Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 19, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 18,105,038 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 32,252 | $ 38,613 |
Interest bearing deposits with other banks | 93,832 | 75,901 |
Total cash and cash equivalents | 126,084 | 114,514 |
Securities - available for sale | 254,452 | 275,029 |
Securities - held to maturity, fair value of $30,072 and $30,821, respectively | 28,882 | 29,352 |
Loans, net of allowance for loan and lease losses of $19,093 and $15,405, respectively | 2,016,143 | 2,012,219 |
Federal Home Loan Bank stock, at cost | 7,167 | 8,430 |
Premises and equipment, net | 44,630 | 45,460 |
Other real estate owned, net | 11,638 | 6,077 |
Goodwill | 28,810 | 28,810 |
Intangible assets, net | 15,423 | 17,721 |
Bank-owned life insurance | 36,679 | 36,509 |
Deferred tax assets, net | 15,678 | 18,825 |
Other assets | 49,772 | 48,121 |
Total assets | 2,635,358 | 2,641,067 |
Liabilities | ||
Noninterest bearing | 382,009 | 363,351 |
Interest bearing | 1,642,279 | 1,652,434 |
Total deposits | 2,024,288 | 2,015,785 |
Customer repurchase agreements | 10,468 | 10,490 |
Federal Home Loan Bank advances | 200,000 | 230,000 |
Subordinated notes | 48,757 | 48,734 |
Junior subordinated debentures | 32,840 | 32,740 |
Other liabilities | 18,580 | 13,973 |
Total liabilities | 2,334,933 | 2,351,722 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Preferred Stock | 9,746 | 9,746 |
Common stock | 182 | 182 |
Additional paid-in-capital | 197,866 | 197,157 |
Treasury stock, at cost | (1,494) | (1,374) |
Retained earnings | 94,191 | 83,910 |
Accumulated other comprehensive income (loss) | (66) | (276) |
Total stockholders’ equity | 300,425 | 289,345 |
Total liabilities and stockholders' equity | $ 2,635,358 | $ 2,641,067 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||||
Securities - Held to maturity, Fair value | $ 30,072 | $ 30,821 | ||
Allowance for loan and lease losses | $ 19,093 | $ 15,405 | $ 12,093 | $ 12,567 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and dividend income: | ||
Loans, including fees | $ 25,185 | $ 16,088 |
Factored receivables, including fees | 9,167 | 7,822 |
Securities | 1,611 | 765 |
FHLB stock | 42 | 10 |
Cash deposits | 327 | 208 |
Total interest income | 36,332 | 24,893 |
Interest expense: | ||
Deposits | 2,869 | 1,993 |
Subordinated notes | 835 | |
Junior subordinated debentures | 465 | 302 |
Other borrowings | 344 | 109 |
Total interest expense | 4,513 | 2,404 |
Net interest income | 31,819 | 22,489 |
Provision for loan losses | 7,678 | (511) |
Net interest income after provision for loan losses | 24,141 | 23,000 |
Noninterest income: | ||
Service charges on deposits | 980 | 659 |
Card income | 827 | 546 |
Net OREO gains (losses) and valuation adjustments | 11 | (11) |
Net gains (losses) on sale of securities | 5 | |
Net gains on sale of loans | 12 | |
Fee income | 583 | 534 |
Asset management fees | 1,717 | 1,629 |
Gain on sale of subsidiary | 20,860 | |
Other | 2,307 | 1,607 |
Total noninterest income | 27,285 | 4,981 |
Noninterest expense: | ||
Salaries and employee benefits | 21,958 | 12,252 |
Occupancy, furniture and equipment | 2,359 | 1,493 |
FDIC insurance and other regulatory assessments | 226 | 224 |
Professional fees | 1,968 | 1,073 |
Amortization of intangible assets | 1,111 | 977 |
Advertising and promotion | 938 | 519 |
Communications and technology | 2,174 | 1,432 |
Other | 4,103 | 2,108 |
Total noninterest expense | 34,837 | 20,078 |
Net income before income tax | 16,589 | 7,903 |
Income tax expense | 6,116 | 2,897 |
Net income | 10,473 | 5,006 |
Dividends on preferred stock | (192) | (194) |
Net income available to common stockholders | $ 10,281 | $ 4,812 |
Earnings per common share | ||
Basic | $ 0.57 | $ 0.27 |
Diluted | $ 0.55 | $ 0.27 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 10,473 | $ 5,006 |
Unrealized gains (losses) on securities: | ||
Unrealized holding gains (losses) arising during the period | 335 | 1,456 |
Reclassification of amount realized through sale of securities | (5) | |
Tax effect | (125) | (540) |
Total other comprehensive income (loss) | 210 | 911 |
Comprehensive income | $ 10,683 | $ 5,917 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series A Preferred Dividends | Series B Preferred Dividends | Series A Preferred Dividends | Series B Preferred Dividends | Preferred Stock | Common Stock | Additional Paid-in-Capital | Treasury Stock | Retained Earnings | Retained EarningsSeries A Preferred Dividends | Retained EarningsSeries B Preferred Dividends | Retained EarningsSeries A Preferred Dividends | Retained EarningsSeries B Preferred Dividends | Accumulated Other Comprehensive Income |
Beginning Balance at Dec. 31, 2015 | $ 268,038 | $ 9,746 | $ 181 | $ 194,297 | $ (560) | $ 64,097 | $ 277 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2015 | 18,018,200 | 34,523 | |||||||||||||
Stock based compensation | 353 | 353 | |||||||||||||
Forfeiture of restricted stock awards | 37 | $ (37) | |||||||||||||
Forfeiture of restricted stock awards (in shares) | (2,777) | 2,777 | |||||||||||||
Preferred dividends | $ (91) | $ (103) | $ (91) | $ (103) | |||||||||||
Net income | 5,006 | 5,006 | |||||||||||||
Other comprehensive income | 911 | 911 | |||||||||||||
Ending Balance at Mar. 31, 2016 | 274,114 | 9,746 | $ 181 | 194,687 | $ (597) | 68,909 | 1,188 | ||||||||
Ending Balance (in shares) at Mar. 31, 2016 | 18,015,423 | 37,300 | |||||||||||||
Beginning Balance at Dec. 31, 2016 | 289,345 | 9,746 | $ 182 | 197,157 | $ (1,374) | 83,910 | (276) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2016 | 18,078,247 | 76,118 | |||||||||||||
Issuance of restricted stock awards (in shares) | 5,174 | ||||||||||||||
Stock based compensation | 702 | 702 | |||||||||||||
Forfeiture of restricted stock awards | 7 | $ (7) | |||||||||||||
Forfeiture of restricted stock awards (in shares) | (251) | 251 | |||||||||||||
Purchase of treasury stock | (113) | $ (113) | |||||||||||||
Purchase of treasury stock (in shares) | (4,401) | 4,401 | |||||||||||||
Preferred dividends | $ (90) | $ (102) | $ (90) | $ (102) | |||||||||||
Net income | 10,473 | 10,473 | |||||||||||||
Other comprehensive income | 210 | 210 | |||||||||||||
Ending Balance at Mar. 31, 2017 | $ 300,425 | $ 9,746 | $ 182 | $ 197,866 | $ (1,494) | $ 94,191 | $ (66) | ||||||||
Ending Balance (in shares) at Mar. 31, 2017 | 18,078,769 | 80,770 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 10,473 | $ 5,006 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 958 | 572 |
Net accretion on loans and deposits | (1,080) | (1,190) |
Amortization of subordinated notes issuance costs | 23 | |
Amortization of junior subordinated debentures | 100 | 67 |
Net amortization on securities | 644 | 176 |
Amortization of intangible assets | 1,111 | 977 |
Deferred taxes | 3,023 | (133) |
Provision for loan losses | 7,678 | (511) |
Stock based compensation | 702 | 353 |
Net (gain) loss on loans transferred to loans held for sale | 46 | 76 |
Net gains on sale of loans | (12) | |
Net OREO (gains) losses and valuation adjustments | (11) | 11 |
Gain on sale of subsidiary | (20,860) | |
Income from CLO warehouse investments | (964) | (984) |
(Increase) decrease in other assets | 509 | 3,366 |
Increase (decrease) in other liabilities | 1,262 | (1,428) |
Net cash provided by (used in) operating activities | 3,614 | 6,346 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (4,817) | (3,264) |
Proceeds from sales of securities available for sale | 4,345 | |
Proceeds from maturities, calls, and pay downs of securities available for sale | 24,706 | 1,829 |
Purchases of securities held to maturity | (25,775) | |
Proceeds from maturities, calls, and pay downs of securities held to maturity | 4,109 | |
Purchases of loans (shared national credits) | (995) | |
Proceeds from sale of loans | 1,919 | |
Net change in loans | (7,947) | 45,177 |
Purchases of premises and equipment, net | (405) | (494) |
Net proceeds from sale of OREO | 683 | 59 |
(Purchases) redemptions of FHLB stock, net | 1,263 | (416) |
Proceeds from sale of subsidiary, net | 10,269 | |
Net cash provided by (used in) investing activities | 29,780 | 20,466 |
Cash flows from financing activities: | ||
Net increase in deposits | 8,503 | 11,496 |
Increase (decrease) in customer repurchase agreements | (22) | 324 |
Increase (decrease) in Federal Home Loan Bank advances | (30,000) | (20,000) |
Purchase of treasury stock | (113) | |
Dividends on preferred stock | (192) | (194) |
Net cash provided by (used in) financing activities | (21,824) | (8,374) |
Net increase (decrease) in cash and cash equivalents | 11,570 | 18,438 |
Cash and cash equivalents at beginning of period | 114,514 | 105,277 |
Cash and cash equivalents at end of period | 126,084 | 123,715 |
Supplemental cash flow information: | ||
Interest paid | 5,269 | 2,348 |
Income taxes paid (refunds received), net | (917) | 1,123 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 5,960 | 156 |
Premises transferred to OREO | 273 | 2,215 |
Loans transferred to loans held for sale | 1,919 | $ 2,805 |
Securities held to maturity purchased, not settled | 3,260 | |
Consideration received from sale of subsidiary | $ 12,123 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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, Inc. (“TIG”). TBK Bank also does business under the following names: (i) Triumph Community Bank (“TCB”) with respect to its community banking business in certain 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. On March 31, 2017 the Company sold its membership interests in TCA. See Note 2 – Business Combinations and Divestitures for details of the TCA sale and its impact on our consolidated financial statements. Principles of Consolidation and 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, 2016. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The Company has four reportable segments consisting of Banking, Factoring, Asset Management, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. On March 31, 2017 the Company sold its membership interests in TCA, which comprised the entirety of the Asset Management segment’s operations. See Note 2 – Business Combinations and Divestitures for details of the TCA sale and its impact on our consolidated financial statements. Adoption of New Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 new standard was effective for the Company on January 1, 2017. Adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. As permitted by the amendment, the Company elected to early adopt the provisions of this ASU as of January 1, 2017. Adoption of ASU 2017-08 did not have a material impact on the Company’s consolidated financial statements. Newly Issued, But Not Yet Effective Accounting Standards In May 2014, the FASB issued ASU 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 is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the full effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures, however, adoption of the ASU is not expected to have a significant impact. The Company’s primary sources of revenues are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of ASU 2014-09. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. ASU 2016-01 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on our consolidated financial statements and related disclosures. 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. Adoption of ASU 2016-02 is not expected to have a material impact on the Company’s consolidated financial statements. The Company leases certain properties and equipment under operating leases that will result in the recognition of lease assets and lease liabilities on the Company’s balance sheet under the ASU, however, the majority of the Company’s properties and equipment are owned, not leased. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). Among other things, ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to form their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 31, 2019, and interim periods within those years for public business entities that are SEC filers. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. 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 and Dives
Business Combinations and Divestitures | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES Triumph Capital Advisors, LLC On March 31, 2017, the Company sold its wholly owned asset management subsidiary, Triumph Capital Advisors, LLC, to an unrelated third party. The transaction was completed to enhance shareholder value and provide a platform for TCA to operate without the impact of regulations intended for depository institutions. A summary of the consideration received and the gain on sale is as follows: (Dollars in thousands) Consideration received (fair value): Cash $ 10,554 Loan receivable 10,500 Revenue share 1,623 Total consideration received 22,677 Carrying value of TCA membership interest 1,417 Gain on sale of subsidiary 21,260 Transaction costs 400 Gain on sale of subsidiary, net of transaction costs $ 20,860 The Company financed a portion of the consideration received with a $10,500,000 term credit facility. Terms of the floating rate credit facility provide for quarterly principal and interest payments with an interest rate floor of 5.50%, maturing on March 31, 2023. The Company received a $25,000 origination fee associated with the term credit facility that was deferred and will be accreted over the contractual life of the loan as a yield adjustment. In addition, the Company is entitled to receive an annual earn-out payment representing 3% of TCA’s future annual gross revenue, with a total maximum earn-out amount of $2,500,000. The revenue share earn-out is considered contingent consideration which the Company elected to record as an asset at its estimated fair value of $1,623,000 on the date of sale. The Company incurred pre-tax expenses related to the transaction, including professional fees and other direct transaction costs, totaling $400,000 which were netted against the gain on sale of subsidiary in the consolidated statements of income during the three months ended March 31, 2017. Southern Transportation Insurance Agency On September 1, 2016, the Company acquired Southern Transportation Insurance Agency, Ltd. in an all-cash transaction for $2,150,000. The purpose of the acquisition was to expand the Company’s product offerings for clients in the transportation industry. The Company recognized an intangible asset of $1,580,000 and goodwill of $570,000, which were allocated to the Company’s Banking segment. Goodwill resulted from expected enhanced product offerings and will be amortized for tax purposes. ColoEast Bankshares, Inc. On August 1, 2016, the Company acquired 100% of the outstanding common stock of ColoEast Bankshares, Inc. (“ColoEast”) and its community banking subsidiary, Colorado East Bank & Trust, in an all-cash transaction for $70,000,000. The Company also assumed $10,500,000 of ColoEast preferred stock issued in conjunction with the U.S. Government’s Treasury Asset Relief Program (“TARP Preferred Stock”). Colorado East Bank & Trust, which was merged into TBK Bank upon closing, offers personal checking, savings, CD, money market, HSA, IRA, NOW and business accounts, as well as commercial and consumer loans from 18 branches and one loan production office located throughout Colorado and far western Kansas. The acquisition expands the Company’s market into Colorado and Kansas and further diversifies the Company’s loan, customer, and deposit base. A summary of the fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: Initial Values Measurement Recorded at Period Adjusted (Dollars in thousands) Acquisition Date Adjustments Values Assets acquired: Cash and cash equivalents $ 57,671 $ — $ 57,671 Securities 161,693 — 161,693 Loans 460,775 — 460,775 FHLB and Federal Reserve Bank stock 550 — 550 Premises and equipment 23,940 — 23,940 Other real estate owned 3,105 (143 ) 2,962 Intangible assets 7,238 — 7,238 Bank-owned life insurance 6,400 — 6,400 Deferred income taxes 4,511 (70 ) 4,441 Other assets 10,022 — 10,022 735,905 (213 ) 735,692 Liabilities assumed: Deposits 652,952 — 652,952 Junior subordinated debentures 7,728 — 7,728 Other liabilities 6,784 — 6,784 667,464 — 667,464 Fair value of net assets acquired 68,441 (213 ) 68,228 Cash paid 70,000 — 70,000 TARP Preferred Stock assumed 10,500 — 10,500 Consideration transferred 80,500 — 80,500 Goodwill $ 12,059 $ 213 $ 12,272 The consideration was comprised of a combination of cash and the assumption of ColoEast’s TARP Preferred Stock. The Company recognized goodwill of $12,272,000, which included measurement period adjustments related to the final valuation of other real estate owned acquired in the transaction and the finalization of income taxes associated with the transaction. Goodwill was calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Banking segment. The goodwill in this acquisition resulted from expected synergies and expansion into the Colorado and Kansas markets The TARP Preferred Stock assumed in the acquisition was redeemed by the Company at par on August 31, 2016. In connection with the ColoEast acquisition, the Company acquired loans both with and without evidence of credit quality deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan losses. Acquired loans were segregated between those considered to be purchased credit impaired (“PCI”) loans and those without credit impairment at acquisition. The following table presents details on acquired loans at the acquisition date: Loans, Excluding PCI Total (Dollars in thousands) PCI Loans Loans Loans Commercial real estate $ 86,569 $ 10,907 $ 97,476 Construction, land development, land 58,718 2,933 61,651 1-4 family residential properties 36,412 91 36,503 Farmland 100,977 233 101,210 Commercial 151,605 5,129 156,734 Factored receivables 694 — 694 Consumer 6,507 — 6,507 $ 441,482 $ 19,293 $ 460,775 The operations of ColoEast are included in the Company’s operating results beginning August 1, 2016. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $1,618,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended September 30, 2016. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair March 31, 2017 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 158,212 $ 565 $ (561 ) $ 158,216 U.S. Treasury notes 4,820 29 — 4,849 Mortgage-backed securities, residential 23,580 417 (157 ) 23,840 Asset backed securities 12,966 — (126 ) 12,840 State and municipal 25,580 11 (405 ) 25,186 Corporate bonds 27,250 115 (4 ) 27,361 SBA pooled securities 148 1 — 149 Mutual fund 2,000 11 — 2,011 Total available for sale securities $ 254,556 $ 1,149 $ (1,253 ) $ 254,452 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 28,882 $ 1,284 $ (94 ) $ 30,072 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2016 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 180,945 $ 640 $ (643 ) $ 180,942 Mortgage-backed securities, residential 24,710 453 (173 ) 24,990 Asset backed securities 13,031 30 (159 ) 12,902 State and municipal 27,339 6 (708 ) 26,637 Corporate bonds 27,287 106 (3 ) 27,390 SBA pooled securities 156 1 — 157 Mutual fund 2,000 11 — 2,011 Total available for sale securities $ 275,468 $ 1,247 $ (1,686 ) $ 275,029 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 29,352 $ 1,527 $ (58 ) $ 30,821 The amortized cost and estimated fair value of securities at March 31, 2017, 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 $ 57,965 $ 57,950 $ — $ — Due from one year to five years 133,213 133,274 — — Due from five years to ten years 5,858 5,794 9,491 10,015 Due after ten years 18,826 18,594 19,391 20,057 215,862 215,612 28,882 30,072 Mortgage-backed securities, residential 23,580 23,840 — — Asset backed securities 12,966 12,840 — — SBA pooled securities 148 149 — — Mutual fund 2,000 2,011 — — $ 254,556 $ 254,452 $ 28,882 $ 30,072 Proceeds from sales of securities and the associated gross gains and losses for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Proceeds $ — $ 4,345 Gross gains $ — $ 5 Gross losses $ — $ — Securities with a carrying amount of approximately $167,322,000 and $194,571,000 at March 31, 2017 and December 31, 2016, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law. Information pertaining to securities with gross unrealized and unrecognized losses at March 31, 2017 and December 31, 2016, 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, 2017 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 82,730 $ (561 ) $ — $ — $ 82,730 $ (561 ) U.S. Treasury notes — — — — — — Mortgage-backed securities, residential 6,520 (157 ) — — 6,520 (157 ) Asset backed securities 4,863 (79 ) 7,977 (47 ) 12,840 (126 ) State and municipal 24,119 (405 ) — — 24,119 (405 ) Corporate bonds 371 (4 ) — — 371 (4 ) SBA pooled securities — — — — — — Mutual fund — — — — — — $ 118,603 $ (1,206 ) $ 7,977 $ (47 ) $ 126,580 $ (1,253 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized March 31, 2017 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 6,532 $ (94 ) $ — $ — $ 6,532 $ (94 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2016 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 95,362 $ (643 ) $ — $ — $ 95,362 $ (643 ) Mortgage-backed securities, residential 6,594 (173 ) — — 6,594 (173 ) Asset backed securities — — 7,946 (159 ) 7,946 (159 ) State and municipal 25,771 (708 ) — — 25,771 (708 ) Corporate bonds 372 (3 ) — — 372 (3 ) SBA pooled securities — — — — — — Mutual funds — — — — — — $ 128,099 $ (1,527 ) $ 7,946 $ (159 ) $ 136,045 $ (1,686 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2016 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 3,323 $ (58 ) $ — $ — $ 3,323 $ (58 ) 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. At March 31, 2017, the Company had 91 securities in an unrealized loss position. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe that any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2017, management believes that 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, 2017 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Loan and Lease Losses | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES The following table presents the recorded investment and unpaid principal for loans at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Recorded Unpaid Recorded Unpaid (Dollars in thousands) Investment Principal Difference Investment Principal Difference Commercial real estate $ 498,099 $ 503,659 $ (5,560 ) $ 442,237 $ 447,926 $ (5,689 ) Construction, land development, land 109,849 113,173 (3,324 ) 109,812 113,211 (3,399 ) 1-4 family residential properties 105,230 106,979 (1,749 ) 104,974 106,852 (1,878 ) Farmland 136,537 137,587 (1,050 ) 141,615 142,673 (1,058 ) Commercial 792,764 796,712 (3,948 ) 778,643 783,349 (4,706 ) Factored receivables 242,098 243,535 (1,437 ) 238,198 239,432 (1,234 ) Consumer 28,415 28,425 (10 ) 29,764 29,782 (18 ) Mortgage warehouse 122,244 122,244 — 182,381 182,381 — Total 2,035,236 $ 2,052,314 $ (17,078 ) 2,027,624 $ 2,045,606 $ (17,982 ) Allowance for loan and lease losses (19,093 ) (15,405 ) $ 2,016,143 $ 2,012,219 The difference between the recorded investment and the unpaid principal is primarily associated with (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI) totaling $14,072,000 and $15,210,000 at March 31, 2017 and December 31, 2016, respectively, and (2) net deferred origination and factoring fees totaling $3,006,000 and $2,772,000 at March 31, 2017 and December 31, 2016, respectively. At March 31, 2017 and December 31, 2016, the Company had $23,573,000 and $23,597,000, 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. Loans with carrying amounts of $450,654,000 and $497,573,000 at March 31, 2017 and December 31, 2016, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity. During the three months ended March 31, 2017 and 2016, loans with carrying amounts of $1,965,000 and $2,881,000, respectively, were transferred to loans held for sale as the Company made the decision to sell the loans. These loans were subsequently sold resulting in proceeds of $1,919,000 and $2,805,000, respectively, and losses on sale of loans of $46,000 and $76,000, respectively, which were recorded as other noninterest income in the consolidated statements of income. Allowance for Loan and Lease Losses The activity in the allowance for loan and lease losses (“ALLL”) during the three months ended March 31, 2017 and 2016 is as follows: (Dollars in thousands) Beginning Ending Three months ended March 31, 2017 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,813 $ 567 $ (137 ) $ — $ 2,243 Construction, land development, land 465 513 (419 ) 7 566 1-4 family residential properties 253 (70 ) (28 ) 5 160 Farmland 170 44 — — 214 Commercial 8,014 5,793 (2,852 ) 222 11,177 Factored receivables 4,088 519 (580 ) 37 4,064 Consumer 420 372 (299 ) 54 547 Mortgage warehouse 182 (60 ) — — 122 $ 15,405 $ 7,678 $ (4,315 ) $ 325 $ 19,093 (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 The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (“PCI”) loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations March 31, 2017 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 724 $ 486,621 $ 10,754 $ 498,099 $ — $ 1,888 $ 355 $ 2,243 Construction, land development, land 415 105,846 3,588 109,849 25 541 — 566 1-4 family residential properties 1,266 101,671 2,293 105,230 — 160 — 160 Farmland 2,920 133,380 237 136,537 — 214 — 214 Commercial 25,159 763,025 4,580 792,764 2,034 8,143 1,000 11,177 Factored receivables 3,728 238,370 — 242,098 1,732 2,332 — 4,064 Consumer 133 28,282 — 28,415 — 547 — 547 Mortgage warehouse — 122,244 — 122,244 — 122 — 122 $ 34,345 $ 1,979,439 $ 21,452 $ 2,035,236 $ 3,791 $ 13,947 $ 1,355 $ 19,093 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2016 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,456 $ 427,918 $ 12,863 $ 442,237 $ 100 $ 1,358 $ 355 $ 1,813 Construction, land development, land 362 105,493 3,957 109,812 25 440 — 465 1-4 family residential properties 1,095 101,551 2,328 104,974 1 252 — 253 Farmland 1,333 140,045 237 141,615 — 170 — 170 Commercial 33,033 738,088 7,522 778,643 2,101 5,913 — 8,014 Factored receivables 3,176 235,022 — 238,198 1,546 2,542 — 4,088 Consumer 73 29,691 — 29,764 — 420 — 420 Mortgage warehouse — 182,381 — 182,381 — 182 — 182 $ 40,528 $ 1,960,189 $ 26,907 $ 2,027,624 $ 3,773 $ 11,277 $ 355 $ 15,405 The following is a summary of information pertaining to impaired loans. 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, 2017 Investment Principal Allowance Investment Principal Commercial real estate $ — $ — $ — $ 724 $ 757 Construction, land development, land 281 279 25 134 136 1-4 family residential properties — — — 1,266 1,391 Farmland — — — 2,920 2,980 Commercial 15,118 15,261 2,034 10,041 10,131 Factored receivables 3,728 3,728 1,732 — — Consumer — — — 133 132 Mortgage warehouse — — — — — PCI 2,702 3,006 1,355 — — $ 21,829 $ 22,274 $ 5,146 $ 15,218 $ 15,527 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, 2016 Investment Principal Allowance Investment Principal Commercial real estate $ 517 $ 517 $ 100 $ 939 $ 1,011 Construction, land development, land 277 275 25 85 86 1-4 family residential properties 8 14 1 1,087 1,215 Farmland — — — 1,333 1,364 Commercial 15,022 15,018 2,101 18,011 18,096 Factored receivables 3,176 3,176 1,546 — — Consumer — — — 73 73 Mortgage warehouse — — — — — PCI 525 525 355 — — $ 19,525 $ 19,525 $ 4,128 $ 21,528 $ 21,845 The following table presents average impaired loans and interest recognized on impaired loans for the three months ended March 31, 2017 and 2016: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,090 $ — $ 719 $ — Construction, land development, land 389 — — — 1-4 family residential properties 1,180 1 628 1 Farmland 2,127 9 — — Commercial 29,096 122 10,109 100 Factored receivables 3,452 — 4,181 — Consumer 103 — 18 — Mortgage warehouse — — — — PCI 1,613 — 974 — $ 39,050 $ 132 $ 16,629 $ 101 Past Due and Nonaccrual Loans The following is a summary of contractually past due and nonaccrual loans at March 31, 2017 and December 31, 2016: Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More March 31, 2017 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,399 $ — $ 724 $ 3,123 Construction, land development, land — — 415 415 1-4 family residential properties 1,075 — 1,213 2,288 Farmland 3,672 — 2,128 5,800 Commercial 10,448 371 19,984 30,803 Factored receivables 12,438 2,470 — 14,908 Consumer 620 — 133 753 Mortgage warehouse — — — — PCI 219 — 5,913 6,132 $ 30,871 $ 2,841 $ 30,510 $ 64,222 Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2016 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 699 $ 144 $ 1,163 $ 2,006 Construction, land development, land 619 — 362 981 1-4 family residential properties 956 — 1,039 1,995 Farmland 3,583 141 541 4,265 Commercial 11,060 1,077 26,619 38,756 Factored receivables 11,921 2,153 — 14,074 Consumer 667 2 73 742 Mortgage warehouse — — — — PCI 2,020 104 8,233 10,357 $ 31,525 $ 3,621 $ 38,030 $ 73,176 The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) March 31, 2017 December 31, 2016 Nonaccrual loans (1) $ 30,510 $ 38,030 Factored receivables greater than 90 days past due 2,470 2,153 Troubled debt restructurings accruing interest 3,611 5,123 $ 36,591 $ 45,306 (1) Includes troubled debt restructurings of $8,973,000 and $13,263,000 at March 31, 2017 and December 31, 2016, respectively. 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, 2017 and December 31, 2016, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) March 31, 2017 Pass Substandard Doubtful PCI Total Commercial real estate $ 485,653 $ 1,692 $ — $ 10,754 $ 498,099 Construction, land development, land 105,846 415 — 3,588 109,849 1-4 family residential 101,350 1,587 — 2,293 105,230 Farmland 129,763 6,537 — 237 136,537 Commercial 746,554 41,630 — 4,580 792,764 Factored receivables 239,754 930 1,414 — 242,098 Consumer 28,280 135 — — 28,415 Mortgage warehouse 122,244 — — — 122,244 $ 1,959,444 $ 52,926 $ 1,414 $ 21,452 $ 2,035,236 (Dollars in thousands) December 31, 2016 Pass Substandard Doubtful PCI Total Commercial real estate $ 422,423 $ 6,951 $ — $ 12,863 $ 442,237 Construction, land development, land 105,493 362 — 3,957 109,812 1-4 family residential 101,339 1,307 — 2,328 104,974 Farmland 136,474 4,904 — 237 141,615 Commercial 729,634 41,487 — 7,522 778,643 Factored receivables 236,084 1,029 1,085 — 238,198 Consumer 29,688 76 — — 29,764 Mortgage warehouse 182,381 — — — 182,381 $ 1,943,516 $ 56,116 $ 1,085 $ 26,907 $ 2,027,624 Troubled Debt Restructurings The Company had a recorded investment in troubled debt restructurings of $12,584,000 and $18,386,000 as of March 31, 2017 and December 31, 2016, respectively. The Company had allocated specific allowances for these loans of $435,000 and $1,911,000 at March 31, 2017 and December 31, 2016, respectively, and had not committed to lend additional amounts. Troubled debt restructurings are the result of extending amortization periods, reducing contractual interest rates, or a combination thereof. The Company did not grant principal reductions on any restructured loans. The following table presents loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2017 and 2016: Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded March 31, 2017 Loans Investment Investment Commercial 4 $ 186 $ 186 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 During the three months ended March 31, 2017, the company had three loans modified as troubled debt restructurings with a recorded investment of $2,987,000 for which there were payment defaults within twelve months following the modification. The full recorded investment in one of these loans of $2,702,000 was charged off during the period. During the three months ended March 31, 2016, there were 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. Purchased Credit Impaired Loans The Company has loans that were acquired, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at March 31, 2017 and December 31, 2016, are as follows: March 31, December 31, 2017 2016 Contractually required principal and interest: Real estate loans $ 22,085 $ 25,013 Commercial loans 6,706 9,703 Outstanding contractually required principal and interest $ 28,791 $ 34,716 Gross carrying amount included in loans receivable $ 21,452 $ 26,907 The changes in accretable yield during the three months ended March 31, 2017 and 2016 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, 2017 2016 Accretable yield, beginning balance $ 4,261 $ 2,594 Additions — — Accretion (472 ) (517 ) Reclassification from nonaccretable to accretable yield 83 — Disposals (440 ) (13 ) Accretable yield, ending balance $ 3,432 $ 2,064 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 5 - GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following: (Dollars in thousands) March 31, 2017 December 31, 2016 Goodwill $ 28,810 $ 28,810 March 31, 2017 December 31, 2016 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 21,825 $ (9,234 ) $ 12,591 $ 21,825 $ (8,423 ) $ 13,402 Other intangible assets 3,793 (961 ) 2,832 6,006 (1,687 ) 4,319 $ 25,618 $ (10,195 ) $ 15,423 $ 27,831 $ (10,110 ) $ 17,721 The changes in goodwill and intangible assets during the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Beginning balance $ 46,531 $ 27,854 Acquired intangibles 152 — Divestiture (1,339 ) — Amortization of intangibles (1,111 ) (977 ) Ending balance $ 44,233 $ 26,877 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
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, acted as the asset manager or provided certain middle and back office staffing and services to the asset manager of various CLO funds. TCA earned asset management fees in accordance with the terms of its asset management or staffing and services agreements associated with the CLO funds. TCA earned asset management fees totaling $1,717,000 and $1,629,000 for the three months ended March 31, 2017 and 2016, respectively. On March 31, 2017 the Company sold its membership interests in TCA as discussed in Note 2 – Business Combinations and Divestitures. As a result of the TCA sale, as of March 31, 2017 the Company no longer acted as asset manager or staffing and services provider for any CLO funds. The following table summarizes the closed CLO offerings with assets managed by TCA: Offering Offering (Dollars in thousands) Date Amount Trinitas CLO I, LTD (Trinitas I) May 1, 2014 $ 400,000 Trinitas CLO II, LTD (Trinitas II) August 4, 2014 $ 416,000 Doral CLO III, LTD (Doral III) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 The securities sold in the above 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 these CLO offerings. A related party of the Company holds insignificant interests in Trinitas II and Trinitas III. The Company performed a consolidation analysis for the period prior to the TCA sale to determine whether the Company was required to consolidate the assets, liabilities, equity or operations of the above closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities; however, the Company, through TCA, did not hold variable interests in the entities as the Company’s interest in the CLO funds was limited to the asset management fees payable to TCA under their asset management agreements and the interests of its related parties were insignificant. The Company concluded that the asset management fees were not variable interests in the CLO funds as (a) the asset management fees were commensurate with the services provided, (b) the asset management agreements included only terms, conditions, or amounts that were customarily present in arrangements for similar services negotiated on an arm’s-length basis, and (c) the Company did not hold other interests in the CLO funds (including interests held through related parties) that individually or in the aggregate would 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 these CLO funds in its financial statements. Upon the sale of TCA on March 31, 2017, the Company’s interest in the CLOs through the TCA asset management fees was terminated. The sale of TCA did not change the results of the consolidation analysis. The following table summarizes the closed CLO offerings for which TCA is not the asset manager, but provides certain middle and back office services to the asset manager: Offering Offering (Dollars in thousands) Date Amount Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 The securities sold in the above 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 holds investments in the subordinated notes of Trinitas IV and Trinitas V with a carrying amount of $6,626,000, which are classified as held to maturity securities within the Company’s consolidated balance sheet at March 31, 2017. The Company performed a consolidation analysis for the period prior to the TCA sale to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the above closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities and that the Company holds variable interests in the entities in the form of its investment in the subordinated notes of entities. However, the Company also concluded that as TCA was not the asset manager of the CLO funds, the Company did not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company was not the primary beneficiary and therefore was not required to consolidate the assets, liabilities, equity, or operations of the closed CLO funds in the Company’s financial statements. Collateralized Loan Obligation Funds – Warehouse Phase On June 17, 2016, Trinitas CLO VI, Ltd. (“Trinitas VI”) was formed to be the issuer of a CLO offering. Trinitas VI is capitalized with subordinated debt issued to the Company and third party investors. The 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. When finalized, Trinitas VI will use the proceeds of the debt and equity interests sold in the offering for the final CLO securitization structure to repay the initial warehouse phase debt and equity holders. In the final CLO securitization structure, interest and principal repayment of the leveraged loans held by Trinitas VI will be used to repay debt holders with any excess cash flows used to provide a return on capital to equity investors. During its warehousing period, TCA provides middle and back office support as a staffing and services provider for Trinitas VI. TCA does not earn staffing and services fees from Trinitas VI during the warehouse phase. At March 31, 2017, the Company’s loss exposure to Trinitas VI is limited to its $22,181,000 investment in the entity which is classified as other assets within the Company’s consolidated balance sheet. Income from the Company’s investment in CLO warehouse entities totaled $964,000 and $984,000 during the three months ended March 31, 2017 and 2016, respectively, and is included in other noninterest income within the Company’s consolidated statements of income. The Company performed a consolidation analysis of Trinitas VI during the warehouse phase and concluded that Trinitas VI is a variable interest entity and that the Company holds a variable interest in the entity that could potentially be significant to the entity in the form of its investment in the subordinated notes of the entity. However, the Company also concluded that since the Company is not the portfolio manager for Trinitas VI, the Company does not have the power to direct the activities that most significantly impact the entity’s economic performance. As a result, the Company is not the primary beneficiary and therefore is not required to consolidate the assets, liabilities, equity, or operations of the entity in the Company’s financial statements . The sale of TCA did not change the results of the consolidation analysis. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2017 | |
Deposits [Abstract] | |
Deposits | NOTE 7 - Deposits Deposits at March 31, 2017 and December 31, 2016 are summarized as follows: (Dollars in thousands) March 31, 2017 December 31, 2016 Noninterest bearing demand $ 382,009 $ 363,351 Interest bearing demand 329,201 340,362 Individual retirement accounts 100,436 103,022 Money market 203,686 213,253 Savings 173,258 171,354 Certificates of deposit 767,602 756,351 Brokered deposits 68,096 68,092 Total Deposits $ 2,024,288 $ 2,015,785 At March 31, 2017, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) March 31, 2017 Within one year $ 678,352 After one but within two years 175,164 After two but within three years 46,520 After three but within four years 16,504 After four but within five years 19,343 After five years 251 Total $ 936,134 Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $161,317,000 and $149,258,000 at March 31, 2017 and December 31, 2016, respectively. |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 8 - Legal Contingencies Various legal claims have arisen from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 3 Months Ended |
Mar. 31, 2017 | |
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 financial instruments. The contractual amounts of financial instruments with off-balance sheet risk were as follows: March 31, 2017 December 31, 2016 (Dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 15,985 $ 22,925 $ 7,345 $ 7,580 Unused lines of credit 98,047 150,182 109,611 145,475 Standby letters of credit 2,371 5,128 2,547 4,706 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, 2017 | |
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 Note 15 of the Company’s 2016 Form 10-K. 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, 2017 and December 31, 2016. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2017 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 158,216 $ — $ 158,216 U.S. Treasury notes — 4,849 — 4,849 Mortgage-backed securities, residential — 23,840 — 23,840 Asset backed securities — 12,840 — 12,840 State and municipal — 25,186 — 25,186 Corporate bonds — 27,361 — 27,361 SBA pooled securities — 149 — 149 Mutual fund 2,011 — — 2,011 $ 2,011 $ 252,441 $ — $ 254,452 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 180,942 $ — $ 180,942 Mortgage-backed securities, residential — 24,990 — 24,990 Asset backed securities — 12,902 — 12,902 State and municipal — 26,637 — 26,637 Corporate bonds — 27,390 — 27,390 SBA pooled securities — 157 — 157 Mutual fund 2,011 — — 2,011 $ 2,011 $ 273,018 $ — $ 275,029 There were no transfers between levels during 2017 or 2016. 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, 2017 and December 31, 2016. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2017 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ — $ — Construction, land development, land — — 256 256 1-4 family residential properties — — — — Commercial — — 13,084 13,084 Factored receivables — — 1,996 1,996 PCI — — 1,347 1,347 Other real estate owned (1) Commercial — — 92 92 $ — $ — $ 16,775 $ 16,775 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 417 $ 417 Construction, land development, land — — 252 252 1-4 family residential properties — — 7 7 Commercial — — 12,921 12,921 Factored receivables — — 1,630 1,630 PCI — — 170 170 Other real estate owned (1) Commercial — — 698 698 1-4 family residential properties — 485 485 Construction, land development, land — — 467 467 $ — $ — $ 17,047 $ 17,047 (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 measured at fair value on a recurring or non-recurring basis at March 31, 2017 and December 31, 2016 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total March 31, 2017 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 126,084 $ 126,084 $ — $ — $ 126,084 Securities - held to maturity 28,882 — 23,540 6,532 30,072 Loans not previously presented, net 1,999,460 — — 2,008,707 2,008,707 FHLB stock 7,167 N/A N/A N/A N/A Accrued interest receivable 11,455 — 11,455 — 11,455 Financial liabilities: Deposits 2,024,288 — 2,029,332 — 2,029,332 Customer repurchase agreements 10,468 — 10,468 — 10,468 Federal Home Loan Bank advances 200,000 — 200,000 — 200,000 Subordinated notes 48,757 — 50,737 — 50,737 Junior subordinated debentures 32,840 — 33,046 — 33,046 Accrued interest payable 1,805 — 1,805 — 1,805 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2016 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 114,514 $ 114,514 $ — $ — $ 114,514 Securities - held to maturity 29,352 — 27,498 3,323 30,821 Loans not previously presented, net 1,996,822 — — 2,002,487 2,002,487 FHLB stock 8,430 N/A N/A N/A N/A Accrued interest receivable 12,663 — 12,663 — 12,663 Financial liabilities: Deposits 2,015,785 — 2,014,922 — 2,014,922 Customer repurchase agreements 10,490 — 10,490 — 10,490 Federal Home Loan Bank advances 230,000 — 230,000 — 230,000 Subordinated notes 48,734 — 50,920 — 50,920 Junior subordinated debentures 32,740 — 32,905 — 32,905 Accrued interest payable 2,682 — 2,682 — 2,682 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2017 | |
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 was 1.25% and 0.625% at March 31, 2017 and December 31, 2016, respectively. 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, 2017 and December 31, 2016, the Company and TBK Bank meet all capital adequacy requirements to which they are subject, including the capital conservation buffer requirement. As of March 31, 2017 and December 31, 2016, 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 below. There are no conditions or events since March 31, 2017 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, 2017 and December 31, 2016. The capital adequacy amounts and ratios below do not include the capital conservation buffer in effect at each respective date. To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of March 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 359,884 14.9% $ 193,675 8.0% N/A N/A TBK Bank, SSB $ 297,150 12.9% $ 183,631 8.0% $ 229,539 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 291,704 12.0% $ 145,256 6.0% N/A N/A TBK Bank, SSB $ 277,801 12.1% $ 137,723 6.0% $ 183,631 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 249,962 10.3% $ 108,942 4.5% N/A N/A TBK Bank, SSB $ 277,801 12.1% $ 103,292 4.5% $ 149,200 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 291,704 11.3% $ 103,114 4.0% N/A N/A TBK Bank, SSB $ 277,801 11.0% $ 101,278 4.0% $ 126,598 5.0% As of December 31, 2016 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 342,059 14.6% $ 187,449 8.0% N/A N/A TBK Bank, SSB $ 293,313 12.9% $ 181,640 8.0% $ 227,050 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 277,605 11.8% $ 140,587 6.0% N/A N/A TBK Bank, SSB $ 277,593 12.2% $ 136,230 6.0% $ 181,640 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 238,439 10.2% $ 105,440 4.5% N/A N/A TBK Bank, SSB $ 277,593 12.2% $ 102,173 4.5% $ 147,583 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 277,605 10.9% $ 102,303 4.0% N/A N/A TBK Bank, SSB $ 277,593 11.0% $ 100,802 4.0% $ 126,002 5.0% Dividends paid by banks are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 – STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Common Stock Common Stock March 31, 2017 December 31, 2016 Shares authorized 50,000,000 50,000,000 Shares issued 18,159,539 18,154,365 Treasury shares (80,770 ) (76,118 ) Shares outstanding 18,078,769 18,078,247 Par value per share $ 0.01 $ 0.01 Preferred Stock Preferred Stock Series A Series B (Dollars in thousands, except per share amounts) March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Shares authorized 50,000 50,000 115,000 115,000 Shares issued 45,500 45,500 51,956 51,956 Shares outstanding 45,500 45,500 51,956 51,956 Par value per share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Liquidation preference per share $ 100 $ 100 $ 100 $ 100 Liquidation preference amount $ 4,550 $ 4,550 $ 5,196 $ 5,196 Dividend rate Prime + 2% Prime + 2% 8.00 % 8.00 % Dividend rate - floor 8.00 % 8.00 % N/A N/A 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, 2017 | |
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 $702,000 and $353,000 for the three months ended March 31, 2017 and 2016, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“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. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the three months ended March 31, 2017 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2017 126,644 $ 14.92 Granted 5,174 27.05 Vested (17,860 ) 19.11 Forfeited (251 ) 13.50 Nonvested at March 31, 2017 113,707 $ 14.81 RSAs granted to employees under the Omnibus Incentive Plan typically vest over two to four years. 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, 2017, there was $534,000 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 2.50 years. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan as of and for the three months ended March 31, 2017 were as follows: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Value Stock Options Shares Exercise Price (In Years) (In Thousands) Outstanding at January 1, 2017 163,661 $ 15.87 Granted — — Exercised — — Forfeited or expired — — Outstanding at March 31, 2017 163,661 $ 15.87 7.16 $ 1,625 Fully vested shares and shares expected to vest at March 31, 2017 163,661 $ 15.87 7.16 $ 1,625 Shares exercisable at March 31, 2017 34,398 $ 15.87 0.25 $ 342 There were no options granted or exercised during the three months ended March 31, 2017 and 2016. Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. Contractual terms of exercisable options may be shortened due to termination of a participant’s employment. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities are determined based on historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of options granted is determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of options is derived from the Treasury constant maturity yield curve on the valuation date. As of March 31, 2017, there was $360,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 3.00 years. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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) 2017 2016 Basic Net income to common stockholders $ 10,281 $ 4,812 Weighted average common shares outstanding 17,955,144 17,816,930 Basic earnings per common share $ 0.57 $ 0.27 Diluted Net income to common stockholders $ 10,281 $ 4,812 Dilutive effect of preferred stock 192 — Net income to common stockholders - diluted $ 10,473 $ 4,812 Weighted average common shares outstanding 17,955,144 17,816,930 Add: Dilutive effects of restricted stock 87,094 113,788 Add: Dilutive effects of assumed exercises of stock warrants 145,896 50,558 Add: Dilutive effects of assumed exercises of stock options 47,873 — 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 18,912,358 17,981,276 Diluted earnings per common share $ 0.55 $ 0.27 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended March 31, 2017 2016 Shares assumed to be converted from Preferred Stock Series A — 315,773 Shares assumed to be converted from Preferred Stock Series B — 360,578 Restricted stock awards — — Stock options — — |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 15 – BUSINESS SEGMENT INFORMATION The following table presents the Company’s operating segments. The accounting policies of the segments are substantially similar to those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2016 Form 10-K. 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. 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. On March 31, 2017, we sold our 100% membership interest in TCA. As a result, the Asset Management segment will have no operations subsequent to March 31, 2017. (Dollars in thousands) Asset Three Months Ended March 31, 2017 Banking Factoring Management Corporate Consolidated Total interest income $ 27,499 $ 8,705 $ 3 $ 125 $ 36,332 Intersegment interest allocations 1,289 (1,289 ) — — — Total interest expense 3,214 — — 1,299 4,513 Net interest income (expense) 25,574 7,416 3 (1,174 ) 31,819 Provision for loan losses 7,021 582 — 75 7,678 Net interest income after provision 18,553 6,834 3 (1,249 ) 24,141 Gain on sale of subsidiary — — — 20,860 20,860 Other noninterest income 3,531 670 1,717 507 6,425 Noninterest expense 21,969 5,595 1,456 5,817 34,837 Operating income (loss) $ 115 $ 1,909 $ 264 $ 14,301 $ 16,589 (Dollars in thousands) Asset Three Months Ended March 31, 2016 Banking Factoring Management Corporate Consolidated Total interest income $ 17,426 $ 7,185 $ 31 $ 251 $ 24,893 Intersegment interest allocations 1,001 (1,001 ) — — — Total interest expense 2,102 — — 302 2,404 Net interest income (expense) 16,325 6,184 31 (51 ) 22,489 Provision for loan losses (124 ) (470 ) — 83 (511 ) Net interest income after provision 16,449 6,654 31 (134 ) 23,000 Noninterest income 2,015 445 1,671 850 4,981 Noninterest expense 13,582 4,573 1,346 577 20,078 Operating income (loss) $ 4,882 $ 2,526 $ 356 $ 139 $ 7,903 (Dollars in thousands) Asset March 31, 2017 Banking Factoring Management Corporate Eliminations Consolidated Total assets $ 2,568,126 $ 227,956 $ — $ 409,345 $ (570,069 ) $ 2,635,358 Gross loans $ 1,954,758 $ 218,601 $ — $ 12,360 $ (150,483 ) $ 2,035,236 (Dollars in thousands) Asset December 31, 2016 Banking Factoring Management Corporate Eliminations Consolidated Total assets $ 2,588,509 $ 223,994 $ 4,879 $ 391,745 $ (568,060 ) $ 2,641,067 Gross loans $ 1,961,552 $ 212,784 $ — $ 1,866 $ (148,578 ) $ 2,027,624 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, Inc. (“TIG”). TBK Bank also does business under the following names: (i) Triumph Community Bank (“TCB”) with respect to its community banking business in certain 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. On March 31, 2017 the Company sold its membership interests in TCA. See Note 2 – Business Combinations and Divestitures for details of the TCA sale and its impact on our consolidated financial statements. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and 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, 2016. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The Company has four reportable segments consisting of Banking, Factoring, Asset Management, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. On March 31, 2017 the Company sold its membership interests in TCA, which comprised the entirety of the Asset Management segment’s operations. See Note 2 – Business Combinations and Divestitures for details of the TCA sale and its impact on our consolidated financial statements. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 new standard was effective for the Company on January 1, 2017. Adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. As permitted by the amendment, the Company elected to early adopt the provisions of this ASU as of January 1, 2017. Adoption of ASU 2017-08 did not have a material impact on the Company’s consolidated financial statements. |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In May 2014, the FASB issued ASU 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 is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the full effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures, however, adoption of the ASU is not expected to have a significant impact. The Company’s primary sources of revenues are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of ASU 2014-09. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. ASU 2016-01 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on our consolidated financial statements and related disclosures. 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. Adoption of ASU 2016-02 is not expected to have a material impact on the Company’s consolidated financial statements. The Company leases certain properties and equipment under operating leases that will result in the recognition of lease assets and lease liabilities on the Company’s balance sheet under the ASU, however, the majority of the Company’s properties and equipment are owned, not leased. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). Among other things, ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to form their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 31, 2019, and interim periods within those years for public business entities that are SEC filers. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. 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 and Div24
Business Combinations and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
ColoEast Bankshares, Inc. | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: Initial Values Measurement Recorded at Period Adjusted (Dollars in thousands) Acquisition Date Adjustments Values Assets acquired: Cash and cash equivalents $ 57,671 $ — $ 57,671 Securities 161,693 — 161,693 Loans 460,775 — 460,775 FHLB and Federal Reserve Bank stock 550 — 550 Premises and equipment 23,940 — 23,940 Other real estate owned 3,105 (143 ) 2,962 Intangible assets 7,238 — 7,238 Bank-owned life insurance 6,400 — 6,400 Deferred income taxes 4,511 (70 ) 4,441 Other assets 10,022 — 10,022 735,905 (213 ) 735,692 Liabilities assumed: Deposits 652,952 — 652,952 Junior subordinated debentures 7,728 — 7,728 Other liabilities 6,784 — 6,784 667,464 — 667,464 Fair value of net assets acquired 68,441 (213 ) 68,228 Cash paid 70,000 — 70,000 TARP Preferred Stock assumed 10,500 — 10,500 Consideration transferred 80,500 — 80,500 Goodwill $ 12,059 $ 213 $ 12,272 |
Summary of Acquired Loans | The following table presents details on acquired loans at the acquisition date: Loans, Excluding PCI Total (Dollars in thousands) PCI Loans Loans Loans Commercial real estate $ 86,569 $ 10,907 $ 97,476 Construction, land development, land 58,718 2,933 61,651 1-4 family residential properties 36,412 91 36,503 Farmland 100,977 233 101,210 Commercial 151,605 5,129 156,734 Factored receivables 694 — 694 Consumer 6,507 — 6,507 $ 441,482 $ 19,293 $ 460,775 |
Triumph Capital Advisors, LLC | |
Business Acquisition [Line Items] | |
Summary of Consideration Received and Gain on Sale | A summary of the consideration received and the gain on sale is as follows: (Dollars in thousands) Consideration received (fair value): Cash $ 10,554 Loan receivable 10,500 Revenue share 1,623 Total consideration received 22,677 Carrying value of TCA membership interest 1,417 Gain on sale of subsidiary 21,260 Transaction costs 400 Gain on sale of subsidiary, net of transaction costs $ 20,860 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair March 31, 2017 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 158,212 $ 565 $ (561 ) $ 158,216 U.S. Treasury notes 4,820 29 — 4,849 Mortgage-backed securities, residential 23,580 417 (157 ) 23,840 Asset backed securities 12,966 — (126 ) 12,840 State and municipal 25,580 11 (405 ) 25,186 Corporate bonds 27,250 115 (4 ) 27,361 SBA pooled securities 148 1 — 149 Mutual fund 2,000 11 — 2,011 Total available for sale securities $ 254,556 $ 1,149 $ (1,253 ) $ 254,452 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 28,882 $ 1,284 $ (94 ) $ 30,072 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2016 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 180,945 $ 640 $ (643 ) $ 180,942 Mortgage-backed securities, residential 24,710 453 (173 ) 24,990 Asset backed securities 13,031 30 (159 ) 12,902 State and municipal 27,339 6 (708 ) 26,637 Corporate bonds 27,287 106 (3 ) 27,390 SBA pooled securities 156 1 — 157 Mutual fund 2,000 11 — 2,011 Total available for sale securities $ 275,468 $ 1,247 $ (1,686 ) $ 275,029 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 29,352 $ 1,527 $ (58 ) $ 30,821 |
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, 2017, 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 $ 57,965 $ 57,950 $ — $ — Due from one year to five years 133,213 133,274 — — Due from five years to ten years 5,858 5,794 9,491 10,015 Due after ten years 18,826 18,594 19,391 20,057 215,862 215,612 28,882 30,072 Mortgage-backed securities, residential 23,580 23,840 — — Asset backed securities 12,966 12,840 — — SBA pooled securities 148 149 — — Mutual fund 2,000 2,011 — — $ 254,556 $ 254,452 $ 28,882 $ 30,072 |
Schedule of Proceeds from Sales of Securities and the Associated Gross Gains and Losses | Proceeds from sales of securities and the associated gross gains and losses for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Proceeds $ — $ 4,345 Gross gains $ — $ 5 Gross losses $ — $ — |
Schedule of Information Pertaining to Securities with Gross Unrealized and Unrecognized Losses | Information pertaining to securities with gross unrealized and unrecognized losses at March 31, 2017 and December 31, 2016, 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, 2017 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 82,730 $ (561 ) $ — $ — $ 82,730 $ (561 ) U.S. Treasury notes — — — — — — Mortgage-backed securities, residential 6,520 (157 ) — — 6,520 (157 ) Asset backed securities 4,863 (79 ) 7,977 (47 ) 12,840 (126 ) State and municipal 24,119 (405 ) — — 24,119 (405 ) Corporate bonds 371 (4 ) — — 371 (4 ) SBA pooled securities — — — — — — Mutual fund — — — — — — $ 118,603 $ (1,206 ) $ 7,977 $ (47 ) $ 126,580 $ (1,253 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized March 31, 2017 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 6,532 $ (94 ) $ — $ — $ 6,532 $ (94 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2016 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 95,362 $ (643 ) $ — $ — $ 95,362 $ (643 ) Mortgage-backed securities, residential 6,594 (173 ) — — 6,594 (173 ) Asset backed securities — — 7,946 (159 ) 7,946 (159 ) State and municipal 25,771 (708 ) — — 25,771 (708 ) Corporate bonds 372 (3 ) — — 372 (3 ) SBA pooled securities — — — — — — Mutual funds — — — — — — $ 128,099 $ (1,527 ) $ 7,946 $ (159 ) $ 136,045 $ (1,686 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2016 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 3,323 $ (58 ) $ — $ — $ 3,323 $ (58 ) |
Loans and Allowance for Loan 26
Loans and Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Schedule of Recorded Investment and Unpaid Principal | The following table presents the recorded investment and unpaid principal for loans at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Recorded Unpaid Recorded Unpaid (Dollars in thousands) Investment Principal Difference Investment Principal Difference Commercial real estate $ 498,099 $ 503,659 $ (5,560 ) $ 442,237 $ 447,926 $ (5,689 ) Construction, land development, land 109,849 113,173 (3,324 ) 109,812 113,211 (3,399 ) 1-4 family residential properties 105,230 106,979 (1,749 ) 104,974 106,852 (1,878 ) Farmland 136,537 137,587 (1,050 ) 141,615 142,673 (1,058 ) Commercial 792,764 796,712 (3,948 ) 778,643 783,349 (4,706 ) Factored receivables 242,098 243,535 (1,437 ) 238,198 239,432 (1,234 ) Consumer 28,415 28,425 (10 ) 29,764 29,782 (18 ) Mortgage warehouse 122,244 122,244 — 182,381 182,381 — Total 2,035,236 $ 2,052,314 $ (17,078 ) 2,027,624 $ 2,045,606 $ (17,982 ) Allowance for loan and lease losses (19,093 ) (15,405 ) $ 2,016,143 $ 2,012,219 |
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, 2017 and 2016 is as follows: (Dollars in thousands) Beginning Ending Three months ended March 31, 2017 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,813 $ 567 $ (137 ) $ — $ 2,243 Construction, land development, land 465 513 (419 ) 7 566 1-4 family residential properties 253 (70 ) (28 ) 5 160 Farmland 170 44 — — 214 Commercial 8,014 5,793 (2,852 ) 222 11,177 Factored receivables 4,088 519 (580 ) 37 4,064 Consumer 420 372 (299 ) 54 547 Mortgage warehouse 182 (60 ) — — 122 $ 15,405 $ 7,678 $ (4,315 ) $ 325 $ 19,093 (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 |
Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class | The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (“PCI”) loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations March 31, 2017 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 724 $ 486,621 $ 10,754 $ 498,099 $ — $ 1,888 $ 355 $ 2,243 Construction, land development, land 415 105,846 3,588 109,849 25 541 — 566 1-4 family residential properties 1,266 101,671 2,293 105,230 — 160 — 160 Farmland 2,920 133,380 237 136,537 — 214 — 214 Commercial 25,159 763,025 4,580 792,764 2,034 8,143 1,000 11,177 Factored receivables 3,728 238,370 — 242,098 1,732 2,332 — 4,064 Consumer 133 28,282 — 28,415 — 547 — 547 Mortgage warehouse — 122,244 — 122,244 — 122 — 122 $ 34,345 $ 1,979,439 $ 21,452 $ 2,035,236 $ 3,791 $ 13,947 $ 1,355 $ 19,093 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2016 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,456 $ 427,918 $ 12,863 $ 442,237 $ 100 $ 1,358 $ 355 $ 1,813 Construction, land development, land 362 105,493 3,957 109,812 25 440 — 465 1-4 family residential properties 1,095 101,551 2,328 104,974 1 252 — 253 Farmland 1,333 140,045 237 141,615 — 170 — 170 Commercial 33,033 738,088 7,522 778,643 2,101 5,913 — 8,014 Factored receivables 3,176 235,022 — 238,198 1,546 2,542 — 4,088 Consumer 73 29,691 — 29,764 — 420 — 420 Mortgage warehouse — 182,381 — 182,381 — 182 — 182 $ 40,528 $ 1,960,189 $ 26,907 $ 2,027,624 $ 3,773 $ 11,277 $ 355 $ 15,405 |
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans. 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, 2017 Investment Principal Allowance Investment Principal Commercial real estate $ — $ — $ — $ 724 $ 757 Construction, land development, land 281 279 25 134 136 1-4 family residential properties — — — 1,266 1,391 Farmland — — — 2,920 2,980 Commercial 15,118 15,261 2,034 10,041 10,131 Factored receivables 3,728 3,728 1,732 — — Consumer — — — 133 132 Mortgage warehouse — — — — — PCI 2,702 3,006 1,355 — — $ 21,829 $ 22,274 $ 5,146 $ 15,218 $ 15,527 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, 2016 Investment Principal Allowance Investment Principal Commercial real estate $ 517 $ 517 $ 100 $ 939 $ 1,011 Construction, land development, land 277 275 25 85 86 1-4 family residential properties 8 14 1 1,087 1,215 Farmland — — — 1,333 1,364 Commercial 15,022 15,018 2,101 18,011 18,096 Factored receivables 3,176 3,176 1,546 — — Consumer — — — 73 73 Mortgage warehouse — — — — — PCI 525 525 355 — — $ 19,525 $ 19,525 $ 4,128 $ 21,528 $ 21,845 The following table presents average impaired loans and interest recognized on impaired loans for the three months ended March 31, 2017 and 2016: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,090 $ — $ 719 $ — Construction, land development, land 389 — — — 1-4 family residential properties 1,180 1 628 1 Farmland 2,127 9 — — Commercial 29,096 122 10,109 100 Factored receivables 3,452 — 4,181 — Consumer 103 — 18 — Mortgage warehouse — — — — PCI 1,613 — 974 — $ 39,050 $ 132 $ 16,629 $ 101 |
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, 2017 and December 31, 2016: Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More March 31, 2017 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,399 $ — $ 724 $ 3,123 Construction, land development, land — — 415 415 1-4 family residential properties 1,075 — 1,213 2,288 Farmland 3,672 — 2,128 5,800 Commercial 10,448 371 19,984 30,803 Factored receivables 12,438 2,470 — 14,908 Consumer 620 — 133 753 Mortgage warehouse — — — — PCI 219 — 5,913 6,132 $ 30,871 $ 2,841 $ 30,510 $ 64,222 Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2016 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 699 $ 144 $ 1,163 $ 2,006 Construction, land development, land 619 — 362 981 1-4 family residential properties 956 — 1,039 1,995 Farmland 3,583 141 541 4,265 Commercial 11,060 1,077 26,619 38,756 Factored receivables 11,921 2,153 — 14,074 Consumer 667 2 73 742 Mortgage warehouse — — — — PCI 2,020 104 8,233 10,357 $ 31,525 $ 3,621 $ 38,030 $ 73,176 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) March 31, 2017 December 31, 2016 Nonaccrual loans (1) $ 30,510 $ 38,030 Factored receivables greater than 90 days past due 2,470 2,153 Troubled debt restructurings accruing interest 3,611 5,123 $ 36,591 $ 45,306 (1) Includes troubled debt restructurings of $8,973,000 and $13,263,000 at March 31, 2017 and December 31, 2016, respectively. |
Summary of Risk Category of Loans | As of March 31, 2017 and December 31, 2016, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) March 31, 2017 Pass Substandard Doubtful PCI Total Commercial real estate $ 485,653 $ 1,692 $ — $ 10,754 $ 498,099 Construction, land development, land 105,846 415 — 3,588 109,849 1-4 family residential 101,350 1,587 — 2,293 105,230 Farmland 129,763 6,537 — 237 136,537 Commercial 746,554 41,630 — 4,580 792,764 Factored receivables 239,754 930 1,414 — 242,098 Consumer 28,280 135 — — 28,415 Mortgage warehouse 122,244 — — — 122,244 $ 1,959,444 $ 52,926 $ 1,414 $ 21,452 $ 2,035,236 (Dollars in thousands) December 31, 2016 Pass Substandard Doubtful PCI Total Commercial real estate $ 422,423 $ 6,951 $ — $ 12,863 $ 442,237 Construction, land development, land 105,493 362 — 3,957 109,812 1-4 family residential 101,339 1,307 — 2,328 104,974 Farmland 136,474 4,904 — 237 141,615 Commercial 729,634 41,487 — 7,522 778,643 Factored receivables 236,084 1,029 1,085 — 238,198 Consumer 29,688 76 — — 29,764 Mortgage warehouse 182,381 — — — 182,381 $ 1,943,516 $ 56,116 $ 1,085 $ 26,907 $ 2,027,624 |
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, 2017 and 2016: Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded March 31, 2017 Loans Investment Investment Commercial 4 $ 186 $ 186 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 at March 31, 2017 and December 31, 2016, are as follows: March 31, December 31, 2017 2016 Contractually required principal and interest: Real estate loans $ 22,085 $ 25,013 Commercial loans 6,706 9,703 Outstanding contractually required principal and interest $ 28,791 $ 34,716 Gross carrying amount included in loans receivable $ 21,452 $ 26,907 |
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three months ended March 31, 2017 and 2016 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, 2017 2016 Accretable yield, beginning balance $ 4,261 $ 2,594 Additions — — Accretion (472 ) (517 ) Reclassification from nonaccretable to accretable yield 83 — Disposals (440 ) (13 ) Accretable yield, ending balance $ 3,432 $ 2,064 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: (Dollars in thousands) March 31, 2017 December 31, 2016 Goodwill $ 28,810 $ 28,810 March 31, 2017 December 31, 2016 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 21,825 $ (9,234 ) $ 12,591 $ 21,825 $ (8,423 ) $ 13,402 Other intangible assets 3,793 (961 ) 2,832 6,006 (1,687 ) 4,319 $ 25,618 $ (10,195 ) $ 15,423 $ 27,831 $ (10,110 ) $ 17,721 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Beginning balance $ 46,531 $ 27,854 Acquired intangibles 152 — Divestiture (1,339 ) — Amortization of intangibles (1,111 ) (977 ) Ending balance $ 44,233 $ 26,877 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Variable Interest Entities | The following table summarizes the closed CLO offerings with assets managed by TCA: Offering Offering (Dollars in thousands) Date Amount Trinitas CLO I, LTD (Trinitas I) May 1, 2014 $ 400,000 Trinitas CLO II, LTD (Trinitas II) August 4, 2014 $ 416,000 Doral CLO III, LTD (Doral III) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 |
Non-Managed CLO Assets | |
Schedule of Variable Interest Entities | The following table summarizes the closed CLO offerings for which TCA is not the asset manager, but provides certain middle and back office services to the asset manager: Offering Offering (Dollars in thousands) Date Amount Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deposits [Abstract] | |
Summary of Deposits | Deposits at March 31, 2017 and December 31, 2016 are summarized as follows: (Dollars in thousands) March 31, 2017 December 31, 2016 Noninterest bearing demand $ 382,009 $ 363,351 Interest bearing demand 329,201 340,362 Individual retirement accounts 100,436 103,022 Money market 203,686 213,253 Savings 173,258 171,354 Certificates of deposit 767,602 756,351 Brokered deposits 68,096 68,092 Total Deposits $ 2,024,288 $ 2,015,785 |
Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits | At March 31, 2017, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) March 31, 2017 Within one year $ 678,352 After one but within two years 175,164 After two but within three years 46,520 After three but within four years 16,504 After four but within five years 19,343 After five years 251 Total $ 936,134 |
Off-Balance Sheet Loan Commit30
Off-Balance Sheet Loan Commitments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 December 31, 2016 (Dollars in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 15,985 $ 22,925 $ 7,345 $ 7,580 Unused lines of credit 98,047 150,182 109,611 145,475 Standby letters of credit 2,371 5,128 2,547 4,706 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2017 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 158,216 $ — $ 158,216 U.S. Treasury notes — 4,849 — 4,849 Mortgage-backed securities, residential — 23,840 — 23,840 Asset backed securities — 12,840 — 12,840 State and municipal — 25,186 — 25,186 Corporate bonds — 27,361 — 27,361 SBA pooled securities — 149 — 149 Mutual fund 2,011 — — 2,011 $ 2,011 $ 252,441 $ — $ 254,452 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 180,942 $ — $ 180,942 Mortgage-backed securities, residential — 24,990 — 24,990 Asset backed securities — 12,902 — 12,902 State and municipal — 26,637 — 26,637 Corporate bonds — 27,390 — 27,390 SBA pooled securities — 157 — 157 Mutual fund 2,011 — — 2,011 $ 2,011 $ 273,018 $ — $ 275,029 |
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, 2017 and December 31, 2016. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2017 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ — $ — Construction, land development, land — — 256 256 1-4 family residential properties — — — — Commercial — — 13,084 13,084 Factored receivables — — 1,996 1,996 PCI — — 1,347 1,347 Other real estate owned (1) Commercial — — 92 92 $ — $ — $ 16,775 $ 16,775 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2016 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 417 $ 417 Construction, land development, land — — 252 252 1-4 family residential properties — — 7 7 Commercial — — 12,921 12,921 Factored receivables — — 1,630 1,630 PCI — — 170 170 Other real estate owned (1) Commercial — — 698 698 1-4 family residential properties — 485 485 Construction, land development, land — — 467 467 $ — $ — $ 17,047 $ 17,047 (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 measured at fair value on a recurring or non-recurring basis at March 31, 2017 and December 31, 2016 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total March 31, 2017 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 126,084 $ 126,084 $ — $ — $ 126,084 Securities - held to maturity 28,882 — 23,540 6,532 30,072 Loans not previously presented, net 1,999,460 — — 2,008,707 2,008,707 FHLB stock 7,167 N/A N/A N/A N/A Accrued interest receivable 11,455 — 11,455 — 11,455 Financial liabilities: Deposits 2,024,288 — 2,029,332 — 2,029,332 Customer repurchase agreements 10,468 — 10,468 — 10,468 Federal Home Loan Bank advances 200,000 — 200,000 — 200,000 Subordinated notes 48,757 — 50,737 — 50,737 Junior subordinated debentures 32,840 — 33,046 — 33,046 Accrued interest payable 1,805 — 1,805 — 1,805 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2016 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 114,514 $ 114,514 $ — $ — $ 114,514 Securities - held to maturity 29,352 — 27,498 3,323 30,821 Loans not previously presented, net 1,996,822 — — 2,002,487 2,002,487 FHLB stock 8,430 N/A N/A N/A N/A Accrued interest receivable 12,663 — 12,663 — 12,663 Financial liabilities: Deposits 2,015,785 — 2,014,922 — 2,014,922 Customer repurchase agreements 10,490 — 10,490 — 10,490 Federal Home Loan Bank advances 230,000 — 230,000 — 230,000 Subordinated notes 48,734 — 50,920 — 50,920 Junior subordinated debentures 32,740 — 32,905 — 32,905 Accrued interest payable 2,682 — 2,682 — 2,682 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016. The capital adequacy amounts and ratios below do not include the capital conservation buffer in effect at each respective date. To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of March 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 359,884 14.9% $ 193,675 8.0% N/A N/A TBK Bank, SSB $ 297,150 12.9% $ 183,631 8.0% $ 229,539 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 291,704 12.0% $ 145,256 6.0% N/A N/A TBK Bank, SSB $ 277,801 12.1% $ 137,723 6.0% $ 183,631 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 249,962 10.3% $ 108,942 4.5% N/A N/A TBK Bank, SSB $ 277,801 12.1% $ 103,292 4.5% $ 149,200 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 291,704 11.3% $ 103,114 4.0% N/A N/A TBK Bank, SSB $ 277,801 11.0% $ 101,278 4.0% $ 126,598 5.0% As of December 31, 2016 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 342,059 14.6% $ 187,449 8.0% N/A N/A TBK Bank, SSB $ 293,313 12.9% $ 181,640 8.0% $ 227,050 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 277,605 11.8% $ 140,587 6.0% N/A N/A TBK Bank, SSB $ 277,593 12.2% $ 136,230 6.0% $ 181,640 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 238,439 10.2% $ 105,440 4.5% N/A N/A TBK Bank, SSB $ 277,593 12.2% $ 102,173 4.5% $ 147,583 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 277,605 10.9% $ 102,303 4.0% N/A N/A TBK Bank, SSB $ 277,593 11.0% $ 100,802 4.0% $ 126,002 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Common Stock Common Stock March 31, 2017 December 31, 2016 Shares authorized 50,000,000 50,000,000 Shares issued 18,159,539 18,154,365 Treasury shares (80,770 ) (76,118 ) Shares outstanding 18,078,769 18,078,247 Par value per share $ 0.01 $ 0.01 Preferred Stock Preferred Stock Series A Series B (Dollars in thousands, except per share amounts) March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Shares authorized 50,000 50,000 115,000 115,000 Shares issued 45,500 45,500 51,956 51,956 Shares outstanding 45,500 45,500 51,956 51,956 Par value per share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Liquidation preference per share $ 100 $ 100 $ 100 $ 100 Liquidation preference amount $ 4,550 $ 4,550 $ 5,196 $ 5,196 Dividend rate Prime + 2% Prime + 2% 8.00 % 8.00 % Dividend rate - floor 8.00 % 8.00 % N/A N/A 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, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Changes in Company's Nonvested Restricted Stock Awards | A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the three months ended March 31, 2017 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2017 126,644 $ 14.92 Granted 5,174 27.05 Vested (17,860 ) 19.11 Forfeited (251 ) 13.50 Nonvested at March 31, 2017 113,707 $ 14.81 |
Summary of Changes in Company's Stock Options | A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan as of and for the three months ended March 31, 2017 were as follows: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Value Stock Options Shares Exercise Price (In Years) (In Thousands) Outstanding at January 1, 2017 163,661 $ 15.87 Granted — — Exercised — — Forfeited or expired — — Outstanding at March 31, 2017 163,661 $ 15.87 7.16 $ 1,625 Fully vested shares and shares expected to vest at March 31, 2017 163,661 $ 15.87 7.16 $ 1,625 Shares exercisable at March 31, 2017 34,398 $ 15.87 0.25 $ 342 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) 2017 2016 Basic Net income to common stockholders $ 10,281 $ 4,812 Weighted average common shares outstanding 17,955,144 17,816,930 Basic earnings per common share $ 0.57 $ 0.27 Diluted Net income to common stockholders $ 10,281 $ 4,812 Dilutive effect of preferred stock 192 — Net income to common stockholders - diluted $ 10,473 $ 4,812 Weighted average common shares outstanding 17,955,144 17,816,930 Add: Dilutive effects of restricted stock 87,094 113,788 Add: Dilutive effects of assumed exercises of stock warrants 145,896 50,558 Add: Dilutive effects of assumed exercises of stock options 47,873 — 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 18,912,358 17,981,276 Diluted earnings per common share $ 0.55 $ 0.27 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended March 31, 2017 2016 Shares assumed to be converted from Preferred Stock Series A — 315,773 Shares assumed to be converted from Preferred Stock Series B — 360,578 Restricted stock awards — — Stock options — — |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (Dollars in thousands) Asset Three Months Ended March 31, 2017 Banking Factoring Management Corporate Consolidated Total interest income $ 27,499 $ 8,705 $ 3 $ 125 $ 36,332 Intersegment interest allocations 1,289 (1,289 ) — — — Total interest expense 3,214 — — 1,299 4,513 Net interest income (expense) 25,574 7,416 3 (1,174 ) 31,819 Provision for loan losses 7,021 582 — 75 7,678 Net interest income after provision 18,553 6,834 3 (1,249 ) 24,141 Gain on sale of subsidiary — — — 20,860 20,860 Other noninterest income 3,531 670 1,717 507 6,425 Noninterest expense 21,969 5,595 1,456 5,817 34,837 Operating income (loss) $ 115 $ 1,909 $ 264 $ 14,301 $ 16,589 (Dollars in thousands) Asset Three Months Ended March 31, 2016 Banking Factoring Management Corporate Consolidated Total interest income $ 17,426 $ 7,185 $ 31 $ 251 $ 24,893 Intersegment interest allocations 1,001 (1,001 ) — — — Total interest expense 2,102 — — 302 2,404 Net interest income (expense) 16,325 6,184 31 (51 ) 22,489 Provision for loan losses (124 ) (470 ) — 83 (511 ) Net interest income after provision 16,449 6,654 31 (134 ) 23,000 Noninterest income 2,015 445 1,671 850 4,981 Noninterest expense 13,582 4,573 1,346 577 20,078 Operating income (loss) $ 4,882 $ 2,526 $ 356 $ 139 $ 7,903 (Dollars in thousands) Asset March 31, 2017 Banking Factoring Management Corporate Eliminations Consolidated Total assets $ 2,568,126 $ 227,956 $ — $ 409,345 $ (570,069 ) $ 2,635,358 Gross loans $ 1,954,758 $ 218,601 $ — $ 12,360 $ (150,483 ) $ 2,035,236 (Dollars in thousands) Asset December 31, 2016 Banking Factoring Management Corporate Eliminations Consolidated Total assets $ 2,588,509 $ 223,994 $ 4,879 $ 391,745 $ (568,060 ) $ 2,641,067 Gross loans $ 1,961,552 $ 212,784 $ — $ 1,866 $ (148,578 ) $ 2,027,624 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2017Segments | |
Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
Business Combinations and Div38
Business Combinations and Divestitures - Summary of Consideration Received and Gain on Sale (Details) | Mar. 31, 2017USD ($) | Mar. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||
Transaction costs | $ 400,000 | |
Gain on sale of subsidiary, net of transaction costs | $ 20,860,000 | |
Triumph Capital Advisors, LLC | ||
Business Acquisition [Line Items] | ||
Cash | 10,554,000 | 10,554,000 |
Loan receivable | 10,500,000 | 10,500,000 |
Revenue share | 1,623,000 | 1,623,000 |
Total consideration received | 22,677,000 | $ 22,677,000 |
Carrying value of TCA membership interest | 1,417,000 | |
Gain on sale of subsidiary | 21,260,000 | |
Transaction costs | 400,000 | |
Gain on sale of subsidiary, net of transaction costs | $ 20,860,000 |
Business Combinations and Div39
Business Combinations and Divestitures - Additional Information (Details) - USD ($) | Mar. 31, 2017 | Sep. 01, 2016 | Aug. 01, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Origination fees | $ 3,006,000 | $ 3,006,000 | $ 2,772,000 | |||
Transaction costs | 400,000 | |||||
Goodwill | 28,810,000 | $ 28,810,000 | 28,810,000 | |||
Southern Transportation Insurance Agency, Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid for business acquisition | $ 2,150,000 | |||||
Southern Transportation Insurance Agency, Ltd. | Banking | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset | 1,580,000 | |||||
Goodwill | $ 570,000 | |||||
ColoEast Bankshares, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid for business acquisition | $ 70,000,000 | 70,000,000 | ||||
Intangible asset | 7,238,000 | |||||
Goodwill | 12,272,000 | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||
TARP Preferred stock, redemption date | Aug. 31, 2016 | |||||
Business acquisition, related costs | $ 1,618,000 | |||||
ColoEast Bankshares, Inc. | Preferred Stock | ||||||
Business Acquisition [Line Items] | ||||||
Preferred stock issued | $ 10,500,000 | $ 10,500,000 | ||||
ColoEast Bankshares, Inc. | Banking | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 12,272,000 | |||||
Triumph Capital Advisors, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Portion of consideration received | $ 10,500,000 | $ 10,500,000 | ||||
Percentage of annual earn-out payment | 3.00% | |||||
Maximum earn-out amount | $ 2,500,000 | |||||
Contingent consideration asset, estimated fair value | 1,623,000 | 1,623,000 | ||||
Transaction costs | 400,000 | |||||
Triumph Capital Advisors, LLC | Loans Receivable | ||||||
Business Acquisition [Line Items] | ||||||
Portion of consideration received | $ 10,500,000 | 10,500,000 | ||||
Term credit facility, maturity date | Mar. 31, 2023 | |||||
Origination fees | $ 25,000 | $ 25,000 | ||||
Triumph Capital Advisors, LLC | Interest Rate Floor | Loans Receivable | ||||||
Business Acquisition [Line Items] | ||||||
Term credit facility, interest rate | 5.50% | 5.50% |
Business Combinations and Div40
Business Combinations and Divestitures - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 01, 2016 | Dec. 31, 2016 | Mar. 31, 2017 |
Liabilities assumed: | |||
Goodwill | $ 28,810 | $ 28,810 | |
ColoEast Bankshares, Inc. | |||
Assets acquired: | |||
Cash and cash equivalents | 57,671 | ||
Securities | 161,693 | ||
Loans | 460,775 | ||
FHLB and Federal Reserve Bank stock | 550 | ||
Premises and equipment | 23,940 | ||
Other real estate owned | 2,962 | ||
Intangible assets | 7,238 | ||
Bank-owned life insurance | 6,400 | ||
Deferred income taxes | 4,441 | ||
Other assets | 10,022 | ||
Total Assets Acquired | 735,692 | ||
Liabilities assumed: | |||
Deposits | 652,952 | ||
Junior subordinated debentures | 7,728 | ||
Other liabilities | 6,784 | ||
Total liabilities | 667,464 | ||
Fair value of net assets acquired | 68,228 | ||
Cash paid | $ 70,000 | 70,000 | |
Consideration transferred | 80,500 | ||
Goodwill | 12,272 | ||
Initial Values Recorded at Acquisition Date | ColoEast Bankshares, Inc. | |||
Assets acquired: | |||
Cash and cash equivalents | 57,671 | ||
Securities | 161,693 | ||
Loans | 460,775 | ||
FHLB and Federal Reserve Bank stock | 550 | ||
Premises and equipment | 23,940 | ||
Other real estate owned | 3,105 | ||
Intangible assets | 7,238 | ||
Bank-owned life insurance | 6,400 | ||
Deferred income taxes | 4,511 | ||
Other assets | 10,022 | ||
Total Assets Acquired | 735,905 | ||
Liabilities assumed: | |||
Deposits | 652,952 | ||
Junior subordinated debentures | 7,728 | ||
Other liabilities | 6,784 | ||
Total liabilities | 667,464 | ||
Fair value of net assets acquired | 68,441 | ||
Cash paid | 70,000 | ||
Consideration transferred | 80,500 | ||
Goodwill | 12,059 | ||
Measurement Period Adjustments | ColoEast Bankshares, Inc. | |||
Assets acquired: | |||
Other real estate owned | (143) | ||
Deferred income taxes | (70) | ||
Total Assets Acquired | (213) | ||
Liabilities assumed: | |||
Fair value of net assets acquired | (213) | ||
Goodwill | 213 | ||
Preferred Stock | ColoEast Bankshares, Inc. | |||
Liabilities assumed: | |||
TARP Preferred Stock assumed | 10,500 | $ 10,500 | |
Preferred Stock | Initial Values Recorded at Acquisition Date | ColoEast Bankshares, Inc. | |||
Liabilities assumed: | |||
TARP Preferred Stock assumed | $ 10,500 |
Business Combinations and Div41
Business Combinations and Divestitures - Summary of Acquired Loans (Details) - ColoEast Bankshares, Inc. $ in Thousands | Aug. 01, 2016USD ($) |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | $ 460,775 |
Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 441,482 |
PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 19,293 |
Commercial real estate | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 97,476 |
Commercial real estate | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 86,569 |
Commercial real estate | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 10,907 |
Construction, land development, land | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 61,651 |
Construction, land development, land | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 58,718 |
Construction, land development, land | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 2,933 |
1-4 family residential properties | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 36,503 |
1-4 family residential properties | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 36,412 |
1-4 family residential properties | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 91 |
Farmland | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 101,210 |
Farmland | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 100,977 |
Farmland | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 233 |
Commercial | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 156,734 |
Commercial | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 151,605 |
Commercial | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 5,129 |
Factored receivables | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 694 |
Factored receivables | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 694 |
Consumer | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 6,507 |
Consumer | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | $ 6,507 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available for sale securities: | ||
Total Available for sale securities, Amortized Cost | $ 254,556 | $ 275,468 |
Total Available for sale securities, Gross Unrealized Gains | 1,149 | 1,247 |
Total Available for sale securities, Gross Unrealized Losses | (1,253) | (1,686) |
Securities - available for sale | 254,452 | 275,029 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 28,882 | 29,352 |
Held to maturity securities, Fair Value | 30,072 | 30,821 |
U.S. Treasury Notes | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 4,820 | |
Available for sale securities, Gross Unrealized Gains | 29 | |
Available for sale securities, Fair Value | 4,849 | |
Mutual Fund | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 2,000 | 2,000 |
Available for sale securities, Gross Unrealized Gains | 11 | 11 |
Available for sale securities, Fair Value | 2,011 | 2,011 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 158,212 | 180,945 |
Available for sale securities, Gross Unrealized Gains | 565 | 640 |
Available for sale securities, Gross Unrealized Losses | (561) | (643) |
Available for sale securities, Fair Value | 158,216 | 180,942 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 23,580 | 24,710 |
Available for sale securities, Gross Unrealized Gains | 417 | 453 |
Available for sale securities, Gross Unrealized Losses | (157) | (173) |
Available for sale securities, Fair Value | 23,840 | 24,990 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 12,966 | 13,031 |
Available for sale securities, Gross Unrealized Gains | 30 | |
Available for sale securities, Gross Unrealized Losses | (126) | (159) |
Available for sale securities, Fair Value | 12,840 | 12,902 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 25,580 | 27,339 |
Available for sale securities, Gross Unrealized Gains | 11 | 6 |
Available for sale securities, Gross Unrealized Losses | (405) | (708) |
Available for sale securities, Fair Value | 25,186 | 26,637 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 27,250 | 27,287 |
Available for sale securities, Gross Unrealized Gains | 115 | 106 |
Available for sale securities, Gross Unrealized Losses | (4) | (3) |
Available for sale securities, Fair Value | 27,361 | 27,390 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 148 | 156 |
Available for sale securities, Gross Unrealized Gains | 1 | 1 |
Available for sale securities, Fair Value | 149 | 157 |
CLO Securities | ||
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 28,882 | 29,352 |
Held to maturity securities, Gross Unrealized Gains | 1,284 | 1,527 |
Held to maturity securities, Gross Unrealized Losses | (94) | (58) |
Held to maturity securities, Fair Value | $ 30,072 | $ 30,821 |
Securities - Schedule of Amor43
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 57,965 | |
Due from one year to five years, Amortized Cost | 133,213 | |
Due from five years to ten years, Amortized Cost | 5,858 | |
Due after ten years, Amortized Cost | 18,826 | |
Available for Sale Securities, with single maturity date, Amortized Cost | 215,862 | |
Total Available for sale securities, Amortized Cost | 254,556 | $ 275,468 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, Fair Value | 57,950 | |
Due from one year to five years, Fair Value | 133,274 | |
Due from five years to ten years, Fair Value | 5,794 | |
Due after ten years, Fair Value | 18,594 | |
Available for Sale Securities, with single maturity date, Fair Value | 215,612 | |
Available for Sale Securities, Fair Value | 254,452 | 275,029 |
Held to Maturity Securities, Amortized Cost | ||
Due from five years to ten years, Amortized Cost | 9,491 | |
Due after ten years, Amortized Cost | 19,391 | |
Held to Maturity Securities, with single maturity date, Amortized Cost | 28,882 | |
Held to maturity securities, Amortized Cost | 28,882 | 29,352 |
Held to Maturity Securities, Fair Value | ||
Due from five years to ten years, Fair Value | 10,015 | |
Due after ten years, Fair Value | 20,057 | |
Held to Maturity Securities, with single maturity date, Fair Value | 30,072 | |
Held to Maturity Securities, Fair Value | 30,072 | $ 30,821 |
Mutual Fund | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 2,000 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 2,011 | |
Mortgage-backed Securities, Residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 23,580 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 23,840 | |
Asset Backed Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 12,966 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 12,840 | |
SBA Pooled Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 148 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | $ 149 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales of Securities and the Associated Gross Gains and Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Proceeds | $ 4,345 |
Gross gains | $ 5 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | Mar. 31, 2017USD ($)securities | Dec. 31, 2016USD ($) |
Investments Debt And Equity Securities [Abstract] | ||
Pledged securities, at carrying value | $ | $ 167,322 | $ 194,571 |
Number of securities which is in unrealized loss position | securities | 91 |
Securities - Schedule of Inform
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized and Unrecognized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 118,603 | $ 128,099 |
Less than 12 Months, Unrealized Losses | (1,206) | (1,527) |
12 Months or More, Fair Value | 7,977 | 7,946 |
12 Months or More, Unrealized Losses | (47) | (159) |
Total, Fair Value | 126,580 | 136,045 |
Total, Unrealized Losses | (1,253) | (1,686) |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 82,730 | 95,362 |
Less than 12 Months, Unrealized Losses | (561) | (643) |
Total, Fair Value | 82,730 | 95,362 |
Total, Unrealized Losses | (561) | (643) |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 6,520 | 6,594 |
Less than 12 Months, Unrealized Losses | (157) | (173) |
Total, Fair Value | 6,520 | 6,594 |
Total, Unrealized Losses | (157) | (173) |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,863 | |
Less than 12 Months, Unrealized Losses | (79) | |
12 Months or More, Fair Value | 7,977 | 7,946 |
12 Months or More, Unrealized Losses | (47) | (159) |
Total, Fair Value | 12,840 | 7,946 |
Total, Unrealized Losses | (126) | (159) |
State and Municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 24,119 | 25,771 |
Less than 12 Months, Unrealized Losses | (405) | (708) |
Total, Fair Value | 24,119 | 25,771 |
Total, Unrealized Losses | (405) | (708) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 371 | 372 |
Less than 12 Months, Unrealized Losses | (4) | (3) |
Total, Fair Value | 371 | 372 |
Total, Unrealized Losses | (4) | (3) |
CLO Securities | ||
Held to maturity securities: | ||
Less than 12 Months, Fair Value | 6,532 | 3,323 |
Less than 12 Months, Unrealized Losses | (94) | (58) |
Total, Fair Value | 6,532 | 3,323 |
Total, Unrealized Losses | $ (94) | $ (58) |
Loans and Allowance for Loan 47
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal for Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | $ 2,035,236 | $ 2,027,624 | ||
Unpaid Principal | 2,052,314 | 2,045,606 | ||
Difference | (17,078) | (17,982) | ||
Allowance for loan and lease losses | (19,093) | (15,405) | $ (12,093) | $ (12,567) |
Loans, net | 2,016,143 | 2,012,219 | ||
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 498,099 | 442,237 | ||
Unpaid Principal | 503,659 | 447,926 | ||
Difference | (5,560) | (5,689) | ||
Allowance for loan and lease losses | (2,243) | (1,813) | (1,619) | (1,489) |
Construction, land development, land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 109,849 | 109,812 | ||
Unpaid Principal | 113,173 | 113,211 | ||
Difference | (3,324) | (3,399) | ||
Allowance for loan and lease losses | (566) | (465) | (198) | (367) |
1-4 family residential properties | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 105,230 | 104,974 | ||
Unpaid Principal | 106,979 | 106,852 | ||
Difference | (1,749) | (1,878) | ||
Allowance for loan and lease losses | (160) | (253) | (285) | (274) |
Farmland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 136,537 | 141,615 | ||
Unpaid Principal | 137,587 | 142,673 | ||
Difference | (1,050) | (1,058) | ||
Allowance for loan and lease losses | (214) | (170) | (133) | (134) |
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 792,764 | 778,643 | ||
Unpaid Principal | 796,712 | 783,349 | ||
Difference | (3,948) | (4,706) | ||
Allowance for loan and lease losses | (11,177) | (8,014) | (5,331) | (5,276) |
Factored receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 242,098 | 238,198 | ||
Unpaid Principal | 243,535 | 239,432 | ||
Difference | (1,437) | (1,234) | ||
Allowance for loan and lease losses | (4,064) | (4,088) | (4,110) | (4,509) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 28,415 | 29,764 | ||
Unpaid Principal | 28,425 | 29,782 | ||
Difference | (10) | (18) | ||
Allowance for loan and lease losses | (547) | (420) | (222) | (216) |
Mortgage warehouse | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan, Total | 122,244 | 182,381 | ||
Unpaid Principal | 122,244 | 182,381 | ||
Allowance for loan and lease losses | $ (122) | $ (182) | $ (195) | $ (302) |
Loans and Allowance for Loan 48
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Premiums and discounts on acquired loans | $ 14,072 | $ 15,210 | ||
Net deferred origination and factoring fees | 3,006 | 2,772 | ||
Pledged loans | 450,654 | 497,573 | ||
Loans transferred to loans held for sale | 1,965 | $ 2,881 | ||
Proceeds from loans transferred to loans held for sale | 1,919 | 2,805 | ||
Losses on transfer of loans to loans held for sale | (46) | (76) | ||
Recorded investments in troubled debt restructurings | 12,584 | 18,386 | ||
Allowance for loan and lease losses | $ 19,093 | $ 12,093 | 15,405 | $ 12,567 |
Number of defaults on modified loans | loan | 3 | 0 | ||
Recorded investments in troubled debt restructurings | $ 2,987 | |||
Recorded investment charged off amount | 4,315 | $ 67 | ||
Troubled Debt Restructuring | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for loan and lease losses | 435 | 1,911 | ||
Recorded investment charged off amount | 2,702 | |||
Other non interest income | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Losses on transfer of loans to loans held for sale | (46) | (76) | ||
Factored receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Customer reserves | 23,573 | 23,597 | ||
Allowance for loan and lease losses | 4,064 | 4,110 | $ 4,088 | $ 4,509 |
Recorded investment charged off amount | $ 580 | $ 8 |
Loans and Allowance for Loan 49
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, 2017 | Mar. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 15,405 | $ 12,567 |
Provision for loan losses | 7,678 | (511) |
Charge-offs | (4,315) | (67) |
Recoveries | 325 | 104 |
Ending Balance | 19,093 | 12,093 |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 1,813 | 1,489 |
Provision for loan losses | 567 | 129 |
Charge-offs | (137) | |
Recoveries | 1 | |
Ending Balance | 2,243 | 1,619 |
Construction, land development, land | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 465 | 367 |
Provision for loan losses | 513 | (169) |
Charge-offs | (419) | |
Recoveries | 7 | |
Ending Balance | 566 | 198 |
1-4 family residential properties | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 253 | 274 |
Provision for loan losses | (70) | 22 |
Charge-offs | (28) | (16) |
Recoveries | 5 | 5 |
Ending Balance | 160 | 285 |
Farmland | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 170 | 134 |
Provision for loan losses | 44 | (1) |
Ending Balance | 214 | 133 |
Commercial Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 8,014 | 5,276 |
Provision for loan losses | 5,793 | 25 |
Charge-offs | (2,852) | |
Recoveries | 222 | 30 |
Ending Balance | 11,177 | 5,331 |
Factored receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 4,088 | 4,509 |
Provision for loan losses | 519 | (440) |
Charge-offs | (580) | (8) |
Recoveries | 37 | 49 |
Ending Balance | 4,064 | 4,110 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 420 | 216 |
Provision for loan losses | 372 | 30 |
Charge-offs | (299) | (43) |
Recoveries | 54 | 19 |
Ending Balance | 547 | 222 |
Mortgage warehouse | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 182 | 302 |
Provision for loan losses | (60) | (107) |
Ending Balance | $ 122 | $ 195 |
Loans and Allowance for Loan 50
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, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | $ 34,345 | $ 40,528 | ||
Loan Evaluation, Collectively | 1,979,439 | 1,960,189 | ||
Loans | 2,035,236 | 2,027,624 | ||
ALLL Allocations, Individually | 3,791 | 3,773 | ||
ALLL Allocations, Collectively | 13,947 | 11,277 | ||
ALLL Allocations, Total ALLL | 19,093 | 15,405 | $ 12,093 | $ 12,567 |
Purchased Credit Impaired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans | 21,452 | 26,907 | ||
ALLL Allocations, PCI | 1,355 | 355 | ||
Commercial real estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 724 | 1,456 | ||
Loan Evaluation, Collectively | 486,621 | 427,918 | ||
Loans | 498,099 | 442,237 | ||
ALLL Allocations, Individually | 100 | |||
ALLL Allocations, Collectively | 1,888 | 1,358 | ||
ALLL Allocations, Total ALLL | 2,243 | 1,813 | 1,619 | 1,489 |
Commercial real estate | Purchased Credit Impaired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans | 10,754 | 12,863 | ||
ALLL Allocations, PCI | 355 | 355 | ||
Construction, land development, land | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 415 | 362 | ||
Loan Evaluation, Collectively | 105,846 | 105,493 | ||
Loans | 109,849 | 109,812 | ||
ALLL Allocations, Individually | 25 | 25 | ||
ALLL Allocations, Collectively | 541 | 440 | ||
ALLL Allocations, Total ALLL | 566 | 465 | 198 | 367 |
Construction, land development, land | Purchased Credit Impaired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans | 3,588 | 3,957 | ||
1-4 family residential properties | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 1,266 | 1,095 | ||
Loan Evaluation, Collectively | 101,671 | 101,551 | ||
Loans | 105,230 | 104,974 | ||
ALLL Allocations, Individually | 1 | |||
ALLL Allocations, Collectively | 160 | 252 | ||
ALLL Allocations, Total ALLL | 160 | 253 | 285 | 274 |
1-4 family residential properties | Purchased Credit Impaired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans | 2,293 | 2,328 | ||
Farmland | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 2,920 | 1,333 | ||
Loan Evaluation, Collectively | 133,380 | 140,045 | ||
Loans | 136,537 | 141,615 | ||
ALLL Allocations, Collectively | 214 | 170 | ||
ALLL Allocations, Total ALLL | 214 | 170 | 133 | 134 |
Farmland | Purchased Credit Impaired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans | 237 | 237 | ||
Commercial Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 25,159 | 33,033 | ||
Loan Evaluation, Collectively | 763,025 | 738,088 | ||
Loans | 792,764 | 778,643 | ||
ALLL Allocations, Individually | 2,034 | 2,101 | ||
ALLL Allocations, Collectively | 8,143 | 5,913 | ||
ALLL Allocations, Total ALLL | 11,177 | 8,014 | 5,331 | 5,276 |
Commercial Loans | Purchased Credit Impaired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans | 4,580 | 7,522 | ||
ALLL Allocations, PCI | 1,000 | |||
Factored receivables | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 3,728 | 3,176 | ||
Loan Evaluation, Collectively | 238,370 | 235,022 | ||
Loans | 242,098 | 238,198 | ||
ALLL Allocations, Individually | 1,732 | 1,546 | ||
ALLL Allocations, Collectively | 2,332 | 2,542 | ||
ALLL Allocations, Total ALLL | 4,064 | 4,088 | 4,110 | 4,509 |
Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 133 | 73 | ||
Loan Evaluation, Collectively | 28,282 | 29,691 | ||
Loans | 28,415 | 29,764 | ||
ALLL Allocations, Collectively | 547 | 420 | ||
ALLL Allocations, Total ALLL | 547 | 420 | 222 | 216 |
Mortgage warehouse | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 122,244 | 182,381 | ||
Loans | 122,244 | 182,381 | ||
ALLL Allocations, Collectively | 122 | 182 | ||
ALLL Allocations, Total ALLL | $ 122 | $ 182 | $ 195 | $ 302 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | $ 21,829 | $ 19,525 | |
Unpaid Principal, With Valuation Allowance | 22,274 | 19,525 | |
Related Allowance, With Valuation Allowance | 5,146 | 4,128 | |
Recorded Investment, Without Valuation Allowance | 15,218 | 21,528 | |
Unpaid Principal, Without Valuation Allowance | 15,527 | 21,845 | |
Average Impaired Loans | 39,050 | $ 16,629 | |
Interest Recognized | 132 | 101 | |
Purchased Credit Impaired Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 2,702 | 525 | |
Unpaid Principal, With Valuation Allowance | 3,006 | 525 | |
Related Allowance, With Valuation Allowance | 1,355 | 355 | |
Average Impaired Loans | 1,613 | 974 | |
Commercial real estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 517 | ||
Unpaid Principal, With Valuation Allowance | 517 | ||
Related Allowance, With Valuation Allowance | 100 | ||
Recorded Investment, Without Valuation Allowance | 724 | 939 | |
Unpaid Principal, Without Valuation Allowance | 757 | 1,011 | |
Average Impaired Loans | 1,090 | 719 | |
Construction, land development, land | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 281 | 277 | |
Unpaid Principal, With Valuation Allowance | 279 | 275 | |
Related Allowance, With Valuation Allowance | 25 | 25 | |
Recorded Investment, Without Valuation Allowance | 134 | 85 | |
Unpaid Principal, Without Valuation Allowance | 136 | 86 | |
Average Impaired Loans | 389 | ||
1-4 family residential properties | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 8 | ||
Unpaid Principal, With Valuation Allowance | 14 | ||
Related Allowance, With Valuation Allowance | 1 | ||
Recorded Investment, Without Valuation Allowance | 1,266 | 1,087 | |
Unpaid Principal, Without Valuation Allowance | 1,391 | 1,215 | |
Average Impaired Loans | 1,180 | 628 | |
Interest Recognized | 1 | 1 | |
Farmland | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, Without Valuation Allowance | 2,920 | 1,333 | |
Unpaid Principal, Without Valuation Allowance | 2,980 | 1,364 | |
Average Impaired Loans | 2,127 | ||
Interest Recognized | 9 | ||
Commercial Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 15,118 | 15,022 | |
Unpaid Principal, With Valuation Allowance | 15,261 | 15,018 | |
Related Allowance, With Valuation Allowance | 2,034 | 2,101 | |
Recorded Investment, Without Valuation Allowance | 10,041 | 18,011 | |
Unpaid Principal, Without Valuation Allowance | 10,131 | 18,096 | |
Average Impaired Loans | 29,096 | 10,109 | |
Interest Recognized | 122 | 100 | |
Factored receivables | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 3,728 | 3,176 | |
Unpaid Principal, With Valuation Allowance | 3,728 | 3,176 | |
Related Allowance, With Valuation Allowance | 1,732 | 1,546 | |
Average Impaired Loans | 3,452 | 4,181 | |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, Without Valuation Allowance | 133 | 73 | |
Unpaid Principal, Without Valuation Allowance | 132 | $ 73 | |
Average Impaired Loans | $ 103 | $ 18 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $ 30,871 | $ 31,525 |
Past Due 90 Days or More Still Accruing | 2,841 | 3,621 |
Nonaccrual | 30,510 | 38,030 |
Total Past Due | 64,222 | 73,176 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 219 | 2,020 |
Past Due 90 Days or More Still Accruing | 104 | |
Nonaccrual | 5,913 | 8,233 |
Total Past Due | 6,132 | 10,357 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 2,399 | 699 |
Past Due 90 Days or More Still Accruing | 144 | |
Nonaccrual | 724 | 1,163 |
Total Past Due | 3,123 | 2,006 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 619 | |
Nonaccrual | 415 | 362 |
Total Past Due | 415 | 981 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 1,075 | 956 |
Nonaccrual | 1,213 | 1,039 |
Total Past Due | 2,288 | 1,995 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 3,672 | 3,583 |
Past Due 90 Days or More Still Accruing | 141 | |
Nonaccrual | 2,128 | 541 |
Total Past Due | 5,800 | 4,265 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 10,448 | 11,060 |
Past Due 90 Days or More Still Accruing | 371 | 1,077 |
Nonaccrual | 19,984 | 26,619 |
Total Past Due | 30,803 | 38,756 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 12,438 | 11,921 |
Past Due 90 Days or More Still Accruing | 2,470 | 2,153 |
Total Past Due | 14,908 | 14,074 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 620 | 667 |
Past Due 90 Days or More Still Accruing | 2 | |
Nonaccrual | 133 | 73 |
Total Past Due | $ 753 | $ 742 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 30,510 | $ 38,030 | |
Factored receivables greater than 90 days past due | 2,841 | 3,621 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Factored receivables greater than 90 days past due | 2,470 | 2,153 | |
Nonperforming Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | [1] | 30,510 | 38,030 |
Troubled debt restructurings accruing interest | 3,611 | 5,123 | |
Total loans | 36,591 | 45,306 | |
Nonperforming Loans | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Factored receivables greater than 90 days past due | $ 2,470 | $ 2,153 | |
[1] | Includes troubled debt restructurings of $8,973,000 and $13,263,000 at March 31, 2017 and December 31, 2016, respectively. |
Loans and Allowance for Loan 54
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 30,510 | $ 38,030 |
Troubled Debt Restructuring | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 8,973 | $ 13,263 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 2,035,236 | $ 2,027,624 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 498,099 | 442,237 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 109,849 | 109,812 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 105,230 | 104,974 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 136,537 | 141,615 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 792,764 | 778,643 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 242,098 | 238,198 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 28,415 | 29,764 |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 122,244 | 182,381 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 21,452 | 26,907 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 10,754 | 12,863 |
Purchased Credit Impaired Loans | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 3,588 | 3,957 |
Purchased Credit Impaired Loans | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 2,293 | 2,328 |
Purchased Credit Impaired Loans | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 237 | 237 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 4,580 | 7,522 |
Pass | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,959,444 | 1,943,516 |
Pass | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 485,653 | 422,423 |
Pass | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 105,846 | 105,493 |
Pass | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 101,350 | 101,339 |
Pass | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 129,763 | 136,474 |
Pass | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 746,554 | 729,634 |
Pass | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 239,754 | 236,084 |
Pass | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 28,280 | 29,688 |
Pass | Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 122,244 | 182,381 |
Substandard | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 52,926 | 56,116 |
Substandard | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,692 | 6,951 |
Substandard | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 415 | 362 |
Substandard | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,587 | 1,307 |
Substandard | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 6,537 | 4,904 |
Substandard | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 41,630 | 41,487 |
Substandard | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 930 | 1,029 |
Substandard | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 135 | 76 |
Doubtful | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,414 | 1,085 |
Doubtful | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 1,414 | $ 1,085 |
Loans and Allowance for Loan 56
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, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | loan | 4 | 16 |
Pre-Modification Outstanding Recorded Investment | $ 186 | $ 5,730 |
Post-Modification Outstanding Recorded Investment | $ 186 | $ 5,730 |
Loans and Allowance for Loan 57
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, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $ 28,791 | $ 34,716 |
Loans | 2,035,236 | 2,027,624 |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 22,085 | 25,013 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 6,706 | 9,703 |
Loans | 792,764 | 778,643 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 21,452 | 26,907 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 4,580 | $ 7,522 |
Loans and Allowance for Loan 58
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, 2017 | Mar. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning balance | $ 4,261 | $ 2,594 |
Accretion | (472) | (517) |
Reclassification from nonaccretable to accretable yield | 83 | |
Disposals | (440) | (13) |
Accretable yield, ending balance | $ 3,432 | $ 2,064 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 28,810 | $ 28,810 |
Finite-Lived Intangible Assets, Gross Carrying Amount | 25,618 | 27,831 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10,195) | (10,110) |
Finite-Lived Intangible Assets, Net Carrying Amount | 15,423 | 17,721 |
Core Deposit Intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 21,825 | 21,825 |
Finite-Lived Intangible Assets, Accumulated Amortization | (9,234) | (8,423) |
Finite-Lived Intangible Assets, Net Carrying Amount | 12,591 | 13,402 |
Other Intangible Assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 3,793 | 6,006 |
Finite-Lived Intangible Assets, Accumulated Amortization | (961) | (1,687) |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 2,832 | $ 4,319 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill and intangible assets, beginning | $ 46,531 | $ 27,854 |
Acquired intangibles | 152 | |
Divestiture | (1,339) | |
Amortization of intangibles | (1,111) | (977) |
Goodwill and intangible assets, ending | $ 44,233 | $ 26,877 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||
Asset management fees | $ 1,717 | $ 1,629 | |
Held to maturity security | 28,882 | $ 29,352 | |
Income from investment in CLO warehouse entities | 964 | 984 | |
Collateralized Loan Obligation Funds | |||
Variable Interest Entity [Line Items] | |||
Income from investment in CLO warehouse entities | 964 | $ 984 | |
Trinitas IV and V | |||
Variable Interest Entity [Line Items] | |||
Held to maturity security | 6,626 | ||
Trinitas VI | Collateralized Loan Obligation Funds | Other Assets | |||
Variable Interest Entity [Line Items] | |||
Equity investments | $ 22,181 |
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, 2017 | Jun. 09, 2015 | Aug. 04, 2014 | May 01, 2014 | Dec. 17, 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 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 - 63
Variable Interest Entities - Summarizes of Closed CLO Offerings for which TCA is Not Asset Manager (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Sep. 22, 2016 | Jun. 02, 2016 | |
Trinitas IV | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 406,650 | ||
Offering Date | Jun. 2, 2016 | ||
Trinitas V | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 409,000 | ||
Offering Date | Sep. 22, 2016 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Noninterest bearing demand | $ 382,009 | $ 363,351 |
Interest bearing demand | 329,201 | 340,362 |
Individual retirement accounts | 100,436 | 103,022 |
Money market | 203,686 | 213,253 |
Savings | 173,258 | 171,354 |
Certificates of deposit | 767,602 | 756,351 |
Brokered deposits | 68,096 | 68,092 |
Total deposits | $ 2,024,288 | $ 2,015,785 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Deposits [Abstract] | |
Within one year | $ 678,352 |
After one but within two years | 175,164 |
After two but within three years | 46,520 |
After three but within four years | 16,504 |
After four but within five years | 19,343 |
After five years | 251 |
Total | $ 936,134 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Time deposits | $ 161,317 | $ 149,258 |
Off-Balance Sheet Loan Commit67
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, 2017 | Dec. 31, 2016 | |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | $ 15,985 | $ 7,345 |
Financial instruments, off balance sheet risk, Variable Rate | 22,925 | 7,580 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | 98,047 | 109,611 |
Financial instruments, off balance sheet risk, Variable Rate | 150,182 | 145,475 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | 2,371 | 2,547 |
Financial instruments, off balance sheet risk, Variable Rate | $ 5,128 | $ 4,706 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
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, 2017 | Dec. 31, 2016 |
Available for sale securities: | ||
Available for Sale Securities, Fair Value | $ 254,452 | $ 275,029 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Available for Sale Securities, Fair Value | 254,452 | 275,029 |
Mutual Fund | ||
Available for sale securities: | ||
Securities available for sale | 2,011 | 2,011 |
Mutual Fund | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 2,011 | 2,011 |
US Government Agency Obligations [Member] | ||
Available for sale securities: | ||
Securities available for sale | 158,216 | 180,942 |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 158,216 | 180,942 |
U.S. Treasury Notes | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 4,849 | |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Securities available for sale | 23,840 | 24,990 |
Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 23,840 | 24,990 |
Asset Backed Securities | ||
Available for sale securities: | ||
Securities available for sale | 12,840 | 12,902 |
Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 12,840 | 12,902 |
State and Municipal | ||
Available for sale securities: | ||
Securities available for sale | 25,186 | 26,637 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 25,186 | 26,637 |
Corporate Bonds | ||
Available for sale securities: | ||
Securities available for sale | 27,361 | 27,390 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 27,361 | 27,390 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Securities available for sale | 149 | 157 |
SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 149 | 157 |
Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Available for Sale Securities, Fair Value | 2,011 | 2,011 |
Level 1 | Mutual Fund | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 2,011 | 2,011 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Available for Sale Securities, Fair Value | 252,441 | 273,018 |
Level 2 | US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 158,216 | 180,942 |
Level 2 | U.S. Treasury Notes | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 4,849 | |
Level 2 | Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 23,840 | 24,990 |
Level 2 | Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 12,840 | 12,902 |
Level 2 | State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 25,186 | 26,637 |
Level 2 | Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | 27,361 | 27,390 |
Level 2 | SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities available for sale | $ 149 | $ 157 |
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, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 16,775 | $ 17,047 |
Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 417 | |
Impaired Loans | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 256 | 252 |
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 | 7 | |
Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 13,084 | 12,921 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,996 | 1,630 |
Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,347 | 170 |
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 | 467 | |
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 | 485 | |
Other real estate owned | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 92 | 698 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 16,775 | 17,047 |
Level 3 | Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 417 | |
Level 3 | Impaired Loans | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 256 | 252 |
Level 3 | 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 | 7 | |
Level 3 | Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 13,084 | 12,921 |
Level 3 | Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,996 | 1,630 |
Level 3 | Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,347 | 170 |
Level 3 | 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 | 467 | |
Level 3 | 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 | 485 | |
Level 3 | Other real estate owned | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 92 | $ 698 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $ 126,084 | $ 114,514 | ||
Securities - Held to maturity, Fair value | 30,072 | 30,821 | ||
Loans not previously presented, net, Fair Value | 2,008,707 | 2,002,487 | ||
Accrued interest receivable, Fair Value | 11,455 | 12,663 | ||
Cash and cash equivalents, Carrying Amount | 126,084 | 114,514 | $ 123,715 | $ 105,277 |
Securities - held to maturity, Carrying Amount | 28,882 | 29,352 | ||
Loans not previously presented, net, Carrying Amount | 1,999,460 | 1,996,822 | ||
FHLB stock, Carrying Amount | 7,167 | 8,430 | ||
Accrued interest receivable, Carrying Amount | 11,455 | 12,663 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 2,029,332 | 2,014,922 | ||
Customer repurchase agreements, Fair Value | 10,468 | 10,490 | ||
Federal Home Loan Bank advances, Fair Value | 200,000 | 230,000 | ||
Subordinated notes, Fair Value | 50,737 | 50,920 | ||
Junior subordinated debentures, Fair Value | 33,046 | 32,905 | ||
Accrued interest payable, Fair Value | 1,805 | 2,682 | ||
Deposits, Carrying Amount | 2,024,288 | 2,015,785 | ||
Customer repurchase agreements, Carrying Amount | 10,468 | 10,490 | ||
Federal Home Loan Bank advances, Carrying Amount | 200,000 | 230,000 | ||
Subordinated notes, Carrying Amount | 48,757 | 48,734 | ||
Junior subordinated debentures, Carrying Amount | 32,840 | 32,740 | ||
Accrued interest payable, Carrying Amount | 1,805 | 2,682 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 126,084 | 114,514 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 23,540 | 27,498 | ||
Accrued interest receivable, Fair Value | 11,455 | 12,663 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 2,029,332 | 2,014,922 | ||
Customer repurchase agreements, Fair Value | 10,468 | 10,490 | ||
Federal Home Loan Bank advances, Fair Value | 200,000 | 230,000 | ||
Subordinated notes, Fair Value | 50,737 | 50,920 | ||
Junior subordinated debentures, Fair Value | 33,046 | 32,905 | ||
Accrued interest payable, Fair Value | 1,805 | 2,682 | ||
Level 3 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 6,532 | 3,323 | ||
Loans not previously presented, net, Fair Value | $ 2,008,707 | $ 2,002,487 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 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% | |
Capital conservation buffer rate | 1.25% | 0.625% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to Risk Weighted Assets) Actual Amount | $ 359,884 | $ 342,059 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.90% | 14.60% |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 193,675 | $ 187,449 |
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 | $ 291,704 | $ 277,605 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 12.00% | 11.80% |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 145,256 | $ 140,587 |
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 | $ 249,962 | $ 238,439 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.30% | 10.20% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 108,942 | $ 105,440 |
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 | $ 291,704 | $ 277,605 |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.30% | 10.90% |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 103,114 | $ 102,303 |
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 | $ 297,150 | $ 293,313 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.90% | 12.90% |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 183,631 | $ 181,640 |
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 | $ 229,539 | $ 227,050 |
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 | $ 277,801 | $ 277,593 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 12.10% | 12.20% |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 137,723 | $ 136,230 |
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 | $ 183,631 | $ 181,640 |
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 | $ 277,801 | $ 277,593 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 12.10% | 12.20% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 103,292 | $ 102,173 |
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 | $ 149,200 | $ 147,583 |
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 | $ 277,801 | $ 277,593 |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.00% | 11.00% |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 101,278 | $ 100,802 |
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 | $ 126,598 | $ 126,002 |
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) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Class Of Stock [Line Items] | ||
Shares authorized | 50,000,000 | 50,000,000 |
Shares issued | 18,159,539 | 18,154,365 |
Treasury shares | (80,770) | (76,118) |
Shares outstanding | 18,078,769 | 18,078,247 |
Par value per share | $ 0.01 | $ 0.01 |
Series A Preferred Dividends | ||
Class Of Stock [Line Items] | ||
Shares authorized | 50,000 | 50,000 |
Shares issued | 45,500 | 45,500 |
Shares outstanding | 45,500 | 45,500 |
Par value per share | $ 0.01 | $ 0.01 |
Liquidation preference per share | $ 100 | $ 100 |
Liquidation preference amount | $ 4,550 | $ 4,550 |
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 |
Series B Preferred Dividends | ||
Class Of Stock [Line Items] | ||
Shares authorized | 115,000 | 115,000 |
Shares issued | 51,956 | 51,956 |
Shares outstanding | 51,956 | 51,956 |
Par value per share | $ 0.01 | $ 0.01 |
Liquidation preference per share | $ 100 | $ 100 |
Liquidation preference amount | $ 5,196 | $ 5,196 |
Dividend rate | 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, 2017 | Mar. 31, 2016 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation | $ 702 | $ 353 | |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted | 0 | 0 | |
Options exercised | 0 | 0 | |
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 | $ 534 | ||
Weighted-average period to recognize cost | 2 years 6 months | ||
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 | 4 years | ||
2014 Omnibus Incentive Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average period to recognize cost | 3 years | ||
Stock based compensation, award vesting period | 4 years | ||
Employees stock options contractual terms | 10 years | ||
Total unrecognized compensation cost | $ 360 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Beginning balance | shares | 126,644 |
Nonvested Shares, Granted | shares | 5,174 |
Nonvested Shares, Vested | shares | (17,860) |
Nonvested Shares, Forfeited | shares | (251) |
Nonvested Shares, Ending balance | shares | 113,707 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance | $ / shares | $ 14.92 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted | $ / shares | 27.05 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested | $ / shares | 19.11 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares | 13.50 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 14.81 |
Stock Based Compensation - Su77
Stock Based Compensation - Summary of Changes in Company's Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options, Beginning Balance | 163,661 | |
Stock Options, Granted | 0 | 0 |
Stock Options, Exercised | 0 | 0 |
Stock Options, Ending Balance | 163,661 | |
Stock Options, Fully vested shares and shares expected to vest at March 31, 2017 | 163,661 | |
Stock Options, Shares exercisable at March 31, 2017 | 34,398 | |
Weighted-Average Exercise Price, Beginning Balance | $ 15.87 | |
Weighted-Average Exercise Price, Ending Balance | 15.87 | |
Weighted-Average Exercise Price, Fully vested shares and shares expected to vest at March 31, 2017 | 15.87 | |
Weighted-Average Exercise Price, Shares exercisable at March 31, 2017 | $ 15.87 | |
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2017 | 7 years 1 month 28 days | |
Weighted-Average Remaining Contractual Term, Fully vested shares and shares expected to vest at March 31, 2017 | 7 years 1 month 28 days | |
Weighted-Average Remaining Contractual Term, Shares exercisable at March 31, 2017 | 3 months | |
Aggregate Intrinsic Value, Outstanding at March 31, 2017 | $ 1,625 | |
Aggregate Intrinsic Value, Fully vested shares and shares expected to vest at March 31, 2017 | 1,625 | |
Aggregate Intrinsic Value, Shares exercisable at March 31, 2017 | $ 342 |
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, 2017 | Mar. 31, 2016 | |
Basic | ||
Net income to common stockholders | $ 10,281 | $ 4,812 |
Weighted average common shares outstanding | 17,955,144 | 17,816,930 |
Basic earnings per common share | $ 0.57 | $ 0.27 |
Diluted | ||
Net income to common stockholders | $ 10,281 | $ 4,812 |
Dilutive effect of preferred stock | 192 | |
Net income to common stockholders - diluted | $ 10,473 | $ 4,812 |
Weighted average common shares outstanding | 17,955,144 | 17,816,930 |
Average shares and dilutive potential common shares | 18,912,358 | 17,981,276 |
Diluted earnings per common share | $ 0.55 | $ 0.27 |
Restricted Stock | ||
Diluted | ||
Dilutive effects of stock based compensation | 87,094 | 113,788 |
Stock Options | ||
Diluted | ||
Dilutive effects of stock based compensation | 47,873 | |
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 | 145,896 | 50,558 |
Business Segment Information -
Business Segment Information - Additional Information (Details) | Mar. 31, 2017 |
Triumph Capital Advisors, LLC | |
Segment Reporting Information [Line Items] | |
Percentage of membership interests sold | 100.00% |
Business Segment Information 80
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 36,332 | $ 24,893 | |
Total interest expense | 4,513 | 2,404 | |
Net interest income | 31,819 | 22,489 | |
Provision for loan losses | 7,678 | (511) | |
Net interest income after provision for loan losses | 24,141 | 23,000 | |
Gain on sale of subsidiary | 20,860 | ||
Other noninterest income | 6,425 | ||
Noninterest Income | 27,285 | 4,981 | |
Noninterest expense | 34,837 | 20,078 | |
Operating income (loss) | 16,589 | 7,903 | |
Total assets | 2,635,358 | $ 2,641,067 | |
Gross loans | 2,035,236 | 2,027,624 | |
Operating Segments | Banking | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 27,499 | 17,426 | |
Intersegment interest allocations | 1,289 | 1,001 | |
Total interest expense | 3,214 | 2,102 | |
Net interest income | 25,574 | 16,325 | |
Provision for loan losses | 7,021 | (124) | |
Net interest income after provision for loan losses | 18,553 | 16,449 | |
Other noninterest income | 3,531 | ||
Noninterest Income | 2,015 | ||
Noninterest expense | 21,969 | 13,582 | |
Operating income (loss) | 115 | 4,882 | |
Total assets | 2,568,126 | 2,588,509 | |
Gross loans | 1,954,758 | 1,961,552 | |
Operating Segments | Factoring | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 8,705 | 7,185 | |
Intersegment interest allocations | (1,289) | (1,001) | |
Net interest income | 7,416 | 6,184 | |
Provision for loan losses | 582 | (470) | |
Net interest income after provision for loan losses | 6,834 | 6,654 | |
Other noninterest income | 670 | ||
Noninterest Income | 445 | ||
Noninterest expense | 5,595 | 4,573 | |
Operating income (loss) | 1,909 | 2,526 | |
Total assets | 227,956 | 223,994 | |
Gross loans | 218,601 | 212,784 | |
Operating Segments | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 3 | 31 | |
Net interest income | 3 | 31 | |
Net interest income after provision for loan losses | 3 | 31 | |
Other noninterest income | 1,717 | ||
Noninterest Income | 1,671 | ||
Noninterest expense | 1,456 | 1,346 | |
Operating income (loss) | 264 | 356 | |
Total assets | 4,879 | ||
Operating Segments | Corporate | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 125 | 251 | |
Total interest expense | 1,299 | 302 | |
Net interest income | (1,174) | (51) | |
Provision for loan losses | 75 | 83 | |
Net interest income after provision for loan losses | (1,249) | (134) | |
Gain on sale of subsidiary | 20,860 | ||
Other noninterest income | 507 | ||
Noninterest Income | 850 | ||
Noninterest expense | 5,817 | 577 | |
Operating income (loss) | 14,301 | $ 139 | |
Total assets | 409,345 | 391,745 | |
Gross loans | 12,360 | 1,866 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (570,069) | (568,060) | |
Gross loans | $ (150,483) | $ (148,578) |