Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 11,228,175 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $27,882 | $23,156 |
Interest earning deposits in other financial institutions | 167,859 | 218,131 |
Total Cash and Cash Equivalents | 195,741 | 241,287 |
Certificates of deposit in other financial institutions | 74,473 | 60,307 |
Investment securities available-for-sale, at fair value | 139,552 | 106,488 |
Loans | 978,800 | 933,194 |
Allowance for loan loss | -11,348 | -10,603 |
Net loans | 967,452 | 922,591 |
Premises and equipment, net | 3,648 | 3,531 |
Deferred tax assets, net | 10,369 | 11,835 |
Goodwill | 12,292 | 12,292 |
Core deposit and leasehold right intangibles | 2,246 | 2,525 |
Bank owned life insurance | 21,663 | 21,200 |
Accrued interest receivable and other assets | 23,921 | 25,760 |
Total Assets | 1,451,357 | 1,407,816 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Non-interest bearing demand deposits | 698,251 | 632,192 |
Interest bearing transaction accounts | 145,899 | 155,735 |
Money market and savings deposits | 365,945 | 380,915 |
Certificates of deposit | 52,852 | 63,581 |
Total deposits | 1,262,947 | 1,232,423 |
Securities sold under agreements to repurchase | 13,618 | 11,141 |
Subordinated debentures, net | 9,498 | 9,379 |
Accrued interest payable and other liabilities | 16,521 | 16,949 |
Total Liabilities | 1,302,584 | 1,269,892 |
Commitments and Contingencies (Note 14) | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Serial Preferred Stock - authorized, 50,000,000 shares no par value, no shares issued or outstanding | ' | ' |
Common stock - authorized, 75,000,000 shares no par value, 11,231,801 and 11,081,364 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 122,952 | 121,675 |
Additional paid-in capital | 9,940 | 8,377 |
Retained earnings | 15,678 | 8,077 |
Accumulated other comprehensive income (loss) | 203 | -205 |
Total Shareholders' Equity | 148,773 | 137,924 |
Total Liabilities and Shareholders' Equity | $1,451,357 | $1,407,816 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred Stock, no par value | ' | ' |
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 | ' | ' |
Common stock, shares issued | 11,231,801 | 11,081,364 |
Common stock, shares outstanding | 11,231,801 | 11,081,364 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Income | ' | ' | ' | ' |
Interest and fees on loans | $12,401 | $12,203 | $36,691 | $36,090 |
Interest on investment securities | 589 | 441 | 1,557 | 1,420 |
Interest on interest bearing deposits in other financial institutions | 248 | 178 | 665 | 495 |
Total Interest Income | 13,238 | 12,822 | 38,913 | 38,005 |
Interest Expense | ' | ' | ' | ' |
Interest on interest bearing transaction accounts | 70 | 57 | 194 | 173 |
Interest on money market and savings deposits | 225 | 263 | 681 | 772 |
Interest on certificates of deposit | 58 | 47 | 169 | 197 |
Interest on securities sold under agreements to repurchase | 8 | 23 | 27 | 63 |
Interest on subordinated debentures | 109 | 126 | 323 | 376 |
Total Interest Expense | 470 | 516 | 1,394 | 1,581 |
Net Interest Income | 12,768 | 12,306 | 37,519 | 36,424 |
Provision for loan losses | 35 | 631 | 518 | 1,918 |
Net Interest Income After Provision For Loan Losses | 12,733 | 11,675 | 37,001 | 34,506 |
Non-Interest Income | ' | ' | ' | ' |
Gain on sale of securities, net | ' | ' | ' | 5 |
Gain on sale of SBA loans, net | 331 | 263 | 936 | 673 |
Deposit account service charge income | 631 | 598 | 1,891 | 1,749 |
Other non-interest income | 1,042 | 610 | 2,750 | 2,160 |
Total Non-Interest Income | 2,004 | 1,471 | 5,577 | 4,587 |
Non-Interest Expense | ' | ' | ' | ' |
Salaries and employee benefits (includes stock based compensation expense of $445 and $241 for the three months, and $1,332 and $716 for the nine months ended September 30, 2014 and 2013, respectively) | 6,066 | 5,673 | 17,886 | 17,003 |
Occupancy | 999 | 1,074 | 2,970 | 3,157 |
Data processing | 472 | 452 | 1,423 | 1,413 |
Legal and professional | 456 | 530 | 1,390 | 1,609 |
FDIC deposit assessment | 195 | 219 | 596 | 654 |
Merger related expenses | 631 | ' | 1,128 | 43 |
OREO valuation write-downs and expenses | 8 | 39 | 14 | 88 |
Office services expenses | 219 | 261 | 721 | 786 |
Other operating expenses | 985 | 1,182 | 3,150 | 3,267 |
Total Non-Interest Expense | 10,031 | 9,430 | 29,278 | 28,020 |
Net Income Before Provision for Income Tax Expense | 4,706 | 3,716 | 13,300 | 11,073 |
Provision for income tax expense | 2,157 | 1,239 | 5,699 | 4,120 |
Net Income | $2,549 | $2,477 | $7,601 | $6,953 |
Earnings Per Share | ' | ' | ' | ' |
Basic earnings per share | $0.23 | $0.24 | $0.70 | $0.66 |
Diluted earnings per share | $0.23 | $0.23 | $0.68 | $0.65 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Stock based compensation expense | $445 | $241 | $1,332 | $716 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $2,549 | $2,477 | $7,601 | $6,953 |
Other Comprehensive Income, net of tax: | ' | ' | ' | ' |
Non-credit portion of other-than-temporary impairments arising during the period | ' | ' | ' | -19 |
Net unrealized gains (losses) on investment securities arising during the period | 8 | -533 | 408 | -1,319 |
Other Comprehensive Income (Loss) Before Reclassifications | 8 | -533 | 408 | -1,338 |
Reclassification adjustment for gains realized in net income | ' | ' | ' | -3 |
Net Other Comprehensive Income (Loss) | 8 | -533 | 408 | -1,341 |
Comprehensive Income | $2,557 | $1,945 | $8,009 | $5,612 |
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) |
Beginning Balance at Dec. 31, 2012 | $125,623,000 | $118,885,000 | $7,052,000 | ($1,708,000) | $1,394,000 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 10,759,000 | ' | ' | ' |
Net Issuance of Restricted Stock | ' | 69,000 | ' | ' | ' |
Exercise of Stock Options (in shares) | ' | 282,000 | ' | ' | ' |
Exercise of Stock Options | 2,790,000 | 2,790,000 | ' | ' | ' |
Stock based compensation expense related to employee stock options and restricted stock | 1,088,000 | ' | 1,088,000 | ' | ' |
Restricted Stock Repurchase (in shares) | ' | -29,000 | ' | ' | ' |
Restricted Stock Repurchase | -422,000 | ' | -422,000 | ' | ' |
Excess tax benefit - stock based compensation | 659,000 | ' | 659,000 | ' | ' |
Net Income | 9,785,000 | ' | ' | 9,785,000 | ' |
Other Comprehensive Income (Loss) | -1,599,000 | ' | ' | ' | -1,599,000 |
Ending Balance at Dec. 31, 2013 | 137,924,000 | 121,675,000 | 8,377,000 | 8,077,000 | -205,000 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 11,081,000 | ' | ' | ' |
Net Issuance of Restricted Stock | 20,193 | 46,000 | ' | ' | ' |
Exercise of Stock Options (in shares) | 130,744 | 131,000 | ' | ' | ' |
Exercise of Stock Options | 1,277,000 | 1,277,000 | ' | ' | ' |
Stock based compensation expense related to employee stock options and restricted stock | 1,332,000 | ' | 1,332,000 | ' | ' |
Restricted Stock Repurchase (in shares) | ' | -26,000 | ' | ' | ' |
Restricted Stock Repurchase | -246,000 | ' | -246,000 | ' | ' |
Excess tax benefit - stock based compensation | 477,000 | ' | 477,000 | ' | ' |
Net Income | 7,601,000 | ' | ' | 7,601,000 | ' |
Other Comprehensive Income (Loss) | 408,000 | ' | ' | ' | 408,000 |
Ending Balance at Sep. 30, 2014 | $148,773,000 | $122,952,000 | $9,940,000 | $15,678,000 | $203,000 |
Ending Balance (in shares) at Sep. 30, 2014 | ' | 11,232,000 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income: | $7,601 | $6,953 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 518 | 1,918 |
Provision for unfunded loan commitments | 76 | 48 |
Stock based compensation expense | 1,332 | 716 |
Depreciation | 725 | 825 |
Net accretion of discounts/premiums for loans acquired and deferred loan fees/costs | -3,947 | -4,749 |
Net amortization from investment securities | 1,133 | 1,286 |
Increase in bank owned life insurance | -463 | -465 |
Amortization of core deposit intangibles | 203 | 240 |
Amortization of time deposit premium | -13 | -127 |
Net amortization of leasehold right intangible asset and liabilities | 158 | -347 |
Accretion of subordinated debenture discount | 119 | 170 |
Gain on sale of securities, net | ' | -5 |
Gain on sale of SBA loans, net | -936 | -673 |
Decrease in deferred tax assets | 1,176 | 1,602 |
(Increase) decrease in accrued interest receivable and other assets | 1,838 | -1,912 |
Increase (decrease) in accrued interest payable and other liabilities | 255 | 522 |
Decrease in fair value of derivative swap liability | -841 | -1,593 |
Net cash provided by operating activities | 8,934 | 4,409 |
Cash flows from investing activities: | ' | ' |
Purchases of available-for-sale investment securities | -48,656 | -20,395 |
Proceeds from sales of available-for-sale investment securities | ' | 2,854 |
Proceeds from repayment and maturities from available-for-sale investment securities | 15,157 | 29,355 |
Loans originated, net of principal payments | -40,495 | -50,018 |
Purchases of premises and equipment | -842 | -484 |
Net increase in certificates of deposit in other financial institutions | -14,166 | -20,118 |
Net purchase of Federal Home Loan Bank and other bank stock | ' | 151 |
Net cash (used in) investing activities | -89,002 | -58,655 |
Cash flows from financing activities: | ' | ' |
Net increase in Non-interest bearing demand deposits | 66,059 | 66,080 |
Net increase (decrease) in Interest bearing transaction accounts | -9,836 | 17,039 |
Net increase (decrease) in Money market and savings deposits | -14,970 | 29,064 |
Net decrease in Certificates of deposit | -10,716 | -13,783 |
Net increase (decrease) in Securities sold under agreements to repurchase | 2,477 | -6,814 |
Net proceeds from stock options exercised | 1,277 | 484 |
Restricted stock repurchase | -246 | -422 |
Net excess in tax benefit on stock compensation | 477 | 101 |
Net cash provided by financing activities | 34,522 | 91,749 |
Net increase (decrease) in cash and cash equivalents | -45,546 | 37,503 |
Cash and cash equivalents, beginning of year | 241,287 | 182,896 |
Cash and cash equivalents, end of period | 195,741 | 220,399 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for interest | 1,301 | 1,557 |
Cash paid during the period for taxes | 2,550 | 2,450 |
Supplemental disclosures of non-cash investing activities: | ' | ' |
Net increase (decrease) in unrealized gain or loss on investment securities, net of tax | 408 | -1,341 |
Loans transferred to other real estate owned | $219 | ' |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [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 income 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 in Los Angeles, Orange and Ventura counties, 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. | |
On June 3, 2014, CU Bancorp and 1st Enterprise Bank (“1st Enterprise”) announced the execution of a definitive agreement and plan of merger whereby 1st Enterprise will merge into California United Bank in a transaction valued at approximately $102.2 million. The transaction combines two of the leading commercial banking franchises in Southern California with more than $2.2 billion in combined assets which operate offices in Los Angeles, Orange, Ventura and San Bernardino counties. California United Bank will survive the merger and will continue the commercial banking operations of the combined bank following the merger. The transaction is intended to qualify as a tax-free reorganization under the applicable provision of the Internal Revenue Code and 1st Enterprise shareholders who receive shares of CU Bancorp common stock in the merger should not recognize any taxable gain on the exchange. Shareholders of 1st Enterprise will receive a fixed exchange ratio at closing of 1.3450 shares of CU Bancorp common stock for each share of 1st Enterprise common stock. Based on the CU Bancorp stock price as of November 3, 2014, total consideration for each 1st Enterprise share would be $26.63. | |
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 U.S. generally accepted accounting principles (“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 8 – 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 the Company’s 2013 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. | |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In addition, these accounting principles require the disclosure of contingent assets and liabilities as of the date of the financial statements. | |
Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan loss and various assets and liabilities measured at fair value. While management uses the most current available information to recognize losses on loans, future additions to the allowance for loan loss may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan loss. Regulatory agencies may require the Company to recognize changes to the allowance for loan loss based on their judgment about information available to them at the time of their examination. | |
Business Segments | |
The Company is organized and operated as a single reporting segment, principally engaged in commercial business banking. The Company conducts its lending and deposit operations through eight full service branch offices located in Los Angeles, Orange, and Ventura counties. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 2 - Recent Accounting Pronouncements | |
In January 2014, the FASB issued ASU No. 2014-01, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). ASU 2014-01 modifies the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to amortize the initial cost of the investment in proportion to the amount of the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, ASU 2014-01 introduces new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. Prior to these amendments, a reporting entity that invests in qualified affordable housing projects may elect to account for that investment using the level yield method if specific conditions are met. For investments that are not accounted for using the effective yield method, the investment must be accounted for under either the equity method or the cost method. Because the conditions which allow an entity to utilize the effective yield method were overly restrictive, this prevented many investors from using the effective yield method. Under the effective yield method, all tax credits, tax benefits, and the write-down of the investments are accounted for net of taxes as a component of income tax expense (benefit). This method more fairly represents the economics of the transaction than accounting under the equity method or cost method. The amendments in ASU 2014-01 are expected to enable more entities to qualify for the proportional amortization method to account for affordable housing project investments than the number of entities that currently qualify for the effective yield method. The amendments are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. For all entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2014, and interim periods within annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company early adopted ASU 2014-01 in the fourth quarter of 2013. See Note 11 – Investments in Qualified Affordable Housing Projects, in the Company’s 2013 Form 10-K, for the Company’s disclosures on its investments in LIHTC projects required under ASU 2014-01. | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure (a consensus of the FASB Emerging Issues Task Force). The objective of this Update is to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. These amendments are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. An entity can elect to adopt these amendments using either a modified retrospective transition method or a prospective transition method. Early adoption is permitted. We do not expect the adoption of this ASU to have a material impact on the Company’s financial position or results of operations. | |
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, to address investor concerns about the distinction in generally accepted accounting principles between repurchase agreements that settle at the same time as the maturity of the transferred financial asset and those that settle any time before maturity. ASU 2014-11 aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions all will be accounted for as secured borrowings. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement, which has resulted in outcomes referred to as off-balance-sheet accounting. ASU 2014-11 also requires a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Further, the ASU requires expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The accounting changes are effective for public companies for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2014. For all other entities, all changes are effective for annual periods beginning after December 14, 2014, and interim periods beginning after December 15, 2015. Earlier application for a public company is prohibited, but all other companies and organizations may elect to apply the requirements for interim periods beginning after December 15, 2014. We do not expect the adoption of this ASU 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, 2014 | |||||||||
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 | |||||||||
The Company utilizes the term Tangible Common Equity (“TCE”), a non-GAAP financial measure. Management believes that TCE is useful because it is a measure utilized by both regulators and market analysts in evaluating a consolidated bank holding company’s financial condition and capital strength. TCE represents common shareholders’ equity less goodwill and certain intangible assets. | |||||||||
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 common equity by the number of common shares issued and outstanding. | |||||||||
The table below presents the computation of TCE, book value and tangible book value per common share as of the dates indicated (dollars in thousands, except share and per share data): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Total Shareholders’ Equity | $ | 148,773 | $ | 137,924 | |||||
Less: Goodwill | 12,292 | 12,292 | |||||||
Less: Core deposit and leasehold right intangibles | 2,246 | 2,525 | |||||||
Tangible common equity | $ | 134,235 | $ | 123,107 | |||||
Common shares issued and outstanding | 11,231,801 | 11,081,364 | |||||||
Book value per common share | $ | 13.25 | $ | 12.45 | |||||
Tangible book value per common share | $ | 11.95 | $ | 11.11 | |||||
Computation_of_Earnings_per_Co
Computation of Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 following table shows weighted average basic shares outstanding, potential dilutive shares related to stock options, unvested restricted stock, and weighted average diluted shares for the periods indicated (dollars in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income | $ | 2,549 | $ | 2,477 | $ | 7,601 | $ | 6,953 | |||||||||
Weighted average basic common shares outstanding | 10,986,065 | 10,546,288 | 10,937,507 | 10,511,327 | |||||||||||||
Dilutive effect of potential common share issuances from stock options and unvested restricted stock | 203,837 | 301,419 | 210,154 | 271,543 | |||||||||||||
Weighted average diluted common shares outstanding | 11,189,902 | 10,847,707 | 11,147,661 | 10,782,870 | |||||||||||||
Income per common share | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.24 | $ | 0.7 | $ | 0.66 | |||||||||
Diluted | $ | 0.23 | $ | 0.23 | $ | 0.68 | $ | 0.65 | |||||||||
Anti-dilutive shares not included in the calculation of diluted earnings per share | 81,000 | 141,924 | 82,625 | 197,411 |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
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 market value. | |||||||||||||||||||||||||
The following tables present the amortized cost and estimated fair values of investment securities by major category as of the dates indicated. There were no other than temporary impairment losses in the securities portfolio for the periods indicated in the tables below (dollars in thousands): | |||||||||||||||||||||||||
Gross Unrealized | |||||||||||||||||||||||||
September 30, 2014 – Available-for-sale: | Amortized | Gains | Losses | Fair Market | |||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency - Note Securities | $ | 3,054 | $ | 3 | $ | — | $ | 3,057 | |||||||||||||||||
U.S. Govt Agency - SBA Securities | 50,710 | 763 | 345 | 51,128 | |||||||||||||||||||||
U.S. Govt Agency - GNMA Mortgage-Backed Securities | 23,481 | 232 | 479 | 23,234 | |||||||||||||||||||||
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | 35,821 | 375 | 308 | 35,888 | |||||||||||||||||||||
U. S. Treasury Notes | 20,035 | 6 | 7 | 20,034 | |||||||||||||||||||||
Corporate Securities | 4,050 | 95 | — | 4,145 | |||||||||||||||||||||
Municipal Securities | 2,051 | 15 | — | 2,066 | |||||||||||||||||||||
Total investment securities | $ | 139,202 | $ | 1,489 | $ | 1,139 | $ | 139,552 | |||||||||||||||||
Gross Unrealized | |||||||||||||||||||||||||
December 31, 2013 – Available-for-sale: | Amortized | Gains | Losses | Fair Market | |||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency - Note Securities | $ | 4,153 | $ | 1 | $ | 2 | $ | 4,152 | |||||||||||||||||
U.S. Govt Agency - SBA Securities | 50,521 | 875 | 491 | 50,905 | |||||||||||||||||||||
U.S. Govt Agency - GNMA Mortgage-Backed Securities | 28,107 | 180 | 909 | 27,378 | |||||||||||||||||||||
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | 15,348 | 345 | 479 | 15,214 | |||||||||||||||||||||
Corporate Securities | 5,086 | 125 | — | 5,211 | |||||||||||||||||||||
Municipal Securities | 3,621 | 9 | 2 | 3,628 | |||||||||||||||||||||
Total investment securities | $ | 106,836 | $ | 1,535 | $ | 1,883 | $ | 106,488 | |||||||||||||||||
The Company’s investment securities portfolio at September 30, 2014 consists of U.S. Treasury Notes, U.S. Agency and U.S. Sponsored Agency issued AAA and AA rated investment-grade securities, investment grade corporate bond securities, and municipal securities. As of September 30, 2014 and December 31, 2013, securities available-for-sale with a fair value of $104.0 million and $92.8 million were pledged as collateral for securities sold under agreements to repurchase, public deposits, outstanding standby letters of credit and other purposes as required by various statutes and agreements. | |||||||||||||||||||||||||
The following tables present investment securities with unrealized losses that are considered to be temporarily-impaired, summarized and classified according to the duration of the loss period as of the dates indicated (dollars in thousands). | |||||||||||||||||||||||||
< 12 Continuous | > 12 Continuous | Total | |||||||||||||||||||||||
Months | Months | ||||||||||||||||||||||||
September 30, 2014 | Fair | Net | Fair | Net | Fair | Net | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt. - Agency and Sponsored Agency Note Securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
U.S. Govt. Agency SBA Securities | 9,020 | 61 | 8,384 | 284 | 17,404 | 345 | |||||||||||||||||||
U.S. Govt. Agency – GNMA Mortgage-Backed Securities | 6,152 | 73 | 8,639 | 300 | 14,791 | 373 | |||||||||||||||||||
U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities | 12,452 | 114 | 9,396 | 300 | 21,848 | 414 | |||||||||||||||||||
U.S. Treasury Notes | 10,025 | 7 | — | — | 10,025 | 7 | |||||||||||||||||||
Corporate Securities | — | — | — | — | — | — | |||||||||||||||||||
Municipal Securities | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 37,649 | $ | 255 | $ | 26,419 | $ | 884 | $ | 64,068 | $ | 1,139 | |||||||||||||
< 12 Continuous | > 12 Continuous | Total | |||||||||||||||||||||||
Months | Months | ||||||||||||||||||||||||
December 31, 2013 | Fair | Net | Fair | Net | Fair | Net | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt. - Agency and Sponsored Agency Note Securities | $ | 1,041 | $ | 2 | $ | — | $ | — | $ | 1,041 | $ | 2 | |||||||||||||
U.S. Govt. Agency SBA Securities | 11,686 | 491 | — | — | 11,686 | 491 | |||||||||||||||||||
U.S. Govt. Agency – GNMA Mortgage-Backed Securities | 15,693 | 721 | 1,864 | 188 | 17,557 | 909 | |||||||||||||||||||
U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities | 7,650 | 479 | — | — | 7,650 | 479 | |||||||||||||||||||
Corporate Securities | — | — | — | — | — | — | |||||||||||||||||||
Municipal Securities | — | — | 1,029 | 2 | 1,029 | 2 | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 36,070 | $ | 1,693 | $ | 2,893 | $ | 190 | $ | 38,963 | $ | 1,883 | |||||||||||||
The Company evaluates all securities for declines in the fair market values below the securities cost basis for possible other than temporary impairment on each reporting date. There were no other than temporary impairment losses in the securities portfolio for the periods indicated in the tables | |||||||||||||||||||||||||
The Company did not sell any available-for-sale securities during the nine months ended September 30, 2014, and recognized a gross gain of $5,000 and net proceeds of $2.9 million for the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The amortized cost, estimated fair value and average yield of debt securities at September 30, 2014, are reflected in the table below (dollars in thousands). Maturity categories are determined as follows: | |||||||||||||||||||||||||
• | U.S. Treasury Notes, 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. Govt. Agency SBA Securities – estimated cash flow taking into account estimated pre-payment speeds | ||||||||||||||||||||||||
• | Investment grade Corporate Bonds and Municipal Securities – maturity date | ||||||||||||||||||||||||
Although, U.S. Government Agency and U.S. Government Sponsored Agency mortgage-backed and CMO securities have contractual maturities through 2048, 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, 2014 | |||||||||||||||||||||||||
Maturities Schedule of Securities | Amortized | Fair Value | Weighted | ||||||||||||||||||||||
Cost | Average | ||||||||||||||||||||||||
Yield | |||||||||||||||||||||||||
Due through one year | $ | 16,010 | $ | 16,146 | 1.77 | % | |||||||||||||||||||
Due after one year through five years | 61,527 | 61,894 | 1.52 | % | |||||||||||||||||||||
Due after five years through ten years | 32,152 | 31,865 | 2.34 | % | |||||||||||||||||||||
Due after ten years | 29,513 | 29,647 | 2.97 | % | |||||||||||||||||||||
Total | $ | 139,202 | $ | 139,552 | 2.04 | % | |||||||||||||||||||
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. | |||||||||||||||||||||||||
Investment in FHLB Common Stock | |||||||||||||||||||||||||
The Company’s investment in the common stock of the FHLB of San Francisco is carried at cost and was $4.2 million as of September 30, 2014 and December 31, 2013. See Note 8—Borrowings and Subordinated Debentures for a detailed discussion regarding the Company’s borrowings and the requirements to purchase FHLB common stock. See Note 5—Investment Securities in the Company’s December 31, 2013 10-K for additional discussion on the Company’s evaluation and accounting for its investment in FHLB common stock. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial and Industrial Loans: | $ | 297,853 | $ | 299,473 | |||||||||||||||||||||||||||||
Loans Secured by Real Estate: | |||||||||||||||||||||||||||||||||
Owner-Occupied Nonresidential Properties | 198,406 | 197,605 | |||||||||||||||||||||||||||||||
Other Nonresidential Properties | 303,605 | 271,818 | |||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 58,474 | 47,074 | |||||||||||||||||||||||||||||||
1-4 Family Residential Properties | 68,134 | 65,711 | |||||||||||||||||||||||||||||||
Multifamily Residential Properties | 27,937 | 33,780 | |||||||||||||||||||||||||||||||
Total Loans Secured by Real Estate | 656,556 | 615,988 | |||||||||||||||||||||||||||||||
Other Loans: | 24,391 | 17,733 | |||||||||||||||||||||||||||||||
Total Loans | $ | 978,800 | $ | 933,194 | |||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Real Estate | $ | 422,509 | $ | 381,830 | |||||||||||||||||||||||||||||
Manufacturing | 87,140 | 83,319 | |||||||||||||||||||||||||||||||
Hotel/Lodging | 82,728 | 76,143 | |||||||||||||||||||||||||||||||
Construction | 67,189 | 62,835 | |||||||||||||||||||||||||||||||
Wholesale | 59,563 | 60,291 | |||||||||||||||||||||||||||||||
Professional Services | 44,346 | 49,739 | |||||||||||||||||||||||||||||||
Finance | 63,496 | 46,393 | |||||||||||||||||||||||||||||||
Healthcare | 30,125 | 38,662 | |||||||||||||||||||||||||||||||
Restaurant/Food Service | 24,187 | 35,244 | |||||||||||||||||||||||||||||||
Other Services | 23,467 | 21,448 | |||||||||||||||||||||||||||||||
Retail | 16,891 | 23,157 | |||||||||||||||||||||||||||||||
Administrative Management | 19,085 | 15,218 | |||||||||||||||||||||||||||||||
Information | 11,327 | 11,709 | |||||||||||||||||||||||||||||||
Education | 9,625 | 10,270 | |||||||||||||||||||||||||||||||
Transportation | 10,393 | 9,531 | |||||||||||||||||||||||||||||||
Entertainment | 5,382 | 6,207 | |||||||||||||||||||||||||||||||
Other | 1,347 | 1,198 | |||||||||||||||||||||||||||||||
Total | $ | 978,800 | $ | 933,194 | |||||||||||||||||||||||||||||
SBA Loans | |||||||||||||||||||||||||||||||||
The Company originates loans under the guidelines of the Small Business Administration (“SBA”) program. The total portfolio of the SBA contractual loan balances being serviced by the Company at September 30, 2014 was $101.8 million, of which $71.0 million has been sold. Of the $30.8 million remaining on the Company’s books, $22.7 million is un-guaranteed and $8.1 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, 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. | |||||||||||||||||||||||||||||||||
At September 30, 2014, there were no loans classified as held for sale. At September 30, 2014, the balance of unsold SBA 7a loans that have been originated in 2014 is $1.0 million, of which $0.7 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. | |||||||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Allowance for loan loss at beginning of period | $ | 11,284 | $ | 9,412 | $ | 10,603 | $ | 8,803 | |||||||||||||||||||||||||
Provision for loan losses | 35 | 631 | 518 | 1,918 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (8 | ) | (786 | ) | (165 | ) | (1,523 | ) | |||||||||||||||||||||||||
Recoveries | 37 | 781 | 392 | 840 | |||||||||||||||||||||||||||||
Net recoveries (charge-offs) | 29 | (5 | ) | 227 | (683 | ) | |||||||||||||||||||||||||||
Allowance for loan loss at end of period | $ | 11,348 | $ | 10,038 | $ | 11,348 | $ | 10,038 | |||||||||||||||||||||||||
Net (charge-offs) recoveries to average loans | 0 | % | 0 | % | (0.02 | )% | (0.08 | )% | |||||||||||||||||||||||||
September 30, | December 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan loss to total loans | 1.16 | % | 1.14 | % | |||||||||||||||||||||||||||||
Allowance for loan loss to total loans accounted for at historical cost, which excludes loans and the related allowance for loans acquired through acquisition | 1.43 | % | 1.5 | % | |||||||||||||||||||||||||||||
The allowance for losses on unfunded loan commitments to extend credit is primarily related to commercial lines of credit and construction loans. The amount of unfunded loan commitments at September 30, 2014 and December 31, 2013 was $419.1 million and $345.9 million, respectively. The inherent risk associated with a loan is evaluated at the same time the credit is extended. However, the allowance held for the commitments is reported in other liabilities within the accompanying balance sheets and not as part of the allowance for loan loss in the above table. The allowance for losses on unfunded loan commitments to extend credit was $405,000 and $329,000 at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
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 | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – Beginning balance | $ | 5,385 | $ | 1,422 | $ | 4,426 | $ | 51 | $ | 11,284 | |||||||||||||||||||||||
Provision for loan losses | 333 | (205 | ) | (429 | ) | 336 | 35 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||||||||
Recoveries | 36 | — | 1 | — | 37 | ||||||||||||||||||||||||||||
Net (charge offs) recoveries | 36 | — | (7 | ) | — | 29 | |||||||||||||||||||||||||||
Ending balance | $ | 5,754 | $ | 1,217 | $ | 3,990 | $ | 387 | $ | 11,348 | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – 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 | ) | — | — | — | (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 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – Beginning balance | $ | 5,534 | $ | 1,120 | $ | 3,886 | $ | 63 | $ | 10,603 | |||||||||||||||||||||||
Provision for loan losses | 25 | 97 | 72 | 324 | 518 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (93 | ) | — | (72 | ) | — | (165 | ) | |||||||||||||||||||||||||
Recoveries | 288 | — | 104 | — | 392 | ||||||||||||||||||||||||||||
Net recoveries | 195 | — | 32 | — | 227 | ||||||||||||||||||||||||||||
Ending balance | $ | 5,754 | $ | 1,217 | $ | 3,990 | $ | 387 | $ | 11,348 | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – 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 | ) | — | — | (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 | |||||||||||||||||||||||
The following tables present both the allowance for loan loss and the associated loan balance classified by loan portfolio segment and by credit evaluation methodology (dollars in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan loss: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 243 | $ | — | $ | — | $ | — | $ | 243 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,511 | 1,217 | 3,990 | 387 | 11,105 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | — | — | — | — | — | ||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 5,754 | $ | 1,217 | $ | 3,990 | $ | 387 | $ | 11,348 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,545 | $ | — | $ | 850 | $ | — | $ | 3,395 | |||||||||||||||||||||||
Collectively evaluated for impairment | 294,836 | 58,474 | 595,628 | 24,390 | 973,328 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 472 | — | 1,604 | 1 | 2,077 | ||||||||||||||||||||||||||||
Total Loans Receivable | $ | 297,853 | $ | 58,474 | $ | 598,082 | $ | 24,391 | $ | 978,800 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan loss: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,520 | 1,120 | 3,886 | 63 | 10,589 | ||||||||||||||||||||||||||||
Purchased credit impaired | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||
(loans acquired with deteriorated credit quality) | |||||||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 5,534 | $ | 1,120 | $ | 3,886 | $ | 63 | $ | 10,603 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,640 | $ | — | $ | 3,680 | $ | — | $ | 6,320 | |||||||||||||||||||||||
Collectively evaluated for impairment | 295,787 | 47,074 | 561,952 | 17,733 | 922,546 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,046 | — | 3,282 | — | 4,328 | ||||||||||||||||||||||||||||
Total Loans Receivable | $ | 299,473 | $ | 47,074 | $ | 568,914 | $ | 17,733 | $ | 933,194 | |||||||||||||||||||||||
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. There are several different levels of Pass rated credits, including “Watch” which is considered a transitory grade for Pass rated loans that require greater monitoring. 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 | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Pass | $ | 275,252 | $ | 58,474 | $ | 579,365 | $ | 24,388 | $ | 937,479 | |||||||||||||||||||||||
Special Mention | 5,142 | — | 3,845 | — | 8,987 | ||||||||||||||||||||||||||||
Substandard | 17,459 | — | 14,872 | 2 | 32,333 | ||||||||||||||||||||||||||||
Doubtful | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||
Total | $ | 297,853 | $ | 58,474 | $ | 598,082 | $ | 24,391 | $ | 978,800 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Pass | $ | 289,594 | $ | 47,074 | $ | 547,600 | $ | 17,731 | $ | 901,999 | |||||||||||||||||||||||
Special Mention | 1,540 | — | 2,613 | — | 4,153 | ||||||||||||||||||||||||||||
Substandard | 8,339 | — | 18,701 | 2 | 27,042 | ||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 299,473 | $ | 47,074 | $ | 568,914 | $ | 17,733 | $ | 933,194 | |||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 88 | $ | 233 | $ | 0 | $ | 321 | $ | 3,014 | $ | 294,518 | $ | 297,853 | |||||||||||||||||||
Construction, Land Development and Other Land | — | — | — | — | — | 58,474 | 58,474 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | — | 629 | — | 629 | 1,339 | 596,114 | 598,082 | ||||||||||||||||||||||||||
Other | — | — | — | — | 1 | 24,390 | 24,391 | ||||||||||||||||||||||||||
Total | $ | 88 | $ | 862 | $ | — | $ | 950 | $ | 4,354 | $ | 973,496 | $ | 978,800 | |||||||||||||||||||
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, 2013 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | — | $ | 241 | $ | — | $ | 241 | $ | 3,682 | $ | 295,550 | $ | 299,473 | |||||||||||||||||||
Construction, Land Development and Other Land | — | — | — | — | — | 47,074 | 47,074 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | — | — | — | — | 5,874 | 563,040 | 568,914 | ||||||||||||||||||||||||||
Other | — | — | — | — | — | 17,733 | 17,733 | ||||||||||||||||||||||||||
Total | $ | — | $ | 241 | $ | — | $ | 241 | $ | 9,556 | $ | 923,397 | $ | 933,194 | |||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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 below as impaired loans “with no specific allowance recorded.” The valuation allowance disclosed below is included in the allowance for loan loss reported in the consolidated balance sheets as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
The following tables present, by loan category, the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable, for the dates and periods indicated (dollars in thousands). This table excludes purchased credit impaired loans (loans acquired in acquisitions with deteriorated credit quality) of $2.1 million and $4.3 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,051 | $ | 1,137 | $ | — | $ | 2,540 | $ | 5,347 | $ | — | |||||||||||||||||||||
Commercial and Other Real Estate | 850 | 1,078 | — | 3,680 | 6,112 | — | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1,494 | 1,901 | 243 | 100 | 355 | 4 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 2,545 | 3,038 | 243 | 2,640 | 5,702 | 4 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 850 | 1,078 | — | 3,680 | 6,112 | — | |||||||||||||||||||||||||||
Total | $ | 3,395 | $ | 4,116 | $ | 243 | $ | 6,320 | $ | 11,814 | $ | 4 | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
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 | $ | 1,051 | $ | — | $ | 2,235 | $ | — | $ | 1,035 | $ | 34 | $ | 1,528 | $ | — | |||||||||||||||||
Construction, Land Development and Other Land | — | — | 1,159 | — | — | — | 1,172 | — | |||||||||||||||||||||||||
Commercial and Other Real Estate | 2,960 | — | 4,044 | — | 3,207 | — | 3,613 | — | |||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1,494 | — | 150 | — | 1,533 | — | 150 | — | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 2,545 | — | 2,385 | — | 2,568 | 34 | 1,678 | — | |||||||||||||||||||||||||
Construction, Land Development and Other Land | — | — | 1,159 | — | — | — | 1,172 | — | |||||||||||||||||||||||||
Commercial and Other Real Estate | 2,960 | — | 4,044 | — | 3,207 | — | 3,613 | — | |||||||||||||||||||||||||
Total | $ | 5,505 | $ | — | $ | 7,588 | $ | — | $ | 5,775 | $ | 34 | $ | 6,462 | $ | — | |||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest foregone on impaired loans | $ | 72 | $ | 264 | $ | 346 | $ | 495 | |||||||||||||||||||||||||
Cash collections applied to reduce principal balance | $ | 18 | $ | 1,885 | $ | 2,889 | $ | 2,037 | |||||||||||||||||||||||||
Interest income recognized on cash collections | $ | — | $ | — | $ | 34 | $ | — | |||||||||||||||||||||||||
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 effective 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. | |||||||||||||||||||||||||||||||||
The following tables include the recorded investment and unpaid principal balances for troubled debt restructured loans at September 30, 2014 and December 31, 2013 (dollars in thousands). For the nine months ended September 30, 2014, and for the year ended December 31, 2013, there was no interest income recognized on TDR loans. The tables below include TDR loans that were purchased credit impaired (“PCI”). As of September 30, 2014, there were three PCI loans with a recorded investment of $224,000 and unpaid principal balances of $403,000. | |||||||||||||||||||||||||||||||||
September 30, 2014 | Recorded | Unpaid | Interest | ||||||||||||||||||||||||||||||
Investment | Principal | Income | |||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 656 | $ | 1,093 | $ | — | |||||||||||||||||||||||||||
Total | $ | 656 | $ | 1,093 | $ | — | |||||||||||||||||||||||||||
December 31, 2013 | Recorded | Unpaid | Interest | ||||||||||||||||||||||||||||||
Investment | Principal | Income | |||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 541 | $ | 843 | $ | — | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 2,173 | 2,785 | — | ||||||||||||||||||||||||||||||
Total | $ | 2,714 | $ | 3,628 | $ | — | |||||||||||||||||||||||||||
The following table shows the pre- and post-modification recorded investment in TDR loans by loan segment that have occurred during the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | ||||||||||||||||||||||||||||
of | Recorded | Modification | of | Recorded | Modification | ||||||||||||||||||||||||||||
Loans | Investment | Recorded | Loans | Investment | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||
Total | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | ||||||||||||||||||||||||||||
of | Recorded | Modification | of | Recorded | Modification | ||||||||||||||||||||||||||||
Loans | Investment | Recorded | Loans | Investment | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | $ | 224 | $ | 224 | 1 | $ | 310 | $ | 310 | |||||||||||||||||||||||
Total | 1 | $ | 224 | $ | 224 | 1 | $ | 310 | $ | 310 | |||||||||||||||||||||||
Loans are restructured in an effort to maximize collections. There was no financial impact for specific reserves or from charge-offs for the modified loans included in the table above. Impairment analyses are performed on the Company’s troubled debt restructured loans in conjunction with the Company’s allowance for loan loss process. The Company’s troubled debt restructured loans are analyzed to ensure adequate cash flow or collateral supports the carrying value of the loan. | |||||||||||||||||||||||||||||||||
There have been no payment defaults in the nine months ended September 30, 2014 or September 30, 2013 subsequent to modification on troubled debt restructured loans that have been modified within the last twelve months. | |||||||||||||||||||||||||||||||||
Loans Acquired Through Acquisition | |||||||||||||||||||||||||||||||||
The following table reflects the accretable net discount for loans acquired through acquisition, for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,412 | $ | 10,130 | $ | 7,912 | $ | 12,189 | |||||||||||||||||||||||||
Accretion, included in interest income | (813 | ) | (967 | ) | (2,264 | ) | (3,050 | ) | |||||||||||||||||||||||||
Reclassifications (to) from non-accretable yield | — | (547 | ) | (49 | ) | (523 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 5,599 | $ | 8,616 | $ | 5,599 | $ | 8,616 | |||||||||||||||||||||||||
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 Loans | |||||||||||||||||||||||||||||||||
Purchased Credit Impaired Loans (“PCI”) loans are acquired loans with evidence of deterioration of credit quality since origination and it is probable at the acquisition date, that the Company will not be able 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 PCI 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, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Unpaid | Carrying | Unpaid | Carrying | ||||||||||||||||||||||||||||||
Principal | Value | Principal | Value | ||||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 781 | $ | 472 | $ | 1,599 | $ | 1,046 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 2,876 | 1,604 | 5,611 | 3,282 | |||||||||||||||||||||||||||||
Other | 62 | 1 | — | — | |||||||||||||||||||||||||||||
Total | $ | 3,719 | $ | 2,077 | $ | 7,210 | $ | 4,328 | |||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 360 | $ | 428 | $ | 395 | $ | 9 | |||||||||||||||||||||||||
Accretion, included in interest income | (18 | ) | (17 | ) | (53 | ) | (17 | ) | |||||||||||||||||||||||||
Reclassifications from non-accretable yield | — | — | — | 419 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 342 | $ | 411 | $ | 342 | $ | 411 | |||||||||||||||||||||||||
Qualified_Affordable_Housing_P
Qualified Affordable Housing Project Investments | 9 Months Ended |
Sep. 30, 2014 | |
Federal Home Loan Banks [Abstract] | ' |
Qualified Affordable Housing Project Investments | ' |
Note 7 – Qualified Affordable Housing Project Investments | |
The Company’s investment in Qualified Affordable Housing Projects that generate Low Income Housing Tax Credits (“LIHTC”) at September 30, 2014 was $4.2 million, compared to $4.5 million at December 31, 2013. The decrease of $0.3 million represents the amortization of the investment for the nine months of 2014. The funding liability for the LIHTC at September 30, 2014 was $3.2 million compared to $4.0 million, at December 31, 2013. See Note 11 – Qualified Affordable Housing Project Investments in the Company’s 10-K financial statements at December 31, 2013 for additional detail regarding the Company’s investment in LIHTC. |
Borrowings_and_Subordinated_De
Borrowings and Subordinated Debentures | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ' | ||||||||||||||||||||||||
Borrowings and Subordinated Debentures | ' | ||||||||||||||||||||||||
Note 8 - 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 $14.1 million and $11.8 million were pledged to secure the Repos at September 30, 2014 and December 31, 2013, 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 securities sold under agreements to repurchase as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||||||||||
Term | |||||||||||||||||||||||||
September 30, 2014 | $ | 13,618 | 0.13% – 0.25 | % | 1 day | 1-Oct-14 | |||||||||||||||||||
Total | $ | 13,618 | 0.22 | % | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||||||||||
Term | |||||||||||||||||||||||||
3-Dec-13 | $ | 750 | 0.1 | % | 62 days | February 3, 2014 | |||||||||||||||||||
31-Dec-13 | 10,391 | 0.10% – 0.40 | % | 2 days | January 2, 2014 | ||||||||||||||||||||
Total | $ | 11,141 | 0.3 | % | |||||||||||||||||||||
Federal Home Loan Bank Borrowings | |||||||||||||||||||||||||
The Company maintains a secured credit facility with the Federal Home Loan Bank of San Francisco (“FHLB”), allowing the Company to borrow on an overnight and term basis. The Company’s credit facility with the FHLB is $357.3 million, which represents approximately 25% of the Bank’s total assets, as reported by the Bank in its June 30, 2014 FFIEC Call Report. | |||||||||||||||||||||||||
As of September 30, 2014, the Company had $605.8 million of loan collateral pledged with the FHLB which provides $259.2 million in borrowing capacity. The Company has no investment securities pledged with the FHLB to support this credit facility. In addition, the Company must maintain an investment in the Capital Stock of the FHLB. 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. | |||||||||||||||||||||||||
The Company had no outstanding advances (borrowings) with the FHLB as of September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||
Subordinated Debentures | |||||||||||||||||||||||||
The following table summarizes the terms of each issuance of subordinated debentures outstanding as of September 30, 2014: | |||||||||||||||||||||||||
Series | Amount | Issuance | Maturity Date | Rate Index | Current | Next | |||||||||||||||||||
(in thousands) | Date | Rate | Reset | ||||||||||||||||||||||
Date | |||||||||||||||||||||||||
Trust I | $ | 6,186 | 12/10/04 | 3/15/35 | 3 month LIBOR + 2.05 | % | 2.28 | % | 12/15/14 | ||||||||||||||||
Trust II | 3,093 | 12/23/05 | 3/15/36 | 3 month LIBOR + 1.75 | % | 1.98 | % | 12/15/14 | |||||||||||||||||
Trust III | 3,093 | 6/30/06 | 9/15/36 | 3 month LIBOR + 1.85 | % | 2.08 | % | 12/15/14 | |||||||||||||||||
Subtotal | 12,372 | ||||||||||||||||||||||||
Unamortized fair value adjustment | (2,874 | ) | |||||||||||||||||||||||
Net | $ | 9,498 | |||||||||||||||||||||||
The Company had an aggregate outstanding contractual balance of $12.4 million in subordinated debentures at September 30, 2014. 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 2014 at the current three month LIBOR plus their spread, and will continue to reprice quarterly through their maturity date. All three subordinated debentures 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 and leasehold right intangibles and a portion of the SBA servicing assets. | |||||||||||||||||||||||||
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. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
Note 9 - Derivative Financial Instruments | |||||||||||||||||
At September 30, 2014, the Company has twenty three pay-fixed, receive-variable, interest rate contracts that are designed to convert fixed rate loans into variable rate loans. The Company acquired these interest rate swap contracts (“swaps”) on July 31, 2012 as a result of the merger with PC Bancorp. | |||||||||||||||||
Prior to the merger with PC Bancorp, the Company did not utilize interest rate swaps to manage its interest rate risk position. 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. The total notional amount of the outstanding swap contracts as of September 30, 2014 is $31.1 million. The outstanding swaps have original maturities of up to 15 years. | |||||||||||||||||
Balance Sheet Classification of Derivative Financial Instruments | |||||||||||||||||
The following tables present the notional amount and the fair values of the asset and liability of the Company’s derivative instruments as of the dates and periods indicated (dollars in thousands): | |||||||||||||||||
Derivative Liabilities | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest rate contracts notional amount | $ | 31,057 | $ | 31,914 | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | $ | 559 | $ | 738 | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | 2,543 | 3,205 | |||||||||||||||
Total interest rate contracts fair value | $ | 3,102 | $ | 3,943 | |||||||||||||
Balance sheet location | Accrued Interest Payable | Accrued Interest Payable | |||||||||||||||
and Other Liabilities | 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 86 | $ | 94 | $ | 179 | $ | 311 | |||||||||
Payments on interest rate swap contracts on loans | (69 | ) | (139 | ) | (205 | ) | (296 | ) | |||||||||
Net increase (decrease) in other non-interest income | 17 | (45 | ) | (26 | ) | 15 | |||||||||||
Interest rate swap contracts – subordinated debenture | |||||||||||||||||
Increase in fair value of interest rate swap contracts | — | — | — | 70 | |||||||||||||
Payments on interest rate swap contracts on subordinated debentures | — | — | — | (70 | ) | ||||||||||||
Net decrease in other non-interest income | — | — | — | — | |||||||||||||
Net increase (decrease) in other non-interest income | $ | 17 | $ | (45 | ) | $ | (26 | ) | $ | 15 | |||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 361 | $ | 156 | $ | 663 | $ | 1,352 | |||||||||
Increase (decrease) in fair value of hedged loans | (104 | ) | 136 | 135 | (454 | ) | |||||||||||
Payments on interest rate swap contracts on loans | (317 | ) | (328 | ) | (950 | ) | (961 | ) | |||||||||
Net decrease in interest income on loans | $ | (60 | ) | $ | (36 | ) | $ | (152 | ) | $ | (63 | ) | |||||
The interest rate swap contract associated with the subordinated debenture that was to mature in June 2013 was liquidated 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, 2014, the Company had $2.7 million in certificates of deposit and $1.8 million in non-interest bearing balances for a total of $4.5 million with the counterparty, Pacific Coast Bankers Bank. Of this amount, $3.4 million is required to be pledged as collateral under the interest rate swap contracts. |
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Balance Sheet Offsetting | ' | ||||||||||||||||||||||||
Note 10 – 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 bilateral 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 customers under an agreement to repurchase the securities from the customers 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 financial instruments that may be eligible for offsetting which include securities sold under agreements to repurchase that have no enforceable master netting arrangement and derivative securities that could be offset in the consolidated financial statements due to an enforceable master netting arrangement (dollars in thousands): | |||||||||||||||||||||||||
Gross | Gross | Net Amounts | Gross Amounts | Net Amount | |||||||||||||||||||||
Amounts | Amounts | of Assets | Not Offset in the | (Collateral | |||||||||||||||||||||
Recognized | Offset in the | Presented | Consolidated Balance | over liability | |||||||||||||||||||||
in the | Consolidated | in the | Sheets | balance | |||||||||||||||||||||
Consolidated | Balance | Consolidated | required to be pledged) | ||||||||||||||||||||||
Balance | Sheets | Balance | |||||||||||||||||||||||
Sheets | Sheets | Financial | Collateral | ||||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) | $ | 3,102 | $ | — | $ | 3,102 | $ | 3,102 | $ | 3,379 | $ | 277 | |||||||||||||
Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) | 13,618 | — | 13,618 | 13,618 | 14,136 | 518 | |||||||||||||||||||
Total | $ | 16,720 | $ | — | $ | 16,720 | $ | 16,720 | $ | 17,515 | $ | 795 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) | $ | 3,943 | $ | — | $ | 3,943 | $ | 3,943 | $ | 4,194 | $ | 251 | |||||||||||||
Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) | 11,141 | — | 11,141 | 11,141 | 11,750 | 609 | |||||||||||||||||||
Total | $ | 15,084 | $ | — | $ | 15,084 | $ | 15,084 | $ | 15,944 | $ | 860 | |||||||||||||
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock Options and Restricted Stock | ' | ||||||||||||||||
Note 11 - Stock Options and Restricted Stock | |||||||||||||||||
Equity Compensation Plans | |||||||||||||||||
The Company’s 2007 Equity and Incentive Plan, the (“Equity Plan”) was adopted by the Company in 2007 and replaced two prior equity compensation plans. The Equity Plan provides for significant flexibility in determining the types and terms of awards that may be granted to participants that include stock options, restricted stock, restricted stock award units and performance units. The Equity Plan was revised and approved by the Company’s shareholders in 2011 and adopted by the Company as part of the Bank holding company reorganization. The Equity Plan is designed to promote the interests of the Company to attract and retain employees, officers and non-employee directors who are expected to contribute to the future success of the organization. The Equity Plan is intended to provide participants with incentives to maximize their efforts on behalf of the Company through stock-based awards that provide an opportunity for stock ownership. Certain options and share awards provide for accelerated vesting, if there is a change in control, as defined in the Equity Plan. The Equity Plan is described more fully in Note 16—Stock Options and Restricted Stock in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||
At September 30, 2014, future compensation expense related to unvested stock option and unvested restricted stock grants are reflected in the table below (dollars in thousands): | |||||||||||||||||
Future Stock Based Compensation Expense | Stock | Restricted | Total | ||||||||||||||
Options | Stock | ||||||||||||||||
Remainder of 2014 | $ | 1 | $ | 321 | $ | 322 | |||||||||||
2015 | 2 | 756 | 758 | ||||||||||||||
2016 | — | 210 | 210 | ||||||||||||||
2017 | — | 30 | 30 | ||||||||||||||
2018 | — | 7 | 7 | ||||||||||||||
Thereafter | — | — | — | ||||||||||||||
Total | $ | 3 | $ | 1,324 | $ | 1,327 | |||||||||||
The estimated fair value of both incentive stock options and non-qualified stock options granted in prior years, have been calculated using the Black-Scholes option pricing model. The use of the Black-Scholes model and the variables and assumptions are described in Note 16 - Stock Options and Restricted Stock in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||
Stock Options | |||||||||||||||||
There have been no stock options granted by the Company after 2010. | |||||||||||||||||
The following table summarizes the share option activity under the plans as of the date and for the period indicated: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding stock options at December 31, 2013 | 434,740 | $ | 13.89 | 2.1 | $ | 1,913 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | 130,744 | 9.77 | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding stock options at September 30, 2014 | 303,996 | $ | 15.66 | 1.7 | $ | 1,192 | |||||||||||
Exercisable options at September 30, 2014 | 294,796 | $ | 15.76 | 1.7 | $ | 1,132 | |||||||||||
Unvested options at September 30, 2014 | 9,200 | $ | 12.3 | 2.1 | $ | 60 | |||||||||||
Outstanding, vested and expected to vest at September 30, 2014 | 303,996 | $ | 15.66 | 1.7 | $ | 1,192 | |||||||||||
The Company recorded stock option compensation expense of $2,000 and $5,000 for the three month period ended September 30, 2014 and 2013, and $8,000 and $17,000 for the nine month period ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
At December 31, 2013, there was one executive officer of the Company that had a remaining balance of 88,344 shares that were exercisable under Rule 10b5-1(c) (1) “10b5 Plan” under the Securities Exchange Act of 1934, as amended. This plan had been adopted by the executive officer in the fourth quarter of 2013. During the first quarter of 2014, all 88,344 options that remained outstanding were exercised and sold. In addition, there were an additional 42,400 options exercised by employees in the first nine months of 2014. | |||||||||||||||||
The total intrinsic value of options exercised during the nine months ended September 30, 2014 was $1,081,000. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The weighted-average grant-date fair value per share in the table below is calculated by taking the total aggregate cost of the restricted shares issued divided by the number of shares of restricted stock 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 Equity Plan for the period indicated: | |||||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||||
Grant-Date Fair | |||||||||||||||||
Value per Share | |||||||||||||||||
Restricted Stock: | |||||||||||||||||
Unvested at December 31, 2013 | 266,050 | $ | 13.49 | ||||||||||||||
Granted | 46,900 | 18.19 | |||||||||||||||
Vested | (106,803 | ) | 13.19 | ||||||||||||||
Cancelled and forfeited | (500 | ) | 11.75 | ||||||||||||||
Unvested at September 30, 2014 | 205,647 | $ | 14.72 | ||||||||||||||
Restricted stock compensation expense related to the restricted stock grants reflected in the table above was $443,000 and $236,000 for the three month period ended September 30, 2014 and 2013, and $1,324,000 and $699,000 for the nine month period ended September 30, 2014 and 2013, 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. |
Common_Stock
Common Stock | 9 Months Ended |
Sep. 30, 2014 | |
Text Block [Abstract] | ' |
Common Stock | ' |
Note 12 - Common Stock | |
During the first nine months of 2014, the Company’s outstanding common stock increased by 150,437 shares to 11,231,801 at September 30, 2014. The components of this increase are as follows: The Company issued 130,744 shares of stock from the exercise of employee stock options for a total value of $1.3 million. The Company issued 46,900 shares of restricted stock to the Company’s employees, cancelled 500 shares of unvested restricted stock related to employee turnover and repurchased 26,207 shares of restricted stock that had a value of $246,000 related to employees electing to pay their tax obligation via the repurchase of the stock by the Company. The net issuance of restricted stock for 2014 was 20,193 shares. See Note 11 – Stock Options and Restricted Stock for additional detail related to the issuances of these shares. | |
During the first nine months of 2013, the Company issued 48,711 shares of stock from the exercise of employee stock options for a total value of $484,000. The Company issued 73,050 shares of restricted stock to the Company’s directors and employees, cancelled 10,600 shares of unvested restricted stock related to employee turnover and repurchased 29,863 shares of restricted stock that had a value of $422,000, when employees elected to pay their tax obligation via the repurchase of the stock by the Company. The net issuance of restricted stock for 2013 was 81,298 shares. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 13 - 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, 2014 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 331 | $ | 136 | $ | 195 | |||||||
Net unrealized gains arising during the period | 19 | 11 | 8 | ||||||||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||||
Net other comprehensive income | 19 | 11 | 8 | ||||||||||
Ending balance | $ | 350 | $ | 147 | $ | 203 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Three Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains on investment securities: | |||||||||||||
Beginning balance | $ | 996 | $ | 410 | $ | 586 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | — | — | — | ||||||||||
Net unrealized losses arising during the period | (905 | ) | (372 | ) | (533 | ) | |||||||
Net other comprehensive loss | (905 | ) | (372 | ) | (533 | ) | |||||||
Ending balance | $ | 91 | $ | 38 | $ | 53 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Nine Months Ended – September 30, 2014 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | (348 | ) | $ | (143 | ) | $ | (205 | ) | ||||
Net unrealized gains arising during the period | 698 | 290 | 408 | ||||||||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||||
Net other comprehensive income | 698 | 290 | 408 | ||||||||||
Ending balance | $ | 350 | $ | 147 | $ | 203 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Nine Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains 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 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 14 - 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 material losses. As of September 30, 2014, 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. | |
Financial Instruments with Off Balance Sheet Risk | |
See Note 22 – Commitments and Contingencies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Financial instruments with off balance sheet risk include commitments to extend credit of $419.1 million and $345.9 million at September 30, 2014 and December 31, 2013, respectively. Included in the aforementioned commitments were standby letters of credit outstanding of $43.3 million and $40.6 million at September 30, 2014 and December 31, 2013, respectively. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Assets and Liabilities | ' | ||||||||||||||||||||||||
Note 15 - Fair Value of Assets and Liabilities | |||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||
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. The required disclosure within the financial statements of the fair value of financial assets and financial liabilities includes both those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis and those reported on a non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value, and for estimating the fair value of financial assets and financial liabilities not recorded at fair value, 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 financial assets) 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 which are observable market inputs (Level 2 financial assets). 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 financial assets. | |||||||||||||||||||||||||
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 to be observable market inputs and classified these financial assets within the Level 2 fair value 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, and then fair values are estimated using nationally recognized third-party vendor pricing models of which 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. The inputs utilized in determining the fair value of loans are unobservable and accordingly, these financial assets are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
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, less costs to sell, if the loan is collateral dependent, or based on the discounted cash flows for non-collateral dependent loans. 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 unobservable. 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. The inputs utilized in determining the fair value of impaired loans are unobservable and accordingly, these financial assets are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
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 model that utilizes current market data to estimate cash flows of the interest rate swaps utilizing the future London Interbank Offered Rate (“LIBOR”) yield curve for accruing and the future Overnight Index Swap Rate (“OIS”) yield curve for discounting through the maturity date of the interest rate swap contract. The future LIBOR yield curve is the primary input in the valuation of the interest rate swap contracts. Both the LIBOR and OIS yield curves are readily observable in the marketplace. Accordingly, the interest rate swap contracts are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
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. The inputs utilized in determining the fair value of other real estate owned are unobservable and accordingly, these financial assets are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
SBA Servicing Asset: The Company acquired an SBA servicing asset with the PC Bancorp merger and has added to the servicing asset with the sale of SBA loans subsequent to the 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 inputs utilized in determining the fair value of SBA servicing asset are unobservable and accordingly, these financial assets are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
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 classified within Level 1 of the fair value hierarchy, these balances are not listed in the following tables. | |||||||||||||||||||||||||
Maturing Deposits: The fair values of fixed maturity certificates of deposit (time deposits) ) “CD’s” are estimated using a discounted cash flow calculation that applies current market deposit interest rates to the Company’s current certificates of deposit interest rates for similar term certificates. The inputs utilized in determining the fair value of maturing deposits are observable from published and quoted CD rates marketed by other financial institutions and accordingly, these financial liabilities are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
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 than 90 days is estimated based on the discounted value of the contractual future cash flows. The inputs utilized in determining the fair value of securities sold under agreements to repurchase are observable and accordingly, these financial liabilities are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
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, 2014, to the cash flows from the debentures, based on the actual interest rate the debentures were accruing at September 30, 2014. Because all three of the debentures re-priced during September 2014 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, 2014, the current face value of the debentures and their calculated fair value are approximately equal. The inputs utilized in determining the fair value of subordinated debentures are observable and accordingly, these financial liabilities are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
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 or more than the current market rate were insignificant at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Interest Rate Risk: The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. In addition, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall rate risk. | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
Fair | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Value | |||||||||||||||||||||||||
Financial Assets – September 30, 2014 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 139,552 | $ | — | $ | 139,552 | $ | — | |||||||||||||||||
Financial Liabilities – September 30, 2014 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 3,102 | $ | — | $ | 3,102 | $ | — | |||||||||||||||||
Financial Assets – December 31, 2013 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 106,488 | $ | — | $ | 106,488 | $ | — | |||||||||||||||||
Financial Liabilities – December 31, 2013 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 3,943 | $ | — | $ | 3,943 | $ | — | |||||||||||||||||
At September 30, 2014 and at December 31, 2013 the Company had no financial assets or liabilities that were measured at fair value on a recurring basis that required the use of significant unobservable inputs (Level 3), and thus a table has not been provided for the nine months ended September 30, 2014. The following table 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) for the date and period indicated (dollars in thousands): | |||||||||||||||||||||||||
Financial Assets – Measured at | Balance at | Included | Included in | Purchases, | Transfers | Balance at | |||||||||||||||||||
Fair Value on a Recurring Basis | January 1 | in | Other | Issuances, | into | September | |||||||||||||||||||
using Unobservable Inputs | Earnings | Comprehensive | Sales, | (out of) | 30 | ||||||||||||||||||||
Income | Settlements | Level 3 | |||||||||||||||||||||||
(Loss) | |||||||||||||||||||||||||
Period ended September 30, 2013 | |||||||||||||||||||||||||
Private Issue CMO Securities | $ | 2,910 | $ | (20 | ) | $ | — | $ | (2,890 | ) | $ | — | $ | — | |||||||||||
Total | $ | 2,910 | $ | (20 | ) | $ | — | $ | (2,890 | ) | $ | — | $ | — | |||||||||||
There were no transfers of assets either between Level 1 and Level 2 nor in or out of Level 3 of the fair value hierarchy for assets measured on a recurring basis for the period ended September 30, 2014 and 2013. The above table reflects the sale of the Company’s Private Issue CMO securities during the first quarter of 2013. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
One loan transferred to other real estate owned “OREO” during the second quarter of 2014 and was sold in the third quarter of 2014. There were no other reclassifications of assets either between Level 1 and Level 2 nor in or out of Level 3 of the fair value hierarchy for assets measured on a non-recurring basis for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
Recorded | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
Financial Assets – September 30, 2014 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) | $ | 1,152 | $ | — | $ | — | $ | 1,152 | |||||||||||||||||
Total | $ | 1,152 | $ | — | $ | — | $ | 1,152 | |||||||||||||||||
Financial Assets – December 31, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) | $ | 264 | $ | — | $ | — | $ | 264 | |||||||||||||||||
Total | $ | 264 | $ | — | $ | — | $ | 264 | |||||||||||||||||
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 non-recurring basis as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair | Valuation | Valuation Model | Unobservable | ||||||||||||||||||||||
Value | Methodology | and/or Factors | Input Values | ||||||||||||||||||||||
Financial Assets – September 30, 2014 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off | $ | 1,152 | Credit loss estimate of aged accounts receivable collateral | Credit loss factors on aging of accounts receivable collateral | 25%-75% | ||||||||||||||||||||
Estimated selling costs | 15% | ||||||||||||||||||||||||
Total | $ | 1,152 | |||||||||||||||||||||||
Financial Assets – December 31, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off (1) | $ | 45 | Credit loss estimate of aged accounts receivable collateral | Credit loss factors on aging of accounts receivable collateral | 80% | ||||||||||||||||||||
219 | Commercial real estate appraisal | Sales approach (2) | |||||||||||||||||||||||
Estimated selling costs | 8% | ||||||||||||||||||||||||
Total | $ | 264 | |||||||||||||||||||||||
-1 | The Company has recorded total charge-offs of $605,000 on the principal balance on two of the loans included in the balance in the above table. These charge-offs were recorded in 2013. | ||||||||||||||||||||||||
-2 | For the one commercial real estate loan included in the above table at December 31, 2013, the Company established the fair value of the loan based on a recent commercial real estate appraisal. The Company selected the “sales approach” for valuing the collateral. | ||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | |||||||||||||||||||||||||
The required disclosure within the financial statements of the fair value of financial assets and financial liabilities, include both those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis and those reported on a 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, 2014 and December 31, 2013. 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 based on their fair value hierarchy indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Recorded | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 139,552 | $ | — | $ | 139,552 | $ | — | |||||||||||||||||
Loans, net | 967,452 | — | — | 970,362 | |||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 52,852 | — | 52,880 | — | |||||||||||||||||||||
Securities sold under agreements to repurchase | 13,618 | — | 13,618 | — | |||||||||||||||||||||
Subordinated debentures | 9,498 | — | 12,372 | — | |||||||||||||||||||||
Interest rate swap contracts | 3,102 | — | 3,102 | — | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 106,488 | $ | — | $ | 106,488 | $ | — | |||||||||||||||||
Loans, net | 922,591 | — | — | 926,500 | |||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 63,581 | — | 63,680 | — | |||||||||||||||||||||
Securities sold under agreements to repurchase | 11,141 | — | 11,141 | — | |||||||||||||||||||||
Subordinated debentures | 9,379 | — | 12,372 | — | |||||||||||||||||||||
Interest rate swap contracts | 3,943 | — | 3,943 | — |
Basis_of_Financial_Statement_P1
Basis of Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In addition, these accounting principles require the disclosure of contingent assets and liabilities as of the date of the financial statements. | |
Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan loss and various assets and liabilities measured at fair value. While management uses the most current available information to recognize losses on loans, future additions to the allowance for loan loss may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan loss. Regulatory agencies may require the Company to recognize changes to the allowance for loan loss based on their judgment about information available to them at the time of their examination. | |
Business Segments | ' |
Business Segments | |
The Company is organized and operated as a single reporting segment, principally engaged in commercial business banking. The Company conducts its lending and deposit operations through eight full service branch offices located in Los Angeles, Orange, and Ventura counties. |
Computation_of_Book_Value_and_1
Computation of Book Value and Tangible Book Value per Common Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Computation of TCE, Book Value and Tangible Book Value Per Common Share | ' | ||||||||
The table below presents the computation of TCE, book value and tangible book value per common share as of the dates indicated (dollars in thousands, except share and per share data): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Total Shareholders’ Equity | $ | 148,773 | $ | 137,924 | |||||
Less: Goodwill | 12,292 | 12,292 | |||||||
Less: Core deposit and leasehold right intangibles | 2,246 | 2,525 | |||||||
Tangible common equity | $ | 134,235 | $ | 123,107 | |||||
Common shares issued and outstanding | 11,231,801 | 11,081,364 | |||||||
Book value per common share | $ | 13.25 | $ | 12.45 | |||||
Tangible book value per common share | $ | 11.95 | $ | 11.11 | |||||
Computation_of_Earnings_per_Co1
Computation of Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Common Share Computations | ' | ||||||||||||||||
The following table shows weighted average basic shares outstanding, potential dilutive shares related to stock options, unvested restricted stock, and weighted average diluted shares for the periods indicated (dollars in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income | $ | 2,549 | $ | 2,477 | $ | 7,601 | $ | 6,953 | |||||||||
Weighted average basic common shares outstanding | 10,986,065 | 10,546,288 | 10,937,507 | 10,511,327 | |||||||||||||
Dilutive effect of potential common share issuances from stock options and unvested restricted stock | 203,837 | 301,419 | 210,154 | 271,543 | |||||||||||||
Weighted average diluted common shares outstanding | 11,189,902 | 10,847,707 | 11,147,661 | 10,782,870 | |||||||||||||
Income per common share | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.24 | $ | 0.7 | $ | 0.66 | |||||||||
Diluted | $ | 0.23 | $ | 0.23 | $ | 0.68 | $ | 0.65 | |||||||||
Anti-dilutive shares not included in the calculation of diluted earnings per share | 81,000 | 141,924 | 82,625 | 197,411 |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
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 by major category as of the dates indicated. There were no other than temporary impairment losses in the securities portfolio for the periods indicated in the tables below (dollars in thousands): | |||||||||||||||||||||||||
Gross Unrealized | |||||||||||||||||||||||||
September 30, 2014 – Available-for-sale: | Amortized | Gains | Losses | Fair Market | |||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency - Note Securities | $ | 3,054 | $ | 3 | $ | — | $ | 3,057 | |||||||||||||||||
U.S. Govt Agency - SBA Securities | 50,710 | 763 | 345 | 51,128 | |||||||||||||||||||||
U.S. Govt Agency - GNMA Mortgage-Backed Securities | 23,481 | 232 | 479 | 23,234 | |||||||||||||||||||||
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | 35,821 | 375 | 308 | 35,888 | |||||||||||||||||||||
U. S. Treasury Notes | 20,035 | 6 | 7 | 20,034 | |||||||||||||||||||||
Corporate Securities | 4,050 | 95 | — | 4,145 | |||||||||||||||||||||
Municipal Securities | 2,051 | 15 | — | 2,066 | |||||||||||||||||||||
Total investment securities | $ | 139,202 | $ | 1,489 | $ | 1,139 | $ | 139,552 | |||||||||||||||||
Gross Unrealized | |||||||||||||||||||||||||
December 31, 2013 – Available-for-sale: | Amortized | Gains | Losses | Fair Market | |||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
U.S. Govt Agency and Sponsored Agency - Note Securities | $ | 4,153 | $ | 1 | $ | 2 | $ | 4,152 | |||||||||||||||||
U.S. Govt Agency - SBA Securities | 50,521 | 875 | 491 | 50,905 | |||||||||||||||||||||
U.S. Govt Agency - GNMA Mortgage-Backed Securities | 28,107 | 180 | 909 | 27,378 | |||||||||||||||||||||
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | 15,348 | 345 | 479 | 15,214 | |||||||||||||||||||||
Corporate Securities | 5,086 | 125 | — | 5,211 | |||||||||||||||||||||
Municipal Securities | 3,621 | 9 | 2 | 3,628 | |||||||||||||||||||||
Total investment securities | $ | 106,836 | $ | 1,535 | $ | 1,883 | $ | 106,488 | |||||||||||||||||
Investment Securities with Unrealized Losses that are Considered to be Temporarily-impaired | ' | ||||||||||||||||||||||||
The following tables present investment securities with unrealized losses that are considered to be temporarily-impaired, summarized and classified according to the duration of the loss period as of the dates indicated (dollars in thousands). | |||||||||||||||||||||||||
< 12 Continuous | > 12 Continuous | Total | |||||||||||||||||||||||
Months | Months | ||||||||||||||||||||||||
September 30, 2014 | Fair | Net | Fair | Net | Fair | Net | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt. - Agency and Sponsored Agency Note Securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
U.S. Govt. Agency SBA Securities | 9,020 | 61 | 8,384 | 284 | 17,404 | 345 | |||||||||||||||||||
U.S. Govt. Agency – GNMA Mortgage-Backed Securities | 6,152 | 73 | 8,639 | 300 | 14,791 | 373 | |||||||||||||||||||
U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities | 12,452 | 114 | 9,396 | 300 | 21,848 | 414 | |||||||||||||||||||
U.S. Treasury Notes | 10,025 | 7 | — | — | 10,025 | 7 | |||||||||||||||||||
Corporate Securities | — | — | — | — | — | — | |||||||||||||||||||
Municipal Securities | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 37,649 | $ | 255 | $ | 26,419 | $ | 884 | $ | 64,068 | $ | 1,139 | |||||||||||||
< 12 Continuous | > 12 Continuous | Total | |||||||||||||||||||||||
Months | Months | ||||||||||||||||||||||||
December 31, 2013 | Fair | Net | Fair | Net | Fair | Net | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Temporarily-impaired available-for-sale investment securities: | |||||||||||||||||||||||||
U.S. Govt. - Agency and Sponsored Agency Note Securities | $ | 1,041 | $ | 2 | $ | — | $ | — | $ | 1,041 | $ | 2 | |||||||||||||
U.S. Govt. Agency SBA Securities | 11,686 | 491 | — | — | 11,686 | 491 | |||||||||||||||||||
U.S. Govt. Agency – GNMA Mortgage-Backed Securities | 15,693 | 721 | 1,864 | 188 | 17,557 | 909 | |||||||||||||||||||
U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities | 7,650 | 479 | — | — | 7,650 | 479 | |||||||||||||||||||
Corporate Securities | — | — | — | — | — | — | |||||||||||||||||||
Municipal Securities | — | — | 1,029 | 2 | 1,029 | 2 | |||||||||||||||||||
Total temporarily-impaired available-for-sale investment securities | $ | 36,070 | $ | 1,693 | $ | 2,893 | $ | 190 | $ | 38,963 | $ | 1,883 | |||||||||||||
Maturities Schedule of Securities | ' | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Maturities Schedule of Securities | Amortized | Fair Value | Weighted | ||||||||||||||||||||||
Cost | Average | ||||||||||||||||||||||||
Yield | |||||||||||||||||||||||||
Due through one year | $ | 16,010 | $ | 16,146 | 1.77 | % | |||||||||||||||||||
Due after one year through five years | 61,527 | 61,894 | 1.52 | % | |||||||||||||||||||||
Due after five years through ten years | 32,152 | 31,865 | 2.34 | % | |||||||||||||||||||||
Due after ten years | 29,513 | 29,647 | 2.97 | % | |||||||||||||||||||||
Total | $ | 139,202 | $ | 139,552 | 2.04 | % | |||||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Composition of 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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial and Industrial Loans: | $ | 297,853 | $ | 299,473 | |||||||||||||||||||||||||||||
Loans Secured by Real Estate: | |||||||||||||||||||||||||||||||||
Owner-Occupied Nonresidential Properties | 198,406 | 197,605 | |||||||||||||||||||||||||||||||
Other Nonresidential Properties | 303,605 | 271,818 | |||||||||||||||||||||||||||||||
Construction, Land Development and Other Land | 58,474 | 47,074 | |||||||||||||||||||||||||||||||
1-4 Family Residential Properties | 68,134 | 65,711 | |||||||||||||||||||||||||||||||
Multifamily Residential Properties | 27,937 | 33,780 | |||||||||||||||||||||||||||||||
Total Loans Secured by Real Estate | 656,556 | 615,988 | |||||||||||||||||||||||||||||||
Other Loans: | 24,391 | 17,733 | |||||||||||||||||||||||||||||||
Total Loans | $ | 978,800 | $ | 933,194 | |||||||||||||||||||||||||||||
Company's Loan 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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Real Estate | $ | 422,509 | $ | 381,830 | |||||||||||||||||||||||||||||
Manufacturing | 87,140 | 83,319 | |||||||||||||||||||||||||||||||
Hotel/Lodging | 82,728 | 76,143 | |||||||||||||||||||||||||||||||
Construction | 67,189 | 62,835 | |||||||||||||||||||||||||||||||
Wholesale | 59,563 | 60,291 | |||||||||||||||||||||||||||||||
Professional Services | 44,346 | 49,739 | |||||||||||||||||||||||||||||||
Finance | 63,496 | 46,393 | |||||||||||||||||||||||||||||||
Healthcare | 30,125 | 38,662 | |||||||||||||||||||||||||||||||
Restaurant/Food Service | 24,187 | 35,244 | |||||||||||||||||||||||||||||||
Other Services | 23,467 | 21,448 | |||||||||||||||||||||||||||||||
Retail | 16,891 | 23,157 | |||||||||||||||||||||||||||||||
Administrative Management | 19,085 | 15,218 | |||||||||||||||||||||||||||||||
Information | 11,327 | 11,709 | |||||||||||||||||||||||||||||||
Education | 9,625 | 10,270 | |||||||||||||||||||||||||||||||
Transportation | 10,393 | 9,531 | |||||||||||||||||||||||||||||||
Entertainment | 5,382 | 6,207 | |||||||||||||||||||||||||||||||
Other | 1,347 | 1,198 | |||||||||||||||||||||||||||||||
Total | $ | 978,800 | $ | 933,194 | |||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Allowance for loan loss at beginning of period | $ | 11,284 | $ | 9,412 | $ | 10,603 | $ | 8,803 | |||||||||||||||||||||||||
Provision for loan losses | 35 | 631 | 518 | 1,918 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (8 | ) | (786 | ) | (165 | ) | (1,523 | ) | |||||||||||||||||||||||||
Recoveries | 37 | 781 | 392 | 840 | |||||||||||||||||||||||||||||
Net recoveries (charge-offs) | 29 | (5 | ) | 227 | (683 | ) | |||||||||||||||||||||||||||
Allowance for loan loss at end of period | $ | 11,348 | $ | 10,038 | $ | 11,348 | $ | 10,038 | |||||||||||||||||||||||||
Net (charge-offs) recoveries to average loans | 0 | % | 0 | % | (0.02 | )% | (0.08 | )% | |||||||||||||||||||||||||
September 30, | December 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan loss to total loans | 1.16 | % | 1.14 | % | |||||||||||||||||||||||||||||
Allowance for loan loss to total loans accounted for at historical cost, which excludes loans and the related allowance for loans acquired through acquisition | 1.43 | % | 1.5 | % | |||||||||||||||||||||||||||||
Changes in Allowance for Loan Loss | ' | ||||||||||||||||||||||||||||||||
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 | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – Beginning balance | $ | 5,385 | $ | 1,422 | $ | 4,426 | $ | 51 | $ | 11,284 | |||||||||||||||||||||||
Provision for loan losses | 333 | (205 | ) | (429 | ) | 336 | 35 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||||||||
Recoveries | 36 | — | 1 | — | 37 | ||||||||||||||||||||||||||||
Net (charge offs) recoveries | 36 | — | (7 | ) | — | 29 | |||||||||||||||||||||||||||
Ending balance | $ | 5,754 | $ | 1,217 | $ | 3,990 | $ | 387 | $ | 11,348 | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – 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 | ) | — | — | — | (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 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – Beginning balance | $ | 5,534 | $ | 1,120 | $ | 3,886 | $ | 63 | $ | 10,603 | |||||||||||||||||||||||
Provision for loan losses | 25 | 97 | 72 | 324 | 518 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries: | |||||||||||||||||||||||||||||||||
Charge-offs | (93 | ) | — | (72 | ) | — | (165 | ) | |||||||||||||||||||||||||
Recoveries | 288 | — | 104 | — | 392 | ||||||||||||||||||||||||||||
Net recoveries | 195 | — | 32 | — | 227 | ||||||||||||||||||||||||||||
Ending balance | $ | 5,754 | $ | 1,217 | $ | 3,990 | $ | 387 | $ | 11,348 | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan loss – 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 | ) | — | — | (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 | |||||||||||||||||||||||
Schedule Represents both Allowance for Loan Loss and Associated Loan Balance Classified by Loan Portfolio Segment and by Credit Evaluation Methodology | ' | ||||||||||||||||||||||||||||||||
The following tables present both the allowance for loan loss and the associated loan balance classified by loan portfolio segment and by credit evaluation methodology (dollars in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan loss: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 243 | $ | — | $ | — | $ | — | $ | 243 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,511 | 1,217 | 3,990 | 387 | 11,105 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | — | — | — | — | — | ||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 5,754 | $ | 1,217 | $ | 3,990 | $ | 387 | $ | 11,348 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,545 | $ | — | $ | 850 | $ | — | $ | 3,395 | |||||||||||||||||||||||
Collectively evaluated for impairment | 294,836 | 58,474 | 595,628 | 24,390 | 973,328 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 472 | — | 1,604 | 1 | 2,077 | ||||||||||||||||||||||||||||
Total Loans Receivable | $ | 297,853 | $ | 58,474 | $ | 598,082 | $ | 24,391 | $ | 978,800 | |||||||||||||||||||||||
Commercial | Construction, | Commercial | Other | Total | |||||||||||||||||||||||||||||
and | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan loss: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,520 | 1,120 | 3,886 | 63 | 10,589 | ||||||||||||||||||||||||||||
Purchased credit impaired | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||
(loans acquired with deteriorated credit quality) | |||||||||||||||||||||||||||||||||
Total Allowance for Loan Loss | $ | 5,534 | $ | 1,120 | $ | 3,886 | $ | 63 | $ | 10,603 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,640 | $ | — | $ | 3,680 | $ | — | $ | 6,320 | |||||||||||||||||||||||
Collectively evaluated for impairment | 295,787 | 47,074 | 561,952 | 17,733 | 922,546 | ||||||||||||||||||||||||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,046 | — | 3,282 | — | 4,328 | ||||||||||||||||||||||||||||
Total Loans Receivable | $ | 299,473 | $ | 47,074 | $ | 568,914 | $ | 17,733 | $ | 933,194 | |||||||||||||||||||||||
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 | Land | and | |||||||||||||||||||||||||||||||
Industrial | Development | Other | |||||||||||||||||||||||||||||||
and | Real Estate | ||||||||||||||||||||||||||||||||
Other Land | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Pass | $ | 275,252 | $ | 58,474 | $ | 579,365 | $ | 24,388 | $ | 937,479 | |||||||||||||||||||||||
Special Mention | 5,142 | — | 3,845 | — | 8,987 | ||||||||||||||||||||||||||||
Substandard | 17,459 | — | 14,872 | 2 | 32,333 | ||||||||||||||||||||||||||||
Doubtful | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||
Total | $ | 297,853 | $ | 58,474 | $ | 598,082 | $ | 24,391 | $ | 978,800 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Pass | $ | 289,594 | $ | 47,074 | $ | 547,600 | $ | 17,731 | $ | 901,999 | |||||||||||||||||||||||
Special Mention | 1,540 | — | 2,613 | — | 4,153 | ||||||||||||||||||||||||||||
Substandard | 8,339 | — | 18,701 | 2 | 27,042 | ||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 299,473 | $ | 47,074 | $ | 568,914 | $ | 17,733 | $ | 933,194 | |||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 88 | $ | 233 | $ | 0 | $ | 321 | $ | 3,014 | $ | 294,518 | $ | 297,853 | |||||||||||||||||||
Construction, Land Development and Other Land | — | — | — | — | — | 58,474 | 58,474 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | — | 629 | — | 629 | 1,339 | 596,114 | 598,082 | ||||||||||||||||||||||||||
Other | — | — | — | — | 1 | 24,390 | 24,391 | ||||||||||||||||||||||||||
Total | $ | 88 | $ | 862 | $ | — | $ | 950 | $ | 4,354 | $ | 973,496 | $ | 978,800 | |||||||||||||||||||
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, 2013 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | — | $ | 241 | $ | — | $ | 241 | $ | 3,682 | $ | 295,550 | $ | 299,473 | |||||||||||||||||||
Construction, Land Development and Other Land | — | — | — | — | — | 47,074 | 47,074 | ||||||||||||||||||||||||||
Commercial and Other Real Estate | — | — | — | — | 5,874 | 563,040 | 568,914 | ||||||||||||||||||||||||||
Other | — | — | — | — | — | 17,733 | 17,733 | ||||||||||||||||||||||||||
Total | $ | — | $ | 241 | $ | — | $ | 241 | $ | 9,556 | $ | 923,397 | $ | 933,194 | |||||||||||||||||||
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, for the dates and periods indicated (dollars in thousands). This table excludes purchased credit impaired loans (loans acquired in acquisitions with deteriorated credit quality) of $2.1 million and $4.3 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,051 | $ | 1,137 | $ | — | $ | 2,540 | $ | 5,347 | $ | — | |||||||||||||||||||||
Commercial and Other Real Estate | 850 | 1,078 | — | 3,680 | 6,112 | — | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1,494 | 1,901 | 243 | 100 | 355 | 4 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 2,545 | 3,038 | 243 | 2,640 | 5,702 | 4 | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 850 | 1,078 | — | 3,680 | 6,112 | — | |||||||||||||||||||||||||||
Total | $ | 3,395 | $ | 4,116 | $ | 243 | $ | 6,320 | $ | 11,814 | $ | 4 | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
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 | $ | 1,051 | $ | — | $ | 2,235 | $ | — | $ | 1,035 | $ | 34 | $ | 1,528 | $ | — | |||||||||||||||||
Construction, Land Development and Other Land | — | — | 1,159 | — | — | — | 1,172 | — | |||||||||||||||||||||||||
Commercial and Other Real Estate | 2,960 | — | 4,044 | — | 3,207 | — | 3,613 | — | |||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1,494 | — | 150 | — | 1,533 | — | 150 | — | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 2,545 | — | 2,385 | — | 2,568 | 34 | 1,678 | — | |||||||||||||||||||||||||
Construction, Land Development and Other Land | — | — | 1,159 | — | — | — | 1,172 | — | |||||||||||||||||||||||||
Commercial and Other Real Estate | 2,960 | — | 4,044 | — | 3,207 | — | 3,613 | — | |||||||||||||||||||||||||
Total | $ | 5,505 | $ | — | $ | 7,588 | $ | — | $ | 5,775 | $ | 34 | $ | 6,462 | $ | — | |||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest foregone on impaired loans | $ | 72 | $ | 264 | $ | 346 | $ | 495 | |||||||||||||||||||||||||
Cash collections applied to reduce principal balance | $ | 18 | $ | 1,885 | $ | 2,889 | $ | 2,037 | |||||||||||||||||||||||||
Interest income recognized on cash collections | $ | — | $ | — | $ | 34 | $ | — | |||||||||||||||||||||||||
Recorded Investment and Unpaid Principal Balances for Troubled Debt Restructured Loans | ' | ||||||||||||||||||||||||||||||||
The following tables include the recorded investment and unpaid principal balances for troubled debt restructured loans at September 30, 2014 and December 31, 2013 (dollars in thousands). For the nine months ended September 30, 2014, and for the year ended December 31, 2013, there was no interest income recognized on TDR loans. The tables below include TDR loans that were purchased credit impaired (“PCI”). As of September 30, 2014, there were three PCI loans with a recorded investment of $224,000 and unpaid principal balances of $403,000. | |||||||||||||||||||||||||||||||||
September 30, 2014 | Recorded | Unpaid | Interest | ||||||||||||||||||||||||||||||
Investment | Principal | Income | |||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 656 | $ | 1,093 | $ | — | |||||||||||||||||||||||||||
Total | $ | 656 | $ | 1,093 | $ | — | |||||||||||||||||||||||||||
December 31, 2013 | Recorded | Unpaid | Interest | ||||||||||||||||||||||||||||||
Investment | Principal | Income | |||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 541 | $ | 843 | $ | — | |||||||||||||||||||||||||||
Commercial and Other Real Estate | 2,173 | 2,785 | — | ||||||||||||||||||||||||||||||
Total | $ | 2,714 | $ | 3,628 | $ | — | |||||||||||||||||||||||||||
Pre and Post Modification Recorded Investment in Troubled Debt Restructuring Loans | ' | ||||||||||||||||||||||||||||||||
The following table shows the pre- and post-modification recorded investment in TDR loans by loan segment that have occurred during the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | ||||||||||||||||||||||||||||
of | Recorded | Modification | of | Recorded | Modification | ||||||||||||||||||||||||||||
Loans | Investment | Recorded | Loans | Investment | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||
Total | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | ||||||||||||||||||||||||||||
of | Recorded | Modification | of | Recorded | Modification | ||||||||||||||||||||||||||||
Loans | Investment | Recorded | Loans | Investment | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | $ | 224 | $ | 224 | 1 | $ | 310 | $ | 310 | |||||||||||||||||||||||
Total | 1 | $ | 224 | $ | 224 | 1 | $ | 310 | $ | 310 | |||||||||||||||||||||||
Accretable Yield for Loans Acquired | ' | ||||||||||||||||||||||||||||||||
The following table reflects the accretable net discount for loans acquired through acquisition, for the periods indicated (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,412 | $ | 10,130 | $ | 7,912 | $ | 12,189 | |||||||||||||||||||||||||
Accretion, included in interest income | (813 | ) | (967 | ) | (2,264 | ) | (3,050 | ) | |||||||||||||||||||||||||
Reclassifications (to) from non-accretable yield | — | (547 | ) | (49 | ) | (523 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 5,599 | $ | 8,616 | $ | 5,599 | $ | 8,616 | |||||||||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Unpaid | Carrying | Unpaid | Carrying | ||||||||||||||||||||||||||||||
Principal | Value | Principal | Value | ||||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | 781 | $ | 472 | $ | 1,599 | $ | 1,046 | |||||||||||||||||||||||||
Commercial and Other Real Estate | 2,876 | 1,604 | 5,611 | 3,282 | |||||||||||||||||||||||||||||
Other | 62 | 1 | — | — | |||||||||||||||||||||||||||||
Total | $ | 3,719 | $ | 2,077 | $ | 7,210 | $ | 4,328 | |||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 360 | $ | 428 | $ | 395 | $ | 9 | |||||||||||||||||||||||||
Accretion, included in interest income | (18 | ) | (17 | ) | (53 | ) | (17 | ) | |||||||||||||||||||||||||
Reclassifications from non-accretable yield | — | — | — | 419 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 342 | $ | 411 | $ | 342 | $ | 411 | |||||||||||||||||||||||||
Borrowings_and_Subordinated_De1
Borrowings and Subordinated Debentures (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ' | ||||||||||||||||||||||||
Terms and Maturity of Bank's Securities Sold under Agreements | ' | ||||||||||||||||||||||||
The tables below describe the terms and maturity of the Company’s securities sold under agreements to repurchase as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||||||||||
Term | |||||||||||||||||||||||||
September 30, 2014 | $ | 13,618 | 0.13% – 0.25 | % | 1 day | 1-Oct-14 | |||||||||||||||||||
Total | $ | 13,618 | 0.22 | % | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Date Issued | Amount | Interest Rate | Original | Maturity Date | |||||||||||||||||||||
Term | |||||||||||||||||||||||||
3-Dec-13 | $ | 750 | 0.1 | % | 62 days | February 3, 2014 | |||||||||||||||||||
31-Dec-13 | 10,391 | 0.10% – 0.40 | % | 2 days | January 2, 2014 | ||||||||||||||||||||
Total | $ | 11,141 | 0.3 | % | |||||||||||||||||||||
Terms of Issuance Subordinated Debentures Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes the terms of each issuance of subordinated debentures outstanding as of September 30, 2014: | |||||||||||||||||||||||||
Series | Amount | Issuance | Maturity Date | Rate Index | Current | Next | |||||||||||||||||||
(in thousands) | Date | Rate | Reset | ||||||||||||||||||||||
Date | |||||||||||||||||||||||||
Trust I | $ | 6,186 | 12/10/04 | 3/15/35 | 3 month LIBOR + 2.05 | % | 2.28 | % | 12/15/14 | ||||||||||||||||
Trust II | 3,093 | 12/23/05 | 3/15/36 | 3 month LIBOR + 1.75 | % | 1.98 | % | 12/15/14 | |||||||||||||||||
Trust III | 3,093 | 6/30/06 | 9/15/36 | 3 month LIBOR + 1.85 | % | 2.08 | % | 12/15/14 | |||||||||||||||||
Subtotal | 12,372 | ||||||||||||||||||||||||
Unamortized fair value adjustment | (2,874 | ) | |||||||||||||||||||||||
Net | $ | 9,498 | |||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Balance Sheet Classification of Derivative Financial Instruments | ' | ||||||||||||||||
The following tables present the notional amount and the fair values of the asset and liability of the Company’s derivative instruments as of the dates and periods indicated (dollars in thousands): | |||||||||||||||||
Derivative Liabilities | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest rate contracts notional amount | $ | 31,057 | $ | 31,914 | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | $ | 559 | $ | 738 | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts fair value | 2,543 | 3,205 | |||||||||||||||
Total interest rate contracts fair value | $ | 3,102 | $ | 3,943 | |||||||||||||
Balance sheet location | Accrued Interest Payable | Accrued Interest Payable | |||||||||||||||
and Other Liabilities | 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 86 | $ | 94 | $ | 179 | $ | 311 | |||||||||
Payments on interest rate swap contracts on loans | (69 | ) | (139 | ) | (205 | ) | (296 | ) | |||||||||
Net increase (decrease) in other non-interest income | 17 | (45 | ) | (26 | ) | 15 | |||||||||||
Interest rate swap contracts – subordinated debenture | |||||||||||||||||
Increase in fair value of interest rate swap contracts | — | — | — | 70 | |||||||||||||
Payments on interest rate swap contracts on subordinated debentures | — | — | — | (70 | ) | ||||||||||||
Net decrease in other non-interest income | — | — | — | — | |||||||||||||
Net increase (decrease) in other non-interest income | $ | 17 | $ | (45 | ) | $ | (26 | ) | $ | 15 | |||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts – loans | |||||||||||||||||
Increase in fair value of interest rate swap contracts | $ | 361 | $ | 156 | $ | 663 | $ | 1,352 | |||||||||
Increase (decrease) in fair value of hedged loans | (104 | ) | 136 | 135 | (454 | ) | |||||||||||
Payments on interest rate swap contracts on loans | (317 | ) | (328 | ) | (950 | ) | (961 | ) | |||||||||
Net decrease in interest income on loans | $ | (60 | ) | $ | (36 | ) | $ | (152 | ) | $ | (63 | ) | |||||
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Securities Sold under Repurchase Agreements and Derivatives Securities Offset in Consolidated Financial Statements Due to an Enforceable Master Netting Arrangement | ' | ||||||||||||||||||||||||
The table below presents the Company’s financial instruments that may be eligible for offsetting which include securities sold under agreements to repurchase that have no enforceable master netting arrangement and derivative securities that could be offset in the consolidated financial statements due to an enforceable master netting arrangement (dollars in thousands): | |||||||||||||||||||||||||
Gross | Gross | Net Amounts | Gross Amounts | Net Amount | |||||||||||||||||||||
Amounts | Amounts | of Assets | Not Offset in the | (Collateral | |||||||||||||||||||||
Recognized | Offset in the | Presented | Consolidated Balance | over liability | |||||||||||||||||||||
in the | Consolidated | in the | Sheets | balance | |||||||||||||||||||||
Consolidated | Balance | Consolidated | required to be pledged) | ||||||||||||||||||||||
Balance | Sheets | Balance | |||||||||||||||||||||||
Sheets | Sheets | Financial | Collateral | ||||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) | $ | 3,102 | $ | — | $ | 3,102 | $ | 3,102 | $ | 3,379 | $ | 277 | |||||||||||||
Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) | 13,618 | — | 13,618 | 13,618 | 14,136 | 518 | |||||||||||||||||||
Total | $ | 16,720 | $ | — | $ | 16,720 | $ | 16,720 | $ | 17,515 | $ | 795 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) | $ | 3,943 | $ | — | $ | 3,943 | $ | 3,943 | $ | 4,194 | $ | 251 | |||||||||||||
Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) | 11,141 | — | 11,141 | 11,141 | 11,750 | 609 | |||||||||||||||||||
Total | $ | 15,084 | $ | — | $ | 15,084 | $ | 15,084 | $ | 15,944 | $ | 860 | |||||||||||||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Future Compensation Expense Related to Unvested Stock Option and Unvested Restricted Stock Grants | ' | ||||||||||||||||
At September 30, 2014, future compensation expense related to unvested stock option and unvested restricted stock grants are reflected in the table below (dollars in thousands): | |||||||||||||||||
Future Stock Based Compensation Expense | Stock | Restricted | Total | ||||||||||||||
Options | Stock | ||||||||||||||||
Remainder of 2014 | $ | 1 | $ | 321 | $ | 322 | |||||||||||
2015 | 2 | 756 | 758 | ||||||||||||||
2016 | — | 210 | 210 | ||||||||||||||
2017 | — | 30 | 30 | ||||||||||||||
2018 | — | 7 | 7 | ||||||||||||||
Thereafter | — | — | — | ||||||||||||||
Total | $ | 3 | $ | 1,324 | $ | 1,327 | |||||||||||
Stock 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 | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding stock options at December 31, 2013 | 434,740 | $ | 13.89 | 2.1 | $ | 1,913 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | 130,744 | 9.77 | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding stock options at September 30, 2014 | 303,996 | $ | 15.66 | 1.7 | $ | 1,192 | |||||||||||
Exercisable options at September 30, 2014 | 294,796 | $ | 15.76 | 1.7 | $ | 1,132 | |||||||||||
Unvested options at September 30, 2014 | 9,200 | $ | 12.3 | 2.1 | $ | 60 | |||||||||||
Outstanding, vested and expected to vest at September 30, 2014 | 303,996 | $ | 15.66 | 1.7 | $ | 1,192 | |||||||||||
Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes the restricted stock activity under the Equity Plan for the period indicated: | |||||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||||
Grant-Date Fair | |||||||||||||||||
Value per Share | |||||||||||||||||
Restricted Stock: | |||||||||||||||||
Unvested at December 31, 2013 | 266,050 | $ | 13.49 | ||||||||||||||
Granted | 46,900 | 18.19 | |||||||||||||||
Vested | (106,803 | ) | 13.19 | ||||||||||||||
Cancelled and forfeited | (500 | ) | 11.75 | ||||||||||||||
Unvested at September 30, 2014 | 205,647 | $ | 14.72 | ||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, 2014 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | 331 | $ | 136 | $ | 195 | |||||||
Net unrealized gains arising during the period | 19 | 11 | 8 | ||||||||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||||
Net other comprehensive income | 19 | 11 | 8 | ||||||||||
Ending balance | $ | 350 | $ | 147 | $ | 203 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Three Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains on investment securities: | |||||||||||||
Beginning balance | $ | 996 | $ | 410 | $ | 586 | |||||||
Non-credit portion of other-than-temporary impairments arising during the period | — | — | — | ||||||||||
Net unrealized losses arising during the period | (905 | ) | (372 | ) | (533 | ) | |||||||
Net other comprehensive loss | (905 | ) | (372 | ) | (533 | ) | |||||||
Ending balance | $ | 91 | $ | 38 | $ | 53 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Nine Months Ended – September 30, 2014 | |||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||
Beginning balance | $ | (348 | ) | $ | (143 | ) | $ | (205 | ) | ||||
Net unrealized gains arising during the period | 698 | 290 | 408 | ||||||||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||||
Net other comprehensive income | 698 | 290 | 408 | ||||||||||
Ending balance | $ | 350 | $ | 147 | $ | 203 | |||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Nine Months Ended – September 30, 2013 | |||||||||||||
Net unrealized gains 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 | |||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
Fair | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Value | |||||||||||||||||||||||||
Financial Assets – September 30, 2014 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 139,552 | $ | — | $ | 139,552 | $ | — | |||||||||||||||||
Financial Liabilities – September 30, 2014 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 3,102 | $ | — | $ | 3,102 | $ | — | |||||||||||||||||
Financial Assets – December 31, 2013 | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 106,488 | $ | — | $ | 106,488 | $ | — | |||||||||||||||||
Financial Liabilities – December 31, 2013 | |||||||||||||||||||||||||
Interest Rate Swap Contracts | $ | 3,943 | $ | — | $ | 3,943 | $ | — | |||||||||||||||||
Roll-Forward of All Assets and Liabilities and Additional Information about Financial Assets Measured at Fair Value | ' | ||||||||||||||||||||||||
The following table 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) for the date and period indicated (dollars in thousands): | |||||||||||||||||||||||||
Financial Assets – Measured at | Balance at | Included | Included in | Purchases, | Transfers | Balance at | |||||||||||||||||||
Fair Value on a Recurring Basis | January 1 | in | Other | Issuances, | into | September | |||||||||||||||||||
using Unobservable Inputs | Earnings | Comprehensive | Sales, | (out of) | 30 | ||||||||||||||||||||
Income | Settlements | Level 3 | |||||||||||||||||||||||
(Loss) | |||||||||||||||||||||||||
Period ended September 30, 2013 | |||||||||||||||||||||||||
Private Issue CMO Securities | $ | 2,910 | $ | (20 | ) | $ | — | $ | (2,890 | ) | $ | — | $ | — | |||||||||||
Total | $ | 2,910 | $ | (20 | ) | $ | — | $ | (2,890 | ) | $ | — | $ | — | |||||||||||
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): | |||||||||||||||||||||||||
Recorded | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
Financial Assets – September 30, 2014 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) | $ | 1,152 | $ | — | $ | — | $ | 1,152 | |||||||||||||||||
Total | $ | 1,152 | $ | — | $ | — | $ | 1,152 | |||||||||||||||||
Financial Assets – December 31, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) | $ | 264 | $ | — | $ | — | $ | 264 | |||||||||||||||||
Total | $ | 264 | $ | — | $ | — | $ | 264 | |||||||||||||||||
Significant Unobservable Inputs Used in Fair Value Measurements for Level 3 Assets and Liabilities Measured at Fair Value on Recurring or Non-Recurring Basis | ' | ||||||||||||||||||||||||
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 non-recurring basis as of the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair | Valuation | Valuation Model | Unobservable | ||||||||||||||||||||||
Value | Methodology | and/or Factors | Input Values | ||||||||||||||||||||||
Financial Assets – September 30, 2014 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off | $ | 1,152 | Credit loss estimate of aged accounts receivable collateral | Credit loss factors on aging of accounts receivable collateral | 25%-75% | ||||||||||||||||||||
Estimated selling costs | 15% | ||||||||||||||||||||||||
Total | $ | 1,152 | |||||||||||||||||||||||
Financial Assets – December 31, 2013 | |||||||||||||||||||||||||
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off (1) | $ | 45 | Credit loss estimate of aged accounts receivable collateral | Credit loss factors on aging of accounts receivable collateral | 80% | ||||||||||||||||||||
219 | Commercial real estate appraisal | Sales approach (2) | |||||||||||||||||||||||
Estimated selling costs | 8% | ||||||||||||||||||||||||
Total | $ | 264 | |||||||||||||||||||||||
-1 | The Company has recorded total charge-offs of $605,000 on the principal balance on two of the loans included in the balance in the above table. These charge-offs were recorded in 2013. | ||||||||||||||||||||||||
-2 | For the one commercial real estate loan included in the above table at December 31, 2013, the Company established the fair value of the loan based on a recent commercial real estate appraisal. The Company selected the “sales approach” for valuing the collateral. | ||||||||||||||||||||||||
Level in Fair Value Hierarchy for Financial Instruments Estimated Fair Values | ' | ||||||||||||||||||||||||
The table below presents the carrying amounts and fair values of financial instruments based on their fair value hierarchy indicated (dollars in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Recorded | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 139,552 | $ | — | $ | 139,552 | $ | — | |||||||||||||||||
Loans, net | 967,452 | — | — | 970,362 | |||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 52,852 | — | 52,880 | — | |||||||||||||||||||||
Securities sold under agreements to repurchase | 13,618 | — | 13,618 | — | |||||||||||||||||||||
Subordinated debentures | 9,498 | — | 12,372 | — | |||||||||||||||||||||
Interest rate swap contracts | 3,102 | — | 3,102 | — | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||
Investment securities available-for-sale | $ | 106,488 | $ | — | $ | 106,488 | $ | — | |||||||||||||||||
Loans, net | 922,591 | — | — | 926,500 | |||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||
Certificates of deposit | 63,581 | — | 63,680 | — | |||||||||||||||||||||
Securities sold under agreements to repurchase | 11,141 | — | 11,141 | — | |||||||||||||||||||||
Subordinated debentures | 9,379 | — | 12,372 | — | |||||||||||||||||||||
Interest rate swap contracts | 3,943 | — | 3,943 | — |
Basis_of_Financial_Statement_P2
Basis of Financial Statement Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | |||
Jun. 03, 2014 | Sep. 30, 2014 | Jun. 03, 2014 | Nov. 03, 2014 | |
Office | Subsequent Event | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Merger transaction cost | ' | ' | $102,200,000 | ' |
Combination of assets | ' | ' | $2,200,000,000 | ' |
Exchange ratio of shares acquired | 1.345 | ' | ' | ' |
Stock price total consideration | ' | ' | ' | $26.63 |
Full service branch offices | ' | 8 | ' | ' |
Computation_of_TCE_Book_Value_
Computation of TCE, 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' |
Total Shareholders' Equity | $148,773 | $137,924 | $125,623 |
Less: Goodwill | 12,292 | 12,292 | ' |
Less: Core deposit and leasehold right intangibles | 2,246 | 2,525 | ' |
Tangible common equity | $134,235 | $123,107 | ' |
Common shares issued and outstanding | 11,231,801 | 11,081,364 | ' |
Book value per common share | $13.25 | $12.45 | ' |
Tangible book value per common share | $11.95 | $11.11 | ' |
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 Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Net Income | $2,549 | $2,477 | $7,601 | $6,953 | $9,785 |
Weighted average basic common shares outstanding | 10,986,065 | 10,546,288 | 10,937,507 | 10,511,327 | ' |
Dilutive effect of potential common share issuances from stock options and unvested restricted stock | 203,837 | 301,419 | 210,154 | 271,543 | ' |
Weighted average diluted common shares outstanding | 11,189,902 | 10,847,707 | 11,147,661 | 10,782,870 | ' |
Anti-dilutive shares not included in the calculation of diluted earnings per share | 81,000 | 141,924 | 82,625 | 197,411 | ' |
Basic | $0.23 | $0.24 | $0.70 | $0.66 | ' |
Diluted | $0.23 | $0.23 | $0.68 | $0.65 | ' |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Other than temporary impairment gains or losses | $0 | ' | $0 |
Gain (losses) on sale of securities, net | ' | 5,000 | ' |
Net proceeds from sale of available-for-sale securities | 0 | 2,900,000 | ' |
Investment securities, maturity year | '2048 | ' | ' |
Company's investment in the common stock of the FHLB | 4,200,000 | ' | 4,200,000 |
Securities Sold under Agreements to Repurchase | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Securities available-for-sale with fair value, pledged as collateral | $104,000,000 | ' | $92,800,000 |
Amortized_Cost_and_Estimated_F
Amortized Cost and Estimated Fair Values of Investment Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | $139,202 | $106,836 |
Available-for-sale Securities, Gross Unrealized Gains | 1,489 | 1,535 |
Available-for-sale Securities, Gross Unrealized Losses | 1,139 | 1,883 |
Fair Market Value | 139,552 | 106,488 |
U.S. Govt Agency - GNMA Mortgage-Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 23,481 | 28,107 |
Available-for-sale Securities, Gross Unrealized Gains | 232 | 180 |
Available-for-sale Securities, Gross Unrealized Losses | 479 | 909 |
Fair Market Value | 23,234 | 27,378 |
Corporate Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 4,050 | 5,086 |
Available-for-sale Securities, Gross Unrealized Gains | 95 | 125 |
Fair Market Value | 4,145 | 5,211 |
Municipal Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 2,051 | 3,621 |
Available-for-sale Securities, Gross Unrealized Gains | 15 | 9 |
Available-for-sale Securities, Gross Unrealized Losses | ' | 2 |
Fair Market Value | 2,066 | 3,628 |
U. S. Treasury Notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 20,035 | ' |
Available-for-sale Securities, Gross Unrealized Gains | 6 | ' |
Available-for-sale Securities, Gross Unrealized Losses | 7 | ' |
Fair Market Value | 20,034 | ' |
U.S. Govt Agency and Sponsored Agency - Note Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 3,054 | 4,153 |
Available-for-sale Securities, Gross Unrealized Gains | 3 | 1 |
Available-for-sale Securities, Gross Unrealized Losses | ' | 2 |
Fair Market Value | 3,057 | 4,152 |
U.S. Govt Agency - SBA Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 50,710 | 50,521 |
Available-for-sale Securities, Gross Unrealized Gains | 763 | 875 |
Available-for-sale Securities, Gross Unrealized Losses | 345 | 491 |
Fair Market Value | 51,128 | 50,905 |
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 35,821 | 15,348 |
Available-for-sale Securities, Gross Unrealized Gains | 375 | 345 |
Available-for-sale Securities, Gross Unrealized Losses | 308 | 479 |
Fair Market Value | $35,888 | $15,214 |
Investment_Securities_with_Unr
Investment Securities with Unrealized Losses that are Considered to be Temporarily-impaired (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | $37,649 | $36,070 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 26,419 | 2,893 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 64,068 | 38,963 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | 255 | 1,693 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Net Unrealized Loss | 884 | 190 |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | 1,139 | 1,883 |
U.S. Govt Agency - GNMA Mortgage-Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 6,152 | 15,693 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 8,639 | 1,864 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 14,791 | 17,557 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | 73 | 721 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Net Unrealized Loss | 300 | 188 |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | 373 | 909 |
Corporate Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | ' | ' |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | ' | ' |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | ' | ' |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Net Unrealized Loss | ' | ' |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | ' | ' |
U. S. Treasury Notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 10,025 | ' |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 10,025 | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | 7 | ' |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | 7 | ' |
U.S. Govt Agency and Sponsored Agency - Note Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | ' | 1,041 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | ' | 1,041 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | ' | 2 |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | ' | 2 |
U.S. Govt Agency - SBA Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 9,020 | 11,686 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 8,384 | ' |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 17,404 | 11,686 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | 61 | 491 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Net Unrealized Loss | 284 | ' |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | 345 | 491 |
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 12,452 | 7,650 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 9,396 | ' |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 21,848 | 7,650 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Net Unrealized Loss | 114 | 479 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Net Unrealized Loss | 300 | ' |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | 414 | 479 |
Municipal Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | ' | 1,029 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | ' | 1,029 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Net Unrealized Loss | ' | 2 |
Temporarily-impaired available-for-sale investment securities, Total, Net Unrealized Loss | ' | $2 |
Maturities_Schedule_of_Securit
Maturities Schedule of Securities (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Due through one year, Amortized Cost | $16,010 | ' |
Due after one year through five years, Amortized Cost | 61,527 | ' |
Due after five years through ten years, Amortized Cost | 32,152 | ' |
Due after ten years, Amortized Cost | 29,513 | ' |
Available-for-sale Securities, Amortized Cost | 139,202 | 106,836 |
Due through one year, Fair Value | 16,146 | ' |
Due after one year through five years, Fair Value | 61,894 | ' |
Due after five years through ten years, Fair Value | 31,865 | ' |
Due after ten years, Fair Value | 29,647 | ' |
Fair Market Value | $139,552 | $106,488 |
Due through one year, Weighted Average Yield | 1.77% | ' |
Due after one year through five years, Weighted Average Yield | 1.52% | ' |
Due after five years through ten years, Weighted Average Yield | 2.34% | ' |
Due after ten years, Weighted Average Yield | 2.97% | ' |
Total, Weighted Average Yield | 2.04% | ' |
Composition_of_Loan_Portfolio_
Composition of Loan Portfolio (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial Loans: | $297,853 | $299,473 |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 656,556 | 615,988 |
Other Loans: | 24,391 | 17,733 |
Total Loans | 978,800 | 933,194 |
Owner-Occupied Nonresidential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 198,406 | 197,605 |
Other Nonresidential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 303,605 | 271,818 |
Construction, Land Development and Other Land | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 58,474 | 47,074 |
Total Loans | 58,474 | 47,074 |
1-4 Family Residential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | 68,134 | 65,711 |
Multifamily Residential Properties | ' | ' |
Loans Secured by Real Estate: | ' | ' |
Loans Secured by Real Estate | $27,937 | $33,780 |
Companys_Loan_Portfolio_Strati
Company's Loan Portfolio Stratified by Industry Concentration of Borrower (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Total Loans | $978,800 | $933,194 |
Real Estate | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 422,509 | 381,830 |
Manufacturing | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 87,140 | 83,319 |
Hotel/Lodging | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 82,728 | 76,143 |
Construction | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 67,189 | 62,835 |
Wholesale | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 59,563 | 60,291 |
Professional Services | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 44,346 | 49,739 |
Finance | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 63,496 | 46,393 |
Healthcare | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 30,125 | 38,662 |
Restaurant/Food Service | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 24,187 | 35,244 |
Other Services | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 23,467 | 21,448 |
Retail | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 16,891 | 23,157 |
Administrative Management | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 19,085 | 15,218 |
Information | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 11,327 | 11,709 |
Education | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 9,625 | 10,270 |
Transportation | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 10,393 | 9,531 |
Entertainment | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | 5,382 | 6,207 |
Other | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Loans | $1,347 | $1,198 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Loan | Loan | Loan | ||
Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans held for sale | $0 | $0 | ' | ' |
Unfunded loan commitments | 419,100,000 | 419,100,000 | ' | 345,900,000 |
Allowance for losses on unfunded loan commitments | 405,000 | 405,000 | ' | 329,000 |
Credit purchase impaired loan | ' | 2,100,000 | ' | 4,300,000 |
Interest Income Recognized | ' | 34,000 | ' | ' |
Recorded Investment | 3,395,000 | 3,395,000 | ' | 6,320,000 |
Unpaid Principal Balance | 4,116,000 | 4,116,000 | ' | 11,814,000 |
Payment defaults subsequent to modification on troubled debt restructured loans | ' | 0 | 0 | ' |
Troubled Debt Restructuring | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Number of Loans | ' | 1 | 1 | ' |
Recorded Investment | 656,000 | 656,000 | ' | 2,714,000 |
Unpaid Principal Balance | 1,093,000 | 1,093,000 | ' | 3,628,000 |
Troubled Debt Restructuring | Purchased Credit Impaired Loans | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Interest Income Recognized | ' | 0 | ' | 0 |
Number of Loans | ' | 3 | ' | ' |
Recorded Investment | 224,000 | 224,000 | ' | ' |
Unpaid Principal Balance | 403,000 | 403,000 | ' | ' |
SBA Servicing Asset | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 700,000 | 700,000 | ' | ' |
Loans sold | 71,000,000 | 71,000,000 | ' | ' |
SBA Servicing Asset | PC Bancorp | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 101,800,000 | 101,800,000 | ' | ' |
SBA 7a Loans | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 1,000,000 | 1,000,000 | ' | ' |
Debt Instrument Remaining Loans | SBA Servicing Asset | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans sold | 30,800,000 | 30,800,000 | ' | ' |
Debt Instrument Un-guaranteed Loans | SBA Servicing Asset | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans sold | 22,700,000 | 22,700,000 | ' | ' |
Debt Instrument Guaranteed Loans | SBA Servicing Asset | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans sold | $8,100,000 | $8,100,000 | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | $11,284 | $9,412 | $10,603 | $8,803 | $8,803 |
Provision for loan losses | 35 | 631 | 518 | 1,918 | ' |
Net (charge-offs) recoveries: | ' | ' | ' | ' | ' |
Charge-offs | -8 | -786 | -165 | -1,523 | ' |
Recoveries | 37 | 781 | 392 | 840 | ' |
Net (charge-offs) recoveries | 29 | -5 | 227 | -683 | ' |
Allowance for loan loss at end of period | $11,348 | $10,038 | $11,348 | $10,038 | $10,603 |
Net (charge-offs) recoveries to average loans | 0.00% | 0.00% | -0.02% | -0.08% | ' |
Allowance for loan loss to total loans | 1.16% | ' | 1.16% | ' | 1.14% |
Allowance for loan loss to total loans accounted for at historical cost, which excludes loans and the related allowance for loans acquired through acquisition | ' | ' | 1.43% | ' | 1.50% |
Changes_in_Allowance_for_Loan_
Changes in Allowance for Loan Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | $11,284 | $9,412 | $10,603 | $8,803 |
Provision for loan losses | 35 | 631 | 518 | 1,918 |
Net (charge-offs) recoveries: | ' | ' | ' | ' |
Charge-offs | -8 | -786 | -165 | -1,523 |
Recoveries | 37 | 781 | 392 | 840 |
Net (charge offs) recoveries | 29 | -5 | 227 | -683 |
Allowance for loan loss at end of period | 11,348 | 10,038 | 11,348 | 10,038 |
Commercial and Industrial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | 5,385 | 4,659 | 5,534 | 4,572 |
Provision for loan losses | 333 | 1,103 | 25 | 1,754 |
Net (charge-offs) recoveries: | ' | ' | ' | ' |
Charge-offs | ' | -786 | -93 | -1,398 |
Recoveries | 36 | 11 | 288 | 59 |
Net (charge offs) recoveries | 36 | -775 | 195 | -1,339 |
Allowance for loan loss at end of period | 5,754 | 4,987 | 5,754 | 4,987 |
Construction, Land Development and Other Land | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | 1,422 | 2,360 | 1,120 | 2,035 |
Provision for loan losses | -205 | -1,095 | 97 | -770 |
Net (charge-offs) recoveries: | ' | ' | ' | ' |
Recoveries | ' | 763 | ' | 763 |
Net (charge offs) recoveries | ' | 763 | ' | 763 |
Allowance for loan loss at end of period | 1,217 | 2,028 | 1,217 | 2,028 |
Commercial and Other Real Estate | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | 4,426 | 2,351 | 3,886 | 2,084 |
Provision for loan losses | -429 | 596 | 72 | 974 |
Net (charge-offs) recoveries: | ' | ' | ' | ' |
Charge-offs | -8 | ' | -72 | ' |
Recoveries | 1 | 6 | 104 | 11 |
Net (charge offs) recoveries | -7 | 6 | 32 | -105 |
Allowance for loan loss at end of period | 3,990 | 2,953 | 3,990 | 2,953 |
Other | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for loan loss at beginning of period | 51 | 42 | 63 | 112 |
Provision for loan losses | 336 | 27 | 324 | -40 |
Net (charge-offs) recoveries: | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | -8 |
Recoveries | ' | 1 | ' | 6 |
Net (charge offs) recoveries | ' | 1 | ' | -2 |
Allowance for loan loss at end of period | $387 | $70 | $387 | $70 |
Schedule_Represents_both_Allow
Schedule Represents both Allowance for Loan Loss and Associated Loan Balance Classified by Loan Portfolio Segment and by Credit Evaluation Methodology (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $243 | ' | $4 | ' | ' | ' |
Collectively evaluated for impairment | 11,105 | ' | 10,589 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 10 | ' | ' | ' |
Total Allowance for Loan Loss | 11,348 | 11,284 | 10,603 | 10,038 | 9,412 | 8,803 |
Loans receivable: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,395 | ' | 6,320 | ' | ' | ' |
Collectively evaluated for impairment | 973,328 | ' | 922,546 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 2,077 | ' | 4,328 | ' | ' | ' |
Total Loans | 978,800 | ' | 933,194 | ' | ' | ' |
Commercial and Industrial | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 243 | ' | 4 | ' | ' | ' |
Collectively evaluated for impairment | 5,511 | ' | 5,520 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 10 | ' | ' | ' |
Total Allowance for Loan Loss | 5,754 | 5,385 | 5,534 | 4,987 | 4,659 | 4,572 |
Loans receivable: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 2,545 | ' | 2,640 | ' | ' | ' |
Collectively evaluated for impairment | 294,836 | ' | 295,787 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 472 | ' | 1,046 | ' | ' | ' |
Total Loans | 297,853 | ' | 299,473 | ' | ' | ' |
Construction, Land Development and Other Land | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 1,217 | ' | 1,120 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | ' | ' |
Total Allowance for Loan Loss | 1,217 | 1,422 | 1,120 | 2,028 | 2,360 | 2,035 |
Loans receivable: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 58,474 | ' | 47,074 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | ' | ' |
Total Loans | 58,474 | ' | 47,074 | ' | ' | ' |
Commercial and Other Real Estate | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 3,990 | ' | 3,886 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | ' | ' |
Total Allowance for Loan Loss | 3,990 | 4,426 | 3,886 | 2,953 | 2,351 | 2,084 |
Loans receivable: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 850 | ' | 3,680 | ' | ' | ' |
Collectively evaluated for impairment | 595,628 | ' | 561,952 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,604 | ' | 3,282 | ' | ' | ' |
Total Loans | 598,082 | ' | 568,914 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 387 | ' | 63 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | ' | 0 | ' | ' | ' |
Total Allowance for Loan Loss | 387 | 51 | 63 | 70 | 42 | 112 |
Loans receivable: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 24,390 | ' | 17,733 | ' | ' | ' |
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1 | ' | 0 | ' | ' | ' |
Total Loans | $24,391 | ' | $17,733 | ' | ' | ' |
Risk_Category_of_Loans_by_Clas
Risk Category of Loans by Class of Loans (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | $297,853 | $299,473 |
Construction, Land Development and Other Land | 58,474 | 47,074 |
Commercial and Other Real Estate | 598,082 | 568,914 |
Other | 24,391 | 17,733 |
Total Loans | 978,800 | 933,194 |
Pass | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 275,252 | 289,594 |
Construction, Land Development and Other Land | 58,474 | 47,074 |
Commercial and Other Real Estate | 579,365 | 547,600 |
Other | 24,388 | 17,731 |
Total Loans | 937,479 | 901,999 |
Special Mention | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 5,142 | 1,540 |
Commercial and Other Real Estate | 3,845 | 2,613 |
Total Loans | 8,987 | 4,153 |
Substandard | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Commercial and Industrial | 17,459 | 8,339 |
Commercial and Other Real Estate | 14,872 | 18,701 |
Other | 2 | 2 |
Total Loans | 32,333 | 27,042 |
Doubtful | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Other | 1 | ' |
Total Loans | $1 | ' |
Aging_Analysis_of_Recorded_Inv
Aging Analysis of Recorded Investment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | $88 | ' |
61-90 Days Past Due | 862 | 241 |
Total Past Due and Accruing | 950 | 241 |
Total Non Accrual | 4,354 | 9,556 |
Current | 973,496 | 923,397 |
Total Loans | 978,800 | 933,194 |
Commercial and Industrial | ' | ' |
Loans Receivable [Line Items] | ' | ' |
31-60 Days Past Due | 88 | ' |
61-90 Days Past Due | 233 | 241 |
Greater than 90 Days Past Due and Accruing | 0 | ' |
Total Past Due and Accruing | 321 | 241 |
Total Non Accrual | 3,014 | 3,682 |
Current | 294,518 | 295,550 |
Total Loans | 297,853 | 299,473 |
Construction, Land Development and Other Land | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Current | 58,474 | 47,074 |
Total Loans | 58,474 | 47,074 |
Commercial and Other Real Estate | ' | ' |
Loans Receivable [Line Items] | ' | ' |
61-90 Days Past Due | 629 | ' |
Total Past Due and Accruing | 629 | ' |
Total Non Accrual | 1,339 | 5,874 |
Current | 596,114 | 563,040 |
Total Loans | 598,082 | 568,914 |
Other | ' | ' |
Loans Receivable [Line Items] | ' | ' |
Total Non Accrual | 1 | ' |
Current | 24,390 | 17,733 |
Total Loans | $24,391 | $17,733 |
Recorded_Investment_and_Unpaid
Recorded Investment and Unpaid Principal Balances for Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | $3,395,000 | ' | $3,395,000 | ' | $6,320,000 |
Unpaid Principal Balance | 4,116,000 | ' | 4,116,000 | ' | 11,814,000 |
Related Allowance | 243,000 | ' | 243,000 | ' | 4,000 |
Average Recorded Investment | 5,505,000 | 7,588,000 | 5,775,000 | 6,462,000 | ' |
Interest Income Recognized | ' | ' | 34,000 | ' | ' |
Commercial and Industrial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment, With no specific allowance recorded | 1,051,000 | ' | 1,051,000 | ' | 2,540,000 |
Recorded Investment, With a specific allowance recorded | 1,494,000 | ' | 1,494,000 | ' | 100,000 |
Unpaid Principal Balance, With no specific allowance recorded | 1,137,000 | ' | 1,137,000 | ' | 5,347,000 |
Unpaid Principal Balance, With a specific allowance recorded | 1,901,000 | ' | 1,901,000 | ' | 355,000 |
Recorded Investment | 2,545,000 | ' | 2,545,000 | ' | 2,640,000 |
Unpaid Principal Balance | 3,038,000 | ' | 3,038,000 | ' | 5,702,000 |
Related Allowance | 243,000 | ' | 243,000 | ' | 4,000 |
Average Recorded Investment, With no specific allowance recorded | 1,051,000 | 2,235,000 | 1,035,000 | 1,528,000 | ' |
Interest Income Recognized, With no specific allowance recorded | ' | ' | 34,000 | ' | ' |
Average Recorded Investment, With a specific allowance recorded | 1,494,000 | 150,000 | 1,533,000 | 150,000 | ' |
Interest Income Recognized, With a specific allowance recorded | ' | ' | ' | ' | ' |
Average Recorded Investment | 2,545,000 | 2,385,000 | 2,568,000 | 1,678,000 | ' |
Interest Income Recognized | ' | ' | 34,000 | ' | ' |
Commercial and Other Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment, With no specific allowance recorded | 850,000 | ' | 850,000 | ' | 3,680,000 |
Unpaid Principal Balance, With no specific allowance recorded | 1,078,000 | ' | 1,078,000 | ' | 6,112,000 |
Recorded Investment | 850,000 | ' | 850,000 | ' | 3,680,000 |
Unpaid Principal Balance | 1,078,000 | ' | 1,078,000 | ' | 6,112,000 |
Average Recorded Investment, With no specific allowance recorded | 2,960,000 | 4,044,000 | 3,207,000 | 3,613,000 | ' |
Average Recorded Investment | 2,960,000 | 4,044,000 | 3,207,000 | 3,613,000 | ' |
Construction, Land Development and Other Land | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Average Recorded Investment, With no specific allowance recorded | ' | 1,159,000 | ' | 1,172,000 | ' |
Average Recorded Investment | ' | $1,159,000 | ' | $1,172,000 | ' |
Additional_Information_on_Impa
Additional Information on Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Receivables [Abstract] | ' | ' | ' | ' |
Interest foregone on impaired loans | $72 | $264 | $346 | $495 |
Cash collections applied to reduce principal balance | 18 | 1,885 | 2,889 | 2,037 |
Interest income recognized on cash collections | ' | ' | $34 | ' |
Recorded_Investment_and_Unpaid1
Recorded Investment and Unpaid Principal Balances for Troubled Debt Restructured Loans (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | $3,395,000 | $6,320,000 |
Unpaid Principal Balance | 4,116,000 | 11,814,000 |
Interest Income Recognized | 34,000 | ' |
Commercial and Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 2,545,000 | 2,640,000 |
Unpaid Principal Balance | 3,038,000 | 5,702,000 |
Interest Income Recognized | 34,000 | ' |
Commercial and Other Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 850,000 | 3,680,000 |
Unpaid Principal Balance | 1,078,000 | 6,112,000 |
Troubled Debt Restructuring | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 656,000 | 2,714,000 |
Unpaid Principal Balance | 1,093,000 | 3,628,000 |
Interest Income Recognized | ' | ' |
Troubled Debt Restructuring | Commercial and Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 656,000 | 541,000 |
Unpaid Principal Balance | 1,093,000 | 843,000 |
Interest Income Recognized | ' | ' |
Troubled Debt Restructuring | Commercial and Other Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | ' | 2,173,000 |
Unpaid Principal Balance | ' | 2,785,000 |
Interest Income Recognized | ' | ' |
Pre_and_Post_Modification_Reco
Pre and Post Modification Recorded Investment in Troubled Debt Restructuring Loans (Detail) (Troubled Debt Restructuring, USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Loan | Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | ' | 1 | 1 |
Pre-Modification Recorded Investment | ' | $224 | $310 |
Post-Modification Recorded Investment | ' | 224 | 310 |
Commercial and Industrial | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | ' | 1 | 1 |
Pre-Modification Recorded Investment | ' | 224 | 310 |
Post-Modification Recorded Investment | ' | $224 | $310 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Receivables [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $6,412 | $10,130 | $7,912 | $12,189 |
Accretion, included in interest income | -813 | -967 | -2,264 | -3,050 |
Reclassifications (to) from non-accretable yield | ' | -547 | -49 | -523 |
Balance, end of period | $5,599 | $8,616 | $5,599 | $8,616 |
Carrying_Value_of_Purchased_Cr
Carrying Value of Purchased Credit Impaired Loans (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | $4,116,000 | $11,814,000 |
Carrying Value | 3,395,000 | 6,320,000 |
Purchased Credit Impaired Loans | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 3,719,000 | 7,210,000 |
Carrying Value | 2,077,000 | 4,328,000 |
Purchased Credit Impaired Loans | Commercial and Industrial | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 781,000 | 1,599,000 |
Carrying Value | 472,000 | 1,046,000 |
Purchased Credit Impaired Loans | Commercial and Other Real Estate | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 2,876,000 | 5,611,000 |
Carrying Value | 1,604,000 | 3,282,000 |
Purchased Credit Impaired Loans | Other | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Unpaid Principal Balance | 62,000 | ' |
Carrying Value | $1,000 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | $6,412 | $10,130 | $7,912 | $12,189 |
Accretion, included in interest income | -813 | -967 | -2,264 | -3,050 |
Balance, end of period | 5,599 | 8,616 | 5,599 | 8,616 |
Purchased Credit Impaired Loans | ' | ' | ' | ' |
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 360 | 428 | 395 | 9 |
Accretion, included in interest income | -18 | -17 | -53 | -17 |
Reclassifications from non-accretable yield | ' | ' | ' | 419 |
Balance, end of period | $342 | $411 | $342 | $411 |
Qualified_Affordable_Housing_P1
Qualified Affordable Housing Project Investments - Additional Information (Detail) (Low Income Housing Tax Credits, USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Low Income Housing Tax Credits | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment cost | $4.20 | $4.50 |
Amortization of investment | 0.3 | ' |
Funding liability | $3.20 | $4 |
Borrowings_and_Subordinated_De2
Borrowings and Subordinated Debentures - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Borrowings [Line Items] | ' | ' | ' |
Securities with a fair market value | $14.10 | ' | $11.80 |
Credit facility, percentage of Bank's total assets | ' | 25.00% | ' |
Credit facility, maximum borrowing capacity | ' | 357.3 | ' |
Credit facility, loan collateral pledge | 605.8 | ' | ' |
Credit facility borrowings collateral amount | 259.2 | ' | ' |
Investment securities pledged with FHLB | 0 | ' | ' |
Outstanding advances (borrowings) with FHLB | 0 | ' | 0 |
Issuance maturity period from its date of issue | '30 years | ' | ' |
Trust preferred securities tier one capital | 25.00% | ' | ' |
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. | ' | ' |
Trust I | ' | ' | ' |
Borrowings [Line Items] | ' | ' | ' |
Prepayment penalties | 0 | ' | ' |
Trust II | ' | ' | ' |
Borrowings [Line Items] | ' | ' | ' |
Prepayment penalties | 0 | ' | ' |
Trust III | ' | ' | ' |
Borrowings [Line Items] | ' | ' | ' |
Prepayment penalties | 0 | ' | ' |
PC Bancorp | ' | ' | ' |
Borrowings [Line Items] | ' | ' | ' |
Subordinated debentures | $12.40 | ' | ' |
Minimum | ' | ' | ' |
Borrowings [Line Items] | ' | ' | ' |
Repurchase maturity date | '1 day | ' | ' |
Maximum | ' | ' | ' |
Borrowings [Line Items] | ' | ' | ' |
Repurchase maturity date | '180 days | ' | ' |
Terms_and_Maturity_of_Banks_Se
Terms and Maturity of Bank's Securities Sold under Agreements (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | $13,618 | $11,141 |
Interest Rate | 0.22% | 0.30% |
30-Sep-14 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 13,618 | ' |
Original Term | '1 day | ' |
Maturity Date | 1-Oct-14 | ' |
September 30, 2014 | Minimum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | 0.13% | ' |
September 30, 2014 | Maximum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | 0.25% | ' |
3-Dec-13 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | ' | 750 |
Interest Rate | ' | 0.10% |
Original Term | ' | '62 days |
Maturity Date | ' | 3-Feb-14 |
31-Dec-13 | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | ' | $10,391 |
Original Term | ' | '2 days |
Maturity Date | ' | 2-Jan-14 |
December 31, 2013 | Minimum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | ' | 0.10% |
December 31, 2013 | Maximum | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Interest Rate | ' | 0.40% |
Subordinated_Debentures_Outsta
Subordinated Debentures Outstanding (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Unamortized fair value adjustment | ($2,874) | ' |
Amount | 9,498 | 9,379 |
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 9,498 | 9,379 |
Trust I | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 6,186 | ' |
Issuance Date | 10-Dec-04 | ' |
Maturity Date | '2035-03-15 | ' |
Rate Index | '3 month LIBOR + 2.05 % | ' |
Current Rate | 2.28% | ' |
Next Reset Date | 15-Dec-14 | ' |
Trust II | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | 3,093 | ' |
Issuance Date | 23-Dec-05 | ' |
Maturity Date | '2036-03-15 | ' |
Rate Index | '3 month LIBOR + 1.75 % | ' |
Current Rate | 1.98% | ' |
Next Reset Date | 15-Dec-14 | ' |
Trust III | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Amount | $3,093 | ' |
Issuance Date | 30-Jun-06 | ' |
Maturity Date | '2036-09-15 | ' |
Rate Index | '3 month LIBOR + 1.85 % | ' |
Current Rate | 2.08% | ' |
Next Reset Date | 15-Dec-14 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Agreement | |
Derivative [Line Items] | ' |
Number of pay-fixed, receive-variable interest rate swap agreements | 23 |
Total notional amount of the outstanding swap contracts | $31.10 |
Outstanding swaps original maturity period | '15 years |
Certificates of deposit with other financial institutions pledged | 2.7 |
Non-interest bearing balances | 1.8 |
Due from bank | 4.5 |
Interest Rate Swap Contracts Fair Value | ' |
Derivative [Line Items] | ' |
Acquisition of interest rate swap contracts | 31-Jul-12 |
Interest Rate Swaption | ' |
Derivative [Line Items] | ' |
Pledged collateral with interest rate swap counterparty bank | $3.40 |
Balance_Sheet_Classification_o
Balance Sheet Classification of Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Liability Derivatives | $3,102 | $3,943 |
Accrued Interest Payable and Other Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | 3,102 | 3,943 |
Accrued Interest Payable and Other Liabilities | Interest Rate Contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | 31,057 | 31,914 |
Derivatives not Designated as Hedging Instruments | Accrued Interest Payable and Other Liabilities | Interest Rate Swap Contracts Fair Value | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | 559 | 738 |
Derivatives Designated as Hedging Instruments | Accrued Interest Payable and Other Liabilities | Interest Rate Swap Contracts Fair Value | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives | $2,543 | $3,205 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Net increase (decrease) in other non-interest income | $17 | ($45) | ($26) | $15 |
Derivatives not Designated as Hedging Instruments | Loans | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Increase in fair value of interest rate swap contracts | 86 | 94 | 179 | 311 |
Payments on interest rate swap contracts on loans | -69 | -139 | -205 | -296 |
Net increase (decrease) in other non-interest income | 17 | -45 | -26 | 15 |
Derivatives not Designated as Hedging Instruments | Subordinated debentures | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Increase in fair value of interest rate swap contracts | ' | ' | ' | 70 |
Payments on interest rate swap contracts on loans | ' | ' | ' | -70 |
Net increase (decrease) in other non-interest income | ' | ' | ' | ' |
Derivatives Designated as Hedging Instruments | Loans | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Increase in fair value of interest rate swap contracts | 361 | 156 | 663 | 1,352 |
Increase (decrease) in fair value of hedged loans | -104 | 136 | 135 | -454 |
Payments on interest rate swap contracts on loans | -317 | -328 | -950 | -961 |
Net increase (decrease) in other non-interest income | ($60) | ($36) | ($152) | ($63) |
Securities_Sold_under_Repurcha
Securities Sold under Repurchase Agreements and Derivatives Securities Offset in Consolidated Financial Statements Due to an Enforceable Master Netting Arrangement (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting [Abstract] | ' | ' |
Interest rate swap contracts fair value - Gross Amounts Recognized in the Consolidated Balance Sheets | $3,102 | $3,943 |
Interest rate swap contracts fair value - Gross Amounts Offset in the Consolidated Balance Sheets | ' | ' |
Interest rate swap contracts fair value - Net Amounts of Assets Presented in the Consolidated Balance Sheets | 3,102 | 3,943 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 3,102 | 3,943 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 3,379 | 4,194 |
Interest rate swap contracts fair value - Net Amount (Collateral over liability balance required to be pledged) | 277 | 251 |
Securities sold under agreements to repurchase - Gross Amounts Recognized in the Consolidated Balance Sheets | 13,618 | 11,141 |
Securities sold under agreements to repurchase - Gross Amounts Offset in the Consolidated Balance Sheets | ' | ' |
Securities sold under agreements to repurchase - Net Amounts of Assets Presented in the Consolidated Balance Sheets | 13,618 | 11,141 |
Securities sold under agreements to repurchase - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 13,618 | 11,141 |
Securities sold under agreements to repurchase - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 14,136 | 11,750 |
Securities sold under agreements to repurchase - Net Amount (Collateral over liability balance required to be pledged) | 518 | 609 |
Total - Gross Amounts Recognized in the Consolidated Balance Sheets | 16,720 | 15,084 |
Total - Gross Amounts Offset in the Consolidated Balance Sheets | ' | ' |
Total - Net Amounts of Assets Presented in the Consolidated Balance Sheets | 16,720 | 15,084 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 16,720 | 15,084 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 17,515 | 15,944 |
Total - Net Amount (Collateral over liability balance required to be pledged) | $795 | $860 |
Future_Compensation_Expense_Re
Future Compensation Expense Related to Unvested Stock Option and Unvested Restricted Stock Grants (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Remainder of 2014 | $322 |
2015 | 758 |
2016 | 210 |
2017 | 30 |
2018 | 7 |
Thereafter | ' |
Total | 1,327 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Remainder of 2014 | 1 |
2015 | 2 |
Thereafter | ' |
Total | 3 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Remainder of 2014 | 321 |
2015 | 756 |
2016 | 210 |
2017 | 30 |
2018 | 7 |
Thereafter | ' |
Total | $1,324 |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 45 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
10b5 Plan | 10b5 Plan | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, options granted | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | $2,000 | $5,000 | $8,000 | $17,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding | 303,996 | ' | 303,996 | ' | 303,996 | 434,740 | ' | 88,344 | ' | ' | ' | ' |
Options exercised | ' | ' | 130,744 | 48,711 | ' | ' | 42,400 | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | 1,081,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | $443,000 | $236,000 | $1,324,000 | $699,000 |
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, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Shares | ' | ' | ' |
Outstanding stock options at beginning, Shares | 434,740 | ' | ' |
Granted, Shares | ' | ' | ' |
Exercised, Shares | 130,744 | 48,711 | ' |
Forfeited, Shares | ' | ' | ' |
Expired, Shares | ' | ' | ' |
Outstanding stock options at ending, Shares | 303,996 | ' | 434,740 |
Exercisable options at September 30, 2014, Shares | 294,796 | ' | ' |
Unvested options at September 30, 2014, Shares | 9,200 | ' | ' |
Outstanding, vested and expected to vest at September 30, 2014, Shares | 303,996 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding stock options at beginning, Weighted Average Exercise Price | $13.89 | ' | ' |
Granted, Weighted Average Exercise Price | ' | ' | ' |
Exercised, Weighted Average Exercise Price | $9.77 | ' | ' |
Forfeited, Weighted Average Exercise Price | ' | ' | ' |
Expired, Weighted Average Exercise Price | ' | ' | ' |
Outstanding stock options at end, Weighted Average Exercise Price | $15.66 | ' | $13.89 |
Exercisable options at end, Weighted Average Exercise Price | $15.76 | ' | ' |
Unvested options at end, Weighted Average Exercise Price | $12.30 | ' | ' |
Outstanding, vested and expected to vest at end, Weighted Average Exercise Price | $15.66 | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' |
Outstanding stock options, Weighted Average Remaining Contractual Term | '1 year 8 months 12 days | ' | '2 years 1 month 6 days |
Exercisable options at end, Weighted Average Remaining Contractual Term | '1 year 8 months 12 days | ' | ' |
Unvested options at end, Weighted Average Remaining Contractual Term | '2 years 1 month 6 days | ' | ' |
Outstanding, vested and expected to vest at end, Weighted Average Remaining Contractual Term | '1 year 8 months 12 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding stock options at beginning, Aggregate Intrinsic Value | $1,913 | ' | ' |
Outstanding stock options at end, Aggregate Intrinsic Value | 1,192 | ' | 1,913 |
Exercisable options at end, Aggregate Intrinsic Value | 1,132 | ' | ' |
Unvested options at end, Aggregate Intrinsic Value | 60 | ' | ' |
Outstanding, vested and expected to vest at end, Aggregate Intrinsic Value | $1,192 | ' | ' |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Number of Shares | ' |
Unvested, at beginning, Number of Shares | 266,050 |
Granted, Number of Shares | 46,900 |
Vested, Number of Shares | -106,803 |
Cancelled and forfeited, Number of Shares | -500 |
Unvested, at end, Number of Shares | 205,647 |
Weighted-Average Grant-Date Fair Value per Share | ' |
Unvested, at beginning, Weighted-Average Grant-Date Fair Value per Share | $13.49 |
Granted, Weighted-Average Grant-Date Fair Value per Share | $18.19 |
Vested, Weighted-Average Grant-Date Fair Value per Share | $13.19 |
Cancelled and forfeited, Weighted-Average Grant-Date Fair Value per Share | $11.75 |
Unvested, at end, Weighted-Average Grant-Date Fair Value per Share | $14.72 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ' | ' | ' |
Outstanding common stock increased | 150,437 | ' | ' |
Common stock, shares outstanding | 11,231,801 | ' | 11,081,364 |
Shares issued during period upon exercise of stock options | 130,744 | 48,711 | ' |
Shares issued during period upon exercise of stock options for total value | $1,277,000 | $484,000 | $2,790,000 |
Shares of restricted stock issued to employees | 46,900 | ' | ' |
Share based compensation, unvested restricted shares cancelled | ' | 29,863 | ' |
Shares repurchased of restricted stock value | 246,000 | ' | 422,000 |
Share based compensation, restricted shares issued | 20,193 | 81,298 | ' |
Share based compensation, unvested restricted shares cancelled value | ' | 422,000 | ' |
Restricted Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares of restricted stock issued to employees | 46,900 | 73,050 | ' |
Shares repurchased of restricted stock | 26,207 | ' | ' |
Shares repurchased of restricted stock value | $246,000 | ' | ' |
Unvested Restricted Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Share based compensation, unvested restricted shares cancelled | 500 | 10,600 | ' |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Net unrealized gains (losses) on investment securities: Before Tax | ' | ' | ' | ' | ' |
Beginning balance | $331 | $996 | ($348) | $2,369 | $2,369 |
Non-credit portion of other-than-temporary impairments arising during the period | ' | ' | ' | -32 | ' |
Net unrealized gains (losses) arising during the period | 19 | -905 | 698 | -2,241 | ' |
Other comprehensive loss before reclassifications | ' | ' | ' | -2,273 | ' |
Reclassification adjustment for gains realized in net income | ' | ' | ' | -5 | ' |
Net other comprehensive income (loss) | 19 | -905 | 698 | -2,278 | ' |
Ending balance | 350 | 91 | 350 | 91 | -348 |
Net unrealized gains (losses) on investment securities: Tax Effect | ' | ' | ' | ' | ' |
Beginning balance | 136 | 410 | -143 | 975 | 975 |
Non-credit portion of other-than-temporary impairments arising during the period | ' | ' | ' | -13 | ' |
Net unrealized gains (losses) arising during the period | 11 | -372 | 290 | -922 | ' |
Other comprehensive loss before reclassifications | ' | ' | ' | -935 | ' |
Reclassification adjustment for gains realized in net income | ' | ' | ' | -2 | ' |
Net other comprehensive income (loss) | 11 | -372 | 290 | -937 | ' |
Ending balance | 147 | 38 | 147 | 38 | -143 |
Net unrealized gains (losses) on investment securities: Net of Tax | ' | ' | ' | ' | ' |
Beginning balance | 195 | 586 | -205 | 1,394 | 1,394 |
Non-credit portion of other-than-temporary impairments arising during the period | ' | ' | ' | -19 | ' |
Net unrealized gains (losses) arising during the period | 8 | -533 | 408 | -1,319 | ' |
Other comprehensive loss before reclassifications | 8 | -533 | 408 | -1,338 | ' |
Reclassification adjustment for gains realized in net income | ' | ' | ' | -3 | ' |
Net Other Comprehensive Income (Loss) | 8 | -533 | 408 | -1,341 | -1,599 |
Ending balance | $203 | $53 | $203 | $53 | ($205) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Commitments to Extend Credit | Commitments to Extend Credit | Commitments to Extend Credit | Commitments to Extend Credit | ||
Standby Letters of Credit | Standby Letters of Credit | ||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' |
Legal proceedings against the company | $0 | ' | ' | ' | ' |
Financial instruments with off balance sheet risk | ' | $419,100,000 | $345,900,000 | $43,300,000 | $40,600,000 |
Financial_Assets_and_Financial
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | $139,552 | $106,488 |
Interest Rate Swap Contracts | 3,102 | 3,943 |
Interest Rate Swap Contracts Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Swap Contracts | 3,102 | 3,943 |
(Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | 139,552 | 106,488 |
(Level 2) | Interest Rate Swap Contracts Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Swap Contracts | $3,102 | $3,943 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Hierarchy for Assets Measured on Recurring Basis | Fair Value Hierarchy for Assets Measured on Recurring Basis | Fair Value Hierarchy for Asset Measured on Non-recurring Basis | Fair Value Hierarchy for Asset Measured on Non-recurring Basis | Fair Value Hierarchy for Asset Measured on Non-recurring Basis | |||
Loan | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Financial assets measured at fair value on recurring basis | $0 | $0 | ' | ' | ' | ' | ' |
Financial liabilities measured at fair value on recurring basis | 0 | 0 | ' | ' | ' | ' | ' |
Transfer of assets | $0 | ' | $0 | $0 | ' | $0 | $0 |
Number of loans transferred to other real estate owned | ' | ' | ' | ' | 1 | ' | ' |
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, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | $2,910 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -20 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Issuances, Settlements | -2,890 |
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 | 0 |
Private Issue CMO Securities | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value | 2,910 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -20 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Issuances, Settlements | -2,890 |
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 | $0 |
Balances_of_Assets_and_Liabili
Balances of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | $1,152 | $264 |
Fair Value Hierarchy for Asset Measured on Non-recurring Basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) | 1,152 | 264 |
Total | 1,152 | 264 |
(Level 3) | Fair Value Hierarchy for Asset Measured on Non-recurring Basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) | 1,152 | 264 |
Total | $1,152 | $264 |
Significant_Unobservable_Input
Significant Unobservable Inputs Used in Fair Value Measurements for Level 3 Assets and Liabilities Measured at Fair Value on Recurring or Non-Recurring Basis (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Assets, fair value | $1,152 | $264 | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And Or Partial Charge Off | ' | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Valuation Model and/or Factors | 'Estimated selling costs | ' | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And Or Partial Charge Off | Credit Loss Estimate of Aged Accounts Receivable Collateral | ' | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Assets, fair value | 1,152 | 45 | [1] |
Valuation Model and/or Factors | 'Credit loss factors on aging of accounts receivable collateral | 'Credit loss factors on aging of accounts receivable collateral | |
Credit loss factors on aging of accounts receivable collateral | ' | 80.00% | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And Or Partial Charge Off | Credit Loss Estimate of Aged Accounts Receivable Collateral | Minimum | ' | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Credit loss factors on aging of accounts receivable collateral | 25.00% | ' | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And Or Partial Charge Off | Credit Loss Estimate of Aged Accounts Receivable Collateral | Maximum | ' | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Credit loss factors on aging of accounts receivable collateral | 75.00% | ' | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And Or Partial Charge Off | Commercial Real Estate Appraisal | ' | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Assets, fair value | ' | $219 | |
Valuation Model and/or Factors | ' | 'Estimated selling costs | |
Estimated selling costs | 15.00% | 8.00% | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And Or Partial Charge Off | Commercial Real Estate Appraisal | Sales Approach | ' | ' | |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' | |
Valuation Model and/or Factors | ' | 'Sales approach | [2] |
[1] | The Company has recorded total charge-offs of $605,000 on the principal balance on two of the loans included in the balance in the above table. These charge-offs were recorded in 2013. | ||
[2] | For the one commercial real estate loan included in the above table at December 31, 2013, the Company established the fair value of the loan based on a recent commercial real estate appraisal. The Company selected the "sales approach" for valuing the collateral. |
Significant_Unobservable_Input1
Significant Unobservable Inputs Used in Fair Value Measurements for Level 3 Assets and Liabilities Measured at Fair Value on Recurring or Non-Recurring Basis (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Loan | |
Fair Value Disclosures [Abstract] | ' |
Recorded total charge off principal balance | $605,000 |
Number of loans | 2 |
Level_in_Fair_Value_Hierarchy_
Level in Fair Value Hierarchy for Financial Instruments Estimated Fair Values (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | $139,552 | $106,488 |
Loans, net, Recorded Investment Carrying Value | 967,452 | 922,591 |
Certificates of deposit, Recorded Investment Carrying Value | 52,852 | 63,581 |
Securities sold under agreements to repurchase, Recorded Investment Carrying Value | 13,618 | 11,141 |
Securities sold under agreements to repurchase, Fair Value | 13,618 | 11,141 |
Subordinated debentures, Recorded Investment Carrying Value | 9,498 | 9,379 |
Interest rate swap contracts, Recorded Investment Carrying Value | 3,102 | 3,943 |
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | 139,552 | 106,488 |
Loans, net, Recorded Investment Carrying Value | 967,452 | 922,591 |
Certificates of deposit, Recorded Investment Carrying Value | 52,852 | 63,581 |
Securities sold under agreements to repurchase, Recorded Investment Carrying Value | 13,618 | 11,141 |
Subordinated debentures, Recorded Investment Carrying Value | 9,498 | 9,379 |
Interest rate swap contracts, Recorded Investment Carrying Value | 3,102 | 3,943 |
(Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available-for-sale | 139,552 | 106,488 |
Certificates of deposit, Fair Value | 52,880 | 63,680 |
Securities sold under agreements to repurchase, Fair Value | 13,618 | 11,141 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Interest rate swap contracts, Fair Value | 3,102 | 3,943 |
(Level 3) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans, net, Fair Value | $970,362 | $926,500 |