Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 03, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,111,475 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 18,616 | $ 23,447 |
Interest bearing deposits with other banks | 105,099 | 81,830 |
Total cash and cash equivalents | 123,715 | 105,277 |
Securities - available for sale | 161,517 | 163,169 |
Securities - held to maturity, fair value of $26,133 and $0, respectively | 25,796 | |
Loans held for sale, at fair value | 3,043 | 1,341 |
Loans, net of allowance for loan and lease losses of $12,093 and $12,567, respectively | 1,233,747 | 1,279,318 |
Federal Home Loan Bank stock, at cost | 4,234 | 3,818 |
Premises and equipment, net | 19,934 | 22,227 |
Other real estate owned, net | 7,478 | 5,177 |
Goodwill | 15,968 | 15,968 |
Intangible assets, net | 10,909 | 11,886 |
Bank-owned life insurance | 29,658 | 29,535 |
Deferred tax assets, net | 15,240 | 15,945 |
Other assets | 36,556 | 37,652 |
Total assets | 1,687,795 | 1,691,313 |
Liabilities | ||
Noninterest bearing | 160,818 | 168,264 |
Interest bearing | 1,099,575 | 1,080,686 |
Total deposits | 1,260,393 | 1,248,950 |
Customer repurchase agreements | 9,641 | 9,317 |
Federal Home Loan Bank advances | 110,000 | 130,000 |
Junior subordinated debentures | 24,754 | 24,687 |
Other liabilities | 8,893 | 10,321 |
Total liabilities | $ 1,413,681 | $ 1,423,275 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Common stock | $ 181 | $ 181 |
Additional paid-in-capital | 194,687 | 194,297 |
Treasury stock, at cost | (597) | (560) |
Retained earnings | 68,909 | 64,097 |
Accumulated other comprehensive income | 1,188 | 277 |
Total stockholders’ equity | 274,114 | 268,038 |
Total liabilities and stockholders' equity | 1,687,795 | 1,691,313 |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||||
Securities - Held to maturity, Fair value | $ 26,133 | $ 0 | ||
Allowance for loan and lease losses | $ 12,093 | $ 12,567 | $ 9,286 | $ 8,843 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income: | ||
Loans, including fees | $ 16,088 | $ 13,239 |
Factored receivables, including fees | 7,822 | 7,509 |
Taxable securities | 768 | 678 |
Tax exempt securities | 7 | 12 |
Cash deposits | 208 | 141 |
Total interest income | 24,893 | 21,579 |
Interest expense: | ||
Deposits | 1,993 | 1,570 |
Junior subordinated debentures | 302 | 272 |
Other borrowings | 109 | 12 |
Total interest expense | 2,404 | 1,854 |
Net interest income | 22,489 | 19,725 |
Provision for loan losses | (511) | 645 |
Net interest income after provision for loan losses | 23,000 | 19,080 |
Noninterest income: | ||
Service charges on deposits | 659 | 612 |
Card income | 546 | 523 |
Net OREO gains (losses) and valuation adjustments | (11) | 26 |
Net gains on sale of securities | 5 | |
Net gains on sale of loans | 12 | 542 |
Fee income | 534 | 422 |
Bargain purchase gain | 12,509 | |
Asset management fees | 1,629 | 958 |
Other | 1,607 | 1,067 |
Total noninterest income | 4,981 | 16,659 |
Noninterest expense: | ||
Salaries and employee benefits | 12,252 | 13,269 |
Occupancy, furniture and equipment | 1,493 | 1,572 |
FDIC insurance and other regulatory assessments | 224 | 263 |
Professional fees | 1,073 | 1,327 |
Amortization of intangible assets | 977 | 764 |
Advertising and promotion | 519 | 543 |
Communications and technology | 1,432 | 886 |
Other | 2,108 | 2,159 |
Total noninterest expense | 20,078 | 20,783 |
Net income before income tax | 7,903 | 14,956 |
Income tax expense | 2,897 | 912 |
Net income | 5,006 | 14,044 |
Dividends on preferred stock | (194) | (192) |
Net income available to common stockholders | $ 4,812 | $ 13,852 |
Earnings per common share | ||
Basic | $ 0.27 | $ 0.78 |
Diluted | $ 0.27 | $ 0.76 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 5,006 | $ 14,044 |
Unrealized gains (losses) on securities: | ||
Unrealized holding gains (losses) arising during the period | 1,456 | 988 |
Reclassification of amount realized through sale of securities | (5) | |
Tax effect | (540) | (368) |
Total other comprehensive income (loss) | 911 | 620 |
Comprehensive income | $ 5,917 | $ 14,664 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in-Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Series A Preferred Dividends | Series A Preferred DividendsRetained Earnings | Series B Preferred Dividends | Series B Preferred DividendsRetained Earnings | Preferred Stock - Series A | Preferred Stock - Series B |
Beginning Balance at Dec. 31, 2014 | $ 237,509 | $ 180 | $ 191,049 | $ (161) | $ 35,744 | $ 951 | $ 4,550 | $ 5,196 | ||||
Beginning Balance (in shares) at Dec. 31, 2014 | 17,963,783 | 10,984 | 45,500 | 51,956 | ||||||||
Stock based compensation | 696 | 696 | ||||||||||
Preferred dividends | $ (90) | $ (90) | $ (102) | $ (102) | ||||||||
Net income | 14,044 | 14,044 | ||||||||||
Other comprehensive income | 620 | 620 | ||||||||||
Ending Balance at Mar. 31, 2015 | 252,677 | $ 180 | 191,745 | $ (161) | 49,596 | 1,571 | $ 4,550 | $ 5,196 | ||||
Ending Balance (in shares) at Mar. 31, 2015 | 17,963,783 | 10,984 | 45,500 | 51,956 | ||||||||
Beginning Balance at Dec. 31, 2015 | 268,038 | $ 181 | 194,297 | $ (560) | 64,097 | 277 | $ 4,550 | $ 5,196 | ||||
Beginning Balance (in shares) at Dec. 31, 2015 | 18,018,200 | 34,523 | 45,500 | 51,956 | ||||||||
Forfeiture of restricted stock awards | 37 | $ (37) | ||||||||||
Forfeiture of restricted stock awards (in shares) | (2,777) | 2,777 | ||||||||||
Stock based compensation | 353 | 353 | ||||||||||
Preferred dividends | $ (91) | $ (91) | $ (103) | $ (103) | ||||||||
Net income | 5,006 | 5,006 | ||||||||||
Other comprehensive income | 911 | 911 | ||||||||||
Ending Balance at Mar. 31, 2016 | $ 274,114 | $ 181 | $ 194,687 | $ (597) | $ 68,909 | $ 1,188 | $ 4,550 | $ 5,196 | ||||
Ending Balance (in shares) at Mar. 31, 2016 | 18,015,423 | 37,300 | 45,500 | 51,956 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 5,006 | $ 14,044 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 572 | 528 |
Net accretion on loans and deposits | (1,190) | (1,194) |
Amortization of junior subordinated debentures | 67 | 64 |
Net amortization on securities | 176 | 160 |
Amortization of intangible assets | 977 | 764 |
Deferred taxes | (133) | (58) |
Provision for loan losses | (511) | 645 |
Stock based compensation | 353 | 696 |
Origination of loans held for sale | (891) | (19,276) |
Proceeds from loan sales | 2,006 | 19,705 |
Net gains on sale of securities | (5) | |
Net gains on sale of loans | (12) | (542) |
Net OREO (gains) losses and valuation adjustments | 11 | (26) |
Bargain purchase gain | (12,509) | |
(Increase) decrease in other assets | 1,272 | (172) |
Increase (decrease) in other liabilities | (1,428) | 1,493 |
Net cash provided by (used in) operating activities | 6,270 | 4,322 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (3,264) | |
Proceeds from sales of securities available for sale | 4,345 | 0 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 1,829 | 1,491 |
Purchases of securities held to maturity | (25,775) | |
Purchases of loans (shared national credits) | (995) | |
Net change in loans | 45,253 | (5,153) |
Purchases of premises and equipment, net | (494) | (311) |
Net proceeds from sale of OREO | 59 | 1,955 |
Purchases of FHLB and FRB stock, net | (416) | 437 |
Cash paid for acquisitions, net of cash acquired | (124,990) | |
Proceeds from sale of loans obtained through Doral Money Inc. acquisition | 36,765 | |
Net cash provided by (used in) investing activities | 20,542 | (89,806) |
Cash flows from financing activities: | ||
Net increase in deposits | 11,496 | 8,530 |
Increase (decrease) in customer repurchase agreements | 324 | (616) |
Increase (decrease) in Federal Home Loan Bank advances | (20,000) | (3,000) |
Proceeds from the issuance of other borrowings | 99,975 | |
Repayment of other borrowings | (1,659) | |
Dividends on preferred stock | (194) | (192) |
Net cash provided by (used in) financing activities | (8,374) | 103,038 |
Net increase (decrease) in cash and cash equivalents | 18,438 | 17,554 |
Cash and cash equivalents at beginning of period | 105,277 | 160,888 |
Cash and cash equivalents at end of period | 123,715 | 178,442 |
Supplemental cash flow information: | ||
Interest paid | 2,348 | 1,856 |
Income taxes paid | 1,123 | 528 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 156 | 497 |
Premises transferred to OREO | 2,215 | |
Securities transferred in satisfaction of other borrowings | $ 98,316 | |
Loans transferred to Loans held for sale | $ 2,805 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group (“TIG”). TBK Bank does business under the following names: (i) Triumph Community Bank (“TCB”) and Triumph Savings Bank (“TSB”) with respect to its community banking business in respective markets; (ii)Triumph Commercial Finance (“TCF”) with respect to its asset-based lending, equipment lending and general factoring commercial finance products; (iii) Triumph Healthcare Finance (“THF”) with respect to its healthcare asset-based lending business; and (iv) Triumph Premium Finance (“TPF”) with respect to its insurance premium financing business. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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. Newly Issued, But Not Yet Effective Accounting Standards In May 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, in August 2015 the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date” which deferred the mandatory effective date the new standard would take effect to 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. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The FASB issued this ASU to improve the accounting for share-based payments. ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions, including: the presentation of income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and calculation of diluted earnings per share. The amendments in this ASU are effective for fiscal years beginning after December 31, 2016, and interim periods within those years for public business entities. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 2 – Business combinations ColoEast Bankshares, Inc. On March 6, 2016, the Company entered into an agreement to acquire ColoEast Bankshares, Inc. (“ColoEast”) and its community banking subsidiary, Colorado East Bank & Trust, in an all-cash transaction for $70,000,000. Consideration could be reduced to $69,000,000 should ColoEast not achieve certain targets. ColoEast had total assets of $759,000,000, total loans of $453,000,000, and total deposits of $664,000,000 as of December 31, 2015. Colorado East Bank & Trust offers personal checking, savings, CD, money market, HSA, IRA, NOW and business accounts, as well as consumer, commercial and mortgage loans from 18 branches and one loan production office located throughout Colorado and far western Kansas. The transaction, which is expected to close during the third quarter of 2016, is subject to customary closing conditions, including approval of the merger agreement by ColoEast shareholders and receipt of required regulatory approvals. Doral Money Acquisition On February 27, 2015, the Company entered into a Purchase and Sale Agreement with the Federal Deposit Insurance Corporation (“FDIC”), in its capacity as receiver of Doral Bank, to acquire 100% of the equity of Doral Money, Inc. (“DMI”), a subsidiary of Doral Bank, and the management contracts associated with two active collateralized loan obligations (“CLOs”) with approximately $700,000,000 in assets under management. The consideration transferred in the acquisition consisted of cash paid at closing of $133,263,000 and a sales price adjustment of $2,601,000 which was accrued for at March 31, 2015 and settled on April 7, 2015, for total consideration transferred of $135,864,000. The primary purpose of the acquisition was to expand the CLO assets under management at TCA. 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 fair values of assets acquired, liabilities assumed, net consideration transferred, and the resulting bargain purchase gain is as follows: Initial Values Measurement Recorded at Period Adjusted (Dollars in thousands) Acquisition Date Adjustments Values Assets acquired: Cash $ 8,273 $ — $ 8,273 CLO Securities 98,316 — 98,316 Intangible asset - CLO management contracts 1,918 — 1,918 Loans 36,765 900 37,665 Prepaid corporate income tax 3,014 1,688 4,702 Other assets 772 — 772 149,058 2,588 151,646 Liabilities assumed: Deferred tax liability 663 — 663 Other liabilities 22 (20 ) 2 685 (20 ) 665 Fair value of net assets acquired 148,373 2,608 150,981 Net consideration transferred 135,864 — 135,864 Bargain purchase gain $ (12,509 ) $ (2,608 ) $ (15,117 ) 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. The Company subsequently recorded measurement period adjustments related to the finalization of income taxes associated with the transaction and the valuation of loans acquired in the transaction, which increased the bargain purchase gain by $1,708,000 and $900,000 during the three months ended September 30, 2015 and the three months ended December 31, 2015, respectively. The Company incurred pre-tax expenses related to the acquisition of approximately $243,000 for the three months ended March 31, 2015, which are included in professional fees in the consolidated statements of income. In addition, during March 2015 the Company sold the loans acquired in the DMI acquisition to third parties for a sales price equal to their acquisition date fair value. No gains or losses were recognized on the sales. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3 - SECURITIES Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at March 31, 2016 and December 31, 2015 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 90,460 $ 1,508 $ — $ 91,968 Mortgage-backed securities, residential 26,667 510 — 27,177 Asset backed securities 13,239 — (396 ) 12,843 State and municipal 1,298 29 — 1,327 Corporate bonds 27,786 239 (2 ) 28,023 SBA pooled securities 177 2 — 179 Total available for sale securities $ 159,627 $ 2,288 $ (398 ) $ 161,517 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 25,796 $ 337 $ — $ 26,133 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 90,533 $ 518 $ (17 ) $ 91,034 Mortgage-backed securities, residential 28,006 361 (27 ) 28,340 Asset backed securities 17,957 24 (455 ) 17,526 State and municipal 1,509 17 — 1,526 Corporate bonds 24,542 74 (57 ) 24,559 SBA pooled securities 183 1 — 184 Total available for sale securities $ 162,730 $ 995 $ (556 ) $ 163,169 The amortized cost and estimated fair value of securities at March 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 20,707 $ 20,757 $ — $ — Due from one year to five years 96,606 98,273 — — Due from five years to ten years 1,562 1,575 — — Due after ten years 669 713 25,796 26,133 119,544 121,318 25,796 26,133 Mortgage-backed securities, residential 26,667 27,177 — — Asset backed securities 13,239 12,843 — — SBA pooled securities 177 179 — — $ 159,627 $ 161,517 $ 25,796 $ 26,133 During the three months ended March 31, 2016, securities were sold resulting in proceeds of $4,345,000, gross gains of $5,000, and no losses. There were no sales of securities during the three months ended March 31, 2015. Securities with a carrying amount of approximately $82,826,000 and $100,034,000 at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015, 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 March 31, 2016 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — — — — — Asset backed securities 12,843 (396 ) — — 12,843 (396 ) State and municipal — — — — — — Corporate bonds 2,704 (2 ) — — 2,704 (2 ) SBA pooled securities — — — — — — $ 15,547 $ (398 ) $ — $ — $ 15,547 $ (398 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 10,029 $ (17 ) $ — $ — $ 10,029 $ (17 ) Mortgage-backed securities, residential 4,948 (27 ) — — 4,948 (27 ) Asset backed securities 8,031 (416 ) 4,605 (39 ) 12,636 (455 ) State and municipal — — — — — — Corporate bonds 10,434 (57 ) — — 10,434 (57 ) SBA pooled securities — — — — — — $ 33,442 $ (517 ) $ 4,605 $ (39 ) $ 38,047 $ (556 ) Management evaluates securities for other than temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of March 31, 2016, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2016, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Loan and Lease Losses | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES Loans at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, (Dollars in thousands) 2016 2015 Commercial real estate $ 293,485 $ 291,819 Construction, land development, land 41,622 43,876 1-4 family residential properties 76,973 78,244 Farmland 33,250 33,573 Commercial 509,433 495,356 Factored receivables 199,532 215,088 Consumer 13,530 13,050 Mortgage warehouse 78,015 120,879 Total 1,245,840 1,291,885 Allowance for loan and lease losses (12,093 ) (12,567 ) $ 1,233,747 $ 1,279,318 Total loans include net deferred origination and factoring fees totaling $951,000 and $1,218,000 at March 31, 2016 and December 31, 2015, respectively. Loans with carrying amounts of $263,680,000 and $280,289,000 at March 31, 2016 and December 31, 2015, respectively, were pledged to secure Federal Home Loan Bank advance capacity. During the three months ended March 31, 2016, loans with a carrying amount of $2,881,000 were transferred to Loans held for sale as the Company made the decision to sell the loans. The loans were recorded in Loans held for sale at their fair value of $2,805,000, with the $76,000 decline in fair value recorded as a reduction in other noninterest income in the consolidated statements of income. No loan transfers were recorded during the three months ended March 31, 2015. Allowance for Loan and Lease Losses The activity in the allowance for loan and lease losses (“ALLL”) during the three months ended March 31, 2016 and 2015 is as follows: (Dollars in thousands) Beginning Ending Three months ended March 31, 2016 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,489 $ 129 $ — $ 1 $ 1,619 Construction, land development, land 367 (169 ) — — 198 1-4 family residential properties 274 22 (16 ) 5 285 Farmland 134 (1 ) — — 133 Commercial 5,276 25 — 30 5,331 Factored receivables 4,509 (440 ) (8 ) 49 4,110 Consumer 216 30 (43 ) 19 222 Mortgage warehouse 302 (107 ) — — 195 $ 12,567 $ (511 ) $ (67 ) $ 104 $ 12,093 (Dollars in thousands) Beginning Ending Three months ended March 31, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 533 $ 590 $ (89 ) $ 41 $ 1,075 Construction, land development, land 333 11 — — 344 1-4 family residential properties 215 90 (105 ) 23 223 Farmland 19 7 — — 26 Commercial 4,003 (7 ) (2 ) 2 3,996 Factored receivables 3,462 (45 ) (67 ) 30 3,380 Consumer 140 (21 ) (95 ) 60 84 Mortgage warehouse 138 20 — — 158 $ 8,843 $ 645 $ (358 ) $ 156 $ 9,286 The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (“PCI”) loans, and their respective allowance allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations March 31, 2016 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 714 $ 287,658 $ 5,113 $ 293,485 $ 100 $ 1,078 $ 441 $ 1,619 Construction, land development, land — 40,463 1,159 41,622 — 198 — 198 1-4 family residential properties 637 73,595 2,741 76,973 1 284 — 285 Farmland — 33,250 — 33,250 — 133 — 133 Commercial 12,302 494,038 3,093 509,433 1,246 4,085 — 5,331 Factored receivables 4,940 194,592 — 199,532 1,574 2,536 — 4,110 Consumer 37 13,493 — 13,530 — 222 — 222 Mortgage warehouse — 78,015 — 78,015 — 195 — 195 $ 18,630 $ 1,215,104 $ 12,106 $ 1,245,840 $ 2,921 $ 8,731 $ 441 $ 12,093 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2015 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 724 $ 286,006 $ 5,089 $ 291,819 $ 100 $ 1,034 $ 355 $ 1,489 Construction, land development, land — 42,499 1,377 43,876 — 367 — 367 1-4 family residential properties 618 74,714 2,912 78,244 1 273 — 274 Farmland — 33,573 — 33,573 — 134 — 134 Commercial 7,916 483,587 3,853 495,356 796 4,480 — 5,276 Factored receivables 3,422 211,666 — 215,088 1,694 2,815 — 4,509 Consumer — 13,050 — 13,050 — 216 — 216 Mortgage warehouse — 120,879 — 120,879 — 302 — 302 $ 12,680 $ 1,265,974 $ 13,231 $ 1,291,885 $ 2,591 $ 9,621 $ 355 $ 12,567 The following is a summary of information pertaining to impaired loans. Loans included in these tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an allowance and are excluded from these tables. 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 March 31, 2016 Investment Principal Allowance Investment Principal Commercial real estate $ 532 $ 532 $ 100 $ 182 $ 218 Construction, land development, land — — — — — 1-4 family residential properties 13 20 1 624 734 Farmland — — — — — Commercial 5,535 5,563 1,246 6,767 6,776 Factored receivables 4,435 4,435 1,574 505 505 Consumer — — — 37 37 Mortgage warehouse — — — — — PCI 1,423 1,679 441 — — $ 11,938 $ 12,229 $ 3,362 $ 8,115 $ 8,270 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, 2015 Investment Principal Allowance Investment Principal Commercial real estate $ 531 $ 532 $ 100 $ 193 $ 229 Construction, land development, land — — — — — 1-4 family residential properties 14 21 1 604 793 Farmland — — — — — Commercial 1,491 1,520 796 6,425 6,433 Factored receivables 2,850 2,850 1,694 572 572 Consumer — — — — — Mortgage warehouse — — — — — PCI 525 525 355 — — $ 5,411 $ 5,448 $ 2,946 $ 7,794 $ 8,027 The following table presents average impaired loans and interest recognized on impaired loans for the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 719 $ — $ 1,931 $ 14 Construction, land development, land — — — — 1-4 family residential properties 628 1 691 28 Farmland — — — — Commercial 10,109 100 7,030 163 Factored receivables 4,181 — 1,271 — Consumer 18 — — — Mortgage warehouse — — — — PCI 974 — 459 — $ 16,629 $ 101 $ 11,382 $ 205 The following table presents the unpaid principal and recorded investment for loans at March 31, 2016 and December 31, 2015. 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 March 31, 2016 Investment Principal Difference Commercial real estate $ 293,485 $ 300,151 $ (6,666 ) Construction, land development, land 41,622 43,111 (1,489 ) 1-4 family residential properties 76,973 79,488 (2,515 ) Farmland 33,250 33,208 42 Commercial 509,433 510,283 (850 ) Factored receivables 199,532 200,621 (1,089 ) Consumer 13,530 13,551 (21 ) Mortgage warehouse 78,015 78,015 — $ 1,245,840 $ 1,258,428 $ (12,588 ) (Dollars in thousands) Recorded Unpaid December 31, 2015 Investment Principal Difference Commercial $ 291,819 $ 299,272 $ (7,453 ) Construction, land development, land 43,876 45,376 (1,500 ) 1-4 family residential properties 78,244 81,141 (2,897 ) Farmland 33,573 33,533 40 Commercial 495,356 496,719 (1,363 ) Factored receivables 215,088 216,201 (1,113 ) Consumer 13,050 13,072 (22 ) Mortgage warehouse 120,879 120,879 — $ 1,291,885 $ 1,306,193 $ (14,308 ) At March 31, 2016 and December 31, 2015, the Company had $21,293,000 and $21,188,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. Past Due and Nonaccrual Loans The following is a summary of contractually past due and nonaccrual loans at March 31, 2016 and December 31, 2015: Past Due 90 (Dollars in thousands) 30-89 Days Days or More March 31, 2016 Past Due Still Accruing Nonaccrual Total Commercial real estate $ 148 $ — $ 714 $ 862 Construction, land development, land 10,813 — — 10,813 1-4 family residential properties 574 — 615 1,189 Farmland 305 — — 305 Commercial 5,167 — 6,719 11,886 Factored receivables 9,894 2,553 — 12,447 Consumer 247 — 37 284 Mortgage warehouse — — — — PCI 3 — 7,127 7,130 $ 27,151 $ 2,553 $ 15,212 $ 44,916 Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2015 Past Due Still Accruing Nonaccrual Total Commercial real estate $ 693 $ — $ 673 $ 1,366 Construction, land development, land — — — — 1-4 family residential properties 909 9 533 1,451 Farmland — — — — Commercial 3,704 — 2,021 5,725 Factored receivables 12,379 1,931 — 14,310 Consumer 286 — — 286 Mortgage warehouse — — — — PCI 1,092 — 6,867 7,959 $ 19,063 $ 1,940 $ 10,094 $ 31,097 The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) March 31, 2016 December 31, 2015 Nonaccrual loans (1) $ 15,212 $ 10,094 Factored receivables greater than 90 days past due 2,553 1,931 Troubled debt restructurings accruing interest 3,465 1,330 $ 21,230 $ 13,355 (1) 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 substandard or doubtful. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. PCI: At acquisition, PCI loans had the characteristics of substandard loans and it was probable, at acquisition, that all contractually required principal and interest payments would not be collected. The Company evaluates these loans on a projected cash flow basis with this evaluation performed quarterly. As of March 31, 2016 and December 31, 2015, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) March 31, 2016 Pass Substandard Doubtful PCI Total Commercial real estate $ 286,997 $ 1,375 $ — $ 5,113 $ 293,485 Construction, land development, land 40,463 — — 1,159 41,622 1-4 family residential 73,608 624 — 2,741 76,973 Farmland 33,250 — — — 33,250 Commercial 478,078 28,262 — 3,093 509,433 Factored receivables 196,164 2,191 1,177 — 199,532 Consumer 13,491 39 — — 13,530 Mortgage warehouse 78,015 — — — 78,015 $ 1,200,066 $ 32,491 $ 1,177 $ 12,106 $ 1,245,840 (Dollars in thousands) December 31, 2015 Pass Substandard Doubtful PCI Total Commercial real estate $ 284,753 $ 1,977 $ — $ 5,089 $ 291,819 Construction, land development, land 42,499 — — 1,377 43,876 1-4 family residential 73,838 1,494 — 2,912 78,244 Farmland 33,573 — — — 33,573 Commercial 470,208 21,295 — 3,853 495,356 Factored receivables 212,588 1,019 1,481 — 215,088 Consumer 13,050 — — — 13,050 Mortgage warehouse 120,879 — — — 120,879 $ 1,251,388 $ 25,785 $ 1,481 $ 13,231 $ 1,291,885 Troubled Debt Restructurings The Company had a recorded investment in troubled debt restructurings of $6,232,000 and $1,383,000 as of March 31, 2016 and December 31, 2015, respectively. The following table presents loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2016. There were no loans modified as troubled debt restructurings during the three months ended March 31, 2015. Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded March 31, 2016 Loans Investment Investment Commercial 16 $ 5,730 $ 5,730 As of March 31, 2016, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding twelve months. Default is determined at 90 or more days past due. The modifications primarily related to extending the amortization periods of the loans. The Company did not grant principal reductions on any restructured loans. Purchased Credit Impaired Loans The Company has loans that were acquired for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans receivable at March 31, 2016 and December 31, 2015, are as follows: March 31, December 31, (Dollars in thousands) 2016 2015 Contractually required principal and interest: Real estate loans $ 17,229 $ 17,800 Commercial loans 4,407 5,335 Outstanding contractually required principal and interest $ 21,636 $ 23,135 Gross carrying amount included in loans receivable $ 12,106 $ 13,231 The changes in accretable yield during the three months ended March 31, 2016 and 2015 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: Three Months Ended March 31, (Dollars in thousands) 2016 2015 Accretable yield, beginning balance $ 2,594 $ 4,977 Additions — — Accretion (517 ) (429 ) Reclassification from nonaccretable to accretable yield — — Disposals (13 ) (52 ) Accretable yield, ending balance $ 2,064 $ 4,496 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 5 - GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following: March 31, December 31, (Dollars in thousands) 2016 2015 Goodwill $ 15,968 $ 15,968 March 31, 2016 December 31, 2015 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 14,586 $ (6,320 ) $ 8,266 $ 14,586 $ (5,765 ) $ 8,821 Other intangible assets 4,830 (2,187 ) 2,643 4,830 (1,765 ) 3,065 $ 19,416 $ (8,507 ) $ 10,909 $ 19,416 $ (7,530 ) $ 11,886 The changes in goodwill and intangible assets during the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, (Dollars in thousands) 2016 2015 Beginning balance $ 27,854 $ 29,057 Acquired intangibles — 1,918 Amortization of intangibles (977 ) (764 ) Ending balance $ 26,877 $ 30,211 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 6 – Variable Interest Entities Collateralized Loan Obligation Funds - Closed The Company, through its subsidiary, TCA, acts as asset manager to various CLO funds. TCA earns asset management fees in accordance with the terms of its asset management agreements with the following CLO funds. 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) (1) April 26, 2012 $ 416,460 Doral CLO III, LTD (Doral III) (1) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 (1) 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 $1,629,000 and $958,000 for the three months ended March 31, 2016 and 2015, respectively. The Company performed a consolidation analysis to determine 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. Collateralized Loan Obligation Fund – Warehouse Phase On July 22, 2015 and September 21, 2015, Trinitas CLO IV, Ltd. (“Trinitas IV”) and Trinitas CLO V, Ltd. (“Trinitas V”), respectively, were formed to be the issuers of CLO offerings. Trinitas IV was capitalized with initial third party equity investments in the form of preference shares of $36,000,000 in addition to the Company’s initial $4,000,000 preference share equity investment and Trinitas V was capitalized with initial subordinated debt issued to third parties of $9,000,000 in addition to the initial $1,000,000 of subordinated debt issued to the Company. Each entity entered into a warehouse credit agreement in order to begin acquiring senior secured loan assets that will comprise the initial collateral pool of the CLOs once issued. In October 2015, the Company made additional investments in Trinitas IV and Trinitas V of $10,000,000 and $5,500,000, respectively, and Trinitas V received additional third party investments of $4,500,000. When finalized, Trinitas IV and Trinitas V will use the proceeds of the debt and equity interests sold in the offering for the final CLO securitization structures to repay the initial warehouse phase debt and equity holders. In the final CLO securitization structures, interest and principal repayment of the leveraged loans held by Trinitas IV and Trinitas V will be used to repay debt holders with any excess cash flows used to provide a return on capital to equity investors. TCA was appointed as asset manager for these entities during their warehousing period. TCA does not earn management or other fees from Trinitas IV or Trinitas V during the warehouse phase At March 31, 2016, the Company’s loss exposure to Trinitas IV and Trinitas V is limited to its combined $21,870,000 investment in the entities which is classified as other assets within the Company’s consolidated balance sheets and accounted for under the equity method The Company performed a consolidation analysis of Trinitas IV and Trinitas V during the warehouse phase and concluded that Trinitas IV and Trinitas V are variable interest entities and that the Company and its related persons hold variable interests in the entities that could potentially be significant to the entities in the form of equity investments in the entities. However, the Company also concluded that due to certain approval and denial powers available to the senior lender under the warehouse credit facility for Trinitas IV and Trinitas V which provide for shared decision-making powers, the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company is not the primary beneficiary and therefore is not required to consolidate the assets, liabilities, equity, or operations of the entities in the Company’s financial statements . |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits | NOTE 7 - Deposits Deposits at March 31, 2016 and December 31, 2015 are summarized as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Noninterest bearing demand $ 160,818 $ 168,264 Interest bearing demand 227,002 238,833 Individual retirement accounts 63,265 60,971 Money market 111,578 112,214 Savings 77,969 74,759 Certificates of deposit 569,820 543,909 Brokered deposits 49,941 50,000 Total Deposits $ 1,260,393 $ 1,248,950 At March 31, 2016, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) March 31, 2016 Within one year $ 519,352 After one but within two years 124,619 After two but within three years 20,846 After three but within four years 12,505 After four but within five years 5,704 Total $ 683,026 Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $108,046,000 and $106,258,000 at March 31, 2016 and December 31, 2015, respectively. |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 8 - Legal Contingencies Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. The Company does not anticipate any material losses as a result of commitments and contingent liabilities. Trademark Infringement Lawsuit On February 18, 2015, a trademark infringement suit was filed in the United States District Court for the Western District of Tennessee Western Division against the Company and certain subsidiaries by Triumph Bancshares, Inc. and Triumph Bank, N.A., asserting that the Company’s use of “Triumph” as part of the Company’s 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. Discovery has commenced in the suit and a trial date is currently set for October 2016. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 December 31, 2015 (Dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 35,075 $ 739 $ 6,571 $ 2,949 Unused lines of credit 39,326 90,648 35,514 81,189 Standby letters of credit 1,050 2,212 1,030 1,999 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | NOTE 10 - Fair Value Disclosures Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in our annual financial statements. Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2016 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 91,968 $ — $ 91,968 Mortgage-backed securities-residential — 27,177 — 27,177 Asset backed securities — 12,843 — 12,843 State and municipal — 1,327 — 1,327 Corporate bonds — 28,023 — 28,023 SBA pooled securities — 179 — 179 $ — $ 161,517 $ — $ 161,517 Loans held for sale $ — $ 3,043 $ — $ 3,043 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 91,034 $ — $ 91,034 Mortgage-backed securities-residential — 28,340 — 28,340 Asset backed securities — 17,526 — 17,526 State and municipal — 1,526 — 1,526 Corporate bonds — 24,559 — 24,559 SBA pooled securities — 184 — 184 $ — $ 163,169 $ — $ 163,169 Loans held for sale $ — $ 1,341 $ — $ 1,341 There were no transfers between levels during 2016 or 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 March 31, 2016 and December 31, 2015. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2016 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 432 $ 432 1-4 family residential properties — — 12 12 Commercial — — 4,289 4,289 Factored receivables — — 2,861 2,861 PCI — — 982 982 Other real estate owned (1) 1-4 family residential properties — — 124 124 $ — $ — $ 8,700 $ 8,700 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 431 $ 431 1-4 family residential properties — — 13 13 Commercial — — 695 695 Factored receivables — — 1,156 1,156 PCI — — 170 170 Other real estate owned (1) 1-4 family residential properties — — 128 128 Construction, land development, land — — 1,377 1,377 $ — $ — $ 3,970 $ 3,970 (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 not previously presented at March 31, 2016 and December 31, 2015 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total March 31, 2016 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 123,715 $ 123,715 $ — $ — $ 123,715 Securities - held to maturity 25,796 — 26,133 — 26,133 Loans not previously presented, net 1,225,171 — — 1,231,620 1,231,620 FHLB stock 4,234 N/A N/A N/A N/A Accrued interest receivable 5,254 — 5,254 — 5,254 Financial liabilities: Deposits 1,260,393 — 1,262,583 — 1,262,583 Customer repurchase agreements 9,641 — 9,641 — 9,641 Federal Home Loan Bank advances 110,000 110,000 110,000 Junior subordinated debentures 24,754 — 24,503 — 24,503 Accrued interest payable 1,272 — 1,272 — 1,272 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2015 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 105,277 $ 105,277 $ — $ — $ 105,277 Loans not previously presented, net 1,276,853 — — 1,281,408 1,281,408 FHLB stock 3,818 N/A N/A N/A N/A Accrued interest receivable 4,832 — 4,832 — 4,832 Financial liabilities: Deposits 1,248,950 — 1,249,751 — 1,249,751 Customer repurchase agreements 9,317 — 9,317 — 9,317 Federal Home Loan Bank advances 130,000 — 130,000 — 130,000 Junior subordinated debentures 24,687 — 23,153 — 23,153 Accrued interest payable 1,231 — 1,231 — 1,231 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | NOTE 11 - Regulatory Matters The Company (on a consolidated basis) and TBK Bank 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 or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank 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. The Company is subject to the Basel III regulatory capital framework. Beginning in January 2016, the implementation of the capital conservation buffer was effective for the Company starting at the 0.625% level and increasing 0.625% each year thereafter, until it reaches 2.5% on January 1, 2019. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company's ability to make capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. Quantitative measures established by regulation to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1, and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. Management believes, as of March 31, 2016 and December 31, 2015, the Company and TBK Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement. As of March 31, 2016 and December 31, 2015, TBK Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized," TBK Bank must maintain minimum total risk based, common equity Tier 1 risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since March 31, 2016 that management believes have changed TBK Bank’s category. The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table as of March 31, 2016 and December 31, 2015. To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of March 31, 2016 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 280,547 19.7% $ 114,218 8.0% N/A N/A TBK Bank, SSB $ 208,647 15.2% $ 110,177 8.0% $ 137,721 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 268,305 18.8% $ 85,675 6.0% N/A N/A TBK Bank, SSB $ 196,489 14.3% $ 82,674 6.0% $ 110,232 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 237,317 16.6% $ 64,256 4.5% N/A N/A TBK Bank, SSB $ 196,489 14.3% $ 62,006 4.5% $ 89,564 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 268,305 16.2% $ 66,085 4.0% N/A N/A TBK Bank, SSB $ 196,489 12.4% $ 63,231 4.0% $ 79,038 5.0% To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 276,924 19.1% $ 115,929 8.0% N/A N/A TBK Bank, SSB $ 205,978 14.7% $ 111,869 8.0% $ 139,836 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 264,239 18.2% $ 86,968 6.0% N/A N/A TBK Bank, SSB $ 193,293 13.8% $ 83,919 6.0% $ 111,892 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 235,253 16.2% $ 65,227 4.5% N/A N/A TBK Bank, SSB $ 193,293 13.8% $ 62,939 4.5% $ 90,912 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 264,239 16.6% $ 63,824 4.0% N/A N/A TBK Bank, SSB $ 193,293 12.7% $ 61,024 4.0% $ 76,280 5.0% Dividends paid by bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 – STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series A Series B Common Stock Treasury Stock March December March December March December March December 2016 2015 2016 2015 2016 2015 2016 2015 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 18,052,723 Number of shares outstanding 45,500 45,500 51,956 51,956 18,015,423 18,018,200 37,300 34,523 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 % Subsequent dividend payment dates Quarterly Quarterly Quarterly Quarterly Convertible to common stock Yes Yes Yes Yes Conversion period Anytime Anytime Anytime Anytime Conversion ratio - preferred to common 6.94008 6.94008 6.94008 6.94008 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | NOTE 13 – STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $353,000 and $696,000 for the three months ended March 31, 2016 and 2015, 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 three months ended March 31, 2016 and 2015 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2016 201,270 $ 14.24 Granted — — Vested — — Forfeited (2,777 ) 14.37 Nonvested at March 31, 2016 198,493 $ 14.24 Nonvested at January 1, 2015 252,256 $ 14.71 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2015 252,256 $ 14.71 Compensation expense for RSAs granted under the Omnibus Incentive Program will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of March 31, 2016, there was $988,000 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 1.20 years. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14 – EARNINGS PER SHARE The factors used in the earnings per share computation follow: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2016 2015 Basic Net income to common stockholders $ 4,812 $ 13,852 Weighted average common shares outstanding 17,816,930 17,711,527 Basic earnings per common share $ 0.27 $ 0.78 Diluted Net income to common stockholders $ 4,812 $ 13,852 Dilutive effect of preferred stock — 192 Net income to common stockholders - diluted $ 4,812 $ 14,044 Weighted average common shares outstanding 17,816,930 17,711,527 Add: Dilutive effects of restricted stock 113,788 11,962 Add: Dilutive effects of assumed exercises of stock warrants 50,558 28,823 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 17,981,276 18,428,663 Dilutive earnings per common share $ 0.27 $ 0.76 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended March 31, 2016 2015 Shares assumed to be converted from Preferred Stock Series A 315,773 — Shares assumed to be converted from Preferred Stock Series B 360,578 — |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 15 – BUSINESS SEGMENT INFORMATION The following presents the Company’s operating segments. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring segment based on the Company’s prime rate. The provision for loan loss is allocated based on the segment’s allowance for loan loss determination which considers the effects of charge-offs. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis but not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. General factoring services not originated through TBC are included in the Banking segment. (Dollars in thousands) Asset Three Months Ended March 31, 2016 Factoring Banking Management Corporate Consolidated Total interest income $ 7,185 $ 17,426 $ 31 $ 251 $ 24,893 Intersegment interest allocations (1,001 ) 1,001 — — — Total interest expense — 2,102 — 302 2,404 Net interest income (expense) 6,184 16,325 31 (51 ) 22,489 Provision for loan losses (470 ) (124 ) — 83 (511 ) Net interest income (expense) after provision 6,654 16,449 31 (134 ) 23,000 Noninterest income 445 2,015 1,671 850 4,981 Noninterest expense 4,573 13,582 1,346 577 20,078 Operating income (loss) $ 2,526 $ 4,882 $ 356 $ 139 $ 7,903 (Dollars in thousands) Asset Three Months Ended March 31, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 7,228 $ 14,235 $ 60 $ 56 $ 21,579 Intersegment interest allocations (909 ) 909 — — — Total interest expense — 1,572 10 272 1,854 Net interest income (expense) 6,319 13,572 50 (216 ) 19,725 Provision for loan losses (109 ) 754 — — 645 Net interest income (expense) after provision 6,428 12,818 50 (216 ) 19,080 Bargain purchase gain — — 12,509 — 12,509 Other noninterest income 331 2,585 957 277 4,150 Noninterest expense 4,312 12,400 2,626 1,445 20,783 Operating income (loss) $ 2,447 $ 3,003 $ 10,890 $ (1,384 ) $ 14,956 (Dollars in thousands) Asset March 31, 2016 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 176,388 $ 1,597,373 $ 14,568 $ 306,504 $ (407,038 ) $ 1,687,795 Gross loans $ 165,718 $ 1,177,071 $ 900 $ 15,151 $ (113,000 ) $ 1,245,840 (Dollars in thousands) Asset December 31, 2015 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 198,629 $ 1,601,072 $ 17,676 $ 303,253 $ (429,317 ) $ 1,691,313 Gross loans $ 186,457 $ 1,223,028 $ 945 $ 18,455 $ (137,000 ) $ 1,291,885 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 – SUBSEQUENT EVENTS On April 1, 2016, the Company issued 101,105 shares of restricted stock with a grant date fair value of $1,605,000 and 164,175 non-qualified stock options with a grant date fair value of $961,000 to its directors and certain officers and employees in accordance with the provisions of the Omnibus Incentive Plan. These awards vest over various time periods of up to four years and were issued for Board of Director compensation and management incentives. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group (“TIG”). TBK Bank does business under the following names: (i) Triumph Community Bank (“TCB”) and Triumph Savings Bank (“TSB”) with respect to its community banking business in respective markets; (ii)Triumph Commercial Finance (“TCF”) with respect to its asset-based lending, equipment lending and general factoring commercial finance products; (iii) Triumph Healthcare Finance (“THF”) with respect to its healthcare asset-based lending business; and (iv) Triumph Premium Finance (“TPF”) with respect to its insurance premium financing 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, 2015. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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. |
Newly Issued, But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In May 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, in August 2015 the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date” which deferred the mandatory effective date the new standard would take effect to 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. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The FASB issued this ASU to improve the accounting for share-based payments. ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions, including: the presentation of income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and calculation of diluted earnings per share. The amendments in this ASU are effective for fiscal years beginning after December 31, 2016, and interim periods within those years for public business entities. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Doral Money 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, net consideration transferred, and the resulting bargain purchase gain is as follows: Initial Values Measurement Recorded at Period Adjusted (Dollars in thousands) Acquisition Date Adjustments Values Assets acquired: Cash $ 8,273 $ — $ 8,273 CLO Securities 98,316 — 98,316 Intangible asset - CLO management contracts 1,918 — 1,918 Loans 36,765 900 37,665 Prepaid corporate income tax 3,014 1,688 4,702 Other assets 772 — 772 149,058 2,588 151,646 Liabilities assumed: Deferred tax liability 663 — 663 Other liabilities 22 (20 ) 2 685 (20 ) 665 Fair value of net assets acquired 148,373 2,608 150,981 Net consideration transferred 135,864 — 135,864 Bargain purchase gain $ (12,509 ) $ (2,608 ) $ (15,117 ) |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost of Securities and Their Approximate Fair Values | Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at March 31, 2016 and December 31, 2015 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 90,460 $ 1,508 $ — $ 91,968 Mortgage-backed securities, residential 26,667 510 — 27,177 Asset backed securities 13,239 — (396 ) 12,843 State and municipal 1,298 29 — 1,327 Corporate bonds 27,786 239 (2 ) 28,023 SBA pooled securities 177 2 — 179 Total available for sale securities $ 159,627 $ 2,288 $ (398 ) $ 161,517 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 25,796 $ 337 $ — $ 26,133 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 90,533 $ 518 $ (17 ) $ 91,034 Mortgage-backed securities, residential 28,006 361 (27 ) 28,340 Asset backed securities 17,957 24 (455 ) 17,526 State and municipal 1,509 17 — 1,526 Corporate bonds 24,542 74 (57 ) 24,559 SBA pooled securities 183 1 — 184 Total available for sale securities $ 162,730 $ 995 $ (556 ) $ 163,169 |
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at March 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 20,707 $ 20,757 $ — $ — Due from one year to five years 96,606 98,273 — — Due from five years to ten years 1,562 1,575 — — Due after ten years 669 713 25,796 26,133 119,544 121,318 25,796 26,133 Mortgage-backed securities, residential 26,667 27,177 — — Asset backed securities 13,239 12,843 — — SBA pooled securities 177 179 — — $ 159,627 $ 161,517 $ 25,796 $ 26,133 |
Schedule of Information Pertaining to Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at March 31, 2016 and December 31, 2015, 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 March 31, 2016 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — — — — — Asset backed securities 12,843 (396 ) — — 12,843 (396 ) State and municipal — — — — — — Corporate bonds 2,704 (2 ) — — 2,704 (2 ) SBA pooled securities — — — — — — $ 15,547 $ (398 ) $ — $ — $ 15,547 $ (398 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 10,029 $ (17 ) $ — $ — $ 10,029 $ (17 ) Mortgage-backed securities, residential 4,948 (27 ) — — 4,948 (27 ) Asset backed securities 8,031 (416 ) 4,605 (39 ) 12,636 (455 ) State and municipal — — — — — — Corporate bonds 10,434 (57 ) — — 10,434 (57 ) SBA pooled securities — — — — — — $ 33,442 $ (517 ) $ 4,605 $ (39 ) $ 38,047 $ (556 ) |
Loans and Allowance for Loan 27
Loans and Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Summary of Information Concerning Loan Portfolio | Loans at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, (Dollars in thousands) 2016 2015 Commercial real estate $ 293,485 $ 291,819 Construction, land development, land 41,622 43,876 1-4 family residential properties 76,973 78,244 Farmland 33,250 33,573 Commercial 509,433 495,356 Factored receivables 199,532 215,088 Consumer 13,530 13,050 Mortgage warehouse 78,015 120,879 Total 1,245,840 1,291,885 Allowance for loan and lease losses (12,093 ) (12,567 ) $ 1,233,747 $ 1,279,318 |
Summary of Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The activity in the allowance for loan and lease losses (“ALLL”) during the three months ended March 31, 2016 and 2015 is as follows: (Dollars in thousands) Beginning Ending Three months ended March 31, 2016 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,489 $ 129 $ — $ 1 $ 1,619 Construction, land development, land 367 (169 ) — — 198 1-4 family residential properties 274 22 (16 ) 5 285 Farmland 134 (1 ) — — 133 Commercial 5,276 25 — 30 5,331 Factored receivables 4,509 (440 ) (8 ) 49 4,110 Consumer 216 30 (43 ) 19 222 Mortgage warehouse 302 (107 ) — — 195 $ 12,567 $ (511 ) $ (67 ) $ 104 $ 12,093 (Dollars in thousands) Beginning Ending Three months ended March 31, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 533 $ 590 $ (89 ) $ 41 $ 1,075 Construction, land development, land 333 11 — — 344 1-4 family residential properties 215 90 (105 ) 23 223 Farmland 19 7 — — 26 Commercial 4,003 (7 ) (2 ) 2 3,996 Factored receivables 3,462 (45 ) (67 ) 30 3,380 Consumer 140 (21 ) (95 ) 60 84 Mortgage warehouse 138 20 — — 158 $ 8,843 $ 645 $ (358 ) $ 156 $ 9,286 |
Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class | The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (“PCI”) loans, and their respective allowance allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations March 31, 2016 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 714 $ 287,658 $ 5,113 $ 293,485 $ 100 $ 1,078 $ 441 $ 1,619 Construction, land development, land — 40,463 1,159 41,622 — 198 — 198 1-4 family residential properties 637 73,595 2,741 76,973 1 284 — 285 Farmland — 33,250 — 33,250 — 133 — 133 Commercial 12,302 494,038 3,093 509,433 1,246 4,085 — 5,331 Factored receivables 4,940 194,592 — 199,532 1,574 2,536 — 4,110 Consumer 37 13,493 — 13,530 — 222 — 222 Mortgage warehouse — 78,015 — 78,015 — 195 — 195 $ 18,630 $ 1,215,104 $ 12,106 $ 1,245,840 $ 2,921 $ 8,731 $ 441 $ 12,093 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2015 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 724 $ 286,006 $ 5,089 $ 291,819 $ 100 $ 1,034 $ 355 $ 1,489 Construction, land development, land — 42,499 1,377 43,876 — 367 — 367 1-4 family residential properties 618 74,714 2,912 78,244 1 273 — 274 Farmland — 33,573 — 33,573 — 134 — 134 Commercial 7,916 483,587 3,853 495,356 796 4,480 — 5,276 Factored receivables 3,422 211,666 — 215,088 1,694 2,815 — 4,509 Consumer — 13,050 — 13,050 — 216 — 216 Mortgage warehouse — 120,879 — 120,879 — 302 — 302 $ 12,680 $ 1,265,974 $ 13,231 $ 1,291,885 $ 2,591 $ 9,621 $ 355 $ 12,567 |
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans. Loans included in these tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an allowance and are excluded from these tables. 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 March 31, 2016 Investment Principal Allowance Investment Principal Commercial real estate $ 532 $ 532 $ 100 $ 182 $ 218 Construction, land development, land — — — — — 1-4 family residential properties 13 20 1 624 734 Farmland — — — — — Commercial 5,535 5,563 1,246 6,767 6,776 Factored receivables 4,435 4,435 1,574 505 505 Consumer — — — 37 37 Mortgage warehouse — — — — — PCI 1,423 1,679 441 — — $ 11,938 $ 12,229 $ 3,362 $ 8,115 $ 8,270 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, 2015 Investment Principal Allowance Investment Principal Commercial real estate $ 531 $ 532 $ 100 $ 193 $ 229 Construction, land development, land — — — — — 1-4 family residential properties 14 21 1 604 793 Farmland — — — — — Commercial 1,491 1,520 796 6,425 6,433 Factored receivables 2,850 2,850 1,694 572 572 Consumer — — — — — Mortgage warehouse — — — — — PCI 525 525 355 — — $ 5,411 $ 5,448 $ 2,946 $ 7,794 $ 8,027 The following table presents average impaired loans and interest recognized on impaired loans for the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 719 $ — $ 1,931 $ 14 Construction, land development, land — — — — 1-4 family residential properties 628 1 691 28 Farmland — — — — Commercial 10,109 100 7,030 163 Factored receivables 4,181 — 1,271 — Consumer 18 — — — Mortgage warehouse — — — — PCI 974 — 459 — $ 16,629 $ 101 $ 11,382 $ 205 |
Schedule of Recorded Investment and Unpaid Principal Balances | The following table presents the unpaid principal and recorded investment for loans at March 31, 2016 and December 31, 2015. 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 March 31, 2016 Investment Principal Difference Commercial real estate $ 293,485 $ 300,151 $ (6,666 ) Construction, land development, land 41,622 43,111 (1,489 ) 1-4 family residential properties 76,973 79,488 (2,515 ) Farmland 33,250 33,208 42 Commercial 509,433 510,283 (850 ) Factored receivables 199,532 200,621 (1,089 ) Consumer 13,530 13,551 (21 ) Mortgage warehouse 78,015 78,015 — $ 1,245,840 $ 1,258,428 $ (12,588 ) (Dollars in thousands) Recorded Unpaid December 31, 2015 Investment Principal Difference Commercial $ 291,819 $ 299,272 $ (7,453 ) Construction, land development, land 43,876 45,376 (1,500 ) 1-4 family residential properties 78,244 81,141 (2,897 ) Farmland 33,573 33,533 40 Commercial 495,356 496,719 (1,363 ) Factored receivables 215,088 216,201 (1,113 ) Consumer 13,050 13,072 (22 ) Mortgage warehouse 120,879 120,879 — $ 1,291,885 $ 1,306,193 $ (14,308 ) |
Summary of Contractually Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans The following is a summary of contractually past due and nonaccrual loans at March 31, 2016 and December 31, 2015: Past Due 90 (Dollars in thousands) 30-89 Days Days or More March 31, 2016 Past Due Still Accruing Nonaccrual Total Commercial real estate $ 148 $ — $ 714 $ 862 Construction, land development, land 10,813 — — 10,813 1-4 family residential properties 574 — 615 1,189 Farmland 305 — — 305 Commercial 5,167 — 6,719 11,886 Factored receivables 9,894 2,553 — 12,447 Consumer 247 — 37 284 Mortgage warehouse — — — — PCI 3 — 7,127 7,130 $ 27,151 $ 2,553 $ 15,212 $ 44,916 Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2015 Past Due Still Accruing Nonaccrual Total Commercial real estate $ 693 $ — $ 673 $ 1,366 Construction, land development, land — — — — 1-4 family residential properties 909 9 533 1,451 Farmland — — — — Commercial 3,704 — 2,021 5,725 Factored receivables 12,379 1,931 — 14,310 Consumer 286 — — 286 Mortgage warehouse — — — — PCI 1,092 — 6,867 7,959 $ 19,063 $ 1,940 $ 10,094 $ 31,097 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) March 31, 2016 December 31, 2015 Nonaccrual loans (1) $ 15,212 $ 10,094 Factored receivables greater than 90 days past due 2,553 1,931 Troubled debt restructurings accruing interest 3,465 1,330 $ 21,230 $ 13,355 (1) |
Summary of Risk Category of Loans | As of March 31, 2016 and December 31, 2015, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) March 31, 2016 Pass Substandard Doubtful PCI Total Commercial real estate $ 286,997 $ 1,375 $ — $ 5,113 $ 293,485 Construction, land development, land 40,463 — — 1,159 41,622 1-4 family residential 73,608 624 — 2,741 76,973 Farmland 33,250 — — — 33,250 Commercial 478,078 28,262 — 3,093 509,433 Factored receivables 196,164 2,191 1,177 — 199,532 Consumer 13,491 39 — — 13,530 Mortgage warehouse 78,015 — — — 78,015 $ 1,200,066 $ 32,491 $ 1,177 $ 12,106 $ 1,245,840 (Dollars in thousands) December 31, 2015 Pass Substandard Doubtful PCI Total Commercial real estate $ 284,753 $ 1,977 $ — $ 5,089 $ 291,819 Construction, land development, land 42,499 — — 1,377 43,876 1-4 family residential 73,838 1,494 — 2,912 78,244 Farmland 33,573 — — — 33,573 Commercial 470,208 21,295 — 3,853 495,356 Factored receivables 212,588 1,019 1,481 — 215,088 Consumer 13,050 — — — 13,050 Mortgage warehouse 120,879 — — — 120,879 $ 1,251,388 $ 25,785 $ 1,481 $ 13,231 $ 1,291,885 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2016. There were no loans modified as troubled debt restructurings during the three months ended March 31, 2015. Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded March 31, 2016 Loans Investment Investment Commercial 16 $ 5,730 $ 5,730 |
Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans Receivable | The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans receivable at March 31, 2016 and December 31, 2015, are as follows: March 31, December 31, (Dollars in thousands) 2016 2015 Contractually required principal and interest: Real estate loans $ 17,229 $ 17,800 Commercial loans 4,407 5,335 Outstanding contractually required principal and interest $ 21,636 $ 23,135 Gross carrying amount included in loans receivable $ 12,106 $ 13,231 |
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three months ended March 31, 2016 and 2015 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: Three Months Ended March 31, (Dollars in thousands) 2016 2015 Accretable yield, beginning balance $ 2,594 $ 4,977 Additions — — Accretion (517 ) (429 ) Reclassification from nonaccretable to accretable yield — — Disposals (13 ) (52 ) Accretable yield, ending balance $ 2,064 $ 4,496 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: March 31, December 31, (Dollars in thousands) 2016 2015 Goodwill $ 15,968 $ 15,968 March 31, 2016 December 31, 2015 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 14,586 $ (6,320 ) $ 8,266 $ 14,586 $ (5,765 ) $ 8,821 Other intangible assets 4,830 (2,187 ) 2,643 4,830 (1,765 ) 3,065 $ 19,416 $ (8,507 ) $ 10,909 $ 19,416 $ (7,530 ) $ 11,886 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, (Dollars in thousands) 2016 2015 Beginning balance $ 27,854 $ 29,057 Acquired intangibles — 1,918 Amortization of intangibles (977 ) (764 ) Ending balance $ 26,877 $ 30,211 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of 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 following CLO funds. 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) (1) April 26, 2012 $ 416,460 Doral CLO III, LTD (Doral III) (1) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 (1) |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Summary Of Deposits | Deposits at March 31, 2016 and December 31, 2015 are summarized as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Noninterest bearing demand $ 160,818 $ 168,264 Interest bearing demand 227,002 238,833 Individual retirement accounts 63,265 60,971 Money market 111,578 112,214 Savings 77,969 74,759 Certificates of deposit 569,820 543,909 Brokered deposits 49,941 50,000 Total Deposits $ 1,260,393 $ 1,248,950 |
Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits | At March 31, 2016, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) March 31, 2016 Within one year $ 519,352 After one but within two years 124,619 After two but within three years 20,846 After three but within four years 12,505 After four but within five years 5,704 Total $ 683,026 |
Off-Balance Sheet Loan Commit31
Off-Balance Sheet Loan Commitments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 December 31, 2015 (Dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 35,075 $ 739 $ 6,571 $ 2,949 Unused lines of credit 39,326 90,648 35,514 81,189 Standby letters of credit 1,050 2,212 1,030 1,999 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | There were no liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2016 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 91,968 $ — $ 91,968 Mortgage-backed securities-residential — 27,177 — 27,177 Asset backed securities — 12,843 — 12,843 State and municipal — 1,327 — 1,327 Corporate bonds — 28,023 — 28,023 SBA pooled securities — 179 — 179 $ — $ 161,517 $ — $ 161,517 Loans held for sale $ — $ 3,043 $ — $ 3,043 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 91,034 $ — $ 91,034 Mortgage-backed securities-residential — 28,340 — 28,340 Asset backed securities — 17,526 — 17,526 State and municipal — 1,526 — 1,526 Corporate bonds — 24,559 — 24,559 SBA pooled securities — 184 — 184 $ — $ 163,169 $ — $ 163,169 Loans held for sale $ — $ 1,341 $ — $ 1,341 |
Fair Value of Assets Measured on Non-recurring Basis | There were no liabilities measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2016 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 432 $ 432 1-4 family residential properties — — 12 12 Commercial — — 4,289 4,289 Factored receivables — — 2,861 2,861 PCI — — 982 982 Other real estate owned (1) 1-4 family residential properties — — 124 124 $ — $ — $ 8,700 $ 8,700 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 431 $ 431 1-4 family residential properties — — 13 13 Commercial — — 695 695 Factored receivables — — 1,156 1,156 PCI — — 170 170 Other real estate owned (1) 1-4 family residential properties — — 128 128 Construction, land development, land — — 1,377 1,377 $ — $ — $ 3,970 $ 3,970 (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 not previously presented at March 31, 2016 and December 31, 2015 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total March 31, 2016 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 123,715 $ 123,715 $ — $ — $ 123,715 Securities - held to maturity 25,796 — 26,133 — 26,133 Loans not previously presented, net 1,225,171 — — 1,231,620 1,231,620 FHLB stock 4,234 N/A N/A N/A N/A Accrued interest receivable 5,254 — 5,254 — 5,254 Financial liabilities: Deposits 1,260,393 — 1,262,583 — 1,262,583 Customer repurchase agreements 9,641 — 9,641 — 9,641 Federal Home Loan Bank advances 110,000 110,000 110,000 Junior subordinated debentures 24,754 — 24,503 — 24,503 Accrued interest payable 1,272 — 1,272 — 1,272 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2015 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 105,277 $ 105,277 $ — $ — $ 105,277 Loans not previously presented, net 1,276,853 — — 1,281,408 1,281,408 FHLB stock 3,818 N/A N/A N/A N/A Accrued interest receivable 4,832 — 4,832 — 4,832 Financial liabilities: Deposits 1,248,950 — 1,249,751 — 1,249,751 Customer repurchase agreements 9,317 — 9,317 — 9,317 Federal Home Loan Bank advances 130,000 — 130,000 — 130,000 Junior subordinated debentures 24,687 — 23,153 — 23,153 Accrued interest payable 1,231 — 1,231 — 1,231 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table as of March 31, 2016 and December 31, 2015. To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of March 31, 2016 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 280,547 19.7% $ 114,218 8.0% N/A N/A TBK Bank, SSB $ 208,647 15.2% $ 110,177 8.0% $ 137,721 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 268,305 18.8% $ 85,675 6.0% N/A N/A TBK Bank, SSB $ 196,489 14.3% $ 82,674 6.0% $ 110,232 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 237,317 16.6% $ 64,256 4.5% N/A N/A TBK Bank, SSB $ 196,489 14.3% $ 62,006 4.5% $ 89,564 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 268,305 16.2% $ 66,085 4.0% N/A N/A TBK Bank, SSB $ 196,489 12.4% $ 63,231 4.0% $ 79,038 5.0% To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 276,924 19.1% $ 115,929 8.0% N/A N/A TBK Bank, SSB $ 205,978 14.7% $ 111,869 8.0% $ 139,836 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 264,239 18.2% $ 86,968 6.0% N/A N/A TBK Bank, SSB $ 193,293 13.8% $ 83,919 6.0% $ 111,892 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 235,253 16.2% $ 65,227 4.5% N/A N/A TBK Bank, SSB $ 193,293 13.8% $ 62,939 4.5% $ 90,912 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 264,239 16.6% $ 63,824 4.0% N/A N/A TBK Bank, SSB $ 193,293 12.7% $ 61,024 4.0% $ 76,280 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series A Series B Common Stock Treasury Stock March December March December March December March December 2016 2015 2016 2015 2016 2015 2016 2015 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 18,052,723 Number of shares outstanding 45,500 45,500 51,956 51,956 18,015,423 18,018,200 37,300 34,523 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 % Subsequent dividend payment dates Quarterly Quarterly Quarterly Quarterly Convertible to common stock Yes Yes Yes Yes Conversion period Anytime Anytime Anytime Anytime Conversion ratio - preferred to common 6.94008 6.94008 6.94008 6.94008 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of changes in the Company's nonvested RSAs | A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the three months ended March 31, 2016 and 2015 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2016 201,270 $ 14.24 Granted — — Vested — — Forfeited (2,777 ) 14.37 Nonvested at March 31, 2016 198,493 $ 14.24 Nonvested at January 1, 2015 252,256 $ 14.71 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2015 252,256 $ 14.71 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2016 2015 Basic Net income to common stockholders $ 4,812 $ 13,852 Weighted average common shares outstanding 17,816,930 17,711,527 Basic earnings per common share $ 0.27 $ 0.78 Diluted Net income to common stockholders $ 4,812 $ 13,852 Dilutive effect of preferred stock — 192 Net income to common stockholders - diluted $ 4,812 $ 14,044 Weighted average common shares outstanding 17,816,930 17,711,527 Add: Dilutive effects of restricted stock 113,788 11,962 Add: Dilutive effects of assumed exercises of stock warrants 50,558 28,823 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 17,981,276 18,428,663 Dilutive earnings per common share $ 0.27 $ 0.76 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended March 31, 2016 2015 Shares assumed to be converted from Preferred Stock Series A 315,773 — Shares assumed to be converted from Preferred Stock Series B 360,578 — |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (Dollars in thousands) Asset Three Months Ended March 31, 2016 Factoring Banking Management Corporate Consolidated Total interest income $ 7,185 $ 17,426 $ 31 $ 251 $ 24,893 Intersegment interest allocations (1,001 ) 1,001 — — — Total interest expense — 2,102 — 302 2,404 Net interest income (expense) 6,184 16,325 31 (51 ) 22,489 Provision for loan losses (470 ) (124 ) — 83 (511 ) Net interest income (expense) after provision 6,654 16,449 31 (134 ) 23,000 Noninterest income 445 2,015 1,671 850 4,981 Noninterest expense 4,573 13,582 1,346 577 20,078 Operating income (loss) $ 2,526 $ 4,882 $ 356 $ 139 $ 7,903 (Dollars in thousands) Asset Three Months Ended March 31, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 7,228 $ 14,235 $ 60 $ 56 $ 21,579 Intersegment interest allocations (909 ) 909 — — — Total interest expense — 1,572 10 272 1,854 Net interest income (expense) 6,319 13,572 50 (216 ) 19,725 Provision for loan losses (109 ) 754 — — 645 Net interest income (expense) after provision 6,428 12,818 50 (216 ) 19,080 Bargain purchase gain — — 12,509 — 12,509 Other noninterest income 331 2,585 957 277 4,150 Noninterest expense 4,312 12,400 2,626 1,445 20,783 Operating income (loss) $ 2,447 $ 3,003 $ 10,890 $ (1,384 ) $ 14,956 (Dollars in thousands) Asset March 31, 2016 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 176,388 $ 1,597,373 $ 14,568 $ 306,504 $ (407,038 ) $ 1,687,795 Gross loans $ 165,718 $ 1,177,071 $ 900 $ 15,151 $ (113,000 ) $ 1,245,840 (Dollars in thousands) Asset December 31, 2015 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 198,629 $ 1,601,072 $ 17,676 $ 303,253 $ (429,317 ) $ 1,691,313 Gross loans $ 186,457 $ 1,223,028 $ 945 $ 18,455 $ (137,000 ) $ 1,291,885 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2016Segments | |
Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) | Mar. 06, 2016 | Mar. 03, 2015 | Feb. 26, 2015 | Apr. 07, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Feb. 27, 2015 |
Business Acquisition [Line Items] | ||||||||||
Securities transferred in satisfaction of other borrowings | $ 98,316,000 | |||||||||
Repayment of other borrowings | 1,659,000 | |||||||||
Business acquisition, bargain purchase gain | 12,509,000 | |||||||||
ColoEast Bankshares, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration transferred, maximum | $ 70,000,000 | |||||||||
Total consideration transferred, minimum | $ 69,000,000 | |||||||||
Business combination, total assets | $ 759,000,000 | $ 759,000,000 | ||||||||
Business combination, total loans | 453,000,000 | 453,000,000 | ||||||||
Business combination, total deposits | 664,000,000 | 664,000,000 | ||||||||
Doral Money Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, total assets | 151,646,000 | 151,646,000 | ||||||||
Business combination, total loans | 37,665,000 | 37,665,000 | ||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||
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 | ||||||||
Business acquisition, bargain purchase gain | 15,117,000 | |||||||||
Pre-tax expenses | 243,000 | |||||||||
Gain (loss) on sale of loans | $ 0 | |||||||||
Doral Money Acquisition | Measurement Period Adjustments | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, total assets | 2,588,000 | 2,588,000 | ||||||||
Business combination, total loans | 900,000 | 900,000 | ||||||||
Business acquisition, bargain purchase gain | $ 900,000 | $ 1,708,000 | $ 2,608,000 | |||||||
Doral Money Acquisition | Secured term loan credit facility | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Other borrowings 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% |
Business Combinations - Summary
Business Combinations - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 03, 2015 | Apr. 07, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 |
Liabilities assumed: | ||||||
Bargain purchase gain | $ (12,509) | |||||
Doral Money Acquisition | ||||||
Assets acquired: | ||||||
Cash | $ 8,273 | $ 8,273 | ||||
CLO Securities | 98,316 | 98,316 | ||||
Loans | 37,665 | 37,665 | ||||
Prepaid corporate income tax | 4,702 | 4,702 | ||||
Other assets | 772 | 772 | ||||
Total Assets Acquired | 151,646 | 151,646 | ||||
Liabilities assumed: | ||||||
Deferred tax liability | 663 | 663 | ||||
Other liabilities | 2 | 2 | ||||
Total liabilities | 665 | 665 | ||||
Fair value of net assets acquired | 150,981 | 150,981 | ||||
Net consideration transferred | $ 135,864 | 135,864 | ||||
Bargain purchase gain | (15,117) | |||||
Initial Values Recorded at Acquisition Date | Doral Money Acquisition | ||||||
Assets acquired: | ||||||
Cash | $ 8,273 | |||||
CLO Securities | 98,316 | |||||
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 | |||||
Bargain purchase gain | (12,509) | |||||
Measurement Period Adjustments | Doral Money Acquisition | ||||||
Assets acquired: | ||||||
Loans | 900 | 900 | ||||
Prepaid corporate income tax | 1,688 | 1,688 | ||||
Total Assets Acquired | 2,588 | 2,588 | ||||
Liabilities assumed: | ||||||
Other liabilities | (20) | (20) | ||||
Total liabilities | (20) | (20) | ||||
Fair value of net assets acquired | 2,608 | 2,608 | ||||
Bargain purchase gain | (900) | $ (1,708) | (2,608) | |||
CLO Management Contracts | Doral Money Acquisition | ||||||
Assets acquired: | ||||||
Intangible assets | $ 1,918 | $ 1,918 | ||||
CLO Management Contracts | Initial Values Recorded at Acquisition Date | Doral Money Acquisition | ||||||
Assets acquired: | ||||||
Intangible assets | $ 1,918 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $ 159,627 | $ 162,730 |
Available for sale securities, Gross Unrealized Gains | 2,288 | 995 |
Available for sale securities, Gross Unrealized Losses | (398) | (556) |
Available for sale securities, Fair Value | 161,517 | 163,169 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 25,796 | |
Held to maturity securities, Fair Value | 26,133 | 0 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 90,460 | 90,533 |
Available for sale securities, Gross Unrealized Gains | 1,508 | 518 |
Available for sale securities, Gross Unrealized Losses | (17) | |
Available for sale securities, Fair Value | 91,968 | 91,034 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 26,667 | 28,006 |
Available for sale securities, Gross Unrealized Gains | 510 | 361 |
Available for sale securities, Gross Unrealized Losses | (27) | |
Available for sale securities, Fair Value | 27,177 | 28,340 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 13,239 | 17,957 |
Available for sale securities, Gross Unrealized Gains | 24 | |
Available for sale securities, Gross Unrealized Losses | (396) | (455) |
Available for sale securities, Fair Value | 12,843 | 17,526 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 1,298 | 1,509 |
Available for sale securities, Gross Unrealized Gains | 29 | 17 |
Available for sale securities, Fair Value | 1,327 | 1,526 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 27,786 | 24,542 |
Available for sale securities, Gross Unrealized Gains | 239 | 74 |
Available for sale securities, Gross Unrealized Losses | (2) | (57) |
Available for sale securities, Fair Value | 28,023 | 24,559 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 177 | 183 |
Available for sale securities, Gross Unrealized Gains | 2 | 1 |
Available for sale securities, Fair Value | 179 | $ 184 |
CLO Securities | ||
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 25,796 | |
Held to maturity securities, Gross Unrealized Gains | 337 | |
Held to maturity securities, Fair Value | $ 26,133 |
Securities - Schedule of Amor42
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 20,707 | |
Due from one year to five years, Amortized Cost | 96,606 | |
Due from five years to ten years, Amortized Cost | 1,562 | |
Due after ten years, Amortized Cost | 669 | |
Available for Sale Securities, with single maturity date, Amortized Cost | 119,544 | |
Available for sale securities, Amortized Cost | 159,627 | $ 162,730 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, Fair Value | 20,757 | |
Due from one year to five years, Fair Value | 98,273 | |
Due from five years to ten years, Fair Value | 1,575 | |
Due after ten years, Fair Value | 713 | |
Available for Sale Securities, with single maturity date, Fair Value | 121,318 | |
Available for Sale Securities, Fair Value | 161,517 | 163,169 |
Held to Maturity Securities, Amortized Cost | ||
Due after ten years, Amortized Cost | 25,796 | |
Held to Maturity Securities, with single maturity date, Amortized Cost | 25,796 | |
Held to Maturity Securities, Amortized Cost | 25,796 | |
Held to Maturity Securities, Fair Value | ||
Due after ten years, Fair Value | 26,133 | |
Held to Maturity Securities, with single maturity date, Fair Value | 26,133 | |
Held to Maturity Securities, Fair Value | 26,133 | 0 |
Mortgage-backed Securities, Residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 26,667 | |
Available for sale securities, Amortized Cost | 26,667 | 28,006 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 27,177 | |
Available for Sale Securities, Fair Value | 27,177 | 28,340 |
Asset Backed Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 13,239 | |
Available for sale securities, Amortized Cost | 13,239 | 17,957 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 12,843 | |
Available for Sale Securities, Fair Value | 12,843 | 17,526 |
SBA Pooled Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 177 | |
Available for sale securities, Amortized Cost | 177 | 183 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 179 | |
Available for Sale Securities, Fair Value | $ 179 | $ 184 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sales of securities available for sale | $ 4,345,000 | $ 0 | |
Gross gains on sale of securities | 5,000 | ||
Gross losses on sale of securities | 0 | ||
Pledged securities, at carrying value | $ 82,826,000 | $ 100,034,000 |
Securities - Schedule of Inform
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 15,547 | $ 33,442 |
Less than 12 Months, Unrealized Losses | (398) | (517) |
12 Months or More, Fair Value | 4,605 | |
12 Months or More, Unrealized Losses | (39) | |
Total, Fair Value | 15,547 | 38,047 |
Total, Unrealized Losses | (398) | (556) |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 10,029 | |
Less than 12 Months, Unrealized Losses | (17) | |
Total, Fair Value | 10,029 | |
Total, Unrealized Losses | (17) | |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,948 | |
Less than 12 Months, Unrealized Losses | (27) | |
Total, Fair Value | 4,948 | |
Total, Unrealized Losses | (27) | |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 12,843 | 8,031 |
Less than 12 Months, Unrealized Losses | (396) | (416) |
12 Months or More, Fair Value | 4,605 | |
12 Months or More, Unrealized Losses | (39) | |
Total, Fair Value | 12,843 | 12,636 |
Total, Unrealized Losses | (396) | (455) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,704 | 10,434 |
Less than 12 Months, Unrealized Losses | (2) | (57) |
Total, Fair Value | 2,704 | 10,434 |
Total, Unrealized Losses | $ (2) | $ (57) |
Loans and Allowance for Loan 45
Loans and Allowance for Loan and Lease Losses - Summary of Information Concerning Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | $ 1,245,840 | $ 1,291,885 | ||
Allowance for loan and lease losses | (12,093) | (12,567) | $ (9,286) | $ (8,843) |
Loans, net | 1,233,747 | 1,279,318 | ||
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 293,485 | 291,819 | ||
Allowance for loan and lease losses | (1,619) | (1,489) | (1,075) | (533) |
Construction, land development, land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 41,622 | 43,876 | ||
Allowance for loan and lease losses | (198) | (367) | (344) | (333) |
1-4 family residential properties | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 76,973 | 78,244 | ||
Allowance for loan and lease losses | (285) | (274) | (223) | (215) |
Farmland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 33,250 | 33,573 | ||
Allowance for loan and lease losses | (133) | (134) | (26) | (19) |
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 509,433 | 495,356 | ||
Allowance for loan and lease losses | (5,331) | (5,276) | (3,996) | (4,003) |
Factored receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 199,532 | 215,088 | ||
Allowance for loan and lease losses | (4,110) | (4,509) | (3,380) | (3,462) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 13,530 | 13,050 | ||
Allowance for loan and lease losses | (222) | (216) | (84) | (140) |
Mortgage warehouse | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 78,015 | 120,879 | ||
Allowance for loan and lease losses | $ (195) | $ (302) | $ (158) | $ (138) |
Loans and Allowance for Loan 46
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Net deferred origination and factoring fees | $ 951,000 | $ 1,218,000 | |
Pledged loans | 263,680,000 | 280,289,000 | |
Loans transferred to loans held for sale | 2,881,000 | $ 0 | |
Loans transferred to loans held for sale, at fair value | 2,805,000 | ||
Recorded investments in troubled debt restructurings | 6,232,000 | 1,383,000 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Customer reserves | 21,293,000 | $ 21,188,000 | |
Other non interest income | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Decline in fair value of loans held sale | $ 76,000 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan and Lease Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 12,567 | $ 8,843 |
Provision for loan losses | (511) | 645 |
Charge-offs | (67) | (358) |
Recoveries | 104 | 156 |
Ending Balance | 12,093 | 9,286 |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 1,489 | 533 |
Provision for loan losses | 129 | 590 |
Charge-offs | (89) | |
Recoveries | 1 | 41 |
Ending Balance | 1,619 | 1,075 |
Construction, land development, land | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 367 | 333 |
Provision for loan losses | (169) | 11 |
Ending Balance | 198 | 344 |
1-4 family residential properties | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 274 | 215 |
Provision for loan losses | 22 | 90 |
Charge-offs | (16) | (105) |
Recoveries | 5 | 23 |
Ending Balance | 285 | 223 |
Farmland | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 134 | 19 |
Provision for loan losses | (1) | 7 |
Ending Balance | 133 | 26 |
Commercial Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 5,276 | 4,003 |
Provision for loan losses | 25 | (7) |
Charge-offs | (2) | |
Recoveries | 30 | 2 |
Ending Balance | 5,331 | 3,996 |
Factored receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 4,509 | 3,462 |
Provision for loan losses | (440) | (45) |
Charge-offs | (8) | (67) |
Recoveries | 49 | 30 |
Ending Balance | 4,110 | 3,380 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 216 | 140 |
Provision for loan losses | 30 | (21) |
Charge-offs | (43) | (95) |
Recoveries | 19 | 60 |
Ending Balance | 222 | 84 |
Mortgage warehouse | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 302 | 138 |
Provision for loan losses | (107) | 20 |
Ending Balance | $ 195 | $ 158 |
Loans and Allowance for Loan 48
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | $ 18,630 | $ 12,680 | ||
Loan Evaluation, Collectively | 1,215,104 | 1,265,974 | ||
Loan, Total | 1,245,840 | 1,291,885 | ||
ALLL Allocations, Individually | 2,921 | 2,591 | ||
ALLL Allocations, Collectively | 8,731 | 9,621 | ||
ALLL Allocations, Total ALLL | 12,093 | 12,567 | $ 9,286 | $ 8,843 |
Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 12,106 | 13,231 | ||
ALLL Allocations, PCI | 441 | 355 | ||
Commercial real estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 714 | 724 | ||
Loan Evaluation, Collectively | 287,658 | 286,006 | ||
Loan, Total | 293,485 | 291,819 | ||
ALLL Allocations, Individually | 100 | 100 | ||
ALLL Allocations, Collectively | 1,078 | 1,034 | ||
ALLL Allocations, Total ALLL | 1,619 | 1,489 | 1,075 | 533 |
Commercial real estate | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 5,113 | 5,089 | ||
ALLL Allocations, PCI | 441 | 355 | ||
Construction, land development, land | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 40,463 | 42,499 | ||
Loan, Total | 41,622 | 43,876 | ||
ALLL Allocations, Collectively | 198 | 367 | ||
ALLL Allocations, Total ALLL | 198 | 367 | 344 | 333 |
Construction, land development, land | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 1,159 | 1,377 | ||
1-4 family residential properties | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 637 | 618 | ||
Loan Evaluation, Collectively | 73,595 | 74,714 | ||
Loan, Total | 76,973 | 78,244 | ||
ALLL Allocations, Individually | 1 | 1 | ||
ALLL Allocations, Collectively | 284 | 273 | ||
ALLL Allocations, Total ALLL | 285 | 274 | 223 | 215 |
1-4 family residential properties | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 2,741 | 2,912 | ||
Farmland | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 33,250 | 33,573 | ||
Loan, Total | 33,250 | 33,573 | ||
ALLL Allocations, Collectively | 133 | 134 | ||
ALLL Allocations, Total ALLL | 133 | 134 | 26 | 19 |
Commercial Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 12,302 | 7,916 | ||
Loan Evaluation, Collectively | 494,038 | 483,587 | ||
Loan, Total | 509,433 | 495,356 | ||
ALLL Allocations, Individually | 1,246 | 796 | ||
ALLL Allocations, Collectively | 4,085 | 4,480 | ||
ALLL Allocations, Total ALLL | 5,331 | 5,276 | 3,996 | 4,003 |
Commercial Loans | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 3,093 | 3,853 | ||
Factored receivables | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 4,940 | 3,422 | ||
Loan Evaluation, Collectively | 194,592 | 211,666 | ||
Loan, Total | 199,532 | 215,088 | ||
ALLL Allocations, Individually | 1,574 | 1,694 | ||
ALLL Allocations, Collectively | 2,536 | 2,815 | ||
ALLL Allocations, Total ALLL | 4,110 | 4,509 | 3,380 | 3,462 |
Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 37 | |||
Loan Evaluation, Collectively | 13,493 | 13,050 | ||
Loan, Total | 13,530 | 13,050 | ||
ALLL Allocations, Collectively | 222 | 216 | ||
ALLL Allocations, Total ALLL | 222 | 216 | 84 | 140 |
Mortgage warehouse | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 78,015 | 120,879 | ||
Loan, Total | 78,015 | 120,879 | ||
ALLL Allocations, Collectively | 195 | 302 | ||
ALLL Allocations, Total ALLL | $ 195 | $ 302 | $ 158 | $ 138 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | $ 11,938 | $ 5,411 | |
Unpaid Principal, With Valuation Allowance | 12,229 | 5,448 | |
Related Allowance, With Valuation Allowance | 3,362 | 2,946 | |
Recorded Investment, Without Valuation Allowance | 8,115 | 7,794 | |
Unpaid Principal, Without Valuation Allowance | 8,270 | 8,027 | |
Average Impaired Loans | 16,629 | $ 11,382 | |
Interest Recognized | 101 | 205 | |
Purchased Credit Impaired Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,423 | 525 | |
Unpaid Principal, With Valuation Allowance | 1,679 | 525 | |
Related Allowance, With Valuation Allowance | 441 | 355 | |
Average Impaired Loans | 974 | 459 | |
Commercial real estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 532 | 531 | |
Unpaid Principal, With Valuation Allowance | 532 | 532 | |
Related Allowance, With Valuation Allowance | 100 | 100 | |
Recorded Investment, Without Valuation Allowance | 182 | 193 | |
Unpaid Principal, Without Valuation Allowance | 218 | 229 | |
Average Impaired Loans | 719 | 1,931 | |
Interest Recognized | 14 | ||
1-4 family residential properties | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 13 | 14 | |
Unpaid Principal, With Valuation Allowance | 20 | 21 | |
Related Allowance, With Valuation Allowance | 1 | 1 | |
Recorded Investment, Without Valuation Allowance | 624 | 604 | |
Unpaid Principal, Without Valuation Allowance | 734 | 793 | |
Average Impaired Loans | 628 | 691 | |
Interest Recognized | 1 | 28 | |
Commercial Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 5,535 | 1,491 | |
Unpaid Principal, With Valuation Allowance | 5,563 | 1,520 | |
Related Allowance, With Valuation Allowance | 1,246 | 796 | |
Recorded Investment, Without Valuation Allowance | 6,767 | 6,425 | |
Unpaid Principal, Without Valuation Allowance | 6,776 | 6,433 | |
Average Impaired Loans | 10,109 | 7,030 | |
Interest Recognized | 100 | 163 | |
Factored receivables | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 4,435 | 2,850 | |
Unpaid Principal, With Valuation Allowance | 4,435 | 2,850 | |
Related Allowance, With Valuation Allowance | 1,574 | 1,694 | |
Recorded Investment, Without Valuation Allowance | 505 | 572 | |
Unpaid Principal, Without Valuation Allowance | 505 | $ 572 | |
Average Impaired Loans | 4,181 | $ 1,271 | |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, Without Valuation Allowance | 37 | ||
Unpaid Principal, Without Valuation Allowance | 37 | ||
Average Impaired Loans | $ 18 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal Balances for Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | $ 1,245,840 | $ 1,291,885 |
Unpaid Principal | 1,258,428 | 1,306,193 |
Difference | (12,588) | (14,308) |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 293,485 | 291,819 |
Unpaid Principal | 300,151 | 299,272 |
Difference | (6,666) | (7,453) |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 41,622 | 43,876 |
Unpaid Principal | 43,111 | 45,376 |
Difference | (1,489) | (1,500) |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 76,973 | 78,244 |
Unpaid Principal | 79,488 | 81,141 |
Difference | (2,515) | (2,897) |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 33,250 | 33,573 |
Unpaid Principal | 33,208 | 33,533 |
Difference | 42 | 40 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 509,433 | 495,356 |
Unpaid Principal | 510,283 | 496,719 |
Difference | (850) | (1,363) |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 199,532 | 215,088 |
Unpaid Principal | 200,621 | 216,201 |
Difference | (1,089) | (1,113) |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 13,530 | 13,050 |
Unpaid Principal | 13,551 | 13,072 |
Difference | (21) | (22) |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 78,015 | 120,879 |
Unpaid Principal | $ 78,015 | $ 120,879 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $ 27,151 | $ 19,063 |
Past Due 90 Days or More Still Accruing | 2,553 | 1,940 |
Nonaccrual | 15,212 | 10,094 |
Total Past Due | 44,916 | 31,097 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 3 | 1,092 |
Nonaccrual | 7,127 | 6,867 |
Total Past Due | 7,130 | 7,959 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 148 | 693 |
Nonaccrual | 714 | 673 |
Total Past Due | 862 | 1,366 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 10,813 | |
Total Past Due | 10,813 | |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 574 | 909 |
Past Due 90 Days or More Still Accruing | 9 | |
Nonaccrual | 615 | 533 |
Total Past Due | 1,189 | 1,451 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 305 | |
Total Past Due | 305 | |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 5,167 | 3,704 |
Nonaccrual | 6,719 | 2,021 |
Total Past Due | 11,886 | 5,725 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 9,894 | 12,379 |
Past Due 90 Days or More Still Accruing | 2,553 | 1,931 |
Total Past Due | 12,447 | 14,310 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 247 | 286 |
Nonaccrual | 37 | |
Total Past Due | $ 284 | $ 286 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 15,212 | $ 10,094 | |
Factored receivables greater than 90 days past due | 2,553 | 1,940 | |
Nonperforming Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | [1] | 15,212 | 10,094 |
Factored receivables greater than 90 days past due | 2,553 | 1,931 | |
Troubled debt restructurings accruing interest | 3,465 | 1,330 | |
Total loans | $ 21,230 | $ 13,355 | |
[1] | Includes troubled debt restructurings of $2,767,000 and $53,000 at March 31, 2016 and December 31, 2015, respectively. |
Loans and Allowance for Loan 53
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Parenthetical) (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual | $ 15,212,000 | $ 10,094,000 |
Troubled Debt Restructuring | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual | $ 2,767,000 | $ 53,000 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 1,245,840 | $ 1,291,885 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 293,485 | 291,819 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 41,622 | 43,876 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 76,973 | 78,244 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 33,250 | 33,573 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 509,433 | 495,356 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 199,532 | 215,088 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 13,530 | 13,050 |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 78,015 | 120,879 |
Pass | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,200,066 | 1,251,388 |
Pass | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 286,997 | 284,753 |
Pass | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 40,463 | 42,499 |
Pass | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 73,608 | 73,838 |
Pass | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 33,250 | 33,573 |
Pass | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 478,078 | 470,208 |
Pass | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 196,164 | 212,588 |
Pass | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 13,491 | 13,050 |
Pass | Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 78,015 | 120,879 |
Substandard | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 32,491 | 25,785 |
Substandard | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,375 | 1,977 |
Substandard | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 624 | 1,494 |
Substandard | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 28,262 | 21,295 |
Substandard | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 2,191 | 1,019 |
Substandard | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 39 | |
Doubtful | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,177 | 1,481 |
Doubtful | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,177 | 1,481 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 12,106 | 13,231 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 5,113 | 5,089 |
Purchased Credit Impaired Loans | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,159 | 1,377 |
Purchased Credit Impaired Loans | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 2,741 | 2,912 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 3,093 | $ 3,853 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan and Lease Losses - Schedule of Loans Modified as Troubled Debt Restructurings (Details) - Commercial Loans $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | |
Number of Loans | loan | 16 |
Pre-Modification Outstanding Recorded Investment | $ 5,730 |
Post-Modification Outstanding Recorded Investment | $ 5,730 |
Loans and Allowance for Loan 56
Loans and Allowance for Loan and Lease Losses - Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $ 21,636 | $ 23,135 |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 17,229 | 17,800 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 4,407 | 5,335 |
Purchase Credit Impaired | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Gross carrying amount included in loans receivable | $ 12,106 | $ 13,231 |
Loans and Allowance for Loan 57
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning balance | $ 2,594 | $ 4,977 |
Accretion | (517) | (429) |
Disposals | (13) | (52) |
Accretable yield, ending balance | $ 2,064 | $ 4,496 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 15,968 | $ 15,968 |
Finite-Lived Intangible Assets, Gross Carrying Amount | 19,416 | 19,416 |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,507) | (7,530) |
Finite-Lived Intangible Assets, Net Carrying Amount | 10,909 | 11,886 |
Core Deposit Intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 14,586 | 14,586 |
Finite-Lived Intangible Assets, Accumulated Amortization | (6,320) | (5,765) |
Finite-Lived Intangible Assets, Net Carrying Amount | 8,266 | 8,821 |
Other Intangible Assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 4,830 | 4,830 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,187) | (1,765) |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 2,643 | $ 3,065 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill and intangible assets, beginning | $ 27,854 | $ 29,057 |
Acquired intangibles | 1,918 | |
Amortization of intangibles | (977) | (764) |
Goodwill and intangible assets, ending | $ 26,877 | $ 30,211 |
Variable Interest Entities - Su
Variable Interest Entities - Summarizes of Closed CLO Offerings with Assets (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2016 | 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 | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Oct. 31, 2015 | Sep. 21, 2015 | Jul. 22, 2015 | |
Variable Interest Entity [Line Items] | |||||
Asset management fees | $ 1,629 | $ 958 | |||
Trinitas IV | Preferred Stock | |||||
Variable Interest Entity [Line Items] | |||||
Equity investments in CLO | $ 36,000 | ||||
Equity investments | $ 10,000 | $ 4,000 | |||
Trinitas V | |||||
Variable Interest Entity [Line Items] | |||||
Equity investments in CLO | 4,500 | ||||
Subordinated debt issued to third party in CLO | $ 9,000 | ||||
Subordinated debt issued in CLO | $ 5,500 | $ 1,000 | |||
Trinitas IV and V | Collateralized Loan Obligation Funds | |||||
Variable Interest Entity [Line Items] | |||||
Equity investments | $ 21,870 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Noninterest bearing demand | $ 160,818 | $ 168,264 |
Interest bearing demand | 227,002 | 238,833 |
Individual retirement accounts | 63,265 | 60,971 |
Money market | 111,578 | 112,214 |
Savings | 77,969 | 74,759 |
Certificates of deposit | 569,820 | 543,909 |
Brokered deposits | 49,941 | 50,000 |
Total deposits | $ 1,260,393 | $ 1,248,950 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Deposits [Abstract] | |
Within one year | $ 519,352 |
After one but within two years | 124,619 |
After two but within three years | 20,846 |
After three but within four years | 12,505 |
After four but within five years | 5,704 |
Total | $ 683,026 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time deposits | $ 108,046 | $ 106,258 |
Off-Balance Sheet Loan Commit65
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | $ 1,050 | $ 1,030 |
Financial instruments, off balance sheet risk, variable rate | 2,212 | 1,999 |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 35,075 | 6,571 |
Financial instruments, off balance sheet risk, variable rate | 739 | 2,949 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 39,326 | 35,514 |
Financial instruments, off balance sheet risk, variable rate | $ 90,648 | $ 81,189 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure, recurring | $ 0 | $ 0 |
Liabilities, fair value disclosure, nonrecurring | $ 0 | $ 0 |
Level 3 | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | |
Real estate selling and closing costs as a percentage of appraised value | 5.00% | |
Level 3 | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | |
Real estate selling and closing costs as a percentage of appraised value | 8.00% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for sale securities: | ||
Securities - available for sale | $ 161,517 | $ 163,169 |
Loans held for sale | 3,043 | 1,341 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 161,517 | 163,169 |
Loans held for sale | 3,043 | 1,341 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 161,517 | 163,169 |
Loans held for sale | 3,043 | 1,341 |
US Government Agency Obligations [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 91,968 | 91,034 |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 91,968 | 91,034 |
US Government Agency Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 91,968 | 91,034 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Securities - available for sale | 27,177 | 28,340 |
Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 27,177 | 28,340 |
Mortgage-backed Securities, Residential | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 27,177 | 28,340 |
Asset Backed Securities | ||
Available for sale securities: | ||
Securities - available for sale | 12,843 | 17,526 |
Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 12,843 | 17,526 |
Asset Backed Securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 12,843 | 17,526 |
State and Municipal | ||
Available for sale securities: | ||
Securities - available for sale | 1,327 | 1,526 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 1,327 | 1,526 |
State and Municipal | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 1,327 | 1,526 |
Corporate Bonds | ||
Available for sale securities: | ||
Securities - available for sale | 28,023 | 24,559 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 28,023 | 24,559 |
Corporate Bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 28,023 | 24,559 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Securities - available for sale | 179 | 184 |
SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 179 | 184 |
SBA Pooled Securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | $ 179 | $ 184 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 8,700 | $ 3,970 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 8,700 | 3,970 |
Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 432 | 431 |
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 | 431 |
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 | 12 | 13 |
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 | 12 | 13 |
Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,289 | 695 |
Impaired Loans | Commercial Loans | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,289 | 695 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,861 | 1,156 |
Impaired Loans | Factored receivables | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,861 | 1,156 |
Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 982 | 170 |
Impaired Loans | PCI | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 982 | 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 | 124 | 128 |
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 | $ 124 | 128 |
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 | 1,377 | |
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 | $ 1,377 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $ 123,715 | $ 105,277 | ||
Securities - Held to maturity, Fair value | 26,133 | 0 | ||
Loans not previously presented, net, Fair Value | 1,231,620 | 1,281,408 | ||
Accrued interest receivable, Fair Value | 5,254 | 4,832 | ||
Cash and cash equivalents, Carrying Amount | 123,715 | 105,277 | $ 178,442 | $ 160,888 |
Securities - held to maturity, Carrying Amount | 25,796 | |||
Loans not previously presented, net, Carrying Amount | 1,225,171 | 1,276,853 | ||
FHLB stock, Carrying Amount | 4,234 | 3,818 | ||
Accrued interest receivable, Carrying Amount | 5,254 | 4,832 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,262,583 | 1,249,751 | ||
Customer repurchase agreements, Fair Value | 9,641 | 9,317 | ||
Federal Home Loan Bank advances, Fair Value | 110,000 | 130,000 | ||
Junior subordinated debentures, Fair Value | 24,503 | 23,153 | ||
Accrued interest payable, Fair Value | 1,272 | 1,231 | ||
Deposits, Carrying Amount | 1,260,393 | 1,248,950 | ||
Customer repurchase agreements, Carrying Amount | 9,641 | 9,317 | ||
Federal Home Loan Bank advances, Carrying Amount | 110,000 | 130,000 | ||
Junior subordinated debentures, Carrying Amount | 24,754 | 24,687 | ||
Accrued interest payable, Carrying Amount | 1,272 | 1,231 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 123,715 | 105,277 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 26,133 | |||
Accrued interest receivable, Fair Value | 5,254 | 4,832 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,262,583 | 1,249,751 | ||
Customer repurchase agreements, Fair Value | 9,641 | 9,317 | ||
Federal Home Loan Bank advances, Fair Value | 110,000 | 130,000 | ||
Junior subordinated debentures, Fair Value | 24,503 | 23,153 | ||
Accrued interest payable, Fair Value | 1,272 | 1,231 | ||
Level 3 | ||||
Financial assets: | ||||
Loans not previously presented, net, Fair Value | $ 1,231,620 | $ 1,281,408 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Capital conservation buffer rate in 2016 | 0.625% |
Capital conservation buffer rate increase in 2017 | 0.625% |
Capital conservation buffer rate increase in 2018 | 0.625% |
Capital conservation buffer rate in 2019 | 2.50% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to Risk Weighted Assets) Actual Amount | $ 280,547 | $ 276,924 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 19.70% | 19.10% |
Total Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Amount | $ 114,218 | $ 115,929 |
Total Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 268,305 | $ 264,239 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 18.80% | 18.20% |
Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Amount | $ 85,675 | $ 86,968 |
Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 237,317 | $ 235,253 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 16.60% | 16.20% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Amount | $ 64,256 | $ 65,227 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Average Assets) Actual Amount | $ 268,305 | $ 264,239 |
Tier 1 Capital (to Average Assets) Actual Ratio | 16.20% | 16.60% |
Tier 1 Capital (to Average Assets) Minimum For Capital Adequacy Purposes Amount | $ 66,085 | $ 63,824 |
Tier 1 Capital (to Average Assets) Minimum For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
TBK Bank SSB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to Risk Weighted Assets) Actual Amount | $ 208,647 | $ 205,978 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.20% | 14.70% |
Total Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Amount | $ 110,177 | $ 111,869 |
Total Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 137,721 | $ 139,836 |
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 | $ 196,489 | $ 193,293 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.30% | 13.80% |
Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Amount | $ 82,674 | $ 83,919 |
Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 110,232 | $ 111,892 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 196,489 | $ 193,293 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.30% | 13.80% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Amount | $ 62,006 | $ 62,939 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 89,564 | $ 90,912 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets) Actual Amount | $ 196,489 | $ 193,293 |
Tier 1 Capital (to Average Assets) Actual Ratio | 12.40% | 12.70% |
Tier 1 Capital (to Average Assets) Minimum For Capital Adequacy Purposes Amount | $ 63,231 | $ 61,024 |
Tier 1 Capital (to Average Assets) Minimum For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 79,038 | $ 76,280 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Structure (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 18,052,723 | 18,052,723 |
Number of shares outstanding | 18,015,423 | 18,018,200 |
Par value per share | $ 0.01 | $ 0.01 |
Number of shares outstanding, treasury stock | 37,300 | 34,523 |
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% |
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% |
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 | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation | $ 353 | $ 696 | |
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 | $ 988 | ||
Weighted-average period to recognize cost | 1 year 2 months 12 days | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 2 years | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 3 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Nonvested RSAs (Details) - Restricted Stock Awards (RSAs) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 201,270 | 252,256 |
Nonvested, Granted | 0 | 0 |
Nonvested, Vested | 0 | 0 |
Nonvested, Forfeited | (2,777) | 0 |
Nonvested, Ending balance | 198,493 | 252,256 |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $ 14.24 | $ 14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | 0 | 0 |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | 0 | 0 |
Weighted-Average Granted-Date Fair Value, Nonvested, Forfeited | 14.37 | 0 |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $ 14.24 | $ 14.71 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic | ||
Net income to common stockholders | $ 4,812 | $ 13,852 |
Weighted average common shares outstanding | 17,816,930 | 17,711,527 |
Basic earnings per common share | $ 0.27 | $ 0.78 |
Diluted | ||
Net income to common stockholders | $ 4,812 | $ 13,852 |
Dilutive effect of preferred stock | 192 | |
Net income to common stockholders - diluted | $ 4,812 | $ 14,044 |
Weighted average common shares outstanding | 17,816,930 | 17,711,527 |
Average shares and dilutive potential common shares | 17,981,276 | 18,428,663 |
Dilutive earnings per common share | $ 0.27 | $ 0.76 |
Restricted Stock | ||
Diluted | ||
Dilutive effects of restricted stock | 113,788 | 11,962 |
Preferred Stock - Series A | ||
Diluted | ||
Dilutive effects of assumed conversion of shares | 315,773 | |
Antidilutive shares | 315,773 | |
Preferred Stock - Series B | ||
Diluted | ||
Dilutive effects of assumed conversion of shares | 360,578 | |
Antidilutive shares | 360,578 | |
Warrant | ||
Diluted | ||
Dilutive effects of assumed exercises of stock warrants | 50,558 | 28,823 |
Business Segment Information -
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 24,893 | $ 21,579 | |
Total interest expense | 2,404 | 1,854 | |
Net interest income | 22,489 | 19,725 | |
Provision for loan losses | (511) | 645 | |
Net interest income after provision for loan losses | 23,000 | 19,080 | |
Bargain purchase gain | 12,509 | ||
Other noninterest income | 4,150 | ||
Noninterest income | 4,981 | 16,659 | |
Noninterest expense | 20,078 | 20,783 | |
Net income before income tax | 7,903 | 14,956 | |
Total assets | 1,687,795 | $ 1,691,313 | |
Gross loans | 1,245,840 | 1,291,885 | |
Operating Segments | Factoring | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 7,185 | 7,228 | |
Intersegment interest allocations | (1,001) | (909) | |
Net interest income | 6,184 | 6,319 | |
Provision for loan losses | (470) | (109) | |
Net interest income after provision for loan losses | 6,654 | 6,428 | |
Other noninterest income | 331 | ||
Noninterest income | 445 | ||
Noninterest expense | 4,573 | 4,312 | |
Net income before income tax | 2,526 | 2,447 | |
Total assets | 176,388 | 198,629 | |
Gross loans | 165,718 | 186,457 | |
Operating Segments | Banking | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 17,426 | 14,235 | |
Intersegment interest allocations | 1,001 | 909 | |
Total interest expense | 2,102 | 1,572 | |
Net interest income | 16,325 | 13,572 | |
Provision for loan losses | (124) | 754 | |
Net interest income after provision for loan losses | 16,449 | 12,818 | |
Other noninterest income | 2,585 | ||
Noninterest income | 2,015 | ||
Noninterest expense | 13,582 | 12,400 | |
Net income before income tax | 4,882 | 3,003 | |
Total assets | 1,597,373 | 1,601,072 | |
Gross loans | 1,177,071 | 1,223,028 | |
Operating Segments | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 31 | 60 | |
Total interest expense | 10 | ||
Net interest income | 31 | 50 | |
Net interest income after provision for loan losses | 31 | 50 | |
Bargain purchase gain | 12,509 | ||
Other noninterest income | 957 | ||
Noninterest income | 1,671 | ||
Noninterest expense | 1,346 | 2,626 | |
Net income before income tax | 356 | 10,890 | |
Total assets | 14,568 | 17,676 | |
Gross loans | 900 | 945 | |
Operating Segments | Corporate | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 251 | 56 | |
Total interest expense | 302 | 272 | |
Net interest income | (51) | (216) | |
Provision for loan losses | 83 | ||
Net interest income after provision for loan losses | (134) | (216) | |
Other noninterest income | 277 | ||
Noninterest income | 850 | ||
Noninterest expense | 577 | 1,445 | |
Net income before income tax | 139 | $ (1,384) | |
Total assets | 306,504 | 303,253 | |
Gross loans | 15,151 | 18,455 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (407,038) | (429,317) | |
Gross loans | $ (113,000) | $ (137,000) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Omnibus Incentive Plan | Apr. 01, 2016USD ($)shares |
Subsequent Event [Line Items] | |
Restricted stock and non-qualified stock options vesting period | 4 years |
Restricted Stock Awards (RSAs) | |
Subsequent Event [Line Items] | |
Restricted stock issued | shares | 101,105 |
Restricted stock grant date fair value | $ | $ 1,605,000 |
Non-qualified Stock Options | |
Subsequent Event [Line Items] | |
Non-qualified stock options issued | shares | 164,175 |
Non-qualified stock options grant date fair value | $ | $ 961,000 |