair value disclosure, nonrecurring | 0 | 0 |
Level 3 | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Percentage of selling and closing costs for loans | 5.00% | |
Real estate selling and closing costs as a percentage of appraised value | 5.00% | |
Level 3 | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Percentage of selling and closing costs for loans | 8.00% | |
Real estate selling and closing costs as a percentage of appraised value | 8.00% | |
State and Municipal | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,495 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale | $7,295 | $5,393 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 165,489 | 184,654 |
Loans held for sale | 7,295 | 5,393 |
Mortgages | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale | 7,295 | 5,393 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 161,994 | 181,072 |
Loans held for sale | 7,295 | 5,393 |
Level 2 | Mortgages | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale | 7,295 | 5,393 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,495 | 3,582 |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 90,737 | 95,834 |
US Government Agency Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 90,737 | 95,834 |
Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 30,713 | 36,285 |
Mortgage-backed Securities, Residential | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 30,713 | 36,285 |
Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,795 | 18,839 |
Asset Backed Securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,795 | 18,839 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 8,098 | 9,005 |
State and Municipal | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,603 | 5,423 |
State and Municipal | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,495 | 3,582 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 16,931 | 20,843 |
Corporate Bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 16,931 | 20,843 |
SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 215 | 248 |
SBA Pooled Securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 215 | 248 |
Trust preferred | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,600 | |
Trust preferred | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $3,600 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Provision recorded for loans classified as impaired | $1,375 | $1,735 | $4,047 | $2,355 | |
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 2,552 | 2,552 | 1,671 | ||
Provision recorded for loans classified as impaired | 699 | 14 | |||
Valuation adjustments recorded on other real estate owned | 363 | 144 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 2,552 | 2,552 | 1,671 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | 1-4 Family Residential Properties [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 321 | 321 | 106 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | 1-4 Family Residential Properties [Member] | Level 1 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | 1-4 Family Residential Properties [Member] | Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | 1-4 Family Residential Properties [Member] | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 321 | 321 | 106 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 732 | 732 | 200 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial | Level 1 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial | Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 732 | 732 | 200 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Factored receivables | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 141 | 141 | 345 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Factored receivables | Level 1 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Factored receivables | Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Factored receivables | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 141 | 141 | 345 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Construction, Land Development, Land | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 870 | 870 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Level 1 | Construction, Land Development, Land | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Level 2 | Construction, Land Development, Land | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Level 3 | Construction, Land Development, Land | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 870 | 870 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | 1-4 Family Residential Properties [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 97 | 97 | 367 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | 1-4 Family Residential Properties [Member] | Level 1 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | 1-4 Family Residential Properties [Member] | Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | 1-4 Family Residential Properties [Member] | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 97 | 97 | 367 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Commercial | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 391 | 391 | 653 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Commercial | Level 1 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Commercial | Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned [Member] | Commercial | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $391 | $391 | $653 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $75,625 | $85,797 | ||
Securities - Held to maturity, Fair value | 750 | 745 | ||
Loans, net, Fair Value | 977,509 | 884,307 | ||
Accrued interest receivable, Fair Value | 4,127 | 3,748 | ||
Cash and Cash Equivalents, Carrying Amount | 75,625 | 85,797 | 61,101 | 15,784 |
Held to maturity securities, Amortized Cost | 745 | 743 | ||
Loans, net, Carrying Amount | 969,819 | 877,454 | ||
FHLB and Federal Reserve Bank stock, Carrying Amount | 5,826 | 5,802 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,109,111 | 1,046,226 | ||
Customer repurchase agreements, Fair Value | 15,644 | 11,329 | ||
Federal Home Loan Bank advances, Fair Value | 0 | 21,000 | ||
Senior secured note, Fair Value | 11,434 | 12,379 | ||
Junior subordinated debentures, Fair Value | 24,359 | 24,171 | ||
Accrued interest payable, Fair Value | 901 | 2,426 | ||
Deposits, Carrying Amount | 1,105,624 | 1,044,854 | ||
Customer repurchase agreements, Carrying Amount | 15,644 | 11,330 | ||
Federal Home Loan Bank advances, Carrying Amount | 21,000 | |||
Senior secured note, Carrying Amount | 11,630 | 12,573 | ||
Junior subordinated debentures, Carrying Amount | 24,359 | 24,171 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 75,625 | 85,797 | ||
Financial liabilities: | ||||
Federal Home Loan Bank advances, Fair Value | 0 | 0 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 750 | 745 | ||
Accrued interest receivable, Fair Value | 4,127 | 3,748 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,109,111 | 1,046,226 | ||
Customer repurchase agreements, Fair Value | 15,644 | 11,329 | ||
Federal Home Loan Bank advances, Fair Value | 0 | 21,000 | ||
Senior secured note, Fair Value | 11,434 | 12,379 | ||
Junior subordinated debentures, Fair Value | 24,359 | 24,171 | ||
Accrued interest payable, Fair Value | 901 | 2,426 | ||
Level 3 | ||||
Financial assets: | ||||
Loans, net, Fair Value | 977,509 | 884,307 | ||
Financial liabilities: | ||||
Federal Home Loan Bank advances, Fair Value | 0 | 0 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and Cash Equivalents, Carrying Amount | 75,625 | 85,797 | ||
Held to maturity securities, Amortized Cost | 745 | 743 | ||
Loans, net, Carrying Amount | 969,819 | 877,454 | ||
FHLB and Federal Reserve Bank stock, Carrying Amount | 5,826 | 5,802 | ||
Accrued interest receivable, Carrying Amount | 4,127 | 3,748 | ||
Financial liabilities: | ||||
Deposits, Carrying Amount | 1,105,624 | 1,044,854 | ||
Customer repurchase agreements, Carrying Amount | 15,644 | 11,330 | ||
Federal Home Loan Bank advances, Carrying Amount | 0 | 21,000 | ||
Senior secured note, Carrying Amount | 11,630 | 12,573 | ||
Junior subordinated debentures, Carrying Amount | 24,359 | 24,171 | ||
Accrued interest payable, Carrying Amount | $901 | $2,426 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Details) (USD $) | Dec. 31, 2009 | Sep. 30, 2014 |
In Billions, unless otherwise specified | ||
Maximum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital Adequacy, Amount | $15 | |
Phase Out Of Tier 1 into Tier 2 Capital in 2015 | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Percentage of combined trust preferred issuances | 75.00% | |
Phase Out Of Tier 1 into Tier 2 Capital in 2016 | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Percentage of combined trust preferred issuances | 100.00% | |
Triumph Savings Bank S S B | Maximum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital to average asset | 12.00% | |
TCB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Minimum capital to average asset | 8.00% | |
Total risk-based ratio | 10.00% |
Regulatory_Matters_Schedule_of
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | $167,709 | $145,722 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.30% | 14.50% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 87,863 | 80,398 |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 160,280 | 142,077 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.60% | 14.10% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 43,942 | 40,306 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) Actual Amount | 160,280 | 142,077 |
Tier 1 Capital (to Average Assets) Actual Ratio | 12.20% | 12.90% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 52,551 | 44,055 |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Triumph Savings Bank S S B | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | 54,819 | 50,985 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 16.90% | 16.40% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 26,027 | 24,871 |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 32,534 | 31,088 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 51,250 | 48,064 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 15.80% | 15.50% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 13,008 | 12,404 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 19,511 | 18,605 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets) Actual Amount | 51,250 | 48,064 |
Tier 1 Capital (to Average Assets) Actual Ratio | 12.80% | 13.60% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 15,991 | 14,136 |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 19,988 | 17,671 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
TCB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | 111,152 | 89,690 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.50% | 13.00% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 61,428 | 55,194 |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 76,785 | 68,992 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 107,293 | 88,921 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.00% | 12.90% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 30,714 | 27,572 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 46,071 | 41,359 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets) Actual Amount | 107,293 | 88,921 |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.90% | 10.10% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 36,162 | 35,216 |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $45,203 | $44,020 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Equity_and_Noncontrolling_Inte2
Equity and Noncontrolling Interests - Summary of Capital Structure (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 9,891,424 | 9,832,585 |
Number of shares outstanding | 9,886,778 | 9,832,585 |
Par value per share | $0.01 | $0.01 |
Number of shares outstanding, treasury stock | 4,646 | |
Preferred Stock - Series A | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 45,500,000 | 45,500,000 |
Number of shares outstanding | 45,500,000 | 45,500,000 |
Par value per share | $0.01 | $0.01 |
Liquidation preference per share | $100 | $100 |
Dividend rate | Prime + 2% | Prime + 2% |
Dividend rate - floor | 8.00% | 8.00% |
Initial dividend payment date | 31-Mar-13 | 31-Mar-13 |
Subsequent dividend payment dates | Quarterly | Quarterly |
Convertible to common stock | Yes | Yes |
Conversion period | Anytime | Anytime |
Conversion ratio - preferred to common | 6.94008 | 6.94008 |
Series B Preferred Stock | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 115,000,000 | 115,000,000 |
Number of shares issued | 51,956,000 | 51,956,000 |
Number of shares outstanding | 51,956,000 | 51,956,000 |
Par value per share | $0.01 | $0.01 |
Liquidation preference per share | $100 | $100 |
Dividend rate | 8.00% | 8.00% |
Dividend rate - floor | 8.00% | 8.00% |
Initial dividend payment date | 31-Dec-13 | 31-Dec-13 |
Subsequent dividend payment dates | Quarterly | Quarterly |
Convertible to common stock | Yes | Yes |
Conversion period | Anytime | Anytime |
Conversion ratio - preferred to common | 6.94008 | 6.94008 |
Equity_and_Noncontrolling_Inte3
Equity and Noncontrolling Interests - Additional Information (Details) (Class B Units, TCF, USD $) | Jun. 15, 2014 |
Class B Units | TCF | |
Class Of Stock [Line Items] | |
Redemption price per share | $102 |
Redemption of non cumulative non-voting shares | 11,000 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Details) (RSUs, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares approved for issuance | 750,000 | 750,000 | ||
Shares issued | 58,395 | |||
Stock based compensation expense | $417 | $43 | $613 | $86 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Changes in Nonvested RSUs (Details) (RSUs, USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested RSUs, Beginning balance | 26,120 | 0 |
Nonvested RSUs, Granted | 32,275 | 26,120 |
Nonvested RSUs, Vested | -58,395 | 0 |
Nonvested RSUs, Forfeited | 0 | 0 |
Nonvested RSUs, Ending balance | 0 | 26,120 |
Weighted-Average Granted-Date Fair Value, Nonvested RSUs Beginning balance | $10.77 | $0 |
Weighted-Average Granted-Date Fair Value, Nonvested RSUs, Granted | $14.08 | $10.77 |
Weighted-Average Granted-Date Fair Value, Nonvested RSUs, Vested | $12.60 | $0 |
Weighted-Average Granted-Date Fair Value, Nonvested RSUs, Forfeited | $0 | $0 |
Weighted-Average Granted-Date Fair Value, Nonvested RSUs, Ending balance | $0 | $10.77 |
Earnings_Per_Share_Factors_Use
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic | ||||
Net income to common stockholders | $9,495 | $236 | $14,928 | $521 |
Weighted average common shares outstanding | 9,872,923 | 8,800,670 | 9,850,640 | 8,078,476 |
Basic earnings per common share | $0.96 | $0.03 | $1.52 | $0.06 |
Diluted | ||||
Net income to common stockholders | 9,495 | 236 | 14,928 | 521 |
Dilutive effect of preferred stock | 197 | 583 | ||
Net income to common stockholders - diluted | $9,692 | $236 | $15,511 | $521 |
Weighted average common shares outstanding | 9,872,923 | 8,800,670 | 9,850,640 | 8,078,476 |
Average shares and dilutive potential common shares | 10,602,155 | 8,807,443 | 10,585,931 | 8,081,804 |
Dilutive earnings per common share | $0.91 | $0.03 | $1.47 | $0.06 |
Preferred Stock - Series A | ||||
Diluted | ||||
Dilutive effects of assumed conversion of shares | 315,773 | 315,773 | ||
Series B Preferred Stock | ||||
Diluted | ||||
Dilutive effects of assumed conversion of shares | 360,578 | 360,578 | ||
RSUs | ||||
Diluted | ||||
Dilutive effects of shares | 6,773 | 6,059 | 3,328 | |
Antidilutive shares | 0 | 0 | ||
Warrants | ||||
Diluted | ||||
Dilutive effects of shares | 52,881 | 52,881 | ||
Antidilutive shares | 0 | 259,067 | 0 | 259,067 |
Performance Shares | Preferred Stock - Series A | ||||
Diluted | ||||
Antidilutive shares | 0 | 0 | ||
Performance Shares | Series B Preferred Stock | ||||
Diluted | ||||
Antidilutive shares | 0 | 0 |
Business_Segment_Information_B
Business Segment Information - Banking Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||||
Total interest income | $22,118 | $9,021 | $63,950 | $23,788 | |
Total interest expense | 1,723 | 893 | 4,819 | 2,463 | |
Net interest income | 20,395 | 8,128 | 59,131 | 21,325 | |
Provision for loan losses | 1,375 | 1,735 | 4,047 | 2,355 | |
Net interest income after provision for loan losses | 19,020 | 6,393 | 55,084 | 18,970 | |
Noninterest Income | 15,804 | 717 | 21,046 | 1,491 | |
Gain on branch sale | 12,619 | 12,619 | |||
Other noninterest income | 3,185 | 8,427 | |||
Noninterest expense | 18,461 | 6,547 | 49,517 | 18,067 | |
Net income before income tax | 16,363 | 563 | 26,613 | 2,394 | |
Total assets | 1,347,798 | 392,938 | 1,347,798 | 392,938 | 1,288,239 |
Gross loans | 977,139 | 265,393 | 977,139 | 265,393 | 881,099 |
Operating Segments | Factoring | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 7,423 | 4,704 | 19,165 | 12,381 | |
Intersegment interest allocations | -990 | -577 | -2,497 | -1,508 | |
Total interest expense | 1 | ||||
Net interest income | 6,433 | 4,127 | 16,668 | 10,872 | |
Provision for loan losses | 452 | 341 | 1,354 | 632 | |
Net interest income after provision for loan losses | 5,981 | 3,786 | 15,314 | 10,240 | |
Noninterest Income | 256 | 824 | |||
Other noninterest income | 431 | 1,218 | |||
Intersegment Expense Allocations | 14 | 100 | |||
Noninterest expense | 4,125 | 2,454 | 10,570 | 6,961 | |
Net income before income tax | 2,287 | 1,574 | 5,962 | 4,003 | |
Total assets | 170,088 | 110,571 | 170,088 | 110,571 | |
Gross loans | 158,129 | 95,065 | 158,129 | 95,065 | |
Operating Segments | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 14,689 | 4,290 | 44,753 | 11,375 | |
Intersegment interest allocations | 990 | 577 | 2,497 | 1,508 | |
Total interest expense | 1,312 | 893 | 3,590 | 2,462 | |
Net interest income | 14,367 | 3,974 | 43,660 | 10,421 | |
Provision for loan losses | 923 | 1,394 | 2,693 | 1,723 | |
Net interest income after provision for loan losses | 13,444 | 2,580 | 40,967 | 8,698 | |
Noninterest Income | 385 | 569 | |||
Gain on branch sale | 12,619 | 12,619 | |||
Other noninterest income | 2,345 | 6,256 | |||
Intersegment Expense Allocations | -14 | -100 | |||
Noninterest expense | 12,344 | 3,026 | 34,234 | 8,834 | |
Net income before income tax | 16,064 | -47 | 25,608 | 533 | |
Total assets | 1,155,434 | 243,533 | 1,155,434 | 243,533 | |
Gross loans | 819,010 | 170,328 | 819,010 | 170,328 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 6 | 27 | 32 | 32 | |
Total interest expense | 411 | 1,229 | |||
Net interest income | -405 | 27 | -1,197 | 32 | |
Net interest income after provision for loan losses | -405 | 27 | -1,197 | 32 | |
Noninterest Income | 76 | 98 | |||
Other noninterest income | 409 | 953 | |||
Noninterest expense | 1,992 | 1,067 | 4,713 | 2,272 | |
Net income before income tax | -1,988 | -964 | -4,957 | -2,142 | |
Total assets | $22,276 | $38,834 | $22,276 | $38,834 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Nov. 20, 2014 | Nov. 13, 2014 | Dec. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||||
Stock issued, par value | 0.01 | $0.01 | ||||
Senior Secured Note | ||||||
Subsequent Event [Line Items] | ||||||
Maturity date | 15-Oct-18 | |||||
T A R P Preferred Stock | ||||||
Subsequent Event [Line Items] | ||||||
Total redemption price | $26,200 | |||||
Subsequent Events | ||||||
Subsequent Event [Line Items] | ||||||
Gross proceeds from initial public offering | 92,460 | |||||
Net proceeds upon underwriting discounts and estimated offering expenses | 83,000 | |||||
Subsequent Events | Senior Secured Note | ||||||
Subsequent Event [Line Items] | ||||||
Senior secured note principal amount | 11,300 | |||||
Percentage of prepayment penalty | 1.00% | |||||
Prepayment penalty | 113 | |||||
Accrued but unpaid interest | 41 | |||||
Subsequent Events | Prime Rate | Senior Secured Note | ||||||
Subsequent Event [Line Items] | ||||||
Prime rate with minimum interest rate | 4.50% | |||||
Subsequent Events | Omnibus Incentive Plan | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate number of common stock available for issuance | 1,200,000 | |||||
Subsequent Events | Restricted Stock | Officer | Omnibus Incentive Plan | ||||||
Subsequent Event [Line Items] | ||||||
Shares granted to officers and employees | 378,343 | |||||
Subsequent Events | Initial Public Offering | ||||||
Subsequent Event [Line Items] | ||||||
Shares of common stock | 6,700,000 | |||||
Stock issued, par value | $0.01 | |||||
Sale of stock price, per share | $12 | |||||
Gross proceeds from initial public offering | 80,400 | |||||
Subsequent Events | Overallotment | ||||||
Subsequent Event [Line Items] | ||||||
Shares of common stock | 1,005,000 | |||||
Gross proceeds from initial public offering | $12,060 |