Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 05, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TBK | ||
Entity Registrant Name | TRIUMPH BANCORP, INC. | ||
Entity Central Index Key | 1539638 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,963,783 | ||
Entity Public Float | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $21,312 | $25,352 |
Interest-bearing deposits with other banks | 139,576 | 60,445 |
Total cash and cash equivalents | 160,888 | 85,797 |
Securities - available for sale | 162,024 | 184,654 |
Securities - held to maturity (fair value of $750 and $745, respectively) | 745 | 743 |
Loans held for sale, at fair value | 3,288 | 5,393 |
Loans, net of allowance for loan and lease losses of $8,843 and $3,645, respectively | 997,035 | 877,454 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 4,903 | 5,802 |
Premises and equipment, net | 21,933 | 23,344 |
Other real estate owned (OREO), net | 8,423 | 13,783 |
Goodwill | 15,968 | 14,047 |
Intangible assets, net | 13,089 | 14,471 |
Bank-owned life insurance | 29,083 | 28,554 |
Deferred tax asset | 15,956 | 20,807 |
Other assets | 14,563 | 13,390 |
Total assets | 1,447,898 | 1,288,239 |
Deposits | ||
Noninterest bearing | 179,848 | 150,238 |
Interest bearing | 985,381 | 894,616 |
Total deposits | 1,165,229 | 1,044,854 |
Customer repurchase agreements | 9,282 | 11,330 |
Federal Home Loan Bank advances | 3,000 | 21,000 |
Senior secured note | 12,573 | |
Junior subordinated debentures | 24,423 | 24,171 |
Other liabilities | 8,455 | 13,714 |
Total liabilities | 1,210,389 | 1,127,642 |
Commitments and contingencies - See Notes 13 and 14 | ||
Stockholders’ equity | ||
Common stock | 180 | 98 |
Additional paid-in-capital | 191,049 | 104,631 |
Treasury stock, at cost | -161 | |
Retained earnings | 35,744 | 18,992 |
Accumulated other comprehensive income | 951 | 133 |
Total stockholders’ equity | 237,509 | 133,600 |
Noncontrolling interests | 26,997 | |
Total equity | 237,509 | 160,597 |
Total liabilities and equity | 1,447,898 | 1,288,239 |
Preferred Class A | ||
Stockholders’ equity | ||
Preferred Stock | 4,550 | 4,550 |
Preferred Class B | ||
Stockholders’ equity | ||
Preferred Stock | $5,196 | $5,196 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Statement Of Financial Position [Abstract] | ||||
Securities - Held to maturity, Fair value | $750 | $745 | ||
Allowance for loan and lease losses | $8,843 | $3,645 | $1,926 | $423 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and dividend income: | |||
Loans, including fees | $56,080 | $23,262 | $11,429 |
Factored receivables, including fees | 28,158 | 17,938 | 14,458 |
Taxable securities | 2,630 | 1,225 | 1,013 |
Tax exempt securities | 60 | 39 | |
Cash deposits | 302 | 166 | 52 |
Total interest income | 87,230 | 42,630 | 26,952 |
Interest expense: | |||
Deposits | 5,036 | 3,560 | 3,341 |
Federal Home Loan Bank advances | 45 | 14 | 14 |
Senior secured note | 584 | 123 | |
Junior subordinated debentures | 1,095 | 247 | |
Other | 10 | 3 | 360 |
Total interest expense | 6,770 | 3,947 | 3,715 |
Net interest income | 80,460 | 38,683 | 23,237 |
Provision for loan losses | 5,858 | 3,412 | 1,739 |
Net interest income after provision for loan losses | 74,602 | 35,271 | 21,498 |
Noninterest income: | |||
Service charges on deposits | 3,009 | 703 | |
Card income | 2,098 | 405 | |
Net realized gains (losses) and valuation adjustments on OREO | -582 | 154 | 1,379 |
Net gains on sale of securities | 88 | ||
Net gains on sale of loans | 1,495 | 846 | 132 |
Fee income | 1,820 | 1,189 | 860 |
Gain on branch sale | 12,619 | ||
Bargain purchase gain | 9,014 | ||
Asset management fees | 989 | ||
Other | 3,231 | 702 | 290 |
Total noninterest income | 24,767 | 13,013 | 2,661 |
Noninterest expense: | |||
Salaries and employee benefits | 42,131 | 20,737 | 11,739 |
Occupancy, furniture and equipment | 5,474 | 2,465 | 1,308 |
FDIC insurance assessment | 1,042 | 499 | 241 |
Carrying costs for OREO | 373 | 233 | 240 |
Professional fees | 3,574 | 2,460 | 1,169 |
Amortization of intangible assets | 2,923 | 620 | 948 |
Advertising and promotion | 2,594 | 682 | 621 |
Communications and technology | 3,748 | 1,412 | 546 |
Other | 7,343 | 3,616 | 1,667 |
Total noninterest expense | 69,202 | 32,724 | 18,479 |
Net income before income tax | 30,167 | 15,560 | 5,680 |
Income tax expense (benefit) | 10,378 | 2,133 | -5,394 |
Net income | 19,789 | 13,427 | 11,074 |
Income attributable to noncontrolling interests | -2,060 | -867 | -993 |
Net income attributable to Triumph Bancorp, Inc. | 17,729 | 12,560 | 10,081 |
Dividends on preferred stock | -780 | -721 | |
Net income available to common stockholders | $16,949 | $11,839 | $10,081 |
Earnings per common share | |||
Basic | $1.55 | $1.40 | $2.24 |
Diluted | $1.52 | $1.39 | $2.24 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $19,789 | $13,427 | $11,074 |
Unrealized gains (losses) on securities: | |||
Unrealized holding gains (losses) arising during the period | 1,384 | -502 | 387 |
Reclassification of amount realized through sale of securities | -88 | ||
Tax effect | -478 | 179 | -235 |
Total other comprehensive income (loss) | 818 | -323 | 152 |
Comprehensive income | 20,607 | 13,104 | 11,226 |
Income attributable to noncontrolling interests | -2,060 | -867 | -993 |
Comprehensive income attributable to Triumph Bancorp, Inc. | $18,547 | $12,237 | $10,233 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Preferred Stock | IPO | Common Stock | Common Stock | Additional Paid-in-Capital | Additional Paid-in-Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Preferred Stock - Series A | Preferred Stock - Series A | Series B Preferred Stock | Class B Units | Class B Units | Class B Units | Class B Units | Class C Units | Class C Units | Class C Units | Senior Preferred Stock Series T1 and T2 | Senior Preferred Stock Series T1 and T2 | Senior Preferred Stock Series T1 and T2 | Preferred Class A | Preferred Class A | Preferred Class B | Preferred Class B |
In Thousands, except Share data | IPO | IPO | Preferred Stock | Triumph Commercial Finance Llc | Retained Earnings | Noncontrolling Interest | Noncontrolling Interest | Triumph Commercial Finance Llc | Retained Earnings | Noncontrolling Interest | Retained Earnings | Noncontrolling Interest | Retained Earnings | Retained Earnings | ||||||||||||||
Triumph Commercial Finance Llc | Triumph Commercial Finance Llc | Triumph Commercial Finance Llc | Triumph Commercial Finance Llc | |||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2011 | $40,279 | $1 | $42,969 | ($2,995) | $304 | |||||||||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2011 | 1,000 | |||||||||||||||||||||||||||
Stock issuance, net of costs | 1,000 | 5,000 | 1 | 999 | 5,000 | 3,750 | 3,750 | 4,122 | 4,122 | |||||||||||||||||||
Stock issuance, net of cost (in shares) | 86,356 | 50,000 | ||||||||||||||||||||||||||
Common stock dividend | 44 | -44 | ||||||||||||||||||||||||||
Common stock dividend (in shares) | 4,499,000 | |||||||||||||||||||||||||||
Stock redemptions | -1,903 | -190 | -1,713 | |||||||||||||||||||||||||
TCF Class C to Class B conversion | -803 | 803 | ||||||||||||||||||||||||||
Net income | 11,074 | 11,074 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | 152 | 152 | ||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2012 | 63,474 | 46 | 43,924 | 7,086 | 456 | 6,962 | 5,000 | |||||||||||||||||||||
Ending 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 | 58,620 | |||||||||||||||||||||||||
Stock issuance, net of costs | 42,402 | 37 | 42,365 | |||||||||||||||||||||||||
Stock issuance, net of cost (in shares) | 3,672,115 | |||||||||||||||||||||||||||
Stock issued and assumed in NBI acquisition | 43,009 | 10 | 11,906 | 25,897 | 5,196 | |||||||||||||||||||||||
Stock issued and assumed in NBI acquisition (in shares) | 1,029,045 | 51,956 | ||||||||||||||||||||||||||
Stock based compensation | 129 | 129 | ||||||||||||||||||||||||||
Preferred dividends | -721 | -209 | -209 | -130 | -130 | -632 | -632 | -89 | -89 | |||||||||||||||||||
Net income | 13,427 | 13,427 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | -323 | -323 | ||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2013 | 160,597 | 98 | 104,631 | 18,992 | 133 | 26,997 | 4,550 | 5,196 | 1,100 | |||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2013 | 9,832,585 | 45,500 | 51,956 | |||||||||||||||||||||||||
Stock issuance, net of costs | 6 | 83,767 | 77 | 6 | 83,690 | |||||||||||||||||||||||
Stock issuance, net of cost (in shares) | 444 | 7,705,000 | ||||||||||||||||||||||||||
Issuance of restricted stock | 37 | 5 | 32 | |||||||||||||||||||||||||
Issuance of restricted stock (in shares) | 436,738 | |||||||||||||||||||||||||||
Stock based compensation | 2,690 | 2,690 | ||||||||||||||||||||||||||
Purchase of treasury stock | -161 | -161 | ||||||||||||||||||||||||||
Purchase of treasury stock (in shares) | -10,984 | 10,984 | ||||||||||||||||||||||||||
Preferred dividends | -780 | -63 | -63 | -2,194 | -2,194 | -364 | -364 | -416 | -416 | |||||||||||||||||||
Stock redemptions | -1,100 | -1,100 | -25,897 | -25,897 | ||||||||||||||||||||||||
Net income | 19,789 | 19,789 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | 818 | 818 | ||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | $237,509 | $180 | $191,049 | ($161) | $35,744 | $951 | $4,550 | $5,196 | ||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 17,963,783 | 10,984 | 45,500 | 51,956 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $19,789 | $13,427 | $11,074 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,946 | 786 | 568 |
Net accretion on loans and deposits | -8,992 | -4,880 | -3,269 |
Amortization of junior subordinated debentures | 252 | 51 | |
Net amortization on securities | 1,010 | 386 | 437 |
Amortization of intangible assets | 2,923 | 620 | 948 |
Deferred taxes | 4,373 | 1,891 | -5,526 |
Provision for loan losses | 5,858 | 3,412 | 1,739 |
Stock based compensation | 2,690 | 129 | |
Origination of loans held for sale | -58,123 | -20,358 | |
Proceeds from loan sales | 68,845 | 15,317 | 3,996 |
Net gains on sale of securities | -88 | ||
Net gains on sale of loans | -1,495 | -846 | -132 |
Net realized (gains) losses and valuation adjustments on OREO | 582 | -154 | -1,379 |
Gain on branch sale | -12,619 | ||
Bargain purchase gain | -9,014 | ||
(Increase) decrease in other assets | -1,670 | 13,455 | -1,224 |
Decrease in other liabilities | -5,201 | -3,356 | -2,930 |
Net cash provided by operating activities | 20,080 | 10,866 | 4,302 |
Cash flows from investing activities: | |||
Purchases of securities available for sale | -27,970 | ||
Proceeds from sales of securities available for sale | 24,424 | 0 | 0 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 26,548 | 17,810 | 7,720 |
Net change in loans | -156,946 | -98,114 | -27,380 |
Payments for purchased but unsettled loans | -6,200 | ||
Purchases of premises and equipment, net | -2,745 | -1,404 | -2,753 |
Net proceeds from sale of OREO | 5,321 | 3,937 | 1,691 |
Net proceeds from (cash paid for) CLO warehouse investments | 50 | -2,000 | |
(Purchase) redemption of FHLB and Federal Reserve Bank stock | 899 | -502 | |
Net proceeds from sale of branch | 57,409 | ||
Cash (paid for) assumed in acquisitions | -49,482 | 74,713 | -15,451 |
Net cash used in investing activities | -122,492 | -5,560 | -42,373 |
Cash flows from financing activities: | |||
Net increase in deposits | 156,509 | 26,211 | 16,821 |
Decrease in customer repurchase agreements | -2,048 | -8,597 | |
Increase (decrease) in Federal Home Loan Bank advances | -18,000 | 5,497 | 10,500 |
Issuance of senior secured note | 12,573 | ||
Repayment of senior secured note | -12,573 | -11,858 | |
Exchange offer | -461 | ||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | ||
Issuance of common stock, net of costs | 43 | 42,402 | 1,000 |
Issuance of preferred stock | 5,000 | ||
Noncontrolling interests issuances, net | 6,962 | ||
Purchase of Treasury Stock | -161 | ||
Distributions on noncontrolling interest and preferred stock | -3,037 | -1,060 | -993 |
Repayment of borrowings assumed in acquisition | -42,831 | ||
Net cash provided by (used in) financing activities | 177,503 | 64,707 | -3,541 |
Net increase (decrease) in cash and cash equivalents | 75,091 | 70,013 | -41,612 |
Cash and cash equivalents at beginning of period | 85,797 | 15,784 | 57,396 |
Cash and cash equivalents at end of period | 160,888 | 85,797 | 15,784 |
Supplemental cash flow information: | |||
Interest paid | 8,225 | 1,549 | 3,769 |
Income taxes paid | 5,093 | 966 | |
Supplemental noncash disclosures: | |||
Transfers from loans to OREO | 543 | 1,532 | 3,206 |
Loan transfers to branch assets held for sale | 78,071 | ||
Premises and equipment transferred to branch assets held for sale | 2,260 | ||
Stock issued and assumed in NBI acquisition | 43,009 | ||
Senior Preferred Stock Series T1 and T2 | |||
Cash flows from financing activities: | |||
Noncontrolling interests issuances, net | -25,897 | ||
Triumph Commercial Finance Llc | TCF Class B | |||
Cash flows from financing activities: | |||
Noncontrolling interests issuances, net | ($1,100) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 legal entity was dissolved and ABC became a wholly owned subsidiary of TSB. | |
Principles of Consolidation and Basis of Presentation | |
The Company consolidates subsidiaries in which it holds, directly or indirectly, a controlling financial interest. In consolidation, all significant intercompany accounts and transactions are eliminated. Investments in unconsolidated entities are accounted for using the equity method of accounting when the Company has the ability to exercise significant influence over operating and financing decisions. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. | |
The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (GAAP) and general practice within the banking industry. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company uses the accrual basis of accounting for financial reporting purposes. | |
Use of Estimates | |
To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. | |
Cash and Cash Equivalents | |
For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, other short-term investments and federal funds sold. All highly liquid investments with an initial maturity of less than 90 days are considered to be cash equivalents. | |
Securities | |
Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held to maturity or trading, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. | |
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. | |
Loans Held for Sale | |
Mortgage loans originated and intended for sale in the secondary market are carried at fair value in accordance with ASC 825, “Financial Instruments”, which provides entities with an option to report selected financial assets and liabilities at fair value. The fair value of mortgage loans held for sale is determined based on outstanding commitments from investors to purchase such loans and upon prevailing market rates. Increases or decreases in the fair value of these loans held for sale, if any, are charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the final selling price and the fair value of the related loan sold. | |
Loans | |
Originated Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the remaining life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. Generally, loans are placed in nonaccrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. | |
The accrual of interest income on single family residential mortgage, commercial and commercial real estate loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection, or if full collection of interest or principal becomes uncertain. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual is charged against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Purchased Loans: Purchased loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Larger purchased loans are individually evaluated while smaller purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. | |
The cash flows expected to be collected on PCI loans are estimated based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. Purchased loans are considered credit impaired if there is evidence of credit deterioration at the date of purchase and if it is probable that not all contractually required payments will be collected. Interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows is recognized on all PCI loans for which the timing and amount of future cash flows can be reasonably projected. Expected cash flows are re-estimated quarterly. A decline in the present value of current expected cash flows compared to the previously estimated expected cash flows, due in any part to change in credit, is referred to as credit impairment and recorded as provision for loan losses during the period. Declines in the present value of expected cash flows only from the expected timing of such cash flows are recognized prospectively as a decrease in yield on the loan. Improvement in expected cash flows is recognized prospectively as an adjustment to the yield on the loan once any previously recorded impairment is recaptured. | |
Purchased loans that are not considered PCI at acquisition have premiums or discounts. Premiums and discounts recognized when the loans are recorded at their estimated fair values at acquisition are amortized or accreted over the remaining term of the loan as an adjustment to the related loan’s yield. The subsequent accounting for acquired non-PCI loans follows the accounting for originated loans. | |
Allowance for Loan and Lease Losses | |
The allowance for loan and lease losses (ALLL) is a valuation allowance for probable incurred credit losses. The determination of the ALLL is inherently subjective as it requires material estimates which may be susceptible to significant changes. Loan losses are charged against the ALLL when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the ALLL. Management estimates the ALLL balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the ALLL may be made for specific loans, but the entire ALLL is available for any loan that, in management’s judgment, should be charged-off. | |
The ALLL consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (TDRs) and classified as impaired. | |
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |
All loans are subject to being individually evaluated for impairment. If a loan is impaired, a portion of the ALLL is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. | |
Troubled debt restructurings are separately identified and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the ALLL. | |
The general component of the ALLL covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company since acquisition. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. | |
The following loan portfolio categories have been identified: | |
Commercial Real Estate — This category of loans consists of the following loan types: | |
Commercial owner occupied — Owner occupied commercial real estate loans are primarily secured by commercial office or industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. Repayment terms vary considerably, interest rates are fixed or variable, and are structured for full, partial, or no amortization of principal. | |
Commercial non-owner occupied — Investment real estate loans are primarily secured by non-owner occupied apartment, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties. These loans have similar terms and amortization periods as owner occupied commercial real estate loans. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. | |
Multi-family residential — Investment real estate loans are primarily secured by non-owner occupied apartment or multifamily residential buildings. These loans have similar terms and amortization periods as owner occupied commercial real estate loans. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. | |
Construction, land development, land —This category of loans consists of loans to finance the ground up construction, improvement and/or carrying for sale after the completion of construction of owner occupied and non-owner occupied residential and commercial properties, and loans secured by raw or improved land. The repayment of construction loans is generally dependent upon the successful completion of the improvements by the builder for the end user, or sale of the property to a third party. Repayment of land secured loans are dependent upon the successful development and sale of the property, the sale of the land as is, or the outside cash flow of the owners to support the retirement of the debt. | |
1-4 family residential properties — This category of loans includes both first and junior liens on residential real estate. Home equity revolving lines of credit and home equity term loans are included in this group of loans. | |
Farmland — These loans are principally loans to purchase farmland. | |
Commercial — Commercial loans are loans for commercial, corporate and business purposes not otherwise disclosed separately. The Company’s commercial business loan portfolio is comprised of loans for a variety of purposes and across a variety of industries. These loans include general commercial and industrial loans, loans to purchase capital equipment, and business loans for working capital and operational purposes. Commercial loans are generally is secured by accounts receivable, inventory and other business assets. A portion of the commercial loan portfolio consists of specialty commercial finance products as follows: | |
Equipment — Equipment finance loans are commercial loans primarily secured by new or used revenue producing, essential-use equipment from major manufacturers that is movable, can be used in more than one type of business, and has broad resale markets. Core markets include construction, road, transportation, oil and gas, waste, forestry and machine tool. Loan terms do not exceed the economic life of the equipment and typically are 60 months or less. | |
Asset-based Lending — These loans are originated to borrowers to support general working capital needs. The asset-based loan structure involves advances of loan proceeds against a borrowing base which typically consists of accounts receivable, identified readily marketable inventory, or other collateral of the borrower. The maximum amount a customer may borrow at any time is fixed as a percentage of the borrowing base outstanding. | |
Healthcare — Asset-based loans to businesses dedicated exclusively to the healthcare industry. These loans are made to providers in the areas of skilled nursing, home healthcare, physical therapy, and healthcare product delivery. | |
Factored Receivables — The Company operates as a factor by purchasing accounts receivable from its clients, then collecting the receivable from the account debtor. Advances initially made to the client to acquire the receivables are typically at a discount to the invoice value. The discount balance is held in client reserves, net of the Company’s compensation, to settle any payment disputes or collection shortfalls. Upon collection of the invoice and subsequent settlement of any additional client obligations, outstanding client reserves are typically remitted to the client. | |
Consumer — Loans used for personal use usually on an unsecured basis. | |
Mortgage Warehouse — Mortgage Warehouse loans are loans to independent mortgage origination companies collateralized by 1-4 family residential loans and the financial capacity of the borrower. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Company provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Company separately validates that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Company is repaid with the proceeds received from sale of the mortgage loan to the final investor. | |
Federal Home Loan Bank (FHLB) Stock and Federal Reserve Bank (FRB) Stock | |
The Company, through its banking subsidiaries, is a member of the FHLB system and regional Federal Reserve Banks. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Premises and Equipment | |
Depreciable assets are stated at cost less accumulated depreciation. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 30 years. Furniture, fixtures and equipment are depreciated using the straight-line method over five years. | |
Other Real Estate Owned | |
Assets acquired as part of an acquisition or through loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of acquisition, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. At the time of acquisition of properties not acquired as part of an acquisition, losses are charged against the ALLL, and gains realized to the extent fair value exceeds the carrying amount of the foreclosed loan are recorded as income. Improvements to the value of the properties are capitalized, but not in excess of the net realizable value of the property. | |
Goodwill and Other Intangible Assets | |
Goodwill resulting from business combinations is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. In the event the fair value of the net assets acquired and liabilities assumed exceeds the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, a bargain purchase gain is recognized. | |
Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. | |
Other intangible assets consist primarily of core deposit and customer relationship assets arising from whole bank and business acquisitions and are amortized on an accelerated method over their estimated useful lives. | |
Bank Owned Life Insurance | |
Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Income Taxes | |
The Company files a consolidated tax return with its subsidiaries and is taxed as a C corporation. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and penalties related to income tax matters in income tax expense. No interest or tax penalties have been incurred for the years ended December 31, 2014, 2013 or 2012. | |
Fair Values of Financial Instruments | |
In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and/or the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. | |
In the ordinary course of business, the Company generally does not sell or transfer non-impaired loans and deposits. As such, the disclosures that present the December 31, 2014 and 2013 estimated fair value for non-impaired loans and deposits are highly judgmental and may not represent amounts to be received if the Company were to sell or transfer such items. | |
Asset Management Fees | |
Asset management fee income is recognized through the Company’s CLO asset management business operated by TCA and consists of senior (or base) asset management fees, subordinated management fees, and performance-based incentive fees. Senior and subordinated management fees are based upon a fixed fee rate applied to the amount of outstanding assets being managed by TCA. Performance-based incentive fees are variable in nature and dependent upon the performance of a managed CLO above a prescribed level. The Company does not accrue for performance-based incentive fees that are not finalized until the end of a specified contract period, but records such revenues only when final payment is confirmed. The Company has not recognized any revenue that is at risk due to future asset management performance contingencies | |
Operating Segments | |
The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and our segment reporting is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. Our chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. The factoring segment includes the operations of ABC with revenue derived from factoring services. The banking segment includes the operations of TSB and TCB. Our banking segment derives its revenue principally from investments in interest earning assets as well as noninterest income typical for the banking industry. The banking segment also includes commercial factoring services which are originated through the commercial finance division of TSB. Corporate includes holding company financing and investment activities, management and administrative expenses to support the overall operations of the Company, the operations of TCA and TCRA. | |
Comprehensive Income | |
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. | |
Loss Contingencies | |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements. | |
Transfers of Financial Assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Stock-Based Compensation | |
Compensation cost is recognized for restricted stock awards issued to employees based on the fair value of these awards at the date of grant. The fair value of the awards is based upon the market value of the Company’s common stock at the date of grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. | |
Earnings Per Common Share | |
Basic earnings per common share is net income less effects of noncontrolling interests and preferred shares divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock warrants, restricted stock awards, and preferred shares that are convertible to common shares. | |
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 2014, the 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. | |
In May 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. | |
In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis”, which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is in the process of evaluating the effect of the standard on its ongoing financial reporting. | |
Business_Combinations_and_Dive
Business Combinations and Divestitures | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES | ||||||||||||
Sale of Pewaukee Branch | |||||||||||||
On July 11, 2014, TCB sold its operating branch in Pewaukee, Wisconsin, which constituted its sole branch in the state, to a third party for net cash proceeds of $57,409,000. Under the terms of the agreement, the acquirer assumed branch deposits of $36,326,000, purchased selected loans in the local market with a carrying amount of $78,071,000, and acquired the premises and equipment associated with the branch. The transaction resulted in the Company recording a pre-tax gain of $12,619,000, net of transaction costs. | |||||||||||||
Doral Healthcare Acquisition | |||||||||||||
On June 13, 2014, the Company, through its subsidiary TCB, 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, DHF has been rebranded Triumph Healthcare Finance. | |||||||||||||
The Company acquired loans with a fair value of $45,334,000 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 $49,482,000 and recognized $1,921,000 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 for DHF, and the resulting goodwill is as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
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 DHF loan portfolio subject to purchased credit impaired (PCI) loan accounting guidance as of the acquisition date is as follows: | |||||||||||||
PCI Loans: | |||||||||||||
(Dollars in thousands) | 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 $41,680,000. As of December 31, 2014, 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 benefits of the acquisition were 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 $9,014,000. | |||||||||||||
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 for NBI, and the resulting bargain purchase gain is as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
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 $11,858,000 senior secured note and (ii) retired all $3,640,000 of NBI’s senior convertible notes outstanding with cash. | |||||||||||||
As of the date of acquisition, NBI had been in deferral on payments due for interest and dividends on its junior subordinated debentures and Senior Preferred Stock, Series T-1 and T-2. The total amounts due on these instruments for periods prior to acquisition were brought current by the Company on the first contractually available payment dates post-acquisition. | |||||||||||||
The following presents information for non-purchase credit impaired loans acquired as part of the NBI acquisition. | |||||||||||||
Estimated | |||||||||||||
Contractual | |||||||||||||
Cash Flows Not | |||||||||||||
Contractual | Expected to be | ||||||||||||
(Dollars in thousands) | Balance | Fair Value | Collected | ||||||||||
Commercial real estate | $ | 223,477 | $ | 217,711 | $ | (6,567 | ) | ||||||
Construction, land development, land | 25,844 | 23,474 | (1,585 | ) | |||||||||
1-4 family residential properties | 93,868 | 89,822 | (2,520 | ) | |||||||||
Farmland | 35,502 | 35,634 | (74 | ) | |||||||||
Commercial | 170,070 | 164,855 | (3,914 | ) | |||||||||
Factored receivables | — | — | — | ||||||||||
Consumer | 13,897 | 13,750 | (638 | ) | |||||||||
Mortgage warehouse | — | — | — | ||||||||||
$ | 562,658 | $ | 545,246 | $ | (15,298 | ) | |||||||
The estimated contractual cash flows not expected to be collected on non-PCI loans indicated in the table above include contractual principal balances only. Contractual interest not expected to be collected on non-PCI loans was not material. | |||||||||||||
Information about the acquired NBI loan portfolio subject to PCI accounting guidance as of the acquisition date is as follows: | |||||||||||||
(Dollars in thousands) | PCI | ||||||||||||
Contractual balance at acquisition | $ | 29,970 | |||||||||||
Contractual cash flows not expected to be collected | (5,141 | ) | |||||||||||
(nonaccretable discount) | |||||||||||||
Expected cash flows at acquisition | 24,829 | ||||||||||||
Interest component of expected cash flows | (1,717 | ) | |||||||||||
(accretable discount) | |||||||||||||
Fair value of acquired loans | $ | 23,112 | |||||||||||
The following table presents pro forma information as if the NBI acquisition had occurred at the beginning of 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Net interest income | $ | 60,685 | $ | 60,831 | |||||||||
Net income before tax | 12,719 | 17,398 | |||||||||||
Tax (expense) benefit | (4,244 | ) | 5,825 | ||||||||||
Net income | 8,475 | 23,223 | |||||||||||
Effect of noncontrolling interests | (3,506 | ) | (3,011 | ) | |||||||||
Net income to common stockholders | $ | 4,969 | $ | 20,212 | |||||||||
Basic earnings per share | $ | 0.51 | $ | 2.06 | |||||||||
Diluted earnings per share | $ | 0.51 | $ | 2 | |||||||||
Since the acquisition date through December 31, 2013, revenues and earnings recorded by the Company related to the acquired operations approximated $12,014,000 and $2,834,000, respectively. To determine pro forma information, the Company adjusted its 2013 and 2012 historical results to include the historical results for NBI for the period January 1, 2013 to October 14, 2013 and the year ended December 31, 2012. These amounts were $1,099,000 and $5,916,000, respectively. | |||||||||||||
Pro forma adjustments include adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, depreciation expense on property acquired, interest expense on deposits acquired, interest expense on junior subordinated debentures assumed, interest expense on senior secured notes paid off, the related income tax effects, and the impact of noncontrolling interest and preferred stock. | |||||||||||||
Expenses and income related to the acquisition including professional fees and integration costs, as well as the bargain purchase gain, are also excluded from the above pro forma table. In 2013 and 2012, these expenses amounted to $2,500,000 and $52,000, respectively, and in 2013 the bargain purchase gain totaled $9,014,000. | |||||||||||||
The year over year pro forma decline in net income to common shareholders was principally driven by $11,700,000 of tax benefits recognized in 2012 that were not duplicated in 2013. During 2012, TBI and NBI reversed certain valuation allowances on deferred taxes in the amounts of $7,400,000 and $4,300,000, respectively. | |||||||||||||
The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 93,150 | $ | 691 | $ | — | $ | 93,841 | |||||||||||||||||
Mortgage-backed securities, residential | 28,298 | 580 | — | 28,878 | |||||||||||||||||||||
Asset backed securities | 18,559 | 129 | (90 | ) | 18,598 | ||||||||||||||||||||
State and municipal | 6,833 | 28 | — | 6,861 | |||||||||||||||||||||
Corporate bonds | 13,492 | 144 | — | 13,636 | |||||||||||||||||||||
SBA pooled securities | 207 | 3 | — | 210 | |||||||||||||||||||||
Total available for sale securities | $ | 160,539 | $ | 1,575 | $ | (90 | ) | $ | 162,024 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other - State of Israel bonds | $ | 745 | $ | 5 | $ | — | $ | 750 | |||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | |||||||||||||||||||||
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 December 31, 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. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 1,390 | $ | 1,392 | $ | 225 | $ | 225 | |||||||||||||||||
Due from one year to five years | 93,217 | 93,637 | 520 | 525 | |||||||||||||||||||||
Due from five years to ten years | 17,285 | 17,671 | — | — | |||||||||||||||||||||
Due after ten years | 1,583 | 1,638 | — | — | |||||||||||||||||||||
113,475 | 114,338 | 745 | 750 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 28,298 | 28,878 | — | — | |||||||||||||||||||||
Asset backed securities | 18,559 | 18,598 | — | — | |||||||||||||||||||||
SBA pooled securities | 207 | 210 | — | — | |||||||||||||||||||||
$ | 160,539 | $ | 162,024 | $ | 745 | $ | 750 | ||||||||||||||||||
For the year ended December 31, 2014, securities were sold resulting in proceeds of $24,424,000, gross gains of $98,000, and gross losses of $10,000. There were no sales of securities for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Securities with a carrying amount of approximately $113,980,000 and $87,434,000 at December 31, 2014 and 2013, respectively, were pledged to secure customer repurchase agreements, Federal Home Loan Bank advances, and for other purposes required or permitted by law. | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at December 31, 2014 and 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 | |||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
31-Dec-14 | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage-backed securities, residential | — | — | — | — | — | — | |||||||||||||||||||
Asset backed securities | 8,703 | (82 | ) | 4,959 | (8 | ) | 13,662 | (90 | ) | ||||||||||||||||
State and municipal | — | — | — | — | — | — | |||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | |||||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 8,703 | $ | (82 | ) | $ | 4,959 | $ | (8 | ) | $ | 13,662 | $ | (90 | ) | |||||||||||
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 | ) | |||||||||||
At December 31, 2014, the Company had three securities in an unrealized loss position. | |||||||||||||||||||||||||
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 December 31, 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 securities 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 December 31, 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 | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Loans And Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan and Lease Losses | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||||||||||
Loans at December 31, 2014 and 2013 consisted of the following: | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 249,164 | $ | 331,462 | |||||||||||||||||||||||||||||
Construction, land development, land | 42,914 | 37,626 | |||||||||||||||||||||||||||||||
1-4 family residential properties | 78,738 | 91,301 | |||||||||||||||||||||||||||||||
Farmland | 22,496 | 20,294 | |||||||||||||||||||||||||||||||
Commercial | 364,567 | 255,655 | |||||||||||||||||||||||||||||||
Factored receivables | 180,910 | 117,370 | |||||||||||||||||||||||||||||||
Consumer | 11,941 | 13,878 | |||||||||||||||||||||||||||||||
Mortgage warehouse | 55,148 | 13,513 | |||||||||||||||||||||||||||||||
Total | 1,005,878 | 881,099 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (8,843 | ) | (3,645 | ) | |||||||||||||||||||||||||||||
$ | 997,035 | $ | 877,454 | ||||||||||||||||||||||||||||||
Total loans include net deferred origination fees and costs and deferred factoring fees totaling $906,000 and $997,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Loans with carrying amounts of $141,427,000 and $166,688,000 at December 31, 2014 and 2013, respectively, were pledged to secure Federal Home Loan Bank advance capacity. | |||||||||||||||||||||||||||||||||
As of December 31, 2014, the states of Illinois (30%), Texas (23%), and Iowa (14%), make up 67% of the Company’s gross loans. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economies in these states. | |||||||||||||||||||||||||||||||||
A significant majority of the Company’s factored receivables, representing approximately 15% of the total loan portfolio as of | |||||||||||||||||||||||||||||||||
December 31, 2014, are receivables purchased from trucking fleets and owner-operators in the transportation industry. The credit | |||||||||||||||||||||||||||||||||
risk related to this portfolio is mitigated by the limited amount of receivables acquired from individual debtors and creditors, which results in diversification across a number of companies and industries. | |||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses: The activity in the ALLL during the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 348 | $ | 199 | $ | (18 | ) | $ | 4 | $ | 533 | ||||||||||||||||||||||
Construction, land development, land | 110 | 310 | (100 | ) | 13 | 333 | |||||||||||||||||||||||||||
1-4 family residential properties | 100 | 416 | (409 | ) | 108 | 215 | |||||||||||||||||||||||||||
Farmland | 7 | 12 | — | — | 19 | ||||||||||||||||||||||||||||
Commercial | 1,145 | 2,652 | (13 | ) | 219 | 4,003 | |||||||||||||||||||||||||||
Factored receivables | 1,842 | 1,971 | (419 | ) | 68 | 3,462 | |||||||||||||||||||||||||||
Consumer | 49 | 204 | (393 | ) | 280 | 140 | |||||||||||||||||||||||||||
Mortgage warehouse | 44 | 94 | — | — | 138 | ||||||||||||||||||||||||||||
$ | 3,645 | $ | 5,858 | $ | (1,352 | ) | $ | 692 | $ | 8,843 | |||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 261 | $ | 114 | $ | (156 | ) | $ | 129 | $ | 348 | ||||||||||||||||||||||
Construction, land development, land | 40 | 58 | — | 12 | 110 | ||||||||||||||||||||||||||||
1-4 family residential properties | 227 | (166 | ) | (94 | ) | 133 | 100 | ||||||||||||||||||||||||||
Farmland | 5 | 2 | — | — | 7 | ||||||||||||||||||||||||||||
Commercial | 172 | 2,474 | (1,515 | ) | 14 | 1,145 | |||||||||||||||||||||||||||
Factored receivables | 1,221 | 783 | (226 | ) | 64 | 1,842 | |||||||||||||||||||||||||||
Consumer | — | 103 | (113 | ) | 59 | 49 | |||||||||||||||||||||||||||
Mortgage warehouse | — | 44 | — | — | 44 | ||||||||||||||||||||||||||||
$ | 1,926 | $ | 3,412 | $ | (2,104 | ) | $ | 411 | $ | 3,645 | |||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Year ended December 31, 2012 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 34 | $ | 359 | $ | (169 | ) | $ | 37 | $ | 261 | ||||||||||||||||||||||
Construction, land development, land | — | 40 | — | — | 40 | ||||||||||||||||||||||||||||
1-4 family residential properties | 132 | 104 | (116 | ) | 107 | 227 | |||||||||||||||||||||||||||
Farmland | — | 53 | (48 | ) | — | 5 | |||||||||||||||||||||||||||
Commercial | — | 61 | — | 111 | 172 | ||||||||||||||||||||||||||||
Factored receivables | — | 1,380 | (212 | ) | 53 | 1,221 | |||||||||||||||||||||||||||
Consumer | — | (1 | ) | — | 1 | — | |||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
Unallocated | 257 | (257 | ) | — | — | — | |||||||||||||||||||||||||||
$ | 423 | $ | 1,739 | $ | (545 | ) | $ | 309 | $ | 1,926 | |||||||||||||||||||||||
The following table presents loans individually and collectively evaluated for impairment, as well as PCI loans, and their respective ALLL allocations: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
31-Dec-14 | Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | |||||||||||||||||||||||||
Commercial real estate | $ | 1,934 | $ | 238,640 | $ | 8,590 | $ | 249,164 | $ | — | $ | 533 | $ | — | $ | 533 | |||||||||||||||||
Construction, land development, land | — | 41,431 | 1,483 | 42,914 | — | 333 | — | 333 | |||||||||||||||||||||||||
1-4 family residential properties | 627 | 76,041 | 2,070 | 78,738 | — | 215 | — | 215 | |||||||||||||||||||||||||
Farmland | — | 22,496 | — | 22,496 | — | 19 | — | 19 | |||||||||||||||||||||||||
Commercial | 7,188 | 353,022 | 4,357 | 364,567 | 716 | 3,287 | — | 4,003 | |||||||||||||||||||||||||
Factored receivables | 1,271 | 179,639 | — | 180,910 | 1,033 | 2,429 | — | 3,462 | |||||||||||||||||||||||||
Consumer | — | 11,941 | — | 11,941 | — | 140 | — | 140 | |||||||||||||||||||||||||
Mortgage warehouse | — | 55,148 | — | 55,148 | — | 138 | — | 138 | |||||||||||||||||||||||||
$ | 11,020 | $ | 978,358 | $ | 16,500 | $ | 1,005,878 | $ | 1,749 | $ | 7,094 | $ | — | $ | 8,843 | ||||||||||||||||||
(Dollars in thousands) | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
31-Dec-13 | Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | |||||||||||||||||||||||||
Commercial real estate | $ | 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 | |||||||||||||||||||||||||
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. Loans included in these 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 ALLL and are excluded from these tables. | |||||||||||||||||||||||||||||||||
Impaired Loans and PCI Impaired Loans | Impaired Loans | ||||||||||||||||||||||||||||||||
With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | ||||||||||||||||||||||||||||
31-Dec-14 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 1,934 | $ | 1,960 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | — | — | — | 627 | 748 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 1,845 | 2,527 | 716 | 5,343 | 5,368 | ||||||||||||||||||||||||||||
Factored receivables | 1,271 | 1,271 | 1,033 | — | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
PCI | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 3,116 | $ | 3,798 | $ | 1,749 | $ | 7,904 | $ | 8,076 | ||||||||||||||||||||||||
Impaired Loans and PCI Impaired Loans | Impaired Loans | ||||||||||||||||||||||||||||||||
With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | ||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 114 | $ | 131 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | 114 | 127 | 14 | 157 | 166 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 215 | 215 | 15 | 5,224 | 5,454 | ||||||||||||||||||||||||||||
Factored receivables | 762 | 762 | 417 | 1 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
PCI | 13 | 42 | 7 | — | — | ||||||||||||||||||||||||||||
$ | 1,104 | $ | 1,146 | $ | 453 | $ | 5,496 | $ | 5,751 | ||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||||||||||
Commercial real estate | $ | 1,023 | $ | 213 | $ | 201 | $ | 7 | $ | 201 | $ | 7 | |||||||||||||||||||||
Construction, land development, land | 4 | 1 | — | — | — | — | |||||||||||||||||||||||||||
1-4 family residential properties | 613 | 195 | 228 | 10 | — | — | |||||||||||||||||||||||||||
Farmland | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 6,653 | 290 | 2,740 | 14 | 994 | 14 | |||||||||||||||||||||||||||
Factored receivables | 1,017 | 12 | 632 | — | 632 | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | — | |||||||||||||||||||||||||||
PCI | 7 | — | 14 | 6 | 1,988 | 260 | |||||||||||||||||||||||||||
$ | 9,317 | $ | 711 | $ | 3,815 | $ | 37 | $ | 3,815 | $ | 281 | ||||||||||||||||||||||
The following table presents the unpaid principal and recorded investment for loans at December 31, 2014 and 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. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | |||||||||||||||||||||||||||||||
31-Dec-14 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 249,164 | $ | 263,060 | $ | (13,896 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 42,914 | 44,609 | (1,695 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 78,738 | 82,263 | (3,525 | ) | |||||||||||||||||||||||||||||
Farmland | 22,496 | 22,400 | 96 | ||||||||||||||||||||||||||||||
Commercial | 364,567 | 366,753 | (2,186 | ) | |||||||||||||||||||||||||||||
Factored receivables | 180,910 | 181,817 | (907 | ) | |||||||||||||||||||||||||||||
Consumer | 11,941 | 12,012 | (71 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 55,148 | 55,148 | — | ||||||||||||||||||||||||||||||
$ | 1,005,878 | $ | 1,028,062 | $ | (22,184 | ) | |||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | |||||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 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 | ||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013, the Company had $18,976,000 and $10,653,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Dec-14 | Past Due | Still Accruing | Non-accrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 643 | $ | — | $ | 1,995 | $ | 2,638 | |||||||||||||||||||||||||
Construction, land development, land | — | — | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 584 | 49 | 638 | 1,271 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 114 | — | 7,188 | 7,302 | |||||||||||||||||||||||||||||
Factored receivables | 7,202 | 651 | — | 7,853 | |||||||||||||||||||||||||||||
Consumer | 296 | — | — | 296 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | 260 | — | 6,206 | 6,466 | |||||||||||||||||||||||||||||
$ | 9,099 | $ | 700 | $ | 16,027 | $ | 25,826 | ||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Dec-13 | Past Due | Still Accruing | Non-accrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,212 | $ | 47 | $ | 276 | $ | 1,535 | |||||||||||||||||||||||||
Construction, land development, land | 690 | — | — | 690 | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,789 | 19 | 454 | 2,262 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 1,482 | 11 | 5,438 | 6,931 | |||||||||||||||||||||||||||||
Factored receivables | 3,836 | 89 | — | 3,925 | |||||||||||||||||||||||||||||
Consumer | 591 | 2 | — | 593 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | 2,434 | — | 6,135 | 8,569 | |||||||||||||||||||||||||||||
$ | 12,034 | $ | 168 | $ | 12,303 | $ | 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 regular basis. 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 December 31, 2014 and 2013 based on the most recent analysis performed, the risk category of loans is as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Special | ||||||||||||||||||||||||||||||||
31-Dec-14 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Commercial real estate | $ | 231,627 | $ | 2,344 | $ | 6,603 | $ | — | $ | 8,590 | $ | 249,164 | |||||||||||||||||||||
Construction, land development, land | 41,431 | — | — | — | 1,483 | 42,914 | |||||||||||||||||||||||||||
1-4 family residential | 75,781 | 77 | 810 | — | 2,070 | 78,738 | |||||||||||||||||||||||||||
Farmland | 22,496 | — | — | — | — | 22,496 | |||||||||||||||||||||||||||
Commercial | 347,534 | 2,435 | 10,241 | — | 4,357 | 364,567 | |||||||||||||||||||||||||||
Factored receivables | 179,639 | — | 350 | 921 | — | 180,910 | |||||||||||||||||||||||||||
Consumer | 11,941 | — | — | — | — | 11,941 | |||||||||||||||||||||||||||
Mortgage warehouse | 55,148 | — | — | — | — | 55,148 | |||||||||||||||||||||||||||
$ | 965,597 | $ | 4,856 | $ | 18,004 | $ | 921 | $ | 16,500 | $ | 1,005,878 | ||||||||||||||||||||||
(Dollars in thousands) | Special | ||||||||||||||||||||||||||||||||
31-Dec-13 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Commercial real estate | $ | 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 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company had recorded investments in troubled debt restructurings of $360,000 and $336,000, respectively. These troubled debt restructurings and their effects were immaterial as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||||||||||
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 receivable at December 31, 2014 and 2013, are as follows: | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Contractually required principal and interest: | |||||||||||||||||||||||||||||||||
Real estate loans | $ | 23,457 | $ | 35,584 | |||||||||||||||||||||||||||||
Commercial loans | 6,293 | 2,795 | |||||||||||||||||||||||||||||||
Outstanding contractually required principal and interest | $ | 29,750 | $ | 38,379 | |||||||||||||||||||||||||||||
Gross carrying amount included in loans receivable | $ | 16,500 | $ | 25,191 | |||||||||||||||||||||||||||||
The changes in accretable yield during the years ended December 31, 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: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Accretable yield, beginning balance | $ | 4,587 | $ | 4,244 | $ | 1,627 | |||||||||||||||||||||||||||
Additions | 482 | 1,717 | — | ||||||||||||||||||||||||||||||
Accretion | (4,276 | ) | (2,812 | ) | (2,124 | ) | |||||||||||||||||||||||||||
Reclassification from nonaccretable to accretable yield | 4,677 | 1,461 | 5,129 | ||||||||||||||||||||||||||||||
Disposals | (493 | ) | (23 | ) | (388 | ) | |||||||||||||||||||||||||||
Accretable yield, ending balance | $ | 4,977 | $ | 4,587 | $ | 4,244 | |||||||||||||||||||||||||||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Real Estate [Abstract] | |||||||||||||
Other Real Estate Owned | NOTE 5 — OTHER REAL ESTATE OWNED | ||||||||||||
Other real estate owned activity was as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Beginning balance | $ | 13,783 | $ | 4,749 | |||||||||
Acquired through business acquisition | — | 11,285 | |||||||||||
Loans transferred to OREO | 543 | 1,532 | |||||||||||
Net realized gains (losses) and valuation adjustments on OREO | (582 | ) | 154 | ||||||||||
Sales of OREO | (5,321 | ) | (3,937 | ) | |||||||||
Ending balance | $ | 8,423 | $ | 13,783 | |||||||||
Operating expenses related to OREO include: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net realized gains (losses) and valuation adjustments on OREO | $ | (582 | ) | $ | 154 | $ | 1,379 | ||||||
Carrying costs for OREO | (373 | ) | (233 | ) | (240 | ) | |||||||
$ | (955 | ) | $ | (79 | ) | $ | 1,139 | ||||||
Rental income on OREO properties of $170,000, $166,000 and $145,000, respectively, for years ended December 31, 2014, 2013 and 2012, is reported on the consolidated statements of income in the noninterest income section as Other. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Premises and Equipment | NOTE 6 — PREMISES AND EQUIPMENT | ||||||||
Premises and equipment at December 31, 2014 and 2013 consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Land | $ | 4,783 | $ | 5,511 | |||||
Buildings | 11,041 | 12,911 | |||||||
Leasehold improvements | 4,000 | 2,452 | |||||||
Furniture, fixtures and equipment | 5,440 | 4,258 | |||||||
25,264 | 25,132 | ||||||||
Accumulated depreciation | (3,331 | ) | (1,788 | ) | |||||
$ | 21,933 | $ | 23,344 | ||||||
Depreciation expense was $1,946,000, $786,000 and $568,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
The Company leases certain properties and equipment under operating leases. Rent expense was $1,771,000, $963,000 and $690,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Rent commitments at December 31, 2014, before considering renewal options that generally are present, were as follows: | |||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 1,683 | |||||||
2016 | 1,727 | ||||||||
2017 | 1,670 | ||||||||
2018 | 1,531 | ||||||||
2019 | 1,197 | ||||||||
Thereafter | 1,596 | ||||||||
$ | 9,404 | ||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | NOTE 7 - GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets consist of the following: | |||||||||||||||||||||||||||||||||||||
31-Dec | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Goodwill | $ | 15,968 | $ | 14,047 | |||||||||||||||||||||||||||||||||
Core deposit intangibles | 11,218 | 14,471 | |||||||||||||||||||||||||||||||||||
Other intangible assets | 1,871 | — | |||||||||||||||||||||||||||||||||||
$ | 29,057 | $ | 28,518 | ||||||||||||||||||||||||||||||||||
The changes in goodwill and intangible assets by operating segment during the year are as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Factoring | Banking | Total | Factoring | Banking | Total | Factoring | Banking | Total | ||||||||||||||||||||||||||||
Beginning balance | $ | 8,846 | $ | 19,672 | $ | 28,518 | $ | 8,846 | $ | 5,201 | $ | 14,047 | $ | — | $ | 5,201 | $ | 5,201 | |||||||||||||||||||
Acquired goodwill | — | 1,921 | 1,921 | — | — | — | 8,846 | — | 8,846 | ||||||||||||||||||||||||||||
Acquired intangibles | 26 | 2,029 | 2,055 | — | 15,091 | 15,091 | 948 | — | 948 | ||||||||||||||||||||||||||||
Divestiture | — | (514 | ) | (514 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of intangibles | (2 | ) | (2,921 | ) | (2,923 | ) | — | (620 | ) | (620 | ) | (948 | ) | — | (948 | ) | |||||||||||||||||||||
Ending balance | $ | 8,870 | $ | 20,187 | $ | 29,057 | $ | 8,846 | $ | 19,672 | $ | 28,518 | $ | 8,846 | $ | 5,201 | $ | 14,047 | |||||||||||||||||||
No goodwill or intangibles have been assigned to the Corporate operating segment. | |||||||||||||||||||||||||||||||||||||
Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company assesses goodwill for impairment at each reporting unit, Factoring and Banking. At the measurement date, these reporting units had positive equity and the Company elected to perform qualitative assessments to determine if it was more likely than not that the fair value of the reporting units exceeded their carrying values, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. | |||||||||||||||||||||||||||||||||||||
Acquired intangible assets are being amortized utilizing an accelerated method over 10 years. The future amortization schedule for the Company’s intangible assets is as follows: | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
2015 | $ | 2,708 | |||||||||||||||||||||||||||||||||||
2016 | 2,392 | ||||||||||||||||||||||||||||||||||||
2017 | 2,076 | ||||||||||||||||||||||||||||||||||||
2018 | 1,761 | ||||||||||||||||||||||||||||||||||||
2019 | 1,445 | ||||||||||||||||||||||||||||||||||||
Thereafter | 2,707 | ||||||||||||||||||||||||||||||||||||
$ | 13,089 | ||||||||||||||||||||||||||||||||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 8 — VARIABLE INTEREST ENTITIES |
Collateralized Loan Obligation Funds - Closed | |
The Company, through its subsidiary 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 were 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 $400,000,000 face amount of CLO securities. On August 4, 2014, Trinitas II completed its CLO securities offering by issuing $416,000,000 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. | |
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. TCA earned asset management fees totaling $989,000 for the year ended December 31, 2014. There were no asset management fees earned during the years ended December 31, 2013 and 2012. | |
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 December 31, 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 $27,550,000 in addition to the Company’s $2,450,000 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 asset management or other fees from Trinitas III during the “warehouse” phase. | |
At December 31, 2014, the Company’s loss exposure to Trinitas III is limited to its $2,450,000 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 | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | NOTE 9 - Deposits | ||||||||
Deposits at December 31, 2014 and December 31, 2013 are summarized as follows: | |||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Noninterest bearing demand | $ | 179,848 | $ | 150,238 | |||||
Interest bearing demand | 236,525 | 199,826 | |||||||
Individual retirement accounts | 55,034 | 54,512 | |||||||
Money market | 117,514 | 157,406 | |||||||
Savings | 70,407 | 69,336 | |||||||
Certificates of deposit | 455,901 | 354,940 | |||||||
Brokered deposits | 50,000 | 58,596 | |||||||
Total deposits | $ | 1,165,229 | $ | 1,044,854 | |||||
At December 31, 2014, scheduled maturities of time deposits, including certificates of deposits, individual retirement accounts and brokered deposits, are as follows: | |||||||||
(Dollars in thousands) | 31-Dec-14 | ||||||||
Within one year | $ | 320,449 | |||||||
After one but within two years | 167,878 | ||||||||
After two but within three years | 49,255 | ||||||||
After three but within four years | 11,687 | ||||||||
After four but within five years | 11,666 | ||||||||
Total | $ | 560,935 | |||||||
Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $66,366,000 and $93,552,000 at December 31, 2014 and 2013, respectively. | |||||||||
Borrowings_and_Borrowing_Capac
Borrowings and Borrowing Capacity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Borrowings And Borrowing Capacity | NOTE 10 — BORROWINGS AND BORROWING CAPACITY | ||||||||
Short-Term Borrowings | |||||||||
The following table provides a summary of all short-term borrowings at the dates indicated: | |||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Average daily balance during the year | $ | 40,346 | $ | 12,297 | |||||
Average interest rate during the year | 0.14 | % | 0.14 | % | |||||
Maximum month-end balance during the year | 85,313 | 42,639 | |||||||
Weighted average interest rate at December 31 | 0.05 | % | 0.06 | % | |||||
Customer Repurchase Agreements | |||||||||
Securities sold under agreements to repurchase are financing arrangements that mature within one year. At maturity, the securities underlying the agreements are returned to the Company. Customer repurchase agreements are summarized as follows: | |||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Sweep repurchase agreements | $ | 8,959 | $ | 10,006 | |||||
Term repurchase agreements | 323 | 1,324 | |||||||
Total | $ | 9,282 | $ | 11,330 | |||||
Securities sold under agreements to repurchase are secured by securities with a carrying amount of $14,900,000 and $11,330,000 at December 31, 2014 and 2013, respectively. | |||||||||
FHLB Advances | |||||||||
TCB is a member of the FHLB of Des Moines, and TSB is a member of the FHLB of Dallas. The FHLB advances are collateralized by assets, including a blanket pledge of certain loans, and are short term in nature, generally maturing within one month. Collectively at December 31, 2014 and 2013, TCB and TSB have borrowings and unused borrowing capacity with the FHLB as follows: | |||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Borrowing capacity | $ | 107,361 | $ | 131,300 | |||||
Borrowings outstanding | 3,000 | 21,000 | |||||||
Unused borrowing capacity | $ | 104,361 | $ | 110,300 | |||||
Federal Funds Purchased | |||||||||
The Company had no federal funds purchased at December 31, 2014 or 2013. However, as of December 31, 2014 TSB had unsecured federal funds lines of credit with two unaffiliated banks totaling $24,500,000 and TCB had unsecured federal funds lines of credit with five unaffiliated banks totaling $75,000,000. | |||||||||
Senior Secured Note | |||||||||
At December 31, 2013, the Company had a $12,573,000 secured note payable to an unaffiliated bank, secured by the common stock of TCB and TSB. The note incurred interest at a variable rate based at the prime rate, with a minimum interest rate of 4.50% and a maturity date of October 15, 2018. Terms of the note required quarterly principal payments of $314,000 plus accrued interest. At December 31, 2013, the note had a rate of 4.50%. | |||||||||
On November 13, 2014, the Company retired the senior secured indebtedness, consisting of the senior secured note with a principal amount at retirement of $11,300,000, a 1.0% prepayment penalty of $113,000, and accrued but unpaid interest of $41,000. | |||||||||
Junior Subordinated Debentures and Capital Securities | |||||||||
As of the date of the Company’s acquisition of NBI, NBI had junior subordinated debentures with a face value of $32,990,000 outstanding. The application of business combination accounting to the NBI acquisition resulted in an adjustment to cause the carrying value of these debt obligations to be adjusted to their fair value of $24,120,000 as of that date. The discount to face value is being amortized over the remaining life of these obligations as an adjustment increasing the interest cost of these instruments to market rates as of the acquisition date, and increasing their carrying amount to face value at their maturity. | |||||||||
The debentures are included on the consolidated balance sheet as liabilities; however, for regulatory purposes, the related capital securities are eligible for inclusion in regulatory capital, subject to certain limitations. All of the carrying value of $24,423,000 was allowed in the calculation of Tier I capital as of December 31, 2014. | |||||||||
The junior subordinated debentures are due to National Bancshares Capital Trusts II and III, 100% owned nonconsolidated subsidiaries of NBI. The debentures were issued by NBI in 2003 ($15,464,000 Capital Trust II) and 2006 ($17,526,000 Capital Trust III) in conjunction with the trusts’ issuances of NBI obligated capital securities of $15,000,000 and $17,000,000, respectively. The trusts used the proceeds from the issuances of their capital securities to buy floating rate junior subordinated deferrable interest debentures issued by NBI. These debentures are the trusts’ only assets and the interest payments from the debentures finance the distributions paid on the capital securities. These debentures are unsecured, rank junior, and are subordinate in the right of payment to all senior debt of NBI. | |||||||||
The debentures bear the same interest rate and terms as the capital securities, detailed as follows. | |||||||||
Capital Trust II — The amount of interest for any period shall be computed at a variable per annum rate of interest, reset quarterly, equal to the three-month LIBOR, as determined on the LIBOR determination date immediately preceding each distribution payment date, plus 3.00%. As of December 31, 2014 and 2013, the rate was 3.24%. The debentures mature on September 15, 2033. Since September 15, 2008, NBI has had the right to call the debentures at par. | |||||||||
Capital Trust III — The amount of interest for any period shall be computed at a variable per annum rate of interest, reset quarterly, equal to the three-month LIBOR, as determined on the LIBOR determination date immediately preceding each distribution payment date, plus 1.64%. As of December 31, 2014 and 2013, the rate was 1.87% and 1.88%, respectively. The debentures mature on July 7, 2036. Since July 7, 2011, NBI has had the right to call the debentures at par. | |||||||||
The distribution rate payable on the capital securities is cumulative and payable quarterly in arrears. NBI has the right, subject to events in default, to defer payments on interest on the debentures at any time by extending the interest payment period for a period not exceeding 20 consecutive quarters with respect to each deferral period, provided that no extension period may extend beyond the redemption or maturity date of the debentures. NBI informed the trustees that it would be deferring payments beginning in March 2011 as permitted under the provisions of the respective agreements, however, all deferred quarterly payments on Trust II were paid current in December 2013 and all deferred quarterly payments on Trust III were paid current in January of 2014. | |||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 11 — EMPLOYEE BENEFIT PLANS |
401(k) Plan | |
A 401(k) benefit plan allows employee contributions up to 15% of their compensation, which are matched equal to 100% of the first 4% of the compensation contributed. Expense for the years ended December 31, 2014, 2013 and 2012 was $925,000, $482,000 and $175,000, respectively. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 12 — INCOME TAXES | ||||||||||||
Income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012 consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income tax expense (benefit): | |||||||||||||
Current | $ | 6,005 | $ | 242 | $ | 132 | |||||||
Deferred | 4,814 | 1,884 | 1,846 | ||||||||||
Change in valuation allowance for deferred tax asset | (441 | ) | 7 | (7,372 | ) | ||||||||
Income tax expense (benefit) | $ | 10,378 | $ | 2,133 | $ | (5,394 | ) | ||||||
Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax provision computed at federal statutory rate | $ | 10,436 | $ | 5,290 | $ | 1,931 | |||||||
Effect of: | |||||||||||||
State taxes, net | 1,160 | 148 | 85 | ||||||||||
Change in effective tax rate | (528 | ) | — | — | |||||||||
Bargain purchase gain | — | (3,065 | ) | — | |||||||||
Transaction costs | — | 259 | — | ||||||||||
Noncontrolling interest in subsidiary | (22 | ) | (215 | ) | — | ||||||||
Bank-owned life insurance | (165 | ) | (40 | ) | — | ||||||||
Tax exempt interest | (189 | ) | (42 | ) | — | ||||||||
Change in valuation allowance | (441 | ) | 7 | (7,372 | ) | ||||||||
Other | 127 | (209 | ) | (38 | ) | ||||||||
Income tax expense (benefit) | $ | 10,378 | $ | 2,133 | $ | (5,394 | ) | ||||||
Deferred income taxes reflect the net tax effects of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets | |||||||||||||
Federal net operating loss carryforwards | $ | 11,570 | $ | 12,596 | |||||||||
State net operating loss carryforwards | 2,296 | 2,811 | |||||||||||
Capital loss carryforwards | — | 379 | |||||||||||
Acquired loan basis | 5,422 | 8,876 | |||||||||||
Other real estate owned | 1,543 | 1,684 | |||||||||||
AMT credit carryforward | 1,634 | 1,768 | |||||||||||
Acquired deposit basis | 158 | 633 | |||||||||||
Allowance for loan losses | 3,081 | 564 | |||||||||||
Other | 587 | 2,595 | |||||||||||
Total deferred tax assets | 26,291 | 31,906 | |||||||||||
Deferred tax liabilities | |||||||||||||
Goodwill and intangible assets | 4,025 | 5,135 | |||||||||||
Fair value adjustment on junior subordinated debentures | 3,182 | 3,451 | |||||||||||
Unrealized gain on securities available for sale | 534 | 56 | |||||||||||
Other | 1,436 | 858 | |||||||||||
Total deferred tax liabilities | 9,177 | 9,500 | |||||||||||
Net deferred tax asset before valuation allowance | 17,114 | 22,406 | |||||||||||
Valuation allowance | (1,158 | ) | (1,599 | ) | |||||||||
Net deferred tax asset | $ | 15,956 | $ | 20,807 | |||||||||
The Company’s federal net operating loss carryforwards as of December 31, 2014 and 2013 were $33,444,000 and $37,048,000, respectively. These net operating loss carryforwards begin to expire in 2029. At December 31, 2014, the Company had state net operating loss carryforwards in Illinois, Iowa and Wisconsin of $17,477,000, $32,812,000, and $2,645,000, respectively. At December 31, 2013, the Company had state net operating loss carryforwards in Illinois, Iowa and Wisconsin of $22,141,000, $33,189,000, and $2,799,000, respectively. These net operating loss carryforwards expire beginning in 2021 through 2034. The Company has a valuation allowance on the net operating loss carryforwards for certain states and certain other investments that are not expected to be realized before expiration. | |||||||||||||
An Internal Revenue Code Section 382 (Section 382) ownership change was triggered during 2013. A significant portion of the deferred tax asset relating to the Company’s net operating loss and Alternative Minimum Tax credit carry-forwards are subject to the annual limitation rules under Section 382 from the EJ Financial Corp. (EJ) and NBI acquisitions and the 2013 share exchange. The utilization of tax carryforward attributes acquired from the EJ acquisition is subject to an annual limitation of $341,000. The utilization of tax carryforward attributes acquired from the NBI acquisition is subject to an annual limitation of $2,040,000. Any remaining tax attribute carryforwards generated prior to the 382 ownership change in 2013 are subject to an annual limitation of $3,696,000. | |||||||||||||
At December 31, 2014 and 2013, the Company had no amounts recorded for uncertain tax positions and does not expect any material changes in uncertain tax benefits during the next 12 months. The Company is subject to U.S. federal income tax as well as income tax in various states. The Company is not subject to examination by taxing authorities for years prior to 2011. |
Legal_Contingencies
Legal Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 13 - 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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||
Off-Balance Sheet Loan Commitments | NOTE 14 - 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: | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Fixed | Variable | Fixed | Variable | ||||||||||||||
(Dollars in thousands) | Rate | Rate | Rate | Rate | |||||||||||||
Commitments to make loans | $ | 5,192 | $ | 14,600 | $ | 7,437 | $ | 4,823 | |||||||||
Unused lines of credit | $ | 30,369 | $ | 197,594 | $ | 33,470 | $ | 104,896 | |||||||||
Standby letters of credit | $ | 1,840 | $ | 1,915 | $ | 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 | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures | NOTE 15 - 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. | |||||||||||||||||||||
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 December 31, 2014 and 2013. | |||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 93,841 | $ | — | $ | 93,841 | |||||||||||||
Mortgage-backed securities-residential | — | 28,878 | — | 28,878 | |||||||||||||||||
Asset backed securities | — | 18,598 | — | 18,598 | |||||||||||||||||
State and municipal | — | 3,592 | 3,269 | 6,861 | |||||||||||||||||
Corporate bonds | — | 13,636 | — | 13,636 | |||||||||||||||||
SBA pooled securities | — | 210 | — | 210 | |||||||||||||||||
$ | — | $ | 158,755 | $ | 3,269 | $ | 162,024 | ||||||||||||||
Loans held for sale | $ | — | $ | 3,288 | $ | — | $ | 3,288 | |||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-13 | 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 | $ | — | $ | 5,393 | $ | — | $ | 5,393 | |||||||||||||
The Company used the following methods and assumptions to estimate fair value of financial instruments that are measured at fair value on a recurring basis: | |||||||||||||||||||||
Securities available for sale – The fair values of securities available for sale are determined by third party matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (primarily Level 2 inputs). | |||||||||||||||||||||
Loans held for sale – Loans held for sale represent mortgage loan originations intended to be sold in the secondary market. Loans held for sale are valued using commitments on hand from investors or prevailing market prices and are classified in Level 2 of the valuation hierarchy. | |||||||||||||||||||||
There were no transfers between levels for the years ended December 31, 2014 and 2013. At December 31, 2014 and 2013, the Company classified $3,269,000 and $3,582,000, respectively, of municipal securities as Level 3. Acquired by the Company in the NBI acquisition, these municipal securities are bond issues for municipal government entities located in northwestern Illinois and are privately placed, non-rated bonds without CUSIP numbers. As these securities are not typically rated by the rating agencies and trading volumes are thin, it was determined that these were valued using Level 3 inputs. 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. Significant increases/(decreases) in any of those inputs in isolation would result in a significantly lower/(higher) fair value measurement. | |||||||||||||||||||||
The only activity related to the above Level 3 securities during the years ended December 31, 2014 and 2013 was associated with immaterial contractual payments and changes in fair value that were recorded in other comprehensive income. There were no Level 3 securities measured at fair value on a recurring basis during the year ended December 31, 2012. | |||||||||||||||||||||
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 December 31, 2014 and 2013. | |||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 1,129 | $ | 1,129 | |||||||||||||
Factored receivables | — | — | 238 | 238 | |||||||||||||||||
Other real estate owned (1): | |||||||||||||||||||||
1-4 family residential properties | — | — | 97 | 97 | |||||||||||||||||
Commercial | — | — | 2,163 | 2,163 | |||||||||||||||||
Construction, land development, land | — | — | 1,487 | 1,487 | |||||||||||||||||
$ | — | $ | — | $ | 5,114 | $ | 5,114 | ||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-13 | 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 | ||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Provision recorded for loans classified as impaired | $ | 1,296 | $ | 14 | |||||||||||||||||
Valuation adjustments recorded on other real estate owned | $ | 671 | $ | 144 | |||||||||||||||||
(1) Represents the fair value of OREO that was adjusted subsequent to its initial classification as OREO. | |||||||||||||||||||||
As of December 31, 2014 and 2013, the only Level 3 assets with material unobservable inputs are associated with impaired loans and 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. 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. | |||||||||||||||||||||
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 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 not previously presented at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
(Dollars in thousands) | Amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 160,888 | $ | 160,888 | $ | — | $ | — | $ | 160,888 | |||||||||||
Securities - held to maturity | 745 | — | 750 | — | 750 | ||||||||||||||||
Loans not previously presented, net | 995,668 | — | — | 1,001,548 | 1,001,548 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 4,903 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 3,727 | — | 3,727 | — | 3,727 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,165,229 | — | 1,167,479 | — | 1,167,479 | ||||||||||||||||
Customer repurchase agreements | 9,282 | — | 9,282 | — | 9,282 | ||||||||||||||||
Federal Home Loan Bank advances | 3,000 | — | 3,000 | — | 3,000 | ||||||||||||||||
Senior secured note | — | — | — | — | — | ||||||||||||||||
Junior subordinated debentures | 24,423 | — | 24,423 | — | 24,423 | ||||||||||||||||
Accrued interest payable | 971 | — | 971 | — | 971 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
(Dollars in thousands) | 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 not previously presented, net | 876,803 | — | — | 883,656 | 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 | — | 11,330 | — | 11,330 | ||||||||||||||||
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 | ||||||||||||||||
For those assets not previously described, the following methods and assumptions were used by the Company in estimating the fair values of financial instruments as disclosed herein: | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
For financial instruments with a shorter-term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value and are considered a Level 1 classification. | |||||||||||||||||||||
Securities held to maturity | |||||||||||||||||||||
The fair values of securities held to maturity are determined by third party matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities, resulting in a Level 2 classification. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
Loans exclude impaired loans previously described above. For variable-rate loans that reprice frequently and have no significant changes in credit risk, excluding previously presented impaired loans measured at fair value on a non-recurring basis, fair values are based on carrying values. Fair values for fixed-rate loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loans are considered a Level 3 classification. | |||||||||||||||||||||
FHLB and Federal Reserve Bank stock | |||||||||||||||||||||
The fair value of FHLB and FRB stock was not practicable to determine due to restrictions placed on its transferability. | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
The fair values disclosed for demand deposits and non-maturity transaction accounts are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts) and are considered a Level 2 classification. Fair values for fixed-rate time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. | |||||||||||||||||||||
Customer repurchase agreements | |||||||||||||||||||||
The carrying amount of customer repurchase agreements approximates fair value due to their short-term nature. The customer repurchase agreement fair value is considered a Level 2 classification. | |||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||
The advances have a maturity of less than one month at December 31, 2014 and 2013. As such, fair value materially approximates carrying value and is considered a Level 2 classification. | |||||||||||||||||||||
Senior secured note | |||||||||||||||||||||
The carrying amount of the senior secured note approximates fair value because the terms were estimated to be market terms for similar instruments resulting in a Level 2 classification. The senior secured note was retired in 2014. | |||||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||||
The junior subordinated debentures were valued at their acquisition date by discounting future cash flows using current interest rates for similar financial instruments, resulting in a Level 2 classification. The fair value as of December 31, 2014 and 2013 approximates the carrying amount of the junior subordinated debentures. | |||||||||||||||||||||
Accrued Interest Receivable and Payable | |||||||||||||||||||||
The carrying amounts of accrued interest receivable and payable approximate their fair values given the short-term nature of the receivables and are considered a Level 2 classification. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related-Party Transactions | NOTE 16 — RELATED-PARTY TRANSACTIONS | ||||||||
Loans to related parties and their affiliates during 2014 and 2013 were as follows: | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Beginning balance | $ | 18,247 | $ | — | |||||
Acquired in acquisition | — | 17,112 | |||||||
New loans and advances | 79,429 | 9,459 | |||||||
Effect of changes in composition of related parties | 8,298 | — | |||||||
Repayments | (69,327 | ) | (8,324 | ) | |||||
Ending balance | $ | 36,647 | $ | 18,247 | |||||
Advances and repayments of related party loans include activity on revolving credit and asset-based lending arrangements. | |||||||||
Related party deposits at December 31, 2014 and 2013 were $13,484,000 and $5,743,000, respectively. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | NOTE 17 — 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 December 31, 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 December 31, 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 December 31, 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). All of the debentures issued to the Trusts, less the common stock of the Trusts, qualified as Tier 1 capital as of December 31, 2014, under guidance issued by the Board of Governors of the Federal Reserve System. | |||||||||||||||||||||||||
Banking regulations may limit the dividends paid by the banks to the holding company or by the holding company to stockholders. | |||||||||||||||||||||||||
The actual capital amounts and ratios for the Company, TSB, and TCB are presented in the following table as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
To Be Adequately | To Be Well | ||||||||||||||||||||||||
Capitalized Under | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | Prompt Corrective | ||||||||||||||||||||||||
Actual | Action Provisions | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 229,509 | 20.40% | $ | 90,213 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 56,013 | 16.50% | $ | 27,118 | 8.00% | $ | 33,898 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 117,254 | 15.00% | $ | 62,547 | 8.00% | $ | 78,184 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 220,550 | 19.60% | $ | 45,107 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 52,020 | 15.30% | $ | 13,559 | 4.00% | $ | 20,339 | 6.00% | ||||||||||||||||
Triumph Community Bank | $ | 112,289 | 14.40% | $ | 31,273 | 4.00% | $ | 46,910 | 6.00% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 220,550 | 15.90% | $ | 55,412 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 52,020 | 13.00% | $ | 15,982 | 4.00% | $ | 19,978 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 112,289 | 11.90% | $ | 37,812 | 4.00% | $ | 47,265 | 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 | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Equity and Noncontrolling Interests | NOTE 18 - EQUITY AND NONCONTROLLING INTERESTS | ||||||||||||||||||||||||||||||||
The following summarizes the Company’s capital structure: | |||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Series A | Series B | ||||||||||||||||||||||||||||||||
December | December | December | December | December | December | December | 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 | 17,974,767 | 9,832,585 | |||||||||||||||||||||||||||
Number of shares outstanding | 45,500 | 45,500 | 51,956 | 51,956 | 17,963,783 | 9,832,585 | 10,984 | — | |||||||||||||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||
Liquidation preference per share | $ | 100 | $ | 100 | $ | 100 | $ | 100 | |||||||||||||||||||||||||
TBI Common Stock | |||||||||||||||||||||||||||||||||
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 $80,400,000. In addition, on November 20, 2014, the underwriters exercised their option to purchase an additional 1,005,000 shares of common stock from the Company at the initial public offering price of $12.00 per share for additional gross proceeds of $12,060,000, resulting in total gross proceeds of $92,460,000. Net proceeds after underwriting discounts and offering expenses were $83,767,000. | |||||||||||||||||||||||||||||||||
Common stock outstanding at December 31, 2014 included 252,256 shares of nonvested restricted stock awards. | |||||||||||||||||||||||||||||||||
TBI Warrants | |||||||||||||||||||||||||||||||||
During 2012, TBI issued a warrant to Triumph Consolidated Cos., LLC to purchase 259,067 shares of TBI common stock. The warrant has an exercise price of $11.58 per share, is immediately exercisable and has an expiration date of December 12, 2022. At December 31, 2014, the warrant remains outstanding and unexercised. | |||||||||||||||||||||||||||||||||
Preferred Stock Series A | |||||||||||||||||||||||||||||||||
The following summarizes the outstanding shares and terms of the Company’s Series A Non-Cumulative Non-Voting Preferred Stock (the Preferred Stock Series A) as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Series A holders are entitled to quarterly cash dividends accruing at the rate per annum of Prime + 2%, with an 8.00% floor. Any dividends not paid shall not accumulate but will be waived and not payable by TBI. Payments of dividends are subject to declaration by the board of TBI. Subject to regulatory approval, Series A holders have the right to receive a special, one-time dividend with respect to their respective shares within 30 days after the occurrence of any of the following events: (i) the sale of all of the limited liability company interests of TSB (as successor in interest to TCF) in ABC, (ii) a merger of ABC resulting in TSB (as successor in interest to TCF) no longer owning any limited liability company interests in ABC or (iii) the sale of all or substantially all of the assets of ABC, subject to certain organizational restructuring exceptions. The Company paid all dividends when due on these shares during the year ended December 31, 2014. The Preferred Stock Series A is not redeemable by the holder, ranks pari passu with the Company’s Preferred Stock Series B (as described below), and is senior to the Company’s common stock. | |||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company had redemption rights allowing the Preferred Stock Series A shares to be redeemed at any time, subject to obtaining prior regulatory approval, at redemption price in excess of their liquidation preference if redeemed prior to January 2013, and at par thereafter. During 2013 the Company’s redemption rights were modified such that the shares cannot be redeemed until after October 15, 2018, and can only be redeemed subject to obtaining prior regulatory approval at par thereafter. These terms were modified so that these preferred shares will satisfy newly revised criteria for the qualification of preferred stock as Tier 1 capital adopted by federal bank regulatory authorities that will be effective January 1, 2015. | |||||||||||||||||||||||||||||||||
The Preferred Stock Series A shares are convertible to common stock any time at a preferred to common stock conversion ratio of 6.94008. | |||||||||||||||||||||||||||||||||
Preferred Stock Series B | |||||||||||||||||||||||||||||||||
The following summarizes the outstanding shares and terms of the Company’s Series B Non-Cumulative Non-Voting Preferred Stock (the Preferred Stock Series B) as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Series B holders are entitled to quarterly cash dividends accruing at the rate per annum of 8.00%. Any dividends not paid shall not accumulate but will be waived and not payable by TBI. Payments of dividends are subject to declaration by the board of TBI. The Company paid all dividends when due on these shares during the year ended December 31, 2014. The Preferred Stock Series B is not redeemable by the holder, ranks pari passu with the Company’s Preferred Stock Series A, and is senior to the Company’s common stock. | |||||||||||||||||||||||||||||||||
The Preferred Stock Series B are redeemable by the Company subject to regulatory approval at any time on or after October 15, 2018. | |||||||||||||||||||||||||||||||||
The Preferred Stock Series B shares are convertible to common stock any time at a preferred to common stock conversion ratio of 6.94008. | |||||||||||||||||||||||||||||||||
Exchange Offer | |||||||||||||||||||||||||||||||||
During 2013, the Company consummated a voluntary exchange offer whereby the holders of the Series A Preferred and TCF Class B Units could elect to exchange their holdings for common stock. Holders of 4,500 shares of Series A Preferred and 58,620 shares of TCF Class B Units elected to receive 545,069 shares of common stock, plus a cash payment for accrued but unpaid dividends at a rate of 8% per annum through the date of the exchange. | |||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||
The Company did not have any noncontrolling interests as of December 31, 2014. The Company’s noncontrolling interests as of December 31, 2013 were comprised of TCF Class B units totaling $1,100,000 and Senior Preferred Stock, Series T-1 and T-2 totaling $25,897,000. | |||||||||||||||||||||||||||||||||
TCF Class B Units | |||||||||||||||||||||||||||||||||
The capital structure of TCF as a Limited Liability Company included B units representing non-voting interest in TCF. The Class B units were structured with terms comparable to a non-cumulative, non-voting, perpetual preferred stock. Holders were entitled to quarterly distributions accruing at the Wall Street Journal Prime Rate plus 2%, subject to a minimum rate of 8% per annum. Subject to regulatory approval, TCF Class B holders had the right to receive a special, one-time dividend with respect to their respective units within 30 days after the occurrence of any of the following events: (i) the sale of all of the limited liability company interests of TCF in ABC, (ii) a merger of ABC resulting in TCF no longer owning any limited liability company interests in ABC or (iii) the sale of all or substantially all of the assets of ABC, subject to certain organizational restructuring exceptions. Holders of Class B Units were allocated taxable income from TCF to the extent cash distributions were made. The Company had redemption rights, subject to regulatory approval, to redeem the Class B Units. All B units were held by third parties and were considered noncontrolling interest to Triumph. | |||||||||||||||||||||||||||||||||
At December 31, 2013 TCF had 11,000 Class B Units with a $100 liquidation value per unit outstanding, respectively. 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. | |||||||||||||||||||||||||||||||||
Senior Preferred Stock Series T-1 and T-2 | |||||||||||||||||||||||||||||||||
In February 2009, as part of the United States Treasury Department’s (the UST) Capital Purchase Plan (CPP), NBI entered into a Letter Agreement with the UST. Pursuant to the Security Purchase Agreement Standard Terms (the Securities Purchase Agreement) attached to the Letter Agreement, NBI sold 24,664 shares of Senior Preferred Stock, Series T-1 (the Series T-1 Stock), having a liquidation preference of $1,000 per share, for a total face value of $24,664,000, and 1,233 shares of Senior Preferred Stock, Series T-2 (the Series T-2 Stock and, together with the Series T-1 Stock, the NBI Senior Preferred Stock) with a liquidation preference of $1,000 per share, for a total face value of $1,233,000. The Series T-1 Stock paid cumulative compounding dividends at a rate of 5.00% per annum for the period from the original issue date of the Series T-1 Stock to, but excluding, the first day of the first dividend period commencing on or after the fifth anniversary of such original issue date, and 9.00% per annum thereafter. The Series T-2 Stock paid cumulative compounding dividends at a rate of 9.00% per annum. The NBI Senior Preferred Stock qualified as Tier 1 capital. In 2011, NBI informed the UST it would begin deferring quarterly dividend payments on the NBI Senior Preferred Stock beginning the first quarter of 2011 as permitted under the provisions of the respective agreements. | |||||||||||||||||||||||||||||||||
NBI had not paid dividends totaling $4,343,000 on the NBI Senior Preferred Stock as of December 31, 2013. NBI made all accumulated contractual payments due on the NBI Senior Preferred Stock in February 2014. | |||||||||||||||||||||||||||||||||
On December 2, 2014, the Company received all necessary regulatory approvals to redeem all of the outstanding shares the NBI Senior Preferred Stock. On December 31, 2014, the NBI Senior Preferred Stock was redeemed for a total redemption price of $26,200,000, which reflects the aggregate liquidation amount of the NBI Senior Preferred Stock and accrued dividends since the most recent dividend payment date. | |||||||||||||||||||||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Share Based Compensation [Abstract] | |||||||||
Stock Based Compensation | NOTE 19 — STOCK-BASED COMPENSATION | ||||||||
Stock based compensation expense that has been charged against income was $2,690,000 and $129,000 for the years ended December 31, 2014 and 2013, respectively. There was no stock based compensation expensed recognized for the year ended December 31, 2012. | |||||||||
2014 Omnibus Incentive Plan | |||||||||
In connection with the Company’s initial public offering in November 2014, 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 awards to certain officers and employees in accordance with the provisions of the Omnibus Incentive Plan. RSAs granted to employees under the Omnibus Incentive Plan typically vest one-third on the grant date and one-third each year over two years, and therefore are fully vested on the second anniversary of the grant date. | |||||||||
A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the year ended December 31, 2014 were as follows: | |||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSAs | Shares | Fair Value | |||||||
Nonvested at January 1, 2014 | — | — | |||||||
Granted | 378,343 | 14.71 | |||||||
Vested | (126,087 | ) | 14.71 | ||||||
Forfeited | — | — | |||||||
Nonvested at December 31, 2014 | 252,256 | $ | 14.71 | ||||||
Compensation expense for RSAs granted under the Omnibus Incentive Plan will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. | |||||||||
As of December 31, 2014, there was $3,479,000 of total unrecognized compensation cost related to nonvested RSAs granted under the Omnibus Incentive Plan. The cost is expected to be recognized over two years. | |||||||||
Amended and Restricted Stock Plan | |||||||||
The Company’s Amended and Restricted Stock Plan (the Terminated 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. Compensation expense for RSUs granted under the Terminated Plan was recognized over the vesting period of the awards based on the fair value of the stock at the issue 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. Upon effectiveness of the 2014 Omnibus Incentive Plan in November 2014, no additional awards were permissible under the Terminated Plan. | |||||||||
A summary of changes in the Company’s nonvested RSUs under the Terminated Plan for the years ended December 31, 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 December 31, 2014 | — | $ | — | ||||||
Nonvested at January 1, 2013 | — | $ | — | ||||||
Granted | 26,120 | 10.77 | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Nonvested at December 31, 2013 | 26,120 | $ | 10.77 | ||||||
Parent_Company_Only_Condensed_
Parent Company Only Condensed Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Only Condensed Financial Information | NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | ||||||||||||
Condensed Parent Company Only Balance Sheets: | |||||||||||||
December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 52,553 | $ | 23,009 | |||||||||
Investment in subsidiaries | 181,133 | 148,675 | |||||||||||
Other assets | 3,994 | 4,751 | |||||||||||
Total assets | $ | 237,680 | $ | 176,435 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||
Senior secured note | $ | — | $ | 12,573 | |||||||||
Accrued expenses and other liabilities | 171 | 3,265 | |||||||||||
Total liabilities | 171 | 15,838 | |||||||||||
Stockholders' equity | 237,509 | 133,600 | |||||||||||
Noncontrolling interests | — | 26,997 | |||||||||||
Total liabilities and equity | $ | 237,680 | $ | 176,435 | |||||||||
Condensed Parent Company Only Statements of Income: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 75 | $ | 58 | $ | 8 | |||||||
Interest expense | (584 | ) | (123 | ) | — | ||||||||
Bargain purchase gain | — | 9,014 | — | ||||||||||
Other income | 545 | — | — | ||||||||||
Other expense | (4,699 | ) | (4,262 | ) | (412 | ) | |||||||
Income before income tax and undistributed subsidiary income | (4,663 | ) | 4,687 | (404 | ) | ||||||||
Income tax benefit | 2,015 | 1,360 | 262 | ||||||||||
Equity in undistributed subsidiary income | 22,437 | 7,380 | 11,216 | ||||||||||
Net income | 19,789 | 13,427 | 11,074 | ||||||||||
Income attributable to noncontrolling interests | (2,060 | ) | (867 | ) | (993 | ) | |||||||
Dividends on preferred stock | (780 | ) | (721 | ) | — | ||||||||
Net income available to common stockholders | $ | 16,949 | $ | 11,839 | $ | 10,081 | |||||||
Comprehensive income attributable to Parent | $ | 18,547 | $ | 12,237 | $ | 10,233 | |||||||
Condensed Parent Company Only Statements of Cash Flows: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 19,789 | $ | 13,427 | $ | 11,074 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed subsidiary income | (22,437 | ) | (7,380 | ) | (11,216 | ) | |||||||
Bargain purchase gain | — | (9,014 | ) | — | |||||||||
Change in other assets | 757 | (4,310 | ) | (441 | ) | ||||||||
Change in accrued expenses and other liabilities | (3,094 | ) | 3,119 | 142 | |||||||||
Net cash used in operating activities | (4,985 | ) | (4,158 | ) | (441 | ) | |||||||
Cash flows from investing activities: | |||||||||||||
Investment in subsidiaries | (6,513 | ) | (13,984 | ) | (9,006 | ) | |||||||
Cash used in acquisition of subsidiaries | — | (15,277 | ) | — | |||||||||
Net cash used in investing activities | (6,513 | ) | (29,261 | ) | (9,006 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Issuance of senior secured note | — | 12,573 | — | ||||||||||
Noncontrolling interests issuances, net | — | — | 6,962 | ||||||||||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | — | — | ||||||||||
Issuance of common stock | 43 | 42,402 | 1,000 | ||||||||||
Exchange offer | — | (38 | ) | — | |||||||||
Issuance of preferred stock | — | — | 5,000 | ||||||||||
Distributions on noncontrolling interest and dividends on preferred stock | (3,037 | ) | (1,060 | ) | (993 | ) | |||||||
Repayment of senior secured note | (12,573 | ) | — | — | |||||||||
Redemption of noncontrolling interests | (26,997 | ) | — | — | |||||||||
Purchase of Treasury Stock | (161 | ) | — | — | |||||||||
Net cash provided by financing activities | 41,042 | 53,877 | 11,969 | ||||||||||
Net increase in cash and cash equivalents | 29,544 | 20,458 | 2,522 | ||||||||||
Cash and cash equivalents at beginning of period | 23,009 | 2,551 | 29 | ||||||||||
Cash and cash equivalents at end of period | $ | 52,553 | $ | 23,009 | $ | 2,551 | |||||||
Earning_Per_Share
Earning Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | NOTE 21 – EARNINGS PER SHARE | ||||||||||||
The factors used in the earnings per share computation follow: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Basic | |||||||||||||
Net income to common stockholders | $ | 16,949 | $ | 11,839 | $ | 10,081 | |||||||
Weighted average common shares outstanding | 10,940,083 | 8,481,137 | 4,502,595 | ||||||||||
Basic earnings per common share | $ | 1.55 | $ | 1.4 | $ | 2.24 | |||||||
Diluted | |||||||||||||
Net income to common stockholders | $ | 16,949 | $ | 11,839 | $ | 10,081 | |||||||
Dilutive effect of preferred stock | 780 | 167 | — | ||||||||||
Net income to common stockholders - diluted | $ | 17,729 | $ | 12,006 | $ | 10,081 | |||||||
Weighted average common shares outstanding | 10,940,083 | 8,481,137 | 4,502,595 | ||||||||||
Add: Dilutive effects of restricted stock | 15,366 | 5,117 | — | ||||||||||
Add: Dilutive effects of assumed exercises of stock warrants | 40,980 | — | — | ||||||||||
Add: Dilutive effects of assumed conversion of Preferred A | 315,773 | 66,930 | — | ||||||||||
Add: Dilutive effects of assumed conversion of Preferred B | 360,578 | 76,427 | — | ||||||||||
Average shares and dilutive potential common shares | 11,672,780 | 8,629,611 | 4,502,595 | ||||||||||
Dilutive earnings per common share | $ | 1.52 | $ | 1.39 | $ | 2.24 | |||||||
Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restricted stock units | — | — | N/A | ||||||||||
Warrants | — | 259,067 | 259,067 | ||||||||||
Shares assumed to be converted from Preferred Stock Series A | — | — | N/A | ||||||||||
Shares assumed to be converted from Preferred Stock Series B | — | — | N/A | ||||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segment Information | NOTE 22 – 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. | |||||||||||||||||
(Dollars in thousands) | Consolidated | ||||||||||||||||
Year Ended December 31, 2014 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 27,332 | $ | 59,824 | $ | 74 | $ | 87,230 | |||||||||
Intersegment interest allocations | (3,562 | ) | 3,562 | — | — | ||||||||||||
Total interest expense | — | 5,091 | 1,679 | 6,770 | |||||||||||||
Net interest income (expense) | 23,770 | 58,295 | (1,605 | ) | 80,460 | ||||||||||||
Provision for loan losses | 1,792 | 4,066 | — | 5,858 | |||||||||||||
Net interest income (expense) after provision | 21,978 | 54,229 | (1,605 | ) | 74,602 | ||||||||||||
Gain on branch sale | — | 12,619 | — | 12,619 | |||||||||||||
Other noninterest income | 1,589 | 8,898 | 1,661 | 12,148 | |||||||||||||
Noninterest expense | 15,141 | 46,808 | 7,253 | 69,202 | |||||||||||||
Operating income (loss) | $ | 8,426 | $ | 28,938 | $ | (7,197 | ) | $ | 30,167 | ||||||||
Total assets | $ | 180,527 | $ | 1,201,940 | $ | 65,431 | $ | 1,447,898 | |||||||||
Gross loans | $ | 170,426 | $ | 835,452 | $ | — | $ | 1,005,878 | |||||||||
(Dollars in thousands) | Consolidated | ||||||||||||||||
Year Ended December 31, 2013 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 17,388 | $ | 25,184 | $ | 58 | $ | 42,630 | |||||||||
Intersegment interest allocations | (2,155 | ) | 2,155 | — | — | ||||||||||||
Total interest expense | 1 | 3,577 | 369 | 3,947 | |||||||||||||
Net interest income (expense) | 15,232 | 23,762 | (311 | ) | 38,683 | ||||||||||||
Provision for loan losses | 881 | 2,531 | — | 3,412 | |||||||||||||
Net interest income (expense) after provision | 14,351 | 21,231 | (311 | ) | 35,271 | ||||||||||||
Bargain purchase gain | — | — | 9,014 | 9,014 | |||||||||||||
Other noninterest income | 1,042 | 2,674 | 283 | 3,999 | |||||||||||||
Intersegment expense allocations | 104 | (104 | ) | — | — | ||||||||||||
Noninterest expense | 9,938 | 18,191 | 4,595 | 32,724 | |||||||||||||
Operating income | $ | 5,351 | $ | 5,818 | $ | 4,391 | $ | 15,560 | |||||||||
Total assets | $ | 122,279 | $ | 1,129,962 | $ | 35,998 | $ | 1,288,239 | |||||||||
Gross loans | $ | 108,954 | $ | 772,145 | $ | — | $ | 881,099 | |||||||||
(Dollars in thousands) | Consolidated | ||||||||||||||||
Year Ended December 31, 2012 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 14,434 | $ | 12,518 | $ | — | $ | 26,952 | |||||||||
Intersegment interest allocations | (1,596 | ) | 1,596 | — | — | ||||||||||||
Total interest expense | 360 | 3,355 | — | 3,715 | |||||||||||||
Net interest income | 12,478 | 10,759 | — | 23,237 | |||||||||||||
Provision for loan losses | 1,334 | 405 | — | 1,739 | |||||||||||||
Net interest income after provision | 11,144 | 10,354 | — | 21,498 | |||||||||||||
Noninterest income | 967 | 1,687 | 7 | 2,661 | |||||||||||||
Intersegment expense allocations | 201 | (201 | ) | — | — | ||||||||||||
Noninterest expense | 8,511 | 9,548 | 420 | 18,479 | |||||||||||||
Operating income (loss) | $ | 3,399 | $ | 2,694 | $ | (413 | ) | $ | 5,680 | ||||||||
Total assets | $ | 85,974 | $ | 215,225 | $ | 263 | $ | 301,462 | |||||||||
Gross loans | $ | 72,073 | $ | 139,176 | $ | — | $ | 211,249 | |||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | NOTE 23 — QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following presents quarterly financial data for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
(Dollars in thousands) | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 23,280 | $ | 22,118 | $ | 21,453 | $ | 20,379 | |||||||||
Interest expense | 1,951 | 1,723 | 1,572 | 1,524 | |||||||||||||
Net interest income | 21,329 | 20,395 | 19,881 | 18,855 | |||||||||||||
Provision for loan losses | 1,811 | 1,375 | 1,747 | 925 | |||||||||||||
Net interest income after provision | 19,518 | 19,020 | 18,134 | 17,930 | |||||||||||||
Gain on branch sale | — | 12,619 | — | — | |||||||||||||
Other noninterest income | 3,721 | 3,185 | 2,633 | 2,609 | |||||||||||||
Noninterest income | 3,721 | 15,804 | 2,633 | 2,609 | |||||||||||||
Noninterest expense | 19,685 | 18,461 | 16,160 | 14,896 | |||||||||||||
Net income before income taxes | 3,554 | 16,363 | 4,607 | 5,643 | |||||||||||||
Income tax expense | 747 | 6,089 | 1,626 | 1,916 | |||||||||||||
Net income | 2,807 | 10,274 | 2,981 | 3,727 | |||||||||||||
Income attributable to noncontrolling interests | (589 | ) | (584 | ) | (500 | ) | (387 | ) | |||||||||
Dividends on preferred stock | (197 | ) | (195 | ) | (196 | ) | (192 | ) | |||||||||
Net income available to common stockholders | $ | 2,021 | $ | 9,495 | $ | 2,285 | $ | 3,148 | |||||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 0.14 | $ | 0.96 | $ | 0.23 | $ | 0.32 | |||||||||
Diluted | $ | 0.14 | $ | 0.91 | $ | 0.23 | $ | 0.32 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
(Dollars in thousands) | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 18,842 | $ | 9,021 | $ | 7,946 | $ | 6,821 | |||||||||
Interest expense | 1,484 | 893 | 803 | 767 | |||||||||||||
Net interest income | 17,358 | 8,128 | 7,143 | 6,054 | |||||||||||||
Provision for loan losses | 1,057 | 1,735 | 241 | 379 | |||||||||||||
Net interest income after provision | 16,301 | 6,393 | 6,902 | 5,675 | |||||||||||||
Bargain purchase gain | 9,014 | — | — | — | |||||||||||||
Other noninterest income | 2,508 | 717 | 329 | 445 | |||||||||||||
Noninterest income | 11,522 | 717 | 329 | 445 | |||||||||||||
Noninterest expense | 14,657 | 6,547 | 6,173 | 5,347 | |||||||||||||
Net income before income taxes | 13,166 | 563 | 1,058 | 773 | |||||||||||||
Income tax expense | 1,449 | 211 | 356 | 117 | |||||||||||||
Net income | 11,717 | 352 | 702 | 656 | |||||||||||||
Income attributable to noncontrolling interests | (220 | ) | (21 | ) | (29 | ) | (597 | ) | |||||||||
Dividends on preferred stock | (179 | ) | (95 | ) | (91 | ) | (356 | ) | |||||||||
Net income (loss) available to common stockholders | $ | 11,318 | $ | 236 | $ | 582 | $ | (297 | ) | ||||||||
Earnings (loss) per common share | |||||||||||||||||
Basic | $ | 1.17 | $ | 0.03 | $ | 0.07 | $ | (0.04 | ) | ||||||||
Diluted | $ | 1.12 | $ | 0.03 | $ | 0.07 | $ | (0.04 | ) | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 24 — SUBSEQUENT EVENTS |
On March 3, 2015, TCA, the Company’s wholly owned subsidiary, acquired all of the equity of Doral Money, Inc. (“Doral Money”), a subsidiary of Doral Bank, in connection with the FDIC’s auction process for Doral Bank. As a result of this transaction, TCA also acquired the management contracts to two active CLOs consisting of approximately $703,000,000 in assets under management. In addition to the CLO management contracts being acquired, the primary assets of Doral Money consist of loans with a face value of approximately $37,000,000, which were acquired as part of the transaction, and certain securities of the CLOs, which were divested to a third party immediately following the closing as part of an agreement entered into by TCA in connection with the transaction. After giving effect to the divestment of the CLO securities, TCA paid net consideration at closing of approximately $33,300,000 in connection with the acquisition. | |
On February 18, 2015, a trademark infringement suit was filed in the United States District Court for the Western District of Tennessee Western Division against the Company and certain of its subsidiaries by a third party asserting that our use of “Triumph” as part of our trademarks and domain names causes a likelihood of confusion, has caused actual confusion, and infringes plaintiffs’ trademarks. The suit seeks damages as well as an injunction to prevent our use of the name “Triumph” and certain other matters with respect to the Company and its subsidiaries. The Company disagrees with the allegations in the complaint and will defend it vigorously. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 legal entity was dissolved and ABC became a wholly owned subsidiary of TSB. | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation |
The Company consolidates subsidiaries in which it holds, directly or indirectly, a controlling financial interest. In consolidation, all significant intercompany accounts and transactions are eliminated. Investments in unconsolidated entities are accounted for using the equity method of accounting when the Company has the ability to exercise significant influence over operating and financing decisions. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. | |
The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (GAAP) and general practice within the banking industry. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company uses the accrual basis of accounting for financial reporting purposes. | |
Use of Estimates | Use of Estimates |
To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, other short-term investments and federal funds sold. All highly liquid investments with an initial maturity of less than 90 days are considered to be cash equivalents. | |
Securities | Securities |
Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held to maturity or trading, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. | |
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. | |
Loans Held for Sale | Loans Held for Sale |
Mortgage loans originated and intended for sale in the secondary market are carried at fair value in accordance with ASC 825, “Financial Instruments”, which provides entities with an option to report selected financial assets and liabilities at fair value. The fair value of mortgage loans held for sale is determined based on outstanding commitments from investors to purchase such loans and upon prevailing market rates. Increases or decreases in the fair value of these loans held for sale, if any, are charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the final selling price and the fair value of the related loan sold. | |
Loans | Loans |
Originated Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the remaining life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. Generally, loans are placed in nonaccrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. | |
The accrual of interest income on single family residential mortgage, commercial and commercial real estate loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection, or if full collection of interest or principal becomes uncertain. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual is charged against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Purchased Loans: Purchased loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Larger purchased loans are individually evaluated while smaller purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. | |
The cash flows expected to be collected on PCI loans are estimated based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. Purchased loans are considered credit impaired if there is evidence of credit deterioration at the date of purchase and if it is probable that not all contractually required payments will be collected. Interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows is recognized on all PCI loans for which the timing and amount of future cash flows can be reasonably projected. Expected cash flows are re-estimated quarterly. A decline in the present value of current expected cash flows compared to the previously estimated expected cash flows, due in any part to change in credit, is referred to as credit impairment and recorded as provision for loan losses during the period. Declines in the present value of expected cash flows only from the expected timing of such cash flows are recognized prospectively as a decrease in yield on the loan. Improvement in expected cash flows is recognized prospectively as an adjustment to the yield on the loan once any previously recorded impairment is recaptured. | |
Purchased loans that are not considered PCI at acquisition have premiums or discounts. Premiums and discounts recognized when the loans are recorded at their estimated fair values at acquisition are amortized or accreted over the remaining term of the loan as an adjustment to the related loan’s yield. The subsequent accounting for acquired non-PCI loans follows the accounting for originated loans. | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses |
The allowance for loan and lease losses (ALLL) is a valuation allowance for probable incurred credit losses. The determination of the ALLL is inherently subjective as it requires material estimates which may be susceptible to significant changes. Loan losses are charged against the ALLL when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the ALLL. Management estimates the ALLL balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the ALLL may be made for specific loans, but the entire ALLL is available for any loan that, in management’s judgment, should be charged-off. | |
The ALLL consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (TDRs) and classified as impaired. | |
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |
All loans are subject to being individually evaluated for impairment. If a loan is impaired, a portion of the ALLL is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. | |
Troubled debt restructurings are separately identified and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the ALLL. | |
The general component of the ALLL covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company since acquisition. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. | |
The following loan portfolio categories have been identified: | |
Commercial Real Estate — This category of loans consists of the following loan types: | |
Commercial owner occupied — Owner occupied commercial real estate loans are primarily secured by commercial office or industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. Repayment terms vary considerably, interest rates are fixed or variable, and are structured for full, partial, or no amortization of principal. | |
Commercial non-owner occupied — Investment real estate loans are primarily secured by non-owner occupied apartment, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties. These loans have similar terms and amortization periods as owner occupied commercial real estate loans. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. | |
Multi-family residential — Investment real estate loans are primarily secured by non-owner occupied apartment or multifamily residential buildings. These loans have similar terms and amortization periods as owner occupied commercial real estate loans. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. | |
Construction, land development, land —This category of loans consists of loans to finance the ground up construction, improvement and/or carrying for sale after the completion of construction of owner occupied and non-owner occupied residential and commercial properties, and loans secured by raw or improved land. The repayment of construction loans is generally dependent upon the successful completion of the improvements by the builder for the end user, or sale of the property to a third party. Repayment of land secured loans are dependent upon the successful development and sale of the property, the sale of the land as is, or the outside cash flow of the owners to support the retirement of the debt. | |
1-4 family residential properties — This category of loans includes both first and junior liens on residential real estate. Home equity revolving lines of credit and home equity term loans are included in this group of loans. | |
Farmland — These loans are principally loans to purchase farmland. | |
Commercial — Commercial loans are loans for commercial, corporate and business purposes not otherwise disclosed separately. The Company’s commercial business loan portfolio is comprised of loans for a variety of purposes and across a variety of industries. These loans include general commercial and industrial loans, loans to purchase capital equipment, and business loans for working capital and operational purposes. Commercial loans are generally is secured by accounts receivable, inventory and other business assets. A portion of the commercial loan portfolio consists of specialty commercial finance products as follows: | |
Equipment — Equipment finance loans are commercial loans primarily secured by new or used revenue producing, essential-use equipment from major manufacturers that is movable, can be used in more than one type of business, and has broad resale markets. Core markets include construction, road, transportation, oil and gas, waste, forestry and machine tool. Loan terms do not exceed the economic life of the equipment and typically are 60 months or less. | |
Asset-based Lending — These loans are originated to borrowers to support general working capital needs. The asset-based loan structure involves advances of loan proceeds against a borrowing base which typically consists of accounts receivable, identified readily marketable inventory, or other collateral of the borrower. The maximum amount a customer may borrow at any time is fixed as a percentage of the borrowing base outstanding. | |
Healthcare — Asset-based loans to businesses dedicated exclusively to the healthcare industry. These loans are made to providers in the areas of skilled nursing, home healthcare, physical therapy, and healthcare product delivery. | |
Factored Receivables — The Company operates as a factor by purchasing accounts receivable from its clients, then collecting the receivable from the account debtor. Advances initially made to the client to acquire the receivables are typically at a discount to the invoice value. The discount balance is held in client reserves, net of the Company’s compensation, to settle any payment disputes or collection shortfalls. Upon collection of the invoice and subsequent settlement of any additional client obligations, outstanding client reserves are typically remitted to the client. | |
Consumer — Loans used for personal use usually on an unsecured basis. | |
Mortgage Warehouse — Mortgage Warehouse loans are loans to independent mortgage origination companies collateralized by 1-4 family residential loans and the financial capacity of the borrower. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Company provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Company separately validates that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Company is repaid with the proceeds received from sale of the mortgage loan to the final investor. | |
Federal Home Loan Bank (FHLB) Stock and Federal Reserve Bank (FRB) Stock | Federal Home Loan Bank (FHLB) Stock and Federal Reserve Bank (FRB) Stock |
The Company, through its banking subsidiaries, is a member of the FHLB system and regional Federal Reserve Banks. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Premises and Equipment | Premises and Equipment |
Depreciable assets are stated at cost less accumulated depreciation. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 30 years. Furniture, fixtures and equipment are depreciated using the straight-line method over five years. | |
Other Real Estate Owned | Other Real Estate Owned |
Assets acquired as part of an acquisition or through loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of acquisition, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. At the time of acquisition of properties not acquired as part of an acquisition, losses are charged against the ALLL, and gains realized to the extent fair value exceeds the carrying amount of the foreclosed loan are recorded as income. Improvements to the value of the properties are capitalized, but not in excess of the net realizable value of the property. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Goodwill resulting from business combinations is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. In the event the fair value of the net assets acquired and liabilities assumed exceeds the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, a bargain purchase gain is recognized. | |
Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. | |
Other intangible assets consist primarily of core deposit and customer relationship assets arising from whole bank and business acquisitions and are amortized on an accelerated method over their estimated useful lives. | |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Income Taxes | Income Taxes |
The Company files a consolidated tax return with its subsidiaries and is taxed as a C corporation. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and penalties related to income tax matters in income tax expense. No interest or tax penalties have been incurred for the years ended December 31, 2014, 2013 or 2012. | |
Fair Values of Financial Instruments | Fair Values of Financial Instruments |
In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and/or the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. | |
In the ordinary course of business, the Company generally does not sell or transfer non-impaired loans and deposits. As such, the disclosures that present the December 31, 2014 and 2013 estimated fair value for non-impaired loans and deposits are highly judgmental and may not represent amounts to be received if the Company were to sell or transfer such items. | |
Asset Management Fees | Asset Management Fees |
Asset management fee income is recognized through the Company’s CLO asset management business operated by TCA and consists of senior (or base) asset management fees, subordinated management fees, and performance-based incentive fees. Senior and subordinated management fees are based upon a fixed fee rate applied to the amount of outstanding assets being managed by TCA. Performance-based incentive fees are variable in nature and dependent upon the performance of a managed CLO above a prescribed level. The Company does not accrue for performance-based incentive fees that are not finalized until the end of a specified contract period, but records such revenues only when final payment is confirmed. The Company has not recognized any revenue that is at risk due to future asset management performance contingencies | |
Operating Segments | Operating Segments |
The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and our segment reporting is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. Our chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. The factoring segment includes the operations of ABC with revenue derived from factoring services. The banking segment includes the operations of TSB and TCB. Our banking segment derives its revenue principally from investments in interest earning assets as well as noninterest income typical for the banking industry. The banking segment also includes commercial factoring services which are originated through the commercial finance division of TSB. Corporate includes holding company financing and investment activities, management and administrative expenses to support the overall operations of the Company, the operations of TCA and TCRA. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. | |
Loss Contingencies | Loss Contingencies |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements. | |
Transfers of Financial Assets | Transfers of Financial Assets |
Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Stock-Based Compensation | Stock-Based Compensation |
Compensation cost is recognized for restricted stock awards issued to employees based on the fair value of these awards at the date of grant. The fair value of the awards is based upon the market value of the Company’s common stock at the date of grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. | |
Earnings Per Common Share | Earnings Per Common Share |
Basic earnings per common share is net income less effects of noncontrolling interests and preferred shares divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock warrants, restricted stock awards, and preferred shares that are convertible to common shares. | |
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 2014, the 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. | |
In May 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. | |
In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis”, which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is in the process of evaluating the effect of the standard on its ongoing financial reporting. |
Business_Combinations_and_Dive1
Business Combinations and Divestitures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Doral Healthcare Acquisition | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
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 for DHF, and the resulting goodwill is as follows: | ||||||||||||
(Dollars in thousands) | |||||||||||||
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 | |||||||||||
Schedule of Loans Acquired in Business Combination | Information about the acquired DHF loan portfolio subject to purchased credit impaired (PCI) loan accounting guidance as of the acquisition date is as follows: | ||||||||||||
PCI Loans: | |||||||||||||
(Dollars in thousands) | 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 | |||||||||||
NBI Acquisition | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
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 for NBI, and the resulting bargain purchase gain is as follows: | ||||||||||||
(Dollars in thousands) | |||||||||||||
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 | ) | ||||||||||
Schedule of Loans Acquired in Business Combination | Information about the acquired NBI loan portfolio subject to PCI accounting guidance as of the acquisition date is as follows: | ||||||||||||
(Dollars in thousands) | PCI | ||||||||||||
Contractual balance at acquisition | $ | 29,970 | |||||||||||
Contractual cash flows not expected to be collected | (5,141 | ) | |||||||||||
(nonaccretable discount) | |||||||||||||
Expected cash flows at acquisition | 24,829 | ||||||||||||
Interest component of expected cash flows | (1,717 | ) | |||||||||||
(accretable discount) | |||||||||||||
Fair value of acquired loans | $ | 23,112 | |||||||||||
Schedule of Acquired Non Purchase Credit Impaired Loans | The following presents information for non-purchase credit impaired loans acquired as part of the NBI acquisition. | ||||||||||||
Estimated | |||||||||||||
Contractual | |||||||||||||
Cash Flows Not | |||||||||||||
Contractual | Expected to be | ||||||||||||
(Dollars in thousands) | Balance | Fair Value | Collected | ||||||||||
Commercial real estate | $ | 223,477 | $ | 217,711 | $ | (6,567 | ) | ||||||
Construction, land development, land | 25,844 | 23,474 | (1,585 | ) | |||||||||
1-4 family residential properties | 93,868 | 89,822 | (2,520 | ) | |||||||||
Farmland | 35,502 | 35,634 | (74 | ) | |||||||||
Commercial | 170,070 | 164,855 | (3,914 | ) | |||||||||
Factored receivables | — | — | — | ||||||||||
Consumer | 13,897 | 13,750 | (638 | ) | |||||||||
Mortgage warehouse | — | — | — | ||||||||||
$ | 562,658 | $ | 545,246 | $ | (15,298 | ) | |||||||
Business Acquisition, Pro Forma Information | The following table presents pro forma information as if the NBI acquisition had occurred at the beginning of 2012: | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Net interest income | $ | 60,685 | $ | 60,831 | |||||||||
Net income before tax | 12,719 | 17,398 | |||||||||||
Tax (expense) benefit | (4,244 | ) | 5,825 | ||||||||||
Net income | 8,475 | 23,223 | |||||||||||
Effect of noncontrolling interests | (3,506 | ) | (3,011 | ) | |||||||||
Net income to common stockholders | $ | 4,969 | $ | 20,212 | |||||||||
Basic earnings per share | $ | 0.51 | $ | 2.06 | |||||||||
Diluted earnings per share | $ | 0.51 | $ | 2 | |||||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 93,150 | $ | 691 | $ | — | $ | 93,841 | |||||||||||||||||
Mortgage-backed securities, residential | 28,298 | 580 | — | 28,878 | |||||||||||||||||||||
Asset backed securities | 18,559 | 129 | (90 | ) | 18,598 | ||||||||||||||||||||
State and municipal | 6,833 | 28 | — | 6,861 | |||||||||||||||||||||
Corporate bonds | 13,492 | 144 | — | 13,636 | |||||||||||||||||||||
SBA pooled securities | 207 | 3 | — | 210 | |||||||||||||||||||||
Total available for sale securities | $ | 160,539 | $ | 1,575 | $ | (90 | ) | $ | 162,024 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other - State of Israel bonds | $ | 745 | $ | 5 | $ | — | $ | 750 | |||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | |||||||||||||||||||||
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 December 31, 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. | ||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 1,390 | $ | 1,392 | $ | 225 | $ | 225 | |||||||||||||||||
Due from one year to five years | 93,217 | 93,637 | 520 | 525 | |||||||||||||||||||||
Due from five years to ten years | 17,285 | 17,671 | — | — | |||||||||||||||||||||
Due after ten years | 1,583 | 1,638 | — | — | |||||||||||||||||||||
113,475 | 114,338 | 745 | 750 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 28,298 | 28,878 | — | — | |||||||||||||||||||||
Asset backed securities | 18,559 | 18,598 | — | — | |||||||||||||||||||||
SBA pooled securities | 207 | 210 | — | — | |||||||||||||||||||||
$ | 160,539 | $ | 162,024 | $ | 745 | $ | 750 | ||||||||||||||||||
Schedule of Information Pertaining to Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at December 31, 2014 and 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 | |||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
31-Dec-14 | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage-backed securities, residential | — | — | — | — | — | — | |||||||||||||||||||
Asset backed securities | 8,703 | (82 | ) | 4,959 | (8 | ) | 13,662 | (90 | ) | ||||||||||||||||
State and municipal | — | — | — | — | — | — | |||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | |||||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 8,703 | $ | (82 | ) | $ | 4,959 | $ | (8 | ) | $ | 13,662 | $ | (90 | ) | |||||||||||
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) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Loans And Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Information Concerning Loan Portfolio | Loans at December 31, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 249,164 | $ | 331,462 | |||||||||||||||||||||||||||||
Construction, land development, land | 42,914 | 37,626 | |||||||||||||||||||||||||||||||
1-4 family residential properties | 78,738 | 91,301 | |||||||||||||||||||||||||||||||
Farmland | 22,496 | 20,294 | |||||||||||||||||||||||||||||||
Commercial | 364,567 | 255,655 | |||||||||||||||||||||||||||||||
Factored receivables | 180,910 | 117,370 | |||||||||||||||||||||||||||||||
Consumer | 11,941 | 13,878 | |||||||||||||||||||||||||||||||
Mortgage warehouse | 55,148 | 13,513 | |||||||||||||||||||||||||||||||
Total | 1,005,878 | 881,099 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (8,843 | ) | (3,645 | ) | |||||||||||||||||||||||||||||
$ | 997,035 | $ | 877,454 | ||||||||||||||||||||||||||||||
Summary of Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses: The activity in the ALLL during the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 348 | $ | 199 | $ | (18 | ) | $ | 4 | $ | 533 | ||||||||||||||||||||||
Construction, land development, land | 110 | 310 | (100 | ) | 13 | 333 | |||||||||||||||||||||||||||
1-4 family residential properties | 100 | 416 | (409 | ) | 108 | 215 | |||||||||||||||||||||||||||
Farmland | 7 | 12 | — | — | 19 | ||||||||||||||||||||||||||||
Commercial | 1,145 | 2,652 | (13 | ) | 219 | 4,003 | |||||||||||||||||||||||||||
Factored receivables | 1,842 | 1,971 | (419 | ) | 68 | 3,462 | |||||||||||||||||||||||||||
Consumer | 49 | 204 | (393 | ) | 280 | 140 | |||||||||||||||||||||||||||
Mortgage warehouse | 44 | 94 | — | — | 138 | ||||||||||||||||||||||||||||
$ | 3,645 | $ | 5,858 | $ | (1,352 | ) | $ | 692 | $ | 8,843 | |||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 261 | $ | 114 | $ | (156 | ) | $ | 129 | $ | 348 | ||||||||||||||||||||||
Construction, land development, land | 40 | 58 | — | 12 | 110 | ||||||||||||||||||||||||||||
1-4 family residential properties | 227 | (166 | ) | (94 | ) | 133 | 100 | ||||||||||||||||||||||||||
Farmland | 5 | 2 | — | — | 7 | ||||||||||||||||||||||||||||
Commercial | 172 | 2,474 | (1,515 | ) | 14 | 1,145 | |||||||||||||||||||||||||||
Factored receivables | 1,221 | 783 | (226 | ) | 64 | 1,842 | |||||||||||||||||||||||||||
Consumer | — | 103 | (113 | ) | 59 | 49 | |||||||||||||||||||||||||||
Mortgage warehouse | — | 44 | — | — | 44 | ||||||||||||||||||||||||||||
$ | 1,926 | $ | 3,412 | $ | (2,104 | ) | $ | 411 | $ | 3,645 | |||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Year ended December 31, 2012 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 34 | $ | 359 | $ | (169 | ) | $ | 37 | $ | 261 | ||||||||||||||||||||||
Construction, land development, land | — | 40 | — | — | 40 | ||||||||||||||||||||||||||||
1-4 family residential properties | 132 | 104 | (116 | ) | 107 | 227 | |||||||||||||||||||||||||||
Farmland | — | 53 | (48 | ) | — | 5 | |||||||||||||||||||||||||||
Commercial | — | 61 | — | 111 | 172 | ||||||||||||||||||||||||||||
Factored receivables | — | 1,380 | (212 | ) | 53 | 1,221 | |||||||||||||||||||||||||||
Consumer | — | (1 | ) | — | 1 | — | |||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
Unallocated | 257 | (257 | ) | — | — | — | |||||||||||||||||||||||||||
$ | 423 | $ | 1,739 | $ | (545 | ) | $ | 309 | $ | 1,926 | |||||||||||||||||||||||
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 PCI loans, and their respective ALLL allocations: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
31-Dec-14 | Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | |||||||||||||||||||||||||
Commercial real estate | $ | 1,934 | $ | 238,640 | $ | 8,590 | $ | 249,164 | $ | — | $ | 533 | $ | — | $ | 533 | |||||||||||||||||
Construction, land development, land | — | 41,431 | 1,483 | 42,914 | — | 333 | — | 333 | |||||||||||||||||||||||||
1-4 family residential properties | 627 | 76,041 | 2,070 | 78,738 | — | 215 | — | 215 | |||||||||||||||||||||||||
Farmland | — | 22,496 | — | 22,496 | — | 19 | — | 19 | |||||||||||||||||||||||||
Commercial | 7,188 | 353,022 | 4,357 | 364,567 | 716 | 3,287 | — | 4,003 | |||||||||||||||||||||||||
Factored receivables | 1,271 | 179,639 | — | 180,910 | 1,033 | 2,429 | — | 3,462 | |||||||||||||||||||||||||
Consumer | — | 11,941 | — | 11,941 | — | 140 | — | 140 | |||||||||||||||||||||||||
Mortgage warehouse | — | 55,148 | — | 55,148 | — | 138 | — | 138 | |||||||||||||||||||||||||
$ | 11,020 | $ | 978,358 | $ | 16,500 | $ | 1,005,878 | $ | 1,749 | $ | 7,094 | $ | — | $ | 8,843 | ||||||||||||||||||
(Dollars in thousands) | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
31-Dec-13 | Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | |||||||||||||||||||||||||
Commercial real estate | $ | 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 | |||||||||||||||||||||||||
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. Loans included in these 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 ALLL and are excluded from these tables. | ||||||||||||||||||||||||||||||||
Impaired Loans and PCI Impaired Loans | Impaired Loans | ||||||||||||||||||||||||||||||||
With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | ||||||||||||||||||||||||||||
31-Dec-14 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 1,934 | $ | 1,960 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | — | — | — | 627 | 748 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 1,845 | 2,527 | 716 | 5,343 | 5,368 | ||||||||||||||||||||||||||||
Factored receivables | 1,271 | 1,271 | 1,033 | — | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
PCI | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 3,116 | $ | 3,798 | $ | 1,749 | $ | 7,904 | $ | 8,076 | ||||||||||||||||||||||||
Impaired Loans and PCI Impaired Loans | Impaired Loans | ||||||||||||||||||||||||||||||||
With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | ||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 114 | $ | 131 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | 114 | 127 | 14 | 157 | 166 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 215 | 215 | 15 | 5,224 | 5,454 | ||||||||||||||||||||||||||||
Factored receivables | 762 | 762 | 417 | 1 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
PCI | 13 | 42 | 7 | — | — | ||||||||||||||||||||||||||||
$ | 1,104 | $ | 1,146 | $ | 453 | $ | 5,496 | $ | 5,751 | ||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||||||||||
Commercial real estate | $ | 1,023 | $ | 213 | $ | 201 | $ | 7 | $ | 201 | $ | 7 | |||||||||||||||||||||
Construction, land development, land | 4 | 1 | — | — | — | — | |||||||||||||||||||||||||||
1-4 family residential properties | 613 | 195 | 228 | 10 | — | — | |||||||||||||||||||||||||||
Farmland | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 6,653 | 290 | 2,740 | 14 | 994 | 14 | |||||||||||||||||||||||||||
Factored receivables | 1,017 | 12 | 632 | — | 632 | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | — | |||||||||||||||||||||||||||
PCI | 7 | — | 14 | 6 | 1,988 | 260 | |||||||||||||||||||||||||||
$ | 9,317 | $ | 711 | $ | 3,815 | $ | 37 | $ | 3,815 | $ | 281 | ||||||||||||||||||||||
Schedule of Recorded Investment and Unpaid Principal Balances | The following table presents the unpaid principal and recorded investment for loans at December 31, 2014 and 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. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | |||||||||||||||||||||||||||||||
31-Dec-14 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 249,164 | $ | 263,060 | $ | (13,896 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 42,914 | 44,609 | (1,695 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 78,738 | 82,263 | (3,525 | ) | |||||||||||||||||||||||||||||
Farmland | 22,496 | 22,400 | 96 | ||||||||||||||||||||||||||||||
Commercial | 364,567 | 366,753 | (2,186 | ) | |||||||||||||||||||||||||||||
Factored receivables | 180,910 | 181,817 | (907 | ) | |||||||||||||||||||||||||||||
Consumer | 11,941 | 12,012 | (71 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 55,148 | 55,148 | — | ||||||||||||||||||||||||||||||
$ | 1,005,878 | $ | 1,028,062 | $ | (22,184 | ) | |||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | |||||||||||||||||||||||||||||||
31-Dec-13 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 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 | ||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Dec-14 | Past Due | Still Accruing | Non-accrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 643 | $ | — | $ | 1,995 | $ | 2,638 | |||||||||||||||||||||||||
Construction, land development, land | — | — | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 584 | 49 | 638 | 1,271 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 114 | — | 7,188 | 7,302 | |||||||||||||||||||||||||||||
Factored receivables | 7,202 | 651 | — | 7,853 | |||||||||||||||||||||||||||||
Consumer | 296 | — | — | 296 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | 260 | — | 6,206 | 6,466 | |||||||||||||||||||||||||||||
$ | 9,099 | $ | 700 | $ | 16,027 | $ | 25,826 | ||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Dec-13 | Past Due | Still Accruing | Non-accrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,212 | $ | 47 | $ | 276 | $ | 1,535 | |||||||||||||||||||||||||
Construction, land development, land | 690 | — | — | 690 | |||||||||||||||||||||||||||||
1-4 family residential properties | 1,789 | 19 | 454 | 2,262 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 1,482 | 11 | 5,438 | 6,931 | |||||||||||||||||||||||||||||
Factored receivables | 3,836 | 89 | — | 3,925 | |||||||||||||||||||||||||||||
Consumer | 591 | 2 | — | 593 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | 2,434 | — | 6,135 | 8,569 | |||||||||||||||||||||||||||||
$ | 12,034 | $ | 168 | $ | 12,303 | $ | 24,505 | ||||||||||||||||||||||||||
Summary of Risk Category of Loans | As of December 31, 2014 and 2013 based on the most recent analysis performed, the risk category of loans is as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Special | ||||||||||||||||||||||||||||||||
31-Dec-14 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Commercial real estate | $ | 231,627 | $ | 2,344 | $ | 6,603 | $ | — | $ | 8,590 | $ | 249,164 | |||||||||||||||||||||
Construction, land development, land | 41,431 | — | — | — | 1,483 | 42,914 | |||||||||||||||||||||||||||
1-4 family residential | 75,781 | 77 | 810 | — | 2,070 | 78,738 | |||||||||||||||||||||||||||
Farmland | 22,496 | — | — | — | — | 22,496 | |||||||||||||||||||||||||||
Commercial | 347,534 | 2,435 | 10,241 | — | 4,357 | 364,567 | |||||||||||||||||||||||||||
Factored receivables | 179,639 | — | 350 | 921 | — | 180,910 | |||||||||||||||||||||||||||
Consumer | 11,941 | — | — | — | — | 11,941 | |||||||||||||||||||||||||||
Mortgage warehouse | 55,148 | — | — | — | — | 55,148 | |||||||||||||||||||||||||||
$ | 965,597 | $ | 4,856 | $ | 18,004 | $ | 921 | $ | 16,500 | $ | 1,005,878 | ||||||||||||||||||||||
(Dollars in thousands) | Special | ||||||||||||||||||||||||||||||||
31-Dec-13 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Commercial real estate | $ | 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 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 receivable at December 31, 2014 and 2013, are as follows: | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Contractually required principal and interest: | |||||||||||||||||||||||||||||||||
Real estate loans | $ | 23,457 | $ | 35,584 | |||||||||||||||||||||||||||||
Commercial loans | 6,293 | 2,795 | |||||||||||||||||||||||||||||||
Outstanding contractually required principal and interest | $ | 29,750 | $ | 38,379 | |||||||||||||||||||||||||||||
Gross carrying amount included in loans receivable | $ | 16,500 | $ | 25,191 | |||||||||||||||||||||||||||||
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the years ended December 31, 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: | ||||||||||||||||||||||||||||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Real Estate [Abstract] | |||||||||||||
Summary of Other Real Estate Owned Activity | Other real estate owned activity was as follows: | ||||||||||||
December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Beginning balance | $ | 13,783 | $ | 4,749 | |||||||||
Acquired through business acquisition | — | 11,285 | |||||||||||
Loans transferred to OREO | 543 | 1,532 | |||||||||||
Net realized gains (losses) and valuation adjustments on OREO | (582 | ) | 154 | ||||||||||
Sales of OREO | (5,321 | ) | (3,937 | ) | |||||||||
Ending balance | $ | 8,423 | $ | 13,783 | |||||||||
Schedule of Operating Expenses Related to OREO | Operating expenses related to OREO include: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net realized gains (losses) and valuation adjustments on OREO | $ | (582 | ) | $ | 154 | $ | 1,379 | ||||||
Carrying costs for OREO | (373 | ) | (233 | ) | (240 | ) | |||||||
$ | (955 | ) | $ | (79 | ) | $ | 1,139 | ||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Schedule of Premises and Equipment | Premises and equipment at December 31, 2014 and 2013 consisted of the following: | ||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Land | $ | 4,783 | $ | 5,511 | |||||
Buildings | 11,041 | 12,911 | |||||||
Leasehold improvements | 4,000 | 2,452 | |||||||
Furniture, fixtures and equipment | 5,440 | 4,258 | |||||||
25,264 | 25,132 | ||||||||
Accumulated depreciation | (3,331 | ) | (1,788 | ) | |||||
$ | 21,933 | $ | 23,344 | ||||||
Schedule of Operating Leases Rent Commitments | Rent commitments at December 31, 2014, before considering renewal options that generally are present, were as follows: | ||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 1,683 | |||||||
2016 | 1,727 | ||||||||
2017 | 1,670 | ||||||||
2018 | 1,531 | ||||||||
2019 | 1,197 | ||||||||
Thereafter | 1,596 | ||||||||
$ | 9,404 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: | ||||||||||||||||||||||||||||||||||||
31-Dec | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Goodwill | $ | 15,968 | $ | 14,047 | |||||||||||||||||||||||||||||||||
Core deposit intangibles | 11,218 | 14,471 | |||||||||||||||||||||||||||||||||||
Other intangible assets | 1,871 | — | |||||||||||||||||||||||||||||||||||
$ | 29,057 | $ | 28,518 | ||||||||||||||||||||||||||||||||||
Schedule of Changes in Goodwill and Intangible Assets by Operating Segment | The changes in goodwill and intangible assets by operating segment during the year are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Factoring | Banking | Total | Factoring | Banking | Total | Factoring | Banking | Total | ||||||||||||||||||||||||||||
Beginning balance | $ | 8,846 | $ | 19,672 | $ | 28,518 | $ | 8,846 | $ | 5,201 | $ | 14,047 | $ | — | $ | 5,201 | $ | 5,201 | |||||||||||||||||||
Acquired goodwill | — | 1,921 | 1,921 | — | — | — | 8,846 | — | 8,846 | ||||||||||||||||||||||||||||
Acquired intangibles | 26 | 2,029 | 2,055 | — | 15,091 | 15,091 | 948 | — | 948 | ||||||||||||||||||||||||||||
Divestiture | — | (514 | ) | (514 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of intangibles | (2 | ) | (2,921 | ) | (2,923 | ) | — | (620 | ) | (620 | ) | (948 | ) | — | (948 | ) | |||||||||||||||||||||
Ending balance | $ | 8,870 | $ | 20,187 | $ | 29,057 | $ | 8,846 | $ | 19,672 | $ | 28,518 | $ | 8,846 | $ | 5,201 | $ | 14,047 | |||||||||||||||||||
Schedule of Future Amortization Schedule for the Company's Intangible Assets | The future amortization schedule for the Company’s intangible assets is as follows: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
2015 | $ | 2,708 | |||||||||||||||||||||||||||||||||||
2016 | 2,392 | ||||||||||||||||||||||||||||||||||||
2017 | 2,076 | ||||||||||||||||||||||||||||||||||||
2018 | 1,761 | ||||||||||||||||||||||||||||||||||||
2019 | 1,445 | ||||||||||||||||||||||||||||||||||||
Thereafter | 2,707 | ||||||||||||||||||||||||||||||||||||
$ | 13,089 | ||||||||||||||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Summary Of Deposits | Deposits at December 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Noninterest bearing demand | $ | 179,848 | $ | 150,238 | |||||
Interest bearing demand | 236,525 | 199,826 | |||||||
Individual retirement accounts | 55,034 | 54,512 | |||||||
Money market | 117,514 | 157,406 | |||||||
Savings | 70,407 | 69,336 | |||||||
Certificates of deposit | 455,901 | 354,940 | |||||||
Brokered deposits | 50,000 | 58,596 | |||||||
Total deposits | $ | 1,165,229 | $ | 1,044,854 | |||||
Scheduled Maturities of Time Deposits, Including Certificates of Deposits, Individual Retirement Accounts and Brokered Deposits | At December 31, 2014, scheduled maturities of time deposits, including certificates of deposits, individual retirement accounts and brokered deposits, are as follows: | ||||||||
(Dollars in thousands) | 31-Dec-14 | ||||||||
Within one year | $ | 320,449 | |||||||
After one but within two years | 167,878 | ||||||||
After two but within three years | 49,255 | ||||||||
After three but within four years | 11,687 | ||||||||
After four but within five years | 11,666 | ||||||||
Total | $ | 560,935 | |||||||
Borrowings_and_Borrowing_Capac1
Borrowings and Borrowing Capacity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Short-term Borrowings | The following table provides a summary of all short-term borrowings at the dates indicated: | ||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Average daily balance during the year | $ | 40,346 | $ | 12,297 | |||||
Average interest rate during the year | 0.14 | % | 0.14 | % | |||||
Maximum month-end balance during the year | 85,313 | 42,639 | |||||||
Weighted average interest rate at December 31 | 0.05 | % | 0.06 | % | |||||
Summary of Securities Sold Under Agreements to Repurchase | Securities sold under agreements to repurchase are financing arrangements that mature within one year. At maturity, the securities underlying the agreements are returned to the Company. Customer repurchase agreements are summarized as follows: | ||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Sweep repurchase agreements | $ | 8,959 | $ | 10,006 | |||||
Term repurchase agreements | 323 | 1,324 | |||||||
Total | $ | 9,282 | $ | 11,330 | |||||
Schedule of FHLB Advances | FHLB Advances | ||||||||
TCB is a member of the FHLB of Des Moines, and TSB is a member of the FHLB of Dallas. The FHLB advances are collateralized by assets, including a blanket pledge of certain loans, and are short term in nature, generally maturing within one month. Collectively at December 31, 2014 and 2013, TCB and TSB have borrowings and unused borrowing capacity with the FHLB as follows: | |||||||||
December 31, | December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Borrowing capacity | $ | 107,361 | $ | 131,300 | |||||
Borrowings outstanding | 3,000 | 21,000 | |||||||
Unused borrowing capacity | $ | 104,361 | $ | 110,300 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012 consisted of the following: | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income tax expense (benefit): | |||||||||||||
Current | $ | 6,005 | $ | 242 | $ | 132 | |||||||
Deferred | 4,814 | 1,884 | 1,846 | ||||||||||
Change in valuation allowance for deferred tax asset | (441 | ) | 7 | (7,372 | ) | ||||||||
Income tax expense (benefit) | $ | 10,378 | $ | 2,133 | $ | (5,394 | ) | ||||||
Summary of Effective Income Tax Rate Reconciliation | |||||||||||||
Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax provision computed at federal statutory rate | $ | 10,436 | $ | 5,290 | $ | 1,931 | |||||||
Effect of: | |||||||||||||
State taxes, net | 1,160 | 148 | 85 | ||||||||||
Change in effective tax rate | (528 | ) | — | — | |||||||||
Bargain purchase gain | — | (3,065 | ) | — | |||||||||
Transaction costs | — | 259 | — | ||||||||||
Noncontrolling interest in subsidiary | (22 | ) | (215 | ) | — | ||||||||
Bank-owned life insurance | (165 | ) | (40 | ) | — | ||||||||
Tax exempt interest | (189 | ) | (42 | ) | — | ||||||||
Change in valuation allowance | (441 | ) | 7 | (7,372 | ) | ||||||||
Other | 127 | (209 | ) | (38 | ) | ||||||||
Income tax expense (benefit) | $ | 10,378 | $ | 2,133 | $ | (5,394 | ) | ||||||
Significant Components of Deferred Tax Assets and Liabilities | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets | |||||||||||||
Federal net operating loss carryforwards | $ | 11,570 | $ | 12,596 | |||||||||
State net operating loss carryforwards | 2,296 | 2,811 | |||||||||||
Capital loss carryforwards | — | 379 | |||||||||||
Acquired loan basis | 5,422 | 8,876 | |||||||||||
Other real estate owned | 1,543 | 1,684 | |||||||||||
AMT credit carryforward | 1,634 | 1,768 | |||||||||||
Acquired deposit basis | 158 | 633 | |||||||||||
Allowance for loan losses | 3,081 | 564 | |||||||||||
Other | 587 | 2,595 | |||||||||||
Total deferred tax assets | 26,291 | 31,906 | |||||||||||
Deferred tax liabilities | |||||||||||||
Goodwill and intangible assets | 4,025 | 5,135 | |||||||||||
Fair value adjustment on junior subordinated debentures | 3,182 | 3,451 | |||||||||||
Unrealized gain on securities available for sale | 534 | 56 | |||||||||||
Other | 1,436 | 858 | |||||||||||
Total deferred tax liabilities | 9,177 | 9,500 | |||||||||||
Net deferred tax asset before valuation allowance | 17,114 | 22,406 | |||||||||||
Valuation allowance | (1,158 | ) | (1,599 | ) | |||||||||
Net deferred tax asset | $ | 15,956 | $ | 20,807 | |||||||||
OffBalance_Sheet_Loan_Commitme1
Off-Balance Sheet Loan Commitments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Fixed | Variable | Fixed | Variable | ||||||||||||||
(Dollars in thousands) | Rate | Rate | Rate | Rate | |||||||||||||
Commitments to make loans | $ | 5,192 | $ | 14,600 | $ | 7,437 | $ | 4,823 | |||||||||
Unused lines of credit | $ | 30,369 | $ | 197,594 | $ | 33,470 | $ | 104,896 | |||||||||
Standby letters of credit | $ | 1,840 | $ | 1,915 | $ | 2,147 | $ | 1,897 | |||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | There were no liabilities measured at fair value on a recurring basis at December 31, 2014 and 2013. | ||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 93,841 | $ | — | $ | 93,841 | |||||||||||||
Mortgage-backed securities-residential | — | 28,878 | — | 28,878 | |||||||||||||||||
Asset backed securities | — | 18,598 | — | 18,598 | |||||||||||||||||
State and municipal | — | 3,592 | 3,269 | 6,861 | |||||||||||||||||
Corporate bonds | — | 13,636 | — | 13,636 | |||||||||||||||||
SBA pooled securities | — | 210 | — | 210 | |||||||||||||||||
$ | — | $ | 158,755 | $ | 3,269 | $ | 162,024 | ||||||||||||||
Loans held for sale | $ | — | $ | 3,288 | $ | — | $ | 3,288 | |||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-13 | 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 | $ | — | $ | 5,393 | $ | — | $ | 5,393 | |||||||||||||
Fair Value of Assets Measured on Non-recurring Basis | There were no liabilities measured at fair value on a non-recurring basis at December 31, 2014 and 2013 | ||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 1,129 | $ | 1,129 | |||||||||||||
Factored receivables | — | — | 238 | 238 | |||||||||||||||||
Other real estate owned (1): | |||||||||||||||||||||
1-4 family residential properties | — | — | 97 | 97 | |||||||||||||||||
Commercial | — | — | 2,163 | 2,163 | |||||||||||||||||
Construction, land development, land | — | — | 1,487 | 1,487 | |||||||||||||||||
$ | — | $ | — | $ | 5,114 | $ | 5,114 | ||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Dec-13 | 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 | ||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Provision recorded for loans classified as impaired | $ | 1,296 | $ | 14 | |||||||||||||||||
Valuation adjustments recorded on other real estate owned | $ | 671 | $ | 144 | |||||||||||||||||
(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 not previously presented at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
(Dollars in thousands) | Amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 160,888 | $ | 160,888 | $ | — | $ | — | $ | 160,888 | |||||||||||
Securities - held to maturity | 745 | — | 750 | — | 750 | ||||||||||||||||
Loans not previously presented, net | 995,668 | — | — | 1,001,548 | 1,001,548 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 4,903 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 3,727 | — | 3,727 | — | 3,727 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,165,229 | — | 1,167,479 | — | 1,167,479 | ||||||||||||||||
Customer repurchase agreements | 9,282 | — | 9,282 | — | 9,282 | ||||||||||||||||
Federal Home Loan Bank advances | 3,000 | — | 3,000 | — | 3,000 | ||||||||||||||||
Senior secured note | — | — | — | — | — | ||||||||||||||||
Junior subordinated debentures | 24,423 | — | 24,423 | — | 24,423 | ||||||||||||||||
Accrued interest payable | 971 | — | 971 | — | 971 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair Value Measurements Using | Total | |||||||||||||||||||
(Dollars in thousands) | 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 not previously presented, net | 876,803 | — | — | 883,656 | 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 | — | 11,330 | — | 11,330 | ||||||||||||||||
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 | ||||||||||||||||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Loans to Principal Officers, Directors, and their Affiliates | Loans to related parties and their affiliates during 2014 and 2013 were as follows: | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Beginning balance | $ | 18,247 | $ | — | |||||
Acquired in acquisition | — | 17,112 | |||||||
New loans and advances | 79,429 | 9,459 | |||||||
Effect of changes in composition of related parties | 8,298 | — | |||||||
Repayments | (69,327 | ) | (8,324 | ) | |||||
Ending balance | $ | 36,647 | $ | 18,247 | |||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||
To Be Adequately | To Be Well | ||||||||||||||||||||||||
Capitalized Under | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | Prompt Corrective | ||||||||||||||||||||||||
Actual | Action Provisions | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 229,509 | 20.40% | $ | 90,213 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 56,013 | 16.50% | $ | 27,118 | 8.00% | $ | 33,898 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 117,254 | 15.00% | $ | 62,547 | 8.00% | $ | 78,184 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 220,550 | 19.60% | $ | 45,107 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 52,020 | 15.30% | $ | 13,559 | 4.00% | $ | 20,339 | 6.00% | ||||||||||||||||
Triumph Community Bank | $ | 112,289 | 14.40% | $ | 31,273 | 4.00% | $ | 46,910 | 6.00% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 220,550 | 15.90% | $ | 55,412 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 52,020 | 13.00% | $ | 15,982 | 4.00% | $ | 19,978 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 112,289 | 11.90% | $ | 37,812 | 4.00% | $ | 47,265 | 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) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Capital Structure | The following summarizes the Company’s capital structure: | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Series A | Series B | ||||||||||||||||||||||||||||||||
December | December | December | December | December | December | December | 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 | 17,974,767 | 9,832,585 | |||||||||||||||||||||||||||
Number of shares outstanding | 45,500 | 45,500 | 51,956 | 51,956 | 17,963,783 | 9,832,585 | 10,984 | — | |||||||||||||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||
Liquidation preference per share | $ | 100 | $ | 100 | $ | 100 | $ | 100 | |||||||||||||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Share Based Compensation [Abstract] | |||||||||
Summary of changes in the Company's nonvested RSAs | A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the year ended December 31, 2014 were as follows: | ||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSAs | Shares | Fair Value | |||||||
Nonvested at January 1, 2014 | — | — | |||||||
Granted | 378,343 | 14.71 | |||||||
Vested | (126,087 | ) | 14.71 | ||||||
Forfeited | — | — | |||||||
Nonvested at December 31, 2014 | 252,256 | $ | 14.71 | ||||||
Summary of changes in the Company's nonvested RSUs | A summary of changes in the Company’s nonvested RSUs under the Terminated Plan for the years ended December 31, 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 December 31, 2014 | — | $ | — | ||||||
Nonvested at January 1, 2013 | — | $ | — | ||||||
Granted | 26,120 | 10.77 | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Nonvested at December 31, 2013 | 26,120 | $ | 10.77 | ||||||
Parent_Company_Only_Condensed_1
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Parent Company Only Balance Sheets | Condensed Parent Company Only Balance Sheets: | ||||||||||||
December 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 52,553 | $ | 23,009 | |||||||||
Investment in subsidiaries | 181,133 | 148,675 | |||||||||||
Other assets | 3,994 | 4,751 | |||||||||||
Total assets | $ | 237,680 | $ | 176,435 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||
Senior secured note | $ | — | $ | 12,573 | |||||||||
Accrued expenses and other liabilities | 171 | 3,265 | |||||||||||
Total liabilities | 171 | 15,838 | |||||||||||
Stockholders' equity | 237,509 | 133,600 | |||||||||||
Noncontrolling interests | — | 26,997 | |||||||||||
Total liabilities and equity | $ | 237,680 | $ | 176,435 | |||||||||
Condensed Parent Company Only Statements of Income | Condensed Parent Company Only Statements of Income: | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 75 | $ | 58 | $ | 8 | |||||||
Interest expense | (584 | ) | (123 | ) | — | ||||||||
Bargain purchase gain | — | 9,014 | — | ||||||||||
Other income | 545 | — | — | ||||||||||
Other expense | (4,699 | ) | (4,262 | ) | (412 | ) | |||||||
Income before income tax and undistributed subsidiary income | (4,663 | ) | 4,687 | (404 | ) | ||||||||
Income tax benefit | 2,015 | 1,360 | 262 | ||||||||||
Equity in undistributed subsidiary income | 22,437 | 7,380 | 11,216 | ||||||||||
Net income | 19,789 | 13,427 | 11,074 | ||||||||||
Income attributable to noncontrolling interests | (2,060 | ) | (867 | ) | (993 | ) | |||||||
Dividends on preferred stock | (780 | ) | (721 | ) | — | ||||||||
Net income available to common stockholders | $ | 16,949 | $ | 11,839 | $ | 10,081 | |||||||
Comprehensive income attributable to Parent | $ | 18,547 | $ | 12,237 | $ | 10,233 | |||||||
Condensed Parent Company Only Statements of Cash Flows | Condensed Parent Company Only Statements of Cash Flows: | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 19,789 | $ | 13,427 | $ | 11,074 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed subsidiary income | (22,437 | ) | (7,380 | ) | (11,216 | ) | |||||||
Bargain purchase gain | — | (9,014 | ) | — | |||||||||
Change in other assets | 757 | (4,310 | ) | (441 | ) | ||||||||
Change in accrued expenses and other liabilities | (3,094 | ) | 3,119 | 142 | |||||||||
Net cash used in operating activities | (4,985 | ) | (4,158 | ) | (441 | ) | |||||||
Cash flows from investing activities: | |||||||||||||
Investment in subsidiaries | (6,513 | ) | (13,984 | ) | (9,006 | ) | |||||||
Cash used in acquisition of subsidiaries | — | (15,277 | ) | — | |||||||||
Net cash used in investing activities | (6,513 | ) | (29,261 | ) | (9,006 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Issuance of senior secured note | — | 12,573 | — | ||||||||||
Noncontrolling interests issuances, net | — | — | 6,962 | ||||||||||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | — | — | ||||||||||
Issuance of common stock | 43 | 42,402 | 1,000 | ||||||||||
Exchange offer | — | (38 | ) | — | |||||||||
Issuance of preferred stock | — | — | 5,000 | ||||||||||
Distributions on noncontrolling interest and dividends on preferred stock | (3,037 | ) | (1,060 | ) | (993 | ) | |||||||
Repayment of senior secured note | (12,573 | ) | — | — | |||||||||
Redemption of noncontrolling interests | (26,997 | ) | — | — | |||||||||
Purchase of Treasury Stock | (161 | ) | — | — | |||||||||
Net cash provided by financing activities | 41,042 | 53,877 | 11,969 | ||||||||||
Net increase in cash and cash equivalents | 29,544 | 20,458 | 2,522 | ||||||||||
Cash and cash equivalents at beginning of period | 23,009 | 2,551 | 29 | ||||||||||
Cash and cash equivalents at end of period | $ | 52,553 | $ | 23,009 | $ | 2,551 | |||||||
Earnings_Per_Share_Basic_and_D
Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Basic | |||||||||||||
Net income to common stockholders | $ | 16,949 | $ | 11,839 | $ | 10,081 | |||||||
Weighted average common shares outstanding | 10,940,083 | 8,481,137 | 4,502,595 | ||||||||||
Basic earnings per common share | $ | 1.55 | $ | 1.4 | $ | 2.24 | |||||||
Diluted | |||||||||||||
Net income to common stockholders | $ | 16,949 | $ | 11,839 | $ | 10,081 | |||||||
Dilutive effect of preferred stock | 780 | 167 | — | ||||||||||
Net income to common stockholders - diluted | $ | 17,729 | $ | 12,006 | $ | 10,081 | |||||||
Weighted average common shares outstanding | 10,940,083 | 8,481,137 | 4,502,595 | ||||||||||
Add: Dilutive effects of restricted stock | 15,366 | 5,117 | — | ||||||||||
Add: Dilutive effects of assumed exercises of stock warrants | 40,980 | — | — | ||||||||||
Add: Dilutive effects of assumed conversion of Preferred A | 315,773 | 66,930 | — | ||||||||||
Add: Dilutive effects of assumed conversion of Preferred B | 360,578 | 76,427 | — | ||||||||||
Average shares and dilutive potential common shares | 11,672,780 | 8,629,611 | 4,502,595 | ||||||||||
Dilutive earnings per common share | $ | 1.52 | $ | 1.39 | $ | 2.24 | |||||||
Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restricted stock units | — | — | N/A | ||||||||||
Warrants | — | 259,067 | 259,067 | ||||||||||
Shares assumed to be converted from Preferred Stock Series A | — | — | N/A | ||||||||||
Shares assumed to be converted from Preferred Stock Series B | — | — | N/A | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information | (Dollars in thousands) | Consolidated | |||||||||||||||
Year Ended December 31, 2014 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 27,332 | $ | 59,824 | $ | 74 | $ | 87,230 | |||||||||
Intersegment interest allocations | (3,562 | ) | 3,562 | — | — | ||||||||||||
Total interest expense | — | 5,091 | 1,679 | 6,770 | |||||||||||||
Net interest income (expense) | 23,770 | 58,295 | (1,605 | ) | 80,460 | ||||||||||||
Provision for loan losses | 1,792 | 4,066 | — | 5,858 | |||||||||||||
Net interest income (expense) after provision | 21,978 | 54,229 | (1,605 | ) | 74,602 | ||||||||||||
Gain on branch sale | — | 12,619 | — | 12,619 | |||||||||||||
Other noninterest income | 1,589 | 8,898 | 1,661 | 12,148 | |||||||||||||
Noninterest expense | 15,141 | 46,808 | 7,253 | 69,202 | |||||||||||||
Operating income (loss) | $ | 8,426 | $ | 28,938 | $ | (7,197 | ) | $ | 30,167 | ||||||||
Total assets | $ | 180,527 | $ | 1,201,940 | $ | 65,431 | $ | 1,447,898 | |||||||||
Gross loans | $ | 170,426 | $ | 835,452 | $ | — | $ | 1,005,878 | |||||||||
(Dollars in thousands) | Consolidated | ||||||||||||||||
Year Ended December 31, 2013 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 17,388 | $ | 25,184 | $ | 58 | $ | 42,630 | |||||||||
Intersegment interest allocations | (2,155 | ) | 2,155 | — | — | ||||||||||||
Total interest expense | 1 | 3,577 | 369 | 3,947 | |||||||||||||
Net interest income (expense) | 15,232 | 23,762 | (311 | ) | 38,683 | ||||||||||||
Provision for loan losses | 881 | 2,531 | — | 3,412 | |||||||||||||
Net interest income (expense) after provision | 14,351 | 21,231 | (311 | ) | 35,271 | ||||||||||||
Bargain purchase gain | — | — | 9,014 | 9,014 | |||||||||||||
Other noninterest income | 1,042 | 2,674 | 283 | 3,999 | |||||||||||||
Intersegment expense allocations | 104 | (104 | ) | — | — | ||||||||||||
Noninterest expense | 9,938 | 18,191 | 4,595 | 32,724 | |||||||||||||
Operating income | $ | 5,351 | $ | 5,818 | $ | 4,391 | $ | 15,560 | |||||||||
Total assets | $ | 122,279 | $ | 1,129,962 | $ | 35,998 | $ | 1,288,239 | |||||||||
Gross loans | $ | 108,954 | $ | 772,145 | $ | — | $ | 881,099 | |||||||||
(Dollars in thousands) | Consolidated | ||||||||||||||||
Year Ended December 31, 2012 | Factoring | Banking | Corporate | TBI | |||||||||||||
Total interest income | $ | 14,434 | $ | 12,518 | $ | — | $ | 26,952 | |||||||||
Intersegment interest allocations | (1,596 | ) | 1,596 | — | — | ||||||||||||
Total interest expense | 360 | 3,355 | — | 3,715 | |||||||||||||
Net interest income | 12,478 | 10,759 | — | 23,237 | |||||||||||||
Provision for loan losses | 1,334 | 405 | — | 1,739 | |||||||||||||
Net interest income after provision | 11,144 | 10,354 | — | 21,498 | |||||||||||||
Noninterest income | 967 | 1,687 | 7 | 2,661 | |||||||||||||
Intersegment expense allocations | 201 | (201 | ) | — | — | ||||||||||||
Noninterest expense | 8,511 | 9,548 | 420 | 18,479 | |||||||||||||
Operating income (loss) | $ | 3,399 | $ | 2,694 | $ | (413 | ) | $ | 5,680 | ||||||||
Total assets | $ | 85,974 | $ | 215,225 | $ | 263 | $ | 301,462 | |||||||||
Gross loans | $ | 72,073 | $ | 139,176 | $ | — | $ | 211,249 | |||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | The following presents quarterly financial data for the years ended December 31, 2014 and 2013. | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
(Dollars in thousands) | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 23,280 | $ | 22,118 | $ | 21,453 | $ | 20,379 | |||||||||
Interest expense | 1,951 | 1,723 | 1,572 | 1,524 | |||||||||||||
Net interest income | 21,329 | 20,395 | 19,881 | 18,855 | |||||||||||||
Provision for loan losses | 1,811 | 1,375 | 1,747 | 925 | |||||||||||||
Net interest income after provision | 19,518 | 19,020 | 18,134 | 17,930 | |||||||||||||
Gain on branch sale | — | 12,619 | — | — | |||||||||||||
Other noninterest income | 3,721 | 3,185 | 2,633 | 2,609 | |||||||||||||
Noninterest income | 3,721 | 15,804 | 2,633 | 2,609 | |||||||||||||
Noninterest expense | 19,685 | 18,461 | 16,160 | 14,896 | |||||||||||||
Net income before income taxes | 3,554 | 16,363 | 4,607 | 5,643 | |||||||||||||
Income tax expense | 747 | 6,089 | 1,626 | 1,916 | |||||||||||||
Net income | 2,807 | 10,274 | 2,981 | 3,727 | |||||||||||||
Income attributable to noncontrolling interests | (589 | ) | (584 | ) | (500 | ) | (387 | ) | |||||||||
Dividends on preferred stock | (197 | ) | (195 | ) | (196 | ) | (192 | ) | |||||||||
Net income available to common stockholders | $ | 2,021 | $ | 9,495 | $ | 2,285 | $ | 3,148 | |||||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 0.14 | $ | 0.96 | $ | 0.23 | $ | 0.32 | |||||||||
Diluted | $ | 0.14 | $ | 0.91 | $ | 0.23 | $ | 0.32 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
(Dollars in thousands) | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest income | $ | 18,842 | $ | 9,021 | $ | 7,946 | $ | 6,821 | |||||||||
Interest expense | 1,484 | 893 | 803 | 767 | |||||||||||||
Net interest income | 17,358 | 8,128 | 7,143 | 6,054 | |||||||||||||
Provision for loan losses | 1,057 | 1,735 | 241 | 379 | |||||||||||||
Net interest income after provision | 16,301 | 6,393 | 6,902 | 5,675 | |||||||||||||
Bargain purchase gain | 9,014 | — | — | — | |||||||||||||
Other noninterest income | 2,508 | 717 | 329 | 445 | |||||||||||||
Noninterest income | 11,522 | 717 | 329 | 445 | |||||||||||||
Noninterest expense | 14,657 | 6,547 | 6,173 | 5,347 | |||||||||||||
Net income before income taxes | 13,166 | 563 | 1,058 | 773 | |||||||||||||
Income tax expense | 1,449 | 211 | 356 | 117 | |||||||||||||
Net income | 11,717 | 352 | 702 | 656 | |||||||||||||
Income attributable to noncontrolling interests | (220 | ) | (21 | ) | (29 | ) | (597 | ) | |||||||||
Dividends on preferred stock | (179 | ) | (95 | ) | (91 | ) | (356 | ) | |||||||||
Net income (loss) available to common stockholders | $ | 11,318 | $ | 236 | $ | 582 | $ | (297 | ) | ||||||||
Earnings (loss) per common share | |||||||||||||||||
Basic | $ | 1.17 | $ | 0.03 | $ | 0.07 | $ | (0.04 | ) | ||||||||
Diluted | $ | 1.12 | $ | 0.03 | $ | 0.07 | $ | (0.04 | ) | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalent maturity period | 90 days | ||
Period of consumer loans charged off | 120 days | ||
Useful life of assets | 60 months | ||
Minimum probability for recognizing tax benefit | 50.00% | ||
Unrecognized tax benefits | $0 | $0 | |
Interest and tax penalties incurred | $0 | $0 | $0 |
Buildings and Improvements | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of assets | 10 years | ||
Buildings and Improvements | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of assets | 30 years | ||
Furniture, Fixtures and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of assets | 5 years | ||
Single Family Residential Mortgage Loans | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days within which accrual of interest income discontinues | 90 days | ||
Commercial Loans | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days within which accrual of interest income discontinues | 90 days | ||
Commercial Real Estate Loans | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days within which accrual of interest income discontinues | 90 days |
Business_Combinations_and_Dive2
Business Combinations and Divestitures - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 14, 2013 | Jul. 11, 2014 | Oct. 15, 2013 |
Business Acquisition [Line Items] | |||||||||
Net cash proceeds | $57,409 | ||||||||
Pre-tax gain | 12,619 | 12,619 | |||||||
Cash paid | 49,482 | -74,713 | 15,451 | ||||||
Goodwill | 1,921 | 8,846 | |||||||
Business acquisition, bargain purchase gain | 9,014 | 9,014 | |||||||
Pro forma tax benefits recognized | 11,700 | ||||||||
Doral Healthcare Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 45,334 | ||||||||
Cash paid | 49,482 | ||||||||
Goodwill | 1,921 | ||||||||
Fair value of acquired loans not classified as PCI | 41,680 | ||||||||
NBI Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 568,358 | 545,246 | 568,358 | 568,358 | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||||||
Business acquisition, bargain purchase gain | 9,014 | ||||||||
Senior notes, outstanding balance | 11,858 | ||||||||
Senior convertible notes outstanding | 3,640 | ||||||||
Revenues on acquired operations | 5,916 | 12,014 | 1,099 | ||||||
Earnings on acquired operations | 2,834 | ||||||||
Pro forma information adjusted | To determine pro forma information, the Company adjusted its 2013 and 2012 historical results to include the historical results for NBI for the period January 1, 2013 to October 14, 2013 and the year ended December 31, 2012. These amounts were $1,099,000 and $5,916,000, respectively. | ||||||||
Business acquisition, related costs | 2,500 | 52 | |||||||
Pro forma tax benefits recognized | 4,300 | ||||||||
THE National Bank | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||||||
TCB | Sale of Pewaukee Branch | |||||||||
Business Acquisition [Line Items] | |||||||||
Net cash proceeds | 57,409 | ||||||||
Deposits | 36,326 | ||||||||
Carrying amount of Loans Sold | 78,071 | ||||||||
Pre-tax gain | 12,619 | ||||||||
Triumph Bancorp Inc | |||||||||
Business Acquisition [Line Items] | |||||||||
Pro forma tax benefits recognized | $7,400 |
Business_Combinations_and_Dive3
Business Combinations and Divestitures - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 15, 2013 | |
Liabilities assumed: | |||||
Cash paid | $49,482,000 | ($74,713,000) | $15,451,000 | ||
Goodwill | 1,921,000 | 8,846,000 | |||
Consideration Paid: | |||||
Bargain purchase gain | -9,014,000 | -9,014,000 | |||
Doral Healthcare Acquisition | |||||
Assets acquired: | |||||
Loans | 45,334,000 | ||||
Intangible assets | 2,029,000 | ||||
Premises and equipment | 50,000 | ||||
Other assets | 276,000 | ||||
Total Assets Acquired | 47,689,000 | ||||
Liabilities assumed: | |||||
Customer deposits | 128,000 | ||||
Fair value of net assets acquired | 47,561,000 | ||||
Cash paid | 49,482,000 | ||||
Goodwill | 1,921,000 | ||||
NBI Acquisition | |||||
Assets acquired: | |||||
Loans | 568,358,000 | 545,246,000 | 568,358,000 | ||
Intangible assets | 15,091,000 | 15,091,000 | |||
Premises and equipment | 19,358,000 | 19,358,000 | |||
Other assets | 22,023,000 | 22,023,000 | |||
Cash and cash equivalents | 89,990,000 | 89,990,000 | |||
Securities | 160,450,000 | 160,450,000 | |||
FHLB and Federal Reserve Bank stock | 4,507,000 | 4,507,000 | |||
Other real estate owned | 11,285,000 | 11,285,000 | |||
Bank-owned life insurance | 28,435,000 | 28,435,000 | |||
Deferred income taxes | 17,237,000 | 17,237,000 | |||
Total Assets Acquired | 936,734,000 | 936,734,000 | |||
Liabilities assumed: | |||||
Customer deposits | 793,256,000 | 793,256,000 | |||
Customer repurchase agreements | 19,927,000 | 19,927,000 | |||
Senior secured note | 11,858,000 | 11,858,000 | |||
Junior subordinated debentures | 24,120,000 | 24,120,000 | 24,120,000 | ||
Federal Home Loan Bank advances | 5,003,000 | 5,003,000 | |||
Accrued interest and dividends payable | 7,282,000 | 7,282,000 | |||
Other liabilities | 7,988,000 | 7,988,000 | |||
Total liabilities | 869,434,000 | 869,434,000 | |||
Fair value of net assets acquired | 67,300,000 | 67,300,000 | |||
Cash paid to NBI common and preferred shareholders | 15,277,000 | ||||
Consideration Paid: | |||||
Consideration paid | 58,286,000 | ||||
Bargain purchase gain | -9,014,000 | ||||
NBI Acquisition | Series B Preferred Stock | |||||
Consideration Paid: | |||||
Stock Issued or Assumed | 5,196,000 | ||||
NBI Acquisition | Common Stock | |||||
Consideration Paid: | |||||
Stock Issued or Assumed | 11,916,000 | ||||
NBI Acquisition | Preferred Stock | |||||
Consideration Paid: | |||||
Stock Issued or Assumed | $25,897,000 |
Business_Combinations_and_Dive4
Business Combinations and Divestitures - Schedule of Loans Acquired in Business Combination (Details) (PCI Loans, USD $) | Dec. 31, 2014 | Oct. 15, 2013 |
In Thousands, unless otherwise specified | ||
Doral Healthcare Acquisition | ||
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 | |
NBI Acquisition | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractual balance at acquisition | 29,970 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | -5,141 | |
Expected cash flows at acquisition | 24,829 | |
Accretable yield | -1,717 | |
Fair value of acquired PCI loans | $23,112 |
Business_Combinations_and_Dive5
Business Combinations and Divestitures - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Details) (Triumph Bancorp Inc) | 12 Months Ended |
Dec. 31, 2013 | |
Triumph Bancorp Inc | |
Business Acquisition [Line Items] | |
Common stock shares issued | 1,029,045 |
Business_Combinations_and_Dive6
Business Combinations and Divestitures - Summary of Non-Purchase credit Impaired Loans Acquired in Business Combination (Details) (NBI Acquisition, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Contractual Balance | $562,658 | |
Fair Value | 545,246 | 568,358 |
Estimated Contractual Cash Flow Not Expected to be Collected | -15,298 | |
Commercial real estate | ||
Business Acquisition [Line Items] | ||
Contractual Balance | 223,477 | |
Fair Value | 217,711 | |
Estimated Contractual Cash Flow Not Expected to be Collected | -6,567 | |
Construction, land development, land | ||
Business Acquisition [Line Items] | ||
Contractual Balance | 25,844 | |
Fair Value | 23,474 | |
Estimated Contractual Cash Flow Not Expected to be Collected | -1,585 | |
1-4 family residential properties | ||
Business Acquisition [Line Items] | ||
Contractual Balance | 93,868 | |
Fair Value | 89,822 | |
Estimated Contractual Cash Flow Not Expected to be Collected | -2,520 | |
Farmland | ||
Business Acquisition [Line Items] | ||
Contractual Balance | 35,502 | |
Fair Value | 35,634 | |
Estimated Contractual Cash Flow Not Expected to be Collected | -74 | |
Commercial Loans | ||
Business Acquisition [Line Items] | ||
Contractual Balance | 170,070 | |
Fair Value | 164,855 | |
Estimated Contractual Cash Flow Not Expected to be Collected | -3,914 | |
Consumer | ||
Business Acquisition [Line Items] | ||
Contractual Balance | 13,897 | |
Fair Value | 13,750 | |
Estimated Contractual Cash Flow Not Expected to be Collected | ($638) |
Business_Combinations_and_Dive7
Business Combinations and Divestitures - Schedule of Proforma Information on Acquisitions (Details) (NBI Acquisition, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
NBI Acquisition | ||
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||
Net interest income | $60,685 | $60,831 |
Net income before tax | 12,719 | 17,398 |
Tax (expense) benefit | -4,244 | 5,825 |
Net income | 8,475 | 23,223 |
Effect of noncontrolling interests | -3,506 | -3,011 |
Net income to common stockholders | $4,969 | $20,212 |
Basic earnings per share | $0.51 | $2.06 |
Diluted earnings per share | $0.51 | $2 |
Securities_Schedule_of_Amortiz
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $160,539 | $184,465 |
Available for sale securities, Gross Unrealized Gains | 1,575 | 566 |
Available for sale securities, Gross Unrealized Losses | -90 | -377 |
Securities - available for sale | 162,024 | 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 | 93,150 | 95,967 |
Available for sale securities, Gross Unrealized Gains | 691 | 91 |
Available for sale securities, Gross Unrealized Losses | -224 | |
Securities - available for sale | 93,841 | 95,834 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 28,298 | 35,931 |
Available for sale securities, Gross Unrealized Gains | 580 | 355 |
Available for sale securities, Gross Unrealized Losses | -1 | |
Securities - available for sale | 28,878 | 36,285 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 18,559 | 18,811 |
Available for sale securities, Gross Unrealized Gains | 129 | 34 |
Available for sale securities, Gross Unrealized Losses | -90 | -6 |
Securities - available for sale | 18,598 | 18,839 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 6,833 | 8,989 |
Available for sale securities, Gross Unrealized Gains | 28 | 20 |
Available for sale securities, Gross Unrealized Losses | -4 | |
Securities - available for sale | 6,861 | 9,005 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 13,492 | 20,817 |
Available for sale securities, Gross Unrealized Gains | 144 | 62 |
Available for sale securities, Gross Unrealized Losses | -36 | |
Securities - available for sale | 13,636 | 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 | 207 | 244 |
Available for sale securities, Gross Unrealized Gains | 3 | 4 |
Securities - available for sale | 210 | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale, Amortized Cost | ||
Due in one year or less, Amortized Cost | $1,390 | |
Due from one year to five years, Amortized Cost | 93,217 | |
Due from five years to ten years, Amortized Cost | 17,285 | |
Due after ten years, Amortized Cost | 1,583 | |
Available for Sale, with single maturity date, Amortized Cost | 113,475 | |
Available for Sale, Amortized Cost | 160,539 | |
Available for Sale, Fair Value | ||
Due in one year or less, Fair Value | 1,392 | |
Due from one year to five years, Fair Value | 93,637 | |
Due from five years to ten years, Fair Value | 17,671 | |
Due after ten years, Fair Value | 1,638 | |
Available for Sale, without single maturity date, Fair Value | 114,338 | |
Available for Sale, Fair Value | 162,024 | |
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 | ||
Available for Sale, Amortized Cost | ||
Available for Sale, without single maturity date, Amortized Cost | 28,298 | |
Available for Sale, Fair Value | ||
Available for Sale, without single maturity date, Fair Value | 28,878 | |
Asset Backed Securities | ||
Available for Sale, Amortized Cost | ||
Available for Sale, without single maturity date, Amortized Cost | 18,559 | |
Available for Sale, Fair Value | ||
Available for Sale, without single maturity date, Fair Value | 18,598 | |
SBA Pooled Securities | ||
Available for Sale, Amortized Cost | ||
Available for Sale, without single maturity date, Amortized Cost | 207 | |
Available for Sale, Fair Value | ||
Available for Sale, without single maturity date, Fair Value | $210 |
Securities_Additional_Informat
Securities - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
securities | |||
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sale of securities | $24,424 | $0 | $0 |
Gross gains on sale of securities | 98 | ||
Gross losses on sale of securities | 10 | ||
Pledged securities, at carrying value | $113,980 | $87,434 | |
Number of securities which is in unrealized loss position | 3 |
Securities_Schedule_of_Informa
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized Losses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $8,703 | $58,103 |
Less than 12 Months, Unrealized Losses | -82 | -375 |
12 Months or More, Fair Value | 4,959 | 1,849 |
12 Months or More, Unrealized Losses | -8 | -2 |
Total, Fair Value | 13,662 | 59,952 |
Total, Unrealized Losses | -90 | -377 |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 38,890 | |
Less than 12 Months, Unrealized Losses | -222 | |
12 Months or More, Fair Value | 1,849 | |
12 Months or More, Unrealized Losses | -2 | |
Total, Fair Value | 40,739 | |
Total, Unrealized Losses | -224 | |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 800 | |
Less than 12 Months, Unrealized Losses | -1 | |
Total, Fair Value | 800 | |
Total, Unrealized Losses | -1 | |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 8,703 | 4,913 |
Less than 12 Months, Unrealized Losses | -82 | -6 |
12 Months or More, Fair Value | 4,959 | |
12 Months or More, Unrealized Losses | -8 | |
Total, Fair Value | 13,662 | 4,913 |
Total, Unrealized Losses | -90 | -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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Loans [Line Items] | ||||
Loans | $1,005,878 | $881,099 | $211,249 | |
Allowance for loan and lease losses | -8,843 | -3,645 | -1,926 | -423 |
Loans, net | 997,035 | 877,454 | ||
Loans receivable | ||||
Loans [Line Items] | ||||
Loans | 1,005,878 | 881,099 | ||
Loans receivable | Commercial real estate | ||||
Loans [Line Items] | ||||
Loans | 249,164 | 331,462 | ||
Allowance for loan and lease losses | -533 | -348 | -261 | -34 |
Loans receivable | Construction, land development, land | ||||
Loans [Line Items] | ||||
Loans | 42,914 | 37,626 | ||
Allowance for loan and lease losses | -333 | -110 | -40 | |
Loans receivable | 1-4 family residential properties | ||||
Loans [Line Items] | ||||
Loans | 78,738 | 91,301 | ||
Allowance for loan and lease losses | -215 | -100 | -227 | -132 |
Loans receivable | Farmland | ||||
Loans [Line Items] | ||||
Loans | 22,496 | 20,294 | ||
Allowance for loan and lease losses | -19 | -7 | -5 | |
Loans receivable | Commercial Loans | ||||
Loans [Line Items] | ||||
Loans | 364,567 | 255,655 | ||
Allowance for loan and lease losses | -4,003 | -1,145 | -172 | |
Loans receivable | Factored receivables | ||||
Loans [Line Items] | ||||
Loans | 180,910 | 117,370 | ||
Allowance for loan and lease losses | -3,462 | -1,842 | -1,221 | |
Loans receivable | Consumer | ||||
Loans [Line Items] | ||||
Loans | 11,941 | 13,878 | ||
Allowance for loan and lease losses | -140 | -49 | ||
Loans receivable | Mortgage warehouse | ||||
Loans [Line Items] | ||||
Loans | 55,148 | 13,513 | ||
Allowance for loan and lease losses | ($138) | ($44) |
Loans_and_Allowance_for_Loan_a3
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans [Line Items] | ||
Net deferred origination fees and costs and deferred factoring fees | 906 | $997 |
Loans with carrying amounts | 141,427 | 166,688 |
Percentage of total loan portfolio on factored receivables | 15.00% | |
Recorded investments in troubled debt restructurings | 360,000 | 336,000 |
Loans receivable | Factored receivables | ||
Loans [Line Items] | ||
Customer reserves | 18,976 | $10,653 |
Geographic Concentration Risk | Accounts Receivable | ||
Loans [Line Items] | ||
Percentage of customers located within states | 67.00% | |
Geographic Concentration Risk | Illinois | Accounts Receivable | ||
Loans [Line Items] | ||
Percentage of customers located within states | 30.00% | |
Geographic Concentration Risk | Iowa | Accounts Receivable | ||
Loans [Line Items] | ||
Percentage of customers located within states | 14.00% | |
Geographic Concentration Risk | Texas | Accounts Receivable | ||
Loans [Line Items] | ||
Percentage of customers located within states | 23.00% |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans [Line Items] | |||||||||||
Beginning Balance | $3,645 | $1,926 | $3,645 | $1,926 | $423 | ||||||
Provision for loan losses | 1,811 | 1,375 | 1,747 | 925 | 1,057 | 1,735 | 241 | 379 | 5,858 | 3,412 | 1,739 |
Charge-offs | -1,352 | -2,104 | -545 | ||||||||
Recoveries | 692 | 411 | 309 | ||||||||
Ending Balance | 8,843 | 3,645 | 8,843 | 3,645 | 1,926 | ||||||
Loans receivable | Commercial real estate | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 348 | 261 | 348 | 261 | 34 | ||||||
Provision for loan losses | 199 | 114 | 359 | ||||||||
Charge-offs | -18 | -156 | -169 | ||||||||
Recoveries | 4 | 129 | 37 | ||||||||
Ending Balance | 533 | 348 | 533 | 348 | 261 | ||||||
Loans receivable | Construction, land development, land | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 110 | 40 | 110 | 40 | |||||||
Provision for loan losses | 310 | 58 | 40 | ||||||||
Charge-offs | -100 | ||||||||||
Recoveries | 13 | 12 | |||||||||
Ending Balance | 333 | 110 | 333 | 110 | 40 | ||||||
Loans receivable | 1-4 family residential properties | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 100 | 227 | 100 | 227 | 132 | ||||||
Provision for loan losses | 416 | -166 | 104 | ||||||||
Charge-offs | -409 | -94 | -116 | ||||||||
Recoveries | 108 | 133 | 107 | ||||||||
Ending Balance | 215 | 100 | 215 | 100 | 227 | ||||||
Loans receivable | Farmland | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 7 | 5 | 7 | 5 | |||||||
Provision for loan losses | 12 | 2 | 53 | ||||||||
Charge-offs | -48 | ||||||||||
Ending Balance | 19 | 7 | 19 | 7 | 5 | ||||||
Loans receivable | Commercial Loans | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 1,145 | 172 | 1,145 | 172 | |||||||
Provision for loan losses | 2,652 | 2,474 | 61 | ||||||||
Charge-offs | -13 | -1,515 | |||||||||
Recoveries | 219 | 14 | 111 | ||||||||
Ending Balance | 4,003 | 1,145 | 4,003 | 1,145 | 172 | ||||||
Loans receivable | Factored receivables | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 1,842 | 1,221 | 1,842 | 1,221 | |||||||
Provision for loan losses | 1,971 | 783 | 1,380 | ||||||||
Charge-offs | -419 | -226 | -212 | ||||||||
Recoveries | 68 | 64 | 53 | ||||||||
Ending Balance | 3,462 | 1,842 | 3,462 | 1,842 | 1,221 | ||||||
Loans receivable | Consumer | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 49 | 49 | |||||||||
Provision for loan losses | 204 | 103 | -1 | ||||||||
Charge-offs | -393 | -113 | |||||||||
Recoveries | 280 | 59 | 1 | ||||||||
Ending Balance | 140 | 49 | 140 | 49 | |||||||
Loans receivable | Mortgage warehouse | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 44 | 44 | |||||||||
Provision for loan losses | 94 | 44 | |||||||||
Ending Balance | 138 | 44 | 138 | 44 | |||||||
Loans receivable | Unallocated | |||||||||||
Loans [Line Items] | |||||||||||
Beginning Balance | 257 | ||||||||||
Provision for loan losses | ($257) |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Loans [Line Items] | ||||
Loan Evaluation, Individually | $11,020 | $11,589 | ||
Loan Evaluation, Collectively | 978,358 | 844,319 | ||
Loan Evaluation, PCI | 16,500 | 25,191 | ||
Loan, Total | 1,005,878 | 881,099 | 211,249 | |
ALLL Allocations, Individually | 1,749 | 446 | ||
ALLL Allocations, Collectively | 7,094 | 3,192 | ||
ALLL Allocations, PCI | 7 | |||
ALLL Allocations, Total ALLL | 8,843 | 3,645 | 1,926 | 423 |
Loans receivable | ||||
Loans [Line Items] | ||||
Loan, Total | 1,005,878 | 881,099 | ||
Loans receivable | Commercial real estate | ||||
Loans [Line Items] | ||||
Loan Evaluation, Individually | 1,934 | 4,489 | ||
Loan Evaluation, Collectively | 238,640 | 308,326 | ||
Loan Evaluation, PCI | 8,590 | 18,647 | ||
Loan, Total | 249,164 | 331,462 | ||
ALLL Allocations, Collectively | 533 | 348 | ||
ALLL Allocations, Total ALLL | 533 | 348 | 261 | 34 |
Loans receivable | Construction, land development, land | ||||
Loans [Line Items] | ||||
Loan Evaluation, Collectively | 41,431 | 35,585 | ||
Loan Evaluation, PCI | 1,483 | 2,041 | ||
Loan, Total | 42,914 | 37,626 | ||
ALLL Allocations, Collectively | 333 | 110 | ||
ALLL Allocations, Total ALLL | 333 | 110 | 40 | |
Loans receivable | 1-4 family residential properties | ||||
Loans [Line Items] | ||||
Loan Evaluation, Individually | 627 | 842 | ||
Loan Evaluation, Collectively | 76,041 | 87,987 | ||
Loan Evaluation, PCI | 2,070 | 2,472 | ||
Loan, Total | 78,738 | 91,301 | ||
ALLL Allocations, Individually | 14 | |||
ALLL Allocations, Collectively | 215 | 79 | ||
ALLL Allocations, PCI | 7 | |||
ALLL Allocations, Total ALLL | 215 | 100 | 227 | 132 |
Loans receivable | Farmland | ||||
Loans [Line Items] | ||||
Loan Evaluation, Collectively | 22,496 | 20,294 | ||
Loan, Total | 22,496 | 20,294 | ||
ALLL Allocations, Collectively | 19 | 7 | ||
ALLL Allocations, Total ALLL | 19 | 7 | 5 | |
Loans receivable | Commercial Loans | ||||
Loans [Line Items] | ||||
Loan Evaluation, Individually | 7,188 | 5,495 | ||
Loan Evaluation, Collectively | 353,022 | 248,129 | ||
Loan Evaluation, PCI | 4,357 | 2,031 | ||
Loan, Total | 364,567 | 255,655 | ||
ALLL Allocations, Individually | 716 | 15 | ||
ALLL Allocations, Collectively | 3,287 | 1,130 | ||
ALLL Allocations, Total ALLL | 4,003 | 1,145 | 172 | |
Loans receivable | Factored receivables | ||||
Loans [Line Items] | ||||
Loan Evaluation, Individually | 1,271 | 763 | ||
Loan Evaluation, Collectively | 179,639 | 116,607 | ||
Loan, Total | 180,910 | 117,370 | ||
ALLL Allocations, Individually | 1,033 | 417 | ||
ALLL Allocations, Collectively | 2,429 | 1,425 | ||
ALLL Allocations, Total ALLL | 3,462 | 1,842 | 1,221 | |
Loans receivable | Consumer | ||||
Loans [Line Items] | ||||
Loan Evaluation, Collectively | 11,941 | 13,878 | ||
Loan, Total | 11,941 | 13,878 | ||
ALLL Allocations, Collectively | 140 | 49 | ||
ALLL Allocations, Total ALLL | 140 | 49 | ||
Loans receivable | Mortgage warehouse | ||||
Loans [Line Items] | ||||
Loan Evaluation, Collectively | 55,148 | 13,513 | ||
Loan, Total | 55,148 | 13,513 | ||
ALLL Allocations, Collectively | 138 | 44 | ||
ALLL Allocations, Total ALLL | $138 | $44 |
Loans_and_Allowance_for_Loan_a6
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans [Line Items] | |||
Recorded Investment, With Valuation Allowance | $3,116 | $1,104 | |
Unpaid Principal, With Valuation Allowance | 3,798 | 1,146 | |
Related Allowance, With Valuation Allowance | 1,749 | 453 | |
Recorded Investment, Without Valuation Allowance | 7,904 | 5,496 | |
Unpaid Principal, Without Valuation Allowance | 8,076 | 5,751 | |
Average Impaired Loans | 9,317 | 3,815 | 3,815 |
Interest Recognized | 711 | 37 | 281 |
Loans receivable | PCI Loans | |||
Loans [Line Items] | |||
Recorded Investment, With Valuation Allowance | 13 | ||
Unpaid Principal, With Valuation Allowance | 42 | ||
Related Allowance, With Valuation Allowance | 7 | ||
Average Impaired Loans | 7 | 14 | 1,988 |
Interest Recognized | 6 | 260 | |
Loans receivable | Commercial real estate | |||
Loans [Line Items] | |||
Recorded Investment, Without Valuation Allowance | 1,934 | 114 | |
Unpaid Principal, Without Valuation Allowance | 1,960 | 131 | |
Average Impaired Loans | 1,023 | 201 | 201 |
Interest Recognized | 213 | 7 | 7 |
Loans receivable | Construction, land development, land | |||
Loans [Line Items] | |||
Average Impaired Loans | 4 | ||
Interest Recognized | 1 | ||
Loans receivable | 1-4 family residential properties | |||
Loans [Line Items] | |||
Recorded Investment, With Valuation Allowance | 114 | ||
Unpaid Principal, With Valuation Allowance | 127 | ||
Related Allowance, With Valuation Allowance | 14 | ||
Recorded Investment, Without Valuation Allowance | 627 | 157 | |
Unpaid Principal, Without Valuation Allowance | 748 | 166 | |
Average Impaired Loans | 613 | 228 | |
Interest Recognized | 195 | 10 | |
Loans receivable | Commercial Loans | |||
Loans [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,845 | 215 | |
Unpaid Principal, With Valuation Allowance | 2,527 | 215 | |
Related Allowance, With Valuation Allowance | 716 | 15 | |
Recorded Investment, Without Valuation Allowance | 5,343 | 5,224 | |
Unpaid Principal, Without Valuation Allowance | 5,368 | 5,454 | |
Average Impaired Loans | 6,653 | 2,740 | 994 |
Interest Recognized | 290 | 14 | 14 |
Loans receivable | Factored receivables | |||
Loans [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,271 | 762 | |
Unpaid Principal, With Valuation Allowance | 1,271 | 762 | |
Related Allowance, With Valuation Allowance | 1,033 | 417 | |
Recorded Investment, Without Valuation Allowance | 1 | ||
Average Impaired Loans | 1,017 | 632 | 632 |
Interest Recognized | $12 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | |||
Loan, Total | $1,005,878 | $881,099 | $211,249 |
Unpaid Principal | 1,028,062 | 915,402 | |
Difference | -22,184 | -34,303 | |
Loans receivable | |||
Loans [Line Items] | |||
Loan, Total | 1,005,878 | 881,099 | |
Loans receivable | Commercial real estate | |||
Loans [Line Items] | |||
Loan, Total | 249,164 | 331,462 | |
Unpaid Principal | 263,060 | 351,521 | |
Difference | -13,896 | -20,059 | |
Loans receivable | Construction, land development, land | |||
Loans [Line Items] | |||
Loan, Total | 42,914 | 37,626 | |
Unpaid Principal | 44,609 | 41,034 | |
Difference | -1,695 | -3,408 | |
Loans receivable | 1-4 family residential properties | |||
Loans [Line Items] | |||
Loan, Total | 78,738 | 91,301 | |
Unpaid Principal | 82,263 | 96,742 | |
Difference | -3,525 | -5,441 | |
Loans receivable | Farmland | |||
Loans [Line Items] | |||
Loan, Total | 22,496 | 20,294 | |
Unpaid Principal | 22,400 | 20,145 | |
Difference | 96 | 149 | |
Loans receivable | Commercial Loans | |||
Loans [Line Items] | |||
Loan, Total | 364,567 | 255,655 | |
Unpaid Principal | 366,753 | 260,384 | |
Difference | -2,186 | -4,729 | |
Loans receivable | Factored receivables | |||
Loans [Line Items] | |||
Loan, Total | 180,910 | 117,370 | |
Unpaid Principal | 181,817 | 118,057 | |
Difference | -907 | -687 | |
Loans receivable | Consumer | |||
Loans [Line Items] | |||
Loan, Total | 11,941 | 13,878 | |
Unpaid Principal | 12,012 | 14,006 | |
Difference | -71 | -128 | |
Loans receivable | Mortgage warehouse | |||
Loans [Line Items] | |||
Loan, Total | 55,148 | 13,513 | |
Unpaid Principal | $55,148 | $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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans [Line Items] | ||
30-89 Days Past Due | $9,099 | $12,034 |
Past Due 90 Days or More Still Accruing | 700 | 168 |
Nonaccrual | 16,027 | 12,303 |
Total Past Due | 25,826 | 24,505 |
Loans receivable | PCI Loans | ||
Loans [Line Items] | ||
30-89 Days Past Due | 260 | 2,434 |
Nonaccrual | 6,206 | 6,135 |
Total Past Due | 6,466 | 8,569 |
Loans receivable | Commercial real estate | ||
Loans [Line Items] | ||
30-89 Days Past Due | 643 | 1,212 |
Past Due 90 Days or More Still Accruing | 47 | |
Nonaccrual | 1,995 | 276 |
Total Past Due | 2,638 | 1,535 |
Loans receivable | Construction, land development, land | ||
Loans [Line Items] | ||
30-89 Days Past Due | 690 | |
Total Past Due | 690 | |
Loans receivable | 1-4 family residential properties | ||
Loans [Line Items] | ||
30-89 Days Past Due | 584 | 1,789 |
Past Due 90 Days or More Still Accruing | 49 | 19 |
Nonaccrual | 638 | 454 |
Total Past Due | 1,271 | 2,262 |
Loans receivable | Commercial Loans | ||
Loans [Line Items] | ||
30-89 Days Past Due | 114 | 1,482 |
Past Due 90 Days or More Still Accruing | 11 | |
Nonaccrual | 7,188 | 5,438 |
Total Past Due | 7,302 | 6,931 |
Loans receivable | Factored receivables | ||
Loans [Line Items] | ||
30-89 Days Past Due | 7,202 | 3,836 |
Past Due 90 Days or More Still Accruing | 651 | 89 |
Total Past Due | 7,853 | 3,925 |
Loans receivable | Consumer | ||
Loans [Line Items] | ||
30-89 Days Past Due | 296 | 591 |
Past Due 90 Days or More Still Accruing | 2 | |
Total Past Due | $296 | $593 |
Loans_and_Allowance_for_Loan_a9
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | |||
Loans | $1,005,878 | $881,099 | $211,249 |
Loans receivable | |||
Loans [Line Items] | |||
Loans | 1,005,878 | 881,099 | |
Commercial real estate | Loans receivable | |||
Loans [Line Items] | |||
Loans | 249,164 | 331,462 | |
Construction, land development, land | Loans receivable | |||
Loans [Line Items] | |||
Loans | 42,914 | 37,626 | |
1-4 family residential properties | Loans receivable | |||
Loans [Line Items] | |||
Loans | 78,738 | 91,301 | |
Farmland | Loans receivable | |||
Loans [Line Items] | |||
Loans | 22,496 | 20,294 | |
Commercial Loans | Loans receivable | |||
Loans [Line Items] | |||
Loans | 364,567 | 255,655 | |
Factored receivables | Loans receivable | |||
Loans [Line Items] | |||
Loans | 180,910 | 117,370 | |
Consumer | Loans receivable | |||
Loans [Line Items] | |||
Loans | 11,941 | 13,878 | |
Mortgage warehouse | Loans receivable | |||
Loans [Line Items] | |||
Loans | 55,148 | 13,513 | |
Pass | Loans receivable | |||
Loans [Line Items] | |||
Loans | 965,597 | 844,274 | |
Pass | Commercial real estate | Loans receivable | |||
Loans [Line Items] | |||
Loans | 231,627 | 308,077 | |
Pass | Construction, land development, land | Loans receivable | |||
Loans [Line Items] | |||
Loans | 41,431 | 35,585 | |
Pass | 1-4 family residential properties | Loans receivable | |||
Loans [Line Items] | |||
Loans | 75,781 | 88,379 | |
Pass | Farmland | Loans receivable | |||
Loans [Line Items] | |||
Loans | 22,496 | 20,294 | |
Pass | Commercial Loans | Loans receivable | |||
Loans [Line Items] | |||
Loans | 347,534 | 247,941 | |
Pass | Factored receivables | Loans receivable | |||
Loans [Line Items] | |||
Loans | 179,639 | 116,607 | |
Pass | Consumer | Loans receivable | |||
Loans [Line Items] | |||
Loans | 11,941 | 13,878 | |
Pass | Mortgage warehouse | Loans receivable | |||
Loans [Line Items] | |||
Loans | 55,148 | 13,513 | |
Special Mention | Loans receivable | |||
Loans [Line Items] | |||
Loans | 4,856 | 557 | |
Special Mention | Commercial real estate | Loans receivable | |||
Loans [Line Items] | |||
Loans | 2,344 | 557 | |
Special Mention | 1-4 family residential properties | Loans receivable | |||
Loans [Line Items] | |||
Loans | 77 | ||
Special Mention | Commercial Loans | Loans receivable | |||
Loans [Line Items] | |||
Loans | 2,435 | ||
Substandard | Loans receivable | |||
Loans [Line Items] | |||
Loans | 18,004 | 10,650 | |
Substandard | Commercial real estate | Loans receivable | |||
Loans [Line Items] | |||
Loans | 6,603 | 4,180 | |
Substandard | 1-4 family residential properties | Loans receivable | |||
Loans [Line Items] | |||
Loans | 810 | 450 | |
Substandard | Commercial Loans | Loans receivable | |||
Loans [Line Items] | |||
Loans | 10,241 | 5,684 | |
Substandard | Factored receivables | Loans receivable | |||
Loans [Line Items] | |||
Loans | 350 | 336 | |
Doubtful | Loans receivable | |||
Loans [Line Items] | |||
Loans | 921 | 427 | |
Doubtful | Factored receivables | Loans receivable | |||
Loans [Line Items] | |||
Loans | 921 | 427 | |
PCI Loans | Loans receivable | |||
Loans [Line Items] | |||
Loans | 16,500 | 25,191 | |
PCI Loans | Commercial real estate | Loans receivable | |||
Loans [Line Items] | |||
Loans | 8,590 | 18,648 | |
PCI Loans | Construction, land development, land | Loans receivable | |||
Loans [Line Items] | |||
Loans | 1,483 | 2,041 | |
PCI Loans | 1-4 family residential properties | Loans receivable | |||
Loans [Line Items] | |||
Loans | 2,070 | 2,472 | |
PCI Loans | Commercial Loans | Loans receivable | |||
Loans [Line Items] | |||
Loans | $4,357 | $2,030 |
Recovered_Sheet1
Loans and Allowance for Loan and Lease Losses - Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $29,750 | $38,379 |
Gross carrying amount included in loans receivable | 16,500 | 25,191 |
Loans receivable | Commercial Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 23,457 | 35,584 |
Loans receivable | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $6,293 | $2,795 |
Recovered_Sheet2
Loans and Allowance for Loan and Lease Losses - Schedule of Changes in Accretable Yield for the PCI Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretable yield, beginning balance | $4,587 | $4,244 | $1,627 |
Additions | 482 | 1,717 | |
Accretion | -4,276 | -2,812 | -2,124 |
Reclassification from nonaccretable to accretable yield | 4,677 | 1,461 | 5,129 |
Disposals | -493 | -23 | -388 |
Accretable yield, ending balance | $4,977 | $4,587 | $4,244 |
Other_Real_Estate_Owned_Schedu
Other Real Estate Owned - Schedule of Other Real Estate Owned Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate [Abstract] | |||
Beginning balance | $13,783 | $4,749 | |
Acquired through business acquisition | 11,285 | ||
Loans transferred to OREO | 543 | 1,532 | 3,206 |
Net realized gains (losses) and valuation adjustments on OREO | -582 | 154 | 1,379 |
Sales of OREO | -5,321 | -3,937 | |
Ending balance | $8,423 | $13,783 | $4,749 |
Other_Real_Estate_Owned_Schedu1
Other Real Estate Owned - Schedule of Operating Expenses Related to OREO (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate And Foreclosed Assets [Abstract] | |||
Net realized gains (losses) and valuation adjustments on OREO | ($582) | $154 | $1,379 |
Carrying costs for OREO | -373 | -233 | -240 |
OREO foreclosed, income (loss) | ($955) | ($79) | $1,139 |
Other_Real_Estate_Owned_Additi
Other Real Estate Owned - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate [Abstract] | |||
Rental income | $170 | $166 | $145 |
Premises_and_Equipment_Schedul
Premises and Equipment - Schedule of Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $25,264 | $25,132 |
Accumulated depreciation | -3,331 | -1,788 |
Premises and equipment, net | 21,933 | 23,344 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,783 | 5,511 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 11,041 | 12,911 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,000 | 2,452 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $5,440 | $4,258 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Depreciation | $1,946 | $786 | $568 |
Rent expense | $1,771 | $963 | $690 |
Premises_and_Equipment_Schedul1
Premises and Equipment - Schedule of Operating Leases Rent Commitments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $1,683 |
2016 | 1,727 |
2017 | 1,670 |
2018 | 1,531 |
2019 | 1,197 |
Thereafter | 1,596 |
Operating leases, total | $9,404 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $15,968 | $14,047 | ||
Core deposit intangibles | 11,218 | 14,471 | ||
Other intangible assets | 1,871 | |||
Goodwill and intangible assets, net | $29,057 | $28,518 | $14,047 | $5,201 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets by Operating Segment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Goodwill and intangible assets, beginning | $28,518 | $14,047 | $5,201 | |
Acquired goodwill | 1,921 | 8,846 | ||
Acquired intangibles | 2,055 | 15,091 | 948 | |
Divestiture | -514 | |||
Amortization of intangibles | -2,923 | -620 | -948 | |
Goodwill and intangible assets, ending | 29,057 | 28,518 | 14,047 | |
Factoring | ||||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Goodwill and intangible assets, beginning | 8,846 | |||
Acquired goodwill | 8,846 | |||
Acquired intangibles | 26 | 948 | ||
Amortization of intangibles | -2 | -948 | ||
Goodwill and intangible assets, ending | 8,870 | 8,846 | ||
Banking | ||||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Goodwill and intangible assets, beginning | 19,672 | 5,201 | 5,201 | |
Acquired goodwill | 1,921 | |||
Acquired intangibles | 2,029 | 15,091 | ||
Divestiture | -514 | |||
Amortization of intangibles | -2,921 | -620 | ||
Goodwill and intangible assets, ending | $20,187 | $19,672 | $5,201 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Goodwill and intangible assets, net | $29,057 | $28,518 | $14,047 | $5,201 |
Goodwill and intangible asset impairment | 0 | |||
Finite lived intangible assets, Amortization period | 10 years | |||
Corporate Operating Segment | ||||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Goodwill and intangible assets, net | $0 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Schedule of Future Amortization Related to Company's Intangible Assets (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2015 | $2,708 |
2016 | 2,392 |
2017 | 2,076 |
2018 | 1,761 |
2019 | 1,445 |
Thereafter | 2,707 |
Net carrying amount | $13,089 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information - (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 25, 2014 | 1-May-14 | Aug. 04, 2014 |
Variable Interest Entity [Line Items] | ||||||
Asset management fees | $989 | |||||
Collateralized Loan Obligation Funds | ||||||
Variable Interest Entity [Line Items] | ||||||
Asset management fees | 989 | 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 | $2,450 | $27,550 |
Deposits_Summary_of_Deposits_D
Deposits - Summary of Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest bearing demand | $179,848 | $150,238 |
Interest bearing demand | 236,525 | 199,826 |
Individual retirement accounts | 55,034 | 54,512 |
Money market | 117,514 | 157,406 |
Savings | 70,407 | 69,336 |
Certificates of deposit | 455,901 | 354,940 |
Brokered deposits | 50,000 | 58,596 |
Total deposits | $1,165,229 | $1,044,854 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Time Deposits, Including Certificates of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
Within one year | $320,449 |
After one but within two years | 167,878 |
After two but within three years | 49,255 |
After three but within four years | 11,687 |
After four but within five years | 11,666 |
Total | $560,935 |
Deposits_Additional_Informatio
Deposits - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Time deposits | $66,366 | $93,552 |
Borrowings_and_Borrowing_Capac2
Borrowings and Borrowing Capacity - Schedule of Short-term Borrowings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
Average daily balance during the year | $40,346 | $12,297 |
Average interest rate during the year | 0.14% | 0.14% |
Maximum month-end balance during the year | $85,313 | $42,639 |
Weighted average interest rate | 0.05% | 0.06% |
Borrowings_and_Borrowing_Capac3
Borrowings and Borrowing Capacity - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Nov. 13, 2014 | Dec. 31, 2013 | Oct. 15, 2013 | |
Debt Instrument [Line Items] | ||||
Customer repurchase agreements | $14,900,000 | $11,330,000 | ||
Federal funds purchased | 0 | 0 | ||
Senior secured note | 12,573,000 | |||
Debt instrument, Frequency of periodic payment | Quarterly | |||
Junior subordinated debentures | 24,423,000 | 24,171,000 | ||
NBI Acquisition | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures, face value outstanding | 32,990,000 | |||
Junior subordinated debentures, fair value | 24,120,000 | 24,120,000 | ||
Senior Secured Note | ||||
Debt Instrument [Line Items] | ||||
Senior secured note | 12,573,000 | |||
Debt instrument quarterly principal payment | 314,000 | |||
Maturity date | 15-Oct-18 | |||
Debt instrument interest rate | 4.50% | |||
Senior secured note principal amount | 11,300,000 | |||
Percentage of prepayment penalty | 1.00% | |||
Prepayment penalty | 113,000 | |||
Accrued but unpaid interest | 41,000 | |||
Minimum | Senior Secured Note | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 4.50% | |||
TSB | ||||
Debt Instrument [Line Items] | ||||
Unsecured federal funds line of credit | 24,500,000 | |||
TCB | ||||
Debt Instrument [Line Items] | ||||
Unsecured federal funds line of credit | 75,000,000 | |||
National Bancshares Capital Trusts II and III | ||||
Debt Instrument [Line Items] | ||||
Investments in nonconsolidated subsidiaries, percentage | 100.00% | |||
National Bancshares Capital Trusts II | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | 15,464,000 | |||
Obligated capital securities | 15,000,000 | |||
National Bancshares Capital Trusts II | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 3.00% | |||
Maturity date | 15-Sep-33 | |||
Description of variable rate basis | three-month LIBOR | |||
Effective interest rate | 3.24% | 3.24% | ||
National Bancshares Capital Trusts III | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | 17,526,000 | |||
Obligated capital securities | $17,000,000 | |||
National Bancshares Capital Trusts III | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.64% | |||
Maturity date | 7-Jul-36 | |||
Description of variable rate basis | three-month LIBOR | |||
Effective interest rate | 1.87% | 1.88% | ||
Securities Sold Under Agreements to Repurchase | ||||
Debt Instrument [Line Items] | ||||
Securities maturity term | 1 year | |||
FHLB Advances | ||||
Debt Instrument [Line Items] | ||||
Securities maturity term | 1 month |
Borrowings_and_Borrowing_Capac4
Borrowings and Borrowing Capacity - Summary of Customer Repurchase Agreements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short Term Debt [Line Items] | ||
Customer repurchase agreements | $9,282 | $11,330 |
Sweep Repurchase Agreements | ||
Short Term Debt [Line Items] | ||
Customer repurchase agreements | 8,959 | 10,006 |
Term Repurchase Agreements | ||
Short Term Debt [Line Items] | ||
Customer repurchase agreements | $323 | $1,324 |
Borrowings_and_Borrowing_Capac5
Borrowings and Borrowing Capacity - Schedule of FHLB Advances (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line Of Credit Facility [Line Items] | ||
Federal Home Loan Bank advances | $3,000 | $21,000 |
TCB and TSB | ||
Line Of Credit Facility [Line Items] | ||
FHLB Advances, Borrowing capacity | 107,361 | 131,300 |
Federal Home Loan Bank advances | 3,000 | 21,000 |
FHLB Advances, Unused borrowing capacity | $104,361 | $110,300 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation And Retirement Disclosure [Abstract] | |||
Employee contribution to benefit plan | 15.00% | ||
Employer contribution towards compensation | 100.00% | ||
Compensation contributed percentage | 4.00% | ||
Compensation expenses | $925 | $482 | $175 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax expense (benefit): | |||||||||||
Current | $6,005 | $242 | $132 | ||||||||
Deferred | 4,814 | 1,884 | 1,846 | ||||||||
Change in valuation allowance for deferred tax asset | -441 | 7 | -7,372 | ||||||||
Income tax expense (benefit) | $747 | $6,089 | $1,626 | $1,916 | $1,449 | $211 | $356 | $117 | $10,378 | $2,133 | ($5,394) |
Income_Taxes_Summary_of_Effect
Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Tax provision computed at federal statutory rate | $10,436 | $5,290 | $1,931 | ||||||||
State taxes, net | 1,160 | 148 | 85 | ||||||||
Change in effective tax rate | -528 | ||||||||||
Bargain purchase gain | -3,065 | ||||||||||
Transaction costs | 259 | ||||||||||
Noncontrolling interest in subsidiary | -22 | -215 | |||||||||
Bank-owned life insurance | -165 | -40 | |||||||||
Tax exempt interest | -189 | -42 | |||||||||
Change in valuation allowance for deferred tax asset | -441 | 7 | -7,372 | ||||||||
Other | 127 | -209 | -38 | ||||||||
Income tax expense (benefit) | $747 | $6,089 | $1,626 | $1,916 | $1,449 | $211 | $356 | $117 | $10,378 | $2,133 | ($5,394) |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ||
Capital loss carryforwards | $379 | |
Acquired loan basis | 5,422 | 8,876 |
Other real estate owned | 1,543 | 1,684 |
AMT credit carryforward | 1,634 | 1,768 |
Acquired deposit basis | 158 | 633 |
Allowance for loan losses | 3,081 | 564 |
Other | 587 | 2,595 |
Total deferred tax assets | 26,291 | 31,906 |
Deferred tax liabilities | ||
Goodwill and intangible assets | 4,025 | 5,135 |
Fair value adjustment on junior subordinated debentures | 3,182 | 3,451 |
Unrealized gain on securities available for sale | 534 | 56 |
Other | 1,436 | 858 |
Total deferred tax liabilities | 9,177 | 9,500 |
Net deferred tax asset before valuation allowance | 17,114 | 22,406 |
Valuation allowance | -1,158 | -1,599 |
Net deferred tax asset | 15,956 | 20,807 |
Federal | ||
Deferred tax assets | ||
Net operating loss carryforwards | 11,570 | 12,596 |
State | ||
Deferred tax assets | ||
Net operating loss carryforwards | $2,296 | $2,811 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Tax credit carryforwards, annual limitation on use amount | 3,696,000 | |
Uncertain tax position | 0 | 0 |
EJ Acquisition | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards, annual limitation on use amount | 341,000 | |
NBI Acquisition | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards, annual limitation on use amount | 2,040,000 | |
Federal | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | 33,444,000 | 37,048,000 |
Federal | Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, expiration year | 2029 | 2029 |
State | Illinois | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | 17,477,000 | 22,141,000 |
State | Iowa | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | 32,812,000 | 33,189,000 |
State | Wisconsin | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | 2,645,000 | 2,799,000 |
State | Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, expiration year | 2021 | 2021 |
State | Latest Tax Year | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, expiration year | 2034 | 2034 |
OffBalance_Sheet_Loan_Commitme2
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 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 | $1,840 | $2,147 |
Financial instruments, off balance sheet risk, variable rate | 1,915 | 1,897 |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 5,192 | 7,437 |
Financial instruments, off balance sheet risk, variable rate | 14,600 | 4,823 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 30,369 | 33,470 |
Financial instruments, off balance sheet risk, variable rate | $197,594 | $104,896 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | ||
Real estate selling and closing costs as a percentage of appraised value | 5.00% | ||
Level 3 | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | ||
Real estate selling and closing costs as a percentage of appraised value | 8.00% | ||
Level 3 | Fair Value, Measurements, Recurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | ||
State and Municipal | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 3,269 | $3,582 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 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 | $3,288 | $5,393 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 162,024 | 184,654 |
Loans held for sale | 3,288 | 5,393 |
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 | 93,841 | 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 | 28,878 | 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 | 18,598 | 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 | 6,861 | 9,005 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 13,636 | 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 | 210 | 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 | |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 158,755 | 181,072 |
Loans held for sale | 3,288 | 5,393 |
Level 2 | 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 | 93,841 | 95,834 |
Level 2 | 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 | 28,878 | 36,285 |
Level 2 | 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 | 18,598 | 18,839 |
Level 2 | 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 | 3,592 | 5,423 |
Level 2 | Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 13,636 | 20,843 |
Level 2 | 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 | 210 | 248 |
Level 2 | 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 | |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,269 | 3,582 |
Level 3 | 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 | $3,269 | $3,582 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | $5,114 | $1,671 |
Provision recorded for loans classified as impaired | 1,296 | 14 |
Valuation adjustments recorded on other real estate owned | 671 | 144 |
1-4 Family Residential Properties [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 97 | 367 |
Commercial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 2,163 | 653 |
Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 1,487 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 5,114 | 1,671 |
Level 3 | 1-4 Family Residential Properties [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 97 | 367 |
Level 3 | Commercial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 2,163 | 653 |
Level 3 | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 1,487 | |
Impaired Loans | 1-4 Family Residential Properties [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 106 | |
Impaired Loans | Commercial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 1,129 | 200 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 238 | 345 |
Impaired Loans | Level 3 | 1-4 Family Residential Properties [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 106 | |
Impaired Loans | Level 3 | Commercial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | 1,129 | 200 |
Impaired Loans | Level 3 | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Fair Value Disclosure Nonrecurring | $238 | $345 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents, Carrying Amount | $160,888 | $85,797 | $15,784 | $57,396 |
Held to maturity securities, Amortized Cost | 745 | 743 | ||
Loans not previously presented, net, Carrying Amount | 997,035 | 877,454 | ||
FHLB and Federal Reserve Bank stock, Carrying Amount | 4,903 | 5,802 | ||
Cash and cash equivalents, Fair Value | 160,888 | 85,797 | ||
Securities - Held to maturity, Fair value | 750 | 745 | ||
Loans not previously presented, net, Fair Value | 1,001,548 | 884,307 | ||
Accrued interest receivable, Fair Value | 3,727 | 3,748 | ||
Financial liabilities: | ||||
Deposits, Carrying Amount | 1,165,229 | 1,044,854 | ||
Customer repurchase agreements, Carrying Amount | 9,282 | 11,330 | ||
Federal Home Loan Bank advances, Carrying Amount | 3,000 | 21,000 | ||
Senior secured note, Carrying Amount | 12,573 | |||
Junior subordinated debentures, Carrying Amount | 24,423 | 24,171 | ||
Deposits, Fair Value | 1,167,479 | 1,046,226 | ||
Customer repurchase agreements, Fair Value | 9,282 | 11,330 | ||
Federal Home Loan Bank advances, Fair Value | 3,000 | 21,000 | ||
Senior secured note, Fair Value | 12,379 | |||
Junior subordinated debentures, Fair Value | 24,423 | 24,171 | ||
Accrued interest payable, Fair Value | 971 | 2,426 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 160,888 | 85,797 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 750 | 745 | ||
Accrued interest receivable, Fair Value | 3,727 | 3,748 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,167,479 | 1,046,226 | ||
Customer repurchase agreements, Fair Value | 9,282 | 11,330 | ||
Federal Home Loan Bank advances, Fair Value | 3,000 | 21,000 | ||
Senior secured note, Fair Value | 12,379 | |||
Junior subordinated debentures, Fair Value | 24,423 | 24,171 | ||
Accrued interest payable, Fair Value | 971 | 2,426 | ||
Level 3 | ||||
Financial assets: | ||||
Loans not previously presented, net, Fair Value | 1,001,548 | 883,656 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents, Carrying Amount | 160,888 | 85,797 | ||
Held to maturity securities, Amortized Cost | 745 | 743 | ||
Loans not previously presented, net, Carrying Amount | 995,668 | 876,803 | ||
FHLB and Federal Reserve Bank stock, Carrying Amount | 4,903 | 5,802 | ||
Accrued interest receivable, Carrying Amount | 3,727 | 3,748 | ||
Financial liabilities: | ||||
Deposits, Carrying Amount | 1,165,229 | 1,044,854 | ||
Customer repurchase agreements, Carrying Amount | 9,282 | 11,330 | ||
Federal Home Loan Bank advances, Carrying Amount | 3,000 | 21,000 | ||
Senior secured note, Carrying Amount | 12,573 | |||
Junior subordinated debentures, Carrying Amount | 24,423 | 24,171 | ||
Accrued interest payable, Carrying Amount | $971 | $2,426 |
RelatedParty_Transactions_Sche
Related-Party Transactions - Schedule of Loans to Principal Officers, Directors, and their Affiliates (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ||
Beginning balance | $18,247 | |
Acquired in acquisition | 17,112 | |
New loans and advances | 79,429 | 9,459 |
Effect of changes in composition of related parties | 8,298 | |
Repayments | -69,327 | -8,324 |
Ending balance | $36,647 | $18,247 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Abstract] | ||
Amount of deposits held | $13,484 | $5,743 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Details) (USD $) | Dec. 31, 2009 | Dec. 31, 2014 |
Maximum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital Adequacy, Amount | $15,000,000,000 | |
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 | ||
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 $) | Dec. 31, 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 | $229,509 | $145,722 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 20.40% | 14.50% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 90,213 | 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 | 220,550 | 142,077 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 19.60% | 14.10% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 45,107 | 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 | 220,550 | 142,077 |
Tier 1 Capital (to Average Assets) Actual Ratio | 15.90% | 12.90% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 55,412 | 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 | 56,013 | 50,985 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 16.50% | 16.40% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 27,118 | 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 | 33,898 | 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 | 52,020 | 48,064 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 15.30% | 15.50% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 13,559 | 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 | 20,339 | 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 | 52,020 | 48,064 |
Tier 1 Capital (to Average Assets) Actual Ratio | 13.00% | 13.60% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 15,982 | 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 | 19,978 | 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 | 117,254 | 89,690 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.00% | 13.00% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 62,547 | 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 | 78,184 | 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 | 112,289 | 88,921 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.40% | 12.90% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 31,273 | 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 | 46,910 | 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 | 112,289 | 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 | 37,812 | 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 | $47,265 | $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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 17,974,767 | 9,832,585 |
Number of shares outstanding | 17,963,783 | 9,832,585 |
Par value per share | $0.01 | $0.01 |
Number of shares outstanding, treasury stock | 10,984 | |
Preferred Stock - Series A | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000 | 50,000 |
Number of shares issued | 45,500 | 45,500 |
Number of shares outstanding | 45,500 | 45,500 |
Par value per share | $0.01 | $0.01 |
Liquidation preference per share | $100 | $100 |
Series B Preferred Stock | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 115,000 | 115,000 |
Number of shares issued | 51,956 | 51,956 |
Number of shares outstanding | 51,956 | 51,956 |
Par value per share | $0.01 | $0.01 |
Liquidation preference per share | $100 | $100 |
Equity_and_Noncontrolling_Inte3
Equity and Noncontrolling Interests - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2014 | Nov. 13, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2009 | Dec. 31, 2011 | Jun. 15, 2014 | |
Class Of Stock [Line Items] | ||||||||||||||||
Par value per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | |||||||||||
Common stock, issued additional | $12 | |||||||||||||||
Gross proceeds from initial public offering | $92,460,000 | $83,767,000 | ||||||||||||||
Net proceeds after underwriting discounts and offering expenses | 83,767,000 | |||||||||||||||
Common stock outstanding | 252,256 | 252,256 | 252,256 | |||||||||||||
Exercise price of warrants, per share | $11.58 | |||||||||||||||
Maximum time to receive shares at special events | 30 days | |||||||||||||||
Company’s redemption rights modified date | 15-Oct-18 | |||||||||||||||
Federal bank regulatory effective date | 1-Jan-15 | |||||||||||||||
Dividend rate - floor | 8.00% | |||||||||||||||
Stockholders equity noncontrolling interest | 237,509,000 | 237,509,000 | 160,597,000 | 237,509,000 | 160,597,000 | 63,474,000 | 40,279,000 | |||||||||
Stock issuance, net of costs | 6,000 | 42,402,000 | 1,000,000 | |||||||||||||
Total unpaid dividend of NBI | 197,000 | 195,000 | 196,000 | 192,000 | 179,000 | 95,000 | 91,000 | 356,000 | 780,000 | 721,000 | ||||||
Preferred stock redemption value | 26,200,000 | |||||||||||||||
NBI Acquisition | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Total unpaid dividend of NBI | 4,343,000 | |||||||||||||||
Common Stock | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock issuance, net of cost (in shares) | 444 | 3,672,115 | 86,356 | |||||||||||||
Exchange offer (in shares) | 545,069 | |||||||||||||||
Stockholders equity noncontrolling interest | 180,000 | 180,000 | 98,000 | 180,000 | 98,000 | 46,000 | 1,000 | |||||||||
Stock issuance, net of costs | 37,000 | 1,000 | ||||||||||||||
Noncontrolling Interest | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stockholders equity noncontrolling interest | 26,997,000 | 26,997,000 | 6,962,000 | |||||||||||||
Series T-1 | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Dividend rate - floor | 5.00% | |||||||||||||||
Number of shares issued | 24,664 | |||||||||||||||
Liquidation preference per share | $1,000 | |||||||||||||||
Stock issuance, net of costs | 24,664,000 | |||||||||||||||
Series T-2 | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Number of shares issued | 1,233 | |||||||||||||||
Preferred Stock - Series A | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Dividend rate | Prime + 2% | Prime + 2% | ||||||||||||||
Dividend rate | 8.00% | 8.00% | ||||||||||||||
Conversion ratio - preferred to common | 6.94% | |||||||||||||||
Exchange offer (in shares) | -4,500 | |||||||||||||||
Stockholders equity noncontrolling interest | 4,550,000 | 4,550,000 | 4,550,000 | 4,550,000 | 4,550,000 | 5,000,000 | ||||||||||
Number of shares issued | 45,500 | 45,500 | 45,500 | 45,500 | 45,500 | |||||||||||
Liquidation preference per share | $100 | $100 | $100 | $100 | $100 | |||||||||||
Series B Preferred Stock | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Dividend rate | 8.00% | 8.00% | ||||||||||||||
Conversion ratio - preferred to common | 6.94% | |||||||||||||||
Stockholders equity noncontrolling interest | 5,196,000 | 5,196,000 | 5,196,000 | 5,196,000 | 5,196,000 | |||||||||||
Number of shares issued | 51,956 | 51,956 | 51,956 | 51,956 | 51,956 | |||||||||||
Liquidation preference per share | $100 | $100 | $100 | $100 | $100 | |||||||||||
Class B Units | Noncontrolling Interest | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stockholders equity noncontrolling interest | 1,100,000 | 1,100,000 | ||||||||||||||
Class B Units | Triumph Commercial Finance Llc | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exchange offer (in shares) | 58,620 | |||||||||||||||
Dividend rate - floor | 8.00% | |||||||||||||||
Preferred stock, dividend payment rate, variable | 2.00% | |||||||||||||||
Redeemable noncontrolling interest, units outstanding (in Shares) | 11,000 | 11,000 | ||||||||||||||
Preferred stock, liquidation preference, value | 100 | 100 | ||||||||||||||
Redemption of non cumulative non-voting shares | 11,000 | |||||||||||||||
Redemption price per share | $102 | |||||||||||||||
Stock issuance, net of costs | 3,750,000 | |||||||||||||||
Total unpaid dividend of NBI | 63,000 | 209,000 | ||||||||||||||
Class B Units | Triumph Commercial Finance Llc | Noncontrolling Interest | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock issuance, net of costs | 3,750,000 | |||||||||||||||
Series T-1 and T-2 | Noncontrolling Interest | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stockholders equity noncontrolling interest | 25,897,000 | 25,897,000 | ||||||||||||||
NBI Senior Preferred Stock | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Liquidation preference per share | $1,000 | |||||||||||||||
NBI Senior Preferred Stock | Series T-2 | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Dividend rate - floor | 9.00% | |||||||||||||||
Stock issuance, net of costs | 1,233,000 | |||||||||||||||
Warrant | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Warrants issued to Triumph Consolidated Cos LLC | 259,067 | |||||||||||||||
IPO | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock issuance, net of cost (in shares) | 6,700,000 | |||||||||||||||
Par value per share | $0.01 | |||||||||||||||
Common stock, issued additional | $12 | |||||||||||||||
Gross proceeds from initial public offering | 80,400,000 | |||||||||||||||
Stock issuance, net of costs | 83,767,000 | |||||||||||||||
IPO | Common Stock | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock issuance, net of cost (in shares) | 7,705,000 | |||||||||||||||
Stock issuance, net of costs | 77,000 | |||||||||||||||
Overallotment | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock issuance, net of cost (in shares) | 1,005,000 | |||||||||||||||
Gross proceeds from initial public offering | $12,060,000 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation expense | $2,690,000 | $129,000 | $0 |
Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate number of common stock available for issuance | 1,200,000 | ||
Restricted Stock | Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested, Granted | 378,343 | ||
RSAs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested, Granted | 378,343 | ||
RSAs | Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $3,479,000 | ||
Weighted-average period to recognize cost | 2 years | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested, Granted | 32,275 | 26,120 | |
Shares approved for issuance | 750,000 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Changes in Nonvested RSAs (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Ending balance | 252,256 |
RSAs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Granted | 378,343 |
Nonvested, Vested | -126,087 |
Nonvested, Ending balance | 252,256 |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | $14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | $14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $14.71 |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Changes in Nonvested RSUs (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Ending balance | 252,256 | |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 26,120 | |
Nonvested, Granted | 32,275 | 26,120 |
Nonvested, Vested | -58,395 | |
Nonvested, Ending balance | 26,120 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $10.77 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | $14.08 | $10.77 |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | $12.60 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $10.77 |
Parent_Company_Only_Condensed_2
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $160,888 | $85,797 | $15,784 | $57,396 |
Other assets | 14,563 | 13,390 | ||
Total assets | 1,447,898 | 1,288,239 | 301,462 | |
LIABILITIES AND EQUITY | ||||
Senior secured note | 12,573 | |||
Total liabilities | 1,210,389 | 1,127,642 | ||
Stockholders' equity | 237,509 | 133,600 | ||
Noncontrolling interests | 26,997 | |||
Total liabilities and equity | 1,447,898 | 1,288,239 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 52,553 | 23,009 | 2,551 | 29 |
Investment in subsidiaries | 181,133 | 148,675 | ||
Other assets | 3,994 | 4,751 | ||
Total assets | 237,680 | 176,435 | ||
LIABILITIES AND EQUITY | ||||
Senior secured note | 12,573 | |||
Accrued expenses and other liabilities | 171 | 3,265 | ||
Total liabilities | 171 | 15,838 | ||
Stockholders' equity | 237,509 | 133,600 | ||
Noncontrolling interests | 26,997 | |||
Total liabilities and equity | $237,680 | $176,435 |
Parent_Company_Only_Condensed_3
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest income | $23,280 | $22,118 | $21,453 | $20,379 | $18,842 | $9,021 | $7,946 | $6,821 | $87,230 | $42,630 | $26,952 |
Interest expense | -1,951 | -1,723 | -1,572 | -1,524 | -1,484 | -893 | -803 | -767 | -6,770 | -3,947 | -3,715 |
Bargain purchase gain | 9,014 | 9,014 | |||||||||
Other expense | -7,343 | -3,616 | -1,667 | ||||||||
Net income before income tax | 3,554 | 16,363 | 4,607 | 5,643 | 13,166 | 563 | 1,058 | 773 | 30,167 | 15,560 | 5,680 |
Income tax benefit | -747 | -6,089 | -1,626 | -1,916 | -1,449 | -211 | -356 | -117 | -10,378 | -2,133 | 5,394 |
Net income attributable to Triumph Bancorp, Inc. | 17,729 | 12,560 | 10,081 | ||||||||
Income attributable to noncontrolling interests | -589 | -584 | -500 | -387 | -220 | -21 | -29 | -597 | |||
Dividends on preferred stock | -197 | -195 | -196 | -192 | -179 | -95 | -91 | -356 | -780 | -721 | |
Net income available to common stockholders | 2,021 | 9,495 | 2,285 | 3,148 | 11,318 | 236 | 582 | -297 | 16,949 | 11,839 | 10,081 |
Comprehensive income attributable to Parent | 18,547 | 12,237 | 10,233 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest income | 75 | 58 | 8 | ||||||||
Interest expense | -584 | -123 | |||||||||
Bargain purchase gain | 9,014 | ||||||||||
Other income | 545 | ||||||||||
Other expense | -4,699 | -4,262 | -412 | ||||||||
Net income before income tax | -4,663 | 4,687 | -404 | ||||||||
Income tax benefit | 2,015 | 1,360 | 262 | ||||||||
Equity in undistributed subsidiary income | 22,437 | 7,380 | 11,216 | ||||||||
Net income attributable to Triumph Bancorp, Inc. | 19,789 | 13,427 | 11,074 | ||||||||
Income attributable to noncontrolling interests | -2,060 | -867 | -993 | ||||||||
Dividends on preferred stock | -780 | -721 | |||||||||
Net income available to common stockholders | 16,949 | 11,839 | 10,081 | ||||||||
Comprehensive income attributable to Parent | $18,547 | $12,237 | $10,233 |
Parent_Company_Only_Condensed_4
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $19,789 | $13,427 | $11,074 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Bargain purchase gain | -9,014 | ||
(Increase) decrease in other assets | -1,670 | 13,455 | -1,224 |
Net cash provided by operating activities | 20,080 | 10,866 | 4,302 |
Cash flows from investing activities: | |||
Net cash used in investing activities | -122,492 | -5,560 | -42,373 |
Cash flows from financing activities: | |||
Issuance of senior secured note | 12,573 | ||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | ||
Issuance of common stock | 43 | 42,402 | 1,000 |
Exchange offer | -461 | ||
Issuance of preferred stock | 5,000 | ||
Distributions on noncontrolling interest and preferred stock | -3,037 | -1,060 | -993 |
Repayment of senior secured note | -12,573 | -11,858 | |
Purchase of Treasury Stock | -161 | ||
Net cash provided by (used in) financing activities | 177,503 | 64,707 | -3,541 |
Net increase (decrease) in cash and cash equivalents | 75,091 | 70,013 | -41,612 |
Cash and cash equivalents at beginning of period | 85,797 | 15,784 | 57,396 |
Cash and cash equivalents at end of period | 160,888 | 85,797 | 15,784 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 19,789 | 13,427 | 11,074 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed subsidiary income | -22,437 | -7,380 | -11,216 |
Bargain purchase gain | -9,014 | ||
(Increase) decrease in other assets | 757 | -4,310 | -441 |
Change in accrued expenses and other liabilities | -3,094 | 3,119 | 142 |
Net cash provided by operating activities | -4,985 | -4,158 | -441 |
Cash flows from investing activities: | |||
Investment in subsidiaries | -6,513 | -13,984 | -9,006 |
Cash used in acquisition of subsidiaries | -15,277 | ||
Net cash used in investing activities | -6,513 | -29,261 | -9,006 |
Cash flows from financing activities: | |||
Issuance of senior secured note | 12,573 | ||
Noncontrolling interests issuances, net | 6,962 | ||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | ||
Issuance of common stock | 43 | 42,402 | 1,000 |
Exchange offer | -38 | ||
Issuance of preferred stock | 5,000 | ||
Distributions on noncontrolling interest and preferred stock | -3,037 | -1,060 | -993 |
Repayment of senior secured note | -12,573 | ||
Redemption of noncontrolling interests | -26,997 | ||
Purchase of Treasury Stock | -161 | ||
Net cash provided by (used in) financing activities | 41,042 | 53,877 | 11,969 |
Net increase (decrease) in cash and cash equivalents | 29,544 | 20,458 | 2,522 |
Cash and cash equivalents at beginning of period | 23,009 | 2,551 | 29 |
Cash and cash equivalents at end of period | $52,553 | $23,009 | $2,551 |
Earnings_Per_Share_Factors_Use
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic | |||||||||||
Net income to common stockholders | $2,021 | $9,495 | $2,285 | $3,148 | $11,318 | $236 | $582 | ($297) | $16,949 | $11,839 | $10,081 |
Weighted average common shares outstanding | 10,940,083 | 8,481,137 | 4,502,595 | ||||||||
Basic earnings per common share | $0.14 | $0.96 | $0.23 | $0.32 | $1.17 | $0.03 | $0.07 | ($0.04) | $1.55 | $1.40 | $2.24 |
Diluted | |||||||||||
Net income to common stockholders | 2,021 | 9,495 | 2,285 | 3,148 | 11,318 | 236 | 582 | -297 | 16,949 | 11,839 | 10,081 |
Dilutive effect of preferred stock | 780 | 167 | |||||||||
Net income to common stockholders - diluted | $17,729 | $12,006 | $10,081 | ||||||||
Weighted average common shares outstanding | 10,940,083 | 8,481,137 | 4,502,595 | ||||||||
Average shares and dilutive potential common shares | 11,672,780 | 8,629,611 | 4,502,595 | ||||||||
Dilutive earnings per common share | $0.14 | $0.91 | $0.23 | $0.32 | $1.12 | $0.03 | $0.07 | ($0.04) | $1.52 | $1.39 | $2.24 |
Preferred Stock - Series A | |||||||||||
Diluted | |||||||||||
Dilutive effects of assumed conversion of shares | 315,773 | 66,930 | |||||||||
Series B Preferred Stock | |||||||||||
Diluted | |||||||||||
Dilutive effects of assumed conversion of shares | 360,578 | 76,427 | |||||||||
Restricted Stock Units (RSUs) | |||||||||||
Diluted | |||||||||||
Dilutive effects of shares | 15,366 | 5,117 | |||||||||
Warrant | |||||||||||
Diluted | |||||||||||
Dilutive effects of shares | 40,980 | ||||||||||
Antidilutive shares | 259,067 | 259,067 |
Business_Segment_Information_B
Business Segment Information - Banking Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | $23,280 | $22,118 | $21,453 | $20,379 | $18,842 | $9,021 | $7,946 | $6,821 | $87,230 | $42,630 | $26,952 |
Total interest expense | 1,951 | 1,723 | 1,572 | 1,524 | 1,484 | 893 | 803 | 767 | 6,770 | 3,947 | 3,715 |
Net interest income | 21,329 | 20,395 | 19,881 | 18,855 | 17,358 | 8,128 | 7,143 | 6,054 | 80,460 | 38,683 | 23,237 |
Provision for loan losses | 1,811 | 1,375 | 1,747 | 925 | 1,057 | 1,735 | 241 | 379 | 5,858 | 3,412 | 1,739 |
Net interest income after provision for loan losses | 19,518 | 19,020 | 18,134 | 17,930 | 16,301 | 6,393 | 6,902 | 5,675 | 74,602 | 35,271 | 21,498 |
Gain on branch sale | 12,619 | 12,619 | |||||||||
Bargain purchase gain | 9,014 | 9,014 | |||||||||
Other noninterest income | 12,148 | 3,999 | |||||||||
Noninterest income | 3,721 | 15,804 | 2,633 | 2,609 | 11,522 | 717 | 329 | 445 | 24,767 | 13,013 | 2,661 |
Noninterest expense | 19,685 | 18,461 | 16,160 | 14,896 | 14,657 | 6,547 | 6,173 | 5,347 | 69,202 | 32,724 | 18,479 |
Net income before income tax | 3,554 | 16,363 | 4,607 | 5,643 | 13,166 | 563 | 1,058 | 773 | 30,167 | 15,560 | 5,680 |
Total assets | 1,447,898 | 1,288,239 | 1,447,898 | 1,288,239 | 301,462 | ||||||
Gross loans | 1,005,878 | 881,099 | 1,005,878 | 881,099 | 211,249 | ||||||
Operating Segments | Factoring | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 27,332 | 17,388 | 14,434 | ||||||||
Intersegment interest allocations | -3,562 | -2,155 | -1,596 | ||||||||
Total interest expense | 1 | 360 | |||||||||
Net interest income | 23,770 | 15,232 | 12,478 | ||||||||
Provision for loan losses | 1,792 | 881 | 1,334 | ||||||||
Net interest income after provision for loan losses | 21,978 | 14,351 | 11,144 | ||||||||
Other noninterest income | 1,589 | 1,042 | |||||||||
Noninterest income | 967 | ||||||||||
Intersegment expense allocations | 104 | 201 | |||||||||
Noninterest expense | 15,141 | 9,938 | 8,511 | ||||||||
Net income before income tax | 8,426 | 5,351 | 3,399 | ||||||||
Total assets | 180,527 | 122,279 | 180,527 | 122,279 | 85,974 | ||||||
Gross loans | 170,426 | 108,954 | 170,426 | 108,954 | 72,073 | ||||||
Operating Segments | Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 59,824 | 25,184 | 12,518 | ||||||||
Intersegment interest allocations | 3,562 | 2,155 | 1,596 | ||||||||
Total interest expense | 5,091 | 3,577 | 3,355 | ||||||||
Net interest income | 58,295 | 23,762 | 10,759 | ||||||||
Provision for loan losses | 4,066 | 2,531 | 405 | ||||||||
Net interest income after provision for loan losses | 54,229 | 21,231 | 10,354 | ||||||||
Gain on branch sale | 12,619 | ||||||||||
Other noninterest income | 8,898 | 2,674 | |||||||||
Noninterest income | 1,687 | ||||||||||
Intersegment expense allocations | -104 | -201 | |||||||||
Noninterest expense | 46,808 | 18,191 | 9,548 | ||||||||
Net income before income tax | 28,938 | 5,818 | 2,694 | ||||||||
Total assets | 1,201,940 | 1,129,962 | 1,201,940 | 1,129,962 | 215,225 | ||||||
Gross loans | 835,452 | 772,145 | 835,452 | 772,145 | 139,176 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 74 | 58 | |||||||||
Total interest expense | 1,679 | 369 | |||||||||
Net interest income | -1,605 | -311 | |||||||||
Net interest income after provision for loan losses | -1,605 | -311 | |||||||||
Bargain purchase gain | 9,014 | ||||||||||
Other noninterest income | 1,661 | 283 | |||||||||
Noninterest income | 7 | ||||||||||
Noninterest expense | 7,253 | 4,595 | 420 | ||||||||
Net income before income tax | -7,197 | 4,391 | -413 | ||||||||
Total assets | $65,431 | $35,998 | $65,431 | $35,998 | $263 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $23,280 | $22,118 | $21,453 | $20,379 | $18,842 | $9,021 | $7,946 | $6,821 | $87,230 | $42,630 | $26,952 |
Interest expense | 1,951 | 1,723 | 1,572 | 1,524 | 1,484 | 893 | 803 | 767 | 6,770 | 3,947 | 3,715 |
Net interest income | 21,329 | 20,395 | 19,881 | 18,855 | 17,358 | 8,128 | 7,143 | 6,054 | 80,460 | 38,683 | 23,237 |
Provision for loan losses | 1,811 | 1,375 | 1,747 | 925 | 1,057 | 1,735 | 241 | 379 | 5,858 | 3,412 | 1,739 |
Net interest income after provision for loan losses | 19,518 | 19,020 | 18,134 | 17,930 | 16,301 | 6,393 | 6,902 | 5,675 | 74,602 | 35,271 | 21,498 |
Gain on branch sale | 12,619 | 12,619 | |||||||||
Bargain purchase gain | 9,014 | 9,014 | |||||||||
Other noninterest income | 3,721 | 3,185 | 2,633 | 2,609 | 2,508 | 717 | 329 | 445 | 3,231 | 702 | 290 |
Total noninterest income | 3,721 | 15,804 | 2,633 | 2,609 | 11,522 | 717 | 329 | 445 | 24,767 | 13,013 | 2,661 |
Noninterest expense | 19,685 | 18,461 | 16,160 | 14,896 | 14,657 | 6,547 | 6,173 | 5,347 | 69,202 | 32,724 | 18,479 |
Net income before income tax | 3,554 | 16,363 | 4,607 | 5,643 | 13,166 | 563 | 1,058 | 773 | 30,167 | 15,560 | 5,680 |
Income tax expense | 747 | 6,089 | 1,626 | 1,916 | 1,449 | 211 | 356 | 117 | 10,378 | 2,133 | -5,394 |
Net income | 2,807 | 10,274 | 2,981 | 3,727 | 11,717 | 352 | 702 | 656 | 19,789 | 13,427 | 11,074 |
Income attributable to noncontrolling interests | -589 | -584 | -500 | -387 | -220 | -21 | -29 | -597 | |||
Dividends on preferred stock | -197 | -195 | -196 | -192 | -179 | -95 | -91 | -356 | -780 | -721 | |
Net income available to common stockholders | $2,021 | $9,495 | $2,285 | $3,148 | $11,318 | $236 | $582 | ($297) | $16,949 | $11,839 | $10,081 |
Earnings (loss) per common share | |||||||||||
Basic | $0.14 | $0.96 | $0.23 | $0.32 | $1.17 | $0.03 | $0.07 | ($0.04) | $1.55 | $1.40 | $2.24 |
Diluted | $0.14 | $0.91 | $0.23 | $0.32 | $1.12 | $0.03 | $0.07 | ($0.04) | $1.52 | $1.39 | $2.24 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (Subsequent Event, Doral Money, Inc, USD $) | 0 Months Ended |
Mar. 03, 2015 | |
Subsequent Event [Line Items] | |
Consideration paid | $33,300,000 |
Assets Under Management | |
Subsequent Event [Line Items] | |
Assets under management acquired | 703,000,000 |
Shared National Credit Portfolio | |
Subsequent Event [Line Items] | |
Assets under management acquired | $37,000,000 |