Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TBK | |
Entity Registrant Name | TRIUMPH BANCORP, INC. | |
Entity Central Index Key | 1,539,638 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,041,072 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 27,678 | $ 21,312 |
Interest bearing deposits with other banks | 72,036 | 139,576 |
Total cash and cash equivalents | 99,714 | 160,888 |
Securities - available for sale | 158,693 | 162,024 |
Securities - held to maturity, fair value of $744 and $750, respectively | 746 | 745 |
Loans held for sale, at fair value | 4,096 | 3,288 |
Loans, net of allowance for loan and lease losses of $11,462 and $8,843, respectively | 1,141,217 | 997,035 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 5,707 | 4,903 |
Premises and equipment, net | 21,677 | 21,933 |
Other real estate owned, net | 6,322 | 8,423 |
Goodwill | 15,968 | 15,968 |
Intangible assets, net | 14,206 | 13,089 |
Bank-owned life insurance | 29,295 | 29,083 |
Deferred tax assets, net | 15,582 | 15,956 |
Other assets | 16,036 | 14,563 |
Total assets | 1,529,259 | 1,447,898 |
Deposits | ||
Noninterest bearing | 164,560 | 179,848 |
Interest bearing | 1,024,699 | 985,381 |
Total deposits | 1,189,259 | 1,165,229 |
Customer repurchase agreements | 13,011 | 9,282 |
Federal Home Loan Bank advances | 19,000 | 3,000 |
Junior subordinated debentures | 24,553 | 24,423 |
Other liabilities | 25,957 | 8,455 |
Total liabilities | $ 1,271,780 | $ 1,210,389 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Common stock | $ 181 | $ 180 |
Additional paid-in-capital | 192,605 | 191,049 |
Treasury stock, at cost | (170) | (161) |
Retained earnings | 54,053 | 35,744 |
Accumulated other comprehensive income | 1,064 | 951 |
Total stockholders’ equity | 257,479 | 237,509 |
Total liabilities and stockholders' equity | 1,529,259 | 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 ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ||||||
Securities - Held to maturity, Fair value | $ 744 | $ 750 | ||||
Allowance for loan and lease losses | $ 11,462 | $ 9,286 | $ 8,843 | $ 6,253 | $ 4,631 | $ 3,645 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and dividend income: | ||||
Loans, including fees | $ 17,158 | $ 13,860 | $ 30,397 | $ 28,236 |
Factored receivables, including fees | 8,654 | 6,838 | 16,163 | 12,110 |
Taxable securities | 659 | 663 | 1,337 | 1,319 |
Tax exempt securities | 16 | 15 | 28 | 31 |
Cash deposits | 110 | 77 | 251 | 135 |
Total interest income | 26,597 | 21,453 | 48,176 | 41,831 |
Interest expense: | ||||
Deposits | 1,667 | 1,141 | 3,237 | 2,249 |
Senior secured note | 137 | 276 | ||
Junior subordinated debentures | 278 | 272 | 550 | 543 |
Other | 7 | 22 | 19 | 28 |
Total interest expense | 1,952 | 1,572 | 3,806 | 3,096 |
Net interest income | 24,645 | 19,881 | 44,370 | 38,735 |
Provision for loan losses | 2,541 | 1,747 | 3,186 | 2,672 |
Net interest income after provision for loan losses | 22,104 | 18,134 | 41,184 | 36,063 |
Noninterest income: | ||||
Service charges on deposits | 666 | 813 | 1,278 | 1,552 |
Card income | 578 | 548 | 1,101 | 1,037 |
Net OREO gains (losses) and valuation adjustments | 52 | (252) | 78 | (329) |
Net gains on sale of securities | 242 | 242 | 16 | |
Net gains on sale of loans | 491 | 319 | 1,033 | 575 |
Fee income | 502 | 421 | 924 | 819 |
Bargain purchase gain | 12,509 | |||
Asset management fees | 1,274 | 129 | 2,232 | 129 |
Other | 964 | 655 | 2,031 | 1,444 |
Total noninterest income | 4,769 | 2,633 | 21,428 | 5,243 |
Noninterest expense: | ||||
Salaries and employee benefits | 12,042 | 9,471 | 25,311 | 18,347 |
Occupancy, furniture and equipment | 1,555 | 1,336 | 3,127 | 2,725 |
FDIC insurance and other regulatory assessments | 271 | 280 | 534 | 541 |
Professional fees | 852 | 793 | 2,179 | 1,385 |
Amortization of intangible assets | 895 | 724 | 1,659 | 1,451 |
Advertising and promotion | 526 | 683 | 1,069 | 1,126 |
Communications and technology | 927 | 945 | 1,813 | 1,834 |
Other | 2,567 | 1,928 | 4,726 | 3,647 |
Total noninterest expense | 19,635 | 16,160 | 40,418 | 31,056 |
Net income before income tax | 7,238 | 4,607 | 22,194 | 10,250 |
Income tax expense | 2,586 | 1,626 | 3,498 | 3,542 |
Net income | 4,652 | 2,981 | 18,696 | 6,708 |
Income attributable to noncontrolling interests | (500) | (887) | ||
Net income attributable to Triumph Bancorp, Inc. | 4,652 | 2,481 | 18,696 | 5,821 |
Dividends on preferred stock | (195) | (196) | (387) | (388) |
Net income available to common stockholders | $ 4,457 | $ 2,285 | $ 18,309 | $ 5,433 |
Earnings per common share | ||||
Basic | $ 0.25 | $ 0.23 | $ 1.03 | $ 0.55 |
Diluted | $ 0.25 | $ 0.23 | $ 1.01 | $ 0.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 4,652 | $ 2,981 | $ 18,696 | $ 6,708 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period | (557) | 574 | 431 | 1,159 |
Reclassification of amount realized through sale of securities | (242) | (242) | (16) | |
Tax effect | 292 | (218) | (76) | (435) |
Total other comprehensive income (loss) | (507) | 356 | 113 | 708 |
Comprehensive income | 4,145 | 3,337 | 18,809 | 7,416 |
Income attributable to noncontrolling interests | (500) | (887) | ||
Comprehensive income attributable to Triumph Bancorp, Inc. | $ 4,145 | $ 2,837 | $ 18,809 | $ 6,529 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | 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 EarningsSeries T1 And T2 Dividends | Retained EarningsSeries A Preferred Dividends | Retained EarningsSeries B Preferred Dividends | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Preferred Stock - Series A | Preferred Stock - Series B | Class B UnitsTriumph Commercial Finance Llc | Class B UnitsRetained EarningsTriumph Commercial Finance Llc | Class B UnitsNoncontrolling InterestTriumph 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 | 196 | 196 | ||||||||||||||||
Purchase of treasury stock | (4) | $ (4) | ||||||||||||||||
Purchase of treasury stock (in shares) | (277) | 277 | ||||||||||||||||
Preferred dividends | $ (730) | $ (182) | $ (206) | $ (730) | $ (182) | $ (206) | $ (63) | $ (63) | ||||||||||
Stock redemptions | $ (1,100) | $ (1,100) | ||||||||||||||||
Net income | 6,708 | 6,708 | ||||||||||||||||
Other comprehensive income | 708 | 708 | ||||||||||||||||
Ending Balance at Jun. 30, 2014 | 165,924 | $ 98 | 104,827 | $ (4) | 24,519 | 841 | $ 25,897 | $ 4,550 | $ 5,196 | |||||||||
Ending Balance (in shares) at Jun. 30, 2014 | 9,845,819 | 277 | 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 | ||||||||||||||
Vesting of restricted stock units | $ 1 | (1) | ||||||||||||||||
Vesting of restricted stock units (in shares) | 77,956 | |||||||||||||||||
Stock based compensation | 1,548 | 1,548 | ||||||||||||||||
Preferred dividends | (387) | $ (181) | $ (206) | $ (181) | $ (206) | |||||||||||||
Net income | 18,696 | 18,696 | ||||||||||||||||
Other comprehensive income | 113 | 113 | ||||||||||||||||
Ending Balance at Jun. 30, 2015 | $ 257,479 | $ 181 | 192,605 | $ (170) | $ 54,053 | $ 1,064 | $ 4,550 | $ 5,196 | ||||||||||
Ending Balance (in shares) at Jun. 30, 2015 | 18,041,072 | 11,651 | 45,500 | 51,956 | ||||||||||||||
Forfeiture of restricted stock awards | $ 9 | $ (9) | ||||||||||||||||
Forfeiture of restricted stock awards (in shares) | (667) | 667 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 18,696 | $ 6,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,069 | 934 |
Net accretion on loans and deposits | (2,720) | (5,780) |
Amortization of junior subordinated debentures | 130 | 125 |
Net amortization on securities | 301 | 144 |
Amortization of intangible assets | 1,659 | 1,451 |
Deferred taxes | (366) | (8) |
Provision for loan losses | 3,186 | 2,672 |
Stock based compensation | 1,548 | 196 |
Origination of loans held for sale | (36,220) | (24,127) |
Proceeds from loan sales | 36,445 | 26,007 |
Net gains on sale of securities | (242) | (16) |
Net gains on sale of loans | (1,033) | (575) |
Net OREO (gains) losses and valuation adjustments | (78) | 329 |
Bargain purchase gain | (12,509) | |
(Increase) decrease in other assets | (543) | (3,270) |
Increase (decrease) in other liabilities | 3,888 | (2,373) |
Net cash provided by (used in) operating activities | 13,211 | 2,417 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (15,072) | (12,560) |
Proceeds from sales of securities available for sale | 12,559 | 6,794 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 5,973 | 22,687 |
Purchases of loans (shared national credits) | (16,685) | |
Net change in loans | (115,935) | (85,963) |
Purchases of premises and equipment, net | (813) | (508) |
Net proceeds from sale of OREO | 2,926 | 2,722 |
Net proceeds from CLO warehouse investments | 2,450 | 2,500 |
Purchases of FHLB and FRB stock, net | (804) | (2,174) |
Cash paid for acquisitions, net of cash acquired | (127,591) | (49,482) |
Proceeds from sale of loans obtained through Doral Money Inc. acquisition | 36,765 | |
Net cash provided by (used in) investing activities | (216,227) | (115,984) |
Cash flows from financing activities: | ||
Net increase in deposits | 24,184 | 63,417 |
Increase (decrease) in customer repurchase agreements | 3,729 | 3,983 |
Increase (decrease) in Federal Home Loan Bank advances | 16,000 | 49,000 |
Repayment of senior secured note | (629) | |
Proceeds from the issuance of other borrowings | 99,975 | |
Repayment of other borrowings | (1,659) | |
Purchase of treasury stock | (4) | |
Distributions on noncontrolling interest and preferred stock | (387) | (1,181) |
Redemption of TCF Class B units | (1,100) | |
Net cash provided by financing activities | 141,842 | 113,486 |
Net increase in cash and cash equivalents | (61,174) | (81) |
Cash and cash equivalents at beginning of period | 160,888 | 85,797 |
Cash and cash equivalents at end of period | 99,714 | 85,716 |
Supplemental cash flow information: | ||
Interest paid | 3,629 | 4,962 |
Income taxes paid | 2,488 | 1,536 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 747 | 379 |
Securities transferred in satisfaction of other borrowings | 98,316 | |
Loan purchases, not yet settled (shared national credits) | $ 12,929 | |
Loans transferred to branch assets held for sale | 78,071 | |
Premises and equipment transferred to branch assets held for sale | $ 2,260 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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. The Company has received regulatory approval to merge its subsidiary banks, Triumph Community Bank, N.A. and Triumph Savings Bank, SSB, into a single bank. The combined bank will be named TBK Bank, SSB, and will continue doing business under the Triumph Community Bank and Triumph Savings Bank names in the markets where the Company currently operates under such names. 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 and six months ended June 30, 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. Issued in June 2014, ASU No. 2014-11, “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure” (ASU 2014-11) aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Effective for interim periods beginning after March 31, 2015, the ASU requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, disclosures are required related to collateral, remaining contractual tenor, and the potential risks associated with repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions. Adoption of this ASU did not have a material impact on the Company’s financial statements as the Company’s repurchase agreements consist primarily of overnight customer sweep agreements secured by pledged U.S. Government agency and residential mortgage-backed securities. 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” (ASU 2014-09), 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 was originally effective for the Company on January 1, 2017. However, at its July 9, 2015 meeting the FASB agreed to defer the mandatory effective date the new standard would take effect for reporting periods beginning after December 15, 2017, 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 Dives
Business Combinations and Divestitures | 6 Months Ended |
Jun. 30, 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 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. As of June 30, 2015, the accounting for income taxes and contingent liabilities associated with the acquisition had not been finalized. The Company incurred pre-tax expenses related to the acquisition of approximately $243,000 which are included in professional fees in the consolidated statements of income in the period incurred. 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 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. 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 |
Securities
Securities | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair June 30, 2015 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 95,749 $ 944 $ (21 ) $ 96,672 Mortgage-backed securities, residential 25,742 525 — 26,267 Asset backed securities 18,437 121 (25 ) 18,533 State and municipal 3,387 26 — 3,413 Corporate bonds 13,510 117 (15 ) 13,612 SBA pooled securities 194 2 — 196 Total available for sale securities $ 157,019 $ 1,735 $ (61 ) $ 158,693 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: Other debt securities $ 746 $ 4 $ (6 ) $ 744 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2014 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 June 30, 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 $ 1,270 $ 1,272 $ — $ — Due from one year to five years 109,156 110,187 746 744 Due from five years to ten years 1,550 1,548 — — Due after ten years 670 690 — — 112,646 113,697 746 744 Mortgage-backed securities, residential 25,742 26,267 — — Asset backed securities 18,437 18,533 — — SBA pooled securities 194 196 — — $ 157,019 $ 158,693 $ 746 $ 744 For the three and six months ended June 30, 2015, securities were sold resulting in proceeds of $12,559,000, gross gains of $242,000, and no losses. For the six months ended June 30, 2014, securities were sold resulting in proceeds of $6,794,000, gross gains of $25,000, and gross losses of $9,000. There were no sales of securities for the three months ended June 30, 2014. Securities with a carrying amount of approximately $104,878,000 and $113,980,000 at June 30, 2015 and December 31, 2014, respectively, were pledged to secure customer repurchase agreements, Federal Home Loan Bank advances, and for other purposes required or permitted by law. Information pertaining to securities with gross unrealized losses at June 30, 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 June 30, 2015 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 7,539 $ (21 ) $ — $ — $ 7,539 $ (21 ) Mortgage-backed securities, residential — — — — — — Asset backed securities 4,875 (12 ) 4,971 (13 ) 9,846 (25 ) State and municipal — — — — — — Corporate bonds 1,769 (15 ) — — 1,769 (15 ) SBA pooled securities — — — — — — $ 14,183 $ (48 ) $ 4,971 $ (13 ) $ 19,154 $ (61 ) Held to maturity securities: Other debt securities $ 219 $ (6 ) $ — $ — $ 219 $ (6 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — — — — — Asset backed securities 8,703 (82 ) 4,959 (8 ) 13,662 (90 ) State and municipal — — — — — — Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 8,703 $ (82 ) $ 4,959 $ (8 ) $ 13,662 $ (90 ) 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 June 30, 2015, management does not have the intent to sell any of the securities classified as available for sale with unrealized losses 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 June 30, 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 an
Loans and Allowance for Loan and Lease Losses | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 consisted of the following: June 30, December 31, (Dollars in thousands) 2015 2014 Commercial real estate $ 234,090 $ 249,164 Construction, land development, land 46,743 42,914 1-4 family residential properties 75,588 78,738 Farmland 25,701 22,496 Commercial 454,161 364,567 Factored receivables 199,716 180,910 Consumer 10,993 11,941 Mortgage warehouse 105,687 55,148 Total 1,152,679 1,005,878 Allowance for loan and lease losses (11,462 ) (8,843 ) $ 1,141,217 $ 997,035 Total loans include net deferred origination fees and costs and deferred factoring fees totaling $878,000 and $906,000 at June 30, 2015 and December 31, 2014, respectively. Loans with carrying amounts of $168,232,000 and $141,427,000 at June 30, 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 and six months ended June 30, 2015 and 2014 is as follows: (Dollars in thousands) Beginning Ending Three months ended June 30, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,075 $ 183 $ (54 ) $ 10 $ 1,214 Construction, land development, land 344 2 — — 346 1-4 family residential properties 223 29 (78 ) 77 251 Farmland 26 2 — — 28 Commercial 3,996 1,109 (45 ) 4 5,064 Factored receivables 3,380 1,049 (312 ) 18 4,135 Consumer 84 61 (52 ) 67 160 Mortgage warehouse 158 106 — — 264 $ 9,286 $ 2,541 $ (541 ) $ 176 $ 11,462 (Dollars in thousands) Beginning Ending Three months ended June 30, 2014 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 402 $ 60 $ — $ 1 $ 463 Construction, land development, land 194 48 — — 242 1-4 family residential properties 203 35 (44 ) 3 197 Farmland 7 4 — — 11 Commercial 1,519 811 (1 ) 3 2,332 Factored receivables 2,173 779 (136 ) 22 2,838 Consumer 75 (6 ) (74 ) 101 96 Mortgage warehouse 58 16 — — 74 $ 4,631 $ 1,747 $ (255 ) $ 130 $ 6,253 (Dollars in thousands) Beginning Ending Six months ended June 30, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 533 $ 773 $ (143 ) $ 51 $ 1,214 Construction, land development, land 333 13 — — 346 1-4 family residential properties 215 119 (183 ) 100 251 Farmland 19 9 — — 28 Commercial 4,003 1,102 (47 ) 6 5,064 Factored receivables 3,462 1,004 (379 ) 48 4,135 Consumer 140 40 (147 ) 127 160 Mortgage warehouse 138 126 — — 264 $ 8,843 $ 3,186 $ (899 ) $ 332 $ 11,462 (Dollars in thousands) Beginning Ending Six months ended June 30, 2014 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 348 $ 113 $ — $ 2 $ 463 Construction, land development, land 110 132 — — 242 1-4 family residential properties 100 184 (189 ) 102 197 Farmland 7 4 — — 11 Commercial 1,145 985 (13 ) 215 2,332 Factored receivables 1,842 1,136 (176 ) 36 2,838 Consumer 49 88 (215 ) 174 96 Mortgage warehouse 44 30 — — 74 $ 3,645 $ 2,672 $ (593 ) $ 529 $ 6,253 The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (PCI) loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations June 30, 2015 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,923 $ 224,697 $ 7,470 $ 234,090 $ 100 $ 759 $ 355 $ 1,214 Construction, land development, land — 45,337 1,406 46,743 — 346 — 346 1-4 family residential properties 389 73,155 2,044 75,588 2 249 — 251 Farmland — 25,701 — 25,701 — 28 — 28 Commercial 2,795 446,904 4,462 454,161 747 4,317 — 5,064 Factored receivables 2,644 197,072 — 199,716 1,513 2,622 — 4,135 Consumer — 10,993 — 10,993 — 160 — 160 Mortgage warehouse — 105,687 — 105,687 — 264 — 264 $ 7,751 $ 1,129,546 $ 15,382 $ 1,152,679 $ 2,362 $ 8,745 $ 355 $ 11,462 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2014 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 June 30, 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 June 30, 2015 Investment Principal Allowance Investment Principal Commercial real estate $ 532 $ 532 $ 100 $ 1,391 $ 1,414 Construction, land development, land — — — — — 1-4 family residential properties 16 23 2 373 479 Farmland — — — — — Commercial 2,189 2,218 747 606 606 Factored receivables 2,344 2,344 1,513 300 300 Consumer — — — — — Mortgage warehouse — — — — — PCI 525 525 355 — — $ 5,606 $ 5,642 $ 2,717 $ 2,670 $ 2,799 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 December 31, 2014 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 June 30, 2015 June 30, 2014 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,926 $ 1 $ 1,992 $ 180 Construction, land development, land — — — — 1-4 family residential properties 433 9 842 142 Farmland — — — — Commercial 4,833 80 5,761 27 Factored receivables 1,957 — 665 — Consumer — — — — Mortgage warehouse — — — — PCI 721 — 13 (3 ) $ 9,870 $ 90 $ 9,273 $ 346 Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,928 $ 4 $ 2,113 $ 181 Construction, land development, land — — — — 1-4 family residential properties 647 32 1,018 145 Farmland — — — — Commercial 4,992 119 5,642 40 Factored receivables 1,958 — 381 9 Consumer — — — — Mortgage warehouse — — — — PCI 263 — 13 9 $ 9,788 $ 155 $ 9,167 $ 384 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 June 30, 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 June 30, 2015 Investment Principal Difference Commercial real estate $ 234,090 $ 244,743 $ (10,653 ) Construction, land development, land 46,743 48,263 (1,520 ) 1-4 family residential properties 75,588 78,626 (3,038 ) Farmland 25,701 25,611 90 Commercial 454,161 456,220 (2,059 ) Factored receivables 199,716 200,721 (1,005 ) Consumer 10,993 11,054 (61 ) Mortgage warehouse 105,687 105,687 — $ 1,152,679 $ 1,170,925 $ (18,246 ) Recorded Unpaid December 31, 2014 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 June 30, 2015 and December 31, 2014, the Company had $19,672,000 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 June 30, 2015 and December 31, 2014: Past Due 90 (Dollars in thousands) 30-89 Days Days or More June 30, 2015 Past Due Still Accruing Nonaccrual Total Commercial real estate $ 224 $ — $ 1,992 $ 2,216 Construction, land development, land 1,168 — — 1,168 1-4 family residential properties 310 — 445 755 Farmland — — — — Commercial 4,887 — 2,407 7,294 Factored receivables 7,022 2,211 — 9,233 Consumer 280 — — 280 Mortgage warehouse — — — — PCI — — 5,895 5,895 $ 13,891 $ 2,211 $ 10,739 $ 26,841 Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2014 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 June 30, 2015 and December 31, 2014 based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) Special June 30, 2015 Pass Mention Substandard Doubtful PCI Total Commercial real estate $ 216,720 $ 2,297 $ 7,603 $ — $ 7,470 $ 234,090 Construction, land development, land 45,337 — — — 1,406 46,743 1-4 family residential 73,080 — 464 — 2,044 75,588 Farmland 25,701 — — — — 25,701 Commercial 430,782 8,442 10,475 — 4,462 454,161 Factored receivables 197,072 — 1,850 794 — 199,716 Consumer 10,993 — — — — 10,993 Mortgage warehouse 105,687 — — — — 105,687 $ 1,105,372 $ 10,739 $ 20,392 $ 794 $ 15,382 $ 1,152,679 (Dollars in thousands) Special December 31, 2014 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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 June 30, 2015 and December 31, 2014, are as follows: June 30, December 31, 2015 2014 Contractually required principal and interest: Real estate loans $ 19,482 $ 23,457 Commercial loans 6,221 6,293 Outstanding contractually required principal and interest $ 25,703 $ 29,750 Gross carrying amount included in loans receivable $ 15,382 $ 16,500 The changes in accretable yield during the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Accretable yield, beginning balance $ 4,496 $ 6,662 $ 4,977 $ 4,587 Additions — 482 — 482 Accretion (1,031 ) (199 ) (1,460 ) (1,957 ) Reclassification from nonaccretable to accretable yield 585 — 585 3,922 Disposals (147 ) (61 ) (199 ) (150 ) Accretable yield, ending balance $ 3,903 $ 6,884 $ 3,903 $ 6,884 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (Dollars in thousands) 2015 2014 Goodwill $ 15,968 $ 15,968 Core deposit intangibles 9,984 11,218 Other intangible assets 4,222 1,871 $ 30,174 $ 29,057 The changes in goodwill and intangible assets during the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Beginning balance $ 30,211 $ 27,791 $ 29,057 $ 28,518 Acquired goodwill — 1,921 — 1,921 Acquired intangibles 858 2,055 2,776 2,055 Amortization of intangibles (895 ) (724 ) (1,659 ) (1,451 ) Ending balance $ 30,174 $ 31,043 $ 30,174 $ 31,043 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 6 – Variable Interest Entities 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) May 1, 2014 $ 400,000 Trinitas CLO II, LTD (Trinitas II) August 4, 2014 $ 416,000 Doral CLO II, LTD (Doral II) April 26, 2012 $ 416,460 Doral CLO III, LTD (Doral III) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 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 insignificant interests in Trinitas II and Trinitas III. TCA earned asset management fees totaling $1,274,000 and $2,232,000 for the three and six months ended June 30, 2015, respectively, and $129,000 for the three and six months ended June 30, 2014. The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed 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. At December 31, 2014, Trinitas III was in a “warehouse” phase whereby it was acquiring senior secured corporate loans in anticipation of the securities offering that completed the final CLO securitization structure. The purchases of these warehouse assets were funded and the proceeds from third party debt financing. On June 9, 2015, Trinitas III completed its CLO securities offering and issued $409,375,000 face amount of CLO securities. In connection with the offering, Trinitas III redeemed the equity securities issued as part of its warehouse phase and repaid and terminated its warehouse credit facility. The Company performed a consolidation analysis of Trinitas III during the warehouse phase and concluded that Trinitas III was a variable interest entity and that the Company and its related persons held variable interests in the entity that could have potentially been 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 provided for shared decision-making powers, the Company was not the primary beneficiary of Trinitas III during the warehouse phase and therefore did not consolidate the assets, liabilities, equity, or operations of the entity in the Company’s financial statements. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
Deposits [Abstract] | |
Deposits | NOTE 7 - Deposits Deposits at June 30, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) June 30, 2015 December 31, 2014 Noninterest bearing demand $ 164,560 $ 179,848 Interest bearing demand 228,909 236,525 Individual retirement accounts 56,285 55,034 Money market 116,019 117,514 Savings 73,016 70,407 Certificates of deposit 500,451 455,901 Brokered deposits 50,019 50,000 Total Deposits $ 1,189,259 $ 1,165,229 At June 30, 2015, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) June 30, 2015 Within one year $ 386,320 After one but within two years 151,393 After two but within three years 44,538 After three but within four years 13,794 After four but within five years 10,710 Total $ 606,755 Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $92,044,000 and $66,366,000 at June 30, 2015 and December 31, 2014, respectively. |
Legal Contingencies
Legal Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 8 - Legal Contingencies Various legal claims have arisen 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, N.A., 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. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 (Dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 8,382 $ 15,588 $ 5,192 $ 14,600 Unused lines of credit 35,178 186,520 30,369 197,594 Standby letters of credit 1,385 1,984 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2015 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 96,672 $ — $ 96,672 Mortgage-backed securities-residential — 26,267 — 26,267 Asset backed securities — 18,533 — 18,533 State and municipal — 3,413 — 3,413 Corporate bonds — 13,612 — 13,612 SBA pooled securities — 196 — 196 $ — $ 158,693 $ — $ 158,693 Loans held for sale $ — $ 4,096 $ — $ 4,096 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 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 December 31, 2014, the Company classified $3,269,000 of municipal securities as level 3. These securities were called during the six months ended June 30, 2015. 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 June 30, 2015 and December 31, 2014. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2015 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 432 $ 432 1-4 family residential properties — — 14 14 Commercial — — 1,442 1,442 Factored receivables — — 831 831 PCI — — 170 170 Other real estate owned (1) 1-4 family residential properties — — 92 92 Construction, land development, land — — 411 411 $ — $ — $ 3,392 $ 3,392 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 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 OREO The estimated fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total June 30, 2015 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 99,714 $ 99,714 $ — $ — $ 99,714 Securities - held to maturity 746 — 744 — 744 Loans not previously presented, net 1,138,328 — — 1,144,194 1,144,194 FHLB and FRB stock 5,707 N/A N/A N/A N/A Accrued interest receivable 4,328 — 4,328 — 4,328 Financial liabilities: Deposits 1,189,259 — 1,191,279 — 1,191,279 Customer repurchase agreements 13,011 — 13,011 — 13,011 Federal Home Loan Bank advances 19,000 19,000 19,000 Junior subordinated debentures 24,553 — 24,553 — 24,553 Accrued interest payable 1,149 — 1,149 — 1,149 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2014 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 FRB 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
Regulatory Matters | 6 Months Ended |
Jun. 30, 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 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 263,293 20.0% $ 105,102 8.0% N/A N/A Triumph Savings Bank, SSB $ 62,464 15.5% $ 32,232 8.0% $ 40,291 10.0% Triumph Community Bank $ 132,191 15.3% $ 69,035 8.0% $ 86,293 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 251,691 19.2% $ 78,826 6.0% N/A N/A Triumph Savings Bank, SSB $ 57,595 14.3% $ 24,174 6.0% $ 32,232 8.0% Triumph Community Bank $ 125,552 14.6% $ 51,774 6.0% $ 69,032 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 223,046 17.0% $ 59,120 4.5% N/A N/A Triumph Savings Bank, SSB $ 57,595 14.3% $ 18,131 4.5% $ 26,189 6.5% Triumph Community Bank $ 125,552 14.6% $ 38,831 4.5% $ 56,089 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 251,691 17.0% $ 59,181 4.0% N/A N/A Triumph Savings Bank, SSB $ 57,595 13.3% $ 17,321 4.0% $ 21,651 5.0% Triumph Community Bank $ 125,552 12.6% $ 39,880 4.0% $ 49,850 5.0% As of December 31, 2014 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 229,509 20.4% $ 90,213 8.0% N/A N/A Triumph Savings Bank, SSB $ 56,013 16.5% $ 27,118 8.0% $ 33,898 10.0% Triumph Community Bank $ 117,254 15.0% $ 62,547 8.0% $ 78,184 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 220,550 19.6% $ 45,107 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 15.3% $ 13,559 4.0% $ 20,339 6.0% Triumph Community Bank $ 112,289 14.4% $ 31,273 4.0% $ 46,910 6.0% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 220,550 15.9% $ 55,412 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 13.0% $ 15,982 4.0% $ 19,978 5.0% Triumph Community Bank $ 112,289 11.9% $ 37,812 4.0% $ 47,265 5.0% 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 | 6 Months Ended |
Jun. 30, 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 June December June December June December June 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 18,052,723 17,974,767 Number of shares outstanding 45,500 45,500 51,956 51,956 18,041,072 17,963,783 11,651 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% 8.00 % 8.00 % Dividend rate - floor 8.00 % 8.00 % 8.00 % 8.00 % Initial dividend payment date 3/31/2013 3/31/2013 12/31/2013 12/31/2013 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 | 6 Months Ended |
Jun. 30, 2015 | |
Share Based Compensation [Abstract] | |
Stock Based Compensation | NOTE 13 – STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $852,000 and $1,548,000 for the three and six month periods ended June 30, 2015, respectively, and $83,000 and $196,000 for the three and six month periods ended June 30, 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. 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 six months ended June 30, 2015 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2015 252,256 $ 14.71 Granted 77,956 13.50 Vested — — Forfeited (667 ) 14.71 Nonvested at June 30, 2015 329,545 $ 14.42 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 June 30, 2015, there was $2,974,000 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 1.73 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. 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 six months ended June 30, 2014 were as follows: Weighted-Average Grant-Date Nonvested RSUs Units Fair Value Nonvested at January 1, 2014 26,120 $ 10.77 Granted 32,275 14.08 Vested (13,511 ) 12.12 Forfeited — — Nonvested at June 30, 2014 44,884 $ 12.75 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Basic Net income to common stockholders $ 4,457 $ 2,285 $ 18,309 $ 5,433 Weighted average common shares outstanding 17,711,527 9,845,819 17,711,527 9,839,313 Basic earnings per common share $ 0.25 $ 0.23 $ 1.03 $ 0.55 Diluted Net income to common stockholders $ 4,457 $ 2,285 $ 18,309 $ 5,433 Dilutive effect of preferred stock — — 387 — Net income to common stockholders - diluted $ 4,457 $ 2,285 $ 18,696 $ 5,433 Weighted average common shares outstanding 17,711,527 9,845,819 17,711,527 9,839,313 Add: Dilutive effects of restricted stock 71,022 11,807 41,492 9,090 Add: Dilutive effects of assumed exercises of stock warrants 31,276 52,881 30,050 52,881 Add: Dilutive effects of assumed conversion of Preferred A — — 315,773 — Add: Dilutive effects of assumed conversion of Preferred B — — 360,578 — Average shares and dilutive potential common shares 17,813,825 9,910,507 18,459,420 9,901,284 Dilutive earnings per common share $ 0.25 $ 0.23 $ 1.01 $ 0.55 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares assumed to be converted from Preferred Stock Series A 315,773 315,773 — 315,773 Shares assumed to be converted from Preferred Stock Series B 360,578 360,578 — 360,578 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 15 – BUSINESS SEGMENT INFORMATION The following table 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 and lease losses 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 June 30, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 8,275 $ 18,189 $ 5 $ 128 $ 26,597 Intersegment interest allocations (1,017 ) 1,017 — — — Total interest expense — 1,674 — 278 1,952 Net interest income (expense) 7,258 17,532 5 (150 ) 24,645 Provision for loan losses 477 1,971 — 93 2,541 Net interest income after provision 6,781 15,561 5 (243 ) 22,104 Other noninterest income 450 2,708 1,352 259 4,769 Noninterest expense 4,450 12,707 809 1,669 19,635 Operating income (loss) $ 2,781 $ 5,562 $ 548 $ (1,653 ) $ 7,238 Total assets $ 189,755 $ 1,251,704 $ 13,812 $ 73,988 $ 1,529,259 Gross loans $ 176,154 $ 957,888 $ 42 $ 18,595 $ 1,152,679 (Dollars in thousands) Asset Three Months Ended June 30, 2014 Factoring Banking Management Corporate Consolidated Total interest income $ 6,637 $ 14,804 $ — $ 12 $ 21,453 Intersegment interest allocations (701 ) 701 — — — Total interest expense — 1,164 — 408 1,572 Net interest income (expense) 5,936 14,341 — (396 ) 19,881 Provision for loan losses 512 1,235 — — 1,747 Net interest income after provision 5,424 13,106 — (396 ) 18,134 Noninterest income 404 1,945 129 155 2,633 Noninterest expense 3,509 11,025 720 906 16,160 Operating income (loss) $ 2,319 $ 4,026 $ (591 ) $ (1,147 ) $ 4,607 Total assets $ 159,246 $ 1,223,317 $ 252 $ 24,257 $ 1,407,072 Gross loans $ 146,370 $ 793,147 $ — $ — $ 939,517 (Dollars in thousands) Asset Six Months Ended June 30, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 15,503 $ 32,424 $ 65 $ 184 $ 48,176 Intersegment interest allocations (1,926 ) 1,926 — — — Total interest expense — 3,246 10 550 3,806 Net interest income (expense) 13,577 31,104 55 (366 ) 44,370 Provision for loan losses 368 2,725 — 93 3,186 Net interest income after provision 13,209 28,379 55 (459 ) 41,184 Bargain purchase gain — — 12,509 — 12,509 Other noninterest income 781 5,293 2,309 536 8,919 Noninterest expense 8,762 25,107 3,435 3,114 40,418 Operating income (loss) $ 5,228 $ 8,565 $ 11,438 $ (3,037 ) $ 22,194 Total assets $ 189,755 $ 1,251,704 $ 13,812 $ 73,988 $ 1,529,259 Gross loans $ 176,154 $ 957,888 $ 42 $ 18,595 $ 1,152,679 (Dollars in thousands) Asset Six Months Ended June 30, 2014 Factoring Banking Management Corporate Consolidated Total interest income $ 11,742 $ 30,063 $ — $ 26 $ 41,831 Intersegment interest allocations (1,272 ) 1,272 — — — Total interest expense — 2,278 — 818 3,096 Net interest income 10,470 29,057 — (792 ) 38,735 Provision for loan losses 902 1,770 — — 2,672 Net interest income after provision 9,568 27,287 — (792 ) 36,063 Noninterest income 787 3,912 129 415 5,243 Noninterest expense 6,445 21,890 1,074 1,647 31,056 Operating income (loss) $ 3,910 $ 9,309 $ (945 ) $ (2,024 ) $ 10,250 Total assets $ 159,246 $ 1,223,317 $ 252 $ 24,257 $ 1,407,072 Gross loans $ 146,370 $ 793,147 $ — $ — $ 939,517 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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. Issued in June 2014, ASU No. 2014-11, “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure” (ASU 2014-11) aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Effective for interim periods beginning after March 31, 2015, the ASU requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, disclosures are required related to collateral, remaining contractual tenor, and the potential risks associated with repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions. Adoption of this ASU did not have a material impact on the Company’s financial statements as the Company’s repurchase agreements consist primarily of overnight customer sweep agreements secured by pledged U.S. Government agency and residential mortgage-backed securities. 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” (ASU 2014-09), 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 was originally effective for the Company on January 1, 2017. However, at its July 9, 2015 meeting the FASB agreed to defer the mandatory effective date the new standard would take effect for reporting periods beginning after December 15, 2017, 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 Div24
Business Combinations and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 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 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair June 30, 2015 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 95,749 $ 944 $ (21 ) $ 96,672 Mortgage-backed securities, residential 25,742 525 — 26,267 Asset backed securities 18,437 121 (25 ) 18,533 State and municipal 3,387 26 — 3,413 Corporate bonds 13,510 117 (15 ) 13,612 SBA pooled securities 194 2 — 196 Total available for sale securities $ 157,019 $ 1,735 $ (61 ) $ 158,693 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: Other debt securities $ 746 $ 4 $ (6 ) $ 744 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2014 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 June 30, 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 $ 1,270 $ 1,272 $ — $ — Due from one year to five years 109,156 110,187 746 744 Due from five years to ten years 1,550 1,548 — — Due after ten years 670 690 — — 112,646 113,697 746 744 Mortgage-backed securities, residential 25,742 26,267 — — Asset backed securities 18,437 18,533 — — SBA pooled securities 194 196 — — $ 157,019 $ 158,693 $ 746 $ 744 |
Schedule of Information Pertaining to Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at June 30, 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 June 30, 2015 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 7,539 $ (21 ) $ — $ — $ 7,539 $ (21 ) Mortgage-backed securities, residential — — — — — — Asset backed securities 4,875 (12 ) 4,971 (13 ) 9,846 (25 ) State and municipal — — — — — — Corporate bonds 1,769 (15 ) — — 1,769 (15 ) SBA pooled securities — — — — — — $ 14,183 $ (48 ) $ 4,971 $ (13 ) $ 19,154 $ (61 ) Held to maturity securities: Other debt securities $ 219 $ (6 ) $ — $ — $ 219 $ (6 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — — — — — Asset backed securities 8,703 (82 ) 4,959 (8 ) 13,662 (90 ) State and municipal — — — — — — Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 8,703 $ (82 ) $ 4,959 $ (8 ) $ 13,662 $ (90 ) |
Loans and Allowance for Loan 26
Loans and Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Summary of Information Concerning Loan Portfolio | Loans at June 30, 2015 and December 31, 2014 consisted of the following: June 30, December 31, (Dollars in thousands) 2015 2014 Commercial real estate $ 234,090 $ 249,164 Construction, land development, land 46,743 42,914 1-4 family residential properties 75,588 78,738 Farmland 25,701 22,496 Commercial 454,161 364,567 Factored receivables 199,716 180,910 Consumer 10,993 11,941 Mortgage warehouse 105,687 55,148 Total 1,152,679 1,005,878 Allowance for loan and lease losses (11,462 ) (8,843 ) $ 1,141,217 $ 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 and six months ended June 30, 2015 and 2014 is as follows: (Dollars in thousands) Beginning Ending Three months ended June 30, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,075 $ 183 $ (54 ) $ 10 $ 1,214 Construction, land development, land 344 2 — — 346 1-4 family residential properties 223 29 (78 ) 77 251 Farmland 26 2 — — 28 Commercial 3,996 1,109 (45 ) 4 5,064 Factored receivables 3,380 1,049 (312 ) 18 4,135 Consumer 84 61 (52 ) 67 160 Mortgage warehouse 158 106 — — 264 $ 9,286 $ 2,541 $ (541 ) $ 176 $ 11,462 (Dollars in thousands) Beginning Ending Three months ended June 30, 2014 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 402 $ 60 $ — $ 1 $ 463 Construction, land development, land 194 48 — — 242 1-4 family residential properties 203 35 (44 ) 3 197 Farmland 7 4 — — 11 Commercial 1,519 811 (1 ) 3 2,332 Factored receivables 2,173 779 (136 ) 22 2,838 Consumer 75 (6 ) (74 ) 101 96 Mortgage warehouse 58 16 — — 74 $ 4,631 $ 1,747 $ (255 ) $ 130 $ 6,253 (Dollars in thousands) Beginning Ending Six months ended June 30, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 533 $ 773 $ (143 ) $ 51 $ 1,214 Construction, land development, land 333 13 — — 346 1-4 family residential properties 215 119 (183 ) 100 251 Farmland 19 9 — — 28 Commercial 4,003 1,102 (47 ) 6 5,064 Factored receivables 3,462 1,004 (379 ) 48 4,135 Consumer 140 40 (147 ) 127 160 Mortgage warehouse 138 126 — — 264 $ 8,843 $ 3,186 $ (899 ) $ 332 $ 11,462 (Dollars in thousands) Beginning Ending Six months ended June 30, 2014 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 348 $ 113 $ — $ 2 $ 463 Construction, land development, land 110 132 — — 242 1-4 family residential properties 100 184 (189 ) 102 197 Farmland 7 4 — — 11 Commercial 1,145 985 (13 ) 215 2,332 Factored receivables 1,842 1,136 (176 ) 36 2,838 Consumer 49 88 (215 ) 174 96 Mortgage warehouse 44 30 — — 74 $ 3,645 $ 2,672 $ (593 ) $ 529 $ 6,253 |
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 ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations June 30, 2015 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,923 $ 224,697 $ 7,470 $ 234,090 $ 100 $ 759 $ 355 $ 1,214 Construction, land development, land — 45,337 1,406 46,743 — 346 — 346 1-4 family residential properties 389 73,155 2,044 75,588 2 249 — 251 Farmland — 25,701 — 25,701 — 28 — 28 Commercial 2,795 446,904 4,462 454,161 747 4,317 — 5,064 Factored receivables 2,644 197,072 — 199,716 1,513 2,622 — 4,135 Consumer — 10,993 — 10,993 — 160 — 160 Mortgage warehouse — 105,687 — 105,687 — 264 — 264 $ 7,751 $ 1,129,546 $ 15,382 $ 1,152,679 $ 2,362 $ 8,745 $ 355 $ 11,462 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2014 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 June 30, 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 June 30, 2015 Investment Principal Allowance Investment Principal Commercial real estate $ 532 $ 532 $ 100 $ 1,391 $ 1,414 Construction, land development, land — — — — — 1-4 family residential properties 16 23 2 373 479 Farmland — — — — — Commercial 2,189 2,218 747 606 606 Factored receivables 2,344 2,344 1,513 300 300 Consumer — — — — — Mortgage warehouse — — — — — PCI 525 525 355 — — $ 5,606 $ 5,642 $ 2,717 $ 2,670 $ 2,799 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 December 31, 2014 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 June 30, 2015 June 30, 2014 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,926 $ 1 $ 1,992 $ 180 Construction, land development, land — — — — 1-4 family residential properties 433 9 842 142 Farmland — — — — Commercial 4,833 80 5,761 27 Factored receivables 1,957 — 665 — Consumer — — — — Mortgage warehouse — — — — PCI 721 — 13 (3 ) $ 9,870 $ 90 $ 9,273 $ 346 Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,928 $ 4 $ 2,113 $ 181 Construction, land development, land — — — — 1-4 family residential properties 647 32 1,018 145 Farmland — — — — Commercial 4,992 119 5,642 40 Factored receivables 1,958 — 381 9 Consumer — — — — Mortgage warehouse — — — — PCI 263 — 13 9 $ 9,788 $ 155 $ 9,167 $ 384 |
Schedule of Recorded Investment and Unpaid Principal Balances | The following table presents the unpaid principal and recorded investment for loans at June 30, 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 June 30, 2015 Investment Principal Difference Commercial real estate $ 234,090 $ 244,743 $ (10,653 ) Construction, land development, land 46,743 48,263 (1,520 ) 1-4 family residential properties 75,588 78,626 (3,038 ) Farmland 25,701 25,611 90 Commercial 454,161 456,220 (2,059 ) Factored receivables 199,716 200,721 (1,005 ) Consumer 10,993 11,054 (61 ) Mortgage warehouse 105,687 105,687 — $ 1,152,679 $ 1,170,925 $ (18,246 ) Recorded Unpaid December 31, 2014 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 June 30, 2015 and December 31, 2014: Past Due 90 (Dollars in thousands) 30-89 Days Days or More June 30, 2015 Past Due Still Accruing Nonaccrual Total Commercial real estate $ 224 $ — $ 1,992 $ 2,216 Construction, land development, land 1,168 — — 1,168 1-4 family residential properties 310 — 445 755 Farmland — — — — Commercial 4,887 — 2,407 7,294 Factored receivables 7,022 2,211 — 9,233 Consumer 280 — — 280 Mortgage warehouse — — — — PCI — — 5,895 5,895 $ 13,891 $ 2,211 $ 10,739 $ 26,841 Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2014 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 June 30, 2015 and December 31, 2014 based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) Special June 30, 2015 Pass Mention Substandard Doubtful PCI Total Commercial real estate $ 216,720 $ 2,297 $ 7,603 $ — $ 7,470 $ 234,090 Construction, land development, land 45,337 — — — 1,406 46,743 1-4 family residential 73,080 — 464 — 2,044 75,588 Farmland 25,701 — — — — 25,701 Commercial 430,782 8,442 10,475 — 4,462 454,161 Factored receivables 197,072 — 1,850 794 — 199,716 Consumer 10,993 — — — — 10,993 Mortgage warehouse 105,687 — — — — 105,687 $ 1,105,372 $ 10,739 $ 20,392 $ 794 $ 15,382 $ 1,152,679 (Dollars in thousands) Special December 31, 2014 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 June 30, 2015 and December 31, 2014, are as follows: June 30, December 31, 2015 2014 Contractually required principal and interest: Real estate loans $ 19,482 $ 23,457 Commercial loans 6,221 6,293 Outstanding contractually required principal and interest $ 25,703 $ 29,750 Gross carrying amount included in loans receivable $ 15,382 $ 16,500 |
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Accretable yield, beginning balance $ 4,496 $ 6,662 $ 4,977 $ 4,587 Additions — 482 — 482 Accretion (1,031 ) (199 ) (1,460 ) (1,957 ) Reclassification from nonaccretable to accretable yield 585 — 585 3,922 Disposals (147 ) (61 ) (199 ) (150 ) Accretable yield, ending balance $ 3,903 $ 6,884 $ 3,903 $ 6,884 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: June 30, December 31, (Dollars in thousands) 2015 2014 Goodwill $ 15,968 $ 15,968 Core deposit intangibles 9,984 11,218 Other intangible assets 4,222 1,871 $ 30,174 $ 29,057 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Beginning balance $ 30,211 $ 27,791 $ 29,057 $ 28,518 Acquired goodwill — 1,921 — 1,921 Acquired intangibles 858 2,055 2,776 2,055 Amortization of intangibles (895 ) (724 ) (1,659 ) (1,451 ) Ending balance $ 30,174 $ 31,043 $ 30,174 $ 31,043 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 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) May 1, 2014 $ 400,000 Trinitas CLO II, LTD (Trinitas II) August 4, 2014 $ 416,000 Doral CLO II, LTD (Doral II) April 26, 2012 $ 416,460 Doral CLO III, LTD (Doral III) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deposits [Abstract] | |
Summary Of Deposits | Deposits at June 30, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) June 30, 2015 December 31, 2014 Noninterest bearing demand $ 164,560 $ 179,848 Interest bearing demand 228,909 236,525 Individual retirement accounts 56,285 55,034 Money market 116,019 117,514 Savings 73,016 70,407 Certificates of deposit 500,451 455,901 Brokered deposits 50,019 50,000 Total Deposits $ 1,189,259 $ 1,165,229 |
Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits | At June 30, 2015, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) June 30, 2015 Within one year $ 386,320 After one but within two years 151,393 After two but within three years 44,538 After three but within four years 13,794 After four but within five years 10,710 Total $ 606,755 |
Off-Balance Sheet Loan Commit30
Off-Balance Sheet Loan Commitments (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 (Dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 8,382 $ 15,588 $ 5,192 $ 14,600 Unused lines of credit 35,178 186,520 30,369 197,594 Standby letters of credit 1,385 1,984 1,840 1,915 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2015 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 96,672 $ — $ 96,672 Mortgage-backed securities-residential — 26,267 — 26,267 Asset backed securities — 18,533 — 18,533 State and municipal — 3,413 — 3,413 Corporate bonds — 13,612 — 13,612 SBA pooled securities — 196 — 196 $ — $ 158,693 $ — $ 158,693 Loans held for sale $ — $ 4,096 $ — $ 4,096 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 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 June 30, 2015 and December 31, 2014. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2015 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 432 $ 432 1-4 family residential properties — — 14 14 Commercial — — 1,442 1,442 Factored receivables — — 831 831 PCI — — 170 170 Other real estate owned (1) 1-4 family residential properties — — 92 92 Construction, land development, land — — 411 411 $ — $ — $ 3,392 $ 3,392 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 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 June 30, 2015 and December 31, 2014 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total June 30, 2015 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 99,714 $ 99,714 $ — $ — $ 99,714 Securities - held to maturity 746 — 744 — 744 Loans not previously presented, net 1,138,328 — — 1,144,194 1,144,194 FHLB and FRB stock 5,707 N/A N/A N/A N/A Accrued interest receivable 4,328 — 4,328 — 4,328 Financial liabilities: Deposits 1,189,259 — 1,191,279 — 1,191,279 Customer repurchase agreements 13,011 — 13,011 — 13,011 Federal Home Loan Bank advances 19,000 19,000 19,000 Junior subordinated debentures 24,553 — 24,553 — 24,553 Accrued interest payable 1,149 — 1,149 — 1,149 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2014 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 FRB 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 263,293 20.0% $ 105,102 8.0% N/A N/A Triumph Savings Bank, SSB $ 62,464 15.5% $ 32,232 8.0% $ 40,291 10.0% Triumph Community Bank $ 132,191 15.3% $ 69,035 8.0% $ 86,293 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 251,691 19.2% $ 78,826 6.0% N/A N/A Triumph Savings Bank, SSB $ 57,595 14.3% $ 24,174 6.0% $ 32,232 8.0% Triumph Community Bank $ 125,552 14.6% $ 51,774 6.0% $ 69,032 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 223,046 17.0% $ 59,120 4.5% N/A N/A Triumph Savings Bank, SSB $ 57,595 14.3% $ 18,131 4.5% $ 26,189 6.5% Triumph Community Bank $ 125,552 14.6% $ 38,831 4.5% $ 56,089 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 251,691 17.0% $ 59,181 4.0% N/A N/A Triumph Savings Bank, SSB $ 57,595 13.3% $ 17,321 4.0% $ 21,651 5.0% Triumph Community Bank $ 125,552 12.6% $ 39,880 4.0% $ 49,850 5.0% As of December 31, 2014 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 229,509 20.4% $ 90,213 8.0% N/A N/A Triumph Savings Bank, SSB $ 56,013 16.5% $ 27,118 8.0% $ 33,898 10.0% Triumph Community Bank $ 117,254 15.0% $ 62,547 8.0% $ 78,184 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 220,550 19.6% $ 45,107 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 15.3% $ 13,559 4.0% $ 20,339 6.0% Triumph Community Bank $ 112,289 14.4% $ 31,273 4.0% $ 46,910 6.0% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 220,550 15.9% $ 55,412 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 13.0% $ 15,982 4.0% $ 19,978 5.0% Triumph Community Bank $ 112,289 11.9% $ 37,812 4.0% $ 47,265 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 June December June December June December June 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 18,052,723 17,974,767 Number of shares outstanding 45,500 45,500 51,956 51,956 18,041,072 17,963,783 11,651 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% 8.00 % 8.00 % Dividend rate - floor 8.00 % 8.00 % 8.00 % 8.00 % Initial dividend payment date 3/31/2013 3/31/2013 12/31/2013 12/31/2013 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) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2015 252,256 $ 14.71 Granted 77,956 13.50 Vested — — Forfeited (667 ) 14.71 Nonvested at June 30, 2015 329,545 $ 14.42 |
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 six months ended June 30, 2014 were as follows: Weighted-Average Grant-Date Nonvested RSUs Units Fair Value Nonvested at January 1, 2014 26,120 $ 10.77 Granted 32,275 14.08 Vested (13,511 ) 12.12 Forfeited — — Nonvested at June 30, 2014 44,884 $ 12.75 |
Earnings Per Share, Basic and D
Earnings Per Share, Basic and Diluted (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Basic Net income to common stockholders $ 4,457 $ 2,285 $ 18,309 $ 5,433 Weighted average common shares outstanding 17,711,527 9,845,819 17,711,527 9,839,313 Basic earnings per common share $ 0.25 $ 0.23 $ 1.03 $ 0.55 Diluted Net income to common stockholders $ 4,457 $ 2,285 $ 18,309 $ 5,433 Dilutive effect of preferred stock — — 387 — Net income to common stockholders - diluted $ 4,457 $ 2,285 $ 18,696 $ 5,433 Weighted average common shares outstanding 17,711,527 9,845,819 17,711,527 9,839,313 Add: Dilutive effects of restricted stock 71,022 11,807 41,492 9,090 Add: Dilutive effects of assumed exercises of stock warrants 31,276 52,881 30,050 52,881 Add: Dilutive effects of assumed conversion of Preferred A — — 315,773 — Add: Dilutive effects of assumed conversion of Preferred B — — 360,578 — Average shares and dilutive potential common shares 17,813,825 9,910,507 18,459,420 9,901,284 Dilutive earnings per common share $ 0.25 $ 0.23 $ 1.01 $ 0.55 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares assumed to be converted from Preferred Stock Series A 315,773 315,773 — 315,773 Shares assumed to be converted from Preferred Stock Series B 360,578 360,578 — 360,578 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (Dollars in thousands) Asset Three Months Ended June 30, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 8,275 $ 18,189 $ 5 $ 128 $ 26,597 Intersegment interest allocations (1,017 ) 1,017 — — — Total interest expense — 1,674 — 278 1,952 Net interest income (expense) 7,258 17,532 5 (150 ) 24,645 Provision for loan losses 477 1,971 — 93 2,541 Net interest income after provision 6,781 15,561 5 (243 ) 22,104 Other noninterest income 450 2,708 1,352 259 4,769 Noninterest expense 4,450 12,707 809 1,669 19,635 Operating income (loss) $ 2,781 $ 5,562 $ 548 $ (1,653 ) $ 7,238 Total assets $ 189,755 $ 1,251,704 $ 13,812 $ 73,988 $ 1,529,259 Gross loans $ 176,154 $ 957,888 $ 42 $ 18,595 $ 1,152,679 (Dollars in thousands) Asset Three Months Ended June 30, 2014 Factoring Banking Management Corporate Consolidated Total interest income $ 6,637 $ 14,804 $ — $ 12 $ 21,453 Intersegment interest allocations (701 ) 701 — — — Total interest expense — 1,164 — 408 1,572 Net interest income (expense) 5,936 14,341 — (396 ) 19,881 Provision for loan losses 512 1,235 — — 1,747 Net interest income after provision 5,424 13,106 — (396 ) 18,134 Noninterest income 404 1,945 129 155 2,633 Noninterest expense 3,509 11,025 720 906 16,160 Operating income (loss) $ 2,319 $ 4,026 $ (591 ) $ (1,147 ) $ 4,607 Total assets $ 159,246 $ 1,223,317 $ 252 $ 24,257 $ 1,407,072 Gross loans $ 146,370 $ 793,147 $ — $ — $ 939,517 (Dollars in thousands) Asset Six Months Ended June 30, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 15,503 $ 32,424 $ 65 $ 184 $ 48,176 Intersegment interest allocations (1,926 ) 1,926 — — — Total interest expense — 3,246 10 550 3,806 Net interest income (expense) 13,577 31,104 55 (366 ) 44,370 Provision for loan losses 368 2,725 — 93 3,186 Net interest income after provision 13,209 28,379 55 (459 ) 41,184 Bargain purchase gain — — 12,509 — 12,509 Other noninterest income 781 5,293 2,309 536 8,919 Noninterest expense 8,762 25,107 3,435 3,114 40,418 Operating income (loss) $ 5,228 $ 8,565 $ 11,438 $ (3,037 ) $ 22,194 Total assets $ 189,755 $ 1,251,704 $ 13,812 $ 73,988 $ 1,529,259 Gross loans $ 176,154 $ 957,888 $ 42 $ 18,595 $ 1,152,679 (Dollars in thousands) Asset Six Months Ended June 30, 2014 Factoring Banking Management Corporate Consolidated Total interest income $ 11,742 $ 30,063 $ — $ 26 $ 41,831 Intersegment interest allocations (1,272 ) 1,272 — — — Total interest expense — 2,278 — 818 3,096 Net interest income 10,470 29,057 — (792 ) 38,735 Provision for loan losses 902 1,770 — — 2,672 Net interest income after provision 9,568 27,287 — (792 ) 36,063 Noninterest income 787 3,912 129 415 5,243 Noninterest expense 6,445 21,890 1,074 1,647 31,056 Operating income (loss) $ 3,910 $ 9,309 $ (945 ) $ (2,024 ) $ 10,250 Total assets $ 159,246 $ 1,223,317 $ 252 $ 24,257 $ 1,407,072 Gross loans $ 146,370 $ 793,147 $ — $ — $ 939,517 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2015Segments | |
Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
Business Combinations and Div38
Business Combinations and Divestitures - Additional Information (Details) - USD ($) | Mar. 03, 2015 | Feb. 26, 2015 | Jul. 11, 2014 | Jun. 13, 2014 | Apr. 07, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||||||||
Securities transferred in satisfaction of other borrowings | $ 98,316,000 | ||||||||
Repayment of other borrowings | 1,659,000 | ||||||||
Cash paid | 127,591,000 | $ 49,482,000 | |||||||
Goodwill | $ 1,921,000 | $ 1,921,000 | |||||||
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 | ||||||||
Total consideration transferred | 135,864,000 | $ 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 maturity date | Mar. 31, 2015 | ||||||||
Repayment of debt instrument | 99,975,000 | ||||||||
Securities transferred in satisfaction of other borrowings | 98,316,000 | ||||||||
Repayment of other borrowings | $ 1,659,000 | ||||||||
Doral Money Acquisition | Secured term loan credit facility | London Interbank Offered Rate (LIBOR) | |||||||||
Business Acquisition [Line Items] | |||||||||
Debt instrument, marginal interest rate | 3.50% | ||||||||
Debt instrument, interest rate description | LIBOR plus 3.5% | ||||||||
Doral Healthcare Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | $ 45,334,000 | ||||||||
Cash paid | 49,482,000 | ||||||||
Goodwill | $ 1,921,000 |
Business Combinations and Div39
Business Combinations and Divestitures - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 03, 2015 | Jun. 13, 2014 | Apr. 07, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Liabilities assumed: | ||||||
Cash paid | $ 127,591 | $ 49,482 | ||||
Goodwill | $ 1,921 | $ 1,921 | ||||
Bargain purchase gain | $ (12,509) | |||||
Doral Money Acquisition | ||||||
Assets acquired: | ||||||
Cash | $ 8,273 | |||||
CLO Securities | 98,316 | |||||
Intangible asset | 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 | |||||
Net consideration transferred | 135,864 | $ 135,864 | ||||
Bargain purchase gain | $ (12,509) | |||||
Doral Healthcare Acquisition | ||||||
Assets acquired: | ||||||
Intangible asset | $ 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 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $ 157,019 | $ 160,539 |
Available for sale securities, Gross Unrealized Gains | 1,735 | 1,575 |
Available for sale securities, Gross Unrealized Losses | (61) | (90) |
Securities - available for sale | 158,693 | 162,024 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 746 | 745 |
Held to maturity securities, Fair Value | 744 | 750 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 95,749 | 93,150 |
Available for sale securities, Gross Unrealized Gains | 944 | 691 |
Available for sale securities, Gross Unrealized Losses | (21) | |
Securities - available for sale | 96,672 | 93,841 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 25,742 | 28,298 |
Available for sale securities, Gross Unrealized Gains | 525 | 580 |
Securities - available for sale | 26,267 | 28,878 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 18,437 | 18,559 |
Available for sale securities, Gross Unrealized Gains | 121 | 129 |
Available for sale securities, Gross Unrealized Losses | (25) | (90) |
Securities - available for sale | 18,533 | 18,598 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 3,387 | 6,833 |
Available for sale securities, Gross Unrealized Gains | 26 | 28 |
Securities - available for sale | 3,413 | 6,861 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 13,510 | 13,492 |
Available for sale securities, Gross Unrealized Gains | 117 | 144 |
Available for sale securities, Gross Unrealized Losses | (15) | |
Securities - available for sale | 13,612 | 13,636 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 194 | 207 |
Available for sale securities, Gross Unrealized Gains | 2 | 3 |
Securities - available for sale | 196 | 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, Gross Unrealized Losses | (6) | |
Held to maturity securities, Fair Value | $ 744 | $ 750 |
Securities - Schedule of Amor41
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available for Sale, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 1,270 | |
Due from one year to five years, Amortized Cost | 109,156 | |
Due from five years to ten years, Amortized Cost | 1,550 | |
Due after ten years, Amortized Cost | 670 | |
Securities Available for Sale, with single maturity date, Amortized Cost | 112,646 | |
Securities Available for Sale, Amortized Cost | 157,019 | $ 160,539 |
Securities Available for Sale, Fair Value | ||
Due in one year or less, Fair Value | 1,272 | |
Due from one year to five years, Fair Value | 110,187 | |
Due from five years to ten years, Fair Value | 1,548 | |
Due after ten years, Fair Value | 690 | |
Securities Available for Sale, with single maturity date, Fair Value | 113,697 | |
Securities Available for Sale, Fair Value | 158,693 | 162,024 |
Held to Maturity, Amortized Cost | ||
Due from one year to five years, Amortized Cost | 746 | |
Held to Maturity, with single maturity date, Amortized Cost | 746 | |
Held to maturity securities, Amortized Cost | 746 | 745 |
Held to Maturity, Fair Value | ||
Due from one year to five years, Fair Value | 744 | |
Held to Maturity, with single maturity date, Fair Value | 744 | |
Held to maturity securities, Fair Value | 744 | 750 |
Mortgage-backed Securities, Residential | ||
Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 25,742 | |
Securities Available for Sale, Amortized Cost | 25,742 | 28,298 |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 26,267 | |
Securities Available for Sale, Fair Value | 26,267 | 28,878 |
Asset Backed Securities | ||
Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 18,437 | |
Securities Available for Sale, Amortized Cost | 18,437 | 18,559 |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 18,533 | |
Securities Available for Sale, Fair Value | 18,533 | 18,598 |
SBA Pooled Securities | ||
Available for Sale, Amortized Cost | ||
Securities Available for Sale, without single maturity date, Amortized Cost | 194 | |
Securities Available for Sale, Amortized Cost | 194 | 207 |
Securities Available for Sale, Fair Value | ||
Securities Available for Sale, without single maturity date, Fair Value | 196 | |
Securities Available for Sale, Fair Value | $ 196 | $ 210 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Investments Debt And Equity Securities [Abstract] | |||||
Proceeds from sales of securities available for sale | $ 12,559 | $ 0 | $ 12,559 | $ 6,794 | |
Gross gains on sale of securities | 242 | 242 | 25 | ||
Gross losses on sale of securities | 0 | 0 | $ 9 | ||
Pledged securities, at carrying value | $ 104,878 | $ 104,878 | $ 113,980 |
Securities - Schedule of Inform
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 14,183 | $ 8,703 |
Less than 12 Months, Unrealized Losses | (48) | (82) |
12 Months or More, Fair Value | 4,971 | 4,959 |
12 Months or More, Unrealized Losses | (13) | (8) |
Total, Fair Value | 19,154 | 13,662 |
Total, Unrealized Losses | (61) | (90) |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 7,539 | |
Less than 12 Months, Unrealized Losses | (21) | |
Total, Fair Value | 7,539 | |
Total, Unrealized Losses | (21) | |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,875 | 8,703 |
Less than 12 Months, Unrealized Losses | (12) | (82) |
12 Months or More, Fair Value | 4,971 | 4,959 |
12 Months or More, Unrealized Losses | (13) | (8) |
Total, Fair Value | 9,846 | 13,662 |
Total, Unrealized Losses | (25) | $ (90) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,769 | |
Less than 12 Months, Unrealized Losses | (15) | |
Total, Fair Value | 1,769 | |
Total, Unrealized Losses | (15) | |
Other Debt Securities | ||
Held to maturity securities: | ||
Less than 12 Months, Fair Value | 219 | |
Less than 12 Months, Unrealized Losses | (6) | |
Total, Fair Value | 219 | |
Total, Unrealized Losses | $ (6) |
Loans and Allowance for Loan 44
Loans and Allowance for Loan and Lease Losses - Summary of Information Concerning Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | $ 1,152,679 | $ 1,005,878 | $ 939,517 | |||
Allowance for loan and lease losses | (11,462) | $ (9,286) | (8,843) | (6,253) | $ (4,631) | $ (3,645) |
Loans, net | 1,141,217 | 997,035 | ||||
Commercial real estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 234,090 | 249,164 | ||||
Allowance for loan and lease losses | (1,214) | (1,075) | (533) | (463) | (402) | (348) |
Construction, land development, land | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 46,743 | 42,914 | ||||
Allowance for loan and lease losses | (346) | (344) | (333) | (242) | (194) | (110) |
1-4 family residential properties | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 75,588 | 78,738 | ||||
Allowance for loan and lease losses | (251) | (223) | (215) | (197) | (203) | (100) |
Farmland | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 25,701 | 22,496 | ||||
Allowance for loan and lease losses | (28) | (26) | (19) | (11) | (7) | (7) |
Commercial Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 454,161 | 364,567 | ||||
Allowance for loan and lease losses | (5,064) | (3,996) | (4,003) | (2,332) | (1,519) | (1,145) |
Factored receivables | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 199,716 | 180,910 | ||||
Allowance for loan and lease losses | (4,135) | (3,380) | (3,462) | (2,838) | (2,173) | (1,842) |
Consumer | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 10,993 | 11,941 | ||||
Allowance for loan and lease losses | (160) | (84) | (140) | (96) | (75) | (49) |
Mortgage warehouse | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans | 105,687 | 55,148 | ||||
Allowance for loan and lease losses | $ (264) | $ (158) | $ (138) | $ (74) | $ (58) | $ (44) |
Loans and Allowance for Loan 45
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Net deferred origination fees and costs and deferred factoring fees | $ 878 | $ 906 |
Pledged loans | 168,232 | 141,427 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Customer reserves | $ 19,672 | $ 18,976 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan and Lease Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 9,286 | $ 4,631 | $ 8,843 | $ 3,645 |
Provision for loan losses | 2,541 | 1,747 | 3,186 | 2,672 |
Charge-offs | (541) | (255) | (899) | (593) |
Recoveries | 176 | 130 | 332 | 529 |
Ending Balance | 11,462 | 6,253 | 11,462 | 6,253 |
Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 1,075 | 402 | 533 | 348 |
Provision for loan losses | 183 | 60 | 773 | 113 |
Charge-offs | (54) | (143) | ||
Recoveries | 10 | 1 | 51 | 2 |
Ending Balance | 1,214 | 463 | 1,214 | 463 |
Construction, land development, land | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 344 | 194 | 333 | 110 |
Provision for loan losses | 2 | 48 | 13 | 132 |
Ending Balance | 346 | 242 | 346 | 242 |
1-4 family residential properties | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 223 | 203 | 215 | 100 |
Provision for loan losses | 29 | 35 | 119 | 184 |
Charge-offs | (78) | (44) | (183) | (189) |
Recoveries | 77 | 3 | 100 | 102 |
Ending Balance | 251 | 197 | 251 | 197 |
Farmland | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 26 | 7 | 19 | 7 |
Provision for loan losses | 2 | 4 | 9 | 4 |
Ending Balance | 28 | 11 | 28 | 11 |
Commercial Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,996 | 1,519 | 4,003 | 1,145 |
Provision for loan losses | 1,109 | 811 | 1,102 | 985 |
Charge-offs | (45) | (1) | (47) | (13) |
Recoveries | 4 | 3 | 6 | 215 |
Ending Balance | 5,064 | 2,332 | 5,064 | 2,332 |
Factored receivables | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,380 | 2,173 | 3,462 | 1,842 |
Provision for loan losses | 1,049 | 779 | 1,004 | 1,136 |
Charge-offs | (312) | (136) | (379) | (176) |
Recoveries | 18 | 22 | 48 | 36 |
Ending Balance | 4,135 | 2,838 | 4,135 | 2,838 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 84 | 75 | 140 | 49 |
Provision for loan losses | 61 | (6) | 40 | 88 |
Charge-offs | (52) | (74) | (147) | (215) |
Recoveries | 67 | 101 | 127 | 174 |
Ending Balance | 160 | 96 | 160 | 96 |
Mortgage warehouse | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 158 | 58 | 138 | 44 |
Provision for loan losses | 106 | 16 | 126 | 30 |
Ending Balance | $ 264 | $ 74 | $ 264 | $ 74 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan and Lease Losses - Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | $ 7,751 | $ 11,020 | ||||
Loan Evaluation, Collectively | 1,129,546 | 978,358 | ||||
Loan, Total | 1,152,679 | 1,005,878 | $ 939,517 | |||
ALLL Allocations, Individually | 2,362 | 1,749 | ||||
ALLL Allocations, Collectively | 8,745 | 7,094 | ||||
ALLL Allocations, Total ALLL | 11,462 | $ 9,286 | 8,843 | 6,253 | $ 4,631 | $ 3,645 |
Purchase Credit Impaired | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, PCI | 15,382 | 16,500 | ||||
ALLL Allocations, PCI | 355 | |||||
Commercial real estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 1,923 | 1,934 | ||||
Loan Evaluation, Collectively | 224,697 | 238,640 | ||||
Loan, Total | 234,090 | 249,164 | ||||
ALLL Allocations, Individually | 100 | |||||
ALLL Allocations, Collectively | 759 | 533 | ||||
ALLL Allocations, Total ALLL | 1,214 | 1,075 | 533 | 463 | 402 | 348 |
Commercial real estate | Purchase Credit Impaired | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, PCI | 7,470 | 8,590 | ||||
ALLL Allocations, PCI | 355 | |||||
Construction, land development, land | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Collectively | 45,337 | 41,431 | ||||
Loan, Total | 46,743 | 42,914 | ||||
ALLL Allocations, Collectively | 346 | 333 | ||||
ALLL Allocations, Total ALLL | 346 | 344 | 333 | 242 | 194 | 110 |
Construction, land development, land | Purchase Credit Impaired | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, PCI | 1,406 | 1,483 | ||||
1-4 family residential properties | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 389 | 627 | ||||
Loan Evaluation, Collectively | 73,155 | 76,041 | ||||
Loan, Total | 75,588 | 78,738 | ||||
ALLL Allocations, Individually | 2 | |||||
ALLL Allocations, Collectively | 249 | 215 | ||||
ALLL Allocations, Total ALLL | 251 | 223 | 215 | 197 | 203 | 100 |
1-4 family residential properties | Purchase Credit Impaired | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, PCI | 2,044 | 2,070 | ||||
Farmland | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Collectively | 25,701 | 22,496 | ||||
Loan, Total | 25,701 | 22,496 | ||||
ALLL Allocations, Collectively | 28 | 19 | ||||
ALLL Allocations, Total ALLL | 28 | 26 | 19 | 11 | 7 | 7 |
Commercial Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 2,795 | 7,188 | ||||
Loan Evaluation, Collectively | 446,904 | 353,022 | ||||
Loan, Total | 454,161 | 364,567 | ||||
ALLL Allocations, Individually | 747 | 716 | ||||
ALLL Allocations, Collectively | 4,317 | 3,287 | ||||
ALLL Allocations, Total ALLL | 5,064 | 3,996 | 4,003 | 2,332 | 1,519 | 1,145 |
Commercial Loans | Purchase Credit Impaired | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, PCI | 4,462 | 4,357 | ||||
Factored receivables | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 2,644 | 1,271 | ||||
Loan Evaluation, Collectively | 197,072 | 179,639 | ||||
Loan, Total | 199,716 | 180,910 | ||||
ALLL Allocations, Individually | 1,513 | 1,033 | ||||
ALLL Allocations, Collectively | 2,622 | 2,429 | ||||
ALLL Allocations, Total ALLL | 4,135 | 3,380 | 3,462 | 2,838 | 2,173 | 1,842 |
Consumer | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Collectively | 10,993 | 11,941 | ||||
Loan, Total | 10,993 | 11,941 | ||||
ALLL Allocations, Collectively | 160 | 140 | ||||
ALLL Allocations, Total ALLL | 160 | 84 | 140 | 96 | 75 | 49 |
Mortgage warehouse | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Collectively | 105,687 | 55,148 | ||||
Loan, Total | 105,687 | 55,148 | ||||
ALLL Allocations, Collectively | 264 | 138 | ||||
ALLL Allocations, Total ALLL | $ 264 | $ 158 | $ 138 | $ 74 | $ 58 | $ 44 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | $ 5,606 | $ 5,606 | $ 3,116 | ||
Unpaid Principal, With Valuation Allowance | 5,642 | 5,642 | 3,798 | ||
Related Allowance, With Valuation Allowance | 2,717 | 2,717 | 1,749 | ||
Recorded Investment, Without Valuation Allowance | 2,670 | 2,670 | 7,904 | ||
Unpaid Principal, Without Valuation Allowance | 2,799 | 2,799 | 8,076 | ||
Average Impaired Loans | 9,870 | $ 9,273 | 9,788 | $ 9,167 | |
Interest Recognized | 90 | 346 | 155 | 384 | |
Purchased Credit Impaired Loans | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 525 | 525 | |||
Unpaid Principal, With Valuation Allowance | 525 | 525 | |||
Related Allowance, With Valuation Allowance | 355 | 355 | |||
Average Impaired Loans | 721 | 13 | 263 | 13 | |
Interest Recognized | (3) | 9 | |||
Commercial real estate | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 532 | 532 | |||
Unpaid Principal, With Valuation Allowance | 532 | 532 | |||
Related Allowance, With Valuation Allowance | 100 | 100 | |||
Recorded Investment, Without Valuation Allowance | 1,391 | 1,391 | 1,934 | ||
Unpaid Principal, Without Valuation Allowance | 1,414 | 1,414 | 1,960 | ||
Average Impaired Loans | 1,926 | 1,992 | 1,928 | 2,113 | |
Interest Recognized | 1 | 180 | 4 | 181 | |
1-4 family residential properties | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 16 | 16 | |||
Unpaid Principal, With Valuation Allowance | 23 | 23 | |||
Related Allowance, With Valuation Allowance | 2 | 2 | |||
Recorded Investment, Without Valuation Allowance | 373 | 373 | 627 | ||
Unpaid Principal, Without Valuation Allowance | 479 | 479 | 748 | ||
Average Impaired Loans | 433 | 842 | 647 | 1,018 | |
Interest Recognized | 9 | 142 | 32 | 145 | |
Commercial Loans | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 2,189 | 2,189 | 1,845 | ||
Unpaid Principal, With Valuation Allowance | 2,218 | 2,218 | 2,527 | ||
Related Allowance, With Valuation Allowance | 747 | 747 | 716 | ||
Recorded Investment, Without Valuation Allowance | 606 | 606 | 5,343 | ||
Unpaid Principal, Without Valuation Allowance | 606 | 606 | 5,368 | ||
Average Impaired Loans | 4,833 | 5,761 | 4,992 | 5,642 | |
Interest Recognized | 80 | 27 | 119 | 40 | |
Factored receivables | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 2,344 | 2,344 | 1,271 | ||
Unpaid Principal, With Valuation Allowance | 2,344 | 2,344 | 1,271 | ||
Related Allowance, With Valuation Allowance | 1,513 | 1,513 | $ 1,033 | ||
Recorded Investment, Without Valuation Allowance | 300 | 300 | |||
Unpaid Principal, Without Valuation Allowance | 300 | 300 | |||
Average Impaired Loans | $ 1,957 | $ 665 | $ 1,958 | 381 | |
Interest Recognized | $ 9 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal Balances for Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | $ 1,152,679 | $ 1,005,878 | $ 939,517 |
Unpaid Principal | 1,170,925 | 1,028,062 | |
Difference | (18,246) | (22,184) | |
Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 234,090 | 249,164 | |
Unpaid Principal | 244,743 | 263,060 | |
Difference | (10,653) | (13,896) | |
Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 46,743 | 42,914 | |
Unpaid Principal | 48,263 | 44,609 | |
Difference | (1,520) | (1,695) | |
1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 75,588 | 78,738 | |
Unpaid Principal | 78,626 | 82,263 | |
Difference | (3,038) | (3,525) | |
Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 25,701 | 22,496 | |
Unpaid Principal | 25,611 | 22,400 | |
Difference | 90 | 96 | |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 454,161 | 364,567 | |
Unpaid Principal | 456,220 | 366,753 | |
Difference | (2,059) | (2,186) | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 199,716 | 180,910 | |
Unpaid Principal | 200,721 | 181,817 | |
Difference | (1,005) | (907) | |
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 10,993 | 11,941 | |
Unpaid Principal | 11,054 | 12,012 | |
Difference | (61) | (71) | |
Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan, Total | 105,687 | 55,148 | |
Unpaid Principal | $ 105,687 | $ 55,148 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $ 13,891 | $ 9,099 |
Past Due 90 Days or More Still Accruing | 2,211 | 700 |
Nonaccrual | 10,739 | 16,027 |
Total Past Due | 26,841 | 25,826 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 260 | |
Nonaccrual | 5,895 | 6,206 |
Total Past Due | 5,895 | 6,466 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 224 | 643 |
Nonaccrual | 1,992 | 1,995 |
Total Past Due | 2,216 | 2,638 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 1,168 | |
Total Past Due | 1,168 | |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 310 | 584 |
Past Due 90 Days or More Still Accruing | 49 | |
Nonaccrual | 445 | 638 |
Total Past Due | 755 | 1,271 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 4,887 | 114 |
Nonaccrual | 2,407 | 7,188 |
Total Past Due | 7,294 | 7,302 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 7,022 | 7,202 |
Past Due 90 Days or More Still Accruing | 2,211 | 651 |
Total Past Due | 9,233 | 7,853 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 280 | 296 |
Total Past Due | $ 280 | $ 296 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 1,152,679 | $ 1,005,878 | $ 939,517 |
Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 234,090 | 249,164 | |
Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 46,743 | 42,914 | |
1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 75,588 | 78,738 | |
Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 25,701 | 22,496 | |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 454,161 | 364,567 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 199,716 | 180,910 | |
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 10,993 | 11,941 | |
Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 105,687 | 55,148 | |
Pass | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 1,105,372 | 965,597 | |
Pass | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 216,720 | 231,627 | |
Pass | Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 45,337 | 41,431 | |
Pass | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 73,080 | 75,781 | |
Pass | Farmland | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 25,701 | 22,496 | |
Pass | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 430,782 | 347,534 | |
Pass | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 197,072 | 179,639 | |
Pass | Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 10,993 | 11,941 | |
Pass | Mortgage warehouse | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 105,687 | 55,148 | |
Special Mention | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 10,739 | 4,856 | |
Special Mention | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 2,297 | 2,344 | |
Special Mention | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 77 | ||
Special Mention | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 8,442 | 2,435 | |
Substandard | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 20,392 | 18,004 | |
Substandard | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 7,603 | 6,603 | |
Substandard | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 464 | 810 | |
Substandard | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 10,475 | 10,241 | |
Substandard | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 1,850 | 350 | |
Doubtful | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 794 | 921 | |
Doubtful | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 794 | 921 | |
Purchased Credit Impaired Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 15,382 | 16,500 | |
Purchased Credit Impaired Loans | Commercial real estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 7,470 | 8,590 | |
Purchased Credit Impaired Loans | Construction, land development, land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 1,406 | 1,483 | |
Purchased Credit Impaired Loans | 1-4 family residential properties | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 2,044 | 2,070 | |
Purchased Credit Impaired Loans | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 4,462 | $ 4,357 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan and Lease Losses - Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $ 25,703 | $ 29,750 |
Commercial Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 19,482 | 23,457 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 6,221 | 6,293 |
Purchase Credit Impaired | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Gross carrying amount included in loans receivable | 15,382 | 16,500 |
Purchase Credit Impaired | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Gross carrying amount included in loans receivable | $ 4,462 | $ 4,357 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan and Lease Losses - Schedule of Changes in Accretable Yield for the PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | $ 4,496 | $ 6,662 | $ 4,977 | $ 4,587 |
Additions | 482 | 482 | ||
Accretion | (1,031) | (199) | (1,460) | (1,957) |
Reclassification from nonaccretable to accretable yield | 585 | 585 | 3,922 | |
Disposals | (147) | (61) | (199) | (150) |
Accretable yield, ending balance | $ 3,903 | $ 6,884 | $ 3,903 | $ 6,884 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||
Goodwill | $ 15,968 | $ 15,968 | ||||
Core deposit intangibles | 9,984 | 11,218 | ||||
Other intangible assets | 4,222 | 1,871 | ||||
Goodwill and intangible assets, net | $ 30,174 | $ 30,211 | $ 29,057 | $ 31,043 | $ 27,791 | $ 28,518 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill and intangible assets, beginning | $ 30,211 | $ 27,791 | $ 29,057 | $ 28,518 |
Acquired goodwill | 1,921 | 1,921 | ||
Acquired intangibles | 858 | 2,055 | 2,776 | 2,055 |
Amortization of intangibles | (895) | (724) | (1,659) | (1,451) |
Goodwill and intangible assets, ending | $ 30,174 | $ 31,043 | $ 30,174 | $ 31,043 |
Variable Interest Entities - Su
Variable Interest Entities - Summarizes of Closed CLO Offerings with Assets (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 09, 2015 | Aug. 04, 2014 | May. 01, 2014 | Dec. 17, 2012 | Apr. 26, 2012 | |
Trinitas I | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 400,000 | |||||
Offering Date | May 1, 2014 | |||||
Trinitas II | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 416,000 | |||||
Offering Date | Aug. 4, 2014 | |||||
Doral II | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 416,460 | |||||
Offering Date | Apr. 26, 2012 | |||||
Doral III | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 310,800 | |||||
Offering Date | Dec. 17, 2012 | |||||
Trinitas III | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 409,375 | |||||
Offering Date | Jun. 9, 2015 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 09, 2015 | |
Variable Interest Entity [Line Items] | |||||
Asset management fees | $ 1,274 | $ 129 | $ 2,232 | $ 129 | |
Trinitas III | Collateralized Loan Obligation Funds | |||||
Variable Interest Entity [Line Items] | |||||
Securities issued at face value | $ 409,375 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Noninterest bearing demand | $ 164,560 | $ 179,848 |
Interest bearing demand | 228,909 | 236,525 |
Individual retirement accounts | 56,285 | 55,034 |
Money market | 116,019 | 117,514 |
Savings | 73,016 | 70,407 |
Certificates of deposit | 500,451 | 455,901 |
Brokered deposits | 50,019 | 50,000 |
Total deposits | $ 1,189,259 | $ 1,165,229 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Deposits [Abstract] | |
Within one year | $ 386,320 |
After one but within two years | 151,393 |
After two but within three years | 44,538 |
After three but within four years | 13,794 |
After four but within five years | 10,710 |
Total | $ 606,755 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Time deposits | $ 92,044 | $ 66,366 |
Off-Balance Sheet Loan Commit61
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | $ 1,385 | $ 1,840 |
Financial instruments, off balance sheet risk, variable rate | 1,984 | 1,915 |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 8,382 | 5,192 |
Financial instruments, off balance sheet risk, variable rate | 15,588 | 14,600 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 35,178 | 30,369 |
Financial instruments, off balance sheet risk, variable rate | $ 186,520 | $ 197,594 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure, recurring | $ 0 | $ 0 |
Securities available for sale | 158,693,000 | 162,024,000 |
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% | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 158,693,000 | 162,024,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,269,000 | |
State and Municipal | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 3,269,000 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 158,693 | $ 162,024 |
Loans held for sale | 4,096 | 3,288 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 158,693 | 162,024 |
Loans held for sale | 4,096 | 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 | 158,693 | 158,755 |
Loans held for sale | 4,096 | 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 | 3,269 | |
US Government Agency Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 96,672 | 93,841 |
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 | 96,672 | 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 | 96,672 | 93,841 |
Mortgage-backed Securities, Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 26,267 | 28,878 |
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 | 26,267 | 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 | 26,267 | 28,878 |
Asset Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,533 | 18,598 |
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 | 18,533 | 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 | 18,533 | 18,598 |
State and Municipal | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,413 | 6,861 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,413 | 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 | 3,413 | 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 | 3,269 | |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 13,612 | 13,636 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 13,612 | 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 | 13,612 | 13,636 |
SBA Pooled Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 196 | 210 |
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 | 196 | 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 | $ 196 | $ 210 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 3,392 | $ 5,114 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 3,392 | 5,114 |
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 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14 | |
Impaired Loans | 1-4 family residential properties | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14 | |
Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,442 | 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 | 1,442 | 1,129 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 831 | 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 | 831 | 238 |
Impaired Loans | PCI [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 170 | |
Impaired Loans | PCI [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 170 | |
Other real estate owned | 1-4 family residential properties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 92 | 97 |
Other real estate owned | 1-4 family residential properties | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 92 | 97 |
Other real estate owned | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,163 | |
Other real estate owned | Commercial Loans | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,163 | |
Other real estate owned | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 411 | 1,487 |
Other real estate owned | Construction, land development, land | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 411 | $ 1,487 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $ 99,714 | $ 160,888 | ||
Securities - Held to maturity, Fair value | 744 | 750 | ||
Loans not previously presented, net, Fair Value | 1,144,194 | 1,001,548 | ||
Accrued interest receivable, Fair Value | 4,328 | 3,727 | ||
Cash and cash equivalents, Carrying Amount | 99,714 | 160,888 | $ 85,716 | $ 85,797 |
Held to maturity securities, Amortized Cost | 746 | 745 | ||
Loans not previously presented, net, Carrying Amount | 1,138,328 | 995,668 | ||
FHLB and FRB stock, Carrying Amount | 5,707 | 4,903 | ||
Accrued interest receivable, Carrying Amount | 4,328 | 3,727 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,191,279 | 1,167,479 | ||
Customer repurchase agreements, Fair Value | 13,011 | 9,282 | ||
Federal Home Loan Bank advances, Fair Value | 19,000 | 3,000 | ||
Junior subordinated debentures, Fair Value | 24,553 | 24,423 | ||
Accrued interest payable, Fair Value | 1,149 | 971 | ||
Deposits, Carrying Amount | 1,189,259 | 1,165,229 | ||
Customer repurchase agreements, Carrying Amount | 13,011 | 9,282 | ||
Federal Home Loan Bank advances, Carrying Amount | 19,000 | 3,000 | ||
Junior subordinated debentures, Carrying Amount | 24,553 | 24,423 | ||
Accrued interest payable, Carrying Amount | 1,149 | 971 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 99,714 | 160,888 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 744 | 750 | ||
Accrued interest receivable, Fair Value | 4,328 | 3,727 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,191,279 | 1,167,479 | ||
Customer repurchase agreements, Fair Value | 13,011 | 9,282 | ||
Federal Home Loan Bank advances, Fair Value | 19,000 | 3,000 | ||
Junior subordinated debentures, Fair Value | 24,553 | 24,423 | ||
Accrued interest payable, Fair Value | 1,149 | 971 | ||
Level 3 | ||||
Financial assets: | ||||
Loans not previously presented, net, Fair Value | $ 1,144,194 | $ 1,001,548 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - Jun. 30, 2015 | Total |
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 o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | $ 263,293 | $ 229,509 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 20.00% | 20.40% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 105,102 | $ 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 | $ 251,691 | $ 220,550 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 19.20% | 19.60% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 78,826 | $ 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 | $ 251,691 | $ 220,550 |
Tier 1 Capital (to Average Assets) Actual Ratio | 17.00% | 15.90% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 59,181 | $ 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 | $ 223,046 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 17.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 59,120 | |
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 | $ 62,464 | $ 56,013 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.50% | 16.50% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 32,232 | $ 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 | $ 40,291 | $ 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 | $ 57,595 | $ 52,020 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.30% | 15.30% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 24,174 | $ 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 | $ 32,232 | $ 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 | $ 57,595 | $ 52,020 |
Tier 1 Capital (to Average Assets) Actual Ratio | 13.30% | 13.00% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 17,321 | $ 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 | $ 21,651 | $ 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 | $ 57,595 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.30% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 18,131 | |
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 | $ 26,189 | |
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 | $ 132,191 | $ 117,254 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.30% | 15.00% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 69,035 | $ 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 | $ 86,293 | $ 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 | $ 125,552 | $ 112,289 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.60% | 14.40% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 51,774 | $ 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 | $ 69,032 | $ 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 | $ 125,552 | $ 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 | $ 39,880 | $ 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 | $ 49,850 | $ 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 | $ 125,552 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.60% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 38,831 | |
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 | $ 56,089 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Structure (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 18,052,723 | 17,974,767 |
Number of shares outstanding | 18,041,072 | 17,963,783 |
Par value per share | $ 0.01 | $ 0.01 |
Number of shares outstanding, treasury stock | 11,651 | 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 | Mar. 31, 2013 | Mar. 31, 2013 |
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 |
Preferred Stock - Series B | ||
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 | Dec. 31, 2013 | Dec. 31, 2013 |
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 - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | $ 852 | $ 83 | $ 1,548 | $ 196 | |
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares approved for issuance | 750,000 | 750,000 | |||
2014 Omnibus Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares approved for issuance | 1,200,000 | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 2,974 | $ 2,974 | |||
Weighted-average period to recognize cost | 1 year 8 months 23 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Nonvested RSAs (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Awards (RSAs) - $ / shares | Total |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Beginning balance | 252,256 |
Nonvested, Granted | 77,956 |
Nonvested, Forfeited | (667) |
Nonvested, Ending balance | 329,545 |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $ 14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | 13.50 |
Weighted-Average Granted-Date Fair Value, Nonvested, Forfeited | 14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $ 14.42 |
Stock Based Compensation - Su71
Stock Based Compensation - Summary of Changes in Nonvested RSUs (Details) - 6 months ended Jun. 30, 2014 - Restricted Stock Units (RSUs) - $ / shares | Total |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Granted | 32,275 |
Nonvested, Vested | (13,511) |
Nonvested, Ending balance | 44,884 |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | $ 14.08 |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | 12.12 |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $ 12.75 |
Earnings Per Share - Factors Us
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic | ||||
Net income to common stockholders | $ 4,457 | $ 2,285 | $ 18,309 | $ 5,433 |
Weighted average common shares outstanding | 17,711,527 | 9,845,819 | 17,711,527 | 9,839,313 |
Basic earnings per common share | $ 0.25 | $ 0.23 | $ 1.03 | $ 0.55 |
Diluted | ||||
Net income available to common stockholders | $ 4,457 | $ 2,285 | $ 18,309 | $ 5,433 |
Dilutive effect of preferred stock | 387 | |||
Net income to common stockholders - diluted | $ 4,457 | $ 2,285 | $ 18,696 | $ 5,433 |
Weighted average common shares outstanding | 17,711,527 | 9,845,819 | 17,711,527 | 9,839,313 |
Average shares and dilutive potential common shares | 17,813,825 | 9,910,507 | 18,459,420 | 9,901,284 |
Dilutive earnings per common share | $ 0.25 | $ 0.23 | $ 1.01 | $ 0.55 |
Restricted Stock | ||||
Diluted | ||||
Dilutive effects of restricted stock | 71,022 | 11,807 | 41,492 | 9,090 |
Preferred Stock - Series A | ||||
Diluted | ||||
Dilutive effects of assumed conversion of shares | 315,773 | |||
Antidilutive shares | 315,773 | 315,773 | 315,773 | |
Preferred Stock - Series B | ||||
Diluted | ||||
Dilutive effects of assumed conversion of shares | 360,578 | |||
Antidilutive shares | 360,578 | 360,578 | 360,578 | |
Warrant | ||||
Diluted | ||||
Dilutive effects of assumed exercises of stock warrants | 31,276 | 52,881 | 30,050 | 52,881 |
Business Segment Information -
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total interest income | $ 26,597 | $ 21,453 | $ 48,176 | $ 41,831 | |
Total interest expense | 1,952 | 1,572 | 3,806 | 3,096 | |
Net interest income | 24,645 | 19,881 | 44,370 | 38,735 | |
Provision for loan losses | 2,541 | 1,747 | 3,186 | 2,672 | |
Net interest income after provision for loan losses | 22,104 | 18,134 | 41,184 | 36,063 | |
Noninterest Income | 4,769 | 2,633 | 21,428 | 5,243 | |
Bargain purchase gain | 12,509 | ||||
Other noninterest income | 4,769 | 8,919 | |||
Noninterest expense | 19,635 | 16,160 | 40,418 | 31,056 | |
Net income before income tax | 7,238 | 4,607 | 22,194 | 10,250 | |
Total assets | 1,529,259 | 1,407,072 | 1,529,259 | 1,407,072 | $ 1,447,898 |
Gross loans | 1,152,679 | 939,517 | 1,152,679 | 939,517 | $ 1,005,878 |
Operating Segments | Factoring | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 8,275 | 6,637 | 15,503 | 11,742 | |
Intersegment interest allocations | (1,017) | (701) | (1,926) | (1,272) | |
Net interest income | 7,258 | 5,936 | 13,577 | 10,470 | |
Provision for loan losses | 477 | 512 | 368 | 902 | |
Net interest income after provision for loan losses | 6,781 | 5,424 | 13,209 | 9,568 | |
Noninterest Income | 404 | 787 | |||
Other noninterest income | 450 | 781 | |||
Noninterest expense | 4,450 | 3,509 | 8,762 | 6,445 | |
Net income before income tax | 2,781 | 2,319 | 5,228 | 3,910 | |
Total assets | 189,755 | 159,246 | 189,755 | 159,246 | |
Gross loans | 176,154 | 146,370 | 176,154 | 146,370 | |
Operating Segments | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 18,189 | 14,804 | 32,424 | 30,063 | |
Intersegment interest allocations | 1,017 | 701 | 1,926 | 1,272 | |
Total interest expense | 1,674 | 1,164 | 3,246 | 2,278 | |
Net interest income | 17,532 | 14,341 | 31,104 | 29,057 | |
Provision for loan losses | 1,971 | 1,235 | 2,725 | 1,770 | |
Net interest income after provision for loan losses | 15,561 | 13,106 | 28,379 | 27,287 | |
Noninterest Income | 1,945 | 3,912 | |||
Other noninterest income | 2,708 | 5,293 | |||
Noninterest expense | 12,707 | 11,025 | 25,107 | 21,890 | |
Net income before income tax | 5,562 | 4,026 | 8,565 | 9,309 | |
Total assets | 1,251,704 | 1,223,317 | 1,251,704 | 1,223,317 | |
Gross loans | 957,888 | 793,147 | 957,888 | 793,147 | |
Operating Segments | Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 5 | 65 | |||
Total interest expense | 10 | ||||
Net interest income | 5 | 55 | |||
Net interest income after provision for loan losses | 5 | 55 | |||
Noninterest Income | 129 | 129 | |||
Bargain purchase gain | 12,509 | ||||
Other noninterest income | 1,352 | 2,309 | |||
Noninterest expense | 809 | 720 | 3,435 | 1,074 | |
Net income before income tax | 548 | (591) | 11,438 | (945) | |
Total assets | 13,812 | 252 | 13,812 | 252 | |
Gross loans | 42 | 42 | |||
Operating Segments | Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 128 | 12 | 184 | 26 | |
Total interest expense | 278 | 408 | 550 | 818 | |
Net interest income | (150) | (396) | (366) | (792) | |
Provision for loan losses | 93 | 93 | |||
Net interest income after provision for loan losses | (243) | (396) | (459) | (792) | |
Noninterest Income | 155 | 415 | |||
Other noninterest income | 259 | 536 | |||
Noninterest expense | 1,669 | 906 | 3,114 | 1,647 | |
Net income before income tax | (1,653) | (1,147) | (3,037) | (2,024) | |
Total assets | 73,988 | $ 24,257 | 73,988 | $ 24,257 | |
Gross loans | $ 18,595 | $ 18,595 |
Uncategorized Items - tbk-20150
Label | Element | Value |
Restricted Stock Units R S U [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 10.77 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 26,120 |