Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CUNB | ' |
Entity Registrant Name | 'CU Bancorp | ' |
Entity Central Index Key | '0001543643 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 11,072,392 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $38,329 | $25,181 |
Interest earning deposits in other financial institutions | 182,070 | 157,715 |
Total Cash and Cash Equivalents | 220,399 | 182,896 |
Certificates of deposit in other financial institutions | 47,124 | 27,006 |
Investment securities available-for-sale, at fair value | 102,779 | 118,153 |
Loans | 909,642 | 854,885 |
Allowance for loan loss | -10,038 | -8,803 |
Net loans | 899,604 | 846,082 |
Premises and equipment, net | 3,081 | 3,422 |
Deferred tax assets, net | 13,154 | 13,818 |
Other real estate owned, net | 3,112 | 3,112 |
Goodwill | 12,292 | 12,292 |
Core deposit intangibles | 1,507 | 1,747 |
Bank owned life insurance | 21,048 | 20,583 |
Accrued interest receivable and other assets | 22,287 | 20,526 |
Total Assets | 1,346,387 | 1,249,637 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Non-interest bearing demand deposits | 609,607 | 543,527 |
Interest bearing transaction accounts | 129,786 | 112,747 |
Money market and savings deposits | 369,530 | 340,466 |
Certificates of deposit | 67,426 | 81,336 |
Total deposits | 1,176,349 | 1,078,076 |
Securities sold under agreements to repurchase | 16,043 | 22,857 |
Subordinated debentures, net | 9,339 | 9,169 |
Accrued interest payable and other liabilities | 12,542 | 13,912 |
Total Liabilities | 1,214,273 | 1,124,014 |
Commitments and Contingencies (Note 12) | 0 | 0 |
SHAREHOLDERS' EQUITY | ' | ' |
Serial Preferred Stock - authorized, 50,000,000 shares no par value, no shares issued or outstanding | 0 | 0 |
Common stock - authorized, 75,000,000 shares no par value, 10,839,972 and 10,758,674 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 119,369 | 118,885 |
Additional paid-in capital | 7,447 | 7,052 |
Retained earnings (deficit) | 5,245 | -1,708 |
Accumulated other comprehensive income | 53 | 1,394 |
Total Shareholders' Equity | 132,114 | 125,623 |
Total Liabilities and Shareholders' Equity | $1,346,387 | $1,249,637 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred Stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred Stock, No par value | $0 | $0 |
Preferred Stock, Shares issued | 0 | 0 |
Preferred Stock, Shares outstanding | 0 | 0 |
Common stock, Shares authorized | 75,000,000 | 75,000,000 |
Common stock, no par value | $0 | $0 |
Common stock, Shares issued | 10,839,972 | 10,758,674 |
Common stock, Shares outstanding | 10,839,972 | 10,758,674 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Interest and fees on loans | $12,203 | $9,571 | $36,090 | $22,618 |
Interest on investment securities | 441 | 620 | 1,420 | 1,827 |
Interest on interest bearing deposits in other financial institutions | 178 | 209 | 495 | 594 |
Total Interest Income | 12,822 | 10,400 | 38,005 | 25,039 |
Interest Expense | ' | ' | ' | ' |
Interest on interest bearing transaction accounts | 57 | 45 | 173 | 123 |
Interest on money market and savings deposits | 263 | 338 | 772 | 605 |
Interest on certificates of deposit | 47 | 83 | 197 | 167 |
Interest on securities sold under agreements to repurchase | 23 | 24 | 63 | 70 |
Interest on subordinated debentures | 126 | 136 | 376 | 136 |
Total Interest Expense | 516 | 626 | 1,581 | 1,101 |
Net Interest Income | 12,306 | 9,774 | 36,424 | 23,938 |
Provision for loan losses | 631 | 521 | 1,918 | 901 |
Net Interest Income After Provision For Loan Losses | 11,675 | 9,253 | 34,506 | 23,037 |
Non-Interest Income | ' | ' | ' | ' |
Gain on sale of securities, net | 0 | 0 | 5 | 0 |
Gain on sale of SBA loans, net | 263 | 0 | 673 | 0 |
Other-than-temporary impairment losses | 0 | -30 | 0 | -90 |
Deposit account service charge income | 598 | 554 | 1,749 | 1,497 |
Other non-interest income | 610 | 661 | 2,160 | 1,152 |
Total Non-Interest Income | 1,471 | 1,185 | 4,587 | 2,559 |
Non-Interest Expense | ' | ' | ' | ' |
Salaries and employee benefits (includes stock based compensation expense of $240 and $272 for the three months, and $716 and $758 for the nine months ended September 30, 2013 and 2012, respectively) | 5,673 | 5,751 | 17,003 | 13,314 |
Occupancy | 1,074 | 974 | 3,157 | 2,525 |
Data processing | 452 | 489 | 1,413 | 1,361 |
Legal and professional | 530 | 490 | 1,609 | 875 |
FDIC deposit assessment | 219 | 232 | 654 | 530 |
Merger related expenses | 0 | 2,517 | 43 | 2,855 |
OREO valuation write-downs and expenses | 39 | 22 | 88 | 320 |
Office services expenses | 261 | 361 | 786 | 836 |
Other operating expenses | 1,182 | 987 | 3,267 | 2,382 |
Total Non-Interest Expense | 9,430 | 11,823 | 28,020 | 24,998 |
Net Income (Loss) Before Provision for Income Tax | 3,716 | -1,385 | 11,073 | 598 |
Provision for income tax expense (benefit) | 1,239 | -453 | 4,120 | 499 |
Net Income (Loss) | $2,477 | ($932) | $6,953 | $99 |
Earnings (Loss) Per Share | ' | ' | ' | ' |
Basic earnings (loss) per share | $0.24 | ($0.10) | $0.66 | $0.01 |
Diluted earnings (loss) per share | $0.23 | ($0.10) | $0.65 | $0.01 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Stock based compensation expense | $240 | $272 | $716 | $758 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income (Loss) | $2,477 | ($932) | $6,953 | $99 |
Other Comprehensive Income (Loss), net of tax: | ' | ' | ' | ' |
Non-credit portion of other-than-temporary impairments arising during the period | 0 | 125 | -22 | 315 |
Net unrealized gains (losses) on investment securities arising during the period | -533 | 213 | -1,319 | 136 |
Other Comprehensive Income (Loss) | -533 | 338 | -1,341 | 451 |
Comprehensive Income (Loss) | $1,945 | ($594) | $5,612 | $550 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $80,844 | $77,225 | $6,164 | ($3,435) | $890 |
Beginning Balance (in shares) at Dec. 31, 2011 | ' | 6,950,000 | ' | ' | ' |
Net Issuance of Restricted Stock (in shares) | 109,800 | 110,000 | ' | ' | ' |
Net Issuance of Restricted Stock | 0 | 0 | 0 | 0 | 0 |
Issuance of Stock for Purchase of PC Bancorp, net of $199 in issuance costs (in shares) | ' | 3,721,000 | ' | ' | ' |
Issuance of Stock for Purchase of PC Bancorp, net of $199 in issuance costs | 41,660 | 41,660 | 0 | 0 | 0 |
Stock based compensation expense related to employee stock options and restricted stock | 1,120 | 0 | 1,120 | 0 | 0 |
Restricted Stock Repurchase/Dividend, shares | ' | -22,000 | ' | ' | ' |
Restricted Stock Repurchase/Dividend | -228 | 0 | -228 | 0 | 0 |
Excess tax deficiency - Stock based compensation | -4 | 0 | -4 | 0 | 0 |
Exercise of Stock Options, shares | 0 | ' | ' | ' | ' |
Net Income | 1,727 | 0 | 0 | 1,727 | 0 |
Other Comprehensive Income (Loss) | 504 | 0 | 0 | 0 | 504 |
Ending Balance at Dec. 31, 2012 | 125,623 | 118,885 | 7,052 | -1,708 | 1,394 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 10,759,000 | ' | ' | ' |
Net Issuance of Restricted Stock (in shares) | 81,298 | 62,000 | ' | ' | ' |
Net Issuance of Restricted Stock | 0 | 0 | 0 | 0 | 0 |
Stock based compensation expense related to employee stock options and restricted stock | 716 | 0 | 716 | 0 | 0 |
Restricted Stock Repurchase/Dividend, shares | ' | -30,000 | ' | ' | ' |
Restricted Stock Repurchase/Dividend | -422 | 0 | -422 | 0 | 0 |
Excess tax benefit - Stock based compensation | 101 | 0 | 101 | 0 | 0 |
Exercise of Stock Options | 484 | 484 | 0 | 0 | 0 |
Exercise of Stock Options, shares | 49,611 | 49,000 | ' | ' | ' |
Net Income | 6,953 | 0 | 0 | 6,953 | 0 |
Other Comprehensive Income (Loss) | -1,341 | 0 | 0 | 0 | -1,341 |
Ending Balance at Sep. 30, 2013 | $132,114 | $119,369 | $7,447 | $5,245 | $53 |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 10,840,000 | ' | ' | ' |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | ' |
Issuance of Stock for Purchase of PC Bancorp, Net issuance costs | $199 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income: | $6,953 | $99 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 1,918 | 901 |
Provision for unfunded loan commitments | 48 | 36 |
Stock based compensation expense | 716 | 758 |
Depreciation | 825 | 740 |
Net accretion of discounts for loans acquired and deferred loan fees/costs | -4,749 | -2,157 |
Net amortization from investment securities | 1,286 | 1,005 |
Increase in bank owned life insurance | -465 | -99 |
OREO valuation write-downs | 0 | 232 |
Net other-than-temporary impairment losses recognized in operations | 0 | 90 |
Gain on sale of securities, net | -5 | 0 |
Gain on sale of SBA loans, net | -673 | 0 |
Amortization of core deposit intangible | 240 | 136 |
Amortization of time deposit premium | -127 | -61 |
Accretion of subordinated debenture discount | 170 | 38 |
(Increase) decrease in deferred tax assets | 1,602 | -1,366 |
(Increase) in accrued interest receivable and other assets | -1,912 | -410 |
Increase (decrease) in accrued interest payable and other liabilities | -1,418 | 1,217 |
Net cash provided by operating activities | 4,409 | 1,159 |
Cash flows from investing activities: | ' | ' |
Cash and cash equivalents acquired in acquisition, net of cash paid | 0 | 41,716 |
Purchases of available-for-sale investment securities | -20,395 | 0 |
Proceeds from sales of investment securities | 2,854 | 17,278 |
Proceeds from repayment and maturities from investment securities | 29,355 | 20,419 |
Loans originated, net of principal payments | -50,018 | -25,691 |
Purchases of premises and equipment | -484 | -797 |
Net (increase) decrease in certificates of deposit in other financial institutions | -20,118 | 14,512 |
Purchase of bank owned life insurance | 0 | -8,000 |
Net purchase of Federal Home Loan Bank and other bank stock | 151 | 866 |
Net cash provided by (used in) investing activities | -58,655 | 60,303 |
Cash flows from financing activities: | ' | ' |
Net increase in Non-interest bearing demand deposits | 66,080 | 64,432 |
Net increase in Interest bearing transaction accounts | 17,039 | 33,731 |
Net increase in Money market and savings deposits | 29,064 | 252 |
Net (decrease) in Certificates of deposit | -13,783 | -26,378 |
Net (decrease) in Securities sold under agreements to repurchase | -6,814 | -2,609 |
Excess tax benefits on stock compensation | 101 | 0 |
Net proceeds from stock options exercised | 484 | 0 |
Restricted stock repurchase/dividends | -422 | -228 |
Net cash provided by financing activities | 91,749 | 69,200 |
Net increase in cash and cash equivalents | 37,503 | 130,662 |
Cash and cash equivalents, beginning of year | 182,896 | 134,230 |
Cash and cash equivalents, end of period | 220,399 | 264,892 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the year for interest | 1,557 | 1,016 |
Cash paid during the year for taxes | 2,450 | 2,150 |
Supplemental disclosures of non-cash investing activities: | ' | ' |
Net increase (decrease) in unrealized gain (loss) on investment securities, net of tax | ($1,341) | $451 |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Note 1—Basis of Financial Statement Presentation | |
CU Bancorp (the “Company”) is a bank holding company whose operating subsidiary is California United Bank. CU Bancorp was established to facilitate the reorganization and merger of Premier Commercial Bank, N.A. into California United Bank, which took place after the close of business on July 31, 2012. As a bank holding company, CU Bancorp is subject to regulation of the Federal Reserve Board (“FRB”). The term “Company”, as used throughout this document, refers to the consolidated balance sheets and consolidated statements of operations of CU Bancorp and California United Bank. | |
California United Bank (the “Bank”) is a full-service commercial business bank offering a broad range of banking products and services including: deposit services, lending and cash management to small and medium-sized businesses, to non-profit organizations, to business principals and entrepreneurs, to the professional community, including attorneys, certified public accountants, financial advisors, healthcare providers and investors. The Bank opened for business in 2005, with its headquarters office located in Encino, California. As a state chartered non-member bank, the Bank is subject to regulation by the California Department of Business Oversight, (the “DBO”) and the Federal Deposit Insurance Corporation (“FDIC”). The deposits of the Bank are insured by the FDIC, to the maximum amount allowed by law. | |
The consolidated financial statements include the accounts of the Company and the Bank. Significant intercompany items have been eliminated in consolidation. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. | |
CU Bancorp is the common shareholder of Premier Commercial Statutory Trust I, Premier Commercial Statutory Trust II, and Premier Commercial Statutory Trust III, entities which were acquired in the merger with Premier Commercial Bancorp (“PC Bancorp”). These trusts were established for the sole purpose of issuing trust preferred securities and do not meet the criteria for consolidation in accordance with ASC 810 Consolidation. For more detail, see Note 7 – Borrowings and Subordinated Debentures. | |
Certain information and footnote disclosures presented in the annual consolidated financial statements are not included in the interim consolidated financial statements. Accordingly, the accompanying unaudited interim consolidated financial statements should be read in conjunction with our 2012 Annual Report on Form 10-K. In the opinion of management, the accompanying financial statements contain all necessary adjustments of a normal recurring nature, to present fairly the consolidated financial position of the Company and the results of its operations for the interim period presented. | |
Additional Significant Accounting Policies | |
Loans Held for Sale and Servicing Assets: Loans held for sale are loans originated and includes the principal amount outstanding net of unearned income and the loans are carried at the lower of cost or fair value on an aggregate basis. A decline in the aggregate fair value of the loans below their aggregate carrying amount is recognized through a charge to earnings in the period of such decline. Unearned income on these loans is taken into earnings when they are sold. At September 30, 2013, the Company had no loans classified as held for sale. | |
Gains or losses resulting from sales of loans are recognized at the date of settlement and are based on the difference between the cash received and the carrying value of the related loans less transaction costs. A transfer of financial assets in which control is surrendered is accounted for as a sale to the extent that consideration other than beneficial interests in the transferred assets is received in the exchange. Assets, liabilities, derivative financial instruments, or other retained interests issued or obtained through the sale of financial assets are measured at estimated fair value, if practicable. | |
The most common retained interest related to loan sales is a servicing asset. Servicing assets are amortized in proportion to and over the period of the estimated future net servicing income. The amortization of the servicing asset and the servicing income are included in noninterest income. The fair value of the servicing assets is estimated by discounting the future cash flows using market-based discount rates and prepayment speeds. The Company’s servicing asset is evaluated regularly for impairment. The servicing asset is stratified based on the original term to maturity and the year of origination of the underlying loans for purposes of measuring impairment. The risk is that loans prepay faster than anticipated and the fair value of the asset declines. If the fair value of the servicing asset is less than the amortized carrying value, the asset is considered to be impaired and an impairment charge will be taken against earnings. The servicing asset is included in other assets on the consolidated balance sheets. | |
Income Taxes: The Company’s consolidated effective statutory federal and state income tax rate is approximately 41%. The actual effective rate reflected within these financial statements is dependent on the composition of taxable earnings in the period. A number of expenses such as certain merger related expenses, certain business and entertainment expenses, country club dues, etc. are not allowable as an expense for either federal or state purposes and are classified as permanent tax-to-book taxable income differences. In addition, the Company has several items included in income, that are excluded from taxable income, such as net interest income on loans within the State of California designated enterprise zone areas for state income taxes and the increase in cash surrender value of life insurance policies. Because of these differences, the Company’s effective tax may vary considerably between reporting years. During 2012, due to the inclusion of significant merger related costs, the Company had an effective tax rate in excess of its statutory rate. The Company invested $1.1 million in Community Redevelopment Act “CRA” 60 month term, 0% interest rate deposits, that made the Company eligible for a $215,000 Qualified Investment Tax Credit, which was received in the third quarter of 2013. For 2013, to the extent the Company does not have any significant merger related costs, the consolidated effective tax rate for the nine months ending September 30, 2013 is expected to be the consolidated effective tax rate which is below its statutory rate. Based on recently enacted legislation during the second quarter of 2013, the California State Legislature has repealed the net interest deduction on interest income for loans within the designated State of California Enterprise Zones. The effective date of this legislation is effective January 1, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 2—Recent Accounting Pronouncements | |
In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update amends ASU 2011-11, Balance Sheet (Topic 210): Disclosures about offsetting Assets and Liabilities. The amendment clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for fiscal and interim periods beginning on or after January 1, 2013. The adoption of this ASU did not have an impact on the Company’s financial position or results of operations. The additional disclosures required under this ASU are reflected in Note 9 – Balance Sheet Offsetting. | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Other Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this update supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05 (issued in June 2011) and 2011-12 (issued in December 2011). These amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. These amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the original ASU in the first quarter of 2012. The additional disclosures required under this ASU are reflected in Note 8 – Other Comprehensive Income (Loss). | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The amendments in this update provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. This guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This ASU also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations. The amendments are effective upon issuance. The adoption of this ASU did not have an impact on the Company’s financial position or results of operations. | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this update permit the Fed Funds Effective Swap Rate (“OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to Treasury obligations of the U.S. government (“UST”) and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this ASU did not have an impact on the Company’s financial position or results of operations. | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this update provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The amendments do not require new recurring disclosures but they are expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this update are effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this ASU is not expected to have an impact on the Company’s financial position or results of operations. |
Computation_of_Book_Value_and_
Computation of Book Value and Tangible Book Value per Common Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Computation of Book Value and Tangible Book Value per Common Share | ' | ||||||||
Note 3—Computation of Book Value and Tangible Book Value per Common Share | |||||||||
Book value per common share was calculated by dividing total shareholders’ equity by the number of common shares issued and outstanding. Tangible book value per common share was calculated by dividing tangible shareholders’ equity by the number of common shares issued and outstanding. The tables below present the computation of book value and tangible book value per common share as of the dates indicated (in thousands, except share data): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Total Shareholders’ Equity | $ | 132,114 | $ | 125,623 | |||||
Less: Goodwill and core deposit intangibles | 13,799 | 14,039 | |||||||
Tangible shareholders’ equity | $ | 118,315 | $ | 111,584 | |||||
Common shares issued and outstanding | 10,839,972 | 10,758,674 | |||||||
Book value per common share | $ | 12.19 | $ | 11.68 | |||||
Tangible book value per common share | $ | 10.91 | $ | 10.37 | |||||
Computation_of_Earnings_per_Co
Computation of Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Earnings per Common Share | ' | ||||||||||||||||
Note 4—Computation of Earnings per Common Share | |||||||||||||||||
Basic and diluted earnings per common share were determined by dividing the net income by the applicable basic and diluted weighted average common shares outstanding. The table below presents the basic and diluted earnings per common share computations for the periods indicated (dollars and shares in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Income (Loss) | $ | 2,477 | $ | (932 | ) | $ | 6,953 | $ | 99 | ||||||||
Basic weighted average common shares outstanding | 10,546 | 9,223 | 10,511 | 7,556 | |||||||||||||
Dilutive effect of potential common share issuances from stock options and restricted stock | 302 | 0 | 272 | 94 | |||||||||||||
Diluted weighted average common shares outstanding | 10,848 | 9,223 | 10,783 | 7,650 | |||||||||||||
Income (Loss) per common share | |||||||||||||||||
Basic | $ | 0.24 | $ | (0.10 | ) | $ | 0.66 | $ | 0.01 | ||||||||
Diluted | $ | 0.23 | $ | (0.10 | ) | $ | 0.65 | $ | 0.01 | ||||||||
Anti-dilutive shares not included in the calculation of diluted earnings per share | 142 | 262 | 184 | 251 | |||||||||||||
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Note 5—Investment Securities | |||||||||||||||||||||||||
The investment securities portfolio has been classified as available-for-sale, and as such is recorded at estimated fair value. | |||||||||||||||||||||||||
The following tables present the amortized cost and estimated fair values of investment securities as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Gross Unrealized | |||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Net | Estimated Fair | |||||||||||||||||||||
Non-credit | Value | ||||||||||||||||||||||||
Gains on Other– | |||||||||||||||||||||||||
than- | |||||||||||||||||||||||||
temporarily | |||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
September 30, 2013 – Available-for-sale: | |||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency—Note Securities | $ | 7,205 | $ | 8 | $ | 5 | $ | 0 | $ | 7,208 | |||||||||||||||
U.S. Govt Agency—SBA Securities | 42,097 | 924 | 464 | 0 | 42,557 | ||||||||||||||||||||
U.S. Govt Agency—GNMA Mortgage-Backed Securities | 23,339 | 251 | 776 | 0 | 22,814 | ||||||||||||||||||||
U.S. Govt Sponsored Agency—CMO & Mortgage-Backed Securities | 16,189 | 383 | 390 | 0 | 16,182 | ||||||||||||||||||||
Corporate Securities | 9,204 | 180 | 0 | 0 | 9,384 | ||||||||||||||||||||
Municipal Securities | 4,654 | 1 | 21 | 0 | 4,634 | ||||||||||||||||||||
Total investment securities | $ | 102,688 | $ | 1,747 | $ | 1,656 | $ | 0 | $ | 102,779 | |||||||||||||||
December 31, 2012 – Available-for-sale: | |||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency—Note Securities | $ | 18,888 | $ | 24 | $ | 1 | $ | 0 | $ | 18,911 | |||||||||||||||
U.S. Govt Agency—SBA Securities | 42,308 | 703 | 32 | 0 | 42,979 | ||||||||||||||||||||
U.S. Govt Agency—GNMA Mortgage-Backed Securities | 22,237 | 728 | 5 | 0 | 22,960 | ||||||||||||||||||||
U.S. Govt Sponsored Agency—CMO & Mortgage-Backed Securities | 12,335 | 696 | 0 | 0 | 13,031 | ||||||||||||||||||||
Corporate Securities | 10,311 | 235 | 0 | 0 | 10,546 | ||||||||||||||||||||
Municipal Securities | 6,831 | 3 | 18 | 0 | 6,816 | ||||||||||||||||||||
Private Issue CMO Securities | 2,874 | 0 | 0 | 36 | 2,910 | ||||||||||||||||||||
Total investment securities | $ | 115,784 | $ | 2,389 | $ | 56 | $ | 36 | $ | 118,153 | |||||||||||||||
The Company’s investment securities portfolio at September 30, 2013 consists of U.S. Agency and U.S. Sponsored Agency issued AAA and AA rated “investment grade” securities, investment grade corporate bond securities and municipal securities. Securities with a market value of $16.6 million and $23.3 million were pledged to secure securities sold under agreements to repurchase at September 30, 2013 and December 31, 2012, respectively. See Note 7—Borrowings and Subordinated Debentures. Securities with a market value of $11.0 million were pledged to secure a certificate of deposit of $10.0 million with the State of California Treasurer’s office at both September 30, 2013 and December 31, 2012. Securities with a market value of $3.2 million and $12.3 million were pledged to secure a credit facility with the Federal Reserve Bank of San Francisco at September 30, 2013 and December 31, 2012, respectively. Securities with a market value of $25.2 million and $16.0 million were pledged to secure outstanding standby letters of credit confirmed/issued by a correspondent bank for the benefit of the Company’s customers in the amount of $17.6 million and $12.7 million at September 30, 2013 and December 31, 2012, respectively. Securities with a market value of $1.3 million and $281,000 were pledged to secure local agency deposits at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Presented below are investment securities with unrealized losses that are considered to be temporarily-impaired or other-than-temporarily impaired. They are summarized and classified according to the duration of the loss period as of the dates indicated as follows (dollars in thousands): | |||||||||||||||||||||||||
< 12 Continuous Months | > 12 Continuous Months | Total | |||||||||||||||||||||||
Fair | Net | Fair | Net | Fair | Net | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt.—Agency and Sponsored Agency Note Securities | $ | 1,042 | $ | 5 | $ | 0 | $ | 0 | $ | 1,042 | $ | 5 | |||||||||||||
U.S. Govt. Agency SBA Securities | 7,050 | 463 | 567 | 1 | 7,617 | 464 | |||||||||||||||||||
U.S. Govt. Sponsored Agency CMO & Mortgage-Backed Securities | 21,259 | 1,166 | 0 | 0 | 21,259 | 1,166 | |||||||||||||||||||
Municipal Securities | 2,058 | 18 | 1,035 | 3 | 3,093 | 21 | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 31,409 | $ | 1,652 | $ | 1,602 | $ | 4 | $ | 33,011 | $ | 1,656 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt.—Agency and Sponsored Agency Note Securities | $ | 2,209 | $ | 1 | $ | 0 | $ | 0 | $ | 2,209 | $ | 1 | |||||||||||||
U.S. Govt. Agency SBA Securities | 5,124 | 32 | 0 | 0 | 5,124 | 32 | |||||||||||||||||||
U.S. Govt. Sponsored Agency CMO & Mortgage-Backed Securities | 2,126 | 5 | 0 | 0 | 2,126 | 5 | |||||||||||||||||||
Municipal Securities | 6,293 | 18 | 0 | 0 | 6,293 | 18 | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 15,752 | $ | 56 | $ | 0 | $ | 0 | $ | 15,752 | $ | 56 | |||||||||||||
Other-than-temporarily impaired available-for-sale investment securities: | |||||||||||||||||||||||||
Private Issue CMO Securities | 0 | 0 | 1,235 | 65 | 1,235 | 65 | |||||||||||||||||||
Total temporarily-impaired and other-than-temporarily impaired available-for-sale investment securities | $ | 15,752 | $ | 56 | $ | 1,235 | $ | 65 | $ | 16,987 | $ | 121 | |||||||||||||
The amortized cost, estimated fair value and average yield of debt securities at September 30, 2013, are presented in the table below (dollars in thousands). Maturity categories are determined as follows: | |||||||||||||||||||||||||
• | U.S. Govt. Agency and U.S. Govt. Sponsored Agency bonds and notes – maturity date | ||||||||||||||||||||||||
• | U.S. Govt. Sponsored Agency CMO or Mortgage-Backed Securities, U.S. Govt. Agency GNMA Mortgage-Backed Securities and U.S. Gov. Agency SBA Securities – estimated cash flow taking into account estimated pre-payment speeds | ||||||||||||||||||||||||
• | Corporate Bonds and Municipal Securities – maturity date | ||||||||||||||||||||||||
Although mortgage-backed and U.S. Government Agency securities have contractual maturities through 2050, the expected maturity will differ from the contractual maturities because borrowers or issuers may have the right to prepay such obligations without penalties. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Maturities Schedule of Securities | Amortized Cost | Fair Value | Weighted | ||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Yield | |||||||||||||||||||||||||
Due through one year | $ | 23,530 | $ | 23,862 | 1.12 | % | |||||||||||||||||||
Due after one year through five years | 39,456 | 39,969 | 1.56 | % | |||||||||||||||||||||
Due after five years through ten years | 20,829 | 20,362 | 2.34 | % | |||||||||||||||||||||
Due after ten years | 18,873 | 18,586 | 2.63 | % | |||||||||||||||||||||
Total | $ | 102,688 | $ | 102,779 | 1.81 | % | |||||||||||||||||||
The weighted average yields in the above table are based on effective rates of book balances at the end of the period. Yields are derived by dividing interest income, adjusted for amortization of premiums and accretion of discounts, by total amortized cost. | |||||||||||||||||||||||||
On each reporting date, the Company evaluates the securities portfolio to determine if there has been an other-than-temporary impairment on each of the individual securities in the investment securities portfolio. In estimating whether an other-than-temporary impairment loss has occurred, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the current liquidity and volatility of the market for each of the individual security categories, (iv) the current slope and shape of the Treasury yield curve, along with where the economy is in the current interest rate cycle, (v) the current spread between Treasuries and the specific security categories, and the spread differential between the current spread and the long-term average spread for that security category, (vi) the projected cash flows from the specific security type, (vii) the financial guarantee and financial rating of the issuer and (viii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
If it’s determined that an other-than-temporary impairment exists on a debt security, the Company then determines if (a) it intends to sell the security or (b) it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of the conditions is met, the Company will recognize an other-than-temporary impairment in earnings equal to the difference between the security’s fair value and its adjusted cost basis. If neither of the conditions is met, the Company determines (a) the amount of the impairment related to credit loss and (b) the amount of the impairment due to all other factors. The difference between the present value of the cash flows expected to be collected and the amortized cost basis is the credit loss. The credit loss is the portion of the other-than-temporary impairments that is recognized in earnings and is a reduction to the cost basis of the security. The portion of total impairment related to all other factors is included in other comprehensive income. Significant judgment is required in this analysis that includes, but is not limited to, assumptions regarding the collectability of principal and interest, future default rates, future prepayment speeds, the amount of current delinquencies that will result in defaults and the amount of eventual recoveries expected on these defaulted loans through the foreclosure process. | |||||||||||||||||||||||||
In January of 2013, the Company sold all of its private issue CMO securities at a net gain of $4,600. The Company has had no other sales of investment securities through the nine months ended September 30, 2013, and as of that date, owned no investment securities that have other-than-temporary impairment. | |||||||||||||||||||||||||
Investments in FHLB Common Stock | |||||||||||||||||||||||||
The Company’s investment in the common stock of the FHLB is carried at cost and was $4.7 million and $4.9 million as of September 30, 2013 and December 31, 2012 respectively. The FHLB has a statutory lien on all FHLB capital stock owned by the Company. See Note 7—Borrowings and Subordinated Debentures for a detailed discussion regarding the Company’s FHLB borrowings and the requirements to purchase FHLB common stock. | |||||||||||||||||||||||||
The Company’s investment in FHLB stock is included in other assets on the accompanying balance sheets. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||||||
Note 6—Loans | |||||||||||||||||||||||||||||||||
The following table presents the composition of the Company’s loan portfolio as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Commercial and Industrial Loans: | $ | 296,229 | $ | 262,637 | |||||||||||||||||||||||||||||
Loans Secured by Real Estate: | |||||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 52,720 | 48,528 | |||||||||||||||||||||||||||||||
Owner-Occupied Nonresidential Properties | 192,631 | 181,844 | |||||||||||||||||||||||||||||||
Other Nonresidential Properties | 262,395 | 246,450 | |||||||||||||||||||||||||||||||
1-4 Family Residential Properties | 63,852 | 62,037 | |||||||||||||||||||||||||||||||
Multifamily Residential Properties | 27,438 | 31,610 | |||||||||||||||||||||||||||||||
Total Commercial and Other Real Estate | 546,316 | 521,941 | |||||||||||||||||||||||||||||||
Other Loans: | 14,377 | 21,779 | |||||||||||||||||||||||||||||||
Total Loans | $ | 909,642 | $ | 854,885 | |||||||||||||||||||||||||||||
The following table is a breakout of the Company’s loan portfolio stratified by the industry concentration of the borrower by their respective NAICS code as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Real Estate | $ | 354,041 | $ | 312,625 | |||||||||||||||||||||||||||||
Hotel/Lodging | 74,442 | 82,483 | |||||||||||||||||||||||||||||||
Manufacturing | 84,423 | 77,203 | |||||||||||||||||||||||||||||||
Construction | 67,428 | 55,385 | |||||||||||||||||||||||||||||||
Wholesale | 57,045 | 54,218 | |||||||||||||||||||||||||||||||
Finance | 45,290 | 59,791 | |||||||||||||||||||||||||||||||
Healthcare | 39,904 | 41,857 | |||||||||||||||||||||||||||||||
Professional Services | 45,349 | 44,714 | |||||||||||||||||||||||||||||||
Restaurant/Food Service | 35,996 | 24,105 | |||||||||||||||||||||||||||||||
Retail | 24,516 | 30,302 | |||||||||||||||||||||||||||||||
Other Services | 21,376 | 23,239 | |||||||||||||||||||||||||||||||
Administrative Management | 20,541 | 19,078 | |||||||||||||||||||||||||||||||
Information | 12,167 | 4,492 | |||||||||||||||||||||||||||||||
Transportation | 9,471 | 11,431 | |||||||||||||||||||||||||||||||
Entertainment | 6,018 | 8,132 | |||||||||||||||||||||||||||||||
Other | 11,535 | 5,830 | |||||||||||||||||||||||||||||||
Total | $ | 909,642 | $ | 854,885 | |||||||||||||||||||||||||||||
SBA Loans | |||||||||||||||||||||||||||||||||
As part of the acquisition of PC Bancorp, the Company acquired loans that were originated under the guidelines of the Small Business Administration (“SBA”) program. Furthermore, the Company continues to originate SBA loans. The total portfolio of the SBA contractual loan balances being serviced by the Company at September 30, 2013 was $112 million, of which $73 million has been sold. Of the $39 million remaining on the Company’s books, $24 million is un-guaranteed and $15 million is guaranteed by the SBA. | |||||||||||||||||||||||||||||||||
For SBA guaranteed loans, a secondary market exists to purchase the guaranteed portion of these loans with the Company continuing to “service” the entire loan. The secondary market for guaranteed loans is comprised of investors seeking long term assets with yields that adapt to the prevailing interest rates. These investors are typically financial institutions, insurance companies, pension funds, unions and other types of investors specializing in the acquisition of this product. When a decision to sell the guaranteed portion of an SBA loan is made by the Company, bids are solicited from secondary market investors and the loan is normally sold to the highest bidder. | |||||||||||||||||||||||||||||||||
While there were no loans classified as held for sale at September 30, 2013, the Company has originated approximately $5.8 million in commercial and industrial SBA loans, of which $4.3 million is guaranteed by the SBA. The Company does not currently plan on selling these loans, but it may choose to do so in the future. The Company sold approximately $5.1 million of the guaranteed portion of its SBA loans during the nine months ended September 30, 2013 and recorded a net gain on sale of $673,000. | |||||||||||||||||||||||||||||||||
Allowance for Loan Loss | |||||||||||||||||||||||||||||||||
The following table is a summary of the activity for the allowance for loan loss for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Allowance for loan loss at beginning of period | $ | 9,412 | $ | 7,329 | $ | 8,803 | $ | 7,495 | |||||||||||||||||||||||||
Provision for loan losses | 631 | 521 | 1,918 | 901 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (786 | ) | (97 | ) | (1,523 | ) | (686 | ) | |||||||||||||||||||||||||
Recoveries | 781 | 53 | 840 | 96 | |||||||||||||||||||||||||||||
Net (charge-offs) | (5 | ) | (44 | ) | (683 | ) | (590 | ) | |||||||||||||||||||||||||
Allowance for loan loss at end of period | $ | 10,038 | $ | 7,806 | $ | 10,038 | $ | 7,806 | |||||||||||||||||||||||||
Net (charge-offs) to average loans | 0 | % | (0.01 | )% | (0.08 | )% | (0.11 | )% | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Allowance for loan loss to total loans | 1.1 | % | 1.03 | % | |||||||||||||||||||||||||||||
Allowance for loan loss to total loans accounted for at historical cost, which excludes loan balances and the related allowance for loans acquired through acquisition | 1.5 | % | 1.54 | % | |||||||||||||||||||||||||||||
The following tables present, by portfolio segment, the changes in the allowance for loan loss and the recorded investment in loans as of the dates and for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and Other | |||||||||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,659 | $ | 2,360 | $ | 2,351 | $ | 42 | $ | 9,412 | |||||||||||||||||||||||
Provision for loan losses | 1,103 | (1,095 | ) | 596 | 27 | 631 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (786 | ) | 0 | (0 | ) | (0 | ) | (786 | ) | ||||||||||||||||||||||||
Recoveries | 11 | 763 | 6 | 1 | 781 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (775 | ) | 763 | 6 | 1 | (5 | ) | ||||||||||||||||||||||||||
Ending balance | $ | 4,987 | $ | 2,028 | $ | 2,953 | $ | 70 | $ | 10,038 | |||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,161 | $ | 663 | $ | 2,265 | $ | 240 | $ | 7,329 | |||||||||||||||||||||||
Provision for loan losses | (11 | ) | 101 | 444 | (13 | ) | 521 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (0 | ) | (0 | ) | (97 | ) | (0 | ) | (97 | ) | |||||||||||||||||||||||
Recoveries | 14 | 0 | 37 | 2 | 53 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 14 | 0 | (60 | ) | 2 | (44 | ) | ||||||||||||||||||||||||||
Ending balance | $ | 4,164 | $ | 764 | $ | 2,649 | $ | 229 | $ | 7,806 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and Other | |||||||||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,572 | $ | 2,035 | $ | 2,084 | $ | 112 | $ | 8,803 | |||||||||||||||||||||||
Provision for loan losses | 1,754 | (770 | ) | 974 | (40 | ) | 1,918 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (1,398 | ) | (0 | ) | (116 | ) | (8 | ) | (1,523 | ) | |||||||||||||||||||||||
Recoveries | 59 | 763 | 11 | 6 | 840 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (1,339 | ) | 763 | (105 | ) | (2 | ) | (683 | ) | ||||||||||||||||||||||||
Ending balance | $ | 4,987 | $ | 2,028 | $ | 2,953 | $ | 70 | $ | 10,038 | |||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,541 | $ | 752 | $ | 2,911 | $ | 291 | $ | 7,495 | |||||||||||||||||||||||
Provision for loan losses | 1,015 | 12 | (66 | ) | (60 | ) | 901 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (443 | ) | 0 | (233 | ) | (10 | ) | (686 | ) | ||||||||||||||||||||||||
Recoveries | 51 | 0 | 37 | 8 | 96 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (392 | ) | 0 | (197 | ) | (2 | ) | (590 | ) | ||||||||||||||||||||||||
Ending balance | $ | 4,164 | $ | 764 | $ | 2,649 | $ | 229 | $ | 7,806 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and Other | |||||||||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for Loan Loss – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6 | $ | 0 | $ | 0 | $ | 0 | $ | 6 | |||||||||||||||||||||||
Collectively evaluated for impairment | 4,971 | 2,028 | 2,953 | 70 | 10,022 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 10 | 0 | 0 | 0 | 10 | ||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 4,987 | $ | 2,028 | $ | 2,953 | $ | 70 | $ | 10,038 | |||||||||||||||||||||||
Loans receivable – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,094 | $ | 0 | $ | 6,022 | $ | 0 | $ | 9,116 | |||||||||||||||||||||||
Collectively evaluated for impairment | 292,059 | 52,720 | 536,958 | 14,377 | 896,114 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,076 | 0 | 3,336 | 0 | 4,412 | ||||||||||||||||||||||||||||
Total Loans Receivable | $ | 296,229 | $ | 52,720 | $ | 546,316 | $ | 14,377 | $ | 909,642 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Allowance for Loan Loss – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11 | $ | 0 | $ | 0 | $ | 0 | $ | 11 | |||||||||||||||||||||||
Collectively evaluated for impairment | 4,552 | 2,035 | 2,084 | 112 | 8,783 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 9 | 0 | 0 | 0 | 9 | ||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 4,572 | $ | 2,035 | $ | 2,084 | $ | 112 | $ | 8,803 | |||||||||||||||||||||||
Loans receivable – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 885 | $ | 1,200 | $ | 3,499 | $ | 0 | $ | 5,584 | |||||||||||||||||||||||
Collectively evaluated for impairment | 260,982 | 47,328 | 512,312 | $ | 21,775 | 842,397 | |||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 770 | 0 | 6,130 | $ | 4 | 6,904 | |||||||||||||||||||||||||||
Total Loans Receivable | $ | 262,637 | $ | 48,528 | $ | 521,941 | $ | 21,779 | $ | 854,885 | |||||||||||||||||||||||
Credit Quality of Loans | |||||||||||||||||||||||||||||||||
The Company utilizes an internal loan classification system as a means of reporting problem and potential problem loans. Under the Company’s loan risk rating system, loans are classified as “Pass,” with problem and potential problem loans as “Special Mention,” “Substandard” “Doubtful” and “Loss”. Individual loan risk ratings are updated continuously or at any time the situation warrants. In addition, management regularly reviews problem loans to determine whether any loan requires a classification change, in accordance with the Company’s policy and applicable regulations. The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The internal loan classification risk grading system is based on experiences with similarly graded loans. | |||||||||||||||||||||||||||||||||
The Company’s internally assigned grades are as follows: | |||||||||||||||||||||||||||||||||
• | Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Loans not meeting the criteria of special mention, substandard, doubtful or loss that have been analyzed individually as part of the above described process are considered to be pass-rated loans. | ||||||||||||||||||||||||||||||||
• | Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected. Special Mention loans do not currently expose the Company to sufficient risk to warrant classification as a Substandard, Doubtful or Loss classification, but possess weaknesses that deserve management’s close attention. | ||||||||||||||||||||||||||||||||
• | Substandard – loans that have a well-defined weakness based on objective evidence and can be characterized by the distinct possibility that the Company 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 present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. | ||||||||||||||||||||||||||||||||
• | Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset is not warranted. | ||||||||||||||||||||||||||||||||
The following tables present the risk category of loans by class of loans based on the most recent internal loan classification as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and | |||||||||||||||||||||||||||||||
Development | Other Real | ||||||||||||||||||||||||||||||||
and Other | Estate | ||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Pass | $ | 285,687 | $ | 52,720 | $ | 521,526 | $ | 14,374 | $ | 874,307 | |||||||||||||||||||||||
Special Mention | 1,683 | 0 | 2,999 | 0 | 4,682 | ||||||||||||||||||||||||||||
Substandard | 8,859 | 0 | 21,791 | 3 | 30,652 | ||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 296,229 | $ | 52,720 | $ | 546,316 | $ | 14,377 | $ | 909,642 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Pass | $ | 250,624 | $ | 47,328 | $ | 493,768 | $ | 21,655 | $ | 813,375 | |||||||||||||||||||||||
Special Mention | 4,602 | 0 | 5,300 | 0 | 9,902 | ||||||||||||||||||||||||||||
Substandard | 7,411 | 1,200 | 22,873 | 119 | 31,603 | ||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 5 | 5 | ||||||||||||||||||||||||||||
Total | $ | 262,637 | $ | 48,528 | $ | 521,941 | $ | 21,779 | $ | 854,885 | |||||||||||||||||||||||
Age Analysis of Past Due and Non-Accrual Loans | |||||||||||||||||||||||||||||||||
The following tables present an aging analysis of the recorded investment of past due loans and non-accrual loans as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Total | Current | Total Loans | |||||||||||||||||||||||||||
Days | Days | than | Past Due | Non | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | and | Accrual | |||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 244 | $ | 0 | $ | 0 | $ | 244 | $ | 4,166 | $ | 291,819 | $ | 296,229 | |||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 0 | 52,720 | 52,720 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | 249 | 0 | 0 | 249 | 8,278 | 537,789 | 546,316 | ||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 14,377 | 14,377 | ||||||||||||||||||||||||||
Total | $ | 493 | $ | 0 | $ | 0 | $ | 493 | $ | 12,444 | $ | 896,705 | $ | 909,642 | |||||||||||||||||||
31-60 | 61-90 | Greater | Total | Total | Current | Total Loans | |||||||||||||||||||||||||||
Days | Days | than | Past Due | Non | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | and | Accrual | |||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,025 | $ | 0 | $ | 0 | $ | 1,025 | $ | 1,583 | $ | 260,029 | $ | 262,637 | |||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 1,200 | 47,328 | 48,528 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | 2,884 | 0 | 0 | 2,884 | 7,742 | 511,315 | 521,941 | ||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 5 | 21,774 | 21,779 | ||||||||||||||||||||||||||
Total | $ | 3,909 | $ | 0 | $ | 0 | $ | 3,909 | $ | 10,530 | $ | 840,446 | $ | 854,885 | |||||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||||||||||
The Company’s loan portfolio contains certain loans that have been modified in a Troubled Debt Restructuring (“TDR”), where economic concessions have been granted to borrowers experiencing financial difficulties. Loans are restructured in an effort to maximize collections. Economic concessions can include: reductions to the interest rate, payment extensions, forgiveness of principal or other actions. | |||||||||||||||||||||||||||||||||
The modification process includes evaluation of impairment based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the loan collateral. In these cases, management uses the current fair value of the collateral, less selling costs, to evaluate the loan for impairment. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs and unamortized premium or discount), impairment is recognized through a specific allowance or a charge-off. | |||||||||||||||||||||||||||||||||
Impairment analyses are performed on troubled debt restructured loans in conjunction with the normal allowance for loan loss process. | |||||||||||||||||||||||||||||||||
The following tables include the recorded investment and unpaid principal balances for TDR loans for the dates and periods indicated (dollars in thousands). This table includes one commercial and industrial TDR loan that was returned to accrual status during the second quarter of 2013. This accruing TDR loan has a recorded investment of $54,911 and unpaid principal of $54,734 as of September 30, 2013. Also included in this table are two commercial and industrial TDR loans that were purchased credit impaired (“PCI”). These two TDR PCI loans had a recorded investment of $94,251 and unpaid principal balances of $155,034 as of September 30, 2013. | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Interest Income | |||||||||||||||||||||||||||||||
Investment | Principal | Recognized | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
Period ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 602 | $ | 900 | $ | 1 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Commercial and Other Real Estate | 2,204 | 2,785 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 2,806 | $ | 3,685 | $ | 1 | |||||||||||||||||||||||||||
Recorded | Unpaid | Interest Income | |||||||||||||||||||||||||||||||
Investment | Principal | Recognized | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 314 | $ | 626 | $ | 5 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 1,200 | 2,791 | 0 | ||||||||||||||||||||||||||||||
Commercial and Other Real Estate | 4,193 | 4,874 | 32 | ||||||||||||||||||||||||||||||
Total | $ | 5,707 | $ | 8,291 | $ | 37 | |||||||||||||||||||||||||||
The following table shows the pre- and post-modification recorded investment in TDR loans by type of modification and loan segment that have occurred during the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||
of Loans | Modification | Modification | of Loans | Modification | Modification | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Reduced Interest Rate: | |||||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Lengthened Amortization: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 0 | 0 | 0 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Subtotal – Lengthened Amortization | 0 | 0 | 0 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Total | 0 | $ | 0 | $ | 0 | 1 | $ | 60 | $ | 60 | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||
of Loans | Modification | Modification | of Loans | Modification | Modification | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Reduced Interest Rate: | |||||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Lengthened Amortization: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | 310 | 310 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Subtotal – Lengthened Amortization | 0 | 310 | 310 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Total | 1 | $ | 310 | $ | 310 | 1 | $ | 60 | $ | 60 | |||||||||||||||||||||||
There was no financial impact for specific reserves or from charge-offs for the modified loans included in the table above. | |||||||||||||||||||||||||||||||||
The Company has restructured one new TDR loan during the nine months ended September 30, 2013. In January 2013, the Company extended interest only payments on a commercial and industrial SBA 7a loan with a pre and post modification recorded investment of $310,000. This borrower also received a second modification in May 2013, after having difficulty making payments according to the terms of the January modification. | |||||||||||||||||||||||||||||||||
In May 2013, an accruing TDR loan with a recorded investment of approximately $66,000 was placed on non-accrual status after the borrower filed Chapter 7 bankruptcy. | |||||||||||||||||||||||||||||||||
Aside from the two loans described above, there have been no other payment defaults in 2013, subsequent to modification on troubled debt restructured loans modified within the last twelve months. | |||||||||||||||||||||||||||||||||
Loans are restructured in an effort to maximize collections. Impairment analyses are performed on the Company’s troubled debt restructured loans in conjunction with the normal allowance for loan loss process. The Company’s troubled debt restructured loans are analyzed to ensure adequate cash flow or collateral supports the outstanding loan balance. | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Impaired loans are evaluated by comparing the fair value of the collateral, if the loan is collateral dependent, and the present value of the expected future cash flows discounted at the loan’s effective interest rate, if the loan is not collateral dependent. The Company recognizes interest income from impaired loans on an accrual basis, unless the loan is on non-accrual status. There were no loans greater than 90 days past due and still accruing interest at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||||||
A valuation allowance is established for an impaired loan when the fair value of the loan is less than the recorded investment. In certain cases, portions of impaired loans are charged-off to realizable value instead of establishing a valuation allowance and are included, when applicable in the table above as “Impaired loans without specific valuation allowance.” The valuation allowance disclosed below is included in the allowance for loan loss reported in the consolidated balance sheets as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
The following tables present, by loan category, the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable, as of the dates and for the periods indicated (dollars in thousands). This table excludes purchased credit impaired loans (loans acquired with deteriorated credit quality) of $4.4 million and $6.9 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 2,944 | $ | 5,402 | $ | 0 | $ | 677 | $ | 1,490 | $ | 0 | |||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 1,201 | 2,791 | 0 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 6,022 | 8,933 | 0 | 3,498 | 4,331 | 0 | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 150 | 405 | 6 | 208 | 463 | 11 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 3,094 | 5,807 | 6 | 885 | 1,953 | 11 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 1,201 | 2,791 | 0 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 6,022 | 8,933 | 0 | 3,498 | 4,331 | 0 | |||||||||||||||||||||||||||
Total | $ | 9,116 | $ | 14,740 | $ | 6 | $ | 5,584 | $ | 9,075 | $ | 11 | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 2,235 | $ | 0 | $ | 1,200 | $ | 0 | $ | 1,528 | $ | 0 | $ | 833 | $ | 0 | |||||||||||||||||
Construction, Land Development and Other Land | 1,159 | 0 | 1,228 | 0 | 1,172 | 0 | 1,249 | 0 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 4,044 | 0 | 317 | 0 | 3,613 | 0 | 859 | 0 | |||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 150 | 0 | 200 | 0 | 150 | 0 | 200 | 0 | |||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | 710 | 0 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 2,385 | 0 | 1,400 | 0 | 1,678 | 0 | 1,033 | 0 | |||||||||||||||||||||||||
Construction, Land Development and Other Land | 1,159 | 0 | 1,228 | 0 | 1,172 | 0 | 1,249 | 0 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 4,044 | 0 | 317 | 0 | 3,613 | 0 | 859 | 0 | |||||||||||||||||||||||||
Total | $ | 7,588 | $ | 0 | $ | 2,945 | $ | 0 | $ | 6,462 | $ | 0 | $ | 3,141 | $ | 0 | |||||||||||||||||
The following is a summary of additional information pertaining to impaired loans for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Interest foregone on impaired loans | $ | 264 | $ | 73 | $ | 495 | $ | 233 | |||||||||||||||||||||||||
Cash collections applied to reduce principal balance | $ | 1,885 | $ | 21 | $ | 2,037 | $ | 64 | |||||||||||||||||||||||||
Interest income recognized on cash collections | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Loans Acquired Through Acquisition | |||||||||||||||||||||||||||||||||
The following table reflects the accretable net discount for loans acquired through acquisition accounted for under ASC 310 “Receivables” for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10.13 | $ | 1,832 | $ | 12,189 | $ | 2,585 | |||||||||||||||||||||||||
Accretion, included in interest income | (967 | ) | (801 | ) | (3,050 | ) | (1,554 | ) | |||||||||||||||||||||||||
Additions due to acquisition | 0 | 12,315 | 0 | 12,315 | |||||||||||||||||||||||||||||
Sold acquired loans | 0 | 284 | 0 | 284 | |||||||||||||||||||||||||||||
Reclassifications (to) from non-accretable yield | (547 | ) | 201 | (523 | ) | 201 | |||||||||||||||||||||||||||
Balance, end of period | $ | 8,616 | $ | 13,831 | $ | 8,616 | $ | 13,831 | |||||||||||||||||||||||||
The above table reflects the fair value adjustment on the loans acquired from mergers that will be amortized to loan interest income based on the effective yield method over the remaining life of the loans. These amounts do not include the fair value adjustments on the purchased credit impaired loans acquired from mergers. | |||||||||||||||||||||||||||||||||
Purchased Credit Impaired (“PCI”) Loans | |||||||||||||||||||||||||||||||||
We evaluated loans acquired through acquisition in accordance with guidance in ASC 310-30 related to loans acquired with deteriorated credit quality. Acquired loans are considered credit-impaired if there is evidence of deterioration of credit quality since origination and it is probable, at the acquisition date, that we will be unable to collect all contractually required amounts. | |||||||||||||||||||||||||||||||||
When the timing and/or amounts of expected cash flows on such loans are not reasonably estimable, no interest is accreted and the loan is reported as a non-accrual loan; otherwise, if the timing and amounts of expected cash flows for purchased credit-impaired loans are reasonably estimable, then interest is accreted and the loans are reported as accruing loans. | |||||||||||||||||||||||||||||||||
The non-accretable difference represents the difference between the undiscounted contractual cash flows and the undiscounted expected cash flows, and also reflects the estimated credit losses in the acquired loan portfolio at the acquisition date and can fluctuate due to changes in expected cash flows during the life of the PCI loans. | |||||||||||||||||||||||||||||||||
The following table reflects the outstanding balance and related carrying value of PCI loans as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Unpaid Principal | Carrying | Unpaid Principal | Carrying | ||||||||||||||||||||||||||||||
Balance | Value | Balance | Value | ||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,390 | $ | 1,076 | $ | 1,221 | $ | 770 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 4,982 | 3,336 | 9,424 | 6,130 | |||||||||||||||||||||||||||||
Other | 0 | 0 | 73 | 4 | |||||||||||||||||||||||||||||
Total | $ | 6,372 | $ | 4,412 | $ | 10,718 | $ | 6,904 | |||||||||||||||||||||||||
The following table reflects the activities in the accretable net discount for PCI loans for the period indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 428 | $ | 0 | $ | 9 | $ | 0 | |||||||||||||||||||||||||
Accretion, included in interest income | (17 | ) | (0 | ) | (17 | ) | (0 | ) | |||||||||||||||||||||||||
Reclassifications (to) from non-accretable yield | 0 | 0 | 419 | 0 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 411 | $ | 0 | $ | 411 | $ | 0 | |||||||||||||||||||||||||
Borrowings_and_Subordinated_De
Borrowings and Subordinated Debentures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Brokers And Dealers [Abstract] | ' | ||||||||||||||||
Borrowings and Subordinated Debentures | ' | ||||||||||||||||
Note 7—Borrowings and Subordinated Debentures | |||||||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||||||
The Company enters into certain transactions, the legal form of which are sales of securities under agreements to repurchase (“Repos”) at a later date at a set price. Securities sold under agreements to repurchase generally mature within 1 day to 180 days from the issue date and are routinely renewed. | |||||||||||||||||
As discussed in Note 5 – Investment Securities, the Company has pledged certain investments as collateral for these agreements. Securities with a fair value of $16.6 million and $23.3 million were pledged to secure the Repos at September 30, 2013 and December 31, 2012, respectively. The Company segregates both the principal and accrued interest on these securities with the Company’s third party safekeeping custodians. All principal and interest payments on the investment securities that are pledged as collateral on the Repo program are received directly by the safekeeping custodian. | |||||||||||||||||
The tables below describe the terms and maturity of the Company’s Repos as of the dates indicated (dollars in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||
Term | |||||||||||||||||
5-Aug-13 | $ | 925 | 0.13% | 60 days | October 4, 2013 | ||||||||||||
30-Sep-13 | 15,118 | 0.10% – 0.40% | 1 day | 1-Oct-13 | |||||||||||||
Total | $ | 16,043 | 0.30% | ||||||||||||||
December 31, 2012 | |||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||
Term | |||||||||||||||||
5-Nov-12 | $ | 1,020 | 0.15% | 91 days | February 4, 2013 | ||||||||||||
31-Dec-12 | 21,837 | 0.10% – 0.40% | 1 day | 2-Jan-13 | |||||||||||||
Total | $ | 22,857 | 0.21% | ||||||||||||||
Federal Home Loan Bank Borrowings | |||||||||||||||||
As of September 30, 2013, the Company had no outstanding advances (borrowings) from the Federal Home Loan Bank “FHLB”. | |||||||||||||||||
The Company’s credit facility with the FHLB is $319 million, which represents approximately 25% of the Bank’s total assets, as reported by the Bank in its June 30, 2013 FFIEC Call Report. | |||||||||||||||||
As of September 30, 2013, the Company had $841million of loan collateral pledged with the FHLB which provides $292 million in borrowing capacity. The Company is required to purchase FHLB common stock to support its FHLB advances. Under the FHLB Act, the FHLB has a statutory lien on the FHLB capital stock that the Company owns and the FHLB capital stock serves as further collateral under the borrowing line. At September 30, 2013 and December 31, 2012, the Company had $4.7 million and $4.9 million of FHLB common stock. The current value of the FHLB common stock of $4.7 million would support FHLB advances up to $101 million. Any advances from the FHLB in excess of $101 million would require additional purchases of FHLB common stock. The FHLB has historically repurchased all of its excess capital stock from each bank where the level of capital stock is in excess of that bank’s current average borrowings. The FHLB repurchased $150,300 and $187,000 of the Company’s FHLB capital stock during the nine months ending September 30, 2013 and twelve months ending December 31, 2012, respectively. | |||||||||||||||||
Subordinated Debentures | |||||||||||||||||
The following table summarizes the terms of each issuance of the subordinated debentures outstanding as of September 30, 2013: | |||||||||||||||||
Series | Amount | Issuance | Maturity | Rate Index | Current | Next Reset | |||||||||||
(in thousands) | Date | Date | Rate | Date | |||||||||||||
Trust I | $ | 6,186 | 12/10/04 | 3/15/35 | 3 month LIBOR + 2.05% | 2.3 | % | 12/16/13 | |||||||||
Trust II | 3,093 | 12/23/05 | 3/15/36 | 3 month LIBOR + 1.75% | 2 | % | 12/16/13 | ||||||||||
Trust III | 3,093 | 6/30/06 | 9/15/36 | 3 month LIBOR + 1.85% | 2.1 | % | 12/16/13 | ||||||||||
Subtotal | 12,372 | ||||||||||||||||
Fair value adjustment | (3,033 | ) | |||||||||||||||
Total | $ | 9,339 | |||||||||||||||
The Company had an aggregate outstanding balance of $12.4 million in subordinated debentures at September 30, 2013. These subordinated debentures were acquired as part of the PC Bancorp merger and were issued to trusts originally established by PC Bancorp, which in turn issued trust preferred securities. | |||||||||||||||||
These subordinated debentures were issued in three separate series. Each issuance had a maturity of 30 years from their approximate date of issue. All three subordinated debentures are variable rate instruments that reprice quarterly based on the three month LIBOR plus a margin (see tables above). All three subordinated debentures had their interest rates reset in September of 2013 and are set to reprice again in December 2013 at the current three month LIBOR plus their index, and will continue to reprice quarterly through their maturity date. Trust I, Trust II and Trust III are currently callable at par with no prepayment penalties | |||||||||||||||||
The Company currently includes in Tier 1 capital an amount of subordinated debentures equal to no more than 25% of the sum of all core capital elements, which is generally defined as shareholders’ equity less goodwill, core deposit intangibles and a portion of the SBA servicing assets. The Company’s existing subordinated debentures were grandfathered as Tier 1 capital under the Dodd-Frank Wall Street Reform and Consumer Protection Act. On July 2, 2013, the Board of Governors of the Federal Reserve System (“Federal Reserve”) approved a final rule (the “Final Rule”) that revises the current capital rules for U.S. banking organizations including the capital rules for the Company. The FDIC adopted the rule as an “interim final rule” on July 9, 2013. The Final Rule implements the regulatory capital reforms recommended by the Basel Committee. The Final Rule permanently grandfathers non-qualifying capital instruments (such as trust preferred securities and cumulative perpetual preferred stock) issued before May 19, 2010 for inclusion in the Tier 1 capital of banking organizations with total consolidated assets less than $15 billion as of December 31, 2009 such as the Company. As a result the Company’s trust preferred securities will continue to be included in Tier 1 capital. | |||||||||||||||||
Interest payments made by the Company on subordinated debentures are considered dividend payments under FRB regulations. Notification to the FRB is required prior to the Company declaring and paying a dividend during any period in which the Company’s quarterly net earnings are insufficient to fund the dividend amount. This notification requirement is included in regulatory guidance regarding safety and soundness surrounding capital and includes other non-financial measures such as asset quality, financial condition, capital adequacy, liquidity, future earnings projections, capital planning and credit concentrations. Should the FRB object to the dividend payments, the Company would be precluded from paying interest on the subordinated debentures after giving notice within 15 days before the payment date. Payments would not commence until approval is received or the Company no longer needs to provide notice under applicable guidance. The Company has the right, assuming no default has occurred, to defer payments of interest on the subordinated debentures at any time for a period not to exceed 20 consecutive quarters. The Company has not deferred any interest payments. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 8—Other Comprehensive Income (Loss) | |||||||||||||
The following table presents the changes in accumulated other comprehensive income (loss) by component for the periods indicated (dollars in thousands): | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Three Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 996 | $ | 410 | $ | 586 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | 0 | 0 | 0 | ||||||||||
Net unrealized (losses) arising during the period | (905 | ) | (372 | ) | (533 | ) | |||||||
Net other comprehensive loss | (905 | ) | (372 | ) | (533 | ) | |||||||
Ending balance | $ | 91 | $ | 38 | $ | 53 | |||||||
Three Months Ended – September 30, 2012 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 1,705 | $ | 702 | $ | 1,003 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | 234 | 109 | 125 | ||||||||||
Net unrealized gains arising during the period | 340 | 127 | 213 | ||||||||||
Net other comprehensive income | 574 | 236 | 338 | ||||||||||
Ending balance | $ | 2,279 | $ | 938 | $ | 1,341 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Nine Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 2,369 | $ | 975 | $ | 1,394 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | (32 | ) | (13 | ) | (19 | ) | |||||||
Net unrealized (losses) arising during the period | (2,241 | ) | (922 | ) | (1,319 | ) | |||||||
Other comprehensive loss before reclassifications | (2,273 | ) | (935 | ) | (1,338 | ) | |||||||
Reclassification adjustment for gains realized in net income | (5 | ) | (2 | ) | (3 | ) | |||||||
Net other comprehensive loss | (2,278 | ) | (937 | ) | (1,341 | ) | |||||||
Ending balance | $ | 91 | $ | 38 | 53 | ||||||||
Nine Months Ended – September 30, 2012 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 1,534 | $ | 644 | $ | 890 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | 520 | 205 | 315 | ||||||||||
Net unrealized gains arising during the period | 225 | 89 | 136 | ||||||||||
Net other comprehensive income | 745 | 294 | 451 | ||||||||||
Ending balance | $ | 2,279 | $ | 938 | $ | 1,341 | |||||||
The table below presents the components of accumulated other comprehensive income as of the dates indicated (dollars in thousands): | |||||||||||||
Nine Months | Nine Months | ||||||||||||
Ended | Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Net unrealized gain on non other-than-temporarily impaired investment securities | $ | 91 | $ | 2,489 | |||||||||
Net unrealized gain (loss) on other-than-temporarily impaired investment securities | 0 | (210 | ) | ||||||||||
Total net unrealized gain on investment securities | 91 | 2,279 | |||||||||||
Tax expense | (38 | ) | (938 | ) | |||||||||
Total accumulated other comprehensive income | $ | 53 | $ | 1,341 | |||||||||
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Balance Sheet Offsetting | ' | ||||||||||||||||||||||||
Note 9—Balance Sheet Offsetting | |||||||||||||||||||||||||
Assets and liabilities relating to certain financial instruments, including derivatives, and securities sold under repurchase agreements (“Repos”), may be eligible for offset in the consolidated balance sheets as permitted under accounting guidance. The Company’s interest rate swap derivatives are subject to a master netting and offsetting arrangement under specific conditions as defined within a master agreement governing all interest rate swap contracts that the Company and the counterparty bank have entered into. In addition, the master agreement under which the interest rate contracts have been written require the pledging of assets by the Company based on certain risk thresholds. The Company has pledged as collateral, both a certificate of deposit and cash that is maintained in a due from bank account with the counterparty bank. The pledged collateral under the swap agreements are reported in the Company’s consolidated balance sheets unless the Company defaults under the master agreement. The Company currently does not net or offset the interest rate swap contracts in its consolidated balance sheets as reflected within the table below. | |||||||||||||||||||||||||
The Company’s securities sold under repurchase agreements represent transactions the Company has entered into with several individual deposit customers. These transactions represent the sale of securities on an overnight or on a term basis to our deposit customer under an agreement to repurchase the securities from the customer the next business day or at maturity. There is an individual contract for each customer with only one transaction per customer. There is no master agreement that provides for the netting arrangement or the offsetting of these individual transactions or for the netting of collateral positions. The Company does not net or offset the Repos in its consolidated balance sheets as reflected within the table below. | |||||||||||||||||||||||||
The table below presents the Company’s Repo securities that have no enforceable master netting arrangement and its derivative securities that could be offset in the consolidated financial statements due to an enforceable master netting arrangement (dollars in thousands): | |||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net Amount | |||||||||||||||||||||
Amounts | Amounts | Amounts of | Not Offset in the | (Collateral | |||||||||||||||||||||
Recognized | Offset in the | Assets | Consolidated Balance Sheets | over liability | |||||||||||||||||||||
in the | Consolidated | Presented | balance | ||||||||||||||||||||||
Consolidated | in the | ||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||
Balance | Balance | Balance | Financial | Collateral | required to | ||||||||||||||||||||
Sheets | Sheets | Sheets | Instruments | Pledged | be pledged) | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Total interest rate swap contracts fair value (see Note 14 – Derivative Financial Instruments) | $ | 4,375 | $ | 0 | $ | 4,375 | $ | 4,375 | $ | 4,642 | $ | 267 | |||||||||||||
Repurchase Agreements | 16,043 | 0 | 16,043 | 16,043 | 16,600 | 557 | |||||||||||||||||||
Total | $ | 20,418 | $ | 0 | $ | 20,418 | $ | 20,418 | $ | 21,242 | $ | 824 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Total interest rate swap contracts fair value (see Note 14 – Derivative Financial Instruments ) | $ | 6,038 | $ | 0 | $ | 6,038 | $ | 6,038 | $ | 6,406 | $ | 368 | |||||||||||||
Repurchase Agreements | 22,857 | 0 | 22,857 | 22,857 | 23,300 | 443 | |||||||||||||||||||
Total | $ | 28,895 | $ | 0 | $ | 28,895 | $ | 28,895 | $ | 29,706 | $ | 811 | |||||||||||||
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Options and Restricted Stock | ' | ||||||||||||||||
Note 10—Stock Options and Restricted Stock | |||||||||||||||||
Equity Compensation Plans | |||||||||||||||||
At September 30, 2013, the Company had one active stock-based employee and director compensation plan, the “2007 Equity and Incentive Plan”, and two terminated stock based compensation plans, the “2005 Plans”, which were terminated effective August 12, 2007, and replaced with the 2007 Equity and Incentive Plan. These plans are described more fully in Note 11—Stock Options and Restricted Stock in the Company’s Annual Report on Form 10K for the year ended December 31, 2012. The outstanding vested and unvested stock options and unvested restricted stock under the Equity and Incentive Plans listed above, were transferred and assumed by CU Bancorp in connection with the holding company reorganization, from options and restricted stock originally issued by California United Bank. | |||||||||||||||||
The Company’s “2007 Equity and Incentive Plan” allows the Company to issue stock options, restricted stock, restricted stock units and performance units. Certain options and share awards provide for accelerated vesting if there is a change in control as defined in the plans. | |||||||||||||||||
At September 30, 2013, future compensation expense related to non-vested stock option and restricted stock grants is reflected in the table below (dollars in thousands): | |||||||||||||||||
Future Stock Based Compensation | Stock | Restricted | Total | ||||||||||||||
Expense | Options | Stock | |||||||||||||||
Remainder of 2013 | $ | 4 | $ | 364 | $ | 368 | |||||||||||
2014 | 10 | 1,089 | 1,099 | ||||||||||||||
2015 | 2 | 422 | 424 | ||||||||||||||
2016 | 0 | 131 | 131 | ||||||||||||||
2017 | 0 | 18 | 18 | ||||||||||||||
Thereafter | 0 | 3 | 3 | ||||||||||||||
Total | $ | 16 | $ | 2,027 | $ | 2,043 | |||||||||||
The estimated fair value of all stock options granted in prior years has been calculated using the Black-Scholes option pricing model. The use of the Black-Scholes model requires the use of input parameters and assumptions used for estimating the fair value of stock options granted in 2010 and prior years. | |||||||||||||||||
There were no stock options granted during 2011, 2012, or during the first nine months of 2013. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes the share option activity under the plans as of the date and for the period indicated: | |||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic Value | |||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||
(in Years) | |||||||||||||||||
(thousands) | |||||||||||||||||
Outstanding stock options at December 31, 2012 | 734,896 | $ | 12.44 | 2.8 | $ | 966 | |||||||||||
Granted | 0 | ||||||||||||||||
Exercised | 49,611 | ||||||||||||||||
Forfeited | 625 | ||||||||||||||||
Expired | 16,500 | ||||||||||||||||
Outstanding stock options at September 30, 2013 | 668,160 | $ | 12.49 | 2.1 | $ | 4,132 | |||||||||||
Exercisable options at September 30, 2013 | 647,885 | $ | 12.5 | 2.1 | $ | 4,006 | |||||||||||
Unvested options at September 30, 2013 | 20,275 | $ | 12.01 | 2.9 | $ | 127 | |||||||||||
Outstanding, vested and expected to vest at September 30, 2013 | 668,160 | $ | 12.49 | 2.1 | $ | 4,132 | |||||||||||
Stock option compensation expense was $4,000 and $12,000 for the three month period ended September 30, 2013 and 2012, respectively, and $17,000 and $42,000, for the nine month period ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Subsequent to September 30, 2013 several executive officers of the Company exercised stock options as provided under recently adopted Rule 10b5-1 Sales Trading Plans as filed with the SEC on September 13, 2013. A total of 232,420 options were exercised, with a weighted average option price of $8.89 per shares, resulting in total proceeds to the Company of $2.3 million. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The weighted-average grant-date fair value per share in the table below is calculated by taking the number of shares of restricted stock issued divided by the total aggregate cost of the restricted shares issued. The aggregate cost of the restricted stock was calculated by multiplying the number of shares granted at each of the grant dates by the closing stock price of the Company’s common stock on the date of the grant. | |||||||||||||||||
The following table summarizes the restricted stock activity under the plans for the period indicated: | |||||||||||||||||
Number of Shares | Weighted-Average Grant- | ||||||||||||||||
Date Fair Value per Share | |||||||||||||||||
Restricted Stock: | |||||||||||||||||
Unvested, at December 31, 2012 | 290,550 | $ | 11.99 | ||||||||||||||
Granted | 73,050 | 16.72 | |||||||||||||||
Vested | 93,325 | 12.02 | |||||||||||||||
Cancelled and forfeited | 11,100 | 11.03 | |||||||||||||||
Unvested, at September 30, 2013 | 259,175 | $ | 13.36 | ||||||||||||||
Restricted stock compensation expense related to the restricted stock grants reflected in the table above was $236,000 and $260,000 for the three month period ended September 30, 2013 and 2012, respectively. Restricted stock compensation expense related to the restricted stock grants reflected in the table above was $699,000 and $715,000 for the nine month period ended September 30, 2013 and 2012, respectively. Restricted stock awards reflected in the table above are valued at the closing stock price on the date of grant and are expensed to stock based compensation expense over the period for which the related service is performed. During the nine months ending September 30, 2013, the Company issued 73,050 shares of restricted stock to Company employees. |
Common_Stock
Common Stock | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Common Stock | ' |
Note 11—Common Stock | |
As part of the merger with PC Bancorp, the Company initially issued 3,721,382 shares of common stock on July 31, 2012 to the shareholders of PC Bancorp. | |
During the nine months ending September 30, 2013, and the twelve months ending December 31, 2012 the Company issued 73,050 and 117,300 shares, respectively, of restricted stock to Company employees and directors. In addition, the Company issued 49,611shares and 0 shares of stock from the exercise of employee stock options for the nine months ending September 30, 2013 and for the twelve months ending December 31, 2012, respectively. The Company cancelled 11,100 and 7,500 shares of unvested restricted stock during the nine months of 2013, and for the full year of 2012 respectively, related to employee turnover. In addition the Company retired 29,863 shares of restricted stock at various vesting dates, when the employee elected to pay their tax obligation via the repurchase of the stock by the Company. Net issuance of stock for the nine months of 2013 and for the twelve months of 2012 was 81,298 shares and 109,800 shares, respectively. See Note 10 – Stock Options and Restricted Stock for a more detailed analysis related to the issuances of these shares. | |
The Company has a program that allows employees to make an election to have a portion of their restricted stock that became vested during the year, repurchased by the Company to provide funds to pay the employee’s tax obligation related to the vesting of the stock. During the nine months of 2013 and during the full year of 2012, a number of the Company’s employees elected to participate in this program. A total of 29,863 and 21,921 shares of employee unvested restricted stock were repurchased under this program for a total value of $422,000 and $228,000 during the nine months of 2013, and for the full year of 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12—Commitments and Contingencies | |
Litigation | |
From time to time the Company is a party to claims and legal proceedings arising in the ordinary course of business. The Company accrues for any probable loss contingencies that are estimable and discloses any possible losses in accordance with Accounting Standards Codification (“ASC”) 450, “Contingencies”. As of September 30, 2013, there were no legal proceedings against the Company the outcome of which are expected to have a material adverse impact on the Company’s financial position, results of operations or cash flows, as a whole. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Assets and Liabilities | ' | ||||||||||||||||||||||||
Note 13—Fair Value of Assets and Liabilities | |||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including both those financial assets and financial liabilities that are measured and reported at fair value on a recurring basis and a non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed below. | |||||||||||||||||||||||||
In accordance with accounting guidance, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are as follows: | |||||||||||||||||||||||||
• | Level 1 – Observable unadjusted quoted market prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date | ||||||||||||||||||||||||
• | Level 2 – Significant other observable market based inputs, other than Level 1 prices such as quoted prices for similar assets or liabilities or unobservable inputs that are corroborated by market data. This includes quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data, either directly or indirectly. This would include those financial instruments that are valued using models or other valuation methodologies where substantially all of the assumptions are observable in the marketplace, can be derived from observable market data or are supported by observable levels at which transactions are executed in the marketplace. | ||||||||||||||||||||||||
• | Level 3 – Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Assets measured utilizing level 3 are for positions that are not traded in active markets or are subject to transfer restrictions, and or where valuations are adjusted to reflect illiquidity and or non-transferability. These assumptions are not corroborated by market data. This is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are generally less readily observable from objective sources. Management uses a combination of reviews of the underlying financial statements, appraisals and management’s judgment regarding credit quality to determine the value of the financial asset or liability. | ||||||||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management maximizes the use of observable inputs and attempts to minimize the use of unobservable inputs when determining fair value measurements. The following is a description of both the general and specific valuation methodologies used for certain instruments measured at fair value, as well as the general classification of these instruments pursuant to the valuation hierarchy. | |||||||||||||||||||||||||
Investment Securities Available-for-Sale: The fair value of securities available-for-sale may be determined by obtaining quoted prices in active markets, when available, from nationally recognized securities exchanges (Level 1 inputs). If quoted market prices are not available, the fair value is determined by a matrix pricing, which is a mathematical technique widely used in the securities industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Debt securities’ pricing is generally obtained from one of the matrix pricing models developed from one of the three national pricing agencies. In cases where significant credit valuation adjustments are incorporated into the estimation of fair value, reported amounts are classified as Level 3 inputs. | |||||||||||||||||||||||||
Securities classified as available-for-sale are accounted for at their current fair value rather than amortized historical cost. Unrealized gains or losses are excluded from net income and reported as an amount net of taxes as a separate component of accumulated other comprehensive income included in shareholders’ equity. | |||||||||||||||||||||||||
The Company considers the inputs utilized to fair value the U.S. Agency and U.S. Sponsored Agency issued debt securities (callable and non-callable notes), mortgage backed securities guaranteed by those agencies, collateralized mortgage obligations issued by those agencies, corporate bond securities, and municipal securities within level 2 of the valuation hierarchy. Management bases the fair value for these investments primarily on third party price indications provided by independent pricing sources utilized by the Company’s bond accounting system to obtain market pricing on its individual securities. Vining Sparks, who provides the Company with its bond accounting system, utilizes pricing from three independent third party pricing sources for pricing of securities. These third party pricing sources utilize, quoted market prices or when quoted market prices are not available, then fair values are estimated using nationally recognized third-party vendor pricing models that would also be classified within the level 2 valuation hierarchy because the inputs are observable. However, the fair value reported may not be indicative of the amounts that could be realized in an actual market exchange. | |||||||||||||||||||||||||
The fair value of the Company’s U.S. Agency and U.S. Sponsored Agency callable and non-callable agency securities, mortgage backed securities guaranteed by those agencies, and collateralized mortgage obligations issued by those agencies, corporate bond securities, and municipal securities are calculated using an option adjusted spread model from one of the nationally recognized third-party pricing models. Depending on the assumptions used and the treasury yield curve and other interest rate assumptions, the fair value could vary significantly in the near term. | |||||||||||||||||||||||||
Loans: The fair value for loans is estimated by discounting the expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings for the same remaining maturities, adjusted for the allowance for loan loss. Loans are segregated by type such as commercial and industrial, commercial real estate, construction and other loans with similar credit characteristics and are further segmented into fixed and variable interest rate loan categories. Expected future cash flows are projected based on contractual cash flows, adjusted for estimated prepayments. | |||||||||||||||||||||||||
Impaired Loans: The fair value of impaired loans is determined based on an evaluation at the time the loan is originally identified as impaired, and periodically thereafter, at the lower of cost or fair value. Fair value on impaired loans is measured based on the value of the collateral securing these loans, if the loan is collateral dependent, or based on the discounted cash flows for non collateral dependent loans, and are classified at a level 3 in the fair value hierarchy. Collateral on collateral dependent loans may be real estate and/or business assets including equipment, inventory and/or accounts receivable and is determined based on appraisals performed by qualified licensed appraisers hired by the Company. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. For unsecured loans, the estimated future discounted cash flows of the business or borrower, are used in evaluating the fair value. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. | |||||||||||||||||||||||||
Interest Rate Swap Contracts: The fair value of the interest rate swap contracts are provided by an independent third party vendor that specializes in interest rate risk management and fair value analysis using a system that utilizes current market data to estimate cash flows of the interest rate swaps utilizing the future LIBOR yield curve through the maturity date of the interest rate swap contract. The forward LIBOR yield curve is the primary factor in the valuation of the interest rate swap contracts. Accordingly, the interest rate swap contracts are categorized as a level 2 valuation. | |||||||||||||||||||||||||
Other Real Estate Owned: The fair value of other real estate owned is generally based on real estate appraisals (unless more current market information is available) less estimated costs of sale. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||||||
SBA Servicing Asset: The Company acquired an SBA servicing asset with the PC Bancorp merger. This servicing asset was initially fair valued at the merger date based on an evaluation by a third party who specializes in fair value analysis. The fair value of this asset was based on the estimated discounted future cash flows utilizing market based discount rates and estimated prepayment speeds. The discount rate was based on the current U.S. Treasury yield curve, plus a spread for marketplace risk associated with these assets. Prepayment speeds were selected based on the historical prepayments of similar SBA pools. The prepayment speeds determine the timing of the cash flows. The SBA servicing asset is amortized over the estimated life of the loans based on an effective yield approach. In addition, the Company’s servicing asset is evaluated regularly for impairment by discounting the estimated future cash flows using market-based discount rates and prepayment speeds. If the calculated present value of the servicing asset declines below the Company’s current carrying value, the servicing asset is written down to its present value. Based on the Company’s methodology in its valuation of the SBA servicing asset, the current carrying value is estimated to approximate the fair value. The valuation inputs required in valuing the SBA servicing asset are considered to be level 3 inputs. | |||||||||||||||||||||||||
Non-Maturing Deposits: The fair values for non-maturing deposits (deposits with no contractual termination date), which include non-interest bearing demand deposits, interest bearing transaction accounts, money market deposits and savings accounts are equal to their carrying amounts, which represent the amounts payable on demand. Because the carrying value and fair value are by definition identical, and accordingly non-maturity deposits are categorized as a level 1 valuation, these balances are not listed in the following tables. | |||||||||||||||||||||||||
Maturing Deposits: The fair values of fixed maturity certificates of deposit (time deposits) are estimated using a discounted cash flow calculation that applies current market deposit interest rates to the Bank’s current certificate of deposit interest rates for similar term certificates. The rates being paid on certificates of deposit not acquired from PC Bancorp at September 30, 2013 and December 31, 2012, were generally identical to the market interest rates for comparable terms and thus both the carry amount and fair value are generally considered approximately identical as of the reporting dates. The deposits acquired from PC Bancorp were initially adjusted to their fair value at the date of acquisition. The interest rates used to calculate the fair value adjustments on the PCB certificates were considered to be the market rates at the date of acquisition. Maturing deposits are categorized as level 2 valuations. | |||||||||||||||||||||||||
Securities Sold under Agreements to Repurchase (“Repos”): The fair value of securities sold under agreements to repurchase is estimated based on the discounted value of future cash flows expected to be paid on the deposits. The carrying amounts of Repos with maturities of 90 days or less approximate their fair values. The fair value of Repos with maturities greater that 90 days is estimated based on the discounted value of the contractual future cash flows. Securities sold under agreements to repurchase are categorized as a level 1 valuation. | |||||||||||||||||||||||||
Subordinated Debentures: The fair value of the three variable rate subordinated debentures (“debentures”) is estimated using a discounted cash flow calculation that applies the three month LIBOR plus the margin index at September 30, 2013, to the cash flows from the debentures, based on the actual interest rate the debentures were accruing at September 30, 2013. Because all three of the debentures re-priced on September 17, 2013 based on the current three month LIBOR index rate plus the index margin at that date, and with relatively little to no change in the three month LIBOR index rate from the re-pricing date through September 30, 2013, the current face value of the debentures and their calculated market value are approximately equal. | |||||||||||||||||||||||||
Fair Value of Commitments: Loan commitments that are priced on an index plus a margin to a market rate of interest are reported at the carrying value of the loan commitment. Loan commitments on which the committed fixed interest rate is less than the current market rate were insignificant at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The following table summarizes the financial assets and financial liabilities measured at fair value on a recurring basis as of the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): | |||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
Carrying | Active Markets | Other | Unobservable | ||||||||||||||||||||||
Value | for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets (Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Financial Assets – September 30, 2013 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 102,779 | $ | 0 | $ | 102,779 | $ | 0 | |||||||||||||||||
Financial Liabilities – September 30, 2013 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 4,375 | $ | 0 | $ | 4,375 | $ | 0 | |||||||||||||||||
Financial Assets – December 31, 2012 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 118,153 | $ | 0 | $ | 115,243 | $ | 2,910 | |||||||||||||||||
Financial Liabilities – December 31, 2012 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 6,038 | $ | 0 | $ | 6,038 | $ | 0 | |||||||||||||||||
The investment securities that comprise the balances reflected in the “Significant Unobservable Inputs (Level 3)” as of December 31, 2012 include private issue CMO securities. These securities were sold during the first quarter of 2013 for a net gain of $4,600. | |||||||||||||||||||||||||
The private issue CMO securities were valued at December 31, 2012 utilizing pricing obtained from the national market pricing services that are utilized in the Company’s bond accounting system. Due to the price volatility associated with these securities, the Company had classified them as level 3. All of these securities were sold in the first quarter of 2013. The roll forward of these securities is listed in the table below. | |||||||||||||||||||||||||
The following table below presents a roll-forward of all assets and liabilities and additional information about the financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods presented (dollars in thousands): | |||||||||||||||||||||||||
Balance at | Included in | Included in | Purchases, | Transfers | Balance at | ||||||||||||||||||||
January 1, | Earnings | Other | Issuances, | into (out of) | September 30, | ||||||||||||||||||||
Comprehensive | (Sales) | Level 3 | |||||||||||||||||||||||
Income (Loss) | Settlements | ||||||||||||||||||||||||
Financial Assets – Measured at Fair Value using Level 3 – September 30, 2013 | |||||||||||||||||||||||||
Private Issue CMO Securities | $ | 2,910 | $ | (20 | ) | $ | 0 | $ | (2,890 | ) | $ | 0 | $ | 0 | |||||||||||
Total | $ | 2,910 | $ | (20 | ) | $ | 0 | $ | (2,890 | ) | $ | 0 | $ | 0 | |||||||||||
Financial Assets – Measured at Fair Value using Level 3 –September 30, 2012 | |||||||||||||||||||||||||
Private Issue CMO Securities | $ | 2,775 | $ | (76 | ) | $ | 520 | $ | (326 | ) | $ | 0 | $ | 2,893 | |||||||||||
U.S. Government Sponsored Agency CMO Securities | 2,379 | (1 | ) | 9 | (591 | ) | 0 | 1,796 | |||||||||||||||||
Total | $ | 5,154 | $ | (77 | ) | $ | 529 | $ | (917 | ) | $ | 0 | $ | 4,689 | |||||||||||
Assets Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||||||||||
The Company may be required periodically, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of or during the period. | |||||||||||||||||||||||||
The following table presents the balances of assets and liabilities measured at fair value on a non-recurring basis by caption and by level within the fair value hierarchy as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Carrying Value at | Quoted Prices | Significant Other | Significant | ||||||||||||||||||||||
end of period | in Active | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Financial Assets – September 30, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off | $ | 379 | $ | 0 | $ | 0 | $ | 379 | |||||||||||||||||
Other real estate owned | 3,112 | 0 | 0 | 3,112 | |||||||||||||||||||||
Total | $ | 3,491 | $ | 0 | $ | 0 | $ | 3,491 | |||||||||||||||||
Financial Assets – December 31, 2012 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs | $ | 2,056 | $ | 0 | $ | 0 | $ | 2,269 | |||||||||||||||||
Other real estate owned | 3,112 | 0 | 0 | 3,112 | |||||||||||||||||||||
Total | $ | 5,168 | $ | 0 | $ | 0 | $ | 5,381 | |||||||||||||||||
The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair Value at | Valuation Technique | Significant | Significant | ||||||||||||||||||||||
September 30, | Unobservable Inputs | Unobservable | |||||||||||||||||||||||
2013 | Input Values | ||||||||||||||||||||||||
Financial Assets – September 30, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off (2) | $ | 379 | Internal valuation of Accounts Receivable aging, net of credit loss estimate | Management assumption regarding collectability | $ | 419 | |||||||||||||||||||
Less estimated selling costs | (40 | ) | |||||||||||||||||||||||
Total—Collateral dependent impaired loans | $ | 379 | Net Valuation | $ | 379 | ||||||||||||||||||||
Other real estate owned | $ | 3,112 | Purchase and sale agreement (1) | Contract | $ | 3,190 | |||||||||||||||||||
Less estimated selling costs | (78 | ) | |||||||||||||||||||||||
Net Valuation | $ | 3,112 | |||||||||||||||||||||||
-1 | The Company has entered into a non-publicly disclosed purchase and sales agreement to sell this parcel of real estate to a private third party. The purchase price was a negotiated amount based on a number of both public and non-public economic factors. | ||||||||||||||||||||||||
-2 | The Company charged off $216,000 of the principal balance on this loan in the 3rd quarter of 2013. | ||||||||||||||||||||||||
Fair Value of Financial Asset and Liability Table | |||||||||||||||||||||||||
ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company could have realized in a current market exchange as of September 30, 2013 and December 31, 2012. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The description of the valuation methodologies used for assets and liabilities measured at fair value and for estimating fair value for financial instruments not recorded at fair value has been described above. | |||||||||||||||||||||||||
The table below presents the carrying amounts and fair values of financial instruments as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||
Assets or | (Level 2) | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 102,779 | $ | 102,779 | $ | 0 | $ | 102,779 | $ | 0 | |||||||||||||||
Loans, net | 899,604 | 902,938 | 0 | 0 | 902,938 | ||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 67,426 | 67,547 | 0 | 67,547 | 0 | ||||||||||||||||||||
Securities sold under agreements to repurchase | 16,043 | 16,043 | 0 | 16,043 | 0 | ||||||||||||||||||||
Subordinated debentures | 9,339 | 12,372 | 0 | 0 | 12,372 | ||||||||||||||||||||
Interest rate swap contracts | 4,375 | 4,375 | 0 | 4,375 | 0 | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 118,153 | $ | 118,153 | $ | 0 | $ | 115,243 | $ | 2,910 | |||||||||||||||
Loans, net | 846,082 | 848,146 | 0 | 0 | 848,146 | ||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 81,336 | 81,648 | 0 | 81,648 | 0 | ||||||||||||||||||||
Securities sold under agreements to repurchase | 22,857 | 22,857 | 0 | 22,857 | 0 | ||||||||||||||||||||
Subordinated debentures | 9,169 | 12,372 | 0 | 0 | 12,372 | ||||||||||||||||||||
Interest rate swap contracts | 6,038 | 6,038 | 0 | 6,038 | 0 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
Note 14—Derivative Financial Instruments | |||||||||||||||||
The Company acquired interest rate swap contracts (“swaps”) on July 31, 2012 as a result of the merger with PC Bancorp. The Company has incorporated these instruments into its asset liability program when monitoring its interest rate risk position. All of the interest rate swap contracts are with the same counterparty bank. | |||||||||||||||||
At September 30, 2013, the Company had twenty three pay-fixed, receive-variable interest rate contracts that were designed to convert fixed rate loans into variable rate loans. In addition, the Company had one pay-fixed, receive-variable interest rate swap contract at the holding company that was settled during the first quarter of 2013. Twenty one of the twenty three swap contracts are designated as interest rate hedges at September 30, 2013. The interest rate swap contracts function as economic hedges of the associated fixed rate loans. The outstanding swaps have maturities of up to 10 years. | |||||||||||||||||
Balance Sheet Classification of Derivative Financial Instruments | |||||||||||||||||
The notional amount and the location of the fair values of the asset and liability of the Company’s derivative instruments as of September 30, 2013 and December 31, 2012, are presented in the tables below (dollars in thousands): | |||||||||||||||||
Liability Derivatives | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair Value Hedges | |||||||||||||||||
Interest rate contacts notional amount | $32,191 | $35,990 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | $802 | $1,114 | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | 3,573 | 4,924 | |||||||||||||||
Total interest rate contracts fair value | $4,375 | $6,038 | |||||||||||||||
Balance sheet location | Accrued Interest Payable and Other Liabilities | Accrued Interest Payable and Other Liabilities | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||
The following table summarizes the effect of derivative financial instruments on the consolidated statements of income for the periods indicated (dollars in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 94 | $ | 252 | $ | 311 | $ | 252 | |||||||||
Payments (paid) on interest rate swap contracts on loans | (139 | ) | (277 | ) | (296 | ) | (277 | ) | |||||||||
Net increase (decrease) in other non-interest income | (45 | ) | (25 | ) | 15 | (25 | ) | ||||||||||
Interest rate swap contracts – subordinated debenture | |||||||||||||||||
Increase in fair value of interest rate swap contracts | 0 | 0 | 70 | 0 | |||||||||||||
Payments (paid) on interest rate swap contracts on subordinated debentures | 0 | (24 | ) | (70 | ) | (24 | ) | ||||||||||
Net (decrease) in other non-interest income | 0 | (24 | ) | 0 | (24 | ) | |||||||||||
Total net increase (decrease) in other non-interest income | $ | (45 | ) | $ | (44 | ) | $ | 15 | $ | (44 | ) | ||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 156 | $ | 0 | $ | 1,352 | $ | 0 | |||||||||
Increase (decrease) in fair value of hedged loans | 136 | 0 | (454 | ) | 0 | ||||||||||||
Payment (paid) on interest rate swap contracts on loans | (328 | ) | 0 | (961 | ) | 0 | |||||||||||
Net (decrease) in interest income on loans | $ | (36 | ) | $ | 0 | $ | (63 | ) | $ | 0 | |||||||
The total amount of interest paid on all interest rate swap contracts by the Company for the three and nine months ended September 30, 2013 was $467,000 and $1.3 million, respectively. The total change for the three and nine months ended September 30, 2013 in the fair value of the interest rate swap contracts was a decrease in the fair value liability balance of $250,000 and $1.7 million, respectively. The decline in the fair value of the interest rate swap contracts, (the recorded liability balance) for the nine months ended September 30, 2013 was the result of the decrease in the estimated net future cash flow payments expected to be made by the Company through the maturity date of the swap contracts. The decline in the estimated net cash flow payments was the result of a nine month decline in the remaining maturity on the swaps, and an increase in the LIBOR futures swap rates used in the cash flow calculations. Since the Company receives variable rate payments on the swap contracts, increases in the LIBOR futures swap rates reduces the net cash flow payments and liability balance of the swap contracts. The decline in the fair value of the swap liability for the three months ended September 30, 2013 was primarily a result of a three month decline in the remaining maturity on the swap contracts, with little change in the LIBOR futures swap rates between June 30, 2013 and September 30, 2013. | |||||||||||||||||
The interest rate swap contract originally associated with the subordinated debenture that was scheduled to mature in June 2013 was liquidated prior to maturity during the first quarter of 2013. The final payment associated with the liquidation of this swap agreement was completely offset by the liquidation of the fair value liability associated with the interest rate swap contract, resulting in no impact to non-interest income during the first quarter of 2013. | |||||||||||||||||
Under the interest rate swap contracts, the Company is required to pledge and maintain collateral for the credit support under these agreements. At September 30, 2013, the Company had a total of $4.6 million in pledged collateral with the interest rate swap counterparty bank. This included $4.3 million in a certificate of deposit and $301,000 in due from bank balances. |
Computation_of_Book_Value_and_1
Computation of Book Value and Tangible Book Value per Common Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Computation of Book Value and Tangible Book Value per Common Share | ' | ||||||||
The tables below present the computation of book value and tangible book value per common share as of the dates indicated (in thousands, except share data): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Total Shareholders’ Equity | $ | 132,114 | $ | 125,623 | |||||
Less: Goodwill and core deposit intangibles | 13,799 | 14,039 | |||||||
Tangible shareholders’ equity | $ | 118,315 | $ | 111,584 | |||||
Common shares issued and outstanding | 10,839,972 | 10,758,674 | |||||||
Book value per common share | $ | 12.19 | $ | 11.68 | |||||
Tangible book value per common share | $ | 10.91 | $ | 10.37 | |||||
Computation_of_Earnings_per_Co1
Computation of Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings per Common Share Computations | ' | ||||||||||||||||
The table below presents the basic and diluted earnings per common share computations for the periods indicated (dollars and shares in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Income (Loss) | $ | 2,477 | $ | (932 | ) | $ | 6,953 | $ | 99 | ||||||||
Basic weighted average common shares outstanding | 10,546 | 9,223 | 10,511 | 7,556 | |||||||||||||
Dilutive effect of potential common share issuances from stock options and restricted stock | 302 | 0 | 272 | 94 | |||||||||||||
Diluted weighted average common shares outstanding | 10,848 | 9,223 | 10,783 | 7,650 | |||||||||||||
Income (Loss) per common share | |||||||||||||||||
Basic | $ | 0.24 | $ | (0.10 | ) | $ | 0.66 | $ | 0.01 | ||||||||
Diluted | $ | 0.23 | $ | (0.10 | ) | $ | 0.65 | $ | 0.01 | ||||||||
Anti-dilutive shares not included in the calculation of diluted earnings per share | 142 | 262 | 184 | 251 | |||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Estimated Fair Values of Investment Securities | ' | ||||||||||||||||||||||||
The following tables present the amortized cost and estimated fair values of investment securities as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Gross Unrealized | |||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Net | Estimated Fair | |||||||||||||||||||||
Non-credit | Value | ||||||||||||||||||||||||
Gains on Other– | |||||||||||||||||||||||||
than- | |||||||||||||||||||||||||
temporarily | |||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
September 30, 2013 – Available-for-sale: | |||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency—Note Securities | $ | 7,205 | $ | 8 | $ | 5 | $ | 0 | $ | 7,208 | |||||||||||||||
U.S. Govt Agency—SBA Securities | 42,097 | 924 | 464 | 0 | 42,557 | ||||||||||||||||||||
U.S. Govt Agency—GNMA Mortgage-Backed Securities | 23,339 | 251 | 776 | 0 | 22,814 | ||||||||||||||||||||
U.S. Govt Sponsored Agency—CMO & Mortgage-Backed Securities | 16,189 | 383 | 390 | 0 | 16,182 | ||||||||||||||||||||
Corporate Securities | 9,204 | 180 | 0 | 0 | 9,384 | ||||||||||||||||||||
Municipal Securities | 4,654 | 1 | 21 | 0 | 4,634 | ||||||||||||||||||||
Total investment securities | $ | 102,688 | $ | 1,747 | $ | 1,656 | $ | 0 | $ | 102,779 | |||||||||||||||
December 31, 2012 – Available-for-sale: | |||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency—Note Securities | $ | 18,888 | $ | 24 | $ | 1 | $ | 0 | $ | 18,911 | |||||||||||||||
U.S. Govt Agency—SBA Securities | 42,308 | 703 | 32 | 0 | 42,979 | ||||||||||||||||||||
U.S. Govt Agency—GNMA Mortgage-Backed Securities | 22,237 | 728 | 5 | 0 | 22,960 | ||||||||||||||||||||
U.S. Govt Sponsored Agency—CMO & Mortgage-Backed Securities | 12,335 | 696 | 0 | 0 | 13,031 | ||||||||||||||||||||
Corporate Securities | 10,311 | 235 | 0 | 0 | 10,546 | ||||||||||||||||||||
Municipal Securities | 6,831 | 3 | 18 | 0 | 6,816 | ||||||||||||||||||||
Private Issue CMO Securities | 2,874 | 0 | 0 | 36 | 2,910 | ||||||||||||||||||||
Total investment securities | $ | 115,784 | $ | 2,389 | $ | 56 | $ | 36 | $ | 118,153 | |||||||||||||||
Investment Securities with Unrealized Losses that are considered to be Temporarily Impaired or Other than Temporarily Impaired | ' | ||||||||||||||||||||||||
Presented below are investment securities with unrealized losses that are considered to be temporarily-impaired or other-than-temporarily impaired. They are summarized and classified according to the duration of the loss period as of the dates indicated as follows (dollars in thousands): | |||||||||||||||||||||||||
< 12 Continuous Months | > 12 Continuous Months | Total | |||||||||||||||||||||||
Fair | Net | Fair | Net | Fair | Net | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt.—Agency and Sponsored Agency Note Securities | $ | 1,042 | $ | 5 | $ | 0 | $ | 0 | $ | 1,042 | $ | 5 | |||||||||||||
U.S. Govt. Agency SBA Securities | 7,050 | 463 | 567 | 1 | 7,617 | 464 | |||||||||||||||||||
U.S. Govt. Sponsored Agency CMO & Mortgage-Backed Securities | 21,259 | 1,166 | 0 | 0 | 21,259 | 1,166 | |||||||||||||||||||
Municipal Securities | 2,058 | 18 | 1,035 | 3 | 3,093 | 21 | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 31,409 | $ | 1,652 | $ | 1,602 | $ | 4 | $ | 33,011 | $ | 1,656 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt.—Agency and Sponsored Agency Note Securities | $ | 2,209 | $ | 1 | $ | 0 | $ | 0 | $ | 2,209 | $ | 1 | |||||||||||||
U.S. Govt. Agency SBA Securities | 5,124 | 32 | 0 | 0 | 5,124 | 32 | |||||||||||||||||||
U.S. Govt. Sponsored Agency CMO & Mortgage-Backed Securities | 2,126 | 5 | 0 | 0 | 2,126 | 5 | |||||||||||||||||||
Municipal Securities | 6,293 | 18 | 0 | 0 | 6,293 | 18 | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 15,752 | $ | 56 | $ | 0 | $ | 0 | $ | 15,752 | $ | 56 | |||||||||||||
Other-than-temporarily impaired available-for-sale investment securities: | |||||||||||||||||||||||||
Private Issue CMO Securities | 0 | 0 | 1,235 | 65 | 1,235 | 65 | |||||||||||||||||||
Total temporarily-impaired and other-than-temporarily impaired available-for-sale investment securities | $ | 15,752 | $ | 56 | $ | 1,235 | $ | 65 | $ | 16,987 | $ | 121 | |||||||||||||
Maturities Schedule of Securities | ' | ||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Maturities Schedule of Securities | Amortized Cost | Fair Value | Weighted | ||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Yield | |||||||||||||||||||||||||
Due through one year | $ | 23,530 | $ | 23,862 | 1.12 | % | |||||||||||||||||||
Due after one year through five years | 39,456 | 39,969 | 1.56 | % | |||||||||||||||||||||
Due after five years through ten years | 20,829 | 20,362 | 2.34 | % | |||||||||||||||||||||
Due after ten years | 18,873 | 18,586 | 2.63 | % | |||||||||||||||||||||
Total | $ | 102,688 | $ | 102,779 | 1.81 | % | |||||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Composition of Company's Loan Portfolio | ' | ||||||||||||||||||||||||||||||||
The following table presents the composition of the Company’s loan portfolio as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Commercial and Industrial Loans: | $ | 296,229 | $ | 262,637 | |||||||||||||||||||||||||||||
Loans Secured by Real Estate: | |||||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 52,720 | 48,528 | |||||||||||||||||||||||||||||||
Owner-Occupied Nonresidential Properties | 192,631 | 181,844 | |||||||||||||||||||||||||||||||
Other Nonresidential Properties | 262,395 | 246,450 | |||||||||||||||||||||||||||||||
1-4 Family Residential Properties | 63,852 | 62,037 | |||||||||||||||||||||||||||||||
Multifamily Residential Properties | 27,438 | 31,610 | |||||||||||||||||||||||||||||||
Total Commercial and Other Real Estate | 546,316 | 521,941 | |||||||||||||||||||||||||||||||
Other Loans: | 14,377 | 21,779 | |||||||||||||||||||||||||||||||
Total Loans | $ | 909,642 | $ | 854,885 | |||||||||||||||||||||||||||||
Company's Loans Portfolio, Stratified by Industry Concentration of Borrower | ' | ||||||||||||||||||||||||||||||||
The following table is a breakout of the Company’s loan portfolio stratified by the industry concentration of the borrower by their respective NAICS code as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Real Estate | $ | 354,041 | $ | 312,625 | |||||||||||||||||||||||||||||
Hotel/Lodging | 74,442 | 82,483 | |||||||||||||||||||||||||||||||
Manufacturing | 84,423 | 77,203 | |||||||||||||||||||||||||||||||
Construction | 67,428 | 55,385 | |||||||||||||||||||||||||||||||
Wholesale | 57,045 | 54,218 | |||||||||||||||||||||||||||||||
Finance | 45,290 | 59,791 | |||||||||||||||||||||||||||||||
Healthcare | 39,904 | 41,857 | |||||||||||||||||||||||||||||||
Professional Services | 45,349 | 44,714 | |||||||||||||||||||||||||||||||
Restaurant/Food Service | 35,996 | 24,105 | |||||||||||||||||||||||||||||||
Retail | 24,516 | 30,302 | |||||||||||||||||||||||||||||||
Other Services | 21,376 | 23,239 | |||||||||||||||||||||||||||||||
Administrative Management | 20,541 | 19,078 | |||||||||||||||||||||||||||||||
Information | 12,167 | 4,492 | |||||||||||||||||||||||||||||||
Transportation | 9,471 | 11,431 | |||||||||||||||||||||||||||||||
Entertainment | 6,018 | 8,132 | |||||||||||||||||||||||||||||||
Other | 11,535 | 5,830 | |||||||||||||||||||||||||||||||
Total | $ | 909,642 | $ | 854,885 | |||||||||||||||||||||||||||||
Summary of Activity for Allowance for Loan Loss | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of the activity for the allowance for loan loss for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Allowance for loan loss at beginning of period | $ | 9,412 | $ | 7,329 | $ | 8,803 | $ | 7,495 | |||||||||||||||||||||||||
Provision for loan losses | 631 | 521 | 1,918 | 901 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (786 | ) | (97 | ) | (1,523 | ) | (686 | ) | |||||||||||||||||||||||||
Recoveries | 781 | 53 | 840 | 96 | |||||||||||||||||||||||||||||
Net (charge-offs) | (5 | ) | (44 | ) | (683 | ) | (590 | ) | |||||||||||||||||||||||||
Allowance for loan loss at end of period | $ | 10,038 | $ | 7,806 | $ | 10,038 | $ | 7,806 | |||||||||||||||||||||||||
Net (charge-offs) to average loans | 0 | % | (0.01 | )% | (0.08 | )% | (0.11 | )% | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Allowance for loan loss to total loans | 1.1 | % | 1.03 | % | |||||||||||||||||||||||||||||
Allowance for loan loss to total loans accounted for at historical cost, which excludes loan balances and the related allowance for loans acquired through acquisition | 1.5 | % | 1.54 | % | |||||||||||||||||||||||||||||
Changes in Allowance for Loan Loss and Recorded Investment in Loans | ' | ||||||||||||||||||||||||||||||||
The following tables present, by portfolio segment, the changes in the allowance for loan loss and the recorded investment in loans as of the dates and for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and Other | |||||||||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,659 | $ | 2,360 | $ | 2,351 | $ | 42 | $ | 9,412 | |||||||||||||||||||||||
Provision for loan losses | 1,103 | (1,095 | ) | 596 | 27 | 631 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (786 | ) | 0 | (0 | ) | (0 | ) | (786 | ) | ||||||||||||||||||||||||
Recoveries | 11 | 763 | 6 | 1 | 781 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (775 | ) | 763 | 6 | 1 | (5 | ) | ||||||||||||||||||||||||||
Ending balance | $ | 4,987 | $ | 2,028 | $ | 2,953 | $ | 70 | $ | 10,038 | |||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,161 | $ | 663 | $ | 2,265 | $ | 240 | $ | 7,329 | |||||||||||||||||||||||
Provision for loan losses | (11 | ) | 101 | 444 | (13 | ) | 521 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (0 | ) | (0 | ) | (97 | ) | (0 | ) | (97 | ) | |||||||||||||||||||||||
Recoveries | 14 | 0 | 37 | 2 | 53 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 14 | 0 | (60 | ) | 2 | (44 | ) | ||||||||||||||||||||||||||
Ending balance | $ | 4,164 | $ | 764 | $ | 2,649 | $ | 229 | $ | 7,806 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and Other | |||||||||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,572 | $ | 2,035 | $ | 2,084 | $ | 112 | $ | 8,803 | |||||||||||||||||||||||
Provision for loan losses | 1,754 | (770 | ) | 974 | (40 | ) | 1,918 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (1,398 | ) | (0 | ) | (116 | ) | (8 | ) | (1,523 | ) | |||||||||||||||||||||||
Recoveries | 59 | 763 | 11 | 6 | 840 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (1,339 | ) | 763 | (105 | ) | (2 | ) | (683 | ) | ||||||||||||||||||||||||
Ending balance | $ | 4,987 | $ | 2,028 | $ | 2,953 | $ | 70 | $ | 10,038 | |||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,541 | $ | 752 | $ | 2,911 | $ | 291 | $ | 7,495 | |||||||||||||||||||||||
Provision for loan losses | 1,015 | 12 | (66 | ) | (60 | ) | 901 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (443 | ) | 0 | (233 | ) | (10 | ) | (686 | ) | ||||||||||||||||||||||||
Recoveries | 51 | 0 | 37 | 8 | 96 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (392 | ) | 0 | (197 | ) | (2 | ) | (590 | ) | ||||||||||||||||||||||||
Ending balance | $ | 4,164 | $ | 764 | $ | 2,649 | $ | 229 | $ | 7,806 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and Other | |||||||||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for Loan Loss – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6 | $ | 0 | $ | 0 | $ | 0 | $ | 6 | |||||||||||||||||||||||
Collectively evaluated for impairment | 4,971 | 2,028 | 2,953 | 70 | 10,022 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 10 | 0 | 0 | 0 | 10 | ||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 4,987 | $ | 2,028 | $ | 2,953 | $ | 70 | $ | 10,038 | |||||||||||||||||||||||
Loans receivable – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,094 | $ | 0 | $ | 6,022 | $ | 0 | $ | 9,116 | |||||||||||||||||||||||
Collectively evaluated for impairment | 292,059 | 52,720 | 536,958 | 14,377 | 896,114 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,076 | 0 | 3,336 | 0 | 4,412 | ||||||||||||||||||||||||||||
Total Loans Receivable | $ | 296,229 | $ | 52,720 | $ | 546,316 | $ | 14,377 | $ | 909,642 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Allowance for Loan Loss – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11 | $ | 0 | $ | 0 | $ | 0 | $ | 11 | |||||||||||||||||||||||
Collectively evaluated for impairment | 4,552 | 2,035 | 2,084 | 112 | 8,783 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 9 | 0 | 0 | 0 | 9 | ||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 4,572 | $ | 2,035 | $ | 2,084 | $ | 112 | $ | 8,803 | |||||||||||||||||||||||
Loans receivable – Ending balance: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 885 | $ | 1,200 | $ | 3,499 | $ | 0 | $ | 5,584 | |||||||||||||||||||||||
Collectively evaluated for impairment | 260,982 | 47,328 | 512,312 | $ | 21,775 | 842,397 | |||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 770 | 0 | 6,130 | $ | 4 | 6,904 | |||||||||||||||||||||||||||
Total Loans Receivable | $ | 262,637 | $ | 48,528 | $ | 521,941 | $ | 21,779 | $ | 854,885 | |||||||||||||||||||||||
Risk Category of Loans by Class of Loans | ' | ||||||||||||||||||||||||||||||||
The following tables present the risk category of loans by class of loans based on the most recent internal loan classification as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and Industrial | Land | and | |||||||||||||||||||||||||||||||
Development | Other Real | ||||||||||||||||||||||||||||||||
and Other | Estate | ||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Pass | $ | 285,687 | $ | 52,720 | $ | 521,526 | $ | 14,374 | $ | 874,307 | |||||||||||||||||||||||
Special Mention | 1,683 | 0 | 2,999 | 0 | 4,682 | ||||||||||||||||||||||||||||
Substandard | 8,859 | 0 | 21,791 | 3 | 30,652 | ||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 296,229 | $ | 52,720 | $ | 546,316 | $ | 14,377 | $ | 909,642 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Pass | $ | 250,624 | $ | 47,328 | $ | 493,768 | $ | 21,655 | $ | 813,375 | |||||||||||||||||||||||
Special Mention | 4,602 | 0 | 5,300 | 0 | 9,902 | ||||||||||||||||||||||||||||
Substandard | 7,411 | 1,200 | 22,873 | 119 | 31,603 | ||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 5 | 5 | ||||||||||||||||||||||||||||
Total | $ | 262,637 | $ | 48,528 | $ | 521,941 | $ | 21,779 | $ | 854,885 | |||||||||||||||||||||||
Aging Analysis of Recorded Investment | ' | ||||||||||||||||||||||||||||||||
The following tables present an aging analysis of the recorded investment of past due loans and non-accrual loans as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Total | Current | Total Loans | |||||||||||||||||||||||||||
Days | Days | than | Past Due | Non | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | and | Accrual | |||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 244 | $ | 0 | $ | 0 | $ | 244 | $ | 4,166 | $ | 291,819 | $ | 296,229 | |||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 0 | 52,720 | 52,720 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | 249 | 0 | 0 | 249 | 8,278 | 537,789 | 546,316 | ||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 14,377 | 14,377 | ||||||||||||||||||||||||||
Total | $ | 493 | $ | 0 | $ | 0 | $ | 493 | $ | 12,444 | $ | 896,705 | $ | 909,642 | |||||||||||||||||||
31-60 | 61-90 | Greater | Total | Total | Current | Total Loans | |||||||||||||||||||||||||||
Days | Days | than | Past Due | Non | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | and | Accrual | |||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,025 | $ | 0 | $ | 0 | $ | 1,025 | $ | 1,583 | $ | 260,029 | $ | 262,637 | |||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 1,200 | 47,328 | 48,528 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | 2,884 | 0 | 0 | 2,884 | 7,742 | 511,315 | 521,941 | ||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 5 | 21,774 | 21,779 | ||||||||||||||||||||||||||
Total | $ | 3,909 | $ | 0 | $ | 0 | $ | 3,909 | $ | 10,530 | $ | 840,446 | $ | 854,885 | |||||||||||||||||||
Recorded Investment and Unpaid Principal Balances for TDR Loans | ' | ||||||||||||||||||||||||||||||||
The following tables include the recorded investment and unpaid principal balances for TDR loans for the dates and periods indicated (dollars in thousands). This table includes one commercial and industrial TDR loan that was returned to accrual status during the second quarter of 2013. This accruing TDR loan has a recorded investment of $54,911 and unpaid principal of $54,734 as of September 30, 2013. Also included in this table are two commercial and industrial TDR loans that were purchased credit impaired (“PCI”). These two TDR PCI loans had a recorded investment of $94,251 and unpaid principal balances of $155,034 as of September 30, 2013. | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Interest Income | |||||||||||||||||||||||||||||||
Investment | Principal | Recognized | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
Period ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 602 | $ | 900 | $ | 1 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Commercial and Other Real Estate | 2,204 | 2,785 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 2,806 | $ | 3,685 | $ | 1 | |||||||||||||||||||||||||||
Recorded | Unpaid | Interest Income | |||||||||||||||||||||||||||||||
Investment | Principal | Recognized | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 314 | $ | 626 | $ | 5 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 1,200 | 2,791 | 0 | ||||||||||||||||||||||||||||||
Commercial and Other Real Estate | 4,193 | 4,874 | 32 | ||||||||||||||||||||||||||||||
Total | $ | 5,707 | $ | 8,291 | $ | 37 | |||||||||||||||||||||||||||
Pre and Post Modification Recorded Investment in TDR Loans | ' | ||||||||||||||||||||||||||||||||
The following table shows the pre- and post-modification recorded investment in TDR loans by type of modification and loan segment that have occurred during the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||
of Loans | Modification | Modification | of Loans | Modification | Modification | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Reduced Interest Rate: | |||||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Lengthened Amortization: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 0 | 0 | 0 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Subtotal – Lengthened Amortization | 0 | 0 | 0 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Total | 0 | $ | 0 | $ | 0 | 1 | $ | 60 | $ | 60 | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||
of Loans | Modification | Modification | of Loans | Modification | Modification | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Reduced Interest Rate: | |||||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Lengthened Amortization: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | 310 | 310 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Subtotal – Lengthened Amortization | 0 | 310 | 310 | 1 | 60 | 60 | |||||||||||||||||||||||||||
Total | 1 | $ | 310 | $ | 310 | 1 | $ | 60 | $ | 60 | |||||||||||||||||||||||
Recorded Investment and Unpaid Principal Balances for Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following tables present, by loan category, the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable, as of the dates and for the periods indicated (dollars in thousands). This table excludes purchased credit impaired loans (loans acquired with deteriorated credit quality) of $4.4 million and $6.9 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 2,944 | $ | 5,402 | $ | 0 | $ | 677 | $ | 1,490 | $ | 0 | |||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 1,201 | 2,791 | 0 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 6,022 | 8,933 | 0 | 3,498 | 4,331 | 0 | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 150 | 405 | 6 | 208 | 463 | 11 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 3,094 | 5,807 | 6 | 885 | 1,953 | 11 | |||||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 1,201 | 2,791 | 0 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 6,022 | 8,933 | 0 | 3,498 | 4,331 | 0 | |||||||||||||||||||||||||||
Total | $ | 9,116 | $ | 14,740 | $ | 6 | $ | 5,584 | $ | 9,075 | $ | 11 | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 2,235 | $ | 0 | $ | 1,200 | $ | 0 | $ | 1,528 | $ | 0 | $ | 833 | $ | 0 | |||||||||||||||||
Construction, Land Development and Other Land | 1,159 | 0 | 1,228 | 0 | 1,172 | 0 | 1,249 | 0 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 4,044 | 0 | 317 | 0 | 3,613 | 0 | 859 | 0 | |||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 150 | 0 | 200 | 0 | 150 | 0 | 200 | 0 | |||||||||||||||||||||||||
Construction, Land Development and Other Land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | 710 | 0 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 2,385 | 0 | 1,400 | 0 | 1,678 | 0 | 1,033 | 0 | |||||||||||||||||||||||||
Construction, Land Development and Other Land | 1,159 | 0 | 1,228 | 0 | 1,172 | 0 | 1,249 | 0 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 4,044 | 0 | 317 | 0 | 3,613 | 0 | 859 | 0 | |||||||||||||||||||||||||
Total | $ | 7,588 | $ | 0 | $ | 2,945 | $ | 0 | $ | 6,462 | $ | 0 | $ | 3,141 | $ | 0 | |||||||||||||||||
Additional Information on Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following is a summary of additional information pertaining to impaired loans for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Interest foregone on impaired loans | $ | 264 | $ | 73 | $ | 495 | $ | 233 | |||||||||||||||||||||||||
Cash collections applied to reduce principal balance | $ | 1,885 | $ | 21 | $ | 2,037 | $ | 64 | |||||||||||||||||||||||||
Interest income recognized on cash collections | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Accretable Yield for Loans Acquired | ' | ||||||||||||||||||||||||||||||||
The following table reflects the accretable net discount for loans acquired through acquisition accounted for under ASC 310 “Receivables” for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10.13 | $ | 1,832 | $ | 12,189 | $ | 2,585 | |||||||||||||||||||||||||
Accretion, included in interest income | (967 | ) | (801 | ) | (3,050 | ) | (1,554 | ) | |||||||||||||||||||||||||
Additions due to acquisition | 0 | 12,315 | 0 | 12,315 | |||||||||||||||||||||||||||||
Sold acquired loans | 0 | 284 | 0 | 284 | |||||||||||||||||||||||||||||
Reclassifications (to) from non-accretable yield | (547 | ) | 201 | (523 | ) | 201 | |||||||||||||||||||||||||||
Balance, end of period | $ | 8,616 | $ | 13,831 | $ | 8,616 | $ | 13,831 | |||||||||||||||||||||||||
Carrying Value of Purchased Credit Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following table reflects the outstanding balance and related carrying value of PCI loans as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Unpaid Principal | Carrying Value | Unpaid Principal | Carrying Value | ||||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,390 | $ | 1,076 | $ | 1,221 | $ | 770 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 4,982 | 3,336 | 9,424 | 6,130 | |||||||||||||||||||||||||||||
Other | 0 | 0 | 73 | 4 | |||||||||||||||||||||||||||||
Total | $ | 6,372 | $ | 4,412 | $ | 10,718 | $ | 6,904 | |||||||||||||||||||||||||
Accretable Net Discount of Purchased Credit Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following table reflects the activities in the accretable net discount for PCI loans for the period indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 428 | $ | 0 | $ | 9 | $ | 0 | |||||||||||||||||||||||||
Accretion, included in interest income | (17 | ) | (0 | ) | (17 | ) | (0 | ) | |||||||||||||||||||||||||
Reclassifications (to) from non-accretable yield | 0 | 0 | 419 | 0 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 411 | $ | 0 | $ | 411 | $ | 0 | |||||||||||||||||||||||||
Borrowings_and_Subordinated_De1
Borrowings and Subordinated Debentures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Brokers And Dealers [Abstract] | ' | ||||||||||||||||
Terms and Maturity of Company's Repos | ' | ||||||||||||||||
The tables below describe the terms and maturity of the Company’s Repos as of the dates indicated (dollars in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||
Term | |||||||||||||||||
5-Aug-13 | $ | 925 | 0.13% | 60 days | October 4, 2013 | ||||||||||||
30-Sep-13 | 15,118 | 0.10% – 0.40% | 1 day | 1-Oct-13 | |||||||||||||
Total | $ | 16,043 | 0.30% | ||||||||||||||
December 31, 2012 | |||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||
Term | |||||||||||||||||
5-Nov-12 | $ | 1,020 | 0.15% | 91 days | February 4, 2013 | ||||||||||||
31-Dec-12 | 21,837 | 0.10% – 0.40% | 1 day | 2-Jan-13 | |||||||||||||
Total | $ | 22,857 | 0.21% | ||||||||||||||
Terms of Issuance Subordinated Debentures Outstanding | ' | ||||||||||||||||
The following table summarizes the terms of each issuance of the subordinated debentures outstanding as of September 30, 2013: | |||||||||||||||||
Series | Amount | Issuance | Maturity | Rate Index | Current | Next Reset | |||||||||||
(in thousands) | Date | Date | Rate | Date | |||||||||||||
Trust I | $ | 6,186 | 12/10/04 | 3/15/35 | 3 month LIBOR + 2.05% | 2.3 | % | 12/16/13 | |||||||||
Trust II | 3,093 | 12/23/05 | 3/15/36 | 3 month LIBOR + 1.75% | 2 | % | 12/16/13 | ||||||||||
Trust III | 3,093 | 6/30/06 | 9/15/36 | 3 month LIBOR + 1.85% | 2.1 | % | 12/16/13 | ||||||||||
Subtotal | 12,372 | ||||||||||||||||
Fair value adjustment | (3,033 | ) | |||||||||||||||
Total | $ | 9,339 |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table presents the changes in accumulated other comprehensive income (loss) by component for the periods indicated (dollars in thousands): | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Three Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 996 | $ | 410 | $ | 586 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | 0 | 0 | 0 | ||||||||||
Net unrealized (losses) arising during the period | (905 | ) | (372 | ) | (533 | ) | |||||||
Net other comprehensive loss | (905 | ) | (372 | ) | (533 | ) | |||||||
Ending balance | $ | 91 | $ | 38 | $ | 53 | |||||||
Three Months Ended – September 30, 2012 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 1,705 | $ | 702 | $ | 1,003 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | 234 | 109 | 125 | ||||||||||
Net unrealized gains arising during the period | 340 | 127 | 213 | ||||||||||
Net other comprehensive income | 574 | 236 | 338 | ||||||||||
Ending balance | $ | 2,279 | $ | 938 | $ | 1,341 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Nine Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 2,369 | $ | 975 | $ | 1,394 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | (32 | ) | (13 | ) | (19 | ) | |||||||
Net unrealized (losses) arising during the period | (2,241 | ) | (922 | ) | (1,319 | ) | |||||||
Other comprehensive loss before reclassifications | (2,273 | ) | (935 | ) | (1,338 | ) | |||||||
Reclassification adjustment for gains realized in net income | (5 | ) | (2 | ) | (3 | ) | |||||||
Net other comprehensive loss | (2,278 | ) | (937 | ) | (1,341 | ) | |||||||
Ending balance | $ | 91 | $ | 38 | 53 | ||||||||
Nine Months Ended – September 30, 2012 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 1,534 | $ | 644 | $ | 890 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | 520 | 205 | 315 | ||||||||||
Net unrealized gains arising during the period | 225 | 89 | 136 | ||||||||||
Net other comprehensive income | 745 | 294 | 451 | ||||||||||
Ending balance | $ | 2,279 | $ | 938 | $ | 1,341 | |||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||
The table below presents the components of accumulated other comprehensive income as of the dates indicated (dollars in thousands): | |||||||||||||
Nine Months | Nine Months | ||||||||||||
Ended | Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Net unrealized gain on non other-than-temporarily impaired investment securities | $ | 91 | $ | 2,489 | |||||||||
Net unrealized gain (loss) on other-than-temporarily impaired investment securities | 0 | (210 | ) | ||||||||||
Total net unrealized gain on investment securities | 91 | 2,279 | |||||||||||
Tax expense | (38 | ) | (938 | ) | |||||||||
Total accumulated other comprehensive income | $ | 53 | $ | 1,341 | |||||||||
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Repo and Derivatives Securities Offset Consolidated Financial Statements Due to an Enforceable Master Netting Arrangement | ' | ||||||||||||||||||||||||
The table below presents the Company’s Repo securities that have no enforceable master netting arrangement and its derivative securities that could be offset in the consolidated financial statements due to an enforceable master netting arrangement (dollars in thousands): | |||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net Amount | |||||||||||||||||||||
Amounts | Amounts | Amounts of | Not Offset in the | (Collateral | |||||||||||||||||||||
Recognized | Offset in the | Assets | Consolidated Balance Sheets | over liability | |||||||||||||||||||||
in the | Consolidated | Presented | balance | ||||||||||||||||||||||
Consolidated | in the | ||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||
Balance | Balance | Balance | Financial | Collateral | required to | ||||||||||||||||||||
Sheets | Sheets | Sheets | Instruments | Pledged | be pledged) | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Total interest rate swap contracts fair value (see Note 14 – Derivative Financial Instruments) | $ | 4,375 | $ | 0 | $ | 4,375 | $ | 4,375 | $ | 4,642 | $ | 267 | |||||||||||||
Repurchase Agreements | 16,043 | 0 | 16,043 | 16,043 | 16,600 | 557 | |||||||||||||||||||
Total | $ | 20,418 | $ | 0 | $ | 20,418 | $ | 20,418 | $ | 21,242 | $ | 824 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Total interest rate swap contracts fair value (see Note 14 – Derivative Financial Instruments ) | $ | 6,038 | $ | 0 | $ | 6,038 | $ | 6,038 | $ | 6,406 | $ | 368 | |||||||||||||
Repurchase Agreements | 22,857 | 0 | 22,857 | 22,857 | 23,300 | 443 | |||||||||||||||||||
Total | $ | 28,895 | $ | 0 | $ | 28,895 | $ | 28,895 | $ | 29,706 | $ | 811 | |||||||||||||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Future Compensation Expense Related to Non-Vested Stock Option and Restricted Stock Grants | ' | ||||||||||||||||
At September 30, 2013, future compensation expense related to non-vested stock option and restricted stock grants is reflected in the table below (dollars in thousands): | |||||||||||||||||
Future Stock Based Compensation Expense | Stock | Restricted | Total | ||||||||||||||
Options | Stock | ||||||||||||||||
Remainder of 2013 | $ | 4 | $ | 364 | $ | 368 | |||||||||||
2014 | 10 | 1,089 | 1,099 | ||||||||||||||
2015 | 2 | 422 | 424 | ||||||||||||||
2016 | 0 | 131 | 131 | ||||||||||||||
2017 | 0 | 18 | 18 | ||||||||||||||
Thereafter | 0 | 3 | 3 | ||||||||||||||
Total | $ | 16 | $ | 2,027 | $ | 2,043 | |||||||||||
Share Option Activity | ' | ||||||||||||||||
The following table summarizes the share option activity under the plans as of the date and for the period indicated: | |||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic Value | |||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||
(in Years) | |||||||||||||||||
(thousands) | |||||||||||||||||
Outstanding stock options at December 31, 2012 | 734,896 | $ | 12.44 | 2.8 | $ | 966 | |||||||||||
Granted | 0 | ||||||||||||||||
Exercised | 49,611 | ||||||||||||||||
Forfeited | 625 | ||||||||||||||||
Expired | 16,500 | ||||||||||||||||
Outstanding stock options at September 30, 2013 | 668,160 | $ | 12.49 | 2.1 | $ | 4,132 | |||||||||||
Exercisable options at September 30, 2013 | 647,885 | $ | 12.5 | 2.1 | $ | 4,006 | |||||||||||
Unvested options at September 30, 2013 | 20,275 | $ | 12.01 | 2.9 | $ | 127 | |||||||||||
Outstanding, vested and expected to vest at September 30, 2013 | 668,160 | $ | 12.49 | 2.1 | $ | 4,132 | |||||||||||
Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes the restricted stock activity under the plans for the period indicated: | |||||||||||||||||
Number of Shares | Weighted-Average Grant- | ||||||||||||||||
Date Fair Value per Share | |||||||||||||||||
Restricted Stock: | |||||||||||||||||
Unvested, at December 31, 2012 | 290,550 | $ | 11.99 | ||||||||||||||
Granted | 73,050 | 16.72 | |||||||||||||||
Vested | 93,325 | 12.02 | |||||||||||||||
Cancelled and forfeited | 11,100 | 11.03 | |||||||||||||||
Unvested, at September 30, 2013 | 259,175 | $ | 13.36 | ||||||||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||
The following table summarizes the financial assets and financial liabilities measured at fair value on a recurring basis as of the dates indicated, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): | |||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
Carrying | Active Markets | Other | Unobservable | ||||||||||||||||||||||
Value | for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets (Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Financial Assets – September 30, 2013 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 102,779 | $ | 0 | $ | 102,779 | $ | 0 | |||||||||||||||||
Financial Liabilities – September 30, 2013 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 4,375 | $ | 0 | $ | 4,375 | $ | 0 | |||||||||||||||||
Financial Assets – December 31, 2012 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 118,153 | $ | 0 | $ | 115,243 | $ | 2,910 | |||||||||||||||||
Financial Liabilities – December 31, 2012 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 6,038 | $ | 0 | $ | 6,038 | $ | 0 | |||||||||||||||||
Roll-Forward of All Assets and Liabilities and Additional Information about Financial Assets Measured at Fair Value | ' | ||||||||||||||||||||||||
The following table below presents a roll-forward of all assets and liabilities and additional information about the financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods presented (dollars in thousands): | |||||||||||||||||||||||||
Balance at | Included in | Included in | Purchases, | Transfers | Balance at | ||||||||||||||||||||
January 1, | Earnings | Other | Issuances, | into (out of) | September 30, | ||||||||||||||||||||
Comprehensive | (Sales) | Level 3 | |||||||||||||||||||||||
Income (Loss) | Settlements | ||||||||||||||||||||||||
Financial Assets – Measured at Fair Value using Level 3 – September 30, 2013 | |||||||||||||||||||||||||
Private Issue CMO Securities | $ | 2,910 | $ | (20 | ) | $ | 0 | $ | (2,890 | ) | $ | 0 | $ | 0 | |||||||||||
Total | $ | 2,910 | $ | (20 | ) | $ | 0 | $ | (2,890 | ) | $ | 0 | $ | 0 | |||||||||||
Financial Assets – Measured at Fair Value using Level 3 –September 30, 2012 | |||||||||||||||||||||||||
Private Issue CMO Securities | $ | 2,775 | $ | (76 | ) | $ | 520 | $ | (326 | ) | $ | 0 | $ | 2,893 | |||||||||||
U.S. Government Sponsored Agency CMO Securities | 2,379 | (1 | ) | 9 | (591 | ) | 0 | 1,796 | |||||||||||||||||
Total | $ | 5,154 | $ | (77 | ) | $ | 529 | $ | (917 | ) | $ | 0 | $ | 4,689 | |||||||||||
Balances of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||||||
The following table presents the balances of assets and liabilities measured at fair value on a non-recurring basis by caption and by level within the fair value hierarchy as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Carrying Value at | Quoted Prices | Significant Other | Significant | ||||||||||||||||||||||
end of period | in Active | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Financial Assets – September 30, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off | $ | 379 | $ | 0 | $ | 0 | $ | 379 | |||||||||||||||||
Other real estate owned | 3,112 | 0 | 0 | 3,112 | |||||||||||||||||||||
Total | $ | 3,491 | $ | 0 | $ | 0 | $ | 3,491 | |||||||||||||||||
Financial Assets – December 31, 2012 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs | $ | 2,056 | $ | 0 | $ | 0 | $ | 2,269 | |||||||||||||||||
Other real estate owned | 3,112 | 0 | 0 | 3,112 | |||||||||||||||||||||
Total | $ | 5,168 | $ | 0 | $ | 0 | $ | 5,381 | |||||||||||||||||
Significant Unobservable Inputs Used in the Fair Value Measurements for Level 3 Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring | ' | ||||||||||||||||||||||||
The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair Value at | Valuation Technique | Significant | Significant | ||||||||||||||||||||||
September 30, | Unobservable Inputs | Unobservable | |||||||||||||||||||||||
2013 | Input Values | ||||||||||||||||||||||||
Financial Assets – September 30, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off (2) | $ | 379 | Internal valuation of Accounts Receivable aging, net of credit loss estimate | Management assumption regarding collectability | $ | 419 | |||||||||||||||||||
Less estimated selling costs | (40 | ) | |||||||||||||||||||||||
Total—Collateral dependent impaired loans | $ | 379 | Net Valuation | $ | 379 | ||||||||||||||||||||
Other real estate owned | $ | 3,112 | Purchase and sale agreement (1) | Contract | $ | 3,190 | |||||||||||||||||||
Less estimated selling costs | (78 | ) | |||||||||||||||||||||||
Net Valuation | $ | 3,112 | |||||||||||||||||||||||
-1 | The Company has entered into a non-publicly disclosed purchase and sales agreement to sell this parcel of real estate to a private third party. The purchase price was a negotiated amount based on a number of both public and non-public economic factors. | ||||||||||||||||||||||||
-2 | The Company charged off $216,000 of the principal balance on this loan in the 3rd quarter of 2013. | ||||||||||||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||
The table below presents the carrying amounts and fair values of financial instruments as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||
Assets or | (Level 2) | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 102,779 | $ | 102,779 | $ | 0 | $ | 102,779 | $ | 0 | |||||||||||||||
Loans, net | 899,604 | 902,938 | 0 | 0 | 902,938 | ||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 67,426 | 67,547 | 0 | 67,547 | 0 | ||||||||||||||||||||
Securities sold under agreements to repurchase | 16,043 | 16,043 | 0 | 16,043 | 0 | ||||||||||||||||||||
Subordinated debentures | 9,339 | 12,372 | 0 | 0 | 12,372 | ||||||||||||||||||||
Interest rate swap contracts | 4,375 | 4,375 | 0 | 4,375 | 0 | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 118,153 | $ | 118,153 | $ | 0 | $ | 115,243 | $ | 2,910 | |||||||||||||||
Loans, net | 846,082 | 848,146 | 0 | 0 | 848,146 | ||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 81,336 | 81,648 | 0 | 81,648 | 0 | ||||||||||||||||||||
Securities sold under agreements to repurchase | 22,857 | 22,857 | 0 | 22,857 | 0 | ||||||||||||||||||||
Subordinated debentures | 9,169 | 12,372 | 0 | 0 | 12,372 | ||||||||||||||||||||
Interest rate swap contracts | 6,038 | 6,038 | 0 | 6,038 | 0 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Balance Sheet Classification of Derivative Financial Instruments | ' | ||||||||||||||||
The notional amount and the location of the fair values of the asset and liability of the Company’s derivative instruments as of September 30, 2013 and December 31, 2012, are presented in the tables below (dollars in thousands): | |||||||||||||||||
Liability Derivatives | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair Value Hedges | |||||||||||||||||
Interest rate contacts notional amount | $32,191 | $35,990 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | $802 | $1,114 | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | 3,573 | 4,924 | |||||||||||||||
Total interest rate contracts fair value | $4,375 | $6,038 | |||||||||||||||
Balance sheet location | Accrued Interest Payable and Other Liabilities | Accrued Interest Payable and Other Liabilities | |||||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Income | ' | ||||||||||||||||
The following table summarizes the effect of derivative financial instruments on the consolidated statements of income for the periods indicated (dollars in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 94 | $ | 252 | $ | 311 | $ | 252 | |||||||||
Payments (paid) on interest rate swap contracts on loans | (139 | ) | (277 | ) | (296 | ) | (277 | ) | |||||||||
Net increase (decrease) in other non-interest income | (45 | ) | (25 | ) | 15 | (25 | ) | ||||||||||
Interest rate swap contracts – subordinated debenture | |||||||||||||||||
Increase in fair value of interest rate swap contracts | 0 | 0 | 70 | 0 | |||||||||||||
Payments (paid) on interest rate swap contracts on subordinated debentures | 0 | (24 | ) | (70 | ) | (24 | ) | ||||||||||
Net (decrease) in other non-interest income | 0 | (24 | ) | 0 | (24 | ) | |||||||||||
Total net increase (decrease) in other non-interest income | $ | (45 | ) | $ | (44 | ) | $ | 15 | $ | (44 | ) | ||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 156 | $ | 0 | $ | 1,352 | $ | 0 | |||||||||
Increase (decrease) in fair value of hedged loans | 136 | 0 | (454 | ) | 0 | ||||||||||||
Payment (paid) on interest rate swap contracts on loans | (328 | ) | 0 | (961 | ) | 0 | |||||||||||
Net (decrease) in interest income on loans | $ | (36 | ) | $ | 0 | $ | (63 | ) | $ | 0 | |||||||
Basis_of_Financial_Statement_P1
Basis of Financial Statement Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
Estimated income tax rate | ' | 41.00% |
Investments in Community Redevelopment Act | $1,100,000 | $1,100,000 |
Investment term | '60 months | '60 months |
Interest rate on investments | 0.00% | ' |
Amount eligible for Qualified Investment Tax Credit | $215,000 | ' |
Computation_of_Book_Value_and_2
Computation of Book Value and Tangible Book Value per Common Share (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Total Shareholders' Equity | $132,114 | $125,623 |
Less: Goodwill and core deposit intangibles | 13,799 | 14,039 |
Tangible shareholders' equity | $118,315 | $111,584 |
Common shares issued and outstanding | 10,839,972 | 10,758,674 |
Book value per common share | $12.19 | $11.68 |
Tangible book value per common share | $10.91 | $10.37 |
Basic_and_Diluted_Earnings_per
Basic and Diluted Earnings per Common Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) | $2,477 | ($932) | $6,953 | $99 | $1,727 |
Basic weighted average common shares outstanding | 10,546 | 9,223 | 10,511 | 7,556 | ' |
Dilutive effect of potential common share issuances from stock options and restricted stock | 302 | 0 | 272 | 94 | ' |
Diluted weighted average common shares outstanding | 10,848 | 9,223 | 10,783 | 7,650 | ' |
Basic | $0.24 | ($0.10) | $0.66 | $0.01 | ' |
Diluted | $0.23 | ($0.10) | $0.65 | $0.01 | ' |
Anti-dilutive shares not included in the calculation of diluted earnings per share | 142 | 262 | 184 | 251 | ' |
Amortized_Cost_and_Estimated_F
Amortized Cost and Estimated Fair Values of Investment Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | $102,688 | $115,784 |
Available-for-sale Securities, Gross Unrealized Gains | 1,747 | 2,389 |
Available-for-sale Securities, Gross Unrealized Losses | 1,656 | 56 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 36 |
Investment securities available-for-sale | 102,779 | 118,153 |
Government National Mortgage Association Certificates and Obligations (GNMA) | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | 23,339 | 22,237 |
Available-for-sale Securities, Gross Unrealized Gains | 251 | 728 |
Available-for-sale Securities, Gross Unrealized Losses | 776 | 5 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 0 |
Investment securities available-for-sale | 22,814 | 22,960 |
Corporate Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | 9,204 | 10,311 |
Available-for-sale Securities, Gross Unrealized Gains | 180 | 235 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 0 |
Investment securities available-for-sale | 9,384 | 10,546 |
Municipal Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | 4,654 | 6,831 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 3 |
Available-for-sale Securities, Gross Unrealized Losses | 21 | 18 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 0 |
Investment securities available-for-sale | 4,634 | 6,816 |
US Government and Government Agencies and Authorities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | 7,205 | 18,888 |
Available-for-sale Securities, Gross Unrealized Gains | 8 | 24 |
Available-for-sale Securities, Gross Unrealized Losses | 5 | 1 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 0 |
Investment securities available-for-sale | 7,208 | 18,911 |
U S Government Agency S B A Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | 42,097 | 42,308 |
Available-for-sale Securities, Gross Unrealized Gains | 924 | 703 |
Available-for-sale Securities, Gross Unrealized Losses | 464 | 32 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 0 |
Investment securities available-for-sale | 42,557 | 42,979 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | 16,189 | 12,335 |
Available-for-sale Securities, Gross Unrealized Gains | 383 | 696 |
Available-for-sale Securities, Gross Unrealized Losses | 390 | 0 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | 0 | 0 |
Investment securities available-for-sale | 16,182 | 13,031 |
Collateralized Mortgage Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Amortized Cost Total | ' | 2,874 |
Available-for-sale Securities, Gross Unrealized Gains | ' | 0 |
Available-for-sale Securities, Gross Unrealized Losses | ' | 0 |
Available-for-sale Securities, Net Non-credit Gains on Other-than-temporarily Impaired Securities | ' | 36 |
Investment securities available-for-sale | ' | $2,910 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 31, 2013 | |
Collateralized Mortgage Obligations | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Market value of securities pledged to secure securities sold under agreements to repurchase | $16,600,000 | ' | $16,600,000 | ' | $23,300,000 | ' |
Market value of securities pledged to secure a certificate of deposit | 11,000,000 | ' | 11,000,000 | ' | 11,000,000 | ' |
Certificate of deposit | 10,000,000 | ' | 10,000,000 | ' | 10,000,000 | ' |
Market value of securities pledged to secure a credit facility | 3,200,000 | ' | 3,200,000 | ' | 12,300,000 | ' |
Market value of Securities pledged to secure standby letters of credit | 25,200,000 | ' | 25,200,000 | ' | 16,000,000 | ' |
Outstanding standby letters | 17,600,000 | ' | 17,600,000 | ' | 12,700,000 | ' |
Market value of securities pledged to secure local agency deposits | 1,300,000 | ' | 1,300,000 | ' | 281,000 | ' |
Net gain from sale of securities | 0 | 0 | 5,000 | 0 | ' | 4,600 |
Other than temporary impairment credit loss | 0 | 30,000 | 0 | 90,000 | ' | ' |
The Company's investment in the common stock of the FHLB | $4,700,000 | ' | $4,700,000 | ' | $4,900,000 | ' |
Investment_Securities_with_Unr
Investment Securities with Unrealized Losses Considered to be Temporarily Impaired or Other than Temporarily Impaired (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | $33,011 | $15,752 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 1,656 | 56 |
Other-than-temporarily impaired available-for-sale investment securities, Net Unrealized Loss | ' | 121 |
Total temporarily-impaired and other-than-temporarily impaired available-for-sale investment securities | ' | 16,987 |
US Government and Government Agencies and Authorities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 1,042 | 2,209 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 5 | 1 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 21,259 | 2,126 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 1,166 | 5 |
Municipal Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 3,093 | 6,293 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 21 | 18 |
U S Government Agency S B A Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 7,617 | 5,124 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 464 | 32 |
Collateralized Mortgage Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other-than-temporarily impaired available-for-sale investment securities, Fair Value | ' | 1,235 |
Other-than-temporarily impaired available-for-sale investment securities, Net Unrealized Loss | ' | 65 |
Less Than Twelve Months | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 31,409 | 15,752 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 1,652 | 56 |
Other-than-temporarily impaired available-for-sale investment securities, Net Unrealized Loss | ' | 56 |
Total temporarily-impaired and other-than-temporarily impaired available-for-sale investment securities | ' | 15,752 |
Less Than Twelve Months | US Government and Government Agencies and Authorities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 1,042 | 2,209 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 5 | 1 |
Less Than Twelve Months | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 21,259 | 2,126 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 1,166 | 5 |
Less Than Twelve Months | Municipal Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 2,058 | 6,293 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 18 | 18 |
Less Than Twelve Months | U S Government Agency S B A Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 7,050 | 5,124 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 463 | 32 |
Less Than Twelve Months | Collateralized Mortgage Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other-than-temporarily impaired available-for-sale investment securities, Fair Value | ' | 0 |
Other-than-temporarily impaired available-for-sale investment securities, Net Unrealized Loss | ' | 0 |
More Than Twelve Months | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 1,602 | 0 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 4 | 0 |
Other-than-temporarily impaired available-for-sale investment securities, Net Unrealized Loss | ' | 65 |
Total temporarily-impaired and other-than-temporarily impaired available-for-sale investment securities | ' | 1,235 |
More Than Twelve Months | US Government and Government Agencies and Authorities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 0 | 0 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 0 | 0 |
More Than Twelve Months | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 0 | 0 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 0 | 0 |
More Than Twelve Months | Municipal Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 1,035 | 0 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 3 | 0 |
More Than Twelve Months | U S Government Agency S B A Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Fair Value | 567 | 0 |
Temporarily-impaired available-for-sale investment securities, Net Unrealized Loss | 1 | 0 |
More Than Twelve Months | Collateralized Mortgage Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other-than-temporarily impaired available-for-sale investment securities, Fair Value | ' | 1,235 |
Other-than-temporarily impaired available-for-sale investment securities, Net Unrealized Loss | ' | $65 |
Maturities_Schedule_of_Securit
Maturities Schedule of Securities (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due through one year | $23,530 | ' |
Due after one year through five years | 39,456 | ' |
Due after five years through ten years | 20,829 | ' |
Due after ten years | 18,873 | ' |
Total | 102,688 | ' |
Due through one year | 23,862 | ' |
Due after one year through five years | 39,969 | ' |
Due after five years through ten years | 20,362 | ' |
Due after ten years | 18,586 | ' |
Investment securities available-for-sale | $102,779 | $118,153 |
Due through one year | 1.12% | ' |
Due after one year through five years | 1.56% | ' |
Due after five years through ten years | 2.34% | ' |
Due after ten years | 2.63% | ' |
Total | 1.81% | ' |
Composition_of_Gross_Loan_Port
Composition of Gross Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial Loans: | $296,229 | $262,637 |
Loans Secured by Real Estate: | ' | ' |
Commercial and Other Real Estate | 546,316 | 521,941 |
Other Loans: | 14,377 | 21,779 |
Total | 909,642 | 854,885 |
Construction, Land Development and Other Land | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 52,720 | 48,528 |
Owner-Occupied Nonresidential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 192,631 | 181,844 |
Other Nonresidential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 262,395 | 246,450 |
1-4 Family Residential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 63,852 | 62,037 |
Multifamily Residential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | $27,438 | $31,610 |
Companys_Gross_Loans_Stratifie
Company's Gross Loans, Stratified by Industry Concentration of Borrower (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Gross loans | $909,642 | $854,885 |
Real Estate | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 354,041 | 312,625 |
Hotel/Lodging | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 74,442 | 82,483 |
Manufacturing | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 84,423 | 77,203 |
Construction | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 67,428 | 55,385 |
Wholesale | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 57,045 | 54,218 |
Finance | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 45,290 | 59,791 |
Healthcare | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 39,904 | 41,857 |
Professional Services | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 45,349 | 44,714 |
Restaurant/Food Service | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 35,996 | 24,105 |
Retail | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 24,516 | 30,302 |
Other Services | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 21,376 | 23,239 |
Administrative Management | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 20,541 | 19,078 |
Information | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 12,167 | 4,492 |
Transportation | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 9,471 | 11,431 |
Entertainment | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | 6,018 | 8,132 |
Other | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Gross loans | $11,535 | $5,830 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument Guaranteed Loans | One Financing Receivable Troubled Debt Restructurings | Financing Receivable Troubled Debt Restructurings | Financing Receivable Troubled Debt Restructurings Interest Only Payments | SBA Servicing Asset | SBA Servicing Asset | SBA Servicing Asset | SBA Servicing Asset | SBA Servicing Asset | Credit Quality Portion | Credit Quality Portion | ||||||
Commercial and Industrial | Debt Instrument Remaining Loans | Sales of loans | Debt Instrument Guaranteed Loans | |||||||||||||
Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | $112,000,000 | $5,800,000 | ' | ' | ' | ' | ' |
Loans sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | 39,000,000 | 24,000,000 | 15,000,000 | ' | ' |
Loans sold | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' |
Net gain on sale of loan | 263,000 | 0 | 673,000 | 0 | ' | 673,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded investment | 909,642,000 | ' | 909,642,000 | ' | 854,885,000 | ' | 54,911 | 94,251 | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid loan principle amount | ' | ' | ' | ' | ' | ' | 54,734 | 155,034 | ' | ' | ' | ' | ' | ' | ' | ' |
Pre and post modification recorded investment | ' | ' | ' | ' | ' | ' | ' | ' | 310,000 | ' | ' | ' | ' | ' | ' | ' |
Loan modified through troubled debt restructuring | 66,000 | ' | 66,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit purchase impaired loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,400,000 | $6,900,000 |
Summary_of_Activity_for_Allowa
Summary of Activity for Allowance for Loan Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | $9,412 | $7,329 | $8,803 | $7,495 | $7,495 |
Provision for loan losses | 631 | 521 | 1,918 | 901 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | -786 | -97 | -1,523 | -686 | ' |
Recoveries | 781 | 53 | 840 | 96 | ' |
Net (charge-offs) recoveries | -5 | -44 | -683 | -590 | ' |
Allowance for loan loss at end of period | $10,038 | $7,806 | $10,038 | $7,806 | $8,803 |
Net (charge-offs) to average loans | 0.00% | -0.01% | -0.08% | -0.11% | ' |
Allowance for loan loss to total loans | 1.10% | ' | 1.10% | ' | 1.03% |
Allowance for loan loss to total loans accounted for at historical cost, which excludes loan balances and the related allowance for loans acquired through acquisition | ' | ' | 1.50% | ' | 1.54% |
Changes_in_Allowance_for_Loan_
Changes in Allowance for Loan Loss and Recorded Investment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | $9,412 | $7,329 | $8,803 | $7,495 | ' |
Provision for loan losses | 631 | 521 | 1,918 | 901 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | -786 | -97 | -1,523 | -686 | ' |
Recoveries | 781 | 53 | 840 | 96 | ' |
Net (charge-offs) recoveries | -5 | -44 | -683 | -590 | ' |
Ending balance | 10,038 | 7,806 | 10,038 | 7,806 | ' |
Ending balance: Individually evaluated for impairment | 6 | ' | 6 | ' | 11 |
Ending balance: Collectively evaluated for impairment | 10,022 | ' | 10,022 | ' | 8,783 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 10 | ' | 10 | ' | 9 |
Total Allowance for Loan Loss | 10,038 | ' | 10,038 | ' | 8,803 |
Loans receivable: | ' | ' | ' | ' | ' |
Ending balance: Individually evaluated for impairment | 9,116 | ' | 9,116 | ' | 5,584 |
Ending balance: Collectively evaluated for impairment | 896,114 | ' | 896,114 | ' | 842,397 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 4,412 | ' | 4,412 | ' | 6,904 |
Total Loans Receivable | 909,642 | ' | 909,642 | ' | 854,885 |
Commercial and Industrial | ' | ' | ' | ' | ' |
Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 4,659 | 4,161 | 4,572 | 3,541 | ' |
Provision for loan losses | 1,103 | -11 | 1,754 | 1,015 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | -786 | 0 | -1,398 | -443 | ' |
Recoveries | 11 | 14 | 59 | 51 | ' |
Net (charge-offs) recoveries | -775 | 14 | -1,339 | -392 | ' |
Ending balance | 4,987 | 4,164 | 4,987 | 4,164 | ' |
Ending balance: Individually evaluated for impairment | 6 | ' | 6 | ' | 11 |
Ending balance: Collectively evaluated for impairment | 4,971 | ' | 4,971 | ' | 4,552 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 10 | ' | 10 | ' | 9 |
Total Allowance for Loan Loss | 4,987 | ' | 4,987 | ' | 4,572 |
Loans receivable: | ' | ' | ' | ' | ' |
Ending balance: Individually evaluated for impairment | 3,094 | ' | 3,094 | ' | 885 |
Ending balance: Collectively evaluated for impairment | 292,059 | ' | 292,059 | ' | 260,982 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,076 | ' | 1,076 | ' | 770 |
Total Loans Receivable | 296,229 | ' | 296,229 | ' | 262,637 |
Construction, Land Development and Other Land | ' | ' | ' | ' | ' |
Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 2,360 | 663 | 2,035 | 752 | ' |
Provision for loan losses | -1,095 | 101 | -770 | 12 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 763 | 0 | 763 | 0 | ' |
Net (charge-offs) recoveries | 763 | 0 | 763 | 0 | ' |
Ending balance | 2,028 | 764 | 2,028 | 764 | ' |
Ending balance: Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: Collectively evaluated for impairment | 2,028 | ' | 2,028 | ' | 2,035 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | 0 |
Total Allowance for Loan Loss | 2,028 | ' | 2,028 | ' | 2,035 |
Loans receivable: | ' | ' | ' | ' | ' |
Ending balance: Individually evaluated for impairment | 0 | ' | 0 | ' | 1,200 |
Ending balance: Collectively evaluated for impairment | 52,720 | ' | 52,720 | ' | 47,328 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | 0 |
Total Loans Receivable | 52,720 | ' | 52,720 | ' | 48,528 |
Commercial and Other Real Estate | ' | ' | ' | ' | ' |
Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 2,351 | 2,265 | 2,084 | 2,911 | ' |
Provision for loan losses | 596 | 444 | 974 | -66 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | 0 | -97 | -116 | -233 | ' |
Recoveries | 6 | 37 | 11 | 37 | ' |
Net (charge-offs) recoveries | 6 | -60 | -105 | -197 | ' |
Ending balance | 2,953 | 2,649 | 2,953 | 2,649 | ' |
Ending balance: Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: Collectively evaluated for impairment | 2,953 | ' | 2,953 | ' | 2,084 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | 0 |
Total Allowance for Loan Loss | 2,953 | ' | 2,953 | ' | 2,084 |
Loans receivable: | ' | ' | ' | ' | ' |
Ending balance: Individually evaluated for impairment | 6,022 | ' | 6,022 | ' | 3,499 |
Ending balance: Collectively evaluated for impairment | 536,958 | ' | 536,958 | ' | 512,312 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 3,336 | ' | 3,336 | ' | 6,130 |
Total Loans Receivable | 546,316 | ' | 546,316 | ' | 521,941 |
Other | ' | ' | ' | ' | ' |
Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 42 | 240 | 112 | 291 | ' |
Provision for loan losses | 27 | -13 | -40 | -60 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | 0 | 0 | -8 | -10 | ' |
Recoveries | 1 | 2 | 6 | 8 | ' |
Net (charge-offs) recoveries | 1 | 2 | -2 | -2 | ' |
Ending balance | 70 | 229 | 70 | 229 | ' |
Ending balance: Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: Collectively evaluated for impairment | 70 | ' | 70 | ' | 112 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | 0 |
Total Allowance for Loan Loss | 70 | ' | 70 | ' | 112 |
Loans receivable: | ' | ' | ' | ' | ' |
Ending balance: Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: Collectively evaluated for impairment | 14,377 | ' | 14,377 | ' | 21,775 |
Ending balance: Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | 4 |
Total Loans Receivable | $14,377 | ' | $14,377 | ' | $21,779 |
Risk_Category_of_Loans_by_Clas
Risk Category of Loans by Class of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | $296,229 | $262,637 |
Construction, Land Development and Other Land | 52,720 | 48,528 |
Commercial and Other Real Estate | 546,316 | 521,941 |
Other | 14,377 | 21,779 |
Total | 909,642 | 854,885 |
Pass | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 285,687 | 250,624 |
Construction, Land Development and Other Land | 52,720 | 47,328 |
Commercial and Other Real Estate | 521,526 | 493,768 |
Other | 14,374 | 21,655 |
Total | 874,307 | 813,375 |
Special Mention | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 1,683 | 4,602 |
Construction, Land Development and Other Land | 0 | 0 |
Commercial and Other Real Estate | 2,999 | 5,300 |
Other | 0 | 0 |
Total | 4,682 | 9,902 |
Substandard | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 8,859 | 7,411 |
Construction, Land Development and Other Land | 0 | 1,200 |
Commercial and Other Real Estate | 21,791 | 22,873 |
Other | 3 | 119 |
Total | 30,652 | 31,603 |
Doubtful | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 0 | 0 |
Construction, Land Development and Other Land | 0 | 0 |
Commercial and Other Real Estate | 0 | 0 |
Other | 0 | 5 |
Total | $0 | $5 |
Aging_Analysis_of_Recorded_Inv
Aging Analysis of Recorded Investment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | $493,000 | $3,909,000 |
61-90 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due and Accruing | 0 | 0 |
Total Past Due and Accruing | 493,000 | 3,909,000 |
Total Non Accrual | 12,444,000 | 10,530,000 |
Current | 896,705,000 | 840,446,000 |
Total Loans | 909,642,000 | 854,885,000 |
Commercial and Industrial | ' | ' |
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | 244,000 | 1,025,000 |
61-90 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due and Accruing | 0 | 0 |
Total Past Due and Accruing | 244,000 | 1,025,000 |
Total Non Accrual | 4,166,000 | 1,583,000 |
Current | 291,819,000 | 260,029,000 |
Total Loans | 296,229,000 | 262,637,000 |
Construction, Land Development and Other Land | ' | ' |
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due and Accruing | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Total Non Accrual | 0 | 1,200,000 |
Current | 52,720,000 | 47,328,000 |
Total Loans | 52,720,000 | 48,528,000 |
Commercial and Other Real Estate | ' | ' |
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | 249,000 | 2,884,000 |
61-90 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due and Accruing | 0 | 0 |
Total Past Due and Accruing | 249,000 | 2,884,000 |
Total Non Accrual | 8,278,000 | 7,742,000 |
Current | 537,789,000 | 511,315,000 |
Total Loans | 546,316,000 | 521,941,000 |
Other | ' | ' |
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due and Accruing | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Total Non Accrual | 0 | 5,000 |
Current | 14,377,000 | 21,774,000 |
Total Loans | $14,377,000 | $21,779,000 |
Recorded_Investment_and_Unpaid
Recorded Investment and Unpaid Principal Balances for TDR Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | $9,116 | $5,584 |
Unpaid Principal Balance | 14,740 | 9,075 |
Commercial and Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 3,094 | 885 |
Unpaid Principal Balance | 5,807 | 1,953 |
Construction, Land Development and Other Land | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 0 | 1,201 |
Unpaid Principal Balance | 0 | 2,791 |
Commercial and Other Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 6,022 | 3,498 |
Unpaid Principal Balance | 8,933 | 4,331 |
Troubled Debt Restructuring | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 2,806 | 5,707 |
Unpaid Principal Balance | 3,685 | 8,291 |
Interest Income Recognized | 1 | 37 |
Troubled Debt Restructuring | Commercial and Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 602 | 314 |
Unpaid Principal Balance | 900 | 626 |
Interest Income Recognized | 1 | 5 |
Troubled Debt Restructuring | Construction, Land Development and Other Land | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 0 | 1,200 |
Unpaid Principal Balance | 0 | 2,791 |
Interest Income Recognized | 0 | 0 |
Troubled Debt Restructuring | Commercial and Other Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 2,204 | 4,193 |
Unpaid Principal Balance | 2,785 | 4,874 |
Interest Income Recognized | $0 | $32 |
Pre_and_Post_Modification_Reco
Pre and Post Modification Recorded Investment in TDR loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Loan | Loan | Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of loans | 0 | 1 | 1 | 1 |
Pre-modification recorded investment | $0 | $60 | $310 | $60 |
Post-modification recorded investment | 0 | 60 | 310 | 60 |
Reduced Interest Rate | Construction, Land Development and Other Land | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of loans | 0 | 0 | 0 | 0 |
Pre-modification recorded investment | 0 | 0 | 0 | 0 |
Post-modification recorded investment | 0 | 0 | 0 | 0 |
Lengthened Amortization | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of loans | 0 | 1 | 0 | 1 |
Pre-modification recorded investment | 0 | 60 | 310 | 60 |
Post-modification recorded investment | 0 | 60 | 310 | 60 |
Lengthened Amortization | Commercial and Industrial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of loans | 0 | 1 | 1 | 1 |
Pre-modification recorded investment | 0 | 60 | 310 | 60 |
Post-modification recorded investment | 0 | 60 | 310 | 60 |
Lengthened Amortization | Commercial Real Estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of loans | 0 | 0 | 0 | 0 |
Pre-modification recorded investment | 0 | 0 | 0 | 0 |
Post-modification recorded investment | $0 | $0 | $0 | $0 |
Recorded_Investment_and_Unpaid1
Recorded Investment and Unpaid Principal Balances for Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | $9,116 | ' | $9,116 | ' | $5,584 |
Unpaid Principal Balance | 14,740 | ' | 14,740 | ' | 9,075 |
Related Allowance | 6 | ' | 6 | ' | 11 |
Average Recorded Investment | 7,588 | 2,945 | 6,462 | 3,141 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Commercial and Industrial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 3,094 | ' | 3,094 | ' | 885 |
Unpaid Principal Balance | 5,807 | ' | 5,807 | ' | 1,953 |
Related Allowance | 6 | ' | 6 | ' | 11 |
Average Recorded Investment | 2,385 | 1,400 | 1,678 | 1,033 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Construction, Land Development and Other Land | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 0 | ' | 0 | ' | 1,201 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 2,791 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 1,159 | 1,228 | 1,172 | 1,249 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Commercial and Other Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 6,022 | ' | 6,022 | ' | 3,498 |
Unpaid Principal Balance | 8,933 | ' | 8,933 | ' | 4,331 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 4,044 | 317 | 3,613 | 859 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With no specific allowance recorded | Commercial and Industrial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 2,944 | ' | 2,944 | ' | 677 |
Unpaid Principal Balance | 5,402 | ' | 5,402 | ' | 1,490 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 2,235 | 1,200 | 1,528 | 833 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With no specific allowance recorded | Construction, Land Development and Other Land | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 0 | ' | 0 | ' | 1,201 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 2,791 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 1,159 | 1,228 | 1,172 | 1,249 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With no specific allowance recorded | Commercial and Other Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 6,022 | ' | 6,022 | ' | 3,498 |
Unpaid Principal Balance | 8,933 | ' | 8,933 | ' | 4,331 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 4,044 | 317 | 3,613 | 859 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With a specific allowance recorded | Commercial and Industrial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 150 | ' | 150 | ' | 208 |
Unpaid Principal Balance | 405 | ' | 405 | ' | 463 |
Related Allowance | 6 | ' | 6 | ' | 11 |
Average Recorded Investment | 150 | 200 | 150 | 200 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With a specific allowance recorded | Construction, Land Development and Other Land | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With a specific allowance recorded | Commercial and Other Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 0 | 0 | 0 | 710 | ' |
Interest Income Recognized | $0 | $0 | $0 | $0 | ' |
Additional_Information_on_Impa
Additional Information on Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' | ' | ' |
Interest foregone on impaired loans | $264 | $73 | $495 | $233 |
Cash collections applied to reduce principal balance | 1,885 | 21 | 2,037 | 64 |
Interest income recognized on cash collections | $0 | $0 | $0 | $0 |
Accretable_Yield_for_Loans_Acq
Accretable Yield for Loans Acquired (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $10,130 | $1,832 | $12,189 | $2,585 |
Accretion, included in interest income | -967 | -801 | -3,050 | -1,554 |
Additions due to acquisition | 0 | 12,315 | 0 | 12,315 |
Sold acquired loans | 0 | 284 | 0 | 284 |
Reclassifications (to) from non-accretable yield | -547 | 201 | -523 | 201 |
Balance, end of period | $8,616 | $13,831 | $8,616 | $13,831 |
Carrying_Value_of_Purchased_Cr
Carrying Value of Purchased Credit Impaired Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | $14,740 | $9,075 |
Carrying Value | 9,116 | 5,584 |
Purchased Credit Impaired loans | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 6,372 | 10,718 |
Carrying Value | 4,412 | 6,904 |
Purchased Credit Impaired loans | Commercial and Industrial | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 1,390 | 1,221 |
Carrying Value | 1,076 | 770 |
Purchased Credit Impaired loans | Commercial and Other Real Estate | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 4,982 | 9,424 |
Carrying Value | 3,336 | 6,130 |
Purchased Credit Impaired loans | Other | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 73 |
Carrying Value | $0 | $4 |
Accretable_Net_Discount_of_Pur
Accretable Net Discount of Purchased Credit Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ' | ' | ' | ' |
Accretion, included in interest income | ($967) | ($801) | ($3,050) | ($1,554) |
Reclassifications (to) from non-accretable yield | -547 | 201 | -523 | 201 |
Purchased Credit Impaired loans | ' | ' | ' | ' |
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 428 | 0 | 9 | 0 |
Accretion, included in interest income | -17 | 0 | -17 | 0 |
Reclassifications (to) from non-accretable yield | 0 | 0 | 419 | 0 |
Balance, end of period | $411 | $0 | $411 | $0 |
Borrowings_and_Subordinated_De2
Borrowings and Subordinated Debentures - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Borrowings [Line Items] | ' | ' |
Securities with a fair market value | $16,600,000 | $23,300,000 |
Credit facility, maximum borrowing capacity | 319,000,000 | ' |
Credit facility, percentage of Bank's total assets | 25.00% | ' |
Loan collateral pledged with FHLB | 841,000,000 | ' |
Borrowing capacity | 292,000,000 | ' |
Common stock of FHLB | 4,700,000 | 4,900,000 |
Current value of FHLB common stock | 4,700,000 | ' |
Maximum advances by FHLB | 101,000,000 | ' |
Repurchased amount | 150,300 | 187,000 |
Subordinated debentures | 9,339,000 | 9,169,000 |
Issuance maturity period from its date of issue | '30 years | ' |
Trust preferred securities tier one capital | 25.00% | ' |
Tier 1 capital assets maximum | 15,000,000,000 | ' |
Subordinate debentures, interest payment terms | 'The Company has the right, assuming no default has occurred, to defer payments of interest on the subordinated debentures at any time for a period not to exceed 20 consecutive quarters. | ' |
Minimum | ' | ' |
Borrowings [Line Items] | ' | ' |
Repurchase maturity date | '1 day | ' |
Maximum | ' | ' |
Borrowings [Line Items] | ' | ' |
Repurchase maturity date | '180 days | ' |
PC Bancorp | ' | ' |
Borrowings [Line Items] | ' | ' |
Subordinated debentures | $12,400,000 | ' |
Terms_and_Maturity_of_Companys
Terms and Maturity of Company's Repos (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | $16,043 | $22,857 |
Interest Rate | 0.30% | 0.21% |
5-Aug-13 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 925 | ' |
Interest Rate | 0.13% | ' |
Original Term | '60 days | ' |
Maturity Date | 'October 4, 2013 | ' |
September 30,2013 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 15,118 | ' |
Original Term | '1 day | ' |
Maturity Date | 'October 1, 2013 | ' |
September 30,2013 | Minimum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | 0.10% | ' |
September 30,2013 | Maximum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | 0.40% | ' |
5-Nov-12 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | ' | 1,020 |
Interest Rate | ' | 0.15% |
Original Term | ' | '91 days |
Maturity Date | ' | 'February 4, 2013 |
31-Dec-12 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | ' | $21,837 |
Original Term | ' | '1 day |
Maturity Date | ' | 'January 2, 2013 |
December 31, 2012 | Minimum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | ' | 0.10% |
December 31, 2012 | Maximum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | ' | 0.40% |
Subordinated_Debentures_Outsta
Subordinated Debentures Outstanding (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | $9,339 | $9,169 |
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 12,372 | ' |
Carrying Fair Value | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | -3,033 | ' |
Trust One | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 6,186 | ' |
Issuance Date | 10-Dec-04 | ' |
Maturity Date | '03-15-2035 | ' |
Rate Index | '3 month LIBOR + 2.05% | ' |
Current Rate | 2.30% | ' |
Next Reset Date | 16-Dec-13 | ' |
Trust Two | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 3,093 | ' |
Issuance Date | 23-Dec-05 | ' |
Maturity Date | '03-15-2036 | ' |
Rate Index | '3 month LIBOR + 1.75% | ' |
Current Rate | 2.00% | ' |
Next Reset Date | 16-Dec-13 | ' |
Trust Three | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | $3,093 | ' |
Issuance Date | 30-Jun-06 | ' |
Maturity Date | '09-15-2036 | ' |
Rate Index | '3 month LIBOR + 1.85% | ' |
Current Rate | 2.10% | ' |
Next Reset Date | 16-Dec-13 | ' |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net unrealized gains (losses) on investment securities: | ' | ' | ' | ' |
Beginning balance | $996 | $1,705 | $2,369 | $1,534 |
Non-credit portion of other-than-temporary impairments arising during the period | 0 | 234 | -32 | 520 |
Net unrealized (losses) arising during the period | -905 | 340 | -2,241 | 225 |
Other comprehensive loss before reclassifications | ' | ' | -2,273 | ' |
Net other comprehensive income (loss) | -905 | 574 | ' | 745 |
Ending balance | 91 | 2,279 | 91 | 2,279 |
Net unrealized gains (losses) on investment securities: | ' | ' | ' | ' |
Beginning balance | 410 | 702 | 975 | 644 |
Non-credit portion of other-than-temporary impairments arising during the period | 0 | 109 | -13 | 205 |
Net unrealized (losses) arising during the period | -372 | 127 | -922 | 89 |
Other comprehensive loss before reclassifications | ' | ' | -935 | ' |
Net other comprehensive income (loss) | -372 | 236 | ' | 294 |
Ending balance | 38 | 938 | 38 | 938 |
Net unrealized gains (losses) on investment securities: | ' | ' | ' | ' |
Beginning balance | 586 | 1,003 | 1,394 | 890 |
Non-credit portion of other-than-temporary impairments arising during the period | 0 | 125 | -19 | 315 |
Net unrealized (losses) arising during the period | -533 | 213 | -1,319 | 136 |
Other comprehensive loss before reclassifications | ' | ' | -1,338 | ' |
Other Comprehensive Income (Loss) | -533 | 338 | -1,341 | 451 |
Ending balance | 53 | 1,341 | 53 | 1,341 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Net unrealized gains (losses) on investment securities: | ' | ' | ' | ' |
Reclassification adjustment for gains realized in net income | ' | ' | -5 | ' |
Net other comprehensive income (loss) | ' | ' | -2,278 | ' |
Net unrealized gains (losses) on investment securities: | ' | ' | ' | ' |
Reclassification adjustment for gains realized in net income | ' | ' | -2 | ' |
Net other comprehensive income (loss) | ' | ' | -937 | ' |
Net unrealized gains (losses) on investment securities: | ' | ' | ' | ' |
Reclassification adjustment for gains realized in net income | ' | ' | -3 | ' |
Other Comprehensive Income (Loss) | ' | ' | ($1,341) | ' |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Net unrealized gain on non other-than-temporarily impaired investment securities | $91 | ' | ' | $2,489 | ' | ' |
Net unrealized gain (loss) on other-than-temporarily impaired investment securities | 0 | ' | ' | -210 | ' | ' |
Total net unrealized gain on investment securities | 91 | 996 | 2,369 | 2,279 | 1,705 | 1,534 |
Tax expense | -38 | -410 | -975 | -938 | -702 | -644 |
Total accumulated other comprehensive income | $53 | $586 | $1,394 | $1,341 | $1,003 | $890 |
Repo_and_Derivatives_Securitie
Repo and Derivatives Securities Offset Consolidated Financial Statements Due to an Enforceable Master Netting Arrangement (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized in the Consolidated Balance Sheets | $20,418 | $28,895 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets | 20,418 | 28,895 |
Net Amount (Collateral over liability balance required to be pledged) | 824 | 811 |
Total Interest Rate Swap Contracts Fair Value | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized in the Consolidated Balance Sheets | 4,375 | 6,038 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets | 4,375 | 6,038 |
Net Amount (Collateral over liability balance required to be pledged) | 267 | 368 |
Repurchase Agreements | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized in the Consolidated Balance Sheets | 16,043 | 22,857 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets | 16,043 | 22,857 |
Net Amount (Collateral over liability balance required to be pledged) | 557 | 443 |
Financial Instruments | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Not Offset in the Consolidated Balance Sheets | 20,418 | 28,895 |
Financial Instruments | Total Interest Rate Swap Contracts Fair Value | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Not Offset in the Consolidated Balance Sheets | 4,375 | 6,038 |
Financial Instruments | Repurchase Agreements | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Not Offset in the Consolidated Balance Sheets | 16,043 | 22,857 |
Collateral Pledged | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Not Offset in the Consolidated Balance Sheets | 21,242 | 29,706 |
Collateral Pledged | Total Interest Rate Swap Contracts Fair Value | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Not Offset in the Consolidated Balance Sheets | 4,642 | 6,406 |
Collateral Pledged | Repurchase Agreements | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Not Offset in the Consolidated Balance Sheets | $16,600 | $23,300 |
Future_Compensation_Expense_Re
Future Compensation Expense Related to Non-Vested Stock Option and Restricted Stock Grants (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Remainder of 2013 | $368 |
2014 | 1,099 |
2015 | 424 |
2016 | 131 |
2017 | 18 |
Thereafter | 3 |
Total | 2,043 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Remainder of 2013 | 4 |
2014 | 10 |
2015 | 2 |
2016 | 0 |
2017 | 0 |
Thereafter | 0 |
Total | 16 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Remainder of 2013 | 364 |
2014 | 1,089 |
2015 | 422 |
2016 | 131 |
2017 | 18 |
Thereafter | 3 |
Total | $2,027 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Shares | ' | ' |
Outstanding stock options at beginning, Shares | 734,896 | ' |
Granted, Shares | 0 | ' |
Exercised, Shares | 49,611 | 0 |
Forfeited, Shares | 625 | ' |
Expired, Shares | 16,500 | ' |
Outstanding stock options at end, Shares | 668,160 | 734,896 |
Exercisable options at September 30, 2013, Shares | 647,885 | ' |
Unvested options at September 30, 2013, Shares | 20,275 | ' |
Outstanding, vested and expected to vest at September 30, 2013, Shares | 668,160 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding stock options at beginning, Weighted Average Exercise Price | $12.44 | ' |
Outstanding stock options at end, Weighted Average Exercise Price | $12.49 | $12.44 |
Exercisable options at September 30, 2013, Weighted Average Exercise Price | $12.50 | ' |
Unvested options at September 30, 2013, Weighted Average Exercise Price | $12.01 | ' |
Outstanding, vested and expected to vest at September 30, 2013, Weighted Average Exercise Price | $12.49 | ' |
Weighted Average Remaining Contractual Term | ' | ' |
Outstanding stock options at beginning, Weighted Average Remaining Contractual Term | '2 years 9 months 18 days | ' |
Outstanding stock options at end, Weighted Average Remaining Contractual Term | '2 years 1 month 6 days | '2 years 9 months 18 days |
Exercisable options at September 30, 2013, Weighted Average Remaining Contractual Term | '2 years 1 month 6 days | ' |
Unvested options at September 30, 2013, Weighted Average Remaining Contractual Term | '2 years 10 months 24 days | ' |
Outstanding, vested and expected to vest at September 30, 2013, Weighted Average Remaining Contractual Term | '2 years 1 month 6 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding stock options at December 31, 2012, Aggregate Intrinsic Value | $966 | ' |
Outstanding stock options at September 30, 2013, Aggregate Intrinsic Value | 4,132 | 966 |
Exercisable options at September 30, 2013 | 4,006 | ' |
Unvested options at September 30, 2013 | 127 | ' |
Outstanding, vested and expected to vest at September 30, 2013 | $4,132 | ' |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Stock Option Activity And Changes [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | $4,000 | $12,000 | $17,000 | $42,000 | ' |
Stock options exercised | ' | ' | 49,611 | ' | 0 |
Weighted average option price | $12.50 | ' | $12.50 | ' | ' |
Proceeds from stock options exercised | ' | ' | 484,000 | 0 | ' |
Shares of restricted stock issued | ' | ' | 73,050 | ' | ' |
Subsequent Event | ' | ' | ' | ' | ' |
Stock Option Activity And Changes [Line Items] | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | 232,420 | ' | ' |
Weighted average option price | $8.89 | ' | $8.89 | ' | ' |
Proceeds from stock options exercised | ' | ' | 2,300,000 | ' | ' |
Restricted Stock | ' | ' | ' | ' | ' |
Stock Option Activity And Changes [Line Items] | ' | ' | ' | ' | ' |
Stock-based compensation expense | $236,000 | $260,000 | $699,000 | $715,000 | ' |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Number of Shares | ' |
Unvested, at December 31, 2012 | 290,550 |
Granted | 73,050 |
Vested | 93,325 |
Cancelled and forfeited | 11,100 |
Unvested, at September 30, 2013 | 259,175 |
Weighted-Average Grant Date Fair Value per Share | ' |
Unvested, at December 31, 2012 | $11.99 |
Granted | $16.72 |
Vested | $12.02 |
Cancelled and forfeited | $11.03 |
Unvested, at September 30, 2013 | $13.36 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | |
Restricted Stock | Restricted Stock | PC Bancorp | |||
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' |
Common shares issued | ' | ' | ' | ' | 3,721,382 |
Shares of restricted stock issued to employees and directors | 73,050 | ' | 73,050 | 117,300 | ' |
Shares issued during period upon exercise of stock options | 49,611 | 0 | ' | ' | ' |
Share based compensation, unvested restricted shares cancelled | 11,100 | 7,500 | ' | ' | ' |
Share based compensation, restricted shares issued (forfeiture) | 81,298 | 109,800 | ' | ' | ' |
Share based compensation, unvested restricted shares retired | ' | ' | 29,863 | 21,921 | ' |
Share based compensation, amount of unvested restricted shares retired | ' | ' | $422,000 | $228,000 | ' |
Financial_Assets_and_Financial
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | $102,779 | $118,153 |
Interest Rate Swap Contracts | 4,375 | 6,038 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | 0 | 0 |
Interest Rate Swap Contracts | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | 102,779 | 115,243 |
Interest Rate Swap Contracts | 4,375 | 6,038 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | 0 | 2,910 |
Interest Rate Swap Contracts | $0 | $0 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | |
Collateralized Mortgage Obligations | |||||
Fair Value of Financial Instruments [Line Items] | ' | ' | ' | ' | ' |
Net gain from sale of securities | $0 | $0 | $5,000 | $0 | $4,600 |
RollForward_of_All_Assets_and_
Roll-Forward of All Assets and Liabilities and Additional Information about Financial Assets Measured at Fair Value (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Changes In Level 3 Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | $2,910 | $5,154 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -20 | -77 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 529 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | -2,890 | -917 |
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of or into Level 3 | 0 | 0 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | 0 | 4,689 |
Private Issue CMO Securities | ' | ' |
Changes In Level 3 Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | 2,910 | 2,775 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -20 | -76 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 520 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | -2,890 | -326 |
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of or into Level 3 | 0 | 0 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | 0 | 2,893 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Changes In Level 3 Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | ' | 2,379 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | -1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | ' | 9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements | ' | -591 |
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of or into Level 3 | ' | 0 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | ' | $1,796 |
Balances_of_Assets_and_Liabili
Balances of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off | $379 | $2,056 |
Other real estate owned | 3,112 | 3,112 |
Total | 3,491 | 5,168 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loan with specific valuation allowance and/or partial charge-off | 379 | 2,269 |
Other real estate owned | 3,112 | 3,112 |
Total | $3,491 | $5,381 |
Significant_Unobservable_Input
Significant Unobservable Inputs Used in Fair Value Measurements for Level Three Assets and Liabilities Measured at Fair Value on Recurring or Non-Recurring Basis (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Collateral Dependent Impaired Loan With Specific Valuation Allowance And Or Partial Charge Off | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | |
Management assumption regarding collectability | $419 | [1] |
Assets, fair value | 379 | [1] |
Valuation Technique | 'Internal valuation of Accounts Receivable aging, net of credit loss estimate | [1] |
Other Real Estate Owned | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | |
Contract | 3,190 | |
Less estimated selling costs | -78 | |
Net Valuation | 3,112 | |
Assets, fair value | 3,112 | |
Valuation Technique | 'Purchase and sale Agreement | [2] |
Collateral dependent impaired loans, other | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | |
Assets, fair value | 379 | |
Collateral dependent impaired loans | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | |
Less estimated selling costs | -40 | |
Net Valuation | $379 | |
[1] | The Company charged off $216,000 of the principal balance on this loan in the 3rd quarter of 2013. | |
[2] | The Company has entered into a non-publicly disclosed purchase and sales agreement to sell this parcel of real estate to a private third party. The purchase price was a negotiated amount based on a number of both public and non-public economic factors. |
Significant_Unobservable_Input1
Significant Unobservable Inputs Used in Fair Value Measurements for Level Three Assets and Liabilities Measured at Fair Value on Recurring or Non-Recurring Basis (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Loan charge off of principal balance | $216,000 |
Carrying_Amounts_and_Fair_Valu
Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale, Carrying Amount | $102,779 | $118,153 |
Loans, net, Carrying Amount | 899,604 | 846,082 |
Certificates of deposit, Carrying Amount | 67,426 | 81,336 |
Securities sold under agreements to repurchase, Carrying Amount | 16,043 | 22,857 |
Subordinated debentures, Carrying Amount | 9,339 | 9,169 |
Interest rate swap contracts, Carrying Amount | 4,375 | 6,038 |
Investment securities available-for-sale, Fair Value | 102,779 | 118,153 |
Loans, net, Fair Value | 902,938 | 848,146 |
Certificates of deposit, Fair Value | 67,547 | 81,648 |
Securities sold under agreements to repurchase, Fair Value | 16,043 | 22,857 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Interest rate swap contracts, Fair Value | 4,375 | 6,038 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale, Fair Value | 0 | 0 |
Loans, net, Fair Value | 0 | 0 |
Certificates of deposit, Fair Value | 0 | 0 |
Securities sold under agreements to repurchase, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 0 | 0 |
Interest rate swap contracts, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale, Fair Value | 102,779 | 115,243 |
Loans, net, Fair Value | 0 | 0 |
Certificates of deposit, Fair Value | 67,547 | 81,648 |
Securities sold under agreements to repurchase, Fair Value | 16,043 | 22,857 |
Subordinated debentures, Fair Value | 0 | 0 |
Interest rate swap contracts, Fair Value | 4,375 | 6,038 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale, Fair Value | 0 | 2,910 |
Loans, net, Fair Value | 902,938 | 848,146 |
Certificates of deposit, Fair Value | 0 | 0 |
Securities sold under agreements to repurchase, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Interest rate swap contracts, Fair Value | $0 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Derivative [Line Items] | ' | ' |
Number of pay-fixed, receive-variable interest rate swap agreements | 23 | 23 |
Outstanding swaps maturity period | ' | '10 years |
Pledged collateral with interest rate swap counterparty bank | $4,600,000 | $4,600,000 |
Certificate of deposit with other financial institutions pledged | 4,300,000 | 4,300,000 |
Due from bank | 301,000 | 301,000 |
Total Interest Rate Swap Contracts Fair Value | ' | ' |
Derivative [Line Items] | ' | ' |
Change in the fair value of derivative instruments | -250,000 | -1,700,000 |
Interest Rate Swaption | ' | ' |
Derivative [Line Items] | ' | ' |
Interest paid in interest rate swap | $467,000 | $1,300,000 |
Balance_Sheet_Classification_o
Balance Sheet Classification of Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Liability Derivatives | $20,418 | $28,895 |
Accrued Interest Payable and Other Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | 4,375 | 6,038 |
Accrued Interest Payable and Other Liabilities | Interest Rate Contract | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | 32,191 | 35,990 |
Derivatives not Designated as Hedging Instruments | Accrued Interest Payable and Other Liabilities | Total Interest Rate Swap Contracts Fair Value | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | 802 | 1,114 |
Derivatives Designated as Hedging Instruments | Accrued Interest Payable and Other Liabilities | Total Interest Rate Swap Contracts Fair Value | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | $3,573 | $4,924 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Net increase (decrease) in interest and other non-interest income | ($45) | ($44) | $15 | ($44) |
Derivatives not Designated as Hedging Instruments | Loans | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Increase in fair value of interest rate swap contracts | 94 | 252 | 311 | 252 |
Payments (paid) on interest rate swap contracts on loans | -139 | -277 | -296 | -277 |
Net increase (decrease) in interest and other non-interest income | -45 | -25 | 15 | -25 |
Derivatives not Designated as Hedging Instruments | Subordinated debentures | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Increase in fair value of interest rate swap contracts | 0 | 0 | 70 | 0 |
Payments (paid) on interest rate swap contracts on loans | 0 | -24 | -70 | -24 |
Net increase (decrease) in interest and other non-interest income | 0 | -24 | 0 | -24 |
Derivatives Designated as Hedging Instruments | Loans | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Increase in fair value of interest rate swap contracts | 156 | 0 | 1,352 | 0 |
Increase (decrease) in fair value of hedged loans | 136 | 0 | -454 | 0 |
Payments (paid) on interest rate swap contracts on loans | -328 | 0 | -961 | 0 |
Net increase (decrease) in interest and other non-interest income | ($36) | $0 | ($63) | $0 |