Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TBK | |
Entity Registrant Name | TRIUMPH BANCORP, INC. | |
Entity Central Index Key | 1539638 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,041,072 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $24,836 | $21,312 |
Interest bearing deposits with other banks | 153,606 | 139,576 |
Total cash and cash equivalents | 178,442 | 160,888 |
Securities - available for sale | 161,360 | 162,024 |
Securities - held to maturity, fair value of $750 and $750, respectively | 746 | 745 |
Loans held for sale, at fair value | 3,401 | 3,288 |
Loans, net of allowance for loan and lease losses of $9,286 and $8,843, respectively | 1,002,160 | 997,035 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 4,466 | 4,903 |
Premises and equipment, net | 21,716 | 21,933 |
Other real estate owned (OREO), net | 6,991 | 8,423 |
Goodwill | 15,968 | 15,968 |
Intangible assets, net | 14,243 | 13,089 |
Bank-owned life insurance | 29,193 | 29,083 |
Deferred tax assets, net | 14,983 | 15,956 |
Other assets | 19,074 | 14,563 |
Total assets | 1,472,743 | 1,447,898 |
Deposits | ||
Noninterest bearing | 167,538 | 179,848 |
Interest bearing | 1,006,141 | 985,381 |
Total deposits | 1,173,679 | 1,165,229 |
Customer repurchase agreements | 8,666 | 9,282 |
Federal Home Loan Bank advances | 3,000 | |
Junior subordinated debentures | 24,487 | 24,423 |
Other liabilities | 13,234 | 8,455 |
Total liabilities | 1,220,066 | 1,210,389 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Common stock | 180 | 180 |
Additional paid-in-capital | 191,745 | 191,049 |
Treasury stock, at cost | -161 | -161 |
Retained earnings | 49,596 | 35,744 |
Accumulated other comprehensive income | 1,571 | 951 |
Total stockholders’ equity | 252,677 | 237,509 |
Total liabilities and stockholders' equity | 1,472,743 | 1,447,898 |
Preferred Class A | ||
Stockholders' equity - See Note 12 | ||
Preferred Stock | 4,550 | 4,550 |
Preferred Class B | ||
Stockholders' equity - See Note 12 | ||
Preferred Stock | $5,196 | $5,196 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Statement Of Financial Position [Abstract] | ||||
Securities - Held to maturity, Fair value | $750 | $750 | ||
Allowance for loan and lease losses | $9,286 | $8,843 | $4,631 | $3,645 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and dividend income: | ||
Loans, including fees | $13,239 | $14,376 |
Factored receivables, including fees | 7,509 | 5,272 |
Taxable securities | 678 | 657 |
Tax exempt securities | 12 | 16 |
Cash deposits | 141 | 58 |
Total interest income | 21,579 | 20,379 |
Interest expense: | ||
Deposits | 1,570 | 1,108 |
Senior secured note | 140 | |
Junior subordinated debentures | 272 | 271 |
Other | 12 | 5 |
Total interest expense | 1,854 | 1,524 |
Net interest income | 19,725 | 18,855 |
Provision for loan losses | 645 | 925 |
Net interest income after provision for loan losses | 19,080 | 17,930 |
Noninterest income: | ||
Service charges on deposits | 612 | 738 |
Card income | 523 | 490 |
Net realized gains (losses) and valuation adjustments on OREO | 26 | -77 |
Net gains on sale of securities | 16 | |
Net gains on sale of loans | 542 | 255 |
Fee income | 422 | 398 |
Bargain purchase gain | 12,509 | |
Asset management fees | 958 | 0 |
Other | 1,067 | 789 |
Total noninterest income | 16,659 | 2,609 |
Noninterest expense: | ||
Salaries and employee benefits | 13,269 | 8,876 |
Occupancy, furniture and equipment | 1,572 | 1,390 |
FDIC insurance and other regulatory assessments | 263 | 261 |
Professional fees | 1,327 | 592 |
Amortization of intangible assets | 764 | 726 |
Advertising and promotion | 543 | 443 |
Communications and technology | 886 | 888 |
Other | 2,159 | 1,720 |
Total noninterest expense | 20,783 | 14,896 |
Net income before income tax | 14,956 | 5,643 |
Income tax expense | 912 | 1,916 |
Net income | 14,044 | 3,727 |
Income attributable to noncontrolling interests | -387 | |
Net income attributable to Triumph Bancorp, Inc. | 14,044 | 3,340 |
Dividends on preferred stock | -192 | -192 |
Net income available to common stockholders | $13,852 | $3,148 |
Earnings per common share | ||
Basic | $0.78 | $0.32 |
Diluted | $0.76 | $0.32 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $14,044 | $3,727 |
Unrealized gains (losses) on securities: | ||
Unrealized holding gains (losses) arising during the period | 988 | 586 |
Reclassification of amount realized through sale of securities | -16 | |
Tax effect | -368 | -218 |
Total other comprehensive income (loss) | 620 | 352 |
Comprehensive income | 14,664 | 4,079 |
Income attributable to noncontrolling interests | -387 | |
Comprehensive income attributable to Triumph Bancorp, Inc. | $14,664 | $3,692 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Series T1 And T2 Dividends | Series A Preferred Dividends | Series B Preferred Dividends | Common Stock | Additional Paid-in-Capital | Treasury Stock | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Preferred Stock - Series A | Series B Preferred Stock | Class B Units | Class B Units |
In Thousands, except Share data | Series T1 And T2 Dividends | Series A Preferred Dividends | Series B Preferred Dividends | Triumph Commercial Finance Llc | Retained Earnings | ||||||||||||
Triumph Commercial Finance Llc | |||||||||||||||||
Beginning Balance at Dec. 31, 2013 | $160,597 | $98 | $104,631 | $18,992 | $133 | $26,997 | $4,550 | $5,196 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 9,832,585 | 45,500 | 51,956 | ||||||||||||||
Vesting of restricted stock units (in shares) | 13,511 | ||||||||||||||||
Stock based compensation | 113 | 113 | |||||||||||||||
Dividends on preferred stock | -192 | -394 | -90 | -102 | -394 | -90 | -102 | -22 | -22 | ||||||||
Net income | 3,727 | 3,727 | |||||||||||||||
Other comprehensive income | 352 | 352 | |||||||||||||||
Ending Balance at Mar. 31, 2014 | 164,181 | 98 | 104,744 | 22,111 | 485 | 26,997 | 4,550 | 5,196 | |||||||||
Ending Balance (in shares) at Mar. 31, 2014 | 9,846,096 | 45,500 | 51,956 | ||||||||||||||
Beginning Balance at Dec. 31, 2014 | 237,509 | 180 | 191,049 | -161 | 35,744 | 951 | 4,550 | 5,196 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 17,963,783 | 10,984 | 45,500 | 51,956 | |||||||||||||
Stock based compensation | 696 | 696 | |||||||||||||||
Dividends on preferred stock | -192 | -90 | -102 | -90 | -102 | ||||||||||||
Net income | 14,044 | 14,044 | |||||||||||||||
Other comprehensive income | 620 | 620 | |||||||||||||||
Ending Balance at Mar. 31, 2015 | $252,677 | $180 | $191,745 | ($161) | $49,596 | $1,571 | $4,550 | $5,196 | |||||||||
Ending Balance (in shares) at Mar. 31, 2015 | 17,963,783 | 10,984 | 45,500 | 51,956 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $14,044 | $3,727 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 528 | 464 |
Net accretion on loans and deposits | -1,194 | -3,176 |
Amortization of junior subordinated debentures | 64 | 62 |
Net amortization on securities | 160 | 70 |
Amortization of intangible assets | 764 | 726 |
Deferred taxes | -58 | -15 |
Provision for loan losses | 645 | 925 |
Stock based compensation | 696 | 113 |
Origination of loans held for sale | -19,276 | -11,453 |
Proceeds from loan sales | 19,705 | 12,204 |
Net gains on sale of securities | -16 | |
Net gains on sale of loans | -542 | -255 |
Net realized (gains) losses and valuation adjustments on OREO | -26 | 77 |
Proceeds from sale of loans obtained through Doral Money Inc. acquisition | 36,765 | |
Bargain purchase gain | -12,509 | |
(Increase) decrease in other assets | -172 | 153 |
Increase (decrease) in other liabilities | 1,493 | -6,009 |
Net cash provided by (used in) operating activities | 41,087 | -2,403 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | -7,504 | |
Proceeds from sales of securities available for sale | 0 | 6,777 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 1,491 | 20,593 |
Net change in loans | -5,153 | -2,918 |
(Purchases) sales of premises and equipment, net | -311 | 91 |
Net proceeds from sale of OREO | 1,955 | 229 |
Net cash paid for CLO warehouse investments | -5,000 | |
Redemption of FHLB and Federal Reserve Bank stock | 437 | 569 |
Cash paid for acquisitions, net of cash acquired | -124,990 | |
Net cash provided by (used in) investing activities | -126,571 | 12,837 |
Cash flows from financing activities: | ||
Net increase in deposits | 8,530 | 5,552 |
Increase (decrease) in customer repurchase agreements | -616 | 6,340 |
Decrease in Federal Home Loan Bank advances | -3,000 | -250 |
Repayment of senior secured note | -314 | |
Proceeds from the issuance of other borrowings | 99,975 | |
Repayment of other borrowings | -1,659 | |
Distributions on noncontrolling interest and preferred stock | -192 | -608 |
Net cash provided by financing activities | 103,038 | 10,720 |
Net increase in cash and cash equivalents | 17,554 | 21,154 |
Cash and cash equivalents at beginning of period | 160,888 | 85,797 |
Cash and cash equivalents at end of period | 178,442 | 106,951 |
Supplemental cash flow information: | ||
Interest paid | 1,856 | 3,342 |
Income taxes paid | 528 | 966 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 497 | 98 |
Securities transferred in satisfaction of other borrowings | 98,316 | |
Loans transferred to branch assets held for sale | 86,405 | |
Premises and equipment transferred to branch assets held for sale | $2,287 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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, Triumph, or the Company, as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company 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 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. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Company has four reportable segments consisting of Factoring, Banking, Asset Management, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. | |
Adoption of New Accounting Standards | |
Effective January 1, 2015, the Company adopted Accounting Standards Update (ASU) No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors” (ASU 2014-04). Issued in January 2014, 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. Adoption of this ASU did not have a material impact on the Company’s financial statements. | |
Effective January 1, 2015, the Company retrospectively adopted ASU No. 2015-02, “Amendments to the Consolidation Analysis” (ASU 2015-02). Issued in February 2015, ASU 2015-02 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. Adoption of this ASU did not have a material impact on the Company’s financial statements. | |
Newly Issued, But Not Yet Effective Accounting Standards | |
On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is currently effective for the Company on January 1, 2017 and early application is not permitted. However, the FASB has voted to propose having the new standard take effect for reporting periods beginning after December 15, 2017 for public companies, with early adoption allowed as of the original effective date for public companies. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Business_Combinations_and_Dive
Business Combinations and Divestitures | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Business Combinations [Abstract] | |||||||
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES | ||||||
Doral Money Acquisition | |||||||
On February 27, 2015, Triumph Bancorp, Inc., through its subsidiary Triumph Capital Advisors, LLC, entered into a Purchase and Sale Agreement with the Federal Deposit Insurance Corporation (FDIC), in its capacity as receiver of Doral Bank, to acquire 100% of the equity of Doral Money, Inc. (DMI), a subsidiary of Doral Bank, and the management contracts associated with two active collateralized loan obligations (CLOs) with approximately $700,000,000 in assets under management. The consideration transferred in the acquisition consisted of cash paid at closing of $133,263,000 and a sales price adjustment of $2,601,000 which was accrued for at March 31, 2015 and settled on April 7, 2015, for total consideration transferred of $135,864,000. The primary purpose of the acquisition was to expand the CLO assets under management at Triumph Capital Advisors, LLC. | |||||||
On February 26, 2015, the Company entered into a $99,975,000 secured term loan credit facility payable to a third party, with an interest rate equal to LIBOR plus 3.5%, and a maturity date of March 31, 2015. The proceeds from the loan were used by the Company to partially fund the DMI acquisition. | |||||||
The acquisition was completed on March 3, 2015, at which time the Company also repaid the $99,975,000 third party secured term loan credit facility in full by delivering the securities issued by the CLOs that were acquired from DMI with an acquisition date fair value of $98,316,000 and cash representing payments received on the CLO securities in the amount of $1,659,000. | |||||||
A summary of the estimated fair values of assets acquired, liabilities assumed, net consideration transferred, and the resulting bargain purchase gain is as follows: | |||||||
(Dollars in thousands) | |||||||
Assets acquired: | |||||||
Cash | $ | 8,273 | |||||
CLO Securities | 98,316 | ||||||
Intangible asset - CLO management contracts | 1,918 | ||||||
Loans | 36,765 | ||||||
Prepaid corporate income tax | 3,014 | ||||||
Other assets | 772 | ||||||
149,058 | |||||||
Liabilities assumed: | |||||||
Deferred tax liability | 663 | ||||||
Other liabilities | 22 | ||||||
685 | |||||||
Fair value of net assets acquired | 148,373 | ||||||
Net consideration transferred | 135,864 | ||||||
Bargain purchase gain | $ | (12,509 | ) | ||||
The Company completed the acquisition via an FDIC bid process for DMI as part of the Doral Bank failure and the resulting nontaxable bargain purchase gain represents the excess of the fair value of the net assets acquired over the fair value of the net consideration transferred. Provisional estimates for intangible assets and the bargain purchase gain have been recorded for the acquisition as independent valuations, income taxes, and contingent liabilities associated with the acquisition have not been finalized. The Company does not expect any significant differences from estimated values upon completion of the valuations. | |||||||
The Company has incurred pre-tax expenses related to the acquisition of approximately $243,000 for the three months ended March 31, 2015, which are included in professional fees in the consolidated statements of income. | |||||||
In addition, during March 2015 the Company sold the loans acquired in the DMI acquisition to third parties for a sales price equal to their acquisition date fair value of $36,765,000. No gains or losses were recognized on the sales. | |||||||
Sale of Pewaukee Branch | |||||||
On July 11, 2014, Triumph Community Bank sold its operating branch in Pewaukee, Wisconsin, which constituted its sole branch in the state, to a third party for net cash proceeds of $57,409,000. 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, in the third quarter of 2014. | |||||||
Doral Healthcare Acquisition | |||||||
On June 13, 2014, Triumph Bancorp, Inc., through its subsidiary, Triumph Community Bank, acquired the lending platform and certain assets of Doral Healthcare Finance (DHF), an asset based lender focused exclusively on the healthcare industry. DHF was a division of DMI which was 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 was rebranded Triumph Healthcare Finance. The acquisition was not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. | |||||||
The Company acquired loans with a fair value of $45,334,000 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, 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 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 (nonaccretable difference) | (873 | ) | |||||
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 were predominately short term in nature and had a gross contractual balance and fair value at acquisition of $41,680,000. Substantially all contractual cash flows were subsequently collected on all non-PCI loans acquired. | |||||||
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
31-Mar-15 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 93,077 | $ | 1,476 | $ | — | $ | 94,553 | |||||||||||||||||
Mortgage-backed securities, residential | 26,955 | 650 | — | 27,605 | |||||||||||||||||||||
Asset backed securities | 18,500 | 129 | (44 | ) | 18,585 | ||||||||||||||||||||
State and municipal | 6,654 | 41 | — | 6,695 | |||||||||||||||||||||
Corporate bonds | 13,501 | 219 | — | 13,720 | |||||||||||||||||||||
SBA pooled securities | 200 | 2 | — | 202 | |||||||||||||||||||||
Total available for sale securities | $ | 158,887 | $ | 2,517 | $ | (44 | ) | $ | 161,360 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other debt securities | $ | 746 | $ | 4 | $ | — | $ | 750 | |||||||||||||||||
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 debt securities | $ | 745 | $ | 5 | $ | — | $ | 750 | |||||||||||||||||
The amortized cost and estimated fair value of securities at March 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Securities Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 1,467 | $ | 1,471 | $ | 225 | $ | 225 | |||||||||||||||||
Due from one year to five years | 102,564 | 104,041 | 521 | 525 | |||||||||||||||||||||
Due from five years to ten years | 7,626 | 7,811 | — | — | |||||||||||||||||||||
Due after ten years | 1,575 | 1,645 | — | — | |||||||||||||||||||||
113,232 | 114,968 | 746 | 750 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 26,955 | 27,605 | — | — | |||||||||||||||||||||
Asset backed securities | 18,500 | 18,585 | — | — | |||||||||||||||||||||
SBA pooled securities | 200 | 202 | — | — | |||||||||||||||||||||
$ | 158,887 | $ | 161,360 | $ | 746 | $ | 750 | ||||||||||||||||||
For the three months ended March 31, 2015, there were no sales of securities. For the three months ended March 31, 2014, securities were sold resulting in proceeds of $6,777,000, gross gains of $25,000, and gross losses of $9,000. | |||||||||||||||||||||||||
Securities with a carrying amount of approximately $111,587,000 and $113,980,000 at March 31, 2015 and December 31, 2014, respectively, were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank advances, and for other purposes required or permitted by law. | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at March 31, 2015 and December 31, 2014, 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-Mar-15 | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage-backed securities, residential | — | — | — | — | — | — | |||||||||||||||||||
Asset backed securities | 4,848 | (31 | ) | 4,965 | (13 | ) | 9,813 | (44 | ) | ||||||||||||||||
State and municipal | — | — | — | — | — | — | |||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | |||||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 4,848 | $ | (31 | ) | $ | 4,965 | $ | (13 | ) | $ | 9,813 | $ | (44 | ) | |||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | ) | |||||||||||
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 March 31, 2015, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2015, 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 | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 236,659 | $ | 249,164 | |||||||||||||||||||||||||||||
Construction, land development, land | 52,203 | 42,914 | |||||||||||||||||||||||||||||||
1-4 family residential properties | 73,605 | 78,738 | |||||||||||||||||||||||||||||||
Farmland | 24,805 | 22,496 | |||||||||||||||||||||||||||||||
Commercial | 371,614 | 364,567 | |||||||||||||||||||||||||||||||
Factored receivables | 171,452 | 180,910 | |||||||||||||||||||||||||||||||
Consumer | 11,201 | 11,941 | |||||||||||||||||||||||||||||||
Mortgage warehouse | 69,907 | 55,148 | |||||||||||||||||||||||||||||||
Total | 1,011,446 | 1,005,878 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (9,286 | ) | (8,843 | ) | |||||||||||||||||||||||||||||
$ | 1,002,160 | $ | 997,035 | ||||||||||||||||||||||||||||||
Total loans include net deferred origination fees and costs and deferred factoring fees totaling $926,000 and $906,000 at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||
Loans with carrying amounts of $137,795,000 and $141,427,000 at March 31, 2015 and December 31, 2014, respectively, were pledged to secure Federal Home Loan Bank advance capacity. | |||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||||||||||||||||
The activity in the allowance for loan and lease losses (ALLL) during the three months ended March 31, 2015 and 2014 is as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 533 | $ | 590 | $ | (89 | ) | $ | 41 | $ | 1,075 | ||||||||||||||||||||||
Construction, land development, land | 333 | 11 | — | — | 344 | ||||||||||||||||||||||||||||
1-4 family residential properties | 215 | 90 | (105 | ) | 23 | 223 | |||||||||||||||||||||||||||
Farmland | 19 | 7 | — | — | 26 | ||||||||||||||||||||||||||||
Commercial | 4,003 | (7 | ) | (2 | ) | 2 | 3,996 | ||||||||||||||||||||||||||
Factored receivables | 3,462 | (45 | ) | (67 | ) | 30 | 3,380 | ||||||||||||||||||||||||||
Consumer | 140 | (21 | ) | (95 | ) | 60 | 84 | ||||||||||||||||||||||||||
Mortgage warehouse | 138 | 20 | — | — | 158 | ||||||||||||||||||||||||||||
$ | 8,843 | $ | 645 | $ | (358 | ) | $ | 156 | $ | 9,286 | |||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 348 | $ | 53 | $ | — | $ | 1 | $ | 402 | |||||||||||||||||||||||
Construction, land development, land | 110 | 84 | — | — | 194 | ||||||||||||||||||||||||||||
1-4 family residential properties | 100 | 149 | (145 | ) | 99 | 203 | |||||||||||||||||||||||||||
Farmland | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||
Commercial | 1,145 | 174 | (12 | ) | 212 | 1,519 | |||||||||||||||||||||||||||
Factored receivables | 1,842 | 357 | (40 | ) | 14 | 2,173 | |||||||||||||||||||||||||||
Consumer | 49 | 94 | (141 | ) | 73 | 75 | |||||||||||||||||||||||||||
Mortgage warehouse | 44 | 14 | — | — | 58 | ||||||||||||||||||||||||||||
$ | 3,645 | $ | 925 | $ | (338 | ) | $ | 399 | $ | 4,631 | |||||||||||||||||||||||
The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (PCI) loans, and their respective allowance allocations: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
31-Mar-15 | Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | |||||||||||||||||||||||||
Commercial real estate | $ | 1,929 | $ | 226,444 | $ | 8,286 | $ | 236,659 | $ | 100 | $ | 570 | $ | 405 | $ | 1,075 | |||||||||||||||||
Construction, land development, land | — | 50,772 | 1,431 | 52,203 | — | 344 | — | 344 | |||||||||||||||||||||||||
1-4 family residential properties | 476 | 71,068 | 2,061 | 73,605 | 16 | 205 | 2 | 223 | |||||||||||||||||||||||||
Farmland | — | 24,805 | — | 24,805 | — | 26 | — | 26 | |||||||||||||||||||||||||
Commercial | 6,871 | 360,285 | 4,458 | 371,614 | 701 | 3,295 | — | 3,996 | |||||||||||||||||||||||||
Factored receivables | 1,271 | 170,181 | — | 171,452 | 797 | 2,583 | — | 3,380 | |||||||||||||||||||||||||
Consumer | — | 11,201 | — | 11,201 | — | 84 | — | 84 | |||||||||||||||||||||||||
Mortgage warehouse | — | 69,907 | — | 69,907 | — | 158 | — | 158 | |||||||||||||||||||||||||
$ | 10,547 | $ | 984,663 | $ | 16,236 | $ | 1,011,446 | $ | 1,614 | $ | 7,265 | $ | 407 | $ | 9,286 | ||||||||||||||||||
(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 | ||||||||||||||||||
The following is a summary of information pertaining to impaired loans at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
Impaired Loans and Purchased Credit | Impaired Loans | ||||||||||||||||||||||||||||||||
Impaired Loans With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | ||||||||||||||||||||||||||||
31-Mar-15 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Commercial real estate | $ | 532 | $ | 532 | $ | 100 | $ | 1,397 | $ | 1,228 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | 96 | 107 | 16 | 380 | 498 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 1,574 | 1,641 | 701 | 5,297 | 5,298 | ||||||||||||||||||||||||||||
Factored receivables | 1,271 | 1,271 | 797 | — | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
PCI | 1,102 | 3,809 | 407 | — | — | ||||||||||||||||||||||||||||
$ | 4,575 | $ | 7,360 | $ | 2,021 | $ | 7,074 | $ | 7,024 | ||||||||||||||||||||||||
Impaired Loans and Purchased Credit | 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 | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,931 | $ | 14 | $ | 251 | $ | 1 | |||||||||||||||||||||||||
Construction, land development, land | — | — | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 691 | 28 | 313 | 3 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 7,030 | 163 | 5,331 | — | |||||||||||||||||||||||||||||
Factored receivables | 1,271 | — | 715 | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | 459 | — | 4,831 | 974 | |||||||||||||||||||||||||||||
$ | 11,382 | $ | 205 | $ | 11,441 | $ | 978 | ||||||||||||||||||||||||||
Loans included in the above tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an allowance and are excluded from the tables above. | |||||||||||||||||||||||||||||||||
The following table presents the unpaid principal and recorded investment for loans at March 31, 2015 and December 31, 2014. 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-Mar-15 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 236,659 | $ | 249,504 | $ | (12,845 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 52,203 | 53,876 | (1,673 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 73,605 | 76,849 | (3,244 | ) | |||||||||||||||||||||||||||||
Farmland | 24,805 | 24,713 | 92 | ||||||||||||||||||||||||||||||
Commercial | 371,614 | 373,801 | (2,187 | ) | |||||||||||||||||||||||||||||
Factored receivables | 171,452 | 172,388 | (936 | ) | |||||||||||||||||||||||||||||
Consumer | 11,201 | 11,277 | (76 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 69,907 | 69,907 | — | ||||||||||||||||||||||||||||||
$ | 1,011,446 | $ | 1,032,315 | $ | (20,869 | ) | |||||||||||||||||||||||||||
Recorded | Unpaid | ||||||||||||||||||||||||||||||||
31-Dec-14 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial | $ | 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 | ) | |||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the Company had $17,635,000 and $18,976,000, 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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Mar-15 | Past Due | Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 549 | $ | — | $ | 1,991 | $ | 2,540 | |||||||||||||||||||||||||
Construction, land development, land | 101 | — | — | 101 | |||||||||||||||||||||||||||||
1-4 family residential properties | 504 | — | 530 | 1,034 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 6,249 | — | 6,871 | 13,120 | |||||||||||||||||||||||||||||
Factored receivables | 5,045 | 1,145 | — | 6,190 | |||||||||||||||||||||||||||||
Consumer | 189 | — | — | 189 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | — | — | 6,262 | 6,262 | |||||||||||||||||||||||||||||
$ | 12,637 | $ | 1,145 | $ | 15,654 | $ | 29,436 | ||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Dec-14 | Past Due | Still Accruing | Nonaccrual | 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 | ||||||||||||||||||||||||||
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 and interest payments would not be collected. The Company evaluates these loans on a projected cash flow basis with this evaluation performed quarterly. | |||||||||||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014 based on the most recent analysis performed, the risk category of loans is as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Special | ||||||||||||||||||||||||||||||||
31-Mar-15 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Commercial real estate | $ | 220,010 | $ | 2,321 | $ | 6,042 | $ | — | $ | 8,286 | $ | 236,659 | |||||||||||||||||||||
Construction, land development, land | 50,772 | — | — | — | 1,431 | 52,203 | |||||||||||||||||||||||||||
1-4 family residential | 70,959 | 76 | 509 | — | 2,061 | 73,605 | |||||||||||||||||||||||||||
Farmland | 24,805 | — | — | — | — | 24,805 | |||||||||||||||||||||||||||
Commercial | 355,217 | 198 | 11,741 | — | 4,458 | 371,614 | |||||||||||||||||||||||||||
Factored receivables | 170,181 | — | 543 | 728 | — | 171,452 | |||||||||||||||||||||||||||
Consumer | 11,201 | — | — | — | — | 11,201 | |||||||||||||||||||||||||||
Mortgage warehouse | 69,907 | — | — | — | — | 69,907 | |||||||||||||||||||||||||||
$ | 973,052 | $ | 2,595 | $ | 18,835 | $ | 728 | $ | 16,236 | $ | 1,011,446 | ||||||||||||||||||||||
(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 | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Troubled debt restructurings and their effects were immaterial as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||||||||||||||||||||
The Company has loans that were acquired, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at March 31, 2015 and December 31, 2014, are as follows: | |||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Contractually required principal and interest: | |||||||||||||||||||||||||||||||||
Real estate loans | $ | 21,046 | $ | 23,457 | |||||||||||||||||||||||||||||
Commercial loans | 6,588 | 6,293 | |||||||||||||||||||||||||||||||
Outstanding contractually required principal and interest | $ | 27,634 | $ | 29,750 | |||||||||||||||||||||||||||||
Gross carrying amount included in loans receivable | $ | 16,236 | $ | 16,500 | |||||||||||||||||||||||||||||
The changes in accretable yield during the three months ended March 31, 2015 and 2014 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Accretable yield, beginning balance | $ | 4,977 | $ | 4,000 | |||||||||||||||||||||||||||||
Additions | — | — | |||||||||||||||||||||||||||||||
Accretion | (429 | ) | (1,758 | ) | |||||||||||||||||||||||||||||
Reclassification from nonaccretable to accretable yield | — | 3,922 | |||||||||||||||||||||||||||||||
Disposals | (52 | ) | (89 | ) | |||||||||||||||||||||||||||||
Accretable yield, ending balance | $ | 4,496 | $ | 6,075 | |||||||||||||||||||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Intangible Assets | NOTE 5 - GOODWILL AND INTANGIBLE ASSETS | ||||||||
Goodwill and intangible assets consist of the following: | |||||||||
March 31, | December 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Goodwill | $ | 15,968 | $ | 15,968 | |||||
Core deposit intangibles | 10,592 | 11,218 | |||||||
Other intangible assets | 3,651 | 1,871 | |||||||
$ | 30,211 | $ | 29,057 | ||||||
The changes in goodwill and intangible assets during the three months ended March 31, 2015 and 2014 are as follows: | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Beginning balance | $ | 29,057 | $ | 28,518 | |||||
Acquired intangibles | 1,918 | — | |||||||
Amortization of intangibles | (764 | ) | (726 | ) | |||||
Ending balance | $ | 30,211 | $ | 27,792 | |||||
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||
Variable Interest Entities | NOTE 6 – Variable Interest Entities | |||||
Collateralized Loan Obligation Funds - Closed | ||||||
The Company, through its subsidiary, TCA, acts as asset manager to various CLO funds. TCA earns asset management fees in accordance with the terms of its asset management agreements with the CLO funds. | ||||||
The following table summarizes the closed CLO offerings with assets under management by TCA: | ||||||
Offering | Offering | |||||
(Dollars in thousands) | Date | Amount | ||||
Trinitas CLO I, LTD (Trinitas I) | 1-May-14 | $ | 400,000 | |||
Trinitas CLO II, LTD (Trinitas II) | 4-Aug-14 | $ | 416,000 | |||
Doral CLO II, LTD (Doral II) | 26-Apr-12 | $ | 416,460 | |||
Doral CLO III, LTD (Doral III) | December 17, 2012 | $ | 310,800 | |||
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. The Company does not hold any of the securities issued in the CLO offerings. A related party of the Company holds an insignificant interest in Trinitas II. | ||||||
TCA earned asset management fees totaling $958,000 for the three months ended March 31, 2015. There were no asset management fees earned during the three months ended March 31, 2014. | ||||||
The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the CLO funds in its financial statements. The Company concluded that the closed CLO funds are variable interest entities, however the Company, through TCA, does not hold variable interests in the entities as the Company’s interest in the CLO funds is limited to the asset management fees payable to TCA under their asset management agreements and the interests of its related parties are insignificant. The Company concluded that the asset management fees were not variable interests in the CLO funds as (a) the asset management fees are commensurate with the services provided, (b) the asset management agreements include only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated on an arm’s-length basis, and (c) the Company does not hold other interests in the CLO funds (including interests held through related parties) that individually or in the aggregate absorb more than an insignificant amount of the CLO funds’ expected losses or receive more than an insignificant amount of the CLO funds’ expected residual returns. Consequently, the Company concluded that it was not required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. | ||||||
Collateralized Loan Obligation Fund – Warehouse Phase | ||||||
On August 4, 2014, Trinitas CLO III, Ltd. (Trinitas III) was formed to be the issuer of a 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 initial $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 management or other fees from Trinitas III during the “warehouse” phase. | ||||||
At March 31, 2015, the Company’s loss exposure to Trinitas III is limited to its $2,766,000 equity investment in the entity which is classified as other assets within the Company’s consolidated balance sheets and accounted for under the equity method. | ||||||
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 does not have the power to direct the activities that most significantly impact the entity’s economic performance. As a result, 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | NOTE 7 - Deposits | ||||||||
Deposits at March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | |||||||
Noninterest bearing demand | $ | 167,538 | $ | 179,848 | |||||
Interest bearing demand | 231,718 | 236,525 | |||||||
Individual retirement accounts | 55,773 | 55,034 | |||||||
Money market | 120,001 | 117,514 | |||||||
Savings | 74,236 | 70,407 | |||||||
Certificates of deposit | 474,413 | 455,901 | |||||||
Brokered deposits | 50,000 | 50,000 | |||||||
Total Deposits | $ | 1,173,679 | $ | 1,165,229 | |||||
At March 31, 2015, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: | |||||||||
(Dollars in thousands) | 31-Mar-15 | ||||||||
Within one year | $ | 354,342 | |||||||
After one but within two years | 158,586 | ||||||||
After two but within three years | 42,796 | ||||||||
After three but within four years | 12,624 | ||||||||
After four but within five years | 11,838 | ||||||||
Total | $ | 580,186 | |||||||
Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $90,082,000 and $66,366,000 at March 31, 2015 and December 31, 2014, respectively. |
Legal_Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 8 - 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. | |
Trademark Infringement Lawsuit | |
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 subsidiaries by Triumph Bancshares, Inc. and Triumph Bank, Inc., asserting that the Company’s use of “Triumph” as part of their 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 the 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. As of March 31, 2015, the Company does not believe an unfavorable outcome is probable or estimable and as such, a loss contingency has not been recognized. |
OffBalance_Sheet_Loan_Commitme
Off-Balance Sheet Loan Commitments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||
Off-Balance Sheet Loan Commitments | NOTE 9 - 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-Mar-15 | 31-Dec-14 | ||||||||||||||||
(Dollars in thousands) | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | |||||||||||||
Commitments to make loans | $ | 12,725 | $ | 16,158 | $ | 5,192 | $ | 14,600 | |||||||||
Unused lines of credit | 39,590 | 206,983 | 30,369 | 197,594 | |||||||||||||
Standby letters of credit | 1,355 | 1,973 | 1,840 | 1,915 | |||||||||||||
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 | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures | NOTE 10 - Fair Value Disclosures | ||||||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: | |||||||||||||||||||||
Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||||
Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in our annual financial statements. | |||||||||||||||||||||
Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Mar-15 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 94,553 | $ | — | $ | 94,553 | |||||||||||||
Mortgage-backed securities-residential | — | 27,605 | — | 27,605 | |||||||||||||||||
Asset backed securities | — | 18,585 | — | 18,585 | |||||||||||||||||
State and municipal | — | 3,466 | 3,229 | 6,695 | |||||||||||||||||
Corporate bonds | — | 13,720 | — | 13,720 | |||||||||||||||||
SBA pooled securities | — | 202 | — | 202 | |||||||||||||||||
$ | — | $ | 158,131 | $ | 3,229 | $ | 161,360 | ||||||||||||||
Loans held for sale | $ | — | $ | 3,401 | $ | — | $ | 3,401 | |||||||||||||
(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 | |||||||||||||
There were no transfers between levels during 2015 or 2014. | |||||||||||||||||||||
At March 31, 2015, the Company classified $3,229,000 of municipal securities as level 3. These municipal securities are bond issues for municipal government entities located in northwestern Illinois and are privately placed, non-rated bonds without CUSIP numbers. The municipal securities are valued by an independent third party using matrix pricing according to the municipal bond index that most closely matches the bond issue. Fair values for each maturity of the bond issue are then calculated based on the index yield at the appropriate point on the yield curve. The Company does not make any internal adjustments to the third party bond valuations. The only activity related to the above level 3 securities during the three months ended March 31, 2015 was associated with immaterial amortization and changes in fair value that were recorded in other comprehensive income. | |||||||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Mar-15 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 432 | $ | 432 | |||||||||||||
1-4 family residential properties | — | — | 80 | 80 | |||||||||||||||||
Commercial | — | — | 873 | 873 | |||||||||||||||||
Factored receivables | — | — | 474 | 474 | |||||||||||||||||
PCI | — | — | 695 | 695 | |||||||||||||||||
Other real estate owned (1) | |||||||||||||||||||||
Construction, land development, land | — | — | 411 | 411 | |||||||||||||||||
$ | — | $ | — | $ | 2,965 | $ | 2,965 | ||||||||||||||
(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 | ||||||||||||||
(1) Represents the fair value of OREO that was adjusted during the period and subsequent to its initial classification as OREO | |||||||||||||||||||||
Impaired Loans with Specific Allocation of ALLL: A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. Fair value of the impaired loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. 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 of the underlying collateral. | |||||||||||||||||||||
OREO: OREO is comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs is charged to the ALLL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Fair Value Measurements Using | Total | ||||||||||||||||||
31-Mar-15 | Amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 178,442 | $ | 178,442 | $ | — | $ | — | $ | 178,442 | |||||||||||
Securities - held to maturity | 746 | — | 750 | — | 750 | ||||||||||||||||
Loans not previously presented, net | 999,606 | — | — | 1,006,839 | 1,006,839 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 4,466 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 4,201 | — | 4,201 | — | 4,201 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,173,679 | — | 1,176,186 | — | 1,176,186 | ||||||||||||||||
Customer repurchase agreements | 8,666 | — | 8,666 | — | 8,666 | ||||||||||||||||
Junior subordinated debentures | 24,487 | — | 24,487 | — | 24,487 | ||||||||||||||||
Accrued interest payable | 969 | — | 969 | — | 969 | ||||||||||||||||
(Dollars in thousands) | Carrying | Fair Value Measurements Using | Total | ||||||||||||||||||
31-Dec-14 | 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 | ||||||||||||||||
Junior subordinated debentures | 24,423 | — | 24,423 | — | 24,423 | ||||||||||||||||
Accrued interest payable | 971 | — | 971 | — | 971 | ||||||||||||||||
RegulatoryMatters
RegulatoryMatters | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | NOTE 11 - 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 of total and Tier 1 capital to risk weighted assets, common equity Tier 1 capital to total risk weighted assets, and of Tier 1 capital to average assets. | |||||||||||||||||||||||||
In July 2013, the U.S. banking regulators adopted a final rule which implements the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision, and certain changes required by the Dodd-Frank Act. The final rule established an integrated regulatory capital framework and introduces the “Standardized Approach” for risk-weighted assets, which replaces the Basel I risk-based guidance for determining risk-weighted assets as of January 1, 2015, the date the Company became subject to the new rules. Based on the Company's current capital composition and levels, the Company believes it is in compliance with the requirements as set forth in the final rules. | |||||||||||||||||||||||||
The rules include new risk-based capital and leverage ratios, which will be phased in from 2015 to 2019, and refine the definition of what constitutes “capital” for purposes of calculating those ratios. The new minimum capital level requirements applicable to the Company, TSB and TCB under the final rules as of March 31, 2015 are set forth in the table below. The final rules also establish a “capital conservation buffer” of 2.5% above the new regulatory minimum capital requirements. The capital conservation buffer will be phased-in over four years beginning on January 1, 2016 and becoming fully effective on January 1, 2019. Under the final rules, institutions are subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations establish a maximum percentage of eligible retained income that could be utilized for such actions. | |||||||||||||||||||||||||
The final rules also contain revisions to the prompt corrective action framework, which is designed to place restrictions on insured depository institutions if their capital levels begin to show signs of weakness. Under the prompt corrective action requirements, which are designed to complement the capital conservation buffer, insured depository institutions are now required to meet the new capital level requirements set forth in the table below in order to qualify as “well capitalized.” As of March 31, 2015, 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. There are no conditions or events since March 31, 2015 that management believes would change either institution’s category. | |||||||||||||||||||||||||
The actual capital amounts and ratios for the Company, TSB, and TCB are presented in the following table as of March 31, 2015 and December 31, 2014. For periods beginning on or after January 1, 2015, capital ratios are calculated and presented in accordance with the requirements of Basel III. | |||||||||||||||||||||||||
To Be Adequately | To Be Well | ||||||||||||||||||||||||
Capitalized Under | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | Prompt Corrective | ||||||||||||||||||||||||
(Dollars in thousands) | Actual | Action Provisions | Action Provisions | ||||||||||||||||||||||
As of March 31, 2015 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 255,546 | 21.50% | $ | 95,043 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 59,213 | 17.60% | $ | 26,884 | 8.00% | $ | 33,606 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 126,931 | 15.50% | $ | 65,458 | 8.00% | $ | 81,822 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 246,133 | 20.70% | $ | 71,274 | 6.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 55,391 | 16.50% | $ | 20,167 | 6.00% | $ | 26,889 | 8.00% | ||||||||||||||||
Triumph Community Bank | $ | 121,340 | 14.80% | $ | 49,093 | 6.00% | $ | 65,458 | 8.00% | ||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 217,713 | 18.30% | $ | 53,448 | 4.50% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 55,391 | 16.50% | $ | 15,125 | 4.50% | $ | 21,847 | 6.50% | ||||||||||||||||
Triumph Community Bank | $ | 121,340 | 14.80% | $ | 36,820 | 4.50% | $ | 53,184 | 6.50% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 246,133 | 17.40% | $ | 56,745 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 55,391 | 14.10% | $ | 15,770 | 4.00% | $ | 19,712 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 121,340 | 12.60% | $ | 38,598 | 4.00% | $ | 48,247 | 5.00% | ||||||||||||||||
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% | ||||||||||||||||
In conjunction with the acquisition of TCB, the Company made commitments with banking regulators to maintain certain capital levels at TCB, including 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. | |||||||||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Stockholders' Equity | NOTE 12 – STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
The following summarizes the capital structure of Triumph Bancorp, Inc. | |||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Series A | Series B | ||||||||||||||||||||||||||||||||
March | December | March | December | March | December | March | December | ||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
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 | 17,974,767 | |||||||||||||||||||||||||||
Number of shares outstanding | 45,500 | 45,500 | 51,956 | 51,956 | 17,963,783 | 17,963,783 | 10,984 | 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 | |||||||||||||||||||||||||
Dividend rate | Prime + 2% | Prime + 2% | 8 | % | 8 | % | |||||||||||||||||||||||||||
Dividend rate - floor | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
Initial dividend payment date | 3/31/13 | 3/31/13 | 12/31/13 | 12/31/13 | |||||||||||||||||||||||||||||
Subsequent dividend payment dates | Quarterly | Quarterly | Quarterly | Quarterly | |||||||||||||||||||||||||||||
Convertible to common stock | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||
Conversion period | Anytime | Anytime | Anytime | Anytime | |||||||||||||||||||||||||||||
Conversion ratio - preferred to common | 6.94008 | 6.94008 | 6.94008 | 6.94008 | |||||||||||||||||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share Based Compensation [Abstract] | |||||||||
Stock Based Compensation | NOTE 13 – STOCK BASED COMPENSATION | ||||||||
Stock based compensation expense that has been charged against income was $696,000 and $113,000 for the three months ended March 31, 2015 and 2014, respectively. | |||||||||
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, the Company’s common stock. The aggregate number of shares of 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 (RSAs) 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 over two to three years. | |||||||||
A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the three months ended March 31, 2015 were as follows: | |||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSAs | Shares | Fair Value | |||||||
Nonvested at January 1, 2015 | 252,256 | $ | 14.71 | ||||||
Granted | — | — | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Nonvested at March 31, 2015 | 252,256 | $ | 14.71 | ||||||
Compensation expense for RSAs granted under the Omnibus Incentive Program will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. | |||||||||
As of March 31, 2015, there was $2,783,000 of unrecognized compensation cost related to nonvested RSAs granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 1.67 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 common stock to officers, directors and employees of the Company and its subsidiaries. As of March 31, 2014, 53,035 restricted stock units (RSUs) had been issued pursuant to the Terminated Plan, of which 13,511 had vested. In August 2014, the Company terminated the plan and 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. | |||||||||
A summary of changes in the Company’s nonvested RSUs under the Terminated Plan for the three months ended March 31, 2014 were as follows: | |||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSUs | Units | Fair Value | |||||||
Nonvested at January 1, 2014 | 26,120 | $ | 10.77 | ||||||
Granted | 26,915 | 13.99 | |||||||
Vested | (13,511 | ) | 12.12 | ||||||
Forfeited | — | — | |||||||
Nonvested at March 31, 2014 | 39,524 | $ | 12.5 | ||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | NOTE 14 – EARNINGS PER SHARE | ||||||||
The factors used in the earnings per share computation follow: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Basic | |||||||||
Net income to common stockholders | $ | 13,852 | $ | 3,148 | |||||
Weighted average common shares outstanding | 17,711,527 | 9,832,735 | |||||||
Basic earnings per common share | $ | 0.78 | $ | 0.32 | |||||
Diluted | |||||||||
Net income to common stockholders | $ | 13,852 | $ | 3,148 | |||||
Dilutive effect of preferred stock | 192 | 192 | |||||||
Net income to common stockholders - diluted | $ | 14,044 | $ | 3,340 | |||||
Weighted average common shares outstanding | 17,711,527 | 9,832,735 | |||||||
Add: Dilutive effects of restricted stock | 11,962 | 6,370 | |||||||
Add: Dilutive effects of assumed exercises of stock warrants | 28,823 | 29,446 | |||||||
Add: Dilutive effects of assumed conversion of Preferred A | 315,773 | 315,773 | |||||||
Add: Dilutive effects of assumed conversion of Preferred B | 360,578 | 360,578 | |||||||
Average shares and dilutive potential common shares | 18,428,663 | 10,544,902 | |||||||
Dilutive earnings per common share | $ | 0.76 | $ | 0.32 | |||||
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Business Segment Information | NOTE 15 – 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) | Asset | ||||||||||||||||||||
Three Months Ended March 31, 2015 | Factoring | Banking | Management | Corporate | Consolidated | ||||||||||||||||
Total interest income | $ | 7,228 | $ | 14,235 | $ | 60 | $ | 56 | $ | 21,579 | |||||||||||
Intersegment interest allocations | (909 | ) | 909 | — | — | — | |||||||||||||||
Total interest expense | — | 1,572 | 10 | 272 | 1,854 | ||||||||||||||||
Net interest income (expense) | 6,319 | 13,572 | 50 | (216 | ) | 19,725 | |||||||||||||||
Provision for loan losses | (109 | ) | 754 | — | — | 645 | |||||||||||||||
Net interest income after provision | 6,428 | 12,818 | 50 | (216 | ) | 19,080 | |||||||||||||||
Bargain purchase gain | — | — | 12,509 | — | 12,509 | ||||||||||||||||
Other noninterest income | 331 | 2,585 | 957 | 277 | 4,150 | ||||||||||||||||
Noninterest expense | 4,312 | 12,400 | 2,626 | 1,445 | 20,783 | ||||||||||||||||
Operating income (loss) | $ | 2,447 | $ | 3,003 | $ | 10,890 | $ | (1,384 | ) | $ | 14,956 | ||||||||||
Total assets | $ | 165,680 | $ | 1,227,690 | $ | 16,274 | $ | 63,099 | $ | 1,472,743 | |||||||||||
Gross loans | $ | 156,001 | $ | 855,403 | $ | 42 | $ | — | $ | 1,011,446 | |||||||||||
(Dollars in thousands) | Asset | ||||||||||||||||||||
Three Months Ended March 31, 2014 | Factoring | Banking | Management | Corporate | Consolidated | ||||||||||||||||
Total interest income | $ | 5,105 | $ | 15,260 | $ | — | $ | 14 | $ | 20,379 | |||||||||||
Intersegment interest allocations | (571 | ) | 571 | — | — | — | |||||||||||||||
Total interest expense | — | 1,114 | — | 410 | 1,524 | ||||||||||||||||
Net interest income (expense) | 4,534 | 14,717 | — | (396 | ) | 18,855 | |||||||||||||||
Provision for loan losses | 390 | 535 | — | — | 925 | ||||||||||||||||
Net interest income after provision | 4,144 | 14,182 | — | (396 | ) | 17,930 | |||||||||||||||
Noninterest income | 383 | 1,966 | — | 260 | 2,609 | ||||||||||||||||
Noninterest expense | 2,936 | 10,865 | 354 | 741 | 14,896 | ||||||||||||||||
Operating income (loss) | $ | 1,591 | $ | 5,283 | $ | (354 | ) | $ | (877 | ) | $ | 5,643 | |||||||||
Total assets | $ | 137,774 | $ | 1,133,436 | $ | 205 | $ | 25,695 | $ | 1,297,110 | |||||||||||
Gross loans | $ | 119,733 | $ | 680,934 | $ | — | $ | — | $ | 800,667 | |||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 – SUBSEQUENT EVENTS |
On April 1, 2015, the Company issued 77,956 shares of restricted stock with a grant date fair value of $1,052,000 to its directors and certain officers and employees in accordance with the provisions of the Omnibus Incentive Plan. These RSAs vest over three years and were issued for fiscal year 2015 board of director compensation and as part of the Company’s fiscal year 2014 incentive bonus. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations |
Triumph Bancorp, Inc. (collectively with its subsidiaries, Triumph, or the Company, as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company 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 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. | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Company has four reportable segments consisting of Factoring, Banking, Asset Management, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards |
Effective January 1, 2015, the Company adopted Accounting Standards Update (ASU) No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors” (ASU 2014-04). Issued in January 2014, 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. Adoption of this ASU did not have a material impact on the Company’s financial statements. | |
Effective January 1, 2015, the Company retrospectively adopted ASU No. 2015-02, “Amendments to the Consolidation Analysis” (ASU 2015-02). Issued in February 2015, ASU 2015-02 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. Adoption of this ASU did not have a material impact on the Company’s financial statements. | |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards |
On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is currently effective for the Company on January 1, 2017 and early application is not permitted. However, the FASB has voted to propose having the new standard take effect for reporting periods beginning after December 15, 2017 for public companies, with early adoption allowed as of the original effective date for public companies. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Business_Combinations_and_Dive1
Business Combinations and Divestitures (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Doral Money Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, net consideration transferred, and the resulting bargain purchase gain is as follows: | ||||||
(Dollars in thousands) | |||||||
Assets acquired: | |||||||
Cash | $ | 8,273 | |||||
CLO Securities | 98,316 | ||||||
Intangible asset - CLO management contracts | 1,918 | ||||||
Loans | 36,765 | ||||||
Prepaid corporate income tax | 3,014 | ||||||
Other assets | 772 | ||||||
149,058 | |||||||
Liabilities assumed: | |||||||
Deferred tax liability | 663 | ||||||
Other liabilities | 22 | ||||||
685 | |||||||
Fair value of net assets acquired | 148,373 | ||||||
Net consideration transferred | 135,864 | ||||||
Bargain purchase gain | $ | (12,509 | ) | ||||
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, 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 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 (nonaccretable difference) | (873 | ) | |||||
Expected cash flows at acquisition | 4,136 | ||||||
Accretable yield | (482 | ) | |||||
Fair value of acquired PCI loans | $ | 3,654 | |||||
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
31-Mar-15 | Cost | Gains | Losses | Value | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government agency obligations | $ | 93,077 | $ | 1,476 | $ | — | $ | 94,553 | |||||||||||||||||
Mortgage-backed securities, residential | 26,955 | 650 | — | 27,605 | |||||||||||||||||||||
Asset backed securities | 18,500 | 129 | (44 | ) | 18,585 | ||||||||||||||||||||
State and municipal | 6,654 | 41 | — | 6,695 | |||||||||||||||||||||
Corporate bonds | 13,501 | 219 | — | 13,720 | |||||||||||||||||||||
SBA pooled securities | 200 | 2 | — | 202 | |||||||||||||||||||||
Total available for sale securities | $ | 158,887 | $ | 2,517 | $ | (44 | ) | $ | 161,360 | ||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
Other debt securities | $ | 746 | $ | 4 | $ | — | $ | 750 | |||||||||||||||||
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 debt securities | $ | 745 | $ | 5 | $ | — | $ | 750 | |||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Securities | The amortized cost and estimated fair value of securities at March 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Securities Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 1,467 | $ | 1,471 | $ | 225 | $ | 225 | |||||||||||||||||
Due from one year to five years | 102,564 | 104,041 | 521 | 525 | |||||||||||||||||||||
Due from five years to ten years | 7,626 | 7,811 | — | — | |||||||||||||||||||||
Due after ten years | 1,575 | 1,645 | — | — | |||||||||||||||||||||
113,232 | 114,968 | 746 | 750 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 26,955 | 27,605 | — | — | |||||||||||||||||||||
Asset backed securities | 18,500 | 18,585 | — | — | |||||||||||||||||||||
SBA pooled securities | 200 | 202 | — | — | |||||||||||||||||||||
$ | 158,887 | $ | 161,360 | $ | 746 | $ | 750 | ||||||||||||||||||
Schedule of Information Pertaining to Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at March 31, 2015 and December 31, 2014, 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-Mar-15 | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage-backed securities, residential | — | — | — | — | — | — | |||||||||||||||||||
Asset backed securities | 4,848 | (31 | ) | 4,965 | (13 | ) | 9,813 | (44 | ) | ||||||||||||||||
State and municipal | — | — | — | — | — | — | |||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | |||||||||||||||||||
SBA pooled securities | — | — | — | — | — | — | |||||||||||||||||||
$ | 4,848 | $ | (31 | ) | $ | 4,965 | $ | (13 | ) | $ | 9,813 | $ | (44 | ) | |||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | ) | |||||||||||
Loans_and_Allowance_for_Loan_a1
Loans and Allowance for Loan and Lease Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Loans And Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Information Concerning Loan Portfolio | Loans at March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 236,659 | $ | 249,164 | |||||||||||||||||||||||||||||
Construction, land development, land | 52,203 | 42,914 | |||||||||||||||||||||||||||||||
1-4 family residential properties | 73,605 | 78,738 | |||||||||||||||||||||||||||||||
Farmland | 24,805 | 22,496 | |||||||||||||||||||||||||||||||
Commercial | 371,614 | 364,567 | |||||||||||||||||||||||||||||||
Factored receivables | 171,452 | 180,910 | |||||||||||||||||||||||||||||||
Consumer | 11,201 | 11,941 | |||||||||||||||||||||||||||||||
Mortgage warehouse | 69,907 | 55,148 | |||||||||||||||||||||||||||||||
Total | 1,011,446 | 1,005,878 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (9,286 | ) | (8,843 | ) | |||||||||||||||||||||||||||||
$ | 1,002,160 | $ | 997,035 | ||||||||||||||||||||||||||||||
Summary of Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||||||
The activity in the allowance for loan and lease losses (ALLL) during the three months ended March 31, 2015 and 2014 is as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 533 | $ | 590 | $ | (89 | ) | $ | 41 | $ | 1,075 | ||||||||||||||||||||||
Construction, land development, land | 333 | 11 | — | — | 344 | ||||||||||||||||||||||||||||
1-4 family residential properties | 215 | 90 | (105 | ) | 23 | 223 | |||||||||||||||||||||||||||
Farmland | 19 | 7 | — | — | 26 | ||||||||||||||||||||||||||||
Commercial | 4,003 | (7 | ) | (2 | ) | 2 | 3,996 | ||||||||||||||||||||||||||
Factored receivables | 3,462 | (45 | ) | (67 | ) | 30 | 3,380 | ||||||||||||||||||||||||||
Consumer | 140 | (21 | ) | (95 | ) | 60 | 84 | ||||||||||||||||||||||||||
Mortgage warehouse | 138 | 20 | — | — | 158 | ||||||||||||||||||||||||||||
$ | 8,843 | $ | 645 | $ | (358 | ) | $ | 156 | $ | 9,286 | |||||||||||||||||||||||
(Dollars in thousands) | Beginning | Ending | |||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Balance | Provision | Charge-offs | Recoveries | Balance | ||||||||||||||||||||||||||||
Commercial real estate | $ | 348 | $ | 53 | $ | — | $ | 1 | $ | 402 | |||||||||||||||||||||||
Construction, land development, land | 110 | 84 | — | — | 194 | ||||||||||||||||||||||||||||
1-4 family residential properties | 100 | 149 | (145 | ) | 99 | 203 | |||||||||||||||||||||||||||
Farmland | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||
Commercial | 1,145 | 174 | (12 | ) | 212 | 1,519 | |||||||||||||||||||||||||||
Factored receivables | 1,842 | 357 | (40 | ) | 14 | 2,173 | |||||||||||||||||||||||||||
Consumer | 49 | 94 | (141 | ) | 73 | 75 | |||||||||||||||||||||||||||
Mortgage warehouse | 44 | 14 | — | — | 58 | ||||||||||||||||||||||||||||
$ | 3,645 | $ | 925 | $ | (338 | ) | $ | 399 | $ | 4,631 | |||||||||||||||||||||||
Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class | The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (PCI) loans, and their respective allowance allocations: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Loan Evaluation | ALLL Allocations | |||||||||||||||||||||||||||||||
31-Mar-15 | Individually | Collectively | PCI | Total loans | Individually | Collectively | PCI | Total ALLL | |||||||||||||||||||||||||
Commercial real estate | $ | 1,929 | $ | 226,444 | $ | 8,286 | $ | 236,659 | $ | 100 | $ | 570 | $ | 405 | $ | 1,075 | |||||||||||||||||
Construction, land development, land | — | 50,772 | 1,431 | 52,203 | — | 344 | — | 344 | |||||||||||||||||||||||||
1-4 family residential properties | 476 | 71,068 | 2,061 | 73,605 | 16 | 205 | 2 | 223 | |||||||||||||||||||||||||
Farmland | — | 24,805 | — | 24,805 | — | 26 | — | 26 | |||||||||||||||||||||||||
Commercial | 6,871 | 360,285 | 4,458 | 371,614 | 701 | 3,295 | — | 3,996 | |||||||||||||||||||||||||
Factored receivables | 1,271 | 170,181 | — | 171,452 | 797 | 2,583 | — | 3,380 | |||||||||||||||||||||||||
Consumer | — | 11,201 | — | 11,201 | — | 84 | — | 84 | |||||||||||||||||||||||||
Mortgage warehouse | — | 69,907 | — | 69,907 | — | 158 | — | 158 | |||||||||||||||||||||||||
$ | 10,547 | $ | 984,663 | $ | 16,236 | $ | 1,011,446 | $ | 1,614 | $ | 7,265 | $ | 407 | $ | 9,286 | ||||||||||||||||||
(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 | ||||||||||||||||||
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
Impaired Loans and Purchased Credit | Impaired Loans | ||||||||||||||||||||||||||||||||
Impaired Loans With a Valuation Allowance | Without a Valuation Allowance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | ||||||||||||||||||||||||||||
31-Mar-15 | Investment | Principal | Allowance | Investment | Principal | ||||||||||||||||||||||||||||
Commercial real estate | $ | 532 | $ | 532 | $ | 100 | $ | 1,397 | $ | 1,228 | |||||||||||||||||||||||
Construction, land development, land | — | — | — | — | — | ||||||||||||||||||||||||||||
1-4 family residential properties | 96 | 107 | 16 | 380 | 498 | ||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | 1,574 | 1,641 | 701 | 5,297 | 5,298 | ||||||||||||||||||||||||||||
Factored receivables | 1,271 | 1,271 | 797 | — | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | — | ||||||||||||||||||||||||||||
PCI | 1,102 | 3,809 | 407 | — | — | ||||||||||||||||||||||||||||
$ | 4,575 | $ | 7,360 | $ | 2,021 | $ | 7,074 | $ | 7,024 | ||||||||||||||||||||||||
Impaired Loans and Purchased Credit | 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 | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,931 | $ | 14 | $ | 251 | $ | 1 | |||||||||||||||||||||||||
Construction, land development, land | — | — | — | — | |||||||||||||||||||||||||||||
1-4 family residential properties | 691 | 28 | 313 | 3 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 7,030 | 163 | 5,331 | — | |||||||||||||||||||||||||||||
Factored receivables | 1,271 | — | 715 | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | 459 | — | 4,831 | 974 | |||||||||||||||||||||||||||||
$ | 11,382 | $ | 205 | $ | 11,441 | $ | 978 | ||||||||||||||||||||||||||
Schedule of Recorded Investment and Unpaid Principal Balances | The following table presents the unpaid principal and recorded investment for loans at March 31, 2015 and December 31, 2014. 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-Mar-15 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 236,659 | $ | 249,504 | $ | (12,845 | ) | ||||||||||||||||||||||||||
Construction, land development, land | 52,203 | 53,876 | (1,673 | ) | |||||||||||||||||||||||||||||
1-4 family residential properties | 73,605 | 76,849 | (3,244 | ) | |||||||||||||||||||||||||||||
Farmland | 24,805 | 24,713 | 92 | ||||||||||||||||||||||||||||||
Commercial | 371,614 | 373,801 | (2,187 | ) | |||||||||||||||||||||||||||||
Factored receivables | 171,452 | 172,388 | (936 | ) | |||||||||||||||||||||||||||||
Consumer | 11,201 | 11,277 | (76 | ) | |||||||||||||||||||||||||||||
Mortgage warehouse | 69,907 | 69,907 | — | ||||||||||||||||||||||||||||||
$ | 1,011,446 | $ | 1,032,315 | $ | (20,869 | ) | |||||||||||||||||||||||||||
Recorded | Unpaid | ||||||||||||||||||||||||||||||||
31-Dec-14 | Investment | Principal | Difference | ||||||||||||||||||||||||||||||
Commercial | $ | 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 | ) | |||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Mar-15 | Past Due | Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 549 | $ | — | $ | 1,991 | $ | 2,540 | |||||||||||||||||||||||||
Construction, land development, land | 101 | — | — | 101 | |||||||||||||||||||||||||||||
1-4 family residential properties | 504 | — | 530 | 1,034 | |||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||
Commercial | 6,249 | — | 6,871 | 13,120 | |||||||||||||||||||||||||||||
Factored receivables | 5,045 | 1,145 | — | 6,190 | |||||||||||||||||||||||||||||
Consumer | 189 | — | — | 189 | |||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | |||||||||||||||||||||||||||||
PCI | — | — | 6,262 | 6,262 | |||||||||||||||||||||||||||||
$ | 12,637 | $ | 1,145 | $ | 15,654 | $ | 29,436 | ||||||||||||||||||||||||||
Past Due 90 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-89 Days | Days or More | |||||||||||||||||||||||||||||||
31-Dec-14 | Past Due | Still Accruing | Nonaccrual | 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 | ||||||||||||||||||||||||||
Summary of Risk Category of Loans | As of March 31, 2015 and December 31, 2014 based on the most recent analysis performed, the risk category of loans is as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Special | ||||||||||||||||||||||||||||||||
31-Mar-15 | Pass | Mention | Substandard | Doubtful | PCI | Total | |||||||||||||||||||||||||||
Commercial real estate | $ | 220,010 | $ | 2,321 | $ | 6,042 | $ | — | $ | 8,286 | $ | 236,659 | |||||||||||||||||||||
Construction, land development, land | 50,772 | — | — | — | 1,431 | 52,203 | |||||||||||||||||||||||||||
1-4 family residential | 70,959 | 76 | 509 | — | 2,061 | 73,605 | |||||||||||||||||||||||||||
Farmland | 24,805 | — | — | — | — | 24,805 | |||||||||||||||||||||||||||
Commercial | 355,217 | 198 | 11,741 | — | 4,458 | 371,614 | |||||||||||||||||||||||||||
Factored receivables | 170,181 | — | 543 | 728 | — | 171,452 | |||||||||||||||||||||||||||
Consumer | 11,201 | — | — | — | — | 11,201 | |||||||||||||||||||||||||||
Mortgage warehouse | 69,907 | — | — | — | — | 69,907 | |||||||||||||||||||||||||||
$ | 973,052 | $ | 2,595 | $ | 18,835 | $ | 728 | $ | 16,236 | $ | 1,011,446 | ||||||||||||||||||||||
(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 | ||||||||||||||||||||||
Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans | The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at March 31, 2015 and December 31, 2014, are as follows: | ||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Contractually required principal and interest: | |||||||||||||||||||||||||||||||||
Real estate loans | $ | 21,046 | $ | 23,457 | |||||||||||||||||||||||||||||
Commercial loans | 6,588 | 6,293 | |||||||||||||||||||||||||||||||
Outstanding contractually required principal and interest | $ | 27,634 | $ | 29,750 | |||||||||||||||||||||||||||||
Gross carrying amount included in loans receivable | $ | 16,236 | $ | 16,500 | |||||||||||||||||||||||||||||
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three months ended March 31, 2015 and 2014 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Accretable yield, beginning balance | $ | 4,977 | $ | 4,000 | |||||||||||||||||||||||||||||
Additions | — | — | |||||||||||||||||||||||||||||||
Accretion | (429 | ) | (1,758 | ) | |||||||||||||||||||||||||||||
Reclassification from nonaccretable to accretable yield | — | 3,922 | |||||||||||||||||||||||||||||||
Disposals | (52 | ) | (89 | ) | |||||||||||||||||||||||||||||
Accretable yield, ending balance | $ | 4,496 | $ | 6,075 | |||||||||||||||||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: | ||||||||
March 31, | December 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Goodwill | $ | 15,968 | $ | 15,968 | |||||
Core deposit intangibles | 10,592 | 11,218 | |||||||
Other intangible assets | 3,651 | 1,871 | |||||||
$ | 30,211 | $ | 29,057 | ||||||
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three months ended March 31, 2015 and 2014 are as follows: | ||||||||
March 31, | |||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Beginning balance | $ | 29,057 | $ | 28,518 | |||||
Acquired intangibles | 1,918 | — | |||||||
Amortization of intangibles | (764 | ) | (726 | ) | |||||
Ending balance | $ | 30,211 | $ | 27,792 | |||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||
Schedule of Variable Interest Entities | The following table summarizes the closed CLO offerings with assets under management by TCA: | |||||
Offering | Offering | |||||
(Dollars in thousands) | Date | Amount | ||||
Trinitas CLO I, LTD (Trinitas I) | 1-May-14 | $ | 400,000 | |||
Trinitas CLO II, LTD (Trinitas II) | 4-Aug-14 | $ | 416,000 | |||
Doral CLO II, LTD (Doral II) | 26-Apr-12 | $ | 416,460 | |||
Doral CLO III, LTD (Doral III) | December 17, 2012 | $ | 310,800 | |||
Deposits_Tables
Deposits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits [Abstract] | |||||||||
Summary Of Deposits | Deposits at March 31, 2015 and December 31, 2014 are summarized as follows: | ||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | |||||||
Noninterest bearing demand | $ | 167,538 | $ | 179,848 | |||||
Interest bearing demand | 231,718 | 236,525 | |||||||
Individual retirement accounts | 55,773 | 55,034 | |||||||
Money market | 120,001 | 117,514 | |||||||
Savings | 74,236 | 70,407 | |||||||
Certificates of deposit | 474,413 | 455,901 | |||||||
Brokered deposits | 50,000 | 50,000 | |||||||
Total Deposits | $ | 1,173,679 | $ | 1,165,229 | |||||
Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits | At March 31, 2015, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: | ||||||||
(Dollars in thousands) | 31-Mar-15 | ||||||||
Within one year | $ | 354,342 | |||||||
After one but within two years | 158,586 | ||||||||
After two but within three years | 42,796 | ||||||||
After three but within four years | 12,624 | ||||||||
After four but within five years | 11,838 | ||||||||
Total | $ | 580,186 | |||||||
OffBalance_Sheet_Loan_Commitme1
Off-Balance Sheet Loan Commitments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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-Mar-15 | 31-Dec-14 | ||||||||||||||||
(Dollars in thousands) | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | |||||||||||||
Commitments to make loans | $ | 12,725 | $ | 16,158 | $ | 5,192 | $ | 14,600 | |||||||||
Unused lines of credit | 39,590 | 206,983 | 30,369 | 197,594 | |||||||||||||
Standby letters of credit | 1,355 | 1,973 | 1,840 | 1,915 | |||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Mar-15 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. Government agency obligations | $ | — | $ | 94,553 | $ | — | $ | 94,553 | |||||||||||||
Mortgage-backed securities-residential | — | 27,605 | — | 27,605 | |||||||||||||||||
Asset backed securities | — | 18,585 | — | 18,585 | |||||||||||||||||
State and municipal | — | 3,466 | 3,229 | 6,695 | |||||||||||||||||
Corporate bonds | — | 13,720 | — | 13,720 | |||||||||||||||||
SBA pooled securities | — | 202 | — | 202 | |||||||||||||||||
$ | — | $ | 158,131 | $ | 3,229 | $ | 161,360 | ||||||||||||||
Loans held for sale | $ | — | $ | 3,401 | $ | — | $ | 3,401 | |||||||||||||
(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 | |||||||||||||
Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
(Dollars in thousands) | Fair Value Measurements Using | Total | |||||||||||||||||||
31-Mar-15 | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 432 | $ | 432 | |||||||||||||
1-4 family residential properties | — | — | 80 | 80 | |||||||||||||||||
Commercial | — | — | 873 | 873 | |||||||||||||||||
Factored receivables | — | — | 474 | 474 | |||||||||||||||||
PCI | — | — | 695 | 695 | |||||||||||||||||
Other real estate owned (1) | |||||||||||||||||||||
Construction, land development, land | — | — | 411 | 411 | |||||||||||||||||
$ | — | $ | — | $ | 2,965 | $ | 2,965 | ||||||||||||||
(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 | ||||||||||||||
(1) Represents the fair value of OREO that was adjusted during the period and subsequent to its initial classification as OREO | |||||||||||||||||||||
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||
(Dollars in thousands) | Carrying | Fair Value Measurements Using | Total | ||||||||||||||||||
31-Mar-15 | Amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 178,442 | $ | 178,442 | $ | — | $ | — | $ | 178,442 | |||||||||||
Securities - held to maturity | 746 | — | 750 | — | 750 | ||||||||||||||||
Loans not previously presented, net | 999,606 | — | — | 1,006,839 | 1,006,839 | ||||||||||||||||
FHLB and Federal Reserve Bank stock | 4,466 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 4,201 | — | 4,201 | — | 4,201 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,173,679 | — | 1,176,186 | — | 1,176,186 | ||||||||||||||||
Customer repurchase agreements | 8,666 | — | 8,666 | — | 8,666 | ||||||||||||||||
Junior subordinated debentures | 24,487 | — | 24,487 | — | 24,487 | ||||||||||||||||
Accrued interest payable | 969 | — | 969 | — | 969 | ||||||||||||||||
(Dollars in thousands) | Carrying | Fair Value Measurements Using | Total | ||||||||||||||||||
31-Dec-14 | 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 | ||||||||||||||||
Junior subordinated debentures | 24,423 | — | 24,423 | — | 24,423 | ||||||||||||||||
Accrued interest payable | 971 | — | 971 | — | 971 | ||||||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. For periods beginning on or after January 1, 2015, capital ratios are calculated and presented in accordance with the requirements of Basel III. | ||||||||||||||||||||||||
To Be Adequately | To Be Well | ||||||||||||||||||||||||
Capitalized Under | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | Prompt Corrective | ||||||||||||||||||||||||
(Dollars in thousands) | Actual | Action Provisions | Action Provisions | ||||||||||||||||||||||
As of March 31, 2015 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 255,546 | 21.50% | $ | 95,043 | 8.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 59,213 | 17.60% | $ | 26,884 | 8.00% | $ | 33,606 | 10.00% | ||||||||||||||||
Triumph Community Bank | $ | 126,931 | 15.50% | $ | 65,458 | 8.00% | $ | 81,822 | 10.00% | ||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 246,133 | 20.70% | $ | 71,274 | 6.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 55,391 | 16.50% | $ | 20,167 | 6.00% | $ | 26,889 | 8.00% | ||||||||||||||||
Triumph Community Bank | $ | 121,340 | 14.80% | $ | 49,093 | 6.00% | $ | 65,458 | 8.00% | ||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 217,713 | 18.30% | $ | 53,448 | 4.50% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 55,391 | 16.50% | $ | 15,125 | 4.50% | $ | 21,847 | 6.50% | ||||||||||||||||
Triumph Community Bank | $ | 121,340 | 14.80% | $ | 36,820 | 4.50% | $ | 53,184 | 6.50% | ||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | 246,133 | 17.40% | $ | 56,745 | 4.00% | N/A | N/A | |||||||||||||||||
Triumph Savings Bank, SSB | $ | 55,391 | 14.10% | $ | 15,770 | 4.00% | $ | 19,712 | 5.00% | ||||||||||||||||
Triumph Community Bank | $ | 121,340 | 12.60% | $ | 38,598 | 4.00% | $ | 48,247 | 5.00% | ||||||||||||||||
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% | ||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Series A | Series B | ||||||||||||||||||||||||||||||||
March | December | March | December | March | December | March | December | ||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
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 | 17,974,767 | |||||||||||||||||||||||||||
Number of shares outstanding | 45,500 | 45,500 | 51,956 | 51,956 | 17,963,783 | 17,963,783 | 10,984 | 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 | |||||||||||||||||||||||||
Dividend rate | Prime + 2% | Prime + 2% | 8 | % | 8 | % | |||||||||||||||||||||||||||
Dividend rate - floor | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
Initial dividend payment date | 3/31/13 | 3/31/13 | 12/31/13 | 12/31/13 | |||||||||||||||||||||||||||||
Subsequent dividend payment dates | Quarterly | Quarterly | Quarterly | Quarterly | |||||||||||||||||||||||||||||
Convertible to common stock | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||
Conversion period | Anytime | Anytime | Anytime | Anytime | |||||||||||||||||||||||||||||
Conversion ratio - preferred to common | 6.94008 | 6.94008 | 6.94008 | 6.94008 | |||||||||||||||||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 three months ended March 31, 2015 were as follows: | ||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSAs | Shares | Fair Value | |||||||
Nonvested at January 1, 2015 | 252,256 | $ | 14.71 | ||||||
Granted | — | — | |||||||
Vested | — | — | |||||||
Forfeited | — | — | |||||||
Nonvested at March 31, 2015 | 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 three months ended March 31, 2014 were as follows: | ||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Nonvested RSUs | Units | Fair Value | |||||||
Nonvested at January 1, 2014 | 26,120 | $ | 10.77 | ||||||
Granted | 26,915 | 13.99 | |||||||
Vested | (13,511 | ) | 12.12 | ||||||
Forfeited | — | — | |||||||
Nonvested at March 31, 2014 | 39,524 | $ | 12.5 | ||||||
Earnings_Per_Share_Basic_and_D
Earnings Per Share, Basic and Diluted (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: | ||||||||
Three Months Ended March 31, | |||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Basic | |||||||||
Net income to common stockholders | $ | 13,852 | $ | 3,148 | |||||
Weighted average common shares outstanding | 17,711,527 | 9,832,735 | |||||||
Basic earnings per common share | $ | 0.78 | $ | 0.32 | |||||
Diluted | |||||||||
Net income to common stockholders | $ | 13,852 | $ | 3,148 | |||||
Dilutive effect of preferred stock | 192 | 192 | |||||||
Net income to common stockholders - diluted | $ | 14,044 | $ | 3,340 | |||||
Weighted average common shares outstanding | 17,711,527 | 9,832,735 | |||||||
Add: Dilutive effects of restricted stock | 11,962 | 6,370 | |||||||
Add: Dilutive effects of assumed exercises of stock warrants | 28,823 | 29,446 | |||||||
Add: Dilutive effects of assumed conversion of Preferred A | 315,773 | 315,773 | |||||||
Add: Dilutive effects of assumed conversion of Preferred B | 360,578 | 360,578 | |||||||
Average shares and dilutive potential common shares | 18,428,663 | 10,544,902 | |||||||
Dilutive earnings per common share | $ | 0.76 | $ | 0.32 | |||||
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information | (Dollars in thousands) | Asset | |||||||||||||||||||
Three Months Ended March 31, 2015 | Factoring | Banking | Management | Corporate | Consolidated | ||||||||||||||||
Total interest income | $ | 7,228 | $ | 14,235 | $ | 60 | $ | 56 | $ | 21,579 | |||||||||||
Intersegment interest allocations | (909 | ) | 909 | — | — | — | |||||||||||||||
Total interest expense | — | 1,572 | 10 | 272 | 1,854 | ||||||||||||||||
Net interest income (expense) | 6,319 | 13,572 | 50 | (216 | ) | 19,725 | |||||||||||||||
Provision for loan losses | (109 | ) | 754 | — | — | 645 | |||||||||||||||
Net interest income after provision | 6,428 | 12,818 | 50 | (216 | ) | 19,080 | |||||||||||||||
Bargain purchase gain | — | — | 12,509 | — | 12,509 | ||||||||||||||||
Other noninterest income | 331 | 2,585 | 957 | 277 | 4,150 | ||||||||||||||||
Noninterest expense | 4,312 | 12,400 | 2,626 | 1,445 | 20,783 | ||||||||||||||||
Operating income (loss) | $ | 2,447 | $ | 3,003 | $ | 10,890 | $ | (1,384 | ) | $ | 14,956 | ||||||||||
Total assets | $ | 165,680 | $ | 1,227,690 | $ | 16,274 | $ | 63,099 | $ | 1,472,743 | |||||||||||
Gross loans | $ | 156,001 | $ | 855,403 | $ | 42 | $ | — | $ | 1,011,446 | |||||||||||
(Dollars in thousands) | Asset | ||||||||||||||||||||
Three Months Ended March 31, 2014 | Factoring | Banking | Management | Corporate | Consolidated | ||||||||||||||||
Total interest income | $ | 5,105 | $ | 15,260 | $ | — | $ | 14 | $ | 20,379 | |||||||||||
Intersegment interest allocations | (571 | ) | 571 | — | — | — | |||||||||||||||
Total interest expense | — | 1,114 | — | 410 | 1,524 | ||||||||||||||||
Net interest income (expense) | 4,534 | 14,717 | — | (396 | ) | 18,855 | |||||||||||||||
Provision for loan losses | 390 | 535 | — | — | 925 | ||||||||||||||||
Net interest income after provision | 4,144 | 14,182 | — | (396 | ) | 17,930 | |||||||||||||||
Noninterest income | 383 | 1,966 | — | 260 | 2,609 | ||||||||||||||||
Noninterest expense | 2,936 | 10,865 | 354 | 741 | 14,896 | ||||||||||||||||
Operating income (loss) | $ | 1,591 | $ | 5,283 | $ | (354 | ) | $ | (877 | ) | $ | 5,643 | |||||||||
Total assets | $ | 137,774 | $ | 1,133,436 | $ | 205 | $ | 25,695 | $ | 1,297,110 | |||||||||||
Gross loans | $ | 119,733 | $ | 680,934 | $ | — | $ | — | $ | 800,667 | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segments | |
Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
Business_Combinations_and_Dive2
Business Combinations and Divestitures - Additional Information (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Jul. 11, 2014 | Mar. 03, 2015 | Feb. 26, 2015 | Jun. 13, 2014 | |
Business Acquisition [Line Items] | |||||
Securities transferred in satisfaction of other borrowings | $98,316,000 | ||||
Cash payment towards debt facility | 1,659,000 | ||||
Cash paid | 124,990,000 | ||||
TCB | Sale of Pewaukee Branch | |||||
Business Acquisition [Line Items] | |||||
Net cash proceeds | 57,409,000 | ||||
Deposits | 36,326,000 | ||||
Carrying amount of Loans Sold | 78,071,000 | ||||
Pre-tax gain | 12,619,000 | ||||
Doral Money Acquisition | |||||
Business Acquisition [Line Items] | |||||
CLO management contract acquired - Assets under management | 700,000,000 | ||||
Business combination, consideration transferred cash paid | 133,263,000 | ||||
Business combination, sales price adjustment | 2,601,000 | ||||
Consideration paid | 135,864,000 | ||||
Pre-tax expenses | 243,000 | ||||
Fair value of loans acquired and sold | 36,765,000 | ||||
Gain (loss) on sale of loans | 0 | ||||
Loans | 36,765,000 | ||||
Doral Money Acquisition | Secured term loan credit facility | |||||
Business Acquisition [Line Items] | |||||
Debt instrument payable to third party | 99,975,000 | ||||
Debt instrument, marginal interest rate | 3.50% | ||||
Debt instrument, interest rate description | LIBOR plus 3.5% | ||||
Debt instrument maturity date | 31-Mar-15 | ||||
Repayment of debt instrument | 99,975,000 | ||||
Securities transferred in satisfaction of other borrowings | 98,316,000 | ||||
Cash payment towards debt facility | 1,659,000 | ||||
Doral Healthcare Acquisition | |||||
Business Acquisition [Line Items] | |||||
Loans | 45,334,000 | ||||
Cash paid | 49,482,000 | ||||
Goodwill | 1,921,000 | ||||
Fair value of acquired loans not classified as PCI | $41,680,000 |
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 | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 03, 2015 | Jun. 13, 2014 |
Liabilities assumed: | |||
Cash paid | $124,990 | ||
Bargain purchase gain | -12,509 | ||
Doral Money Acquisition | |||
Assets acquired: | |||
Cash | 8,273 | ||
CLO Securities | 98,316 | ||
Intangible asset - CLO management contracts | 1,918 | ||
Loans | 36,765 | ||
Prepaid corporate income tax | 3,014 | ||
Other assets | 772 | ||
Total Assets Acquired | 149,058 | ||
Liabilities assumed: | |||
Deferred tax liability | 663 | ||
Other liabilities | 22 | ||
Total liabilities | 685 | ||
Fair value of net assets acquired | 148,373 | ||
Consideration paid | 135,864 | ||
Bargain purchase gain | -12,509 | ||
Doral Healthcare Acquisition | |||
Assets acquired: | |||
Intangible asset - CLO management contracts | 2,029 | ||
Loans | 45,334 | ||
Premises and equipment | 50 | ||
Other assets | 276 | ||
Total Assets Acquired | 47,689 | ||
Liabilities assumed: | |||
Customer deposits | 128 | ||
Fair value of net assets acquired | 47,561 | ||
Cash paid | 49,482 | ||
Goodwill | $1,921 |
Business_Combinations_and_Dive4
Business Combinations and Divestitures - Schedule of Loans Acquired in Business Combination (Details) (Doral Healthcare Acquisition, USD $) | Jun. 13, 2014 |
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 |
Securities_Schedule_of_Amortiz
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $158,887 | $160,539 |
Available for sale securities, Gross Unrealized Gains | 2,517 | 1,575 |
Available for sale securities, Gross Unrealized Losses | -44 | -90 |
Securities - available for sale | 161,360 | 162,024 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 746 | 745 |
Held to maturity securities, Fair Value | 750 | 750 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 93,077 | 93,150 |
Available for sale securities, Gross Unrealized Gains | 1,476 | 691 |
Securities - available for sale | 94,553 | 93,841 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 26,955 | 28,298 |
Available for sale securities, Gross Unrealized Gains | 650 | 580 |
Securities - available for sale | 27,605 | 28,878 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 18,500 | 18,559 |
Available for sale securities, Gross Unrealized Gains | 129 | 129 |
Available for sale securities, Gross Unrealized Losses | -44 | -90 |
Securities - available for sale | 18,585 | 18,598 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 6,654 | 6,833 |
Available for sale securities, Gross Unrealized Gains | 41 | 28 |
Securities - available for sale | 6,695 | 6,861 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 13,501 | 13,492 |
Available for sale securities, Gross Unrealized Gains | 219 | 144 |
Securities - available for sale | 13,720 | 13,636 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 200 | 207 |
Available for sale securities, Gross Unrealized Gains | 2 | 3 |
Securities - available for sale | 202 | 210 |
Other Debt Securities | ||
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 746 | 745 |
Held to maturity securities, Gross Unrealized Gains | 4 | 5 |
Held to maturity securities, Fair Value | $750 | $750 |
Securities_Schedule_of_Amortiz1
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available for Sale, Amortized Cost | ||
Due in one year or less, Amortized Cost | $1,467 | |
Due from one year to five years, Amortized Cost | 102,564 | |
Due from five years to ten years, Amortized Cost | 7,626 | |
Due after ten years, Amortized Cost | 1,575 | |
Securities Available for Sale, with single maturity date, Amortized Cost | 113,232 | |
Securities Available for Sale, Amortized Cost | 158,887 | |
Securities Available for Sale, Fair Value | ||
Due in one year or less, Fair Value | 1,471 | |
Due from one year to five years, Fair Value | 104,041 | |
Due from five years to ten years, Fair Value | 7,811 | |
Due after ten years, Fair Value | 1,645 | |
Securities Available for Sale, with single maturity date, Fair Value | 114,968 | |
Securities Available for Sale, Fair Value | 161,360 | |
Held to Maturity, Amortized Cost | ||
Due in one year or less, Amortized Cost | 225 | |
Due from one year to five years, Amortized Cost | 521 | |
Held to Maturity, with single maturity date, Amortized Cost | 746 | |
Held to maturity securities, Amortized Cost | 746 | 745 |
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 | 750 |
Mortgage-backed Securities, Residential | ||
Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 26,955 | |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 27,605 | |
Asset Backed Securities | ||
Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 18,500 | |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 18,585 | |
SBA Pooled Securities | ||
Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 200 | |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | $202 |
Securities_Additional_Informat
Securities - Additional Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sales of securities available for sale | $0 | $6,777 | |
Gross gains on sale of securities | 25 | ||
Gross losses on sale of securities | 9 | ||
Pledged securities, at carrying value | $111,587 | $113,980 |
Securities_Schedule_of_Informa
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized Losses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $4,848 | $8,703 |
Less than 12 Months, Unrealized Losses | -31 | -82 |
12 Months or More, Fair Value | 4,965 | 4,959 |
12 Months or More, Unrealized Losses | -13 | -8 |
Total, Fair Value | 9,813 | 13,662 |
Total, Unrealized Losses | -44 | -90 |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,848 | 8,703 |
Less than 12 Months, Unrealized Losses | -31 | -82 |
12 Months or More, Fair Value | 4,965 | 4,959 |
12 Months or More, Unrealized Losses | -13 | -8 |
Total, Fair Value | 9,813 | 13,662 |
Total, Unrealized Losses | ($44) | ($90) |
Loans_and_Allowance_for_Loan_a2
Loans and Allowance for Loan and Lease Losses - Summary of Information Concerning Loan Portfolio (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | $1,011,446 | $1,005,878 | $800,667 | |
Allowance for loan and lease losses | -9,286 | -8,843 | -4,631 | -3,645 |
Loans, net | 1,002,160 | 997,035 | ||
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 236,659 | 249,164 | ||
Allowance for loan and lease losses | -1,075 | -533 | -402 | -348 |
Construction, land development, land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 52,203 | 42,914 | ||
Allowance for loan and lease losses | -344 | -333 | -194 | -110 |
1-4 family residential properties | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 73,605 | 78,738 | ||
Allowance for loan and lease losses | -223 | -215 | -203 | -100 |
Farmland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 24,805 | 22,496 | ||
Allowance for loan and lease losses | -26 | -19 | -7 | -7 |
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 371,614 | 364,567 | ||
Allowance for loan and lease losses | -3,996 | -4,003 | -1,519 | -1,145 |
Factored receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 171,452 | 180,910 | ||
Allowance for loan and lease losses | -3,380 | -3,462 | -2,173 | -1,842 |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 11,201 | 11,941 | ||
Allowance for loan and lease losses | -84 | -140 | -75 | -49 |
Mortgage warehouse | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 69,907 | 55,148 | ||
Allowance for loan and lease losses | ($158) | ($138) | ($58) | ($44) |
Loans_and_Allowance_for_Loan_a3
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Net deferred origination fees and costs and deferred factoring fees | $926 | $906 |
Pledged loans | 137,795 | 141,427 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Customer reserves | $17,635 | $18,976 |
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 | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | $8,843 | $3,645 | |
Provision for loan losses | 645 | 925 | |
Charge-offs | -358 | -338 | |
Recoveries | 156 | 399 | |
Ending Balance | 9,286 | 4,631 | |
Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 533 | 348 | |
Provision for loan losses | 590 | 53 | |
Charge-offs | -89 | ||
Recoveries | 41 | 1 | |
Ending Balance | 1,075 | 402 | |
Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 333 | 110 | |
Provision for loan losses | 11 | 84 | |
Ending Balance | 344 | 194 | |
1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 215 | 100 | |
Provision for loan losses | 90 | 149 | |
Charge-offs | -105 | -145 | |
Recoveries | 23 | 99 | |
Ending Balance | 223 | 203 | |
Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 19 | 7 | |
Provision for loan losses | 7 | ||
Ending Balance | 26 | 7 | 7 |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 4,003 | 1,145 | |
Provision for loan losses | -7 | 174 | |
Charge-offs | -2 | -12 | |
Recoveries | 2 | 212 | |
Ending Balance | 3,996 | 1,519 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 3,462 | 1,842 | |
Provision for loan losses | -45 | 357 | |
Charge-offs | -67 | -40 | |
Recoveries | 30 | 14 | |
Ending Balance | 3,380 | 2,173 | |
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 140 | 49 | |
Provision for loan losses | -21 | 94 | |
Charge-offs | -95 | -141 | |
Recoveries | 60 | 73 | |
Ending Balance | 84 | 75 | |
Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning Balance | 138 | 44 | |
Provision for loan losses | 20 | 14 | |
Ending Balance | $158 | $58 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Individually | $10,547 | $11,020 | ||
Loan Evaluation, Collectively | 984,663 | 978,358 | ||
Loan Evaluation, PCI | 16,236 | 16,500 | ||
Loan, Total | 1,011,446 | 1,005,878 | 800,667 | |
ALLL Allocations, Individually | 1,614 | 1,749 | ||
ALLL Allocations, Collectively | 7,265 | 7,094 | ||
ALLL Allocations, PCI | 407 | |||
ALLL Allocations, Total ALLL | 9,286 | 8,843 | 4,631 | 3,645 |
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Individually | 1,929 | 1,934 | ||
Loan Evaluation, Collectively | 226,444 | 238,640 | ||
Loan Evaluation, PCI | 8,286 | 8,590 | ||
Loan, Total | 236,659 | 249,164 | ||
ALLL Allocations, Individually | 100 | |||
ALLL Allocations, Collectively | 570 | 533 | ||
ALLL Allocations, PCI | 405 | |||
ALLL Allocations, Total ALLL | 1,075 | 533 | 402 | 348 |
Construction, land development, land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Collectively | 50,772 | 41,431 | ||
Loan Evaluation, PCI | 1,431 | 1,483 | ||
Loan, Total | 52,203 | 42,914 | ||
ALLL Allocations, Collectively | 344 | 333 | ||
ALLL Allocations, Total ALLL | 344 | 333 | 194 | 110 |
1-4 family residential properties | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Individually | 476 | 627 | ||
Loan Evaluation, Collectively | 71,068 | 76,041 | ||
Loan Evaluation, PCI | 2,061 | 2,070 | ||
Loan, Total | 73,605 | 78,738 | ||
ALLL Allocations, Individually | 16 | |||
ALLL Allocations, Collectively | 205 | 215 | ||
ALLL Allocations, PCI | 2 | |||
ALLL Allocations, Total ALLL | 223 | 215 | 203 | 100 |
Farmland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Collectively | 24,805 | 22,496 | ||
Loan, Total | 24,805 | 22,496 | ||
ALLL Allocations, Collectively | 26 | 19 | ||
ALLL Allocations, Total ALLL | 26 | 19 | 7 | 7 |
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Individually | 6,871 | 7,188 | ||
Loan Evaluation, Collectively | 360,285 | 353,022 | ||
Loan Evaluation, PCI | 4,458 | 4,357 | ||
Loan, Total | 371,614 | 364,567 | ||
ALLL Allocations, Individually | 701 | 716 | ||
ALLL Allocations, Collectively | 3,295 | 3,287 | ||
ALLL Allocations, Total ALLL | 3,996 | 4,003 | 1,519 | 1,145 |
Factored receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Individually | 1,271 | 1,271 | ||
Loan Evaluation, Collectively | 170,181 | 179,639 | ||
Loan, Total | 171,452 | 180,910 | ||
ALLL Allocations, Individually | 797 | 1,033 | ||
ALLL Allocations, Collectively | 2,583 | 2,429 | ||
ALLL Allocations, Total ALLL | 3,380 | 3,462 | 2,173 | 1,842 |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Collectively | 11,201 | 11,941 | ||
Loan, Total | 11,201 | 11,941 | ||
ALLL Allocations, Collectively | 84 | 140 | ||
ALLL Allocations, Total ALLL | 84 | 140 | 75 | 49 |
Mortgage warehouse | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan Evaluation, Collectively | 69,907 | 55,148 | ||
Loan, Total | 69,907 | 55,148 | ||
ALLL Allocations, Collectively | 158 | 138 | ||
ALLL Allocations, Total ALLL | $158 | $138 | $58 | $44 |
Loans_and_Allowance_for_Loan_a6
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, With Valuation Allowance | $4,575 | $3,116 | |
Unpaid Principal, With Valuation Allowance | 7,360 | 3,798 | |
Related Allowance, With Valuation Allowance | 2,021 | 1,749 | |
Recorded Investment, Without Valuation Allowance | 7,074 | 7,904 | |
Unpaid Principal, Without Valuation Allowance | 7,024 | 8,076 | |
Average Impaired Loans | 11,382 | 11,441 | |
Interest Recognized | 205 | 978 | |
Purchased Credit Impaired Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,102 | ||
Unpaid Principal, With Valuation Allowance | 3,809 | ||
Related Allowance, With Valuation Allowance | 407 | ||
Average Impaired Loans | 459 | 4,831 | |
Interest Recognized | 974 | ||
Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, With Valuation Allowance | 532 | ||
Unpaid Principal, With Valuation Allowance | 532 | ||
Related Allowance, With Valuation Allowance | 100 | ||
Recorded Investment, Without Valuation Allowance | 1,397 | 1,934 | |
Unpaid Principal, Without Valuation Allowance | 1,228 | 1,960 | |
Average Impaired Loans | 1,931 | 251 | |
Interest Recognized | 14 | 1 | |
1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, With Valuation Allowance | 96 | ||
Unpaid Principal, With Valuation Allowance | 107 | ||
Related Allowance, With Valuation Allowance | 16 | ||
Recorded Investment, Without Valuation Allowance | 380 | 627 | |
Unpaid Principal, Without Valuation Allowance | 498 | 748 | |
Average Impaired Loans | 691 | 313 | |
Interest Recognized | 28 | 3 | |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,574 | 1,845 | |
Unpaid Principal, With Valuation Allowance | 1,641 | 2,527 | |
Related Allowance, With Valuation Allowance | 701 | 716 | |
Recorded Investment, Without Valuation Allowance | 5,297 | 5,343 | |
Unpaid Principal, Without Valuation Allowance | 5,298 | 5,368 | |
Average Impaired Loans | 7,030 | 5,331 | |
Interest Recognized | 163 | ||
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,271 | 1,271 | |
Unpaid Principal, With Valuation Allowance | 1,271 | 1,271 | |
Related Allowance, With Valuation Allowance | 797 | 1,033 | |
Average Impaired Loans | $1,271 | $715 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | $1,011,446 | $1,005,878 | $800,667 |
Unpaid Principal | 1,032,315 | 1,028,062 | |
Difference | -20,869 | -22,184 | |
Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 236,659 | 249,164 | |
Unpaid Principal | 249,504 | 263,060 | |
Difference | -12,845 | -13,896 | |
Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 52,203 | 42,914 | |
Unpaid Principal | 53,876 | 44,609 | |
Difference | -1,673 | -1,695 | |
1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 73,605 | 78,738 | |
Unpaid Principal | 76,849 | 82,263 | |
Difference | -3,244 | -3,525 | |
Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 24,805 | 22,496 | |
Unpaid Principal | 24,713 | 22,400 | |
Difference | 92 | 96 | |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 371,614 | 364,567 | |
Unpaid Principal | 373,801 | 366,753 | |
Difference | -2,187 | -2,186 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 171,452 | 180,910 | |
Unpaid Principal | 172,388 | 181,817 | |
Difference | -936 | -907 | |
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 11,201 | 11,941 | |
Unpaid Principal | 11,277 | 12,012 | |
Difference | -76 | -71 | |
Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 69,907 | 55,148 | |
Unpaid Principal | $69,907 | $55,148 |
Loans_and_Allowance_for_Loan_a8
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $12,637 | $9,099 |
Past Due 90 Days or More Still Accruing | 1,145 | 700 |
Nonaccrual | 15,654 | 16,027 |
Total Past Due | 29,436 | 25,826 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 260 | |
Nonaccrual | 6,262 | 6,206 |
Total Past Due | 6,262 | 6,466 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 549 | 643 |
Nonaccrual | 1,991 | 1,995 |
Total Past Due | 2,540 | 2,638 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 101 | |
Total Past Due | 101 | |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 504 | 584 |
Past Due 90 Days or More Still Accruing | 49 | |
Nonaccrual | 530 | 638 |
Total Past Due | 1,034 | 1,271 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 6,249 | 114 |
Nonaccrual | 6,871 | 7,188 |
Total Past Due | 13,120 | 7,302 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 5,045 | 7,202 |
Past Due 90 Days or More Still Accruing | 1,145 | 651 |
Total Past Due | 6,190 | 7,853 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 189 | 296 |
Total Past Due | $189 | $296 |
Loans_and_Allowance_for_Loan_a9
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $1,011,446 | $1,005,878 | $800,667 |
Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 236,659 | 249,164 | |
Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 52,203 | 42,914 | |
1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 73,605 | 78,738 | |
Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 24,805 | 22,496 | |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 371,614 | 364,567 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 171,452 | 180,910 | |
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 11,201 | 11,941 | |
Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 69,907 | 55,148 | |
Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 973,052 | 965,597 | |
Pass | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 220,010 | 231,627 | |
Pass | Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 50,772 | 41,431 | |
Pass | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 70,959 | 75,781 | |
Pass | Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 24,805 | 22,496 | |
Pass | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 355,217 | 347,534 | |
Pass | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 170,181 | 179,639 | |
Pass | Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 11,201 | 11,941 | |
Pass | Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 69,907 | 55,148 | |
Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 2,595 | 4,856 | |
Special Mention | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 2,321 | 2,344 | |
Special Mention | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 76 | 77 | |
Special Mention | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 198 | 2,435 | |
Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 18,835 | 18,004 | |
Substandard | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 6,042 | 6,603 | |
Substandard | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 509 | 810 | |
Substandard | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 11,741 | 10,241 | |
Substandard | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 543 | 350 | |
Doubtful | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 728 | 921 | |
Doubtful | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 728 | 921 | |
Purchased Credit Impaired Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 16,236 | 16,500 | |
Purchased Credit Impaired Loans | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 8,286 | 8,590 | |
Purchased Credit Impaired Loans | Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 1,431 | 1,483 | |
Purchased Credit Impaired Loans | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 2,061 | 2,070 | |
Purchased Credit Impaired Loans | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $4,458 | $4,357 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $27,634 | $29,750 |
Gross carrying amount included in loans receivable | 16,236 | 16,500 |
Commercial Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 21,046 | 23,457 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 6,588 | 6,293 |
Gross carrying amount included in loans receivable | $4,458 | $4,357 |
Recovered_Sheet2
Loans and Allowance for Loan and Lease Losses - Schedule of Changes in Accretable Yield for the PCI Loans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning balance | $4,977 | $4,000 |
Accretion | -429 | -1,758 |
Reclassification from nonaccretable to accretable yield | 3,922 | |
Disposals | -52 | -89 |
Accretable yield, ending balance | $4,496 | $6,075 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $15,968 | $15,968 | ||
Core deposit intangibles | 10,592 | 11,218 | ||
Other intangible assets | 3,651 | 1,871 | ||
Goodwill and intangible assets, net | $30,211 | $29,057 | $27,792 | $28,518 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill and intangible assets, beginning | $29,057 | $28,518 |
Acquired intangibles | 1,918 | |
Amortization of intangibles | -764 | -726 |
Goodwill and intangible assets, ending | $30,211 | $27,792 |
Variable_Interest_Entities_Sum
Variable Interest Entities - Summarizes of Closed CLO Offerings with Assets (Details) (Collateralized Loan Obligation Funds, USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | 1-May-14 | Aug. 04, 2014 | Apr. 26, 2012 | Dec. 17, 2012 |
Trinitas I | |||||
Variable Interest Entity [Line Items] | |||||
Offering Amount | $400,000 | ||||
Offering Date | 1-May-14 | ||||
Trinitas II | |||||
Variable Interest Entity [Line Items] | |||||
Offering Amount | 416,000 | ||||
Offering Date | 4-Aug-14 | ||||
Doral II | |||||
Variable Interest Entity [Line Items] | |||||
Offering Amount | 416,460 | ||||
Offering Date | 26-Apr-12 | ||||
Doral III | |||||
Variable Interest Entity [Line Items] | |||||
Offering Amount | $310,800 | ||||
Offering Date | 17-Dec-12 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information - (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 25, 2014 |
Variable Interest Entity [Line Items] | |||
Asset management fees | $958 | $0 | |
Collateralized Loan Obligation Funds | |||
Variable Interest Entity [Line Items] | |||
Equity investments | 2,766 | 2,450 | |
Trinitas III | Collateralized Loan Obligation Funds | |||
Variable Interest Entity [Line Items] | |||
Equity investments | $27,550 |
Deposits_Summary_of_Deposits_D
Deposits - Summary of Deposits (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest bearing demand | $167,538 | $179,848 |
Interest bearing demand | 231,718 | 236,525 |
Individual retirement accounts | 55,773 | 55,034 |
Money market | 120,001 | 117,514 |
Savings | 74,236 | 70,407 |
Certificates of deposit | 474,413 | 455,901 |
Brokered deposits | 50,000 | 50,000 |
Total deposits | $1,173,679 | $1,165,229 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
Within one year | $354,342 |
After one but within two years | 158,586 |
After two but within three years | 42,796 |
After three but within four years | 12,624 |
After four but within five years | 11,838 |
Total | $580,186 |
Deposits_Additional_Informatio
Deposits - Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Time deposits | $90,082 | $66,366 |
OffBalance_Sheet_Loan_Commitme2
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | $1,355 | $1,840 |
Financial instruments, off balance sheet risk, variable rate | 1,973 | 1,915 |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 12,725 | 5,192 |
Financial instruments, off balance sheet risk, variable rate | 16,158 | 14,600 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 39,590 | 30,369 |
Financial instruments, off balance sheet risk, variable rate | $206,983 | $197,594 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
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% | |
State and Municipal | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,229 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale | $3,401 | $3,288 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 161,360 | 162,024 |
Loans held for sale | 3,401 | 3,288 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 158,131 | 158,755 |
Loans held for sale | 3,401 | 3,288 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,229 | 3,269 |
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 | 94,553 | 93,841 |
US Government Agency Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,553 | 93,841 |
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 | 27,605 | 28,878 |
Mortgage-backed Securities, Residential | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 27,605 | 28,878 |
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 | 18,585 | 18,598 |
Asset Backed Securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,585 | 18,598 |
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 | 6,695 | 6,861 |
State and Municipal | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,466 | 3,592 |
State and Municipal | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,229 | 3,269 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 13,720 | 13,636 |
Corporate Bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 13,720 | 13,636 |
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 | 202 | 210 |
SBA Pooled Securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $202 | $210 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $2,965 | $5,114 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,965 | 5,114 |
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 | |
1-4 Family Residential Properties [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 97 | |
Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 2,163 | |
Commercial Loans | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 2,163 | |
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 | 411 | 1,487 |
Construction, land development, land | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned, Assets, Fair Value Disclosure, Nonrecurring | 411 | 1,487 |
Impaired loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 432 | |
Impaired loans | Commercial real estate | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 432 | |
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 | 80 | |
Impaired loans | 1-4 Family Residential Properties [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 80 | |
Impaired loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 873 | 1,129 |
Impaired loans | Commercial Loans | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 873 | 1,129 |
Impaired loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 474 | 238 |
Impaired loans | Factored receivables | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 474 | 238 |
Impaired loans | PCI [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 695 | |
Impaired loans | PCI [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $695 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $178,442 | $160,888 | ||
Securities - Held to maturity, Fair value | 750 | 750 | ||
Loans not previously presented, net, Fair Value | 1,006,839 | 1,001,548 | ||
Accrued interest receivable, Fair Value | 4,201 | 3,727 | ||
Cash and cash equivalents, Carrying Amount | 178,442 | 160,888 | 106,951 | 85,797 |
Held to maturity securities, Amortized Cost | 746 | 745 | ||
Loans not previously presented, net, Carrying Amount | 999,606 | 995,668 | ||
FHLB and Federal Reserve Bank stock, Carrying Amount | 4,466 | 4,903 | ||
Accrued interest receivable, Carrying Amount | 4,201 | 3,727 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,176,186 | 1,167,479 | ||
Customer repurchase agreements, Fair Value | 8,666 | 9,282 | ||
Junior subordinated debentures, Fair Value | 24,487 | 24,423 | ||
Accrued interest payable, Fair Value | 969 | 971 | ||
Federal Home Loan Bank advances, Fair Value | 3,000 | |||
Deposits, Carrying Amount | 1,173,679 | 1,165,229 | ||
Customer repurchase agreements, Carrying Amount | 8,666 | 9,282 | ||
Junior subordinated debentures, Carrying Amount | 24,487 | 24,423 | ||
Accrued interest payable, Carrying Amount | 969 | 971 | ||
Federal Home Loan Bank advances, Carrying Amount | 3,000 | |||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 178,442 | 160,888 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 750 | 750 | ||
Accrued interest receivable, Fair Value | 4,201 | 3,727 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,176,186 | 1,167,479 | ||
Customer repurchase agreements, Fair Value | 8,666 | 9,282 | ||
Junior subordinated debentures, Fair Value | 24,487 | 24,423 | ||
Accrued interest payable, Fair Value | 969 | 971 | ||
Federal Home Loan Bank advances, Fair Value | 3,000 | |||
Level 3 | ||||
Financial assets: | ||||
Loans not previously presented, net, Fair Value | $1,006,839 | $1,001,548 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer rate | 2.50% |
Capital requirements phase-in period | 4 years |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $255,546 | $229,509 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 21.50% | 20.40% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 95,043 | 90,213 |
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 | 246,133 | 220,550 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 20.70% | 19.60% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 71,274 | 45,107 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 4.00% |
Tier 1 Capital (to Average Assets) Actual Amount | 246,133 | 220,550 |
Tier 1 Capital (to Average Assets) Actual Ratio | 17.40% | 15.90% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 56,745 | 55,412 |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 217,713 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 18.30% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 53,448 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.50% | |
Triumph Savings Bank SSB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | 59,213 | 56,013 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 17.60% | 16.50% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 26,884 | 27,118 |
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 | 33,606 | 33,898 |
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 | 55,391 | 52,020 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 16.50% | 15.30% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 20,167 | 13,559 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 26,889 | 20,339 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% |
Tier 1 Capital (to Average Assets) Actual Amount | 55,391 | 52,020 |
Tier 1 Capital (to Average Assets) Actual Ratio | 14.10% | 13.00% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 15,770 | 15,982 |
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 | 19,712 | 19,978 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 55,391 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 16.50% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 15,125 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.50% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 21,847 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
TCB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | 126,931 | 117,254 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.50% | 15.00% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 65,458 | 62,547 |
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 | 81,822 | 78,184 |
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 | 121,340 | 112,289 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.80% | 14.40% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 49,093 | 31,273 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 65,458 | 46,910 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% |
Tier 1 Capital (to Average Assets) Actual Amount | 121,340 | 112,289 |
Tier 1 Capital (to Average Assets) Actual Ratio | 12.60% | 11.90% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 38,598 | 37,812 |
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 | 48,247 | 47,265 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 121,340 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.80% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | 36,820 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.50% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $53,184 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Capital Structure (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 17,974,767 | 17,974,767 |
Number of shares outstanding | 17,963,783 | 17,963,783 |
Par value per share | $0.01 | $0.01 |
Number of shares outstanding, treasury stock | 10,984 | 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 |
Dividend rate | Prime + 2% | Prime + 2% |
Dividend rate - floor | 8.00% | 8.00% |
Initial dividend payment date | 31-Mar-13 | 31-Mar-13 |
Subsequent dividend payment dates | Quarterly | Quarterly |
Convertible to common stock | Yes | Yes |
Conversion period | Anytime | Anytime |
Conversion ratio - preferred to common | 6.94008 | 6.94008 |
Series B Preferred Stock | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 115,000 | 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 |
Dividend rate | 8.00% | 8.00% |
Dividend rate - floor | 8.00% | 8.00% |
Initial dividend payment date | 31-Dec-13 | 31-Dec-13 |
Subsequent dividend payment dates | Quarterly | Quarterly |
Convertible to common stock | Yes | Yes |
Conversion period | Anytime | Anytime |
Conversion ratio - preferred to common | 6.94008 | 6.94008 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation | $696,000 | $113,000 | |
2014 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 Awards (RSAs) | 2014 Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested, Granted | 378,343 | ||
Total unrecognized compensation cost | $2,783,000 | ||
Weighted-average period to recognize cost | 1 year 8 months 1 day | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested, Granted | 26,915 | ||
Shares approved for issuance | 750,000 | ||
Shares issued | 53,035 | ||
Shares vested | 13,511 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Changes in Nonvested RSAs (Details) (Restricted Stock Awards (RSAs), USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Restricted Stock Awards (RSAs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 252,256 | 252,256 |
Nonvested, Ending balance | 252,256 | 252,256 |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $14.71 | $14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $14.71 | $14.71 |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Changes in Nonvested RSUs (Details) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Beginning balance | 26,120 |
Nonvested, Granted | 26,915 |
Nonvested, Vested | -13,511 |
Nonvested, Ending balance | 39,524 |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $10.77 |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | $13.99 |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | $12.12 |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $12.50 |
Earnings_Per_Share_Factors_Use
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic | ||
Net income to common stockholders | $13,852 | $3,148 |
Weighted average common shares outstanding | 17,711,527 | 9,832,735 |
Basic earnings per common share | $0.78 | $0.32 |
Diluted | ||
Net income available to common stockholders | 13,852 | 3,148 |
Dilutive effect of preferred stock | 192 | 192 |
Net income to common stockholders - diluted | $14,044 | $3,340 |
Weighted average common shares outstanding | 17,711,527 | 9,832,735 |
Average shares and dilutive potential common shares | 18,428,663 | 10,544,902 |
Dilutive earnings per common share | $0.76 | $0.32 |
Restricted Stock | ||
Diluted | ||
Dilutive effects of restricted stock | 11,962 | 6,370 |
Preferred Stock - Series A | ||
Diluted | ||
Dilutive effects of assumed conversion of shares | 315,773 | 315,773 |
Series B Preferred Stock | ||
Diluted | ||
Dilutive effects of assumed conversion of shares | 360,578 | 360,578 |
Warrant | ||
Diluted | ||
Dilutive effects of assumed exercises of stock warrants | 28,823 | 29,446 |
Business_Segment_Information_B
Business Segment Information - Banking Segment (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Total interest income | $21,579 | $20,379 | |
Total interest expense | 1,854 | 1,524 | |
Net interest income | 19,725 | 18,855 | |
Provision for loan losses | 645 | 925 | |
Net interest income after provision for loan losses | 19,080 | 17,930 | |
Noninterest Income | 16,659 | 2,609 | |
Bargain purchase gain | 12,509 | ||
Other noninterest income | 4,150 | ||
Noninterest expense | 20,783 | 14,896 | |
Net income before income tax | 14,956 | 5,643 | |
Total assets | 1,472,743 | 1,297,110 | 1,447,898 |
Gross loans | 1,011,446 | 800,667 | 1,005,878 |
Operating Segments | Factoring | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 7,228 | 5,105 | |
Intersegment interest allocations | -909 | -571 | |
Net interest income | 6,319 | 4,534 | |
Provision for loan losses | -109 | 390 | |
Net interest income after provision for loan losses | 6,428 | 4,144 | |
Noninterest Income | 383 | ||
Other noninterest income | 331 | ||
Noninterest expense | 4,312 | 2,936 | |
Net income before income tax | 2,447 | 1,591 | |
Total assets | 165,680 | 137,774 | |
Gross loans | 156,001 | 119,733 | |
Operating Segments | Banking | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 14,235 | 15,260 | |
Intersegment interest allocations | 909 | 571 | |
Total interest expense | 1,572 | 1,114 | |
Net interest income | 13,572 | 14,717 | |
Provision for loan losses | 754 | 535 | |
Net interest income after provision for loan losses | 12,818 | 14,182 | |
Noninterest Income | 1,966 | ||
Other noninterest income | 2,585 | ||
Noninterest expense | 12,400 | 10,865 | |
Net income before income tax | 3,003 | 5,283 | |
Total assets | 1,227,690 | 1,133,436 | |
Gross loans | 855,403 | 680,934 | |
Operating Segments | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 60 | ||
Total interest expense | 10 | ||
Net interest income | 50 | ||
Net interest income after provision for loan losses | 50 | ||
Bargain purchase gain | 12,509 | ||
Other noninterest income | 957 | ||
Noninterest expense | 2,626 | 354 | |
Net income before income tax | 10,890 | -354 | |
Total assets | 16,274 | 205 | |
Gross loans | 42 | ||
Operating Segments | Corporate | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 56 | 14 | |
Total interest expense | 272 | 410 | |
Net interest income | -216 | -396 | |
Net interest income after provision for loan losses | -216 | -396 | |
Noninterest Income | 260 | ||
Other noninterest income | 277 | ||
Noninterest expense | 1,445 | 741 | |
Net income before income tax | -1,384 | -877 | |
Total assets | $63,099 | $25,695 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (Subsequent Event, Restricted Stock Awards (RSAs), Omnibus Incentive Plan, USD $) | 0 Months Ended | |
Apr. 01, 2015 | Apr. 01, 2015 | |
Subsequent Event | Restricted Stock Awards (RSAs) | Omnibus Incentive Plan | ||
Subsequent Event [Line Items] | ||
Restricted stock issued | 77,956 | |
Restricted stock grant date fair value | $1,052,000 | $1,052,000 |
Restricted stock vesting period | 3 years |