Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 17, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 26,279,761 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 74,737 | $ 59,114 |
Interest bearing deposits with other banks | 207,672 | 75,015 |
Total cash and cash equivalents | 282,409 | 134,129 |
Securities - available for sale | 355,981 | 250,603 |
Securities - equity investments | 4,981 | 5,006 |
Securities - held to maturity, fair value of $8,094 and $7,527, respectively | 8,403 | 8,557 |
Loans held for sale | 683 | |
Loans, net of allowance for loan and lease losses of $27,256 and $18,748, respectively | 3,484,887 | 2,792,108 |
Assets held for sale | 71,362 | |
Federal Home Loan Bank stock, at cost | 23,109 | 16,006 |
Premises and equipment, net | 82,935 | 62,861 |
Other real estate owned, net | 2,442 | 9,191 |
Goodwill | 158,728 | 44,126 |
Intangible assets, net | 43,114 | 19,652 |
Bank-owned life insurance | 40,339 | 44,364 |
Deferred tax assets, net | 8,137 | 8,959 |
Other assets | 40,954 | 32,109 |
Total assets | 4,537,102 | 3,499,033 |
Liabilities | ||
Noninterest bearing | 697,903 | 564,225 |
Interest bearing | 2,741,146 | 2,057,123 |
Total deposits | 3,439,049 | 2,621,348 |
Customer repurchase agreements | 13,248 | 11,488 |
Federal Home Loan Bank advances | 330,000 | 365,000 |
Subordinated notes | 48,903 | 48,828 |
Junior subordinated debentures | 38,966 | 38,623 |
Other liabilities | 50,295 | 22,048 |
Total liabilities | 3,920,461 | 3,107,335 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Preferred Stock | 9,658 | 9,658 |
Common stock | 264 | 209 |
Additional paid-in-capital | 458,920 | 264,855 |
Treasury stock, at cost | (2,285) | (1,784) |
Retained earnings | 152,401 | 119,356 |
Accumulated other comprehensive income (loss) | (2,317) | (596) |
Total stockholders’ equity | 616,641 | 391,698 |
Total liabilities and stockholders' equity | $ 4,537,102 | $ 3,499,033 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||||||
Securities - Held to maturity, Fair value | $ 8,094 | $ 7,527 | ||||
Allowance for loan and lease losses | $ 27,256 | $ 24,547 | $ 18,748 | $ 20,367 | $ 19,797 | $ 15,405 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest and dividend income: | ||||
Loans, including fees | $ 41,257 | $ 30,863 | $ 116,288 | $ 86,711 |
Factored receivables, including fees | 27,939 | 12,198 | 64,033 | 32,177 |
Securities | 1,551 | 1,655 | 4,040 | 5,004 |
FHLB stock | 147 | 51 | 353 | 129 |
Cash deposits | 865 | 370 | 2,412 | 986 |
Total interest income | 71,759 | 45,137 | 187,126 | 125,007 |
Interest expense: | ||||
Deposits | 6,219 | 3,272 | 15,127 | 9,198 |
Subordinated notes | 837 | 837 | 2,512 | 2,508 |
Junior subordinated debentures | 714 | 495 | 2,024 | 1,435 |
Other borrowings | 2,207 | 1,021 | 5,294 | 1,978 |
Total interest expense | 9,977 | 5,625 | 24,957 | 15,119 |
Net interest income | 61,782 | 39,512 | 162,169 | 109,888 |
Provision for loan losses | 6,803 | 572 | 14,257 | 9,697 |
Net interest income after provision for loan losses | 54,979 | 38,940 | 147,912 | 100,191 |
Noninterest income: | ||||
Net OREO gains (losses) and valuation adjustments | 65 | 15 | (551) | (86) |
Net gains (losses) on sale of securities | 35 | (272) | 35 | |
Insurance commissions | 1,113 | 826 | 2,646 | 2,125 |
Gain on sale of subsidiary or division | 1,071 | 20,860 | ||
Other | (1) | 668 | 1,486 | 4,459 |
Total noninterest income | 6,059 | 4,171 | 16,176 | 36,658 |
Noninterest expense: | ||||
Salaries and employee benefits | 24,695 | 16,717 | 64,626 | 54,687 |
Occupancy, furniture and equipment | 3,553 | 2,398 | 9,621 | 7,105 |
FDIC insurance and other regulatory assessments | 363 | 294 | 945 | 790 |
Professional fees | 3,384 | 1,465 | 7,102 | 4,671 |
Amortization of intangible assets | 2,064 | 870 | 4,542 | 2,892 |
Advertising and promotion | 1,609 | 804 | 3,938 | 2,653 |
Communications and technology | 7,252 | 2,145 | 13,882 | 6,552 |
Other | 6,026 | 3,532 | 15,735 | 11,033 |
Total noninterest expense | 48,946 | 28,225 | 120,391 | 90,383 |
Net income before income tax | 12,092 | 14,886 | 43,697 | 46,466 |
Income tax expense | 2,922 | 5,104 | 10,074 | 16,551 |
Net income | 9,170 | 9,782 | 33,623 | 29,915 |
Dividends on preferred stock | (195) | (195) | (578) | (580) |
Net income available to common stockholders | $ 8,975 | $ 9,587 | $ 33,045 | $ 29,335 |
Earnings per common share | ||||
Basic | $ 0.34 | $ 0.48 | $ 1.37 | $ 1.58 |
Diluted | $ 0.34 | $ 0.47 | $ 1.35 | $ 1.53 |
Service charges on deposits | ||||
Noninterest income: | ||||
Revenue | $ 1,412 | $ 1,046 | $ 3,767 | $ 3,003 |
Card income | ||||
Noninterest income: | ||||
Revenue | 1,877 | 956 | 4,515 | 2,700 |
Fee income | ||||
Noninterest income: | ||||
Revenue | $ 1,593 | $ 625 | $ 3,514 | 1,845 |
Asset management fees | ||||
Noninterest income: | ||||
Revenue | $ 1,717 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 9,170 | $ 9,782 | $ 33,623 | $ 29,915 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period | (605) | 124 | (2,494) | 815 |
Reclassification of amount realized through sale of securities | (35) | 272 | (35) | |
Tax effect | 137 | (33) | 501 | (290) |
Total other comprehensive income (loss) | (468) | 56 | (1,721) | 490 |
Comprehensive income | $ 8,702 | $ 9,838 | $ 31,902 | $ 30,405 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | 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 | Accumulated Other Comprehensive Income (Loss) |
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 common stock, net of expenses | 65,528 | $ 25 | 65,503 | ||||||||
Issuance of common stock, net of expenses (in shares) | 2,530,000 | ||||||||||
Issuance of restricted stock awards (in shares) | 45,732 | ||||||||||
Stock based compensation | 1,484 | 1,484 | |||||||||
Forfeiture of restricted stock awards | 20 | $ (20) | |||||||||
Forfeiture of restricted stock awards (in shares) | (853) | 853 | |||||||||
Stock option exercises, net | 281 | 281 | |||||||||
Stock option exercises, net (in shares) | 22,731 | ||||||||||
Warrant exercises, net | $ 2 | (2) | |||||||||
Warrant exercises, net (in shares) | 153,134 | ||||||||||
Purchase of treasury stock | (366) | $ (366) | |||||||||
Purchase of treasury stock (in shares) | (14,197) | 14,197 | |||||||||
Preferred stock converted to common stock | (88) | 88 | |||||||||
Preferred stock converted to common stock (in shares) | 6,106 | ||||||||||
Preferred dividends | $ (273) | $ (307) | $ (273) | $ (307) | |||||||
Net income | 29,915 | 29,915 | |||||||||
Other comprehensive income | 490 | 490 | |||||||||
Ending Balance at Sep. 30, 2017 | 386,097 | 9,658 | $ 209 | 264,531 | $ (1,760) | 113,245 | 214 | ||||
Ending Balance (in shares) at Sep. 30, 2017 | 20,820,900 | 91,168 | |||||||||
Beginning Balance at Dec. 31, 2017 | 391,698 | 9,658 | $ 209 | 264,855 | $ (1,784) | 119,356 | (596) | ||||
Beginning Balance (in shares) at Dec. 31, 2017 | 20,820,445 | 91,951 | |||||||||
Issuance of common stock, net of expenses | 192,053 | $ 54 | 191,999 | ||||||||
Issuance of common stock, net of expenses (in shares) | 5,405,000 | ||||||||||
Issuance of restricted stock awards | $ 1 | (1) | |||||||||
Issuance of restricted stock awards (in shares) | 65,001 | ||||||||||
Stock based compensation | 1,966 | 1,966 | |||||||||
Forfeiture of restricted stock awards | 105 | $ (105) | |||||||||
Forfeiture of restricted stock awards (in shares) | (2,422) | 2,422 | |||||||||
Stock option exercises, net | (4) | (4) | |||||||||
Stock option exercises, net (in shares) | 1,366 | ||||||||||
Purchase of treasury stock | (396) | $ (396) | |||||||||
Purchase of treasury stock (in shares) | (9,629) | 9,629 | |||||||||
Preferred dividends | $ (273) | $ (305) | $ (273) | $ (305) | |||||||
Net income | 33,623 | 33,623 | |||||||||
Other comprehensive income | (1,721) | (1,721) | |||||||||
Ending Balance at Sep. 30, 2018 | $ 616,641 | $ 9,658 | $ 264 | $ 458,920 | $ (2,285) | $ 152,401 | $ (2,317) | ||||
Ending Balance (in shares) at Sep. 30, 2018 | 26,279,761 | 104,002 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 33,623,000 | $ 29,915,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 3,880,000 | 2,892,000 |
Net accretion on loans | (6,884,000) | (5,374,000) |
Amortization of subordinated notes issuance costs | 75,000 | 70,000 |
Amortization of junior subordinated debentures | 343,000 | 307,000 |
Net amortization on securities | 639,000 | 823,000 |
Amortization of intangible assets | 4,542,000 | 2,892,000 |
Deferred taxes | 1,329,000 | 4,405,000 |
Provision for loan losses | 14,257,000 | 9,697,000 |
Stock based compensation | 1,966,000 | 1,484,000 |
Net (gains) losses on sale of securities | 272,000 | (35,000) |
Net (gain) loss on loans transferred to loans held for sale | 46,000 | |
Net OREO (gains) losses and valuation adjustments | 551,000 | 86,000 |
Gain on sale of subsidiary or division | (1,071,000) | (20,860,000) |
Income from CLO warehouse investments | (1,954,000) | |
Origination of loans held for sale | (185,000) | |
Proceeds from sale of loans originated for sale | 740,000 | |
(Increase) decrease in other assets | (7,084,000) | 1,857,000 |
Increase (decrease) in other liabilities | 6,107,000 | 6,741,000 |
Net cash provided by (used in) operating activities | 53,100,000 | 32,992,000 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (5,042,000) | |
Proceeds from sales of securities available for sale | 123,016,000 | 2,936,000 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 38,389,000 | 66,253,000 |
Purchases of securities held to maturity | (5,092,000) | |
Proceeds from maturities, calls, and pay downs of securities held to maturity | 898,000 | 17,993,000 |
Proceeds from sale of loans | 0 | 1,919,000 |
Net change in loans | (281,518,000) | (394,859,000) |
Purchases of premises and equipment, net | (16,479,000) | (1,390,000) |
Net proceeds from sale of OREO | 7,771,000 | 1,708,000 |
Proceeds from surrender of BOLI | 4,562,000 | |
Net proceeds from CLO warehouse investments | 20,000,000 | |
(Purchases) redemptions of FHLB stock, net | (6,188,000) | (7,646,000) |
Cash paid for acquisitions, net of cash acquired | (141,872,000) | |
Proceeds from sale of subsidiary, net | 73,849,000 | 10,269,000 |
Net cash provided by (used in) investing activities | (197,572,000) | (292,951,000) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 135,654,000 | (3,240,000) |
Increase (decrease) in customer repurchase agreements | 1,760,000 | 9,379,000 |
Increase (decrease) in Federal Home Loan Bank advances | (35,737,000) | 155,000,000 |
Issuance of common stock, net of expenses | 192,053,000 | 65,528,000 |
Stock option exercises | (4,000) | 281,000 |
Purchase of treasury stock | (396,000) | (366,000) |
Dividends on preferred stock | (578,000) | (580,000) |
Net cash provided by (used in) financing activities | 292,752,000 | 226,002,000 |
Net increase (decrease) in cash and cash equivalents | 148,280,000 | (33,957,000) |
Cash and cash equivalents at beginning of period | 134,129,000 | 114,514,000 |
Cash and cash equivalents at end of period | 282,409,000 | 80,557,000 |
Supplemental cash flow information: | ||
Interest paid | 21,790,000 | 13,609,000 |
Income taxes paid, net | 8,567,000 | 7,676,000 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 221,000 | 6,194,000 |
Premises transferred to OREO | $ 1,139,000 | 276,000 |
Loans transferred to loans held for sale | 1,965,000 | |
Consideration received from sale of subsidiary or division | $ 12,123,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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 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”). On March 16, 2018, the Company sold the assets of Triumph Healthcare Finance (“THF”) and exited its healthcare asset based lending line of business. THF operated within the Company’s TBK Bank subsidiary. On March 31, 2017 the Company sold its membership interests in its wholly owned subsidiary Triumph Capital Advisors, LLC (“TCA”). See Note 2 – Business Combinations and Divestitures for details of the THF and TCA sales and their impact on our consolidated financial statements. 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 (“SEC”). 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, 2017. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The Company has three reportable segments consisting of Banking, Factoring, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, the Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from contracts with customers Income Taxes On December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”), resulting in significant modifications to existing law. Authoritative guidance and interpretation by regulatory bodies is ongoing, and as such, the accounting for the effects of the Tax Act is not final and the full impact of the new regulation is still being evaluated. Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 replaces most existing revenue recognition guidance in GAAP. The new standard was effective for the Company on January 1, 2018. Adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements and related disclosures as 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. The Company’s revenue recognition pattern for revenue streams within the scope of ASU 2014-09, including but not limited to service charges on deposit accounts and gains/losses on the sale of OREO, did not change significantly from current practice. The standard permits the use of either the full retrospective or modified retrospective transition method. The Company elected to use the modified retrospective transition method which requires application of ASU 2014-09 to uncompleted contracts at the date of adoption however, periods prior to the date of adoption will not be retrospectively revised as the impact of the ASU on uncompleted contracts at the date of adoption was not material. 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 was effective for the Company on January 1, 2018 and resulted in separate classification of equity securities previously included in available for sale securities on the consolidated balance sheets with changes in the fair value of the equity securities captured in the consolidated statements of income. See Note 3 – Securities for disclosures related to equity securities. Adoption of the standard also resulted in the use of an exit price rather than an entrance price to determine the fair value of loans not measured at fair value on a non-recurring basis in the consolidated balance sheets. See Note 10 – Fair Value Disclosures for further information regarding the valuation of these loans. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” (“ASU 2017-01”) to improve such definition and, as a result, assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or as business combinations. The definition of a business impacts many areas of accounting including acquisitions, disposals, goodwill and consolidation. ASU 2017-01 was effective for the Company on January 1, 2018 and is to be applied under a prospective approach. The Company expects the adoption of this new guidance to impact the determination of whether future acquisitions are considered business combinations or asset purchases. Newly Issued, But Not Yet Effective Accounting Standards 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. At September 30, 2018, the Company had contractual operating lease commitments of approximately $21,863,000, before considering renewal options that are generally present. 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, however, the Company does not currently plan to early adopt the ASU. The Company has assessed its data and system needs and is evaluating the impact that 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 | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES First Bancorp of Durango, Inc. and Southern Colorado Corp. Effective September 8, 2018 the Company acquired (i) First Bancorp of Durango, Inc. (“FBD”) and its community banking subsidiaries, The First National Bank of Durango and Bank of New Mexico and (ii) Southern Colorado Corp. (“SCC”) and its community banking subsidiary, Citizens Bank of Pagosa Springs, in all-cash transactions. The First National Bank of Durango serves consumers and businesses from four branches in Durango, Colorado and one branch in Bayfield, Colorado, Bank of New Mexico serves consumers and businesses from three branches in Albuquerque, Gallup and Grants, New Mexico, and Citizens Bank of Pagosa Springs serves consumers and businesses from two branches in Pagosa Springs, Colorado. The acquisitions expanded the Company’s market in Colorado and into New Mexico and further diversified the Company’s loan, customer, and deposit base. A summary of the estimate fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) FBD SCC Total Assets acquired: Cash and cash equivalents $ 151,973 $ 14,299 $ 166,272 Securities 237,183 33,477 270,660 Loans held for sale 1,238 — 1,238 Loans 256,384 31,454 287,838 FHLB stock 786 129 915 Premises and equipment 7,495 840 8,335 Other real estate owned 213 — 213 Intangible assets 11,915 2,154 14,069 Other assets 2,730 403 3,133 669,917 82,756 752,673 Liabilities assumed: Deposits 601,194 73,464 674,658 Federal Home Loan Bank advances 737 — 737 Other liabilities 1,313 64 1,377 603,244 73,528 676,772 Fair value of net assets acquired 66,673 9,228 75,901 Cash consideration transferred 134,667 13,294 147,961 Goodwill $ 67,994 $ 4,066 $ 72,060 The Company has recognized goodwill of $72,060,000, which was calculated as the excess of both the consideration exchanged and the 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 these acquisitions resulted from expected synergies and expansion in the Colorado market and into the New Mexico market. The goodwill will be deducted for tax purposes. The intangible assets recognized in the transactions will be amortized utilizing an accelerated method over their ten year estimated useful lives. The initial accounting for the acquisitions has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. In connection with the acquisitions, 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 and lease 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 of the estimated fair value of acquired loans at the acquisition date: Loans Excluding PCI Loans PCI Loans Total Loans (Dollars in thousands) FBD SCC Total FBD SCC Total Acquired Commercial real estate $ 140,955 $ 11,894 $ 152,849 $ 832 $ 200 $ 1,032 $ 153,881 Construction, land development, land 13,949 5,229 19,178 3,081 — 3,081 22,259 1-4 family residential properties 59,228 10,180 69,408 75 — 75 69,483 Farmland 5,709 1,207 6,916 — — — 6,916 Commercial 26,125 2,121 28,246 1,020 — 1,020 29,266 Factored receivables — — — — — — — Consumer 5,410 623 6,033 — — — 6,033 Mortgage warehouse — — — — — — — $ 251,376 $ 31,254 $ 282,630 $ 5,008 $ 200 $ 5,208 $ 287,838 The following presents information at the acquisition date for non-PCI loans acquired in the transactions: (Dollars in thousands) FBD SCC Total Contractually required principal and interest payments $ 318,674 $ 38,590 $ 357,264 Contractual cash flows not expected to be collected $ 4,255 $ 550 $ 4,805 Fair value at acquisition $ 251,376 $ 31,254 $ 282,630 The following presents information at the acquisition date for PCI loans acquired in the transactions: (Dollars in thousands) FBD SCC Total Contractually required principal and interest payments $ 10,511 $ 269 $ 10,780 Contractual cash flows not expected to be collected (nonaccretable difference) 2,570 5 2,575 Expected cash flows at acquisition 7,941 264 8,205 Interest component of expected cash flows (accretable yield) 2,933 64 2,997 Fair value of loans acquired with deterioration of credit quality $ 5,008 $ 200 $ 5,208 The following table presents supplemental pro forma information for the three and nine months ended September 30, 2018 and 2017 as if the FBD and SCC acquisitions had occurred at the beginning of 2017. The supplemental pro forma information includes adjustments for interest income on loans acquired, depreciation expense on property acquired, amortization of intangibles arising from the transactions, and the related income tax effects. Additionally, because FBD and SCC were Subchapter S corporations before the acquisitions and did not incur any federal income tax liabilities, adjustments have been included to estimate the impact of federal income taxes on FBD and SCC’s net income for the periods presented. The supplemental pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been completed on the assumed date. Three months ended September 30, 2018 Three months ended September 30, 2017 (Dollars in thousands) FBD SCC Total FBD SCC Total Net interest income $ 65,694 $ 62,269 $ 66,181 $ 44,683 $ 40,147 $ 45,318 Noninterest income $ 7,167 $ 6,159 $ 7,267 $ 5,404 $ 4,260 $ 5,493 Net income $ 8,371 $ 8,578 $ 7,778 $ 10,595 $ 9,804 $ 10,617 Basic earnings per common share $ 0.31 $ 0.32 $ 0.29 $ 0.44 $ 0.48 $ 0.43 Diluted earnings per common share $ 0.31 $ 0.32 $ 0.29 $ 0.43 $ 0.47 $ 0.43 Nine months ended September 30, 2018 Nine months ended September 30, 2017 (Dollars in thousands) FBD SCC Total FBD SCC Total Net interest income $ 176,441 $ 163,916 $ 178,188 $ 125,098 $ 111,756 $ 126,966 Noninterest income $ 19,679 $ 16,618 $ 20,121 $ 40,072 $ 37,028 $ 40,442 Net income $ 34,179 $ 33,458 $ 34,013 $ 32,291 $ 30,065 $ 32,441 Basic earnings per common share $ 1.31 $ 1.35 $ 1.30 $ 1.42 $ 1.55 $ 1.40 Diluted earnings per common share $ 1.30 $ 1.33 $ 1.28 $ 1.39 $ 1.51 $ 1.37 The operations of FBD and SCC are included in the Company’s operating results beginning September 8, 2018. Expenses related to the acquisitions, including professional fees and other transaction costs, totaling $5,871,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended September 30, 2018. Interstate Capital Corporation On June 2, 2018, the Company acquired substantially all of the operating assets of, and assumed certain liabilities associated with, Interstate Capital Corporation’s (“ICC”) accounts receivable factoring business and other related financial services. ICC operates out of offices located in El Paso, Texas and Santa Teresa, New Mexico and provides invoice factoring to small and medium-sized businesses. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 75 Factored receivables 131,017 Premises and equipment 279 Intangible assets 13,920 Other assets 144 145,435 Liabilities assumed: Deposits 7,389 Other liabilities 763 8,152 Fair value of net assets acquired 137,283 Consideration: Cash paid 160,258 Contingent consideration 20,000 Total consideration 180,258 Goodwill $ 42,975 ICC’s net assets acquired were allocated to the Company’s Factoring segment whose factoring operations were significantly expanded as a result of the transaction. The Company has recognized goodwill of $42,975,000, which was calculated as the excess of both the fair value of cash consideration exchanged and the fair value of the contingent liability assumed as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Factoring segment. The goodwill in this acquisition resulted from expected synergies and expansion in the factoring market. The goodwill will be deducted for tax purposes. The intangible assets recognized include a customer relationship intangible asset with an acquisition date fair value of $13,500,000 which will be amortized utilizing an accelerated method over its eight year estimated useful life and a trade name intangible asset with an acquisition date fair value of $420,000 which will be amortized on a straight-line basis over its three year estimated useful life. Consideration paid included contingent consideration with an acquisition date fair value of $20,000,000. The contingent consideration is based on a proprietary index designed to approximate the rise and fall of transportation invoice prices subsequent to acquisition and is correlated to historical monthly movements in average invoice prices historically experienced by ICC. At the end of a 30 month earnout period, a final average index price will be calculated and the contingent consideration will be settled in cash based on the final average index price. Final contingent consideration payout will range from $0 to $22,000,000 and the fair value of the associated liability will be remeasured each reporting period with changes in fair value reflected in operating results. The fair value of the contingent consideration was $20,487,000 at September 30, 2018. The operations of ICC are reflected in the Company’s Factoring segment and included in the Company’s operating results beginning June 2, 2018. The initial accounting for the acquisition has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $1,094,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended June 30, 2018. Triumph Healthcare Finance On January 19, 2018, the Company entered into an agreement to sell the assets (the “Disposal Group”) of Triumph Healthcare Finance (“THF”) and exit its healthcare asset based lending line of business. At December 31, 2017, the carrying amount of the Disposal Group was transferred to assets held for sale. The sale closed on March 16, 2018. A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows: (Dollars in thousands) Carrying amount of assets in the disposal group: Loans $ 70,147 Premises and equipment, net 19 Goodwill 1,457 Intangible assets, net 958 Other assets 197 Total carrying amount 72,778 Total consideration received 74,017 Gain on sale of division 1,239 Transaction costs 168 Gain on sale of division, net of transaction costs $ 1,071 The Disposal Group was included in the Banking segment, and the loans in the Disposal Group were previously included in the commercial loan portfolio. Valley Bancorp, Inc. Effective December 9, 2017, the Company acquired Valley Bancorp, Inc. (“Valley”) and its community banking subsidiary, Valley Bank & Trust, in an all-cash transaction. Valley Bank & Trust serves individuals and business customers from seven locations across the northern front range including Brighton, Dacono, Denver, Hudson, Westminster and Strasburg, Colorado. Valley Bank & Trust was merged into TBK Bank upon closing. The acquisition expanded the Company’s market in Colorado and further diversified the Company’s loan, customer, and deposit base. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 38,473 Securities 97,687 Loans 171,199 FHLB stock 315 Premises and equipment 6,238 Other real estate owned 2,282 Intangible assets 6,072 Bank-owned life insurance 7,153 Other assets 1,882 331,301 Liabilities assumed: Deposits 293,398 Junior subordinated debentures 5,470 Other liabilities 2,881 301,749 Fair value of net assets acquired 29,552 Consideration transferred 40,075 Goodwill $ 10,523 The Company has recognized goodwill of $10,523,000, which was calculated as the excess of both the consideration exchanged and the 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 in the Colorado market. The goodwill will be deducted for tax purposes. The intangible assets recognized in the transaction will be amortized utilizing an accelerated method over their ten year estimated useful lives. The initial accounting for the acquisition has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. In connection with the 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 and lease 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 of the estimated fair value of acquired loans at the acquisition date: Loans, Excluding PCI Total (Dollars in thousands) PCI Loans Loans Loans Commercial real estate $ 73,273 $ 254 $ 73,527 Construction, land development, land 19,770 1,199 20,969 1-4 family residential properties 26,264 — 26,264 Farmland 16,934 — 16,934 Commercial 31,893 — 31,893 Factored receivables — — — Consumer 1,612 — 1,612 Mortgage warehouse — — — $ 169,746 $ 1,453 $ 171,199 The operations of Valley are included in the Company’s operating results beginning December 9, 2017. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $1,251,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended December 31, 2017. Independent Bank Colorado Branches On October 6, 2017, the Company completed its acquisition of nine branch locations in Colorado from Independent Bank Group, Inc.’s banking subsidiary Independent Bank for an aggregate deposit premium of $6,771,000 or 4.2%. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 1,611 Loans 95,794 Premises and equipment 7,524 Intangible assets 3,255 Other assets 1,644 109,828 Liabilities assumed: Deposits 160,702 Other liabilities 249 160,951 Fair value of net assets acquired (51,123 ) Cash received from seller, net of $6,771 deposit premium 45,306 Goodwill $ 5,817 The Company has recognized goodwill of $5,817,000, which was calculated as the excess of both the consideration exchanged and the 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 in the Colorado market. The goodwill will be deducted for tax purposes. The intangible assets recognized in the transaction will be amortized utilizing an accelerated method over their ten year estimated useful lives. The accounting for the acquisition has been finalized. The following table presents details of the estimated fair value of acquired loans at the acquisition date: (Dollars in thousands) Commercial real estate $ 13,382 Construction, land development, land 537 1-4 family residential properties 6,986 Farmland 31,490 Commercial 43,104 Factored receivables — Consumer 295 Mortgage warehouse — $ 95,794 The operations of the branches acquired are included in the Company’s operating results beginning October 6, 2017. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $437,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended December 31, 2017. 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 and their holding companies. 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 or division 21,260 Transaction costs 400 Gain on sale of subsidiary or division, 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. 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 was considered contingent consideration which the Company recorded as an asset at its estimated fair value of $1,623,000 on the date of sale. The fair value of the revenue share asset was $1,725,000 at September 30, 2018. The Company received the first cash proceeds of $174,000 from the revenue share during the nine months ended September 30, 2018. 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. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3 - SECURITIES Equity Securities The Company held equity securities with fair values of $4,981,000 and $5,006,000 at September 30, 2018 and December 31, 2017, respectively. During the three and nine months ended September 30, 2018, the Company recognized unrealized losses of $44,000 and $25,000, respectively, on the equity securities held at September 30, 2018, which were recorded in noninterest income in the consolidated statements of income. There were no sales of equity securities during the three and nine months ended September 30, 2018. Debt Securities Debt securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of debt securities and their approximate fair values are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair September 30, 2018 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 96,102 $ — $ (1,328 ) $ 94,774 U.S. Treasury notes 1,952 — (47 ) 1,905 Mortgage-backed securities, residential 31,067 155 (641 ) 30,581 Asset backed securities 10,803 36 (34 ) 10,805 State and municipal 145,017 70 (1,025 ) 144,062 Corporate bonds 69,088 43 (145 ) 68,986 SBA pooled securities 4,952 5 (89 ) 4,868 Total available for sale securities $ 358,981 $ 309 $ (3,309 ) $ 355,981 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,403 $ 230 $ (539 ) $ 8,094 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2017 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 110,531 $ 76 $ (717 ) $ 109,890 U.S. Treasury notes 1,940 — (6 ) 1,934 Mortgage-backed securities, residential 33,537 306 (180 ) 33,663 Asset backed securities 11,883 47 (85 ) 11,845 State and municipal 74,684 150 (443 ) 74,391 Corporate bonds 15,271 52 (3 ) 15,320 SBA pooled securities 3,535 27 (2 ) 3,560 Total available for sale securities $ 251,381 $ 658 $ (1,436 ) $ 250,603 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,557 $ — $ (1,030 ) $ 7,527 The amortized cost and estimated fair value of securities at September 30, 2018, 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 $ 87,890 $ 87,668 $ — $ — Due from one year to five years 175,252 173,829 — — Due from five years to ten years 38,428 37,827 3,052 3,282 Due after ten years 10,589 10,403 5,351 4,812 312,159 309,727 8,403 8,094 Mortgage-backed securities, residential 31,067 30,581 — — Asset backed securities 10,803 10,805 — — SBA pooled securities 4,952 4,868 — — $ 358,981 $ 355,981 $ 8,403 $ 8,094 Proceeds from sales of debt securities and the associated gross gains and losses are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Proceeds $ 88,820 $ 2,936 $ 123,016 $ 2,936 Gross gains — 35 5 35 Gross losses — — (277 ) — Debt securities with a carrying amount of approximately $107,249,000 and $85,985,000 at September 30, 2018 and December 31, 2017, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law. Information pertaining to debt securities with gross unrealized and unrecognized losses, 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 September 30, 2018 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 62,335 $ (685 ) $ 32,439 $ (643 ) $ 94,774 $ (1,328 ) U.S. Treasury notes 1,905 (47 ) — — 1,905 (47 ) Mortgage-backed securities, residential 12,554 (349 ) 5,782 (292 ) 18,336 (641 ) Asset backed securities 110 (2 ) 4,967 (32 ) 5,077 (34 ) State and municipal 100,141 (804 ) 9,917 (221 ) 110,058 (1,025 ) Corporate bonds 45,583 (144 ) 149 (1 ) 45,732 (145 ) SBA pooled securities 3,920 (89 ) — — 3,920 (89 ) $ 226,548 $ (2,120 ) $ 53,254 $ (1,189 ) $ 279,802 $ (3,309 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized September 30, 2018 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ — $ — $ 4,812 $ (539 ) $ 4,812 $ (539 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2017 Value Losses Value Losses Value Losses U.S. Government agency obligations $ 47,605 $ (166 ) $ 40,053 $ (551 ) $ 87,658 $ (717 ) U.S. Treasury notes 1,934 (6 ) — — 1,934 (6 ) Mortgage-backed securities, residential 10,349 (21 ) 6,200 (159 ) 16,549 (180 ) Asset backed securities 4,898 (85 ) — — 4,898 (85 ) State and municipal 32,257 (216 ) 12,138 (227 ) 44,395 (443 ) Corporate bonds 4,073 (2 ) 149 (1 ) 4,222 (3 ) SBA pooled securities 1,654 (2 ) — — 1,654 (2 ) $ 102,770 $ (498 ) $ 58,540 $ (938 ) $ 161,310 $ (1,436 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2017 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 1,835 $ (28 ) $ 5,692 $ (1,002 ) $ 7,527 $ (1,030 ) Management evaluates debt 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 September 30, 2018, the Company had 516 debt 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 September 30, 2018, 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 | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 December 31, 2017 Recorded Unpaid Recorded Unpaid (Dollars in thousands) Investment Principal Difference Investment Principal Difference Commercial real estate $ 906,494 $ 914,503 $ (8,009 ) $ 745,893 $ 753,803 $ (7,910 ) Construction, land development, land 190,920 195,075 (4,155 ) 134,812 138,045 (3,233 ) 1-4 family residential properties 194,752 196,361 (1,609 ) 125,827 127,499 (1,672 ) Farmland 177,313 180,599 (3,286 ) 180,141 184,006 (3,865 ) Commercial 1,123,598 1,127,844 (4,246 ) 920,812 924,133 (3,321 ) Factored receivables 611,285 613,832 (2,547 ) 374,410 376,046 (1,636 ) Consumer 31,423 31,576 (153 ) 31,131 31,144 (13 ) Mortgage warehouse 276,358 276,358 — 297,830 297,830 — Total 3,512,143 $ 3,536,148 $ (24,005 ) 2,810,856 $ 2,832,506 $ (21,650 ) Allowance for loan and lease losses (27,256 ) (18,748 ) $ 3,484,887 $ 2,792,108 The difference between the recorded investment and the unpaid principal balance is primarily (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI) totaling $20,869,000 and $18,706,000 at September 30, 2018 and December 31, 2017, respectively, and (2) net deferred origination and factoring fees totaling $3,136,000 and $2,944,000 at September 30, 2018 and December 31, 2017, respectively. At September 30, 2018 and December 31, 2017, the Company had $54,917,000 and $32,459,000, 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 $680,070,000 and $596,230,000 at September 30, 2018 and December 31, 2017, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity. During the nine months ended September 30, 2017, loans with a carrying amount of $1,965,000 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 losses on sale of loans of $46,000, which were recorded as a reduction in other noninterest income in the consolidated statements of income. No loans were transferred to loans held for sale during the three months ended September 30, 2018 and 2017. There were no loans sold during the nine months ended September 30, 2018, other than those included in the sale of THF. See Note 2 – Business Combinations and Divestitures for details of the THF sale and its impact on our consolidated financial statements. Allowance for Loan and Lease Losses The activity in the allowance for loan and lease losses (“ALLL”) is as follows: (Dollars in thousands) Beginning Ending Three months ended September 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,803 $ 136 $ — $ 103 $ 4,042 Construction, land development, land 1,025 244 — 2 1,271 1-4 family residential properties 240 15 (3 ) 7 259 Farmland 509 (6 ) — — 503 Commercial 10,230 6,324 (4,074 ) 273 12,753 Factored receivables 7,727 64 (228 ) 8 7,571 Consumer 670 93 (286 ) 104 581 Mortgage warehouse 343 (67 ) — — 276 $ 24,547 $ 6,803 $ (4,591 ) $ 497 $ 27,256 (Dollars in thousands) Beginning Ending Three months ended September 30, 2017 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 2,506 $ 58 $ — $ — $ 2,564 Construction, land development, land 915 210 — — 1,125 1-4 family residential properties 149 111 (1 ) 23 282 Farmland 261 (22 ) — — 239 Commercial 10,603 (629 ) (755 ) 929 10,148 Factored receivables 4,507 645 (136 ) 30 5,046 Consumer 627 208 (270 ) 178 743 Mortgage warehouse 229 (9 ) — — 220 $ 19,797 $ 572 $ (1,162 ) $ 1,160 $ 20,367 (Dollars in thousands) Beginning Ending Nine months ended September 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,435 $ 506 $ (2 ) $ 103 $ 4,042 Construction, land development, land 883 376 — 12 1,271 1-4 family residential properties 293 (29 ) (17 ) 12 259 Farmland 310 393 (200 ) — 503 Commercial 8,150 8,895 (4,701 ) 409 12,753 Factored receivables 4,597 3,850 (928 ) 52 7,571 Consumer 783 287 (776 ) 287 581 Mortgage warehouse 297 (21 ) — — 276 $ 18,748 $ 14,257 $ (6,624 ) $ 875 $ 27,256 (Dollars in thousands) Beginning Ending Nine months ended September 30, 2017 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,813 $ 888 $ (137 ) $ — $ 2,564 Construction, land development, land 465 1,235 (582 ) 7 1,125 1-4 family residential properties 253 16 (29 ) 42 282 Farmland 170 69 — — 239 Commercial 8,014 4,660 (3,833 ) 1,307 10,148 Factored receivables 4,088 1,978 (1,102 ) 82 5,046 Consumer 420 813 (877 ) 387 743 Mortgage warehouse 182 38 — — 220 $ 15,405 $ 9,697 $ (6,560 ) $ 1,825 $ 20,367 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 September 30, 2018 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 7,847 $ 887,834 $ 10,813 $ 906,494 $ 581 $ 3,461 $ — $ 4,042 Construction, land development, land 221 183,862 6,837 190,920 74 1,197 — 1,271 1-4 family residential properties 2,240 191,868 644 194,752 125 134 — 259 Farmland 4,156 172,782 375 177,313 72 431 — 503 Commercial 19,680 1,102,309 1,609 1,123,598 1,496 11,253 4 12,753 Factored receivables 6,841 604,444 — 611,285 1,916 5,655 — 7,571 Consumer 256 31,167 — 31,423 29 552 — 581 Mortgage warehouse — 276,358 — 276,358 — 276 — 276 $ 41,241 $ 3,450,624 $ 20,278 $ 3,512,143 $ 4,293 $ 22,959 $ 4 $ 27,256 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2017 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,013 $ 735,118 $ 9,762 $ 745,893 $ 123 $ 3,312 $ — $ 3,435 Construction, land development, land 136 130,732 3,944 134,812 — 883 — 883 1-4 family residential properties 2,638 122,093 1,096 125,827 152 141 — 293 Farmland 3,800 176,232 109 180,141 — 310 — 310 Commercial 26,616 893,509 687 920,812 1,409 6,741 — 8,150 Factored receivables 4,726 369,684 — 374,410 949 3,648 — 4,597 Consumer 384 30,747 — 31,131 80 703 — 783 Mortgage warehouse — 297,830 — 297,830 — 297 — 297 $ 39,313 $ 2,755,945 $ 15,598 $ 2,810,856 $ 2,713 $ 16,035 $ — $ 18,748 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 September 30, 2018 Investment Principal Allowance Investment Principal Commercial real estate $ 6,031 $ 6,079 $ 581 $ 1,816 $ 1,869 Construction, land development, land 167 168 74 54 54 1-4 family residential properties 223 216 125 2,017 2,124 Farmland 914 900 72 3,242 3,524 Commercial 3,620 3,616 1,496 16,060 16,261 Factored receivables 6,841 6,841 1,916 — — Consumer 92 86 29 164 169 Mortgage warehouse — — — — — PCI 71 55 4 — — $ 17,959 $ 17,961 $ 4,297 $ 23,353 $ 24,001 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, 2017 Investment Principal Allowance Investment Principal Commercial real estate $ 165 $ 165 $ 123 $ 848 $ 881 Construction, land development, land — — — 136 136 1-4 family residential properties 237 235 152 2,401 2,519 Farmland — — — 3,800 4,071 Commercial 9,194 9,191 1,409 17,422 17,605 Factored receivables 4,726 4,726 949 — — Consumer 271 267 80 113 115 Mortgage warehouse — — — — — PCI — — — — — $ 14,593 $ 14,584 $ 2,713 $ 24,720 $ 25,327 The following table presents average impaired loans and interest recognized on impaired: Three Months Ended Three Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 6,861 $ 70 $ 853 $ — Construction, land development, land 181 1 135 — 1-4 family residential properties 2,205 21 1,817 16 Farmland 3,835 10 3,361 14 Commercial 24,579 46 22,003 167 Factored receivables 5,724 — 3,907 — Consumer 260 3 136 4 Mortgage warehouse — — — — PCI 75 — 143 — $ 43,720 $ 151 $ 32,355 $ 201 Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 4,429 $ 76 $ 1,150 $ 1 Construction, land development, land 178 1 249 — 1-4 family residential properties 2,439 25 1,509 23 Farmland 3,978 27 2,287 32 Commercial 23,149 665 27,077 398 Factored receivables 5,783 — 3,847 — Consumer 320 4 117 4 Mortgage warehouse — — — — PCI 35 — 262 — $ 40,311 $ 798 $ 36,498 $ 458 Past Due and Nonaccrual Loans The following is a summary of contractually past due and nonaccrual loans: Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More September 30, 2018 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,493 $ — $ 7,873 $ 10,366 Construction, land development, land 769 — 221 990 1-4 family residential properties 1,253 79 2,156 3,488 Farmland — — 3,387 3,387 Commercial 3,976 246 16,865 21,087 Factored receivables 32,645 2,252 — 34,897 Consumer 820 — 276 1,096 Mortgage warehouse — — — — PCI 206 — 2,969 3,175 $ 42,162 $ 2,577 $ 33,747 $ 78,486 Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2017 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 1,374 $ — $ 1,012 $ 2,386 Construction, land development, land — — 136 136 1-4 family residential properties 1,378 62 2,625 4,065 Farmland 250 109 3,412 3,771 Commercial 6,630 39 22,247 28,916 Factored receivables 20,858 1,454 — 22,312 Consumer 947 — 384 1,331 Mortgage warehouse 165 — — 165 PCI 72 — 2,333 2,405 $ 31,674 $ 1,664 $ 32,149 $ 65,487 The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) September 30, 2018 December 31, 2017 Nonaccrual loans (1) $ 33,747 $ 32,149 Factored receivables greater than 90 days past due 2,252 1,454 Troubled debt restructurings accruing interest 3,603 5,128 $ 39,602 $ 38,731 (1) Includes troubled debt restructurings of $3,927,000 and $14,009,000 at September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) September 30, 2018 Pass Substandard Doubtful PCI Total Commercial real estate $ 889,505 $ 6,176 $ — $ 10,813 $ 906,494 Construction, land development, land 183,706 377 — 6,837 190,920 1-4 family residential 191,844 2,264 — 644 194,752 Farmland 171,631 5,307 — 375 177,313 Commercial 1,099,057 22,932 — 1,609 1,123,598 Factored receivables 605,002 5,340 943 — 611,285 Consumer 31,160 263 — — 31,423 Mortgage warehouse 276,358 — — — 276,358 $ 3,448,263 $ 42,659 $ 943 $ 20,278 $ 3,512,143 (Dollars in thousands) December 31, 2017 Pass Substandard Doubtful PCI Total Commercial real estate $ 732,175 $ 3,956 $ — $ 9,762 $ 745,893 Construction, land development, land 130,732 136 — 3,944 134,812 1-4 family residential 122,044 2,687 — 1,096 125,827 Farmland 171,017 9,015 — 109 180,141 Commercial 878,957 41,168 — 687 920,812 Factored receivables 370,839 2,325 1,246 — 374,410 Consumer 30,739 392 — — 31,131 Mortgage warehouse 297,830 — — — 297,830 $ 2,734,333 $ 59,679 $ 1,246 $ 15,598 $ 2,810,856 Troubled Debt Restructurings The Company had a recorded investment in troubled debt restructurings of $7,530,000 and $19,137,000 as of September 30, 2018 and December 31, 2017, respectively. The Company had allocated specific allowances for these loans of $640,000 and $535,000 at September 30, 2018 and December 31, 2017, respectively, and had not committed to lend additional amounts. The Company’s troubled debt restructurings are the result of granting a borrower that is experiencing financial difficulty a concession such as 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 nine months ended September 30, 2018 and 2017: Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded September 30, 2018 Loans Investment Investment 1-4 family residential properties 3 $ 111 $ 111 Farmland 1 263 263 Commercial 10 875 875 Total 14 $ 1,249 $ 1,249 Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded September 30, 2017 Loans Investment Investment Commercial 5 $ 2,184 $ 2,184 During the nine months ended September 30, 2018, the Company had one loan modified as troubled debt restructurings with a recorded investment of $156,000 for which there was a payment default within twelve months following the modification. During the nine months ended September 30, 2017, the Company had four loans modified as troubled debt restructurings with a recorded investment of $2,999,000 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. Default is determined at 90 or more days past due. Residential Real Estate Loans In Process of Foreclosure At September 30, 2018, the Company had $21,000 in 1-4 family residential real estate loans for which formal foreclosure proceedings were in process. 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 September 30, 2018 and December 31, 2017, are as follows: September 30, December 31, 2018 2017 Contractually required principal and interest: Real estate loans $ 22,877 $ 16,360 Commercial loans 4,141 3,501 Outstanding contractually required principal and interest $ 27,018 $ 19,861 Gross carrying amount included in loans receivable $ 20,278 $ 15,598 The changes in accretable yield during the three and nine months ended September 30, 2018 and 2017 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accretable yield, beginning balance $ 2,105 $ 3,126 $ 2,793 $ 4,261 Additions 2,997 — 2,997 — Accretion (439 ) (411 ) (1,177 ) (3,117 ) Reclassification from nonaccretable to accretable yield 124 56 174 2,067 Disposals — (2 ) — (442 ) Accretable yield, ending balance $ 4,787 $ 2,769 $ 4,787 $ 2,769 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
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) September 30, 2018 December 31, 2017 Goodwill $ 158,728 $ 44,126 September 30, 2018 December 31, 2017 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 43,578 $ (14,666 ) $ 28,912 $ 29,511 $ (11,335 ) $ 18,176 Other intangible assets 15,700 (1,498 ) 14,202 1,764 (288 ) 1,476 $ 59,278 $ (16,164 ) $ 43,114 $ 31,275 $ (11,623 ) $ 19,652 The changes in goodwill and intangible assets during the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Beginning balance $ 117,777 $ 43,322 $ 63,778 $ 46,531 Acquired goodwill 72,060 — 115,035 152 Acquired intangibles 14,069 — 28,004 — Divestiture — — (433 ) (1,339 ) Amortization of intangibles (2,064 ) (870 ) (4,542 ) (2,892 ) Ending balance $ 201,842 $ 42,452 $ 201,842 $ 42,452 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
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 Triumph Capital Advisors, 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 for the three months ended March 31, 2017. 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 Company holds investments in the subordinated notes of the following closed CLO funds: 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 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 The carrying amounts of the Company’s investments in the subordinated notes of the CLO funds, which represent the Company’s maximum exposure to loss as a result of its involvement with the CLO funds, totaled $8,403,000 and $8,557,000 at September 30, 2018 and December 31, 2017, respectively, and are classified as held to maturity securities within the Company’s consolidated balance sheets. The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of entities. However, the Company also concluded that the Company does 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 Fund – Warehouse Phase From time to time, the Company may invest in the subordinated debt of entities formed to be the issuers of CLO offerings during their warehouse phases . The Company’s investments in these CLO funds are repaid when the CLO funds’ warehouse phases are closed and the CLO offerings are issued. The Company’s maximum exposure to loss as a result of its involvement with these CLO funds is limited to the carrying amount of its investments in the subordinated debt of the CLO funds. The Company did not hold any investments in the subordinated debt of CLO funds during their warehouse phase at December 31, 2017 or during the nine months ended September 30, 2018. Income from the Company’s investments in CLO warehouse entities totaled $0 and $1,954,000 during the three and nine months ended September 30, 2017, respectively, which is included in other noninterest income within the Company’s consolidated statements of income. The Company performed a consolidation analysis of CLO funds during their warehouse phases and concluded that the CLO funds were variable interest entities and that the Company held a variable interest in the entities that could potentially be significant to the entities in the form of its investments in the subordinated notes of the entities. However, the Company also concluded that the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company is not the primary beneficiary and therefore is not required to consolidate the assets, liabilities, equity, or operations of the entities in the Company’s financial statements . |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Deposits | NOTE 7 - Deposits Deposits at September 30, 2018 and December 31, 2017 are summarized as follows: (Dollars in thousands) September 30, 2018 December 31, 2017 Noninterest bearing demand $ 697,903 $ 564,225 Interest bearing demand 608,775 403,244 Individual retirement accounts 118,459 108,505 Money market 413,402 283,969 Savings 373,062 235,296 Certificates of deposit 854,048 837,384 Brokered deposits 373,400 188,725 Total Deposits $ 3,439,049 $ 2,621,348 At September 30, 2018, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) September 30, 2018 Within one year $ 1,052,802 After one but within two years 192,942 After two but within three years 46,448 After three but within four years 38,478 After four but within five years 8,524 After five years 6,713 Total $ 1,345,907 Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $185,443,000 and $158,197,000 at September 30, 2018 and December 31, 2017, respectively. |
Legal Contingencies
Legal Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
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 | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 December 31, 2017 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 78,708 $ 418,319 $ 497,027 $ 133,634 $ 242,236 $ 375,870 Standby letters of credit $ 2,148 $ 5,641 $ 7,789 $ 1,998 $ 8,169 $ 10,167 Mortgage warehouse commitments $ — $ 305,053 $ 305,053 $ — $ 239,632 $ 239,632 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. Mortgage warehouse commitments are unconditionally cancellable and represent the unused capacity on mortgage warehouse facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion. The Company records a reserve for loan and lease losses on off-balance sheet lending-related commitments through a charge to other noninterest expense on the Company’s consolidated statements of income. At September 30, 2018 and December 31, 2017, the reserve for loan and lease losses on off-balance sheet lending-related commitments totaled $511,000 and $501,000, respectively, and was included in other liabilities on the Company’s consolidated balance sheets. In addition to the commitments above, the Company had overdraft protection available in the amounts of $3,145,000 and $2,397,000 at September 30, 2018 and December 31, 2017, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2018 | |
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 2017 Form 10-K, except for the valuation of loans held for investment which was impacted by the adoption of ASU 2016-01. In accordance with ASU 2016-01, the fair value of loans held for investment, excluding previously presented impaired loans measured at fair value on a non-recurring basis, is estimated using discounted cash flow analyses. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and nonperformance risk of the loans. Loans are considered a Level 3 classification. 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 September 30, 2018 and December 31, 2017. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2018 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 94,774 $ — $ 94,774 U.S. Treasury notes — 1,905 — 1,905 Mortgage-backed securities, residential — 30,581 — 30,581 Asset backed securities — 10,805 — 10,805 State and municipal — 144,062 — 144,062 Corporate bonds — 68,986 — 68,986 SBA pooled securities — 4,868 — 4,868 $ — $ 355,981 $ — $ 355,981 Equity securities Mutual fund $ 4,981 $ — $ — $ 4,981 Loans held for sale $ — $ 683 $ — $ 683 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 109,890 $ — $ 109,890 U.S. Treasury notes — 1,934 — 1,934 Mortgage-backed securities, residential — 33,663 — 33,663 Asset backed securities — 11,845 — 11,845 State and municipal — 74,391 — 74,391 Corporate bonds — 15,320 — 15,320 SBA pooled securities — 3,560 — 3,560 $ — $ 250,603 $ — $ 250,603 Equity securities Mutual fund $ 5,006 $ — $ — $ 5,006 There were no transfers between levels during 2018 or 2017. 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 September 30, 2018 and December 31, 2017. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2018 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 5,450 $ 5,450 Construction, land development, land — — 93 93 1-4 family residential properties — — 98 98 Farmland — — 842 842 Commercial — — 2,124 2,124 Factored receivables — — 4,925 4,925 Consumer — — 63 63 PCI — — 67 67 Other real estate owned (1) Commercial — — 819 819 $ — $ — $ 14,481 $ 14,481 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 42 $ 42 1-4 family residential properties — — 85 85 Commercial — — 7,785 7,785 Factored receivables — — 3,777 3,777 Consumer — — 191 191 Other real estate owned (1) Commercial — — 138 138 Construction, land development, land — — 202 202 $ — $ — $ 12,220 $ 12,220 (1) Represents the fair value of OREO that was adjusted during the year to date 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 September 30, 2018 and December 31, 2017 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total September 30, 2018 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 282,409 $ 282,409 $ — $ — $ 282,409 Securities - held to maturity 8,403 — — 8,094 8,094 Loans not previously presented, gross 3,494,184 — — 3,432,384 3,432,384 FHLB stock 23,109 N/A N/A N/A N/A Accrued interest receivable 20,141 20,141 — — 20,141 Financial liabilities: Deposits 3,439,049 — 3,428,722 — 3,428,722 Customer repurchase agreements 13,248 — 13,248 — 13,248 Federal Home Loan Bank advances 330,000 — 330,000 — 330,000 Subordinated notes 48,903 — 51,125 — 51,125 Junior subordinated debentures 38,966 — 41,057 — 41,057 Accrued interest payable 6,072 6,072 — — 6,072 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2017 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 134,129 $ 134,129 $ — $ — $ 134,129 Securities - held to maturity 8,557 — — 7,527 7,527 Loans not previously presented, net 2,780,228 — — 2,800,362 2,800,362 Loans included in assets held for sale, net 68,668 — — 69,268 69,268 FHLB stock 16,006 N/A N/A N/A N/A Accrued interest receivable 15,517 15,517 — — 15,517 Financial liabilities: Deposits 2,621,348 — 2,616,034 — 2,616,034 Customer repurchase agreements 11,488 — 11,488 — 11,488 Federal Home Loan Bank advances 365,000 — 365,000 — 365,000 Subordinated notes 48,828 — 52,310 — 52,310 Junior subordinated debentures 38,623 — 41,563 — 41,563 Accrued interest payable 3,323 3,323 — — 3,323 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2018 | |
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. 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 September 30, 2018 and December 31, 2017, the Company and TBK Bank meet all capital adequacy requirements to which they are subject. As of September 30, 2018 and December 31, 2017, 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 September 30, 2018 that management believes have changed TBK Bank’s category. The actual capital amounts and ratios for the Company and TBK Bank as of September 30, 2018 and December 31, 2017 To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of September 30, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 529,965 13.0% $ 324,920 8.0% N/A N/A TBK Bank, SSB $ 471,802 12.0% $ 314,844 8.0% $ 393,555 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 453,295 11.2% $ 243,690 6.0% N/A N/A TBK Bank, SSB $ 444,126 11.3% $ 236,133 6.0% $ 314,843 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 404,671 10.0% $ 182,767 4.5% N/A N/A TBK Bank, SSB $ 444,126 11.3% $ 177,099 4.5% $ 255,810 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 453,295 11.7% $ 154,333 4.0% N/A N/A TBK Bank, SSB $ 444,126 11.7% $ 152,037 4.0% $ 190,046 5.0% As of December 31, 2017 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 436,036 13.2% $ 264,026 8.0% N/A N/A TBK Bank, SSB $ 361,068 11.4% $ 254,139 8.0% $ 317,674 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 367,958 11.1% $ 198,019 6.0% N/A N/A TBK Bank, SSB $ 341,910 10.8% $ 190,603 6.0% $ 254,137 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 320,265 9.7% $ 148,514 4.5% N/A N/A TBK Bank, SSB $ 341,910 10.8% $ 142,952 4.5% $ 206,486 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 367,958 11.8% $ 124,754 4.0% N/A N/A TBK Bank, SSB $ 341,910 11.1% $ 123,088 4.0% $ 153,860 5.0% Dividends paid by TBK Bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. Beginning in January 2016, the implementation of the capital conservation buffer set forth by the Basel III regulatory capital framework was effective for the Company starting at 0.625% of risk weighted assets above the minimum risk based capital ratio requirements and increasing 0.625% each year thereafter, until it reaches 2.5% on January 1, 2019. The capital conservation buffer was 1.875% and 1.25% at September 30, 2018 and December 31, 2017, 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. At September 30, 2018 and December 31, 2017, the Company’s and TBK Bank’s risk based capital exceeded the required capital conservation buffer. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 – STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Common Stock September 30, 2018 December 31, 2017 Shares authorized 50,000,000 50,000,000 Shares issued 26,383,763 20,912,396 Treasury shares (104,002 ) (91,951 ) Shares outstanding 26,279,761 20,820,445 Par value per share $ 0.01 $ 0.01 Preferred Stock Series A Series B (Dollars in thousands, except per share amounts) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Shares authorized 50,000 50,000 115,000 115,000 Shares issued 45,500 45,500 51,076 51,076 Shares outstanding 45,500 45,500 51,076 51,076 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 $ 5,108 $ 5,108 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 Common Stock Offering On April 12, 2018 the Company completed an underwritten public offering of 5,405,000 shares of the Company’s common stock, including 705,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, at $37.50 per share for total gross proceeds of $202,688,000. Net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $192,053,000. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
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 $913,000 and $1,966,000 for the three and nine months ended September 30, 2018, respectively, and $459,000 and $1,484,000 for the three and nine months ended September 30, 2017, 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 nine months ended September 30, 2018 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2018 102,776 $ 18.68 Granted 65,001 40.64 Vested (63,995 ) 20.38 Forfeited (2,422 ) 27.56 Nonvested at September 30, 2018 101,360 $ 31.48 RSAs granted to employees under the Omnibus Incentive Plan typically vest over three to four years. Compensation expense for the RSAs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of September 30, 2018, there was $2,166,000 of unrecognized compensation cost related to the nonvested RSAs. The cost is expected to be recognized over a remaining period of 3.17 years. Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows: Weighted-Average Grant-Date Nonvested RSUs Shares Fair Value Nonvested at January 1, 2018 — $ — Granted 59,658 38.75 Vested — — Forfeited — — Nonvested at September 30, 2018 59,658 $ 38.75 RSUs granted to employees under the Omnibus Incentive Plan vest after five years. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of September 30, 2018, there was $2,118,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 4.59 years. Performance Stock Units A summary of changes in the Company’s nonvested Performance Stock Units (“PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows: Weighted-Average Grant-Date Nonvested PSUs Shares Fair Value Nonvested at January 1, 2018 — $ — Granted 59,658 38.57 Vested — — Forfeited — — Nonvested at September 30, 2018 59,658 $ 38.57 PSUs granted to employees under the Omnibus Incentive Plan vest after five years. The number of shares issued upon vesting will range from 0% to 175% of the PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of a specified group of peer banks. Compensation expense for the PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of PSUs granted is estimated using a Monte Carlo simulation. Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation date. Nine Months Ended September 30, 2018 Grant date May 1, 2018 Performance period 5.00 Years Stock price $ 38.85 Triumph stock price volatility 29.13 % Risk-free rate 2.76 % As of September 30, 2018, there was $2,108,000 of unrecognized compensation cost related to the nonvested PSUs. The cost is expected to be recognized over a remaining period of 4.59 years. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2018 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, 2018 185,328 $ 18.97 Granted 51,952 38.75 Exercised (2,556 ) 17.16 Forfeited or expired (3,186 ) 18.98 Outstanding at September 30, 2018 231,538 $ 23.43 8.22 $ 3,448 Fully vested shares and shares expected to vest at September 30, 2018 231,538 $ 23.43 8.22 $ 3,448 Shares exercisable at September 30, 2018 75,550 $ 17.73 7.69 $ 1,547 Information related to the stock options for the nine months ended September 30, 2018 and 2017 was as follows: Nine Months Ended September 30, (Dollars in thousands, except per share amounts) 2018 2017 Aggregate intrinsic value of options exercised $ 59 $ 243 Cash received from option exercises — 281 Tax benefit realized from options exercises 12 85 Weighted average fair value of options granted $ 13.22 $ 8.71 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. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was 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 the options was derived from the Treasury constant maturity yield curve on the valuation date. The fair value of the stock options granted was determined using the following weighted-average assumptions: Nine Months Ended September 30, 2018 2017 Risk-free interest rate 2.85 % 2.11 % Expected term 6.25 years 6.25 Years Expected stock price volatility 28.07 % 29.70 % Dividend yield — — As of September 30, 2018, there was $804,000 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 3.11 years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Basic Net income to common stockholders $ 8,975 $ 9,587 $ 33,045 $ 29,335 Weighted average common shares outstanding 26,178,194 19,811,577 24,159,543 18,600,009 Basic earnings per common share $ 0.34 $ 0.48 $ 1.37 $ 1.58 Diluted Net income to common stockholders $ 8,975 $ 9,587 $ 33,045 $ 29,335 Dilutive effect of preferred stock 195 195 578 580 Net income to common stockholders - diluted $ 9,170 $ 9,782 $ 33,623 $ 29,915 Weighted average common shares outstanding 26,178,194 19,811,577 24,159,543 18,600,009 Dilutive effects of: Assumed conversion of Preferred A 315,773 315,773 315,773 315,773 Assumed conversion of Preferred B 354,471 354,471 354,471 354,471 Assumed exercises of stock warrants — 54,476 — 110,089 Assumed exercises of stock options 90,320 45,788 86,728 42,084 Restricted stock awards 45,796 63,384 55,087 65,999 Restricted stock units 7,276 — 2,706 — Performance stock units — — — — Average shares and dilutive potential common shares 26,991,830 20,645,469 24,974,308 19,488,425 Diluted earnings per common share $ 0.34 $ 0.47 $ 1.35 $ 1.53 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Shares assumed to be converted from Preferred Stock Series A — — — — Shares assumed to be converted from Preferred Stock Series B — — — — Stock options 51,952 58,442 51,952 58,442 Restricted stock awards 14,513 — 14,513 — Restricted stock units — — — — Performance stock units 59,658 — 59,658 — |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
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 2017 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, the Company sold its 100% membership interest in Triumph Capital Advisors, LLC (“TCA”) and discontinued fee based asset management services. TCA operations were not material during the year ended December 31, 2017 and are reflected in the Corporate segment, along with the gain on sale of the Company’s membership interest in TCA. (Dollars in thousands) Three Months Ended September 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 43,769 $ 27,420 $ 570 $ 71,759 Intersegment interest allocations 6,289 (6,289 ) — — Total interest expense 8,426 — 1,551 9,977 Net interest income (expense) 41,632 21,131 (981 ) 61,782 Provision for loan losses 6,774 41 (12 ) 6,803 Net interest income after provision 34,858 21,090 (969 ) 54,979 Noninterest income 4,991 942 126 6,059 Noninterest expense 33,507 12,902 2,537 48,946 Operating income (loss) $ 6,342 $ 9,130 $ (3,380 ) $ 12,092 (Dollars in thousands) Three Months Ended September 30, 2017 Banking Factoring Corporate Consolidated Total interest income $ 32,973 $ 11,736 $ 428 $ 45,137 Intersegment interest allocations 2,193 (2,193 ) — — Total interest expense 4,294 — 1,331 5,625 Net interest income (expense) 30,872 9,543 (903 ) 39,512 Provision for loan losses (69 ) 649 (8 ) 572 Net interest income after provision 30,941 8,894 (895 ) 38,940 Noninterest income 3,498 774 (101 ) 4,171 Noninterest expense 21,984 5,600 641 28,225 Operating income (loss) $ 12,455 $ 4,068 $ (1,637 ) $ 14,886 (Dollars in thousands) Nine Months Ended September 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 123,050 $ 62,514 $ 1,562 $ 187,126 Intersegment interest allocations 13,377 (13,377 ) — — Total interest expense 20,421 — 4,536 24,957 Net interest income (expense) 116,006 49,137 (2,974 ) 162,169 Provision for loan losses 10,510 3,747 — 14,257 Net interest income after provision 105,496 45,390 (2,974 ) 147,912 Gain on sale of subsidiary or division 1,071 — — 1,071 Other noninterest income 12,612 2,452 41 15,105 Noninterest expense 86,446 30,067 3,878 120,391 Operating income (loss) $ 32,733 $ 17,775 $ (6,811 ) $ 43,697 (Dollars in thousands) Nine Months Ended September 30, 2017 Banking Factoring Corporate Consolidated Total interest income $ 93,204 $ 30,828 $ 975 $ 125,007 Intersegment interest allocations 5,211 (5,211 ) — — Total interest expense 11,177 — 3,942 15,119 Net interest income (expense) 87,238 25,617 (2,967 ) 109,888 Provision for loan losses 7,571 2,042 84 9,697 Net interest income after provision 79,667 23,575 (3,051 ) 100,191 Gain on sale of subsidiary or division — — 20,860 20,860 Other noninterest income 10,604 2,203 2,991 15,798 Noninterest expense 65,171 16,677 8,535 90,383 Operating income (loss) $ 25,100 $ 9,101 $ 12,265 $ 46,466 (Dollars in thousands) September 30, 2018 Banking Factoring Corporate Eliminations Consolidated Total assets $ 4,433,862 $ 659,782 $ 712,971 $ (1,269,513 ) $ 4,537,102 Gross loans $ 3,411,456 $ 579,985 $ 10,952 $ (490,250 ) $ 3,512,143 (Dollars in thousands) December 31, 2017 Banking Factoring Corporate Eliminations Consolidated Total assets $ 3,444,322 $ 360,922 $ 504,656 $ (810,867 ) $ 3,499,033 Gross loans $ 2,784,147 $ 346,293 $ 11,936 $ (331,520 ) $ 2,810,856 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 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”). On March 16, 2018, the Company sold the assets of Triumph Healthcare Finance (“THF”) and exited its healthcare asset based lending line of business. THF operated within the Company’s TBK Bank subsidiary. On March 31, 2017 the Company sold its membership interests in its wholly owned subsidiary Triumph Capital Advisors, LLC (“TCA”). See Note 2 – Business Combinations and Divestitures for details of the THF and TCA sales and their impact on our consolidated financial statements. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). 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, 2017. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The Company has three reportable segments consisting of Banking, Factoring, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, the Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from contracts with customers |
Income Taxes | Income Taxes On December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”), resulting in significant modifications to existing law. Authoritative guidance and interpretation by regulatory bodies is ongoing, and as such, the accounting for the effects of the Tax Act is not final and the full impact of the new regulation is still being evaluated. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 replaces most existing revenue recognition guidance in GAAP. The new standard was effective for the Company on January 1, 2018. Adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements and related disclosures as 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. The Company’s revenue recognition pattern for revenue streams within the scope of ASU 2014-09, including but not limited to service charges on deposit accounts and gains/losses on the sale of OREO, did not change significantly from current practice. The standard permits the use of either the full retrospective or modified retrospective transition method. The Company elected to use the modified retrospective transition method which requires application of ASU 2014-09 to uncompleted contracts at the date of adoption however, periods prior to the date of adoption will not be retrospectively revised as the impact of the ASU on uncompleted contracts at the date of adoption was not material. 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 was effective for the Company on January 1, 2018 and resulted in separate classification of equity securities previously included in available for sale securities on the consolidated balance sheets with changes in the fair value of the equity securities captured in the consolidated statements of income. See Note 3 – Securities for disclosures related to equity securities. Adoption of the standard also resulted in the use of an exit price rather than an entrance price to determine the fair value of loans not measured at fair value on a non-recurring basis in the consolidated balance sheets. See Note 10 – Fair Value Disclosures for further information regarding the valuation of these loans. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” (“ASU 2017-01”) to improve such definition and, as a result, assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or as business combinations. The definition of a business impacts many areas of accounting including acquisitions, disposals, goodwill and consolidation. ASU 2017-01 was effective for the Company on January 1, 2018 and is to be applied under a prospective approach. The Company expects the adoption of this new guidance to impact the determination of whether future acquisitions are considered business combinations or asset purchases. |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards 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. At September 30, 2018, the Company had contractual operating lease commitments of approximately $21,863,000, before considering renewal options that are generally present. 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, however, the Company does not currently plan to early adopt the ASU. The Company has assessed its data and system needs and is evaluating the impact that adoption of this standard will have on the financial condition and results of operations of the Company. |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Triumph Healthcare Finance | |
Business Acquisition [Line Items] | |
Summary of Assets Held for Sale and Consideration Received and Gain on Sale | A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows: (Dollars in thousands) Carrying amount of assets in the disposal group: Loans $ 70,147 Premises and equipment, net 19 Goodwill 1,457 Intangible assets, net 958 Other assets 197 Total carrying amount 72,778 Total consideration received 74,017 Gain on sale of division 1,239 Transaction costs 168 Gain on sale of division, net of transaction costs $ 1,071 |
Triumph Capital Advisors, LLC | |
Business Acquisition [Line Items] | |
Summary of Assets Held for Sale and 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 or division 21,260 Transaction costs 400 Gain on sale of subsidiary or division, net of transaction costs $ 20,860 |
First Bancorp of Durango, Inc. And Southern Colorado Corp. | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimate fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) FBD SCC Total Assets acquired: Cash and cash equivalents $ 151,973 $ 14,299 $ 166,272 Securities 237,183 33,477 270,660 Loans held for sale 1,238 — 1,238 Loans 256,384 31,454 287,838 FHLB stock 786 129 915 Premises and equipment 7,495 840 8,335 Other real estate owned 213 — 213 Intangible assets 11,915 2,154 14,069 Other assets 2,730 403 3,133 669,917 82,756 752,673 Liabilities assumed: Deposits 601,194 73,464 674,658 Federal Home Loan Bank advances 737 — 737 Other liabilities 1,313 64 1,377 603,244 73,528 676,772 Fair value of net assets acquired 66,673 9,228 75,901 Cash consideration transferred 134,667 13,294 147,961 Goodwill $ 67,994 $ 4,066 $ 72,060 |
Summary of Acquired Loans | In connection with the acquisitions, 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 and lease 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 of the estimated fair value of acquired loans at the acquisition date: Loans Excluding PCI Loans PCI Loans Total Loans (Dollars in thousands) FBD SCC Total FBD SCC Total Acquired Commercial real estate $ 140,955 $ 11,894 $ 152,849 $ 832 $ 200 $ 1,032 $ 153,881 Construction, land development, land 13,949 5,229 19,178 3,081 — 3,081 22,259 1-4 family residential properties 59,228 10,180 69,408 75 — 75 69,483 Farmland 5,709 1,207 6,916 — — — 6,916 Commercial 26,125 2,121 28,246 1,020 — 1,020 29,266 Factored receivables — — — — — — — Consumer 5,410 623 6,033 — — — 6,033 Mortgage warehouse — — — — — — — $ 251,376 $ 31,254 $ 282,630 $ 5,008 $ 200 $ 5,208 $ 287,838 |
Schedule of Loans Acquired in Business Combination | The following presents information at the acquisition date for non-PCI loans acquired in the transactions: (Dollars in thousands) FBD SCC Total Contractually required principal and interest payments $ 318,674 $ 38,590 $ 357,264 Contractual cash flows not expected to be collected $ 4,255 $ 550 $ 4,805 Fair value at acquisition $ 251,376 $ 31,254 $ 282,630 The following presents information at the acquisition date for PCI loans acquired in the transactions: (Dollars in thousands) FBD SCC Total Contractually required principal and interest payments $ 10,511 $ 269 $ 10,780 Contractual cash flows not expected to be collected (nonaccretable difference) 2,570 5 2,575 Expected cash flows at acquisition 7,941 264 8,205 Interest component of expected cash flows (accretable yield) 2,933 64 2,997 Fair value of loans acquired with deterioration of credit quality $ 5,008 $ 200 $ 5,208 |
Schedule of Supplemental Pro Forma Information on Acquisition | The following table presents supplemental pro forma information for the three and nine months ended September 30, 2018 and 2017 as if the FBD and SCC acquisitions had occurred at the beginning of 2017. The supplemental pro forma information includes adjustments for interest income on loans acquired, depreciation expense on property acquired, amortization of intangibles arising from the transactions, and the related income tax effects. Additionally, because FBD and SCC were Subchapter S corporations before the acquisitions and did not incur any federal income tax liabilities, adjustments have been included to estimate the impact of federal income taxes on FBD and SCC’s net income for the periods presented. The supplemental pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been completed on the assumed date. Three months ended September 30, 2018 Three months ended September 30, 2017 (Dollars in thousands) FBD SCC Total FBD SCC Total Net interest income $ 65,694 $ 62,269 $ 66,181 $ 44,683 $ 40,147 $ 45,318 Noninterest income $ 7,167 $ 6,159 $ 7,267 $ 5,404 $ 4,260 $ 5,493 Net income $ 8,371 $ 8,578 $ 7,778 $ 10,595 $ 9,804 $ 10,617 Basic earnings per common share $ 0.31 $ 0.32 $ 0.29 $ 0.44 $ 0.48 $ 0.43 Diluted earnings per common share $ 0.31 $ 0.32 $ 0.29 $ 0.43 $ 0.47 $ 0.43 Nine months ended September 30, 2018 Nine months ended September 30, 2017 (Dollars in thousands) FBD SCC Total FBD SCC Total Net interest income $ 176,441 $ 163,916 $ 178,188 $ 125,098 $ 111,756 $ 126,966 Noninterest income $ 19,679 $ 16,618 $ 20,121 $ 40,072 $ 37,028 $ 40,442 Net income $ 34,179 $ 33,458 $ 34,013 $ 32,291 $ 30,065 $ 32,441 Basic earnings per common share $ 1.31 $ 1.35 $ 1.30 $ 1.42 $ 1.55 $ 1.40 Diluted earnings per common share $ 1.30 $ 1.33 $ 1.28 $ 1.39 $ 1.51 $ 1.37 |
Interstate Capital Corporation | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 75 Factored receivables 131,017 Premises and equipment 279 Intangible assets 13,920 Other assets 144 145,435 Liabilities assumed: Deposits 7,389 Other liabilities 763 8,152 Fair value of net assets acquired 137,283 Consideration: Cash paid 160,258 Contingent consideration 20,000 Total consideration 180,258 Goodwill $ 42,975 |
Valley Bancorp, Inc. | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 38,473 Securities 97,687 Loans 171,199 FHLB stock 315 Premises and equipment 6,238 Other real estate owned 2,282 Intangible assets 6,072 Bank-owned life insurance 7,153 Other assets 1,882 331,301 Liabilities assumed: Deposits 293,398 Junior subordinated debentures 5,470 Other liabilities 2,881 301,749 Fair value of net assets acquired 29,552 Consideration transferred 40,075 Goodwill $ 10,523 |
Summary of Acquired Loans | In connection with the 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 and lease 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 of the estimated fair value of acquired loans at the acquisition date: Loans, Excluding PCI Total (Dollars in thousands) PCI Loans Loans Loans Commercial real estate $ 73,273 $ 254 $ 73,527 Construction, land development, land 19,770 1,199 20,969 1-4 family residential properties 26,264 — 26,264 Farmland 16,934 — 16,934 Commercial 31,893 — 31,893 Factored receivables — — — Consumer 1,612 — 1,612 Mortgage warehouse — — — $ 169,746 $ 1,453 $ 171,199 |
Independent Bank - Colorado Branches | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 1,611 Loans 95,794 Premises and equipment 7,524 Intangible assets 3,255 Other assets 1,644 109,828 Liabilities assumed: Deposits 160,702 Other liabilities 249 160,951 Fair value of net assets acquired (51,123 ) Cash received from seller, net of $6,771 deposit premium 45,306 Goodwill $ 5,817 |
Summary of Acquired Loans | The following table presents details of the estimated fair value of acquired loans at the acquisition date: (Dollars in thousands) Commercial real estate $ 13,382 Construction, land development, land 537 1-4 family residential properties 6,986 Farmland 31,490 Commercial 43,104 Factored receivables — Consumer 295 Mortgage warehouse — $ 95,794 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule Of Debt Securities [Line Items] | |
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at September 30, 2018, 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 $ 87,890 $ 87,668 $ — $ — Due from one year to five years 175,252 173,829 — — Due from five years to ten years 38,428 37,827 3,052 3,282 Due after ten years 10,589 10,403 5,351 4,812 312,159 309,727 8,403 8,094 Mortgage-backed securities, residential 31,067 30,581 — — Asset backed securities 10,803 10,805 — — SBA pooled securities 4,952 4,868 — — $ 358,981 $ 355,981 $ 8,403 $ 8,094 |
Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses | Proceeds from sales of debt securities and the associated gross gains and losses are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Proceeds $ 88,820 $ 2,936 $ 123,016 $ 2,936 Gross gains — 35 5 35 Gross losses — — (277 ) — |
Schedule of Information Pertaining to Debt Securities with Gross Unrealized and Unrecognized Losses | Information pertaining to debt securities with gross unrealized and unrecognized losses, 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 September 30, 2018 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ 62,335 $ (685 ) $ 32,439 $ (643 ) $ 94,774 $ (1,328 ) U.S. Treasury notes 1,905 (47 ) — — 1,905 (47 ) Mortgage-backed securities, residential 12,554 (349 ) 5,782 (292 ) 18,336 (641 ) Asset backed securities 110 (2 ) 4,967 (32 ) 5,077 (34 ) State and municipal 100,141 (804 ) 9,917 (221 ) 110,058 (1,025 ) Corporate bonds 45,583 (144 ) 149 (1 ) 45,732 (145 ) SBA pooled securities 3,920 (89 ) — — 3,920 (89 ) $ 226,548 $ (2,120 ) $ 53,254 $ (1,189 ) $ 279,802 $ (3,309 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized September 30, 2018 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ — $ — $ 4,812 $ (539 ) $ 4,812 $ (539 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2017 Value Losses Value Losses Value Losses U.S. Government agency obligations $ 47,605 $ (166 ) $ 40,053 $ (551 ) $ 87,658 $ (717 ) U.S. Treasury notes 1,934 (6 ) — — 1,934 (6 ) Mortgage-backed securities, residential 10,349 (21 ) 6,200 (159 ) 16,549 (180 ) Asset backed securities 4,898 (85 ) — — 4,898 (85 ) State and municipal 32,257 (216 ) 12,138 (227 ) 44,395 (443 ) Corporate bonds 4,073 (2 ) 149 (1 ) 4,222 (3 ) SBA pooled securities 1,654 (2 ) — — 1,654 (2 ) $ 102,770 $ (498 ) $ 58,540 $ (938 ) $ 161,310 $ (1,436 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2017 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 1,835 $ (28 ) $ 5,692 $ (1,002 ) $ 7,527 $ (1,030 ) |
Debt Securities [Member] | |
Schedule Of Debt Securities [Line Items] | |
Schedule of Amortized Cost of Securities and Their Approximate Fair Values | Debt securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of debt securities and their approximate fair values are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair September 30, 2018 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 96,102 $ — $ (1,328 ) $ 94,774 U.S. Treasury notes 1,952 — (47 ) 1,905 Mortgage-backed securities, residential 31,067 155 (641 ) 30,581 Asset backed securities 10,803 36 (34 ) 10,805 State and municipal 145,017 70 (1,025 ) 144,062 Corporate bonds 69,088 43 (145 ) 68,986 SBA pooled securities 4,952 5 (89 ) 4,868 Total available for sale securities $ 358,981 $ 309 $ (3,309 ) $ 355,981 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,403 $ 230 $ (539 ) $ 8,094 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2017 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 110,531 $ 76 $ (717 ) $ 109,890 U.S. Treasury notes 1,940 — (6 ) 1,934 Mortgage-backed securities, residential 33,537 306 (180 ) 33,663 Asset backed securities 11,883 47 (85 ) 11,845 State and municipal 74,684 150 (443 ) 74,391 Corporate bonds 15,271 52 (3 ) 15,320 SBA pooled securities 3,535 27 (2 ) 3,560 Total available for sale securities $ 251,381 $ 658 $ (1,436 ) $ 250,603 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,557 $ — $ (1,030 ) $ 7,527 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 December 31, 2017 Recorded Unpaid Recorded Unpaid (Dollars in thousands) Investment Principal Difference Investment Principal Difference Commercial real estate $ 906,494 $ 914,503 $ (8,009 ) $ 745,893 $ 753,803 $ (7,910 ) Construction, land development, land 190,920 195,075 (4,155 ) 134,812 138,045 (3,233 ) 1-4 family residential properties 194,752 196,361 (1,609 ) 125,827 127,499 (1,672 ) Farmland 177,313 180,599 (3,286 ) 180,141 184,006 (3,865 ) Commercial 1,123,598 1,127,844 (4,246 ) 920,812 924,133 (3,321 ) Factored receivables 611,285 613,832 (2,547 ) 374,410 376,046 (1,636 ) Consumer 31,423 31,576 (153 ) 31,131 31,144 (13 ) Mortgage warehouse 276,358 276,358 — 297,830 297,830 — Total 3,512,143 $ 3,536,148 $ (24,005 ) 2,810,856 $ 2,832,506 $ (21,650 ) Allowance for loan and lease losses (27,256 ) (18,748 ) $ 3,484,887 $ 2,792,108 |
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”) is as follows: (Dollars in thousands) Beginning Ending Three months ended September 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,803 $ 136 $ — $ 103 $ 4,042 Construction, land development, land 1,025 244 — 2 1,271 1-4 family residential properties 240 15 (3 ) 7 259 Farmland 509 (6 ) — — 503 Commercial 10,230 6,324 (4,074 ) 273 12,753 Factored receivables 7,727 64 (228 ) 8 7,571 Consumer 670 93 (286 ) 104 581 Mortgage warehouse 343 (67 ) — — 276 $ 24,547 $ 6,803 $ (4,591 ) $ 497 $ 27,256 (Dollars in thousands) Beginning Ending Three months ended September 30, 2017 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 2,506 $ 58 $ — $ — $ 2,564 Construction, land development, land 915 210 — — 1,125 1-4 family residential properties 149 111 (1 ) 23 282 Farmland 261 (22 ) — — 239 Commercial 10,603 (629 ) (755 ) 929 10,148 Factored receivables 4,507 645 (136 ) 30 5,046 Consumer 627 208 (270 ) 178 743 Mortgage warehouse 229 (9 ) — — 220 $ 19,797 $ 572 $ (1,162 ) $ 1,160 $ 20,367 (Dollars in thousands) Beginning Ending Nine months ended September 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,435 $ 506 $ (2 ) $ 103 $ 4,042 Construction, land development, land 883 376 — 12 1,271 1-4 family residential properties 293 (29 ) (17 ) 12 259 Farmland 310 393 (200 ) — 503 Commercial 8,150 8,895 (4,701 ) 409 12,753 Factored receivables 4,597 3,850 (928 ) 52 7,571 Consumer 783 287 (776 ) 287 581 Mortgage warehouse 297 (21 ) — — 276 $ 18,748 $ 14,257 $ (6,624 ) $ 875 $ 27,256 (Dollars in thousands) Beginning Ending Nine months ended September 30, 2017 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 1,813 $ 888 $ (137 ) $ — $ 2,564 Construction, land development, land 465 1,235 (582 ) 7 1,125 1-4 family residential properties 253 16 (29 ) 42 282 Farmland 170 69 — — 239 Commercial 8,014 4,660 (3,833 ) 1,307 10,148 Factored receivables 4,088 1,978 (1,102 ) 82 5,046 Consumer 420 813 (877 ) 387 743 Mortgage warehouse 182 38 — — 220 $ 15,405 $ 9,697 $ (6,560 ) $ 1,825 $ 20,367 |
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 September 30, 2018 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 7,847 $ 887,834 $ 10,813 $ 906,494 $ 581 $ 3,461 $ — $ 4,042 Construction, land development, land 221 183,862 6,837 190,920 74 1,197 — 1,271 1-4 family residential properties 2,240 191,868 644 194,752 125 134 — 259 Farmland 4,156 172,782 375 177,313 72 431 — 503 Commercial 19,680 1,102,309 1,609 1,123,598 1,496 11,253 4 12,753 Factored receivables 6,841 604,444 — 611,285 1,916 5,655 — 7,571 Consumer 256 31,167 — 31,423 29 552 — 581 Mortgage warehouse — 276,358 — 276,358 — 276 — 276 $ 41,241 $ 3,450,624 $ 20,278 $ 3,512,143 $ 4,293 $ 22,959 $ 4 $ 27,256 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2017 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,013 $ 735,118 $ 9,762 $ 745,893 $ 123 $ 3,312 $ — $ 3,435 Construction, land development, land 136 130,732 3,944 134,812 — 883 — 883 1-4 family residential properties 2,638 122,093 1,096 125,827 152 141 — 293 Farmland 3,800 176,232 109 180,141 — 310 — 310 Commercial 26,616 893,509 687 920,812 1,409 6,741 — 8,150 Factored receivables 4,726 369,684 — 374,410 949 3,648 — 4,597 Consumer 384 30,747 — 31,131 80 703 — 783 Mortgage warehouse — 297,830 — 297,830 — 297 — 297 $ 39,313 $ 2,755,945 $ 15,598 $ 2,810,856 $ 2,713 $ 16,035 $ — $ 18,748 |
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 September 30, 2018 Investment Principal Allowance Investment Principal Commercial real estate $ 6,031 $ 6,079 $ 581 $ 1,816 $ 1,869 Construction, land development, land 167 168 74 54 54 1-4 family residential properties 223 216 125 2,017 2,124 Farmland 914 900 72 3,242 3,524 Commercial 3,620 3,616 1,496 16,060 16,261 Factored receivables 6,841 6,841 1,916 — — Consumer 92 86 29 164 169 Mortgage warehouse — — — — — PCI 71 55 4 — — $ 17,959 $ 17,961 $ 4,297 $ 23,353 $ 24,001 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, 2017 Investment Principal Allowance Investment Principal Commercial real estate $ 165 $ 165 $ 123 $ 848 $ 881 Construction, land development, land — — — 136 136 1-4 family residential properties 237 235 152 2,401 2,519 Farmland — — — 3,800 4,071 Commercial 9,194 9,191 1,409 17,422 17,605 Factored receivables 4,726 4,726 949 — — Consumer 271 267 80 113 115 Mortgage warehouse — — — — — PCI — — — — — $ 14,593 $ 14,584 $ 2,713 $ 24,720 $ 25,327 The following table presents average impaired loans and interest recognized on impaired: Three Months Ended Three Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 6,861 $ 70 $ 853 $ — Construction, land development, land 181 1 135 — 1-4 family residential properties 2,205 21 1,817 16 Farmland 3,835 10 3,361 14 Commercial 24,579 46 22,003 167 Factored receivables 5,724 — 3,907 — Consumer 260 3 136 4 Mortgage warehouse — — — — PCI 75 — 143 — $ 43,720 $ 151 $ 32,355 $ 201 Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 4,429 $ 76 $ 1,150 $ 1 Construction, land development, land 178 1 249 — 1-4 family residential properties 2,439 25 1,509 23 Farmland 3,978 27 2,287 32 Commercial 23,149 665 27,077 398 Factored receivables 5,783 — 3,847 — Consumer 320 4 117 4 Mortgage warehouse — — — — PCI 35 — 262 — $ 40,311 $ 798 $ 36,498 $ 458 |
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: Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More September 30, 2018 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,493 $ — $ 7,873 $ 10,366 Construction, land development, land 769 — 221 990 1-4 family residential properties 1,253 79 2,156 3,488 Farmland — — 3,387 3,387 Commercial 3,976 246 16,865 21,087 Factored receivables 32,645 2,252 — 34,897 Consumer 820 — 276 1,096 Mortgage warehouse — — — — PCI 206 — 2,969 3,175 $ 42,162 $ 2,577 $ 33,747 $ 78,486 Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2017 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 1,374 $ — $ 1,012 $ 2,386 Construction, land development, land — — 136 136 1-4 family residential properties 1,378 62 2,625 4,065 Farmland 250 109 3,412 3,771 Commercial 6,630 39 22,247 28,916 Factored receivables 20,858 1,454 — 22,312 Consumer 947 — 384 1,331 Mortgage warehouse 165 — — 165 PCI 72 — 2,333 2,405 $ 31,674 $ 1,664 $ 32,149 $ 65,487 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) September 30, 2018 December 31, 2017 Nonaccrual loans (1) $ 33,747 $ 32,149 Factored receivables greater than 90 days past due 2,252 1,454 Troubled debt restructurings accruing interest 3,603 5,128 $ 39,602 $ 38,731 (1) Includes troubled debt restructurings of $3,927,000 and $14,009,000 at September 30, 2018 and December 31, 2017, respectively. |
Summary of Risk Category of Loans | As of September 30, 2018 and December 31, 2017, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) September 30, 2018 Pass Substandard Doubtful PCI Total Commercial real estate $ 889,505 $ 6,176 $ — $ 10,813 $ 906,494 Construction, land development, land 183,706 377 — 6,837 190,920 1-4 family residential 191,844 2,264 — 644 194,752 Farmland 171,631 5,307 — 375 177,313 Commercial 1,099,057 22,932 — 1,609 1,123,598 Factored receivables 605,002 5,340 943 — 611,285 Consumer 31,160 263 — — 31,423 Mortgage warehouse 276,358 — — — 276,358 $ 3,448,263 $ 42,659 $ 943 $ 20,278 $ 3,512,143 (Dollars in thousands) December 31, 2017 Pass Substandard Doubtful PCI Total Commercial real estate $ 732,175 $ 3,956 $ — $ 9,762 $ 745,893 Construction, land development, land 130,732 136 — 3,944 134,812 1-4 family residential 122,044 2,687 — 1,096 125,827 Farmland 171,017 9,015 — 109 180,141 Commercial 878,957 41,168 — 687 920,812 Factored receivables 370,839 2,325 1,246 — 374,410 Consumer 30,739 392 — — 31,131 Mortgage warehouse 297,830 — — — 297,830 $ 2,734,333 $ 59,679 $ 1,246 $ 15,598 $ 2,810,856 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents loans modified as troubled debt restructurings that occurred during the nine months ended September 30, 2018 and 2017: Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded September 30, 2018 Loans Investment Investment 1-4 family residential properties 3 $ 111 $ 111 Farmland 1 263 263 Commercial 10 875 875 Total 14 $ 1,249 $ 1,249 Pre-Modification Post-Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded September 30, 2017 Loans Investment Investment Commercial 5 $ 2,184 $ 2,184 |
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 September 30, 2018 and December 31, 2017, are as follows: September 30, December 31, 2018 2017 Contractually required principal and interest: Real estate loans $ 22,877 $ 16,360 Commercial loans 4,141 3,501 Outstanding contractually required principal and interest $ 27,018 $ 19,861 Gross carrying amount included in loans receivable $ 20,278 $ 15,598 |
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three and nine months ended September 30, 2018 and 2017 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accretable yield, beginning balance $ 2,105 $ 3,126 $ 2,793 $ 4,261 Additions 2,997 — 2,997 — Accretion (439 ) (411 ) (1,177 ) (3,117 ) Reclassification from nonaccretable to accretable yield 124 56 174 2,067 Disposals — (2 ) — (442 ) Accretable yield, ending balance $ 4,787 $ 2,769 $ 4,787 $ 2,769 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: (Dollars in thousands) September 30, 2018 December 31, 2017 Goodwill $ 158,728 $ 44,126 September 30, 2018 December 31, 2017 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 43,578 $ (14,666 ) $ 28,912 $ 29,511 $ (11,335 ) $ 18,176 Other intangible assets 15,700 (1,498 ) 14,202 1,764 (288 ) 1,476 $ 59,278 $ (16,164 ) $ 43,114 $ 31,275 $ (11,623 ) $ 19,652 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Beginning balance $ 117,777 $ 43,322 $ 63,778 $ 46,531 Acquired goodwill 72,060 — 115,035 152 Acquired intangibles 14,069 — 28,004 — Divestiture — — (433 ) (1,339 ) Amortization of intangibles (2,064 ) (870 ) (4,542 ) (2,892 ) Ending balance $ 201,842 $ 42,452 $ 201,842 $ 42,452 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company holds investments in the subordinated notes of the following closed CLO funds: 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 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Summary of Deposits | Deposits at September 30, 2018 and December 31, 2017 are summarized as follows: (Dollars in thousands) September 30, 2018 December 31, 2017 Noninterest bearing demand $ 697,903 $ 564,225 Interest bearing demand 608,775 403,244 Individual retirement accounts 118,459 108,505 Money market 413,402 283,969 Savings 373,062 235,296 Certificates of deposit 854,048 837,384 Brokered deposits 373,400 188,725 Total Deposits $ 3,439,049 $ 2,621,348 |
Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits | At September 30, 2018, scheduled maturities of certificates of deposits, individual retirement accounts and brokered deposits are as follows: (Dollars in thousands) September 30, 2018 Within one year $ 1,052,802 After one but within two years 192,942 After two but within three years 46,448 After three but within four years 38,478 After four but within five years 8,524 After five years 6,713 Total $ 1,345,907 |
Off-Balance Sheet Loan Commit_2
Off-Balance Sheet Loan Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 December 31, 2017 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 78,708 $ 418,319 $ 497,027 $ 133,634 $ 242,236 $ 375,870 Standby letters of credit $ 2,148 $ 5,641 $ 7,789 $ 1,998 $ 8,169 $ 10,167 Mortgage warehouse commitments $ — $ 305,053 $ 305,053 $ — $ 239,632 $ 239,632 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2018 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 94,774 $ — $ 94,774 U.S. Treasury notes — 1,905 — 1,905 Mortgage-backed securities, residential — 30,581 — 30,581 Asset backed securities — 10,805 — 10,805 State and municipal — 144,062 — 144,062 Corporate bonds — 68,986 — 68,986 SBA pooled securities — 4,868 — 4,868 $ — $ 355,981 $ — $ 355,981 Equity securities Mutual fund $ 4,981 $ — $ — $ 4,981 Loans held for sale $ — $ 683 $ — $ 683 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 109,890 $ — $ 109,890 U.S. Treasury notes — 1,934 — 1,934 Mortgage-backed securities, residential — 33,663 — 33,663 Asset backed securities — 11,845 — 11,845 State and municipal — 74,391 — 74,391 Corporate bonds — 15,320 — 15,320 SBA pooled securities — 3,560 — 3,560 $ — $ 250,603 $ — $ 250,603 Equity securities Mutual fund $ 5,006 $ — $ — $ 5,006 |
Fair Value of Assets Measured on Non-recurring Basis | There were no liabilities measured at fair value on a non-recurring basis at September 30, 2018 and December 31, 2017. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2018 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 5,450 $ 5,450 Construction, land development, land — — 93 93 1-4 family residential properties — — 98 98 Farmland — — 842 842 Commercial — — 2,124 2,124 Factored receivables — — 4,925 4,925 Consumer — — 63 63 PCI — — 67 67 Other real estate owned (1) Commercial — — 819 819 $ — $ — $ 14,481 $ 14,481 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2017 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 42 $ 42 1-4 family residential properties — — 85 85 Commercial — — 7,785 7,785 Factored receivables — — 3,777 3,777 Consumer — — 191 191 Other real estate owned (1) Commercial — — 138 138 Construction, land development, land — — 202 202 $ — $ — $ 12,220 $ 12,220 (1) Represents the fair value of OREO that was adjusted during the year to date 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 September 30, 2018 and December 31, 2017 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total September 30, 2018 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 282,409 $ 282,409 $ — $ — $ 282,409 Securities - held to maturity 8,403 — — 8,094 8,094 Loans not previously presented, gross 3,494,184 — — 3,432,384 3,432,384 FHLB stock 23,109 N/A N/A N/A N/A Accrued interest receivable 20,141 20,141 — — 20,141 Financial liabilities: Deposits 3,439,049 — 3,428,722 — 3,428,722 Customer repurchase agreements 13,248 — 13,248 — 13,248 Federal Home Loan Bank advances 330,000 — 330,000 — 330,000 Subordinated notes 48,903 — 51,125 — 51,125 Junior subordinated debentures 38,966 — 41,057 — 41,057 Accrued interest payable 6,072 6,072 — — 6,072 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2017 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 134,129 $ 134,129 $ — $ — $ 134,129 Securities - held to maturity 8,557 — — 7,527 7,527 Loans not previously presented, net 2,780,228 — — 2,800,362 2,800,362 Loans included in assets held for sale, net 68,668 — — 69,268 69,268 FHLB stock 16,006 N/A N/A N/A N/A Accrued interest receivable 15,517 15,517 — — 15,517 Financial liabilities: Deposits 2,621,348 — 2,616,034 — 2,616,034 Customer repurchase agreements 11,488 — 11,488 — 11,488 Federal Home Loan Bank advances 365,000 — 365,000 — 365,000 Subordinated notes 48,828 — 52,310 — 52,310 Junior subordinated debentures 38,623 — 41,563 — 41,563 Accrued interest payable 3,323 3,323 — — 3,323 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 as of September 30, 2018 and December 31, 2017 To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of September 30, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 529,965 13.0% $ 324,920 8.0% N/A N/A TBK Bank, SSB $ 471,802 12.0% $ 314,844 8.0% $ 393,555 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 453,295 11.2% $ 243,690 6.0% N/A N/A TBK Bank, SSB $ 444,126 11.3% $ 236,133 6.0% $ 314,843 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 404,671 10.0% $ 182,767 4.5% N/A N/A TBK Bank, SSB $ 444,126 11.3% $ 177,099 4.5% $ 255,810 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 453,295 11.7% $ 154,333 4.0% N/A N/A TBK Bank, SSB $ 444,126 11.7% $ 152,037 4.0% $ 190,046 5.0% As of December 31, 2017 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 436,036 13.2% $ 264,026 8.0% N/A N/A TBK Bank, SSB $ 361,068 11.4% $ 254,139 8.0% $ 317,674 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 367,958 11.1% $ 198,019 6.0% N/A N/A TBK Bank, SSB $ 341,910 10.8% $ 190,603 6.0% $ 254,137 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 320,265 9.7% $ 148,514 4.5% N/A N/A TBK Bank, SSB $ 341,910 10.8% $ 142,952 4.5% $ 206,486 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 367,958 11.8% $ 124,754 4.0% N/A N/A TBK Bank, SSB $ 341,910 11.1% $ 123,088 4.0% $ 153,860 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Common Stock September 30, 2018 December 31, 2017 Shares authorized 50,000,000 50,000,000 Shares issued 26,383,763 20,912,396 Treasury shares (104,002 ) (91,951 ) Shares outstanding 26,279,761 20,820,445 Par value per share $ 0.01 $ 0.01 Preferred Stock Series A Series B (Dollars in thousands, except per share amounts) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Shares authorized 50,000 50,000 115,000 115,000 Shares issued 45,500 45,500 51,076 51,076 Shares outstanding 45,500 45,500 51,076 51,076 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 $ 5,108 $ 5,108 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) | 9 Months Ended |
Sep. 30, 2018 | |
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 nine months ended September 30, 2018 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2018 102,776 $ 18.68 Granted 65,001 40.64 Vested (63,995 ) 20.38 Forfeited (2,422 ) 27.56 Nonvested at September 30, 2018 101,360 $ 31.48 |
Summary of Changes in Company's Nonvested Restricted Stock Units | A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows: Weighted-Average Grant-Date Nonvested RSUs Shares Fair Value Nonvested at January 1, 2018 — $ — Granted 59,658 38.75 Vested — — Forfeited — — Nonvested at September 30, 2018 59,658 $ 38.75 |
Summary of Changes in Company's Nonvested Performance Stock Units | A summary of changes in the Company’s nonvested Performance Stock Units (“PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows: Weighted-Average Grant-Date Nonvested PSUs Shares Fair Value Nonvested at January 1, 2018 — $ — Granted 59,658 38.57 Vested — — Forfeited — — Nonvested at September 30, 2018 59,658 $ 38.57 |
Schedule of Performance Stock Units, Valuation Assumptions | Nine Months Ended September 30, 2018 Grant date May 1, 2018 Performance period 5.00 Years Stock price $ 38.85 Triumph stock price volatility 29.13 % Risk-free rate 2.76 % |
Summary of Changes in Company's Stock Options | A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2018 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, 2018 185,328 $ 18.97 Granted 51,952 38.75 Exercised (2,556 ) 17.16 Forfeited or expired (3,186 ) 18.98 Outstanding at September 30, 2018 231,538 $ 23.43 8.22 $ 3,448 Fully vested shares and shares expected to vest at September 30, 2018 231,538 $ 23.43 8.22 $ 3,448 Shares exercisable at September 30, 2018 75,550 $ 17.73 7.69 $ 1,547 |
Schedule of Information Related to Stock Options | Information related to the stock options for the nine months ended September 30, 2018 and 2017 was as follows: Nine Months Ended September 30, (Dollars in thousands, except per share amounts) 2018 2017 Aggregate intrinsic value of options exercised $ 59 $ 243 Cash received from option exercises — 281 Tax benefit realized from options exercises 12 85 Weighted average fair value of options granted $ 13.22 $ 8.71 |
Fair Value of Stock Options Granted Weighted-Average Assumptions | The fair value of the stock options granted was determined using the following weighted-average assumptions: Nine Months Ended September 30, 2018 2017 Risk-free interest rate 2.85 % 2.11 % Expected term 6.25 years 6.25 Years Expected stock price volatility 28.07 % 29.70 % Dividend yield — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Basic Net income to common stockholders $ 8,975 $ 9,587 $ 33,045 $ 29,335 Weighted average common shares outstanding 26,178,194 19,811,577 24,159,543 18,600,009 Basic earnings per common share $ 0.34 $ 0.48 $ 1.37 $ 1.58 Diluted Net income to common stockholders $ 8,975 $ 9,587 $ 33,045 $ 29,335 Dilutive effect of preferred stock 195 195 578 580 Net income to common stockholders - diluted $ 9,170 $ 9,782 $ 33,623 $ 29,915 Weighted average common shares outstanding 26,178,194 19,811,577 24,159,543 18,600,009 Dilutive effects of: Assumed conversion of Preferred A 315,773 315,773 315,773 315,773 Assumed conversion of Preferred B 354,471 354,471 354,471 354,471 Assumed exercises of stock warrants — 54,476 — 110,089 Assumed exercises of stock options 90,320 45,788 86,728 42,084 Restricted stock awards 45,796 63,384 55,087 65,999 Restricted stock units 7,276 — 2,706 — Performance stock units — — — — Average shares and dilutive potential common shares 26,991,830 20,645,469 24,974,308 19,488,425 Diluted earnings per common share $ 0.34 $ 0.47 $ 1.35 $ 1.53 |
Schedule of Shares not Considered in Computing Diluted Earnings per Common Share | Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Shares assumed to be converted from Preferred Stock Series A — — — — Shares assumed to be converted from Preferred Stock Series B — — — — Stock options 51,952 58,442 51,952 58,442 Restricted stock awards 14,513 — 14,513 — Restricted stock units — — — — Performance stock units 59,658 — 59,658 — |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (Dollars in thousands) Three Months Ended September 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 43,769 $ 27,420 $ 570 $ 71,759 Intersegment interest allocations 6,289 (6,289 ) — — Total interest expense 8,426 — 1,551 9,977 Net interest income (expense) 41,632 21,131 (981 ) 61,782 Provision for loan losses 6,774 41 (12 ) 6,803 Net interest income after provision 34,858 21,090 (969 ) 54,979 Noninterest income 4,991 942 126 6,059 Noninterest expense 33,507 12,902 2,537 48,946 Operating income (loss) $ 6,342 $ 9,130 $ (3,380 ) $ 12,092 (Dollars in thousands) Three Months Ended September 30, 2017 Banking Factoring Corporate Consolidated Total interest income $ 32,973 $ 11,736 $ 428 $ 45,137 Intersegment interest allocations 2,193 (2,193 ) — — Total interest expense 4,294 — 1,331 5,625 Net interest income (expense) 30,872 9,543 (903 ) 39,512 Provision for loan losses (69 ) 649 (8 ) 572 Net interest income after provision 30,941 8,894 (895 ) 38,940 Noninterest income 3,498 774 (101 ) 4,171 Noninterest expense 21,984 5,600 641 28,225 Operating income (loss) $ 12,455 $ 4,068 $ (1,637 ) $ 14,886 (Dollars in thousands) Nine Months Ended September 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 123,050 $ 62,514 $ 1,562 $ 187,126 Intersegment interest allocations 13,377 (13,377 ) — — Total interest expense 20,421 — 4,536 24,957 Net interest income (expense) 116,006 49,137 (2,974 ) 162,169 Provision for loan losses 10,510 3,747 — 14,257 Net interest income after provision 105,496 45,390 (2,974 ) 147,912 Gain on sale of subsidiary or division 1,071 — — 1,071 Other noninterest income 12,612 2,452 41 15,105 Noninterest expense 86,446 30,067 3,878 120,391 Operating income (loss) $ 32,733 $ 17,775 $ (6,811 ) $ 43,697 (Dollars in thousands) Nine Months Ended September 30, 2017 Banking Factoring Corporate Consolidated Total interest income $ 93,204 $ 30,828 $ 975 $ 125,007 Intersegment interest allocations 5,211 (5,211 ) — — Total interest expense 11,177 — 3,942 15,119 Net interest income (expense) 87,238 25,617 (2,967 ) 109,888 Provision for loan losses 7,571 2,042 84 9,697 Net interest income after provision 79,667 23,575 (3,051 ) 100,191 Gain on sale of subsidiary or division — — 20,860 20,860 Other noninterest income 10,604 2,203 2,991 15,798 Noninterest expense 65,171 16,677 8,535 90,383 Operating income (loss) $ 25,100 $ 9,101 $ 12,265 $ 46,466 (Dollars in thousands) September 30, 2018 Banking Factoring Corporate Eliminations Consolidated Total assets $ 4,433,862 $ 659,782 $ 712,971 $ (1,269,513 ) $ 4,537,102 Gross loans $ 3,411,456 $ 579,985 $ 10,952 $ (490,250 ) $ 3,512,143 (Dollars in thousands) December 31, 2017 Banking Factoring Corporate Eliminations Consolidated Total assets $ 3,444,322 $ 360,922 $ 504,656 $ (810,867 ) $ 3,499,033 Gross loans $ 2,784,147 $ 346,293 $ 11,936 $ (331,520 ) $ 2,810,856 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018USD ($)Segments | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of reportable segments | Segments | 3 |
Operating Lease Commitments | |
Summary Of Significant Accounting Policies [Line Items] | |
Contractual obligation | $ | $ 21,863,000 |
Business Combinations and Div_3
Business Combinations and Divestitures - Additional Information (Details) | Sep. 30, 2018USD ($) | Sep. 08, 2018USD ($)Branch | Jun. 02, 2018USD ($) | Jan. 19, 2018 | Dec. 09, 2017USD ($)locations | Oct. 06, 2017USD ($)Branch | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 158,728,000 | $ 158,728,000 | $ 44,126,000 | $ 158,728,000 | |||||||
Valley Bank & Trust | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | locations | 7 | ||||||||||
Triumph Healthcare Finance | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Disposal of group agreement date | Jan. 19, 2018 | ||||||||||
Disposal of group closing date | Mar. 16, 2018 | ||||||||||
Triumph Capital Advisors, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, related costs | $ 400,000 | ||||||||||
Portion of consideration received | $ 10,500,000 | ||||||||||
Percentage of annual earn-out payment | 3.00% | ||||||||||
Maximum earn-out amount | $ 2,500,000 | ||||||||||
Contingent consideration asset, estimated fair value | 1,725,000 | 1,623,000 | 1,725,000 | 1,725,000 | |||||||
Cash proceeds from the revenue share | $ 174,000 | ||||||||||
Triumph Capital Advisors, LLC | Loans Receivable | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Portion of consideration received | $ 10,500,000 | ||||||||||
Term credit facility, maturity date | Mar. 31, 2023 | ||||||||||
Triumph Capital Advisors, LLC | Interest Rate Floor | Loans Receivable | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Term credit facility, interest rate | 5.50% | ||||||||||
First National Bank of Durango | Durango, Colorado | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches acquired | Branch | 4 | ||||||||||
First National Bank of Durango | Bayfield, Colorado | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches acquired | Branch | 1 | ||||||||||
Bank of New Mexico | Albuquerque, Gallup and Grants, New Mexico | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches acquired | Branch | 3 | ||||||||||
Citizens Bank of Pagosa Springs | Pagosa Springs, Colorado | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches acquired | Branch | 2 | ||||||||||
First Bancorp of Durango, Inc. And Southern Colorado Corp. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 72,060,000 | ||||||||||
Finite lived intangible assets, Amortization period | 10 years | ||||||||||
Business acquisition, related costs | $ 5,871,000,000 | ||||||||||
Interstate Capital Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 42,975,000 | ||||||||||
Business acquisition, related costs | $ 1,094,000 | ||||||||||
Date of acquisition completion date | Jun. 2, 2018 | ||||||||||
Fair value of consideration paid included contingent consideration | $ 20,000,000 | ||||||||||
Interstate Capital Corporation | Factoring | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | 42,975,000 | ||||||||||
Fair value of consideration paid included contingent consideration | $ 20,487,000 | 20,000,000 | |||||||||
Interstate Capital Corporation | Factoring | Minimum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of consideration paid included contingent consideration | 0 | ||||||||||
Interstate Capital Corporation | Factoring | Maximum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of consideration paid included contingent consideration | $ 22,000,000 | ||||||||||
Interstate Capital Corporation | Factoring | Customer Relationship | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Finite lived intangible assets, Amortization period | 8 years | ||||||||||
Finite-lived intangible assets, fair value | $ 13,500,000 | ||||||||||
Interstate Capital Corporation | Factoring | Trade Name | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Finite lived intangible assets, Amortization period | 3 years | ||||||||||
Finite-lived intangible assets, fair value | $ 420,000 | ||||||||||
Valley Bancorp, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 10,523,000 | ||||||||||
Business acquisition, related costs | 1,251,000 | ||||||||||
Date of acquisition completion date | Dec. 9, 2017 | ||||||||||
Valley Bancorp, Inc. | Banking | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 10,523,000 | ||||||||||
Finite lived intangible assets, Amortization period | 10 years | ||||||||||
Independent Bank - Colorado Branches | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches acquired | Branch | 9 | ||||||||||
Goodwill | $ 5,817,000 | ||||||||||
Finite lived intangible assets, Amortization period | 10 years | ||||||||||
Business acquisition, related costs | $ 437,000 | ||||||||||
Date of acquisition completion date | Oct. 6, 2017 | ||||||||||
Aggregate deposit premium | $ 6,771,000 | ||||||||||
Aggregate deposit premium, percentage | 4.20% |
Business Combinations and Div_4
Business Combinations and Divestitures - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 08, 2018 | Jun. 02, 2018 | Dec. 09, 2017 | Oct. 06, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Consideration: | ||||||
Goodwill | $ 158,728,000 | $ 44,126,000 | ||||
FBD | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | $ 151,973,000 | |||||
Securities | 237,183,000 | |||||
Loans held for sale | 1,238,000 | |||||
Loans | 256,384,000 | |||||
FHLB stock | 786,000 | |||||
Premises and equipment | 7,495,000 | |||||
Other real estate owned | 213,000 | |||||
Intangible assets | 11,915,000 | |||||
Other assets | 2,730,000 | |||||
Total Assets Acquired | 669,917,000 | |||||
Liabilities assumed: | ||||||
Deposits | 601,194,000 | |||||
Federal Home Loan Bank advances | 737,000 | |||||
Other liabilities | 1,313,000 | |||||
Total liabilities | 603,244,000 | |||||
Fair value of net assets acquired | 66,673,000 | |||||
Consideration: | ||||||
Cash consideration transferred | 134,667,000 | |||||
Goodwill | 67,994,000 | |||||
SCC | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | 14,299,000 | |||||
Securities | 33,477,000 | |||||
Loans | 31,454,000 | |||||
FHLB stock | 129,000 | |||||
Premises and equipment | 840,000 | |||||
Intangible assets | 2,154,000 | |||||
Other assets | 403,000 | |||||
Total Assets Acquired | 82,756,000 | |||||
Liabilities assumed: | ||||||
Deposits | 73,464,000 | |||||
Other liabilities | 64,000 | |||||
Total liabilities | 73,528,000 | |||||
Fair value of net assets acquired | 9,228,000 | |||||
Consideration: | ||||||
Cash consideration transferred | 13,294,000 | |||||
Goodwill | 4,066,000 | |||||
Total | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | 166,272,000 | |||||
Securities | 270,660,000 | |||||
Loans held for sale | 1,238,000 | |||||
Loans | 287,838,000 | |||||
FHLB stock | 915,000 | |||||
Premises and equipment | 8,335,000 | |||||
Other real estate owned | 213,000 | |||||
Intangible assets | 14,069,000 | |||||
Other assets | 3,133,000 | |||||
Total Assets Acquired | 752,673,000 | |||||
Liabilities assumed: | ||||||
Deposits | 674,658,000 | |||||
Federal Home Loan Bank advances | 737,000 | |||||
Other liabilities | 1,377,000 | |||||
Total liabilities | 676,772,000 | |||||
Fair value of net assets acquired | 75,901,000 | |||||
Consideration: | ||||||
Cash consideration transferred | 147,961,000 | |||||
Goodwill | $ 72,060,000 | |||||
Interstate Capital Corporation | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | $ 75,000 | |||||
Factored receivables | 131,017,000 | |||||
Premises and equipment | 279,000 | |||||
Intangible assets | 13,920,000 | |||||
Other assets | 144,000 | |||||
Total Assets Acquired | 145,435,000 | |||||
Liabilities assumed: | ||||||
Deposits | 7,389,000 | |||||
Other liabilities | 763,000 | |||||
Total liabilities | 8,152,000 | |||||
Fair value of net assets acquired | 137,283,000 | |||||
Consideration: | ||||||
Cash consideration transferred | 160,258,000 | |||||
Contingent consideration | 20,000,000 | |||||
Consideration transferred | 180,258,000 | |||||
Goodwill | $ 42,975,000 | |||||
Valley Bancorp, Inc. | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | $ 38,473,000 | |||||
Securities | 97,687,000 | |||||
Loans | 171,199,000 | |||||
FHLB stock | 315,000 | |||||
Premises and equipment | 6,238,000 | |||||
Other real estate owned | 2,282,000 | |||||
Intangible assets | 6,072,000 | |||||
Bank-owned life insurance | 7,153,000 | |||||
Other assets | 1,882,000 | |||||
Total Assets Acquired | 331,301,000 | |||||
Liabilities assumed: | ||||||
Deposits | 293,398,000 | |||||
Junior subordinated debentures | 5,470,000 | |||||
Other liabilities | 2,881,000 | |||||
Total liabilities | 301,749,000 | |||||
Fair value of net assets acquired | 29,552,000 | |||||
Consideration: | ||||||
Consideration transferred | 40,075,000 | |||||
Goodwill | $ 10,523,000 | |||||
Independent Bank - Colorado Branches | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | $ 1,611,000 | |||||
Loans | 95,794,000 | |||||
Premises and equipment | 7,524,000 | |||||
Intangible assets | 3,255,000 | |||||
Other assets | 1,644,000 | |||||
Total Assets Acquired | 109,828,000 | |||||
Liabilities assumed: | ||||||
Deposits | 160,702,000 | |||||
Other liabilities | 249,000 | |||||
Total liabilities | 160,951,000 | |||||
Fair value of net assets acquired | (51,123,000) | |||||
Consideration: | ||||||
Consideration transferred | 45,306,000 | |||||
Goodwill | $ 5,817,000 |
Business Combinations and Div_5
Business Combinations and Divestitures - Summary of Acquired Loans (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 09, 2017 | Oct. 06, 2017 |
FBD | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | $ 256,384 | ||
FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 251,376 | ||
FBD | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 5,008 | ||
SCC | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 31,454 | ||
SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 31,254 | ||
SCC | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 200 | ||
Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 282,630 | ||
Total Loans Acquired | 287,838 | ||
Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 282,630 | $ 169,746 | |
Total | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 5,208 | ||
Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 171,199 | ||
Valley Bancorp, Inc. | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 1,453 | ||
Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | $ 95,794 | ||
Commercial real estate | FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 140,955 | ||
Commercial real estate | FBD | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 832 | ||
Commercial real estate | SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 11,894 | ||
Commercial real estate | SCC | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 200 | ||
Commercial real estate | Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 152,849 | ||
Total Loans Acquired | 153,881 | ||
Commercial real estate | Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 73,273 | ||
Commercial real estate | Total | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 1,032 | ||
Commercial real estate | Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 73,527 | ||
Commercial real estate | Valley Bancorp, Inc. | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 254 | ||
Commercial real estate | Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 13,382 | ||
Construction, land development, land | FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 13,949 | ||
Construction, land development, land | FBD | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 3,081 | ||
Construction, land development, land | SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 5,229 | ||
Construction, land development, land | Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 19,178 | ||
Total Loans Acquired | 22,259 | ||
Construction, land development, land | Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 19,770 | ||
Construction, land development, land | Total | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 3,081 | ||
Construction, land development, land | Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 20,969 | ||
Construction, land development, land | Valley Bancorp, Inc. | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 1,199 | ||
Construction, land development, land | Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 537 | ||
1-4 family residential properties | FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 59,228 | ||
1-4 family residential properties | FBD | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 75 | ||
1-4 family residential properties | SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 10,180 | ||
1-4 family residential properties | Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 69,408 | ||
Total Loans Acquired | 69,483 | ||
1-4 family residential properties | Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 26,264 | ||
1-4 family residential properties | Total | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 75 | ||
1-4 family residential properties | Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 26,264 | ||
1-4 family residential properties | Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 6,986 | ||
Farmland | FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 5,709 | ||
Farmland | SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 1,207 | ||
Farmland | Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 6,916 | ||
Total Loans Acquired | 6,916 | ||
Farmland | Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 16,934 | ||
Farmland | Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 16,934 | ||
Farmland | Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 31,490 | ||
Commercial | FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 26,125 | ||
Commercial | FBD | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 1,020 | ||
Commercial | SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 2,121 | ||
Commercial | Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 28,246 | ||
Total Loans Acquired | 29,266 | ||
Commercial | Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 31,893 | ||
Commercial | Total | PCI Loans | |||
Business Acquisition [Line Items] | |||
Acquired loans at acquisition | 1,020 | ||
Commercial | Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 31,893 | ||
Commercial | Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | 43,104 | ||
Consumer | FBD | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 5,410 | ||
Consumer | SCC | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 623 | ||
Consumer | Total | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 6,033 | ||
Total Loans Acquired | $ 6,033 | ||
Consumer | Total | Non-Purchase Credit Impaired Loans | |||
Business Acquisition [Line Items] | |||
Loans, Excluding PCI Loans | 1,612 | ||
Consumer | Valley Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | $ 1,612 | ||
Consumer | Independent Bank - Colorado Branches | |||
Business Acquisition [Line Items] | |||
Total Loans Acquired | $ 295 |
Business Combinations and Div_6
Business Combinations and Divestitures - Schedule of Loans Acquired in Business Combination (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Dec. 09, 2017 |
FBD | PCI Loans | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest payments | $ 10,511 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | 2,570 | |
Expected cash flows at acquisition | 7,941 | |
Interest component of expected cash flows (accretable yield) | 2,933 | |
Fair value of loans acquired with deterioration of credit quality | 5,008 | |
FBD | Non-Purchase Credit Impaired Loans | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest payments | 318,674 | |
Contractual cash flows not expected to be collected | 4,255 | |
Fair value at acquisition | 251,376 | |
SCC | PCI Loans | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest payments | 269 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | 5 | |
Expected cash flows at acquisition | 264 | |
Interest component of expected cash flows (accretable yield) | 64 | |
Fair value of loans acquired with deterioration of credit quality | 200 | |
SCC | Non-Purchase Credit Impaired Loans | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest payments | 38,590 | |
Contractual cash flows not expected to be collected | 550 | |
Fair value at acquisition | 31,254 | |
Total | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Fair value at acquisition | 282,630 | |
Total | PCI Loans | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest payments | 10,780 | |
Contractual cash flows not expected to be collected (nonaccretable difference) | 2,575 | |
Expected cash flows at acquisition | 8,205 | |
Interest component of expected cash flows (accretable yield) | 2,997 | |
Fair value of loans acquired with deterioration of credit quality | 5,208 | |
Total | Non-Purchase Credit Impaired Loans | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest payments | 357,264 | |
Contractual cash flows not expected to be collected | 4,805 | |
Fair value at acquisition | $ 282,630 | $ 169,746 |
Business Combinations and Div_7
Business Combinations and Divestitures - Schedule of Supplemental Pro Forma Information on Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
FBD | ||||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net interest income | $ 65,694 | $ 44,683 | $ 176,441 | $ 125,098 |
Noninterest income | 7,167 | 5,404 | 19,679 | 40,072 |
Net income | $ 8,371 | $ 10,595 | $ 34,179 | $ 32,291 |
Basic earnings per common share | $ 0.31 | $ 0.44 | $ 1.31 | $ 1.42 |
Diluted earnings per common share | $ 0.31 | $ 0.43 | $ 1.30 | $ 1.39 |
SCC | ||||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net interest income | $ 62,269 | $ 40,147 | $ 163,916 | $ 111,756 |
Noninterest income | 6,159 | 4,260 | 16,618 | 37,028 |
Net income | $ 8,578 | $ 9,804 | $ 33,458 | $ 30,065 |
Basic earnings per common share | $ 0.32 | $ 0.48 | $ 1.35 | $ 1.55 |
Diluted earnings per common share | $ 0.32 | $ 0.47 | $ 1.33 | $ 1.51 |
Total | ||||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net interest income | $ 66,181 | $ 45,318 | $ 178,188 | $ 126,966 |
Noninterest income | 7,267 | 5,493 | 20,121 | 40,442 |
Net income | $ 7,778 | $ 10,617 | $ 34,013 | $ 32,441 |
Basic earnings per common share | $ 0.29 | $ 0.43 | $ 1.30 | $ 1.40 |
Diluted earnings per common share | $ 0.29 | $ 0.43 | $ 1.28 | $ 1.37 |
Business Combinations and Div_8
Business Combinations and Divestitures - Summary of Assets Held for Sale and Consideration Received and Gain on Sale (Details) - USD ($) | Mar. 16, 2018 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Total carrying amount | $ 71,362,000 | ||||
Gain on sale of subsidiary or division, net of transaction costs | $ 1,071,000 | $ 20,860,000 | |||
Triumph Healthcare Finance | |||||
Business Acquisition [Line Items] | |||||
Loans | $ 70,147,000 | ||||
Premises and equipment, net | 19,000 | ||||
Goodwill | 1,457,000 | ||||
Intangible assets, net | 958,000 | ||||
Other assets | 197,000 | ||||
Total carrying amount | 72,778,000 | ||||
Total consideration received | 74,017,000 | ||||
Gain on sale of subsidiary or division | 1,239,000 | ||||
Transaction costs | 168,000 | ||||
Gain on sale of subsidiary or division, net of transaction costs | $ 1,071,000 | ||||
Triumph Capital Advisors, LLC | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 10,554,000 | ||||
Loan receivable | 10,500,000 | ||||
Revenue share | 1,623,000 | $ 1,725,000 | |||
Total consideration received | 22,677,000 | ||||
Carrying value of TCA membership interest | 1,417,000 | ||||
Gain on sale of subsidiary or division | 21,260,000 | ||||
Transaction costs | 400,000 | ||||
Gain on sale of subsidiary or division, net of transaction costs | $ 20,860,000 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($)securities | Sep. 30, 2018USD ($)securities | Dec. 31, 2017USD ($) | |
Schedule Of Equity Securities [Line Items] | |||
Sale of equity securities | $ 0 | $ 0 | |
Equity securities, Fair Value | 4,981,000 | 4,981,000 | $ 5,006,000 |
Pledged debt securities, at carrying value | $ 107,249,000 | $ 107,249,000 | 85,985,000 |
Number of securities which is in unrealized loss position | securities | 516 | 516 | |
Mutual Fund | |||
Schedule Of Equity Securities [Line Items] | |||
Equity securities, Fair Value | $ 4,981,000 | $ 4,981,000 | $ 5,006,000 |
Equity securities, Gross Unrealized Losses | $ 44,000 | $ 25,000 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Debt Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Available for sale securities: | ||
Available for sale securities, Fair Value | $ 355,981 | $ 250,603 |
Total Available for sale securities, Amortized Cost | 358,981 | 251,381 |
Total Available for sale securities, Gross Unrealized Gains | 309 | 658 |
Total Available for sale securities, Gross Unrealized Losses | (3,309) | (1,436) |
Total Available for sale securities, Fair Value | 355,981 | 250,603 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 8,403 | 8,557 |
Held to maturity securities, Fair Value | 8,094 | 7,527 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 96,102 | 110,531 |
Available for sale securities, Gross Unrealized Gains | 76 | |
Available for sale securities, Gross Unrealized Losses | (1,328) | (717) |
Available for sale securities, Fair Value | 94,774 | 109,890 |
U.S. Treasury Notes | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 1,952 | 1,940 |
Available for sale securities, Gross Unrealized Losses | (47) | (6) |
Available for sale securities, Fair Value | 1,905 | 1,934 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 31,067 | 33,537 |
Available for sale securities, Gross Unrealized Gains | 155 | 306 |
Available for sale securities, Gross Unrealized Losses | (641) | (180) |
Available for sale securities, Fair Value | 30,581 | 33,663 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 10,803 | 11,883 |
Available for sale securities, Gross Unrealized Gains | 36 | 47 |
Available for sale securities, Gross Unrealized Losses | (34) | (85) |
Available for sale securities, Fair Value | 10,805 | 11,845 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 145,017 | 74,684 |
Available for sale securities, Gross Unrealized Gains | 70 | 150 |
Available for sale securities, Gross Unrealized Losses | (1,025) | (443) |
Available for sale securities, Fair Value | 144,062 | 74,391 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 69,088 | 15,271 |
Available for sale securities, Gross Unrealized Gains | 43 | 52 |
Available for sale securities, Gross Unrealized Losses | (145) | (3) |
Available for sale securities, Fair Value | 68,986 | 15,320 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 4,952 | 3,535 |
Available for sale securities, Gross Unrealized Gains | 5 | 27 |
Available for sale securities, Gross Unrealized Losses | (89) | (2) |
Available for sale securities, Fair Value | 4,868 | 3,560 |
CLO Securities | ||
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 8,403 | 8,557 |
Held to maturity securities, Gross Unrealized Gains | 230 | |
Held to maturity securities, Gross Unrealized Losses | (539) | (1,030) |
Held to maturity securities, Fair Value | $ 8,094 | $ 7,527 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 87,890 | |
Due from one year to five years, Amortized Cost | 175,252 | |
Due from five years to ten years, Amortized Cost | 38,428 | |
Due after ten years, Amortized Cost | 10,589 | |
Available for Sale Securities, with single maturity date, Amortized Cost | 312,159 | |
Total Available for sale securities, Amortized Cost | 358,981 | $ 251,381 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, Fair Value | 87,668 | |
Due from one year to five years, Fair Value | 173,829 | |
Due from five years to ten years, Fair Value | 37,827 | |
Due after ten years, Fair Value | 10,403 | |
Available for Sale Securities, with single maturity date, Fair Value | 309,727 | |
Available for Sale Securities, Fair Value | 355,981 | 250,603 |
Held to Maturity Securities, Amortized Cost | ||
Due from five years to ten years, Amortized Cost | 3,052 | |
Due after ten years, Amortized Cost | 5,351 | |
Held to Maturity Securities, with single maturity date, Amortized Cost | 8,403 | |
Held to maturity securities, Amortized Cost | 8,403 | 8,557 |
Held to Maturity Securities, Fair Value | ||
Due from five years to ten years, Fair Value | 3,282 | |
Due after ten years, Fair Value | 4,812 | |
Held to Maturity Securities, with single maturity date, Fair Value | 8,094 | |
Held to Maturity Securities, Fair Value | 8,094 | $ 7,527 |
Mortgage-backed Securities, Residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 31,067 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 30,581 | |
Asset Backed Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 10,803 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 10,805 | |
SBA Pooled Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 4,952 | |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | $ 4,868 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | ||||
Proceeds | $ 88,820 | $ 2,936 | $ 123,016 | $ 2,936 |
Gross gains | $ 35 | 5 | $ 35 | |
Gross losses | $ (277) |
Securities - Schedule of Inform
Securities - Schedule of Information Pertaining to Debt Securities with Gross Unrealized and Unrecognized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 226,548 | $ 102,770 |
Less than 12 Months, Unrealized Losses | (2,120) | (498) |
12 Months or More, Fair Value | 53,254 | 58,540 |
12 Months or More, Unrealized Losses | (1,189) | (938) |
Total, Fair Value | 279,802 | 161,310 |
Total, Unrealized Losses | (3,309) | (1,436) |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 62,335 | 47,605 |
Less than 12 Months, Unrealized Losses | (685) | (166) |
12 Months or More, Fair Value | 32,439 | 40,053 |
12 Months or More, Unrealized Losses | (643) | (551) |
Total, Fair Value | 94,774 | 87,658 |
Total, Unrealized Losses | (1,328) | (717) |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,905 | 1,934 |
Less than 12 Months, Unrealized Losses | (47) | (6) |
Total, Fair Value | 1,905 | 1,934 |
Total, Unrealized Losses | (47) | (6) |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 12,554 | 10,349 |
Less than 12 Months, Unrealized Losses | (349) | (21) |
12 Months or More, Fair Value | 5,782 | 6,200 |
12 Months or More, Unrealized Losses | (292) | (159) |
Total, Fair Value | 18,336 | 16,549 |
Total, Unrealized Losses | (641) | (180) |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 110 | 4,898 |
Less than 12 Months, Unrealized Losses | (2) | (85) |
12 Months or More, Fair Value | 4,967 | |
12 Months or More, Unrealized Losses | (32) | |
Total, Fair Value | 5,077 | 4,898 |
Total, Unrealized Losses | (34) | (85) |
State and Municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 100,141 | 32,257 |
Less than 12 Months, Unrealized Losses | (804) | (216) |
12 Months or More, Fair Value | 9,917 | 12,138 |
12 Months or More, Unrealized Losses | (221) | (227) |
Total, Fair Value | 110,058 | 44,395 |
Total, Unrealized Losses | (1,025) | (443) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 45,583 | 4,073 |
Less than 12 Months, Unrealized Losses | (144) | (2) |
12 Months or More, Fair Value | 149 | 149 |
12 Months or More, Unrealized Losses | (1) | (1) |
Total, Fair Value | 45,732 | 4,222 |
Total, Unrealized Losses | (145) | (3) |
SBA Pooled Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 3,920 | 1,654 |
Less than 12 Months, Unrealized Losses | (89) | (2) |
Total, Fair Value | 3,920 | 1,654 |
Total, Unrealized Losses | (89) | (2) |
CLO Securities | ||
Held to maturity securities: | ||
Less than 12 Months, Fair Value | 1,835 | |
Less than 12 Months, Unrealized Losses | (28) | |
12 Months or More, Fair Value | 4,812 | 5,692 |
12 Months or More, Unrealized Losses | (539) | (1,002) |
Total, Fair Value | 4,812 | 7,527 |
Total, Unrealized Losses | $ (539) | $ (1,030) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal for Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | $ 3,512,143 | $ 2,810,856 | ||||
Unpaid Principal | 3,536,148 | 2,832,506 | ||||
Difference | (24,005) | (21,650) | ||||
Allowance for loan and lease losses | (27,256) | $ (24,547) | (18,748) | $ (20,367) | $ (19,797) | $ (15,405) |
Loans, net | 3,484,887 | 2,792,108 | ||||
Commercial real estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 906,494 | 745,893 | ||||
Unpaid Principal | 914,503 | 753,803 | ||||
Difference | (8,009) | (7,910) | ||||
Allowance for loan and lease losses | (4,042) | (3,803) | (3,435) | (2,564) | (2,506) | (1,813) |
Construction, land development, land | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 190,920 | 134,812 | ||||
Unpaid Principal | 195,075 | 138,045 | ||||
Difference | (4,155) | (3,233) | ||||
Allowance for loan and lease losses | (1,271) | (1,025) | (883) | (1,125) | (915) | (465) |
1-4 family residential properties | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 194,752 | 125,827 | ||||
Unpaid Principal | 196,361 | 127,499 | ||||
Difference | (1,609) | (1,672) | ||||
Allowance for loan and lease losses | (259) | (240) | (293) | (282) | (149) | (253) |
Farmland | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 177,313 | 180,141 | ||||
Unpaid Principal | 180,599 | 184,006 | ||||
Difference | (3,286) | (3,865) | ||||
Allowance for loan and lease losses | (503) | (509) | (310) | (239) | (261) | (170) |
Commercial Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 1,123,598 | 920,812 | ||||
Unpaid Principal | 1,127,844 | 924,133 | ||||
Difference | (4,246) | (3,321) | ||||
Allowance for loan and lease losses | (12,753) | (10,230) | (8,150) | (10,148) | (10,603) | (8,014) |
Factored receivables | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 611,285 | 374,410 | ||||
Unpaid Principal | 613,832 | 376,046 | ||||
Difference | (2,547) | (1,636) | ||||
Allowance for loan and lease losses | (7,571) | (7,727) | (4,597) | (5,046) | (4,507) | (4,088) |
Consumer | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 31,423 | 31,131 | ||||
Unpaid Principal | 31,576 | 31,144 | ||||
Difference | (153) | (13) | ||||
Allowance for loan and lease losses | (581) | (670) | (783) | (743) | (627) | (420) |
Mortgage warehouse | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 276,358 | 297,830 | ||||
Unpaid Principal | 276,358 | 297,830 | ||||
Allowance for loan and lease losses | $ (276) | $ (343) | $ (297) | $ (220) | $ (229) | $ (182) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Premiums and discounts on acquired loans | $ 20,869,000 | $ 20,869,000 | $ 18,706,000 | |||||
Net deferred origination and factoring fees | 3,136,000 | 3,136,000 | 2,944,000 | |||||
Pledged loans | 680,070,000 | 680,070,000 | 596,230,000 | |||||
Loans transferred to loans held for sale | 0 | $ 0 | $ 1,965,000 | |||||
Proceeds from loans transferred to loans held for sale | 0 | 1,919,000 | ||||||
Losses on transfer of loans to loans held for sale | (46,000) | |||||||
Recorded investments in troubled debt restructurings | 7,530,000 | 7,530,000 | 19,137,000 | |||||
Allowance for loan and lease losses | 27,256,000 | 20,367,000 | $ 27,256,000 | $ 20,367,000 | $ 24,547,000 | 18,748,000 | $ 19,797,000 | $ 15,405,000 |
Number of defaults on modified loans | loan | 1 | 4 | ||||||
Recorded investments in troubled debt restructurings | $ 156,000 | $ 2,999,000 | ||||||
Recorded investment charged off amount | 4,591,000 | 1,162,000 | 6,624,000 | 6,560,000 | ||||
Troubled Debt Restructuring | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Allowance for loan and lease losses | 640,000 | 640,000 | 535,000 | |||||
Recorded investment charged off amount | 2,702,000 | |||||||
Other non interest income | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Losses on transfer of loans to loans held for sale | (46,000) | |||||||
Factored receivables | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Customer reserves | 54,917,000 | 54,917,000 | 32,459,000 | |||||
Allowance for loan and lease losses | 7,571,000 | 5,046,000 | 7,571,000 | 5,046,000 | 7,727,000 | 4,597,000 | 4,507,000 | 4,088,000 |
Recorded investment charged off amount | 228,000 | 136,000 | 928,000 | 1,102,000 | ||||
1-4 family residential properties | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Allowance for loan and lease losses | 259,000 | 282,000 | 259,000 | 282,000 | $ 240,000 | $ 293,000 | $ 149,000 | $ 253,000 |
Recorded investment charged off amount | 3,000 | $ 1,000 | 17,000 | $ 29,000 | ||||
1-4 family residential properties | Real Eatate Loans | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Residential real estate loans in process of foreclosure | $ 21,000 | $ 21,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan and Lease Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 24,547 | $ 19,797 | $ 18,748 | $ 15,405 |
Provision for loan losses | 6,803 | 572 | 14,257 | 9,697 |
Charge-offs | (4,591) | (1,162) | (6,624) | (6,560) |
Recoveries | 497 | 1,160 | 875 | 1,825 |
Ending Balance | 27,256 | 20,367 | 27,256 | 20,367 |
Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,803 | 2,506 | 3,435 | 1,813 |
Provision for loan losses | 136 | 58 | 506 | 888 |
Charge-offs | (2) | (137) | ||
Recoveries | 103 | 103 | ||
Ending Balance | 4,042 | 2,564 | 4,042 | 2,564 |
Construction, land development, land | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 1,025 | 915 | 883 | 465 |
Provision for loan losses | 244 | 210 | 376 | 1,235 |
Charge-offs | (582) | |||
Recoveries | 2 | 12 | 7 | |
Ending Balance | 1,271 | 1,125 | 1,271 | 1,125 |
1-4 family residential properties | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 240 | 149 | 293 | 253 |
Provision for loan losses | 15 | 111 | (29) | 16 |
Charge-offs | (3) | (1) | (17) | (29) |
Recoveries | 7 | 23 | 12 | 42 |
Ending Balance | 259 | 282 | 259 | 282 |
Farmland | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 509 | 261 | 310 | 170 |
Provision for loan losses | (6) | (22) | 393 | 69 |
Charge-offs | (200) | |||
Ending Balance | 503 | 239 | 503 | 239 |
Commercial Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 10,230 | 10,603 | 8,150 | 8,014 |
Provision for loan losses | 6,324 | (629) | 8,895 | 4,660 |
Charge-offs | (4,074) | (755) | (4,701) | (3,833) |
Recoveries | 273 | 929 | 409 | 1,307 |
Ending Balance | 12,753 | 10,148 | 12,753 | 10,148 |
Factored receivables | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 7,727 | 4,507 | 4,597 | 4,088 |
Provision for loan losses | 64 | 645 | 3,850 | 1,978 |
Charge-offs | (228) | (136) | (928) | (1,102) |
Recoveries | 8 | 30 | 52 | 82 |
Ending Balance | 7,571 | 5,046 | 7,571 | 5,046 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 670 | 627 | 783 | 420 |
Provision for loan losses | 93 | 208 | 287 | 813 |
Charge-offs | (286) | (270) | (776) | (877) |
Recoveries | 104 | 178 | 287 | 387 |
Ending Balance | 581 | 743 | 581 | 743 |
Mortgage warehouse | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 343 | 229 | 297 | 182 |
Provision for loan losses | (67) | (9) | (21) | 38 |
Ending Balance | $ 276 | $ 220 | $ 276 | $ 220 |
Loans and Allowance for Loan _6
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 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | $ 41,241 | $ 39,313 | ||||
Loan Evaluation, Collectively | 3,450,624 | 2,755,945 | ||||
Loans | 3,512,143 | 2,810,856 | ||||
ALLL Allocations, Individually | 4,293 | 2,713 | ||||
ALLL Allocations, Collectively | 22,959 | 16,035 | ||||
ALLL Allocations, Total ALLL | 27,256 | $ 24,547 | 18,748 | $ 20,367 | $ 19,797 | $ 15,405 |
Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 20,278 | 15,598 | ||||
ALLL Allocations, PCI | 4 | |||||
Commercial real estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 7,847 | 1,013 | ||||
Loan Evaluation, Collectively | 887,834 | 735,118 | ||||
Loans | 906,494 | 745,893 | ||||
ALLL Allocations, Individually | 581 | 123 | ||||
ALLL Allocations, Collectively | 3,461 | 3,312 | ||||
ALLL Allocations, Total ALLL | 4,042 | 3,803 | 3,435 | 2,564 | 2,506 | 1,813 |
Commercial real estate | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 10,813 | 9,762 | ||||
Construction, land development, land | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 221 | 136 | ||||
Loan Evaluation, Collectively | 183,862 | 130,732 | ||||
Loans | 190,920 | 134,812 | ||||
ALLL Allocations, Individually | 74 | |||||
ALLL Allocations, Collectively | 1,197 | 883 | ||||
ALLL Allocations, Total ALLL | 1,271 | 1,025 | 883 | 1,125 | 915 | 465 |
Construction, land development, land | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 6,837 | 3,944 | ||||
1-4 family residential properties | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 2,240 | 2,638 | ||||
Loan Evaluation, Collectively | 191,868 | 122,093 | ||||
Loans | 194,752 | 125,827 | ||||
ALLL Allocations, Individually | 125 | 152 | ||||
ALLL Allocations, Collectively | 134 | 141 | ||||
ALLL Allocations, Total ALLL | 259 | 240 | 293 | 282 | 149 | 253 |
1-4 family residential properties | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 644 | 1,096 | ||||
Farmland | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 4,156 | 3,800 | ||||
Loan Evaluation, Collectively | 172,782 | 176,232 | ||||
Loans | 177,313 | 180,141 | ||||
ALLL Allocations, Individually | 72 | |||||
ALLL Allocations, Collectively | 431 | 310 | ||||
ALLL Allocations, Total ALLL | 503 | 509 | 310 | 239 | 261 | 170 |
Farmland | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 375 | 109 | ||||
Commercial Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 19,680 | 26,616 | ||||
Loan Evaluation, Collectively | 1,102,309 | 893,509 | ||||
Loans | 1,123,598 | 920,812 | ||||
ALLL Allocations, Individually | 1,496 | 1,409 | ||||
ALLL Allocations, Collectively | 11,253 | 6,741 | ||||
ALLL Allocations, Total ALLL | 12,753 | 10,230 | 8,150 | 10,148 | 10,603 | 8,014 |
Commercial Loans | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 1,609 | 687 | ||||
ALLL Allocations, PCI | 4 | |||||
Factored receivables | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 6,841 | 4,726 | ||||
Loan Evaluation, Collectively | 604,444 | 369,684 | ||||
Loans | 611,285 | 374,410 | ||||
ALLL Allocations, Individually | 1,916 | 949 | ||||
ALLL Allocations, Collectively | 5,655 | 3,648 | ||||
ALLL Allocations, Total ALLL | 7,571 | 7,727 | 4,597 | 5,046 | 4,507 | 4,088 |
Consumer | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 256 | 384 | ||||
Loan Evaluation, Collectively | 31,167 | 30,747 | ||||
Loans | 31,423 | 31,131 | ||||
ALLL Allocations, Individually | 29 | 80 | ||||
ALLL Allocations, Collectively | 552 | 703 | ||||
ALLL Allocations, Total ALLL | 581 | 670 | 783 | 743 | 627 | 420 |
Mortgage warehouse | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Collectively | 276,358 | 297,830 | ||||
Loans | 276,358 | 297,830 | ||||
ALLL Allocations, Collectively | 276 | 297 | ||||
ALLL Allocations, Total ALLL | $ 276 | $ 343 | $ 297 | $ 220 | $ 229 | $ 182 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | $ 17,959 | $ 17,959 | $ 14,593 | ||
Unpaid Principal, With Valuation Allowance | 17,961 | 17,961 | 14,584 | ||
Related Allowance, With Valuation Allowance | 4,297 | 4,297 | 2,713 | ||
Recorded Investment, Without Valuation Allowance | 23,353 | 23,353 | 24,720 | ||
Unpaid Principal, Without Valuation Allowance | 24,001 | 24,001 | 25,327 | ||
Average Impaired Loans | 43,720 | $ 32,355 | 40,311 | $ 36,498 | |
Interest Recognized | 151 | 201 | 798 | 458 | |
Purchased Credit Impaired Loans | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 71 | 71 | |||
Unpaid Principal, With Valuation Allowance | 55 | 55 | |||
Related Allowance, With Valuation Allowance | 4 | 4 | |||
Average Impaired Loans | 75 | 143 | 35 | 262 | |
Commercial real estate | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 6,031 | 6,031 | 165 | ||
Unpaid Principal, With Valuation Allowance | 6,079 | 6,079 | 165 | ||
Related Allowance, With Valuation Allowance | 581 | 581 | 123 | ||
Recorded Investment, Without Valuation Allowance | 1,816 | 1,816 | 848 | ||
Unpaid Principal, Without Valuation Allowance | 1,869 | 1,869 | 881 | ||
Average Impaired Loans | 6,861 | 853 | 4,429 | 1,150 | |
Interest Recognized | 70 | 76 | 1 | ||
Construction, land development, land | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 167 | 167 | |||
Unpaid Principal, With Valuation Allowance | 168 | 168 | |||
Related Allowance, With Valuation Allowance | 74 | 74 | |||
Recorded Investment, Without Valuation Allowance | 54 | 54 | 136 | ||
Unpaid Principal, Without Valuation Allowance | 54 | 54 | 136 | ||
Average Impaired Loans | 181 | 135 | 178 | 249 | |
Interest Recognized | 1 | 1 | |||
1-4 family residential properties | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 223 | 223 | 237 | ||
Unpaid Principal, With Valuation Allowance | 216 | 216 | 235 | ||
Related Allowance, With Valuation Allowance | 125 | 125 | 152 | ||
Recorded Investment, Without Valuation Allowance | 2,017 | 2,017 | 2,401 | ||
Unpaid Principal, Without Valuation Allowance | 2,124 | 2,124 | 2,519 | ||
Average Impaired Loans | 2,205 | 1,817 | 2,439 | 1,509 | |
Interest Recognized | 21 | 16 | 25 | 23 | |
Farmland | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 914 | 914 | |||
Unpaid Principal, With Valuation Allowance | 900 | 900 | |||
Related Allowance, With Valuation Allowance | 72 | 72 | |||
Recorded Investment, Without Valuation Allowance | 3,242 | 3,242 | 3,800 | ||
Unpaid Principal, Without Valuation Allowance | 3,524 | 3,524 | 4,071 | ||
Average Impaired Loans | 3,835 | 3,361 | 3,978 | 2,287 | |
Interest Recognized | 10 | 14 | 27 | 32 | |
Commercial Loans | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 3,620 | 3,620 | 9,194 | ||
Unpaid Principal, With Valuation Allowance | 3,616 | 3,616 | 9,191 | ||
Related Allowance, With Valuation Allowance | 1,496 | 1,496 | 1,409 | ||
Recorded Investment, Without Valuation Allowance | 16,060 | 16,060 | 17,422 | ||
Unpaid Principal, Without Valuation Allowance | 16,261 | 16,261 | 17,605 | ||
Average Impaired Loans | 24,579 | 22,003 | 23,149 | 27,077 | |
Interest Recognized | 46 | 167 | 665 | 398 | |
Factored receivables | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 6,841 | 6,841 | 4,726 | ||
Unpaid Principal, With Valuation Allowance | 6,841 | 6,841 | 4,726 | ||
Related Allowance, With Valuation Allowance | 1,916 | 1,916 | 949 | ||
Average Impaired Loans | 5,724 | 3,907 | 5,783 | 3,847 | |
Consumer | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 92 | 92 | 271 | ||
Unpaid Principal, With Valuation Allowance | 86 | 86 | 267 | ||
Related Allowance, With Valuation Allowance | 29 | 29 | 80 | ||
Recorded Investment, Without Valuation Allowance | 164 | 164 | 113 | ||
Unpaid Principal, Without Valuation Allowance | 169 | 169 | $ 115 | ||
Average Impaired Loans | 260 | 136 | 320 | 117 | |
Interest Recognized | $ 3 | $ 4 | $ 4 | $ 4 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $ 42,162 | $ 31,674 |
Past Due 90 Days or More Still Accruing | 2,577 | 1,664 |
Nonaccrual | 33,747 | 32,149 |
Total Past Due | 78,486 | 65,487 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 206 | 72 |
Nonaccrual | 2,969 | 2,333 |
Total Past Due | 3,175 | 2,405 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 2,493 | 1,374 |
Nonaccrual | 7,873 | 1,012 |
Total Past Due | 10,366 | 2,386 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 769 | |
Nonaccrual | 221 | 136 |
Total Past Due | 990 | 136 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 1,253 | 1,378 |
Past Due 90 Days or More Still Accruing | 79 | 62 |
Nonaccrual | 2,156 | 2,625 |
Total Past Due | 3,488 | 4,065 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 250 | |
Past Due 90 Days or More Still Accruing | 109 | |
Nonaccrual | 3,387 | 3,412 |
Total Past Due | 3,387 | 3,771 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 3,976 | 6,630 |
Past Due 90 Days or More Still Accruing | 246 | 39 |
Nonaccrual | 16,865 | 22,247 |
Total Past Due | 21,087 | 28,916 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 32,645 | 20,858 |
Past Due 90 Days or More Still Accruing | 2,252 | 1,454 |
Total Past Due | 34,897 | 22,312 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 820 | 947 |
Nonaccrual | 276 | 384 |
Total Past Due | $ 1,096 | 1,331 |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 165 | |
Total Past Due | $ 165 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 33,747 | $ 32,149 | |
Past Due 90 Days or More Still Accruing | 2,577 | 1,664 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Past Due 90 Days or More Still Accruing | 2,252 | 1,454 | |
Nonperforming Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | [1] | 33,747 | 32,149 |
Troubled debt restructurings accruing interest | 3,603 | 5,128 | |
Total loans | 39,602 | 38,731 | |
Nonperforming Loans | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Past Due 90 Days or More Still Accruing | $ 2,252 | $ 1,454 | |
[1] | Includes troubled debt restructurings of $3,927,000 and $14,009,000 at September 30, 2018 and December 31, 2017, respectively. |
Loans and Allowance for Loan_10
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 33,747 | $ 32,149 |
Troubled Debt Restructuring | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 3,927 | $ 14,009 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 3,512,143 | $ 2,810,856 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 906,494 | 745,893 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 190,920 | 134,812 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 194,752 | 125,827 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 177,313 | 180,141 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,123,598 | 920,812 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 611,285 | 374,410 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 31,423 | 31,131 |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 276,358 | 297,830 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 20,278 | 15,598 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 10,813 | 9,762 |
Purchased Credit Impaired Loans | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 6,837 | 3,944 |
Purchased Credit Impaired Loans | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 644 | 1,096 |
Purchased Credit Impaired Loans | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 375 | 109 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,609 | 687 |
Pass | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 3,448,263 | 2,734,333 |
Pass | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 889,505 | 732,175 |
Pass | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 183,706 | 130,732 |
Pass | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 191,844 | 122,044 |
Pass | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 171,631 | 171,017 |
Pass | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,099,057 | 878,957 |
Pass | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 605,002 | 370,839 |
Pass | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 31,160 | 30,739 |
Pass | Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 276,358 | 297,830 |
Substandard | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 42,659 | 59,679 |
Substandard | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 6,176 | 3,956 |
Substandard | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 377 | 136 |
Substandard | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 2,264 | 2,687 |
Substandard | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 5,307 | 9,015 |
Substandard | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 22,932 | 41,168 |
Substandard | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 5,340 | 2,325 |
Substandard | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 263 | 392 |
Doubtful | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 943 | 1,246 |
Doubtful | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 943 | $ 1,246 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan and Lease Losses - Schedule of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | loan | 14 | |
Pre-Modification Outstanding Recorded Investment | $ 1,249 | |
Post-Modification Outstanding Recorded Investment | $ 1,249 | |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | loan | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 111 | |
Post-Modification Outstanding Recorded Investment | $ 111 | |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | loan | 10 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 875 | $ 2,184 |
Post-Modification Outstanding Recorded Investment | $ 875 | $ 2,184 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 263 | |
Post-Modification Outstanding Recorded Investment | $ 263 |
Loans and Allowance for Loan_13
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $ 27,018 | $ 19,861 |
Loans | 3,512,143 | 2,810,856 |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 22,877 | 16,360 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 4,141 | 3,501 |
Loans | 1,123,598 | 920,812 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 20,278 | 15,598 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 1,609 | $ 687 |
Loans and Allowance for Loan_14
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | $ 2,105 | $ 3,126 | $ 2,793 | $ 4,261 |
Additions | 2,997 | 2,997 | ||
Accretion | (439) | (411) | (1,177) | (3,117) |
Reclassification from nonaccretable to accretable yield | 124 | 56 | 174 | 2,067 |
Disposals | (2) | (442) | ||
Accretable yield, ending balance | $ 4,787 | $ 2,769 | $ 4,787 | $ 2,769 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 158,728 | $ 44,126 |
Finite-Lived Intangible Assets, Gross Carrying Amount | 59,278 | 31,275 |
Finite-Lived Intangible Assets, Accumulated Amortization | (16,164) | (11,623) |
Finite-Lived Intangible Assets, Net Carrying Amount | 43,114 | 19,652 |
Core Deposit Intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 43,578 | 29,511 |
Finite-Lived Intangible Assets, Accumulated Amortization | (14,666) | (11,335) |
Finite-Lived Intangible Assets, Net Carrying Amount | 28,912 | 18,176 |
Other Intangible Assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 15,700 | 1,764 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,498) | (288) |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 14,202 | $ 1,476 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill and intangible assets, beginning | $ 117,777 | $ 43,322 | $ 63,778 | $ 46,531 |
Acquired goodwill | 72,060 | 115,035 | 152 | |
Acquired intangibles | 14,069 | 28,004 | ||
Divestiture | (433) | (1,339) | ||
Amortization of intangibles | (2,064) | (870) | (4,542) | (2,892) |
Goodwill and intangible assets, ending | $ 201,842 | $ 42,452 | $ 201,842 | $ 42,452 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||||
Held to maturity security | $ 8,403 | $ 8,557 | |||
Income from investment in CLO warehouse entities | $ 1,954 | ||||
Collateralized Loan Obligation Funds | |||||
Variable Interest Entity [Line Items] | |||||
Held to maturity security | 8,403 | 8,557 | |||
Income from investment in CLO warehouse entities | $ 0 | 1,954 | |||
Collateralized Loan Obligation Funds | Warehouse CLO Funds | |||||
Variable Interest Entity [Line Items] | |||||
Equity investments | $ 0 | $ 0 | |||
Asset management fees | |||||
Variable Interest Entity [Line Items] | |||||
Asset management fees | $ 1,717 | $ 1,717 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Closed CLO Funds (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Jun. 20, 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 | |||
Trinitas VI | ||||
Variable Interest Entity [Line Items] | ||||
Offering Amount | $ 717,100 | |||
Offering Date | Jun. 20, 2017 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Noninterest bearing demand | $ 697,903 | $ 564,225 |
Interest bearing demand | 608,775 | 403,244 |
Individual retirement accounts | 118,459 | 108,505 |
Money market | 413,402 | 283,969 |
Savings | 373,062 | 235,296 |
Certificates of deposit | 854,048 | 837,384 |
Brokered deposits | 373,400 | 188,725 |
Total deposits | $ 3,439,049 | $ 2,621,348 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Deposits [Abstract] | |
Within one year | $ 1,052,802 |
After one but within two years | 192,942 |
After two but within three years | 46,448 |
After three but within four years | 38,478 |
After four but within five years | 8,524 |
After five years | 6,713 |
Total | $ 1,345,907 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Time deposits | $ 185,443 | $ 158,197 |
Off-Balance Sheet Loan Commit_3
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | $ 78,708 | $ 133,634 |
Financial instruments, off balance sheet risk, Variable Rate | 418,319 | 242,236 |
Financial instruments, off balance sheet risk | 497,027 | 375,870 |
Mortgage Warehouse Commitments | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Variable Rate | 305,053 | 239,632 |
Financial instruments, off balance sheet risk | 305,053 | 239,632 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | 2,148 | 1,998 |
Financial instruments, off balance sheet risk, Variable Rate | 5,641 | 8,169 |
Financial instruments, off balance sheet risk | $ 7,789 | $ 10,167 |
Off-Balance Sheet Loan Commit_4
Off-Balance Sheet Loan Commitments - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Overdraft protection available amounts | $ 3,145,000 | $ 2,397,000 |
Other Liabilities | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Reserve for loan and lease losses on off-balance sheet lending-related commitments | $ 511,000 | $ 501,000 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Level 3 | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | |
Real estate selling and closing costs as a percentage of appraised value | 5.00% | |
Level 3 | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | |
Real estate selling and closing costs as a percentage of appraised value | 8.00% | |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure | $ 0 | $ 0 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure | $ 0 | $ 0 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Securities available for sale | ||
Securities available for sale | $ 355,981 | $ 250,603 |
Equity securities | ||
Equity securities | 4,981 | 5,006 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 355,981 | 250,603 |
Loans held for sale | ||
Loans held for sale | 683 | |
Mutual Fund | ||
Equity securities | ||
Equity securities | 4,981 | 5,006 |
Mutual Fund | Fair Value, Measurements, Recurring [Member] | ||
Equity securities | ||
Equity securities | 4,981 | 5,006 |
US Government Agency Obligations [Member] | ||
Securities available for sale | ||
Securities available for sale | 94,774 | 109,890 |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 94,774 | 109,890 |
U.S. Treasury Notes | ||
Securities available for sale | ||
Securities available for sale | 1,905 | 1,934 |
U.S. Treasury Notes | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 1,905 | 1,934 |
Mortgage-backed Securities, Residential | ||
Securities available for sale | ||
Securities available for sale | 30,581 | 33,663 |
Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 30,581 | 33,663 |
Asset Backed Securities | ||
Securities available for sale | ||
Securities available for sale | 10,805 | 11,845 |
Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 10,805 | 11,845 |
State and Municipal | ||
Securities available for sale | ||
Securities available for sale | 144,062 | 74,391 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 144,062 | 74,391 |
Corporate Bonds | ||
Securities available for sale | ||
Securities available for sale | 68,986 | 15,320 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 68,986 | 15,320 |
SBA Pooled Securities | ||
Securities available for sale | ||
Securities available for sale | 4,868 | 3,560 |
SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 4,868 | 3,560 |
Level 1 | Mutual Fund | Fair Value, Measurements, Recurring [Member] | ||
Equity securities | ||
Equity securities | 4,981 | 5,006 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 355,981 | 250,603 |
Loans held for sale | ||
Loans held for sale | 683 | |
Level 2 | US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 94,774 | 109,890 |
Level 2 | U.S. Treasury Notes | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 1,905 | 1,934 |
Level 2 | Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 30,581 | 33,663 |
Level 2 | Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 10,805 | 11,845 |
Level 2 | State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 144,062 | 74,391 |
Level 2 | Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 68,986 | 15,320 |
Level 2 | SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | $ 4,868 | $ 3,560 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 14,481 | $ 12,220 |
Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,450 | 42 |
Impaired Loans | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 93 | |
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 | 98 | 85 |
Impaired Loans | Farmland | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 842 | |
Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,124 | 7,785 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,925 | 3,777 |
Impaired Loans | Consumer | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 63 | 191 |
Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 67 | |
Other real estate owned | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 819 | 138 |
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 | 202 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,481 | 12,220 |
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 | 5,450 | 42 |
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 | 93 | |
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 | 98 | 85 |
Level 3 | Impaired Loans | Farmland | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 842 | |
Level 3 | Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,124 | 7,785 |
Level 3 | Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,925 | 3,777 |
Level 3 | Impaired Loans | Consumer | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 63 | 191 |
Level 3 | Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 67 | |
Level 3 | Other real estate owned | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 819 | 138 |
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 | $ 202 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $ 282,409 | $ 134,129 | ||
Securities - Held to maturity, Fair value | 8,094 | 7,527 | ||
Loans not previously presented Fair Value | 3,432,384 | 2,800,362 | ||
Loans included in assets held for sale, net, Fair Value | 69,268 | |||
Accrued interest receivable, Fair Value | 20,141 | 15,517 | ||
Cash and cash equivalents, Carrying Amount | 282,409 | 134,129 | $ 80,557 | $ 114,514 |
Securities - held to maturity, Carrying Amount | 8,403 | 8,557 | ||
Loans not previously presented Carrying Amount | 3,494,184 | 2,780,228 | ||
Loans included in assets held for sale, net, Carrying Amount | 68,668 | |||
FHLB stock, Carrying Amount | 23,109 | 16,006 | ||
Accrued interest receivable, Carrying Amount | 20,141 | 15,517 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 3,428,722 | 2,616,034 | ||
Customer repurchase agreements, Fair Value | 13,248 | 11,488 | ||
Federal Home Loan Bank advances, Fair Value | 330,000 | 365,000 | ||
Subordinated notes, Fair Value | 51,125 | 52,310 | ||
Junior subordinated debentures, Fair Value | 41,057 | 41,563 | ||
Accrued interest payable, Fair Value | 6,072 | 3,323 | ||
Deposits, Carrying Amount | 3,439,049 | 2,621,348 | ||
Customer repurchase agreements, Carrying Amount | 13,248 | 11,488 | ||
Federal Home Loan Bank advances, Carrying Amount | 330,000 | 365,000 | ||
Subordinated notes, Carrying Amount | 48,903 | 48,828 | ||
Junior subordinated debentures, Carrying Amount | 38,966 | 38,623 | ||
Accrued interest payable, Carrying Amount | 6,072 | 3,323 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 282,409 | 134,129 | ||
Accrued interest receivable, Fair Value | 20,141 | 15,517 | ||
Financial liabilities: | ||||
Accrued interest payable, Fair Value | 6,072 | 3,323 | ||
Level 2 | ||||
Financial liabilities: | ||||
Deposits, Fair Value | 3,428,722 | 2,616,034 | ||
Customer repurchase agreements, Fair Value | 13,248 | 11,488 | ||
Federal Home Loan Bank advances, Fair Value | 330,000 | 365,000 | ||
Subordinated notes, Fair Value | 51,125 | 52,310 | ||
Junior subordinated debentures, Fair Value | 41,057 | 41,563 | ||
Level 3 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 8,094 | 7,527 | ||
Loans not previously presented Fair Value | $ 3,432,384 | 2,800,362 | ||
Loans included in assets held for sale, net, Fair Value | $ 69,268 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to Risk Weighted Assets) Actual Amount | $ 529,965 | $ 436,036 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 13.00% | 13.20% |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 324,920 | $ 264,026 |
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 | $ 453,295 | $ 367,958 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 11.20% | 11.10% |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 243,690 | $ 198,019 |
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 | $ 404,671 | $ 320,265 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.00% | 9.70% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 182,767 | $ 148,514 |
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 | $ 453,295 | $ 367,958 |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.70% | 11.80% |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 154,333 | $ 124,754 |
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 | $ 471,802 | $ 361,068 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.00% | 11.40% |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 314,844 | $ 254,139 |
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 | $ 393,555 | $ 317,674 |
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 | $ 444,126 | $ 341,910 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 11.30% | 10.80% |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 236,133 | $ 190,603 |
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 | $ 314,843 | $ 254,137 |
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 | $ 444,126 | $ 341,910 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 11.30% | 10.80% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 177,099 | $ 142,952 |
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 | $ 255,810 | $ 206,486 |
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 | $ 444,126 | $ 341,910 |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.70% | 11.10% |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 152,037 | $ 123,088 |
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 | $ 190,046 | $ 153,860 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
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 | 1.875% | 1.25% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Structure (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Class Of Stock [Line Items] | ||
Shares authorized | 50,000,000 | 50,000,000 |
Shares issued | 26,383,763 | 20,912,396 |
Treasury shares | (104,002) | (91,951) |
Shares outstanding | 26,279,761 | 20,820,445 |
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 | 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 | 51,076 | 51,076 |
Shares outstanding | 51,076 | 51,076 |
Par value per share | $ 0.01 | $ 0.01 |
Liquidation preference per share | $ 100 | $ 100 |
Liquidation preference amount | $ 5,108 | $ 5,108 |
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 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Apr. 12, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Class Of Stock [Line Items] | |||
Stock issued during period shares | 5,405,000 | ||
Shares issued price per share | $ 37.50 | ||
Gross proceeds from issuance of common stock | $ 202,688,000 | ||
Net proceeds after underwriting discounts and offering expenses | $ 192,053,000 | $ 192,053,000 | $ 65,528,000 |
Over-Allotment Option | |||
Class Of Stock [Line Items] | |||
Stock issued during period shares | 705,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | $ 913 | $ 459 | $ 1,966 | $ 1,484 | |
2014 Omnibus Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares approved for issuance | 1,200,000 | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 2,166 | $ 2,166 | |||
Weighted-average period to recognize cost | 3 years 2 months 1 day | ||||
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 | 3 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 | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 2,118 | $ 2,118 | |||
Weighted-average period to recognize cost | 4 years 7 months 2 days | ||||
Stock based compensation, award vesting period | 5 years | ||||
2014 Omnibus Incentive Plan | Performance Stock Units (PSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 2,108 | $ 2,108 | |||
Weighted-average period to recognize cost | 4 years 7 months 2 days | ||||
Stock based compensation, award vesting period | 5 years | ||||
2014 Omnibus Incentive Plan | Performance Stock Units (PSUs) | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, award vesting percentage | 0.00% | ||||
2014 Omnibus Incentive Plan | Performance Stock Units (PSUs) | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, award vesting percentage | 175.00% | ||||
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 1 month 9 days | ||||
Stock based compensation, award vesting period | 4 years | ||||
Employees stock options contractual terms | 10 years | ||||
Total unrecognized compensation cost | $ 804 | $ 804 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Beginning balance | shares | 102,776 |
Nonvested Shares, Granted | shares | 65,001 |
Nonvested Shares, Vested | shares | (63,995) |
Nonvested Shares, Forfeited | shares | (2,422) |
Nonvested Shares, Ending balance | shares | 101,360 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance | $ / shares | $ 18.68 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted | $ / shares | 40.64 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested | $ / shares | 20.38 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares | 27.56 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 31.48 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Granted | shares | 59,658 |
Nonvested Shares, Ending balance | shares | 59,658 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted | $ / shares | $ 38.75 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 38.75 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Changes in Company's Nonvested Performance Stock Units (Details) - Performance Stock Units (PSUs) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Granted | shares | 59,658 |
Nonvested Shares, Ending balance | shares | 59,658 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted | $ / shares | $ 38.57 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 38.57 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Performance Stock Units, Valuation Assumptions (Details) - Performance Stock Units (PSUs) | 9 Months Ended |
Sep. 30, 2018$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date | May 1, 2018 |
Performance period | 5 years |
Stock price | $ 38.85 |
Triumph stock price volatility | 29.13% |
Risk-free rate | 2.76% |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Changes in Company's Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, Beginning Balance | shares | 185,328 |
Stock Options, Granted | shares | 51,952 |
Stock Options, Exercised | shares | (2,556) |
Stock Options, Forfeited or expired | shares | (3,186) |
Stock Options, Ending Balance | shares | 231,538 |
Stock Options, Fully vested shares and shares expected to vest at September 30, 2018 | shares | 231,538 |
Stock Options, Shares exercisable at September 30, 2018 | shares | 75,550 |
Weighted-Average Exercise Price, Beginning Balance | $ / shares | $ 18.97 |
Weighted-Average Exercise Price, Granted | $ / shares | 38.75 |
Weighted-Average Exercise Price, Exercised | $ / shares | 17.16 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 18.98 |
Weighted-Average Exercise Price, Ending Balance | $ / shares | 23.43 |
Weighted-Average Exercise Price, Fully vested shares and shares expected to vest at September 30, 2018 | $ / shares | 23.43 |
Weighted-Average Exercise Price, Shares exercisable at September 30, 2018 | $ / shares | $ 17.73 |
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2018 | 8 years 2 months 19 days |
Weighted-Average Remaining Contractual Term, Fully vested shares and shares expected to vest at September 30, 2018 | 8 years 2 months 19 days |
Weighted-Average Remaining Contractual Term, Shares exercisable at September 30, 2018 | 7 years 8 months 8 days |
Aggregate Intrinsic Value, Outstanding at September 30, 2018 | $ | $ 3,448 |
Aggregate Intrinsic Value, Fully vested shares and shares expected to vest at September 30, 2018 | $ | 3,448 |
Aggregate Intrinsic Value, Shares exercisable at September 30, 2018 | $ | $ 1,547 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Information Related to Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | $ 59 | $ 243 |
Cash received from option exercises | 281 | |
Tax benefit realized from options exercises | $ 12 | $ 85 |
Weighted average fair value of options granted | $ 13.22 | $ 8.71 |
Stock Based Compensation - Fair
Stock Based Compensation - Fair Value of Stock Options Granted Using Weighted-Average Assumptions (Details) - Stock Options | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.85% | 2.11% |
Expected term | 6 years 3 months | 6 years 3 months |
Expected stock price volatility | 28.07% | 29.70% |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Basic | ||||
Net income to common stockholders | $ 8,975 | $ 9,587 | $ 33,045 | $ 29,335 |
Weighted average common shares outstanding | 26,178,194 | 19,811,577 | 24,159,543 | 18,600,009 |
Basic earnings per common share | $ 0.34 | $ 0.48 | $ 1.37 | $ 1.58 |
Diluted | ||||
Net income to common stockholders | $ 8,975 | $ 9,587 | $ 33,045 | $ 29,335 |
Dilutive effect of preferred stock | 195 | 195 | 578 | 580 |
Net income to common stockholders - diluted | $ 9,170 | $ 9,782 | $ 33,623 | $ 29,915 |
Weighted average common shares outstanding | 26,178,194 | 19,811,577 | 24,159,543 | 18,600,009 |
Dilutive effects of: | ||||
Average shares and dilutive potential common shares | 26,991,830 | 20,645,469 | 24,974,308 | 19,488,425 |
Diluted earnings per common share | $ 0.34 | $ 0.47 | $ 1.35 | $ 1.53 |
Stock Options | ||||
Dilutive effects of: | ||||
Stock based compensation | 90,320 | 45,788 | 86,728 | 42,084 |
Restricted Stock Awards | ||||
Dilutive effects of: | ||||
Stock based compensation | 45,796 | 63,384 | 55,087 | 65,999 |
Restricted Stock Units | ||||
Dilutive effects of: | ||||
Stock based compensation | 7,276 | 2,706 | ||
Series A Preferred Dividends | ||||
Dilutive effects of: | ||||
Assumed conversion of shares | 315,773 | 315,773 | 315,773 | 315,773 |
Series B Preferred Dividends | ||||
Dilutive effects of: | ||||
Assumed conversion of shares | 354,471 | 354,471 | 354,471 | 354,471 |
Warrant | ||||
Dilutive effects of: | ||||
Assumed exercises of stock warrants | 54,476 | 110,089 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Shares not Considered in Computing Diluted Earnings per Common Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 14,513 | 14,513 | ||
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 51,952 | 58,442 | 51,952 | 58,442 |
Performance Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 59,658 | 59,658 |
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 _2
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total interest income | $ 71,759 | $ 45,137 | $ 187,126 | $ 125,007 | |
Total interest expense | 9,977 | 5,625 | 24,957 | 15,119 | |
Net interest income | 61,782 | 39,512 | 162,169 | 109,888 | |
Provision for loan losses | 6,803 | 572 | 14,257 | 9,697 | |
Net interest income after provision for loan losses | 54,979 | 38,940 | 147,912 | 100,191 | |
Gain on sale of subsidiary or division | 1,071 | 20,860 | |||
Other noninterest income | 15,105 | 15,798 | |||
Noninterest income | 6,059 | 4,171 | 16,176 | 36,658 | |
Noninterest expense | 48,946 | 28,225 | 120,391 | 90,383 | |
Net income before income tax | 12,092 | 14,886 | 43,697 | 46,466 | |
Total assets | 4,537,102 | 4,537,102 | $ 3,499,033 | ||
Gross loans | 3,512,143 | 3,512,143 | 2,810,856 | ||
Operating Segments | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 43,769 | 32,973 | 123,050 | 93,204 | |
Intersegment interest allocations | 6,289 | 2,193 | 13,377 | 5,211 | |
Total interest expense | 8,426 | 4,294 | 20,421 | 11,177 | |
Net interest income | 41,632 | 30,872 | 116,006 | 87,238 | |
Provision for loan losses | 6,774 | (69) | 10,510 | 7,571 | |
Net interest income after provision for loan losses | 34,858 | 30,941 | 105,496 | 79,667 | |
Gain on sale of subsidiary or division | 1,071 | ||||
Other noninterest income | 12,612 | 10,604 | |||
Noninterest income | 4,991 | 3,498 | |||
Noninterest expense | 33,507 | 21,984 | 86,446 | 65,171 | |
Net income before income tax | 6,342 | 12,455 | 32,733 | 25,100 | |
Total assets | 4,433,862 | 4,433,862 | 3,444,322 | ||
Gross loans | 3,411,456 | 3,411,456 | 2,784,147 | ||
Operating Segments | Factoring | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 27,420 | 11,736 | 62,514 | 30,828 | |
Intersegment interest allocations | (6,289) | (2,193) | (13,377) | (5,211) | |
Net interest income | 21,131 | 9,543 | 49,137 | 25,617 | |
Provision for loan losses | 41 | 649 | 3,747 | 2,042 | |
Net interest income after provision for loan losses | 21,090 | 8,894 | 45,390 | 23,575 | |
Other noninterest income | 2,452 | 2,203 | |||
Noninterest income | 942 | 774 | |||
Noninterest expense | 12,902 | 5,600 | 30,067 | 16,677 | |
Net income before income tax | 9,130 | 4,068 | 17,775 | 9,101 | |
Total assets | 659,782 | 659,782 | 360,922 | ||
Gross loans | 579,985 | 579,985 | 346,293 | ||
Operating Segments | Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 570 | 428 | 1,562 | 975 | |
Total interest expense | 1,551 | 1,331 | 4,536 | 3,942 | |
Net interest income | (981) | (903) | (2,974) | (2,967) | |
Provision for loan losses | (12) | (8) | 84 | ||
Net interest income after provision for loan losses | (969) | (895) | (2,974) | (3,051) | |
Gain on sale of subsidiary or division | 20,860 | ||||
Other noninterest income | 41 | 2,991 | |||
Noninterest income | 126 | (101) | |||
Noninterest expense | 2,537 | 641 | 3,878 | 8,535 | |
Net income before income tax | (3,380) | $ (1,637) | (6,811) | $ 12,265 | |
Total assets | 712,971 | 712,971 | 504,656 | ||
Gross loans | 10,952 | 10,952 | 11,936 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | (1,269,513) | (1,269,513) | (810,867) | ||
Gross loans | $ (490,250) | $ (490,250) | $ (331,520) |