Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CUNB | |
Entity Registrant Name | CU Bancorp | |
Entity Central Index Key | 1,543,643 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,678,438 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 47,701 | $ 50,960 |
Interest earning deposits in other financial institutions | 244,205 | 171,103 |
Total cash and cash equivalents | 291,906 | 222,063 |
Certificates of deposit in other financial institutions | 51,490 | 56,860 |
Investment securities available-for-sale, at fair value | 375,094 | 315,785 |
Investment securities held-to-maturity, at amortized cost | 40,073 | 42,036 |
Total investment securities | 415,167 | 357,821 |
Loans | 1,974,941 | 1,833,163 |
Allowance for loan loss | (18,371) | (15,682) |
Net loans | 1,956,570 | 1,817,481 |
Premises and equipment, net | 4,354 | 5,139 |
Deferred tax assets, net | 15,614 | 17,033 |
Other real estate owned, net | 325 | |
Goodwill | 64,603 | 64,603 |
Core deposit and leasehold right intangibles, net | 6,665 | 7,671 |
Bank owned life insurance | 50,889 | 49,912 |
Accrued interest receivable and other assets | 35,914 | 35,734 |
Total Assets | 2,893,172 | 2,634,642 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Non-interest bearing demand deposits | 1,399,320 | 1,288,085 |
Interest bearing transaction accounts | 284,154 | 261,123 |
Money market and savings deposits | 786,882 | 679,081 |
Certificates of deposit | 35,033 | 58,502 |
Total deposits | 2,505,389 | 2,286,791 |
Securities sold under agreements to repurchase | 24,251 | 14,360 |
Subordinated debentures, net | 9,817 | 9,697 |
Accrued interest payable and other liabilities | 20,785 | 16,987 |
Total Liabilities | 2,560,242 | 2,327,835 |
Commitments and Contingencies (Note 13) | ||
SHAREHOLDERS' EQUITY | ||
Serial Preferred Stock - authorized, 50,000,000 shares: Series A, non-cumulative perpetual preferred stock, $1,000 per share liquidation preference, 16,400 shares authorized, 16,400 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 17,021 | 16,995 |
Common stock - authorized, 75,000,000 shares no par value, 17,673,438 and 17,175,389 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 234,383 | 230,688 |
Additional paid-in capital | 24,847 | 23,017 |
Retained earnings | 56,296 | 36,923 |
Accumulated other comprehensive income (loss) | 383 | (816) |
Total Shareholders' Equity | 332,930 | 306,807 |
Total Liabilities and Shareholders' Equity | $ 2,893,172 | $ 2,634,642 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred stock, liquidation preference per share | $ 1,000 | |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, no par value | ||
Common stock, shares issued | 17,673,438 | 17,175,389 |
Common stock, shares outstanding | 17,673,438 | 17,175,389 |
Series A Preferred Stock | ||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Preferred stock, authorized shares | 16,400 | 16,400 |
Preferred stock, shares issued | 16,400 | 16,400 |
Preferred stock, shares outstanding | 16,400 | 16,400 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Income | ||||
Interest and fees on loans | $ 23,958 | $ 21,689 | $ 69,701 | $ 62,239 |
Interest on investment securities | 1,419 | 1,124 | 4,066 | 3,355 |
Interest on interest bearing deposits in other financial institutions | 478 | 293 | 1,334 | 741 |
Total Interest Income | 25,855 | 23,106 | 75,101 | 66,335 |
Interest Expense | ||||
Interest on interest bearing transaction accounts | 102 | 105 | 300 | 303 |
Interest on money market and savings deposits | 524 | 427 | 1,519 | 1,218 |
Interest on certificates of deposit | 46 | 53 | 110 | 150 |
Interest on securities sold under agreements to repurchase | 13 | 9 | 38 | 21 |
Interest on subordinated debentures | 122 | 110 | 359 | 326 |
Total Interest Expense | 807 | 704 | 2,326 | 2,018 |
Net Interest Income | 25,048 | 22,402 | 72,775 | 64,317 |
Provision for loan losses | 697 | 705 | 2,382 | 2,831 |
Net Interest Income After Provision For Loan Losses | 24,351 | 21,697 | 70,393 | 61,486 |
Non-Interest Income | ||||
Gain on sale of securities, net | 141 | 141 | ||
Gain on sale of SBA loans, net | 189 | 640 | 1,228 | 1,278 |
Deposit account service charge income | 1,210 | 1,159 | 3,621 | 3,453 |
Other non-interest income | 1,518 | 1,189 | 3,863 | 3,960 |
Total Non-Interest Income | 3,058 | 2,988 | 8,853 | 8,691 |
Non-Interest Expense | ||||
Salaries and employee benefits (includes stock based compensation expense of $939 and $810 for the three months, and $2,664 and $2,130 for the nine months ended September 30, 2016 and 2015, respectively) | 10,335 | 9,744 | 30,409 | 28,175 |
Occupancy | 1,673 | 1,465 | 4,548 | 4,300 |
Data processing | 657 | 596 | 1,910 | 1,872 |
Legal and professional | 1,434 | 412 | 2,560 | 1,914 |
FDIC deposit assessment | 389 | 370 | 1,098 | 1,054 |
Merger expenses | 146 | 498 | ||
OREO loss and expenses | 2 | 153 | 85 | 179 |
Office services expenses | 413 | 383 | 1,136 | 1,204 |
Other operating expenses | 1,864 | 1,798 | 5,297 | 5,696 |
Total Non-Interest Expense | 16,767 | 15,067 | 47,043 | 44,892 |
Net Income Before Provision for Income Tax Expense | 10,642 | 9,618 | 32,203 | 25,285 |
Provision for income tax expense | 4,059 | 3,355 | 11,916 | 9,556 |
Net Income | 6,583 | 6,263 | 20,287 | 15,729 |
Preferred stock dividends and discount accretion | 304 | 293 | 914 | 877 |
Net Income available to common shareholders | $ 6,279 | $ 5,970 | $ 19,373 | $ 14,852 |
Earnings Per Share | ||||
Basic earnings per share | $ 0.36 | $ 0.36 | $ 1.13 | $ 0.90 |
Diluted earnings per share | $ 0.36 | $ 0.35 | $ 1.11 | $ 0.88 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Stock based compensation expense | $ 939 | $ 810 | $ 2,664 | $ 2,130 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,583 | $ 6,263 | $ 20,287 | $ 15,729 |
Other Comprehensive Income, net of tax: | ||||
Net change in unrealized gain (loss) on available-for-sale investment securities, net of tax | (313) | 311 | 1,281 | 73 |
Reclassification of (gain) loss on investment securities available-for-sale to net income, net of tax | (82) | (82) | ||
Other Comprehensive Income (Loss) | (395) | 311 | 1,199 | 73 |
Comprehensive Income | $ 6,188 | $ 6,574 | $ 21,486 | $ 15,802 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Restricted Stock Units (RSUs) | Preferred Stock | Common Stock | Common StockRestricted Stock Units (RSUs) | Additional Paid-in Capital | Additional Paid-in CapitalRestricted Stock Units (RSUs) | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance (in shares) at Dec. 31, 2014 | 16,400 | 16,683,856 | ||||||||
Beginning Balance at Dec. 31, 2014 | $ 279,192 | $ 16,004 | $ 226,389 | $ 19,748 | $ 16,861 | $ 190 | ||||
Net issuance of restricted stock | 68,625 | |||||||||
Exercise of stock options | 1,434 | $ 1,434 | ||||||||
Exercise of stock options (in shares) | 158,315 | |||||||||
Stock based compensation expense | 2,130 | 2,130 | ||||||||
Restricted stock repurchase | $ (856) | $ (856) | ||||||||
Restricted stock repurchase (in shares) | (39,860) | |||||||||
Excess tax benefit - stock based compensation | 788 | 788 | ||||||||
Preferred stock dividends and discount accretion | (142) | $ 735 | (877) | |||||||
Net income | 15,729 | 15,729 | ||||||||
Other comprehensive income | 73 | 73 | ||||||||
Ending Balance (in shares) at Sep. 30, 2015 | 16,400 | 16,870,936 | ||||||||
Ending balance at Sep. 30, 2015 | 298,348 | $ 16,739 | $ 227,823 | 21,810 | 31,713 | 263 | ||||
Net income | 6,263 | |||||||||
Other comprehensive income | 311 | |||||||||
Ending Balance (in shares) at Sep. 30, 2015 | 16,400 | 16,870,936 | ||||||||
Ending balance at Sep. 30, 2015 | 298,348 | $ 16,739 | $ 227,823 | 21,810 | 31,713 | 263 | ||||
Beginning Balance (in shares) at Dec. 31, 2015 | 16,400 | 17,175,389 | ||||||||
Beginning Balance at Dec. 31, 2015 | 306,807 | $ 16,995 | $ 230,688 | 23,017 | 36,923 | (816) | ||||
Net issuance of restricted stock | 121,434 | |||||||||
Exercise of stock options | 3,695 | $ 3,695 | ||||||||
Exercise of stock options (in shares) | 411,964 | |||||||||
Stock based compensation expense | 2,664 | 2,664 | ||||||||
Restricted stock repurchase | $ (834) | $ (834) | ||||||||
Restricted stock repurchase (in shares) | (35,349) | |||||||||
Excess tax benefit - stock based compensation | 772 | 772 | ||||||||
Reclassification of excess tax benefits | [1] | (772) | (772) | |||||||
Preferred stock dividends and discount accretion | (888) | $ 26 | (914) | |||||||
Net income | 20,287 | 20,287 | ||||||||
Other comprehensive income | 1,199 | 1,199 | ||||||||
Ending Balance (in shares) at Sep. 30, 2016 | 16,400 | 17,673,438 | ||||||||
Ending balance at Sep. 30, 2016 | 332,930 | $ 17,021 | $ 234,383 | 24,847 | 56,296 | 383 | ||||
Net income | 6,583 | |||||||||
Other comprehensive income | (395) | |||||||||
Ending Balance (in shares) at Sep. 30, 2016 | 16,400 | 17,673,438 | ||||||||
Ending balance at Sep. 30, 2016 | $ 332,930 | $ 17,021 | $ 234,383 | $ 24,847 | $ 56,296 | $ 383 | ||||
[1] | Represents the reclassification from additional paid-in capital to provision for income tax expense during the first two quarters of 2016, related to the Company's early adoption of ASU 2016-09. See Note 2, Recent Accounting Pronouncements, for additional information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income: | $ 20,287 | $ 15,729 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,382 | 2,831 |
Provision for unfunded loan commitments | 169 | 87 |
Stock based compensation expense | 2,664 | 2,130 |
Depreciation | 1,064 | 1,062 |
Net accretion of discounts/premiums for loans acquired and deferred loan fees/costs | (6,751) | (6,553) |
Net amortization from investment securities | 3,126 | 2,343 |
Increase in bank owned life insurance | (977) | (947) |
Amortization of core deposit intangibles | 961 | 1,262 |
Amortization of time deposit premium | (2) | (10) |
Net (accretion) amortization of leasehold right intangible asset and liabilities | (174) | 4 |
Accretion of subordinated debenture discount | 119 | 119 |
Loss on disposal of fixed assets | 30 | |
Valuation write-downs on OREO | 133 | |
Loss on sale of OREO | 14 | |
Gain on sale of securities, net | (141) | |
Gain on sale of SBA loans, net | (1,228) | (1,278) |
Decrease (increase) in deferred tax assets | 549 | (790) |
Decrease (increase) in accrued interest receivable and other assets | (180) | 2,484 |
Increase (decrease) in accrued interest payable and other liabilities | 3,811 | (327) |
Net excess in tax benefit on stock compensation | (788) | |
Increase in fair value of derivative swap liability | 35 | 591 |
Net cash provided by operating activities | 25,758 | 18,082 |
Cash flows from investing activities: | ||
Purchases of investment securities | (118,124) | (57,597) |
Proceeds from sales of investment securities | 4,519 | |
Proceeds from repayment and maturities from investment securities | 55,346 | 30,135 |
Loans originated, net of principal payments | (133,492) | (139,844) |
Purchases of premises and equipment | (309) | (666) |
Proceeds from sale of OREO | 311 | |
Net decrease in certificates of deposit in other financial institutions | 5,370 | 17,759 |
Purchase of bank owned life insurance | (9,869) | |
Net cash used in investing activities | (186,379) | (160,082) |
Cash flows from financing activities: | ||
Net increase in Non-interest bearing demand deposits | 111,235 | 215,714 |
Net increase in Interest bearing transaction accounts | 23,031 | 51,309 |
Net increase in Money market and savings deposits | 107,801 | 47,617 |
Net decrease in Certificates of deposit | (23,467) | (2,510) |
Net increase in Securities sold under agreements to repurchase | 9,891 | 7,287 |
Net proceeds from stock options exercised | 3,695 | 1,434 |
Restricted stock repurchase | (834) | (856) |
Dividends paid on preferred stock | (888) | (142) |
Net excess in tax benefit on stock compensation | 788 | |
Net cash provided by financing activities | 230,464 | 320,641 |
Net increase in cash and cash equivalents | 69,843 | 178,641 |
Cash and cash equivalents, beginning of period | 222,063 | 132,586 |
Cash and cash equivalents, end of period | 291,906 | 311,227 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,469 | 2,127 |
Net cash paid for taxes | 7,319 | 6,767 |
Supplemental disclosures of non-cash investing activities: | ||
Net change in unrealized gain on available-for-sale investment securities, net of tax | $ 1,199 | 73 |
Loans transferred to other real estate owned | $ 575 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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. 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 financial statements of CU Bancorp and California United Bank. California United Bank (the “Bank”) is a full-service commercial business bank offering a broad range of banking products and services including: deposit services, lending and cash management to small and medium-sized businesses, to non-profit organizations, to business principals and entrepreneurs, to the professional community, including attorneys, certified public accountants, financial advisors, healthcare providers and investors. The Bank opened for business in 2005. Its current headquarters office is located in Los Angeles, California. As a state chartered non-member bank, the Bank is subject to regulation by the California Department of Business Oversight (“DBO”) and the Federal Deposit Insurance Corporation (“FDIC”). The deposits of the Bank are insured by the FDIC to the maximum amount allowed by law. The consolidated financial statements include the accounts of the Company and the Bank. Significant intercompany items have been eliminated in consolidation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). 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. 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 2015 Annual Report on Form 10-K. In the opinion of management, the accompanying interim consolidated 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 periods presented. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated 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 consolidated 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, among other factors, 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 operates as a single reporting segment, principally engaged in commercial business banking. The Company conducts its lending and deposit operations through nine full service branch offices located in Los Angeles, Orange, Ventura and San Bernardino counties. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements Accounting Standards Adopted in 2016 In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting • Excess tax benefits are recognized in the provision for income tax expense rather than through additional paid-in capital. The Company’s early adoption of ASU 2016-09 resulted in the reclassification of $772 thousand from additional paid-in capital to provision for income tax expense during the first two quarters of 2016. During the third quarter of 2016, the Company recognized a benefit of $142 thousand in provision for income tax expense for the excess tax benefits that occurred between July 1, 2016 and September 30, 2016. These tax benefits reduced the Company’s effective tax rate by 1.33% and 2.84% for the three months and nine months ended September 30, 2016. The Company had no previously unrecognized excess tax benefits. • Excess tax benefits are presented as operating activities rather than as an inflow from financing activities and an outflow from operating activities in the consolidated statements of cash flows. The Company’s early adoption of ASU 2016-09 resulted in the prospective presentation of $914 thousand of excess tax benefits included in the change of accrued interest payable and other liabilities under operating activities in the consolidated statement of cash flows for the nine months ended September 30, 2016. • Employee taxes paid when an employer withholds shares for tax-withholding purposes continue to be presented as financing activities in the consolidated statements of cash flows. The Company had no awards receiving liability treatment as a result of the guidance in effect prior to ASU 2016-09. Therefore, the change from minimum to up to maximum statutory rate on tax withholdings had no impact to the consolidated financial statements as a result of the early adoption. However, withheld taxes may be higher than the minimum tax rate beginning in July 2016. • Forfeitures are accounted for when they occur. Recent Accounting Standards Not Yet Effective In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In August, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments • Debt prepayment of debt extinguishment costs • Settlement of zero-coupon bonds • Contingent consideration payments made after a business combination • Proceeds from the settlement of insurance claims • Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies • Distributions received from equity method investees • Beneficial interests in securitization transactions • Separately identifiable cash flows and application of the predominance principle ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. |
Computation of Book Value and T
Computation of Book Value and Tangible Book Value per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Computation of Book Value and Tangible Book Value per Common Share | Note 3 - Computation of Book Value and Tangible Book Value per Common Share Book value per common share was calculated by dividing total shareholders’ equity less preferred stock, 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 tables below present the computation of 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, 2016 December 31, Total Shareholders’ Equity $ 332,930 $ 306,807 Less: Preferred stock 17,021 16,995 Less: Goodwill 64,603 64,603 Less: Core deposit and leasehold right intangibles, net 6,665 7,671 Tangible common equity $ 244,641 $ 217,538 Common shares issued and outstanding 17,673,438 17,175,389 Book value per common share $ 17.87 $ 16.87 Tangible book value per common share $ 13.84 $ 12.67 |
Computation of Earnings per Com
Computation of Earnings per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Note 4 - Computation of Earnings per Common Share On July 1, 2016, and effective January 1, 2016, the Company early adopted ASU 2016-09 which provides improvements to the accounting for employee share-based payments. In calculating potential common shares used to determine diluted earnings per share, U.S. GAAP requires the Company to use the treasury stock method. The new standard requires that assumed proceeds under the treasury stock method be modified to exclude the amount of excess tax benefits that would have been recognized in additional paid-in capital. The early adoption had a favorable impact of $0.01 per share for both basic and diluted earnings per common share for the three months ended September 30, 2016, and a favorable impact of $0.06 and $0.05 per share for basic and diluted earnings per common share, respectively, for the nine months ended September 30, 2016. See Note 2. Recent Accounting Pronouncements for additional information. Basic and diluted earnings per common share were determined by dividing net income available to common shareholders by the applicable basic and diluted weighted average common shares outstanding. The following table shows weighted average basic common 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income $ 6,583 $ 6,263 $ 20,287 $ 15,729 Less: Preferred stock dividends and discount accretion 304 293 914 877 Net Income available to common shareholders $ 6,279 $ 5,970 $ 19,373 $ 14,852 Weighted average basic common shares outstanding 17,339,491 16,541,380 17,197,117 16,477,206 Dilutive effect of potential common share issuances from stock options and restricted stock 265,896 456,684 312,458 446,296 Weighted average diluted common shares outstanding 17,605,387 16,998,064 17,509,575 16,923,502 Income per common share Basic $ 0.36 $ 0.36 $ 1.13 $ 0.90 Diluted $ 0.36 $ 0.35 $ 1.11 $ 0.88 Anti-dilutive shares not included in the calculation of diluted earnings per share — — 1,000 43,259 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 5 - Investment Securities The investment securities portfolio has been classified into two categories: available-for-sale (“AFS”) and held-to-maturity (“HTM”). The following tables present the amortized cost, gross unrealized gains and losses, and fair values of investment securities by major category as of the dates indicated (dollars in thousands): Gross Unrealized September 30, 2016 Amortized Cost Gains Losses Fair Market Available-for-sale: U.S. Govt Agency and Sponsored Agency - Note Securities $ 7,003 $ 1 $ — $ 7,004 U.S. Govt Agency - SBA Securities 107,759 582 367 107,974 U.S. Govt Agency - GNMA Mortgage-Backed Securities 25,123 207 116 25,214 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 146,632 1,030 424 147,238 Corporate Securities 501 1 — 502 Asset Backed Securities 7,303 — 281 7,022 U.S. Treasury Notes 80,112 65 37 80,140 Total available-for-sale 374,433 1,886 1,225 375,094 Held-to-maturity: Municipal Securities 40,073 620 2 40,691 Total held-to-maturity 40,073 620 2 40,691 Total investment securities $ 414,506 $ 2,506 $ 1,227 $ 415,785 Gross Unrealized December 31, 2015 Amortized Cost Gains Losses Fair Market Available-for-sale: U.S. Govt Agency and Sponsored Agency - Note Securities $ 1,014 $ — $ — $ 1,014 U.S. Govt Agency - SBA Securities 93,674 399 583 93,490 U.S. Govt Agency - GNMA Mortgage-Backed Securities 30,916 202 418 30,700 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 97,693 250 789 97,154 Corporate Securities 4,016 7 — 4,023 Municipal Securities 1,010 1 — 1,011 Asset Backed Securities 7,890 — 243 7,647 U.S. Treasury Notes 80,981 — 235 80,746 Total available-for-sale 317,194 859 2,268 315,785 Held-to-maturity: Municipal Securities 42,036 335 32 42,339 Total held-to-maturity 42,036 335 32 42,339 Total investment securities $ 359,230 $ 1,194 $ 2,300 $ 358,124 The Company’s investment securities portfolio at September 30, 2016 consists of A-rated or above investment-grade securities. At September 30, 2016 and December 31, 2015, securities with a market value of $194 million and $197 million, respectively, were pledged as collateral for securities sold under agreements to repurchase, public deposits, outstanding standby letters of credit, bankruptcy deposits, and other purposes as required by various statutes and agreements. See Note 8 – Borrowings and Subordinated Debentures. The following tables present the gross unrealized losses and fair values of AFS and HTM investment securities that were in unrealized loss positions, summarized and classified according to the duration of the loss period as of the dates indicated (dollars in thousands). < 12 Continuous Months > 12 Continuous Months Total September 30, 2016 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale investment securities: U.S. Govt. Agency SBA Securities $ 46,340 $ 184 $ 19,285 $ 183 $ 65,625 $ 367 U.S. Govt. Agency – GNMA Mortgage-Backed Securities 2,521 27 8,878 89 11,399 116 U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities 41,497 292 11,498 132 52,995 424 Asset Backed Securities — — 7,022 281 7,022 281 U.S Treasury Notes 10,098 37 — — 10,098 37 Total available-for-sale investment securities $ 100,456 $ 540 $ 46,683 $ 685 $ 147,139 $ 1,225 Held-to-maturity investment securities: Municipal Securities $ 700 $ 1 $ 313 $ 1 $ 1,013 $ 2 Total held-to-maturity investment securities $ 700 $ 1 $ 313 $ 1 $ 1,013 $ 2 < 12 Continuous Months > 12 Continuous Months Total December 31, 2015 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale investment securities: U.S. Govt. Agency SBA Securities $ 53,852 $ 428 $ 7,935 $ 154 $ 61,787 $ 582 U.S. Govt. Agency – GNMA Mortgage-Backed Securities 5,417 47 14,296 371 19,713 418 U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities 67,475 564 10,024 225 77,499 789 Asset Backed Securities 2,928 54 4,719 190 7,647 244 U.S Treasury Notes 80,745 235 — — 80,745 235 Total available-for-sale investment securities $ 210,417 $ 1,328 $ 36,974 $ 940 $ 247,391 $ 2,268 Held-to-maturity investment securities: Municipal Securities $ 5,669 $ 16 $ 2,392 $ 16 $ 8,061 $ 32 Total held-to-maturity investment securities $ 5,669 $ 16 $ 2,392 $ 16 $ 8,061 $ 32 The unrealized losses in each of the above categories are associated with the general fluctuation of market interest rates and are not an indication of any deterioration in the credit quality of the security issuers. Further, the Company does not intend to sell these securities and is not more-likely-than-not to be required to sell the securities before the recovery of its amortized cost basis. Accordingly, the Company had no securities that were classified as other-than-temporarily impaired at September 30, 2016 or December 31, 2015, and did not recognize any impairment charges in the consolidated statements of income. The amortized cost, fair value and the weighted average yield of debt securities at September 30, 2016, are reflected in the table below (dollars in thousands). Maturity categories are determined as follows: • U.S. Govt. Agency, U.S. Treasury Notes 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, Asset Backed Securities and U.S. Gov. Agency SBA Securities – estimated cash flow taking into account estimated pre-payment speeds • Investment grade Corporate Bonds and Municipal Securities – the earlier of the maturity date or the expected call 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, 2016 Maturities Schedule of Securities (Dollars in thousands) Amortized Fair Value Weighted Available-for-sale: Due through one year $ 99,048 $ 99,243 1.21 % Due after one year through five years 170,285 170,343 1.45 % Due after five years through ten years 79,234 79,523 1.93 % Due after ten years 25,866 25,985 2.30 % Total available-for-sale $ 374,433 $ 375,094 1.54 % Held-to-maturity: Due through one year $ 2,950 $ 2,956 1.49 % Due after one year through five years 36,389 36,972 1.59 % Due after five years through ten years 734 763 1.97 % Total held-to-maturity $ 40,073 $ 40,691 1.59 % Total investment securities $ 414,506 $ 415,785 1.55 % The weighted average yields in the above table are based on effective rates of book balances at the end of the period. Investment in Federal Home Loan Bank (FHLB) Common Stock The Company’s investment in the common stock of the FHLB of San Francisco is carried at cost and was $9.2 million at September 30, 2016 and $8.0 million at December 31, 2015. The investment in FHLB stock is included in accrued interest receivable and other assets in the consolidated balance sheets and is periodically evaluated for impairment. Based on the capital adequacy of the FHLB and its overall financial condition, no impairment losses have been recorded. See Note 8 - Borrowings and Subordinated Debentures for a detailed discussion regarding the Company’s borrowings and the related requirements to hold FHLB common stock. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 December 31, Commercial and Industrial Loans: $ 499,439 $ 537,368 Loans Secured by Real Estate: Owner-Occupied Nonresidential Properties 430,218 407,979 Other Nonresidential Properties 610,267 533,168 Construction, Land Development and Other Land 172,441 125,832 1-4 Family Residential Properties 122,955 114,525 Multifamily Residential Properties 100,003 71,179 Total Loans Secured by Real Estate 1,435,884 1,252,683 Other Loans: 39,618 43,112 Total Loans $ 1,974,941 $ 1,833,163 Loan balances in the table above include net deferred fees and net discounts for a total of $17 million and $22 million as of September 30, 2016 and December 31, 2015, respectively. Small Business Administration Loans Included in the loan portfolio is $31 million in loans that were originated under the guidelines of the Small Business Administration (“SBA”) program of which $5 million is guaranteed. The total portfolio of the SBA contractual loan balances serviced by the Company at September 30, 2016 was $109 million, of which $78 million has been sold. At September 30, 2016, there were no loans classified as held for sale. At September 30, 2016, the balance of SBA 7a loans originated during the quarter is $425 thousand, of which $319 thousand 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Allowance for loan loss at beginning of period $ 18,476 $ 14,124 $ 15,682 $ 12,610 Provision for loan losses 697 705 2,382 2,831 Net (charge-offs) recoveries: Charge-offs (807 ) (42 ) (827 ) (933 ) Recoveries 5 178 1,134 457 Net (charge-offs) recoveries (802 ) 136 307 (476 ) Allowance for loan loss at end of period $ 18,371 $ 14,965 $ 18,371 $ 14,965 Net (charge-offs) recoveries to average loans (0.04 )% 0.01 % 0.02 % (0.03 )% September 30, 2016 December 31, 2015 Allowance for loan loss to total loans 0.93 % 0.86 % Allowance for loan loss to total loans accounted for at historical cost, which excludes loans and the related allowance for loans acquired through acquisition 1.20 % 1.25 % 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 and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Three Months Ended September 30, 2016 Allowance for loan loss – Beginning balance $ 8,381 $ 2,724 $ 6,567 $ 804 $ 18,476 Provision for loan losses (559 ) 45 1,294 (83 ) 697 Net (charge-offs) recoveries: Charge-offs (807 ) — — — (807 ) Recoveries 3 — 2 — 5 Net (charge-offs) recoveries (804 ) — 2 — (802 ) Ending balance $ 7,018 $ 2,769 $ 7,863 $ 721 $ 18,371 Three Months Ended September 30, 2015 Allowance for loan loss – Beginning balance $ 6,244 $ 1,607 $ 5,799 $ 474 $ 14,124 Provision for loan losses 181 371 143 10 705 Net (charge-offs) recoveries: Charge-offs — — (42 ) — (42 ) Recoveries 177 — 1 — 178 Net (charge-offs) recoveries 177 — (41 ) — 136 Ending balance $ 6,602 $ 1,978 $ 5,901 $ 484 $ 14,965 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Nine Months Ended September 30, 2016 Allowance for loan loss – Beginning balance $ 5,924 $ 2,076 $ 6,821 $ 861 $ 15,682 Provision for loan losses 791 693 1,038 (140 ) 2,382 Net (charge-offs) recoveries: Charge-offs (827 ) — — — (827 ) Recoveries 1,130 — 4 — 1,134 Net recoveries 303 — 4 — 307 Ending balance $ 7,018 $ 2,769 $ 7,863 $ 721 $ 18,371 Nine Months Ended September 30, 2015 Allowance for loan loss – Beginning balance $ 5,864 $ 1,684 $ 4,802 $ 260 $ 12,610 Provision for loan losses 1,176 294 1,137 224 2,831 Net (charge-offs) recoveries: Charge-offs (891 ) — (42 ) — (933 ) Recoveries 453 — 4 — 457 Net (charge-offs) (438 ) — (38 ) — (476 ) Ending balance $ 6,602 $ 1,978 $ 5,901 $ 484 $ 14,965 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 and Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total September 30, 2016 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,018 2,769 7,863 721 18,371 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 7,018 $ 2,769 $ 7,863 $ 721 $ 18,371 Loans receivable: Individually evaluated for impairment $ 456 $ — $ 252 $ — $ 708 Collectively evaluated for impairment 498,669 172,441 1,261,789 39,618 1,972,517 Purchased credit impaired (loans acquired with deteriorated credit quality) 314 — 1,402 — 1,716 Total Loans Receivable $ 499,439 $ 172,441 $ 1,263,443 $ 39,618 $ 1,974,941 Commercial Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total December 31, 2015 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 5,924 2,076 6,821 861 15,682 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 5,924 $ 2,076 $ 6,821 $ 861 $ 15,682 Loans receivable: Individually evaluated for impairment $ 558 $ — $ 649 $ — $ 1,207 Collectively evaluated for impairment 536,333 125,832 1,124,667 43,112 1,829,944 Purchased credit impaired (loans acquired with deteriorated credit quality) 477 — 1,535 — 2,012 Total Loans Receivable $ 537,368 $ 125,832 $ 1,126,851 $ 43,112 $ 1,833,163 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 and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total September 30, 2016 Pass $ 445,172 $ 172,441 $ 1,234,950 $ 36,701 $ 1,889,264 Special Mention 18,939 — 4,747 — 23,686 Substandard 35,328 — 23,746 2,917 61,991 Doubtful — — — — — Total $ 499,439 $ 172,441 $ 1,263,443 $ 39,618 $ 1,974,941 December 31, 2015 Pass $ 503,006 $ 125,832 $ 1,101,548 $ 40,132 $ 1,770,518 Special Mention 16,041 — 6,494 43 22,578 Substandard 18,321 — 18,809 2,937 40,067 Doubtful — — — — — Total $ 537,368 $ 125,832 $ 1,126,851 $ 43,112 $ 1,833,163 Aging 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 Days Past Due 61-90 Days Past Due Greater 90 Days Past Due and Total Past Due and Total Non Current Total Loans September 30, 2016 Commercial and Industrial $ — $ — $ — $ — $ 769 $ 498,670 $ 499,439 Construction, Land Development and Other Land — — — — — 172,441 172,441 Commercial and Other Real Estate — — — — 454 1,262,989 1,263,443 Other — — — — — 39,618 39,618 Total $ — $ — $ — $ — $ 1,223 $ 1,973,718 $ 1,974,941 31-60 Days Past Due 61-90 Days Past Due Greater 90 Days Past Due and Total Past Due and Total Non Current Total Loans December 31, 2015 Commercial and Industrial $ — $ — $ — $ — $ 1,032 $ 536,336 $ 537,368 Construction, Land Development and Other Land — — — — — 125,832 125,832 Commercial and Other Real Estate — — — — 1,019 1,125,832 1,126,851 Other — — — — — 43,112 43,112 Total $ — $ — $ — $ — $ 2,051 $ 1,831,112 $ 1,833,163 Impaired Loans A loan is identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the original loan agreement. Generally, these loans are rated substandard or worse. Most impaired loans are classified as nonaccrual. However, there are some loans that are designated impaired due to doubt regarding collectability according to contractual terms, but are both fully secured by collateral and are current in their interest and principal payments. These impaired loans that are not classified as nonaccrual continue to pay as agreed. Impaired loans are measured for allowance requirements based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. The amount of an impairment allowance, if any and any subsequent changes are charged against the allowance for loan loss. In certain cases, portions of impaired loans are charged-off to the fair value of the loan 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, 2016 and December 31, 2015. The following tables present, by loan portfolio segment, 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 $1.7 million and $2.0 million at September 30, 2016 and December 31, 2015, respectively. September 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and Industrial $ 456 $ 1,402 $ — $ 558 $ 1,027 $ — Commercial and Other Real Estate 252 286 — 649 692 — With an allowance recorded: Commercial and Industrial — — — — — — Total Commercial and Industrial 456 1,402 — 558 1,027 — Commercial and Other Real Estate 252 286 — 649 692 — Total $ 708 $ 1,688 $ — $ 1,207 $ 1,719 $ — Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Average Interest Average Interest Average Interest Average Interest With no specific allowance recorded: Commercial and Industrial $ 418 $ — $ 2,118 $ — $ 396 $ — $ 1,757 $ — Commercial and Other Real Estate 252 — 99 — 254 — 104 — With a specific allowance recorded: Commercial and Industrial — — 1,328 — — — 1,328 — Commercial and Other Real Estate — — 413 — — — 550 — Total: Commercial and Industrial 418 — 3,446 — 396 — 3,085 — Commercial and Other Real Estate 252 — 512 — 254 — 654 — Total $ 670 $ — $ 3,958 $ — $ 650 $ — $ 3,739 $ — The following is a summary of additional information pertaining to impaired loans for the periods indicated (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest foregone on impaired loans $ 22 $ 81 $ 68 $ 238 Cash collections applied to reduce principal balance $ 230 $ 23 $ 282 $ 186 Interest income recognized on cash collections $ — $ — $ — $ — 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 stated interest rate, payment extensions, principal forgiveness 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, 2016 and December 31, 2015 (dollars in thousands). These tables include TDR loans that were purchased credit impaired (“PCI”). TDR loans that are non-PCI loans are included in the Impaired Loans tables above. As of September 30, 2016, there were two PCI loans that are considered to be TDR loans with a recorded investment of $115 thousand and unpaid principal balances of $287 thousand. As of and for the Three Months Ended September 30, 2016 As of and for the Nine Months Ended September 30, 2016 Recorded Unpaid Interest Income Recorded Unpaid Interest Income Commercial and Industrial $ 533 $ 1,230 $ — $ 533 $ 1,230 $ — Total $ 533 $ 1,230 $ — $ 533 $ 1,230 $ — As of and for the Three Months Ended September 30, 2015 As of and for the Nine Months Ended September 30, 2015 Recorded Unpaid Interest Recorded Unpaid Interest Commercial and Industrial $ 1,780 $ 2,385 $ — $ 1,780 $ 2,385 $ — Commercial and Other Real Estate 99 105 — 99 105 — Total $ 1,879 $ 2,490 $ — $ 1,879 $ 2,490 $ — As of and for the Twelve Months Ended December 31, 2015 Recorded Unpaid Interest Commercial and Industrial $ 627 $ 1,363 $ — Total $ 627 $ 1,363 $ — 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, 2016 2015 Number Loans Pre- Modification Post- Number Loans Pre- Modification Post- Troubled Debt Restructured Loans: Commercial and Industrial 1 $ 650 $ 184 3 $ 1,335 $ 1,335 Total 1 $ 650 $ 184 3 $ 1,335 $ 1,335 Nine Months Ended September 30, 2016 2015 Number Loans Pre- Modification Post- Number Loans Pre- Modification Post- Troubled Debt Restructured Loans: Commercial and Industrial 1 $ 650 $ 184 3 $ 1,335 $ 1,335 Total 1 $ 650 $ 184 3 $ 1,335 $ 1,335 There have been no payment defaults in the three or nine months ended September 30, 2016 or September 30, 2015 subsequent to modification on troubled debt restructured loans that have been modified within the last twelve months. Loans are restructured in an effort to maximize collections. Impairment analyses are performed on the Company’s troubled debt restructured loans in conjunction with the normal allowance for loan loss process. The Company’s troubled debt restructured loans are analyzed to ensure adequate cash flow or collateral supports the outstanding loan balance. There were no commitments to lend additional funds to borrowers whose terms have been modified in troubled debt restructurings at September 30, 2016 or December 31, 2015. Loans Acquired Through Acquisition The following table reflects the accretable net discount for acquired loans for the periods indicated (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 11,928 $ 18,255 $ 14,610 $ 21,402 Accretion, included in interest income (1,229 ) (1,463 ) (3,879 ) (4,140 ) Reclassifications to non-accretable yield — (5 ) (32 ) (475 ) Balance, end of period $ 10,699 $ 16,787 $ 10,699 $ 16,787 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 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, 2016 December 31, 2015 Unpaid Principal Carrying Value Unpaid Principal Carrying Value Commercial and Industrial $ 639 $ 314 $ 2,331 $ 477 Commercial and Other Real Estate 2,007 1,402 2,250 1,535 Other — — 61 — Total $ 2,646 $ 1,716 $ 4,642 $ 2,012 The following table reflects the activities in the accretable net discount for PCI loans for the period indicated (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 205 $ 286 $ 246 $ 324 Accretion, included in interest income (22 ) (20 ) (63 ) (58 ) Reclassifications from non-accretable yield — — — — Balance, end of period $ 183 $ 266 $ 183 $ 266 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 9 Months Ended |
Sep. 30, 2016 | |
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”) was $3.4 million at September 30, 2016 and $3.7 million at December 31, 2015. The funding liability for the LIHTC at September 30, 2016 was $647 thousand compared to $1.1 million at December 31, 2015. The amount of tax credits and other tax benefits recognized was $143 thousand and $436 thousand for the three and nine months ended September 30, 2016 and $146 thousand and $436 thousand for the three and nine months ended September 30, 2015, respectively. Further, the amount of amortization expense included in the provision for income taxes was $112 thousand and $336 thousand for the three and nine months ended September 30, 2016 and $114 thousand and $343 thousand for the three and nine months ended September 30, 2015, respectively. These investments and related tax credits are described more fully in Note 11 – Qualified Affordable Housing Project Investments in the Company’s Form 10-K for the year ended December 31, 2015. |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 9 Months Ended |
Sep. 30, 2016 | |
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 $55 million and $47 million were pledged to secure the Repos at September 30, 2016 and December 31, 2015, respectively. 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, 2016 Date Issued Amount Interest Rate Original Maturity Date September 30, 2016 $ 24,251 0.10% – 0.25% 3 days October 3, 2016 Total $ 24,251 0.24% December 31, 2015 Date Issued Amount Interest Rate Original Maturity Date December 31, 2015 $ 14,360 0.08% – 0.25% 4 days January 4, 2016 Total $ 14,360 0.19% FHLB Borrowings The Company maintains a secured credit facility with the FHLB, allowing the Company to borrow on an overnight and term basis. The Company’s credit facility with the FHLB is $694 million, which represents approximately 25% of the Bank’s total assets, as reported by the Bank in its June 30, 2016 Federal Financial Institution Examination Council (FFIEC) Call Report. As of September 30, 2016, the Company had $953 million of loan collateral pledged with the FHLB which provides $633 million in borrowing capacity. The Company has $17 million in 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, 2016 or December 31, 2015. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated (dollars in thousands): September 30, 2016 Series Amount (in thousands) Issuance Maturity Date Rate Index Current Next Reset Trust I $ 6,186 12/10/04 03/15/35 3 month LIBOR + 2.05 % 2.90 % 12/15/16 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75 % 2.60 % 12/15/16 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85 % 2.70 % 12/15/16 Subtotal 12,372 Unamortized fair value adjustment (2,555 ) Net $ 9,817 December 31, 2015 Series Amount (in thousands) Issuance Maturity Rate Index Current Next Reset Trust I $ 6,186 12/10/04 03/15/35 3 month LIBOR + 2.05 % 2.56 % 03/15/16 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75 % 2.26 % 03/15/16 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85 % 2.36 % 03/15/16 Subtotal 12,372 Unamortized fair value adjustment (2,675 ) Net $ 9,697 The Company had an aggregate outstanding contractual balance of $12.4 million in subordinated debentures at September 30, 2016. These subordinated debentures were acquired as part of the PC Bancorp merger and were issued to trusts originally established by PC Bancorp, which in turn issued trust preferred securities. These subordinated debentures were issued in three separate series. Each issuance had a maturity of 30 years from their approximate date of issue. All three subordinated debentures are variable rate instruments that reprice quarterly based on the three month London Interbank Offered Rate (“LIBOR”) plus a margin (see tables above). All three subordinated debentures had their interest rates reset in September 2016 at the current three month LIBOR plus their index, and will continue to reprice quarterly through their maturity date. All three subordinated debentures are currently callable at par with no prepayment penalties. Under Dodd Frank, trust preferred securities are excluded from Tier 1 capital, unless such securities were issued prior to May 19, 2010 by a bank holding company with less than $15 billion in assets. CU Bancorp assumed approximately $12.4 million of junior subordinated debt securities issued to various business trust subsidiaries of PC Bancorp and funded through the issuance of approximately $12.0 million of floating rate capital trust preferred securities. These junior subordinated debt securities were issued prior to May 19, 2010. Because CU Bancorp has less than $15 billion in assets, the trust preferred securities that CU Bancorp assumed from PC Bancorp continue to be included in Tier 1 capital, subject to a limit of 25% of Tier 1 capital elements. 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 Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 9 - Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. The Company has two counterparty banks. Derivative Financial Instruments Acquired from 1 st At September 30, 2016, the Company has twelve interest rate swap agreements with customers and twelve offsetting interest-rate swaps with a counterparty bank. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Company a variable-rate loan receivable and provide the customer the financial effects of a fixed-rate loan without creating significant interest rate risk in the Company’s earnings. The structure of the swaps is as follows: The Company enters into a swap with its customers to allow them to convert variable rate loans to fixed rate loans, and at the same time, the Company enters into a swap with the counterparty bank to allow the Company to pass on the interest-rate risk associated with fixed rate loans. The net effect of the transaction allows the Company to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations. The interest rate swap derivatives acquired from 1 st The Company believes the risk of loss associated with counterparty borrowers relating to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of the swaps is subject to market and counterparty risk. At September 30, 2016 and December 31, 2015, the total notional amount of the Company’s swaps with the counterparty bank was $27 million and $28 million, respectively. The following tables present the fair values of the asset and liability of the Company’s derivative instruments acquired from 1 st September 30, 2016 December 31, 2015 Interest rate swap contracts fair value $ 1,484 $ 881 Balance sheet location Accrued Interest Accrued Interest September 30, 2016 December 31, 2015 Interest rate swap contracts fair value $ 1,484 $ 881 Balance sheet location Accrued Interest Accrued Interest Derivative Financial Instruments Acquired from PC Bancorp At September 30, 2016, the Company also has sixteen pay-fixed, receive-variable, interest rate swaps with one counterparty bank that are designed to convert fixed rate loans into variable rate loans. The following table presents the notional amount and the fair values of the asset and liability of the Company’s derivative instruments acquired from PC Bancorp as of the dates indicated (dollars in thousands): Fair Value Hedges September 30, 2016 December 31, 2015 Total interest rate contracts notional amount $ 22,001 $ 25,938 Derivatives not designated as hedging instruments: Interest rate swap contracts fair value $ 156 $ 313 Derivatives designated as hedging instruments: Interest rate swap contracts fair value 940 1,351 Total interest rate contracts fair value $ 1,096 $ 1,664 Balance sheet location Accrued Accrued 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Derivatives not designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 66 $ 41 $ 156 $ 124 Payments on interest rate swap contracts on loans (60 ) (66 ) (181 ) (198 ) Net decrease in other non-interest income 6 (25 ) (25 ) (74 ) Derivatives designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 249 $ 142 $ 412 $ 583 Increase (decrease) in fair value of hedged loans (68 ) 191 215 279 Payment on interest rate swap contracts on loans (202 ) (275 ) (657 ) (846 ) Net decrease in interest income on loans $ (21 ) $ 58 $ (30 ) $ 16 Under all of the Company’s interest rate swap contracts, the Company is required to pledge and maintain collateral for the credit support under these agreements. At September 30, 2016, the Company has pledged $2.3 million in investment securities, $2.7 million in certificates of deposit, for a total of $5.0 million, as collateral under the swap agreements. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2016 | |
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 banks 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 a certificate of deposit and investment securities as collateral under the swap agreements. 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 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 in the Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Collateral September 30, 2016 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 1,484 $ — $ 1,484 $ 1,484 $ — $ — Total $ 1,484 $ — $ 1,484 $ 1,484 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 2,580 $ — $ 2,580 $ 2,580 $ 5,041 $ 2,461 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 24,251 — 24,251 24,251 55,250 30,999 Total $ 26,831 $ — $ 26,831 $ 26,831 $ 60,291 $ 33,460 Gross Gross Net Amounts in the Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Collateral December 31, 2015 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 881 $ — $ 881 $ 881 $ — $ — Total $ 881 $ — $ 881 $ 881 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 2,545 $ — $ 2,545 $ 2,545 $ 4,759 $ 2,214 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 14,360 — 14,360 14,360 46,596 32,236 Total $ 16,905 $ — $ 16,905 $ 16,905 $ 51,355 $ 34,450 |
Stock Options and Restricted St
Stock Options and Restricted Stock | 9 Months Ended |
Sep. 30, 2016 | |
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 (“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 made to participants. 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. This plan is designed to promote the interest of the Company in aiding 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. This plan provides the Company with a flexible equity incentive compensation program, which allows the Company to grant stock options, restricted stock, restricted stock award units and performance units. Certain options and share awards provide for accelerated vesting, if there is a change in control, as defined in the Equity Plan. These plans are described more fully in Note 16 - Stock Options and Restricted Stock in the Company’s Form 10-K for the year ended December 31, 2015. On July 1, 2016, and effective January 1, 2016, the Company early adopted ASU 2016-09 which provides improvements to the accounting for employee share-based payments. See Note 2. Recent Accounting Pronouncements for additional information. At September 30, 2016, future compensation expense related to unvested restricted stock grants are reflected in the table below (dollars in thousands): Future Restricted Stock Expense Remainder of 2016 $ 842 2017 1,910 2018 667 2019 185 Thereafter 36 Total $ 3,640 At September 30, 2016, the weighted-average period over which the total compensation cost related to unvested restricted stock grants not yet recognized is 2.5 years. There was no future compensation expense related to unvested stock options as of September 30, 2016. All stock options outstanding at September 30, 2016 are vested. Stock Options The following table summarizes the share option activity under the plans as of the date and for the period indicated: Shares Weighted Weighted Aggregate Outstanding stock options at December 31, 2015 557,471 $ 10.57 0.8 $ 8,248 Granted — Exercised (411,964 ) Forfeited — Expired (4,500 ) Outstanding stock options at September 30, 2016 141,007 $ 14.87 0.8 $ 1,121 Exercisable options at September 30, 2016 141,007 $ 14.87 0.8 $ 1,121 Unvested options at September 30, 2016 — $ — — $ — The total intrinsic value of options exercised during the three months ended September 30, 2016 and 2015 was $127 thousand and $606 thousand, respectively, and during the nine months ended September 30, 2016 and 2015, was $5.7 million and $1.9 million, respectively. 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 Restricted Stock: Unvested at December 31, 2015 311,458 $ 19.29 Granted 132,809 23.12 Vested (87,031 ) 17.53 Cancelled and forfeited (11,375 ) 20.88 Unvested at September 30, 2016 345,861 $ 21.37 Restricted stock compensation expense was $939 thousand and $745 thousand for the three month period ended September 30, 2016 and 2015, respectively, and $2.7 million and $2.0 million for the nine month period ended September 30, 2016 and 2015, 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. In 2015, the Company granted 40 thousand shares of Restricted Stock Unit (“RSU”) under the Equity Plan to one of its executive officers. Such grant is reflected in the table above. The shares of common stock underlying the 40 thousand shares of RSU will not be issued until the RSUs vest and are not included in the Company’s shares issued and outstanding as of September 30, 2016. The RSUs 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. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Note 12 - Shareholders’ Equity Common Stock Holders of shares of the Company’s common stock are entitled to one vote for each share held of record on all matters voted upon by shareholders. Furthermore, the holders of the Company’s common stock have no preemptive rights to subscribe for new issue securities, and shares of the Company’s common stock are not subject to redemption, conversion, or sinking fund provisions. With respect to the payment of dividends, after the preferential dividends upon all other classes and series of stock entitled thereto have been paid or declared and set apart for payment, then the holders of the Company’s common stock are entitled to such dividends as may be declared by the Company’s board of directors out of funds legally available under the laws of the State of California. Upon the Company’s liquidation or dissolution, the assets legally available for distribution to holders of the Company’s shares of common stock, after payment of all the Company’s obligations and payment of any liquidation preference of all other classes and series of stock entitled thereto, including the Company’s preferred stock, are distributable ratably among the holders of the Company’s common stock. During 2016, the Company issued 411,964 shares of stock from the exercise of stock options for a total value of $3.7 million. The Company also issued 132,809 shares of restricted stock to the Company’s directors and employees, cancelled 11,375 shares of unvested restricted stock related to employee turnover and cancelled 35,349 shares that had a value of $834 thousand when employees elected to pay their tax obligation via the repurchase of the stock by the Company. The Equity Plan, as amended, allows employees to make an election to have a portion of their restricted stock that became vested during the year repurchased by the Company to provide funds to pay the employee’s tax obligation related to the vesting of the stock. Preferred Stock The Company completed the merger with 1 st st Dividends on the Company’s Series A Preferred Stock are payable quarterly in arrears if authorized and declared by the Company’s board of directors out of legally available funds, on a non-cumulative basis, on the $1 thousand per share liquidation preference amount. Dividends are payable on January 1, April 1, July 1 and October 1 of each year. The current coupon dividend rate was adjusted to 9% on March 1, 2016 through perpetuity. However, the dividend yield through November 30, 2018 approximates 7% as a result of business combination accounting. Dividends on the Series A Preferred Stock are non-cumulative. There is no sinking fund with respect to dividends on the Series A Preferred Stock. So long as the Company’s Series A Preferred Stock remains outstanding, the Company may declare and pay dividends on the common stock only if full dividends on all outstanding shares of Series A Preferred Stock for the most recently completed dividend period have been or are contemporaneously declared and paid. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, holders of the Series A Preferred Stock will be entitled to receive for each share of Series A Preferred Stock, out of the Company’s assets or proceeds available for distribution to the Company’s shareholders, subject to any rights of the Company’s creditors, before any distribution of assets or proceeds is made to or set aside for the holders of the common stock, payment of an amount equal to the sum of (i) the $1 thousand liquidation preference amount per share and (ii) the amount of any accrued and unpaid dividends on the Series A Preferred Stock. To the extent the assets or proceeds available for distribution to shareholders are not sufficient to fully pay the liquidation payments owing to the holders of the Series A Preferred Stock and the holders of any other class or series of the stock ranking equally with the Series A Preferred Stock, the holders of the Series A Preferred Stock and such the Company’s stock will share ratably in the distribution. Holders of the Series A Preferred Stock have no right to exchange or convert their shares into common stock or any other securities and do not have voting rights. 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): Three Months Ended September 30, Consolidated Income Line Item for Reclassified Items 2016 2015 Beginning balance, net of tax $ 778 $ (48 ) Net unrealized gain (loss) arising during the period (540 ) 536 Related tax effect 227 (225 ) Reclassification of (gain) loss on investment securities available-for-sale to net income (141 ) — Gain on sale of securities, net Related tax effect 59 — Provision for income tax expense Other Comprehensive Income (Loss) (395 ) 311 Ending balance $ 383 $ 263 Nine Months Ended September 30, Consolidated Income Line Item for Reclassified Items 2016 2015 Beginning balance, net of tax $ (816 ) $ 190 Net unrealized gain (loss) arising during the period 2,210 121 Related tax effect (929 ) (48 ) Reclassification of (gain) loss on investment securities available-for-sale to net income (141 ) — Gain on sale of securities, net Related tax effect 59 — Provision for income tax expense Other Comprehensive Income (Loss) 1,199 73 Ending balance $ 383 $ 263 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 - 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, 2016, 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 21 – Commitments and Contingencies in the Company’s Form 10-K for the year ended December 31, 2015. Financial instruments with off balance sheet risk include commitments to extend credit of $920 million and $806 million at September 30, 2016 and December 31, 2015, respectively. Included in the aforementioned commitments were standby letters of credit outstanding of $87 million and $73 million at September 30, 2016 and December 31, 2015. The Company also has a reserve for estimated losses on unfunded loan commitments of $778 thousand and $608 thousand at September 30, 2016 and December 31, 2015, respectively. These reserves are included in other liabilities on the consolidated balance sheets. |
Fair Value Information
Fair Value Information | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | Note 14 - Fair Value Information 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. ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or on a non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are recorded at fair value, and those that are 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 evaluation 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. Cash and due from banks Interest earning deposits in other financial institutions short-term Investment Securities Available-for-Sale and Held-to-Maturity 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. Securities classified as held-to-maturity are accounted for at their amortized historical cost. As of each reporting date, both the available-for-sale and held-to-maturity securities are evaluated for OTTI on an individual basis. The Company considers the inputs utilized to fair value the available-for-sale and held-to-maturity investment 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, the 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 available-for-sale and held-to-maturity investment 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 Impaired Loans Interest Rate Swap Contracts The fair value of the interest rate swap contracts are provided by independent third party vendors that specialize 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 SBA Servicing Asset Non-Maturing Deposits Maturing Deposits Securities Sold under Agreements to Repurchase (“Repos”) Subordinated Debentures Fair Value of Commitments : 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 Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets – September 30, 2016 Investment securities available-for-sale $ 375,094 $ — $ 375,094 $ — Interest Rate Swap Contracts 1,484 — 1,484 — Financial Liabilities – September 30, 2016 Interest Rate Swap Contracts $ 2,580 $ — $ 2,580 $ — Financial Assets – December 31, 2015 Investment securities available-for-sale $ 315,785 $ — $ 315,785 $ — Interest Rate Swap Contracts 881 — 881 — Financial Liabilities – December 31, 2015 Interest Rate Swap Contracts $ 2,545 $ — $ 2,545 $ — At September 30, 2016 and at December 31, 2015 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). Additionally, 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, 2016. 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 fair value that were recognized at fair value below cost at the end of or during the period. 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 non-recurring basis during the three or nine months ended September 30, 2016. 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): Fair Quoted Prices Significant Significant Financial Assets – September 30, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) $ 242 $ — $ — $ 242 Other real estate owned — — — — Total $ 242 $ — $ — $ 242 Financial Assets – December 31, 2015 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) $ — $ — $ — $ — Other real estate owned 325 — — 325 Total $ 325 $ — $ — $ 325 The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of the dates indicated (dollars in thousands): Fair Value Valuation Methodology Valuation Model and/or Unobservable Financial Assets – September 30, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off $ 58 Balance represents 100% guaranty by the SBA Not Applicable Not Applicable 184 Assignment of expected proceeds from collateral sale Not Applicable Not Applicable Total $ 242 Financial Assets – December 31, 2015 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off $ — — — — Other real estate owned $ 325 Broker opinion of value Sales approach Estimated selling costs 6% Total $ 325 Fair Value of Financial Assets and Liabilities ASC Topic 825, “ Financial Instruments The table below presents the carrying values and estimated fair values of certain financial instruments based on their fair value hierarchy indicated (dollars in thousands): Fair Value Measurements Carrying Estimated Fair Quoted Prices Significant Significant September 30, 2016 Financial Assets Cash and due from banks $ 47,701 $ 47,701 $ 47,701 $ — $ — Interest earning deposits in other financial institutions 244,205 244,205 244,205 — — Investment securities available-for-sale 375,094 375,094 — 375,094 — Investment securities held-to-maturity 40,073 40,691 — 40,691 — Loans, net 1,956,570 1,993,667 — — 1,993,667 Interest rate swap contracts 1,484 1,484 — 1,484 — Financial Liabilities Certificates of deposit 35,033 35,033 — 35,033 — Securities sold under agreements to repurchase 24,251 24,251 — 24,251 — Subordinated debentures 9,817 12,372 — 12,372 — Interest rate swap contracts 2,580 2,580 — 2,580 — December 31, 2015 Financial Assets Cash and due from banks $ 50,960 $ 50,960 $ 50,960 $ — $ — Interest earning deposits in other financial institutions 171,103 171,103 171,103 — — Investment securities available-for-sale 315,785 315,785 — 315,785 — Investment securities held-to-maturity 42,036 42,339 — 42,339 — Loans, net 1,817,481 1,851,220 — — 1,851,220 Interest rate swap contracts 881 881 — 881 — Financial Liabilities — Certificates of deposit 58,502 58,502 — 58,502 — Securities sold under agreements to repurchase 14,360 14,360 — 14,360 — Subordinated debentures 9,697 12,372 — 12,372 — Interest rate swap contracts 2,545 2,545 — 2,545 — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events We have evaluated events that have occurred subsequent to September 30, 2016 and have concluded there are no subsequent events that would require disclosure or recognition in the accompanying interim consolidated financial statements. |
Basis of Financial Statement 24
Basis of Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated 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 consolidated 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, among other factors, 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 operates as a single reporting segment, principally engaged in commercial business banking. The Company conducts its lending and deposit operations through nine full service branch offices located in Los Angeles, Orange, Ventura and San Bernardino counties. |
Computation of Book Value and25
Computation of Book Value and Tangible Book Value per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Computation of Book Value and Tangible Book Value per Common Share | The tables below present the computation of book value and tangible book value per common share as of the dates indicated (dollars in thousands, except share and per share data): September 30, 2016 December 31, Total Shareholders’ Equity $ 332,930 $ 306,807 Less: Preferred stock 17,021 16,995 Less: Goodwill 64,603 64,603 Less: Core deposit and leasehold right intangibles, net 6,665 7,671 Tangible common equity $ 244,641 $ 217,538 Common shares issued and outstanding 17,673,438 17,175,389 Book value per common share $ 17.87 $ 16.87 Tangible book value per common share $ 13.84 $ 12.67 |
Computation of Earnings per C26
Computation of Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share Computations | The following table shows weighted average basic common 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income $ 6,583 $ 6,263 $ 20,287 $ 15,729 Less: Preferred stock dividends and discount accretion 304 293 914 877 Net Income available to common shareholders $ 6,279 $ 5,970 $ 19,373 $ 14,852 Weighted average basic common shares outstanding 17,339,491 16,541,380 17,197,117 16,477,206 Dilutive effect of potential common share issuances from stock options and restricted stock 265,896 456,684 312,458 446,296 Weighted average diluted common shares outstanding 17,605,387 16,998,064 17,509,575 16,923,502 Income per common share Basic $ 0.36 $ 0.36 $ 1.13 $ 0.90 Diluted $ 0.36 $ 0.35 $ 1.11 $ 0.88 Anti-dilutive shares not included in the calculation of diluted earnings per share — — 1,000 43,259 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Values of Investment Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair values of investment securities by major category as of the dates indicated (dollars in thousands): Gross Unrealized September 30, 2016 Amortized Cost Gains Losses Fair Market Available-for-sale: U.S. Govt Agency and Sponsored Agency - Note Securities $ 7,003 $ 1 $ — $ 7,004 U.S. Govt Agency - SBA Securities 107,759 582 367 107,974 U.S. Govt Agency - GNMA Mortgage-Backed Securities 25,123 207 116 25,214 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 146,632 1,030 424 147,238 Corporate Securities 501 1 — 502 Asset Backed Securities 7,303 — 281 7,022 U.S. Treasury Notes 80,112 65 37 80,140 Total available-for-sale 374,433 1,886 1,225 375,094 Held-to-maturity: Municipal Securities 40,073 620 2 40,691 Total held-to-maturity 40,073 620 2 40,691 Total investment securities $ 414,506 $ 2,506 $ 1,227 $ 415,785 Gross Unrealized December 31, 2015 Amortized Cost Gains Losses Fair Market Available-for-sale: U.S. Govt Agency and Sponsored Agency - Note Securities $ 1,014 $ — $ — $ 1,014 U.S. Govt Agency - SBA Securities 93,674 399 583 93,490 U.S. Govt Agency - GNMA Mortgage-Backed Securities 30,916 202 418 30,700 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 97,693 250 789 97,154 Corporate Securities 4,016 7 — 4,023 Municipal Securities 1,010 1 — 1,011 Asset Backed Securities 7,890 — 243 7,647 U.S. Treasury Notes 80,981 — 235 80,746 Total available-for-sale 317,194 859 2,268 315,785 Held-to-maturity: Municipal Securities 42,036 335 32 42,339 Total held-to-maturity 42,036 335 32 42,339 Total investment securities $ 359,230 $ 1,194 $ 2,300 $ 358,124 |
Gross Unrealized Losses and Fair Values of AFS and HTM Investment Securities that were in Unrealized Loss Positions | The following tables present the gross unrealized losses and fair values of AFS and HTM investment securities that were in unrealized loss positions, summarized and classified according to the duration of the loss period as of the dates indicated (dollars in thousands). < 12 Continuous Months > 12 Continuous Months Total September 30, 2016 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale investment securities: U.S. Govt. Agency SBA Securities $ 46,340 $ 184 $ 19,285 $ 183 $ 65,625 $ 367 U.S. Govt. Agency – GNMA Mortgage-Backed Securities 2,521 27 8,878 89 11,399 116 U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities 41,497 292 11,498 132 52,995 424 Asset Backed Securities — — 7,022 281 7,022 281 U.S Treasury Notes 10,098 37 — — 10,098 37 Total available-for-sale investment securities $ 100,456 $ 540 $ 46,683 $ 685 $ 147,139 $ 1,225 Held-to-maturity investment securities: Municipal Securities $ 700 $ 1 $ 313 $ 1 $ 1,013 $ 2 Total held-to-maturity investment securities $ 700 $ 1 $ 313 $ 1 $ 1,013 $ 2 < 12 Continuous Months > 12 Continuous Months Total December 31, 2015 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale investment securities: U.S. Govt. Agency SBA Securities $ 53,852 $ 428 $ 7,935 $ 154 $ 61,787 $ 582 U.S. Govt. Agency – GNMA Mortgage-Backed Securities 5,417 47 14,296 371 19,713 418 U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities 67,475 564 10,024 225 77,499 789 Asset Backed Securities 2,928 54 4,719 190 7,647 244 U.S Treasury Notes 80,745 235 — — 80,745 235 Total available-for-sale investment securities $ 210,417 $ 1,328 $ 36,974 $ 940 $ 247,391 $ 2,268 Held-to-maturity investment securities: Municipal Securities $ 5,669 $ 16 $ 2,392 $ 16 $ 8,061 $ 32 Total held-to-maturity investment securities $ 5,669 $ 16 $ 2,392 $ 16 $ 8,061 $ 32 |
Maturities Schedule of Securities | September 30, 2016 Maturities Schedule of Securities (Dollars in thousands) Amortized Fair Value Weighted Available-for-sale: Due through one year $ 99,048 $ 99,243 1.21 % Due after one year through five years 170,285 170,343 1.45 % Due after five years through ten years 79,234 79,523 1.93 % Due after ten years 25,866 25,985 2.30 % Total available-for-sale $ 374,433 $ 375,094 1.54 % Held-to-maturity: Due through one year $ 2,950 $ 2,956 1.49 % Due after one year through five years 36,389 36,972 1.59 % Due after five years through ten years 734 763 1.97 % Total held-to-maturity $ 40,073 $ 40,691 1.59 % Total investment securities $ 414,506 $ 415,785 1.55 % |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 December 31, Commercial and Industrial Loans: $ 499,439 $ 537,368 Loans Secured by Real Estate: Owner-Occupied Nonresidential Properties 430,218 407,979 Other Nonresidential Properties 610,267 533,168 Construction, Land Development and Other Land 172,441 125,832 1-4 Family Residential Properties 122,955 114,525 Multifamily Residential Properties 100,003 71,179 Total Loans Secured by Real Estate 1,435,884 1,252,683 Other Loans: 39,618 43,112 Total Loans $ 1,974,941 $ 1,833,163 |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Allowance for loan loss at beginning of period $ 18,476 $ 14,124 $ 15,682 $ 12,610 Provision for loan losses 697 705 2,382 2,831 Net (charge-offs) recoveries: Charge-offs (807 ) (42 ) (827 ) (933 ) Recoveries 5 178 1,134 457 Net (charge-offs) recoveries (802 ) 136 307 (476 ) Allowance for loan loss at end of period $ 18,371 $ 14,965 $ 18,371 $ 14,965 Net (charge-offs) recoveries to average loans (0.04 )% 0.01 % 0.02 % (0.03 )% September 30, 2016 December 31, 2015 Allowance for loan loss to total loans 0.93 % 0.86 % Allowance for loan loss to total loans accounted for at historical cost, which excludes loans and the related allowance for loans acquired through acquisition 1.20 % 1.25 % |
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 and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Three Months Ended September 30, 2016 Allowance for loan loss – Beginning balance $ 8,381 $ 2,724 $ 6,567 $ 804 $ 18,476 Provision for loan losses (559 ) 45 1,294 (83 ) 697 Net (charge-offs) recoveries: Charge-offs (807 ) — — — (807 ) Recoveries 3 — 2 — 5 Net (charge-offs) recoveries (804 ) — 2 — (802 ) Ending balance $ 7,018 $ 2,769 $ 7,863 $ 721 $ 18,371 Three Months Ended September 30, 2015 Allowance for loan loss – Beginning balance $ 6,244 $ 1,607 $ 5,799 $ 474 $ 14,124 Provision for loan losses 181 371 143 10 705 Net (charge-offs) recoveries: Charge-offs — — (42 ) — (42 ) Recoveries 177 — 1 — 178 Net (charge-offs) recoveries 177 — (41 ) — 136 Ending balance $ 6,602 $ 1,978 $ 5,901 $ 484 $ 14,965 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Nine Months Ended September 30, 2016 Allowance for loan loss – Beginning balance $ 5,924 $ 2,076 $ 6,821 $ 861 $ 15,682 Provision for loan losses 791 693 1,038 (140 ) 2,382 Net (charge-offs) recoveries: Charge-offs (827 ) — — — (827 ) Recoveries 1,130 — 4 — 1,134 Net recoveries 303 — 4 — 307 Ending balance $ 7,018 $ 2,769 $ 7,863 $ 721 $ 18,371 Nine Months Ended September 30, 2015 Allowance for loan loss – Beginning balance $ 5,864 $ 1,684 $ 4,802 $ 260 $ 12,610 Provision for loan losses 1,176 294 1,137 224 2,831 Net (charge-offs) recoveries: Charge-offs (891 ) — (42 ) — (933 ) Recoveries 453 — 4 — 457 Net (charge-offs) (438 ) — (38 ) — (476 ) Ending balance $ 6,602 $ 1,978 $ 5,901 $ 484 $ 14,965 |
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 and Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total September 30, 2016 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,018 2,769 7,863 721 18,371 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 7,018 $ 2,769 $ 7,863 $ 721 $ 18,371 Loans receivable: Individually evaluated for impairment $ 456 $ — $ 252 $ — $ 708 Collectively evaluated for impairment 498,669 172,441 1,261,789 39,618 1,972,517 Purchased credit impaired (loans acquired with deteriorated credit quality) 314 — 1,402 — 1,716 Total Loans Receivable $ 499,439 $ 172,441 $ 1,263,443 $ 39,618 $ 1,974,941 Commercial Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total December 31, 2015 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 5,924 2,076 6,821 861 15,682 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 5,924 $ 2,076 $ 6,821 $ 861 $ 15,682 Loans receivable: Individually evaluated for impairment $ 558 $ — $ 649 $ — $ 1,207 Collectively evaluated for impairment 536,333 125,832 1,124,667 43,112 1,829,944 Purchased credit impaired (loans acquired with deteriorated credit quality) 477 — 1,535 — 2,012 Total Loans Receivable $ 537,368 $ 125,832 $ 1,126,851 $ 43,112 $ 1,833,163 |
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 and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total September 30, 2016 Pass $ 445,172 $ 172,441 $ 1,234,950 $ 36,701 $ 1,889,264 Special Mention 18,939 — 4,747 — 23,686 Substandard 35,328 — 23,746 2,917 61,991 Doubtful — — — — — Total $ 499,439 $ 172,441 $ 1,263,443 $ 39,618 $ 1,974,941 December 31, 2015 Pass $ 503,006 $ 125,832 $ 1,101,548 $ 40,132 $ 1,770,518 Special Mention 16,041 — 6,494 43 22,578 Substandard 18,321 — 18,809 2,937 40,067 Doubtful — — — — — Total $ 537,368 $ 125,832 $ 1,126,851 $ 43,112 $ 1,833,163 |
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 Days Past Due 61-90 Days Past Due Greater 90 Days Past Due and Total Past Due and Total Non Current Total Loans September 30, 2016 Commercial and Industrial $ — $ — $ — $ — $ 769 $ 498,670 $ 499,439 Construction, Land Development and Other Land — — — — — 172,441 172,441 Commercial and Other Real Estate — — — — 454 1,262,989 1,263,443 Other — — — — — 39,618 39,618 Total $ — $ — $ — $ — $ 1,223 $ 1,973,718 $ 1,974,941 31-60 Days Past Due 61-90 Days Past Due Greater 90 Days Past Due and Total Past Due and Total Non Current Total Loans December 31, 2015 Commercial and Industrial $ — $ — $ — $ — $ 1,032 $ 536,336 $ 537,368 Construction, Land Development and Other Land — — — — — 125,832 125,832 Commercial and Other Real Estate — — — — 1,019 1,125,832 1,126,851 Other — — — — — 43,112 43,112 Total $ — $ — $ — $ — $ 2,051 $ 1,831,112 $ 1,833,163 |
Recorded Investment and Unpaid Principal Balances for Impaired Loans | The following tables present, by loan portfolio segment, 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 $1.7 million and $2.0 million at September 30, 2016 and December 31, 2015, respectively. September 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and Industrial $ 456 $ 1,402 $ — $ 558 $ 1,027 $ — Commercial and Other Real Estate 252 286 — 649 692 — With an allowance recorded: Commercial and Industrial — — — — — — Total Commercial and Industrial 456 1,402 — 558 1,027 — Commercial and Other Real Estate 252 286 — 649 692 — Total $ 708 $ 1,688 $ — $ 1,207 $ 1,719 $ — Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Average Interest Average Interest Average Interest Average Interest With no specific allowance recorded: Commercial and Industrial $ 418 $ — $ 2,118 $ — $ 396 $ — $ 1,757 $ — Commercial and Other Real Estate 252 — 99 — 254 — 104 — With a specific allowance recorded: Commercial and Industrial — — 1,328 — — — 1,328 — Commercial and Other Real Estate — — 413 — — — 550 — Total: Commercial and Industrial 418 — 3,446 — 396 — 3,085 — Commercial and Other Real Estate 252 — 512 — 254 — 654 — Total $ 670 $ — $ 3,958 $ — $ 650 $ — $ 3,739 $ — |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest foregone on impaired loans $ 22 $ 81 $ 68 $ 238 Cash collections applied to reduce principal balance $ 230 $ 23 $ 282 $ 186 Interest income recognized on cash collections $ — $ — $ — $ — |
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, 2016 and December 31, 2015 (dollars in thousands). These tables include TDR loans that were purchased credit impaired (“PCI”). TDR loans that are non-PCI loans are included in the Impaired Loans tables above. As of September 30, 2016, there were two PCI loans that are considered to be TDR loans with a recorded investment of $115 thousand and unpaid principal balances of $287 thousand. As of and for the Three Months Ended September 30, 2016 As of and for the Nine Months Ended September 30, 2016 Recorded Unpaid Interest Income Recorded Unpaid Interest Income Commercial and Industrial $ 533 $ 1,230 $ — $ 533 $ 1,230 $ — Total $ 533 $ 1,230 $ — $ 533 $ 1,230 $ — As of and for the Three Months Ended September 30, 2015 As of and for the Nine Months Ended September 30, 2015 Recorded Unpaid Interest Recorded Unpaid Interest Commercial and Industrial $ 1,780 $ 2,385 $ — $ 1,780 $ 2,385 $ — Commercial and Other Real Estate 99 105 — 99 105 — Total $ 1,879 $ 2,490 $ — $ 1,879 $ 2,490 $ — As of and for the Twelve Months Ended December 31, 2015 Recorded Unpaid Interest Commercial and Industrial $ 627 $ 1,363 $ — Total $ 627 $ 1,363 $ — |
Pre and Post Modification Recorded Investment in TDR 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, 2016 2015 Number Loans Pre- Modification Post- Number Loans Pre- Modification Post- Troubled Debt Restructured Loans: Commercial and Industrial 1 $ 650 $ 184 3 $ 1,335 $ 1,335 Total 1 $ 650 $ 184 3 $ 1,335 $ 1,335 Nine Months Ended September 30, 2016 2015 Number Loans Pre- Modification Post- Number Loans Pre- Modification Post- Troubled Debt Restructured Loans: Commercial and Industrial 1 $ 650 $ 184 3 $ 1,335 $ 1,335 Total 1 $ 650 $ 184 3 $ 1,335 $ 1,335 |
Accretable Yield for Acquired Loans | The following table reflects the accretable net discount for acquired loans for the periods indicated (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 11,928 $ 18,255 $ 14,610 $ 21,402 Accretion, included in interest income (1,229 ) (1,463 ) (3,879 ) (4,140 ) Reclassifications to non-accretable yield — (5 ) (32 ) (475 ) Balance, end of period $ 10,699 $ 16,787 $ 10,699 $ 16,787 |
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, 2016 December 31, 2015 Unpaid Principal Carrying Value Unpaid Principal Carrying Value Commercial and Industrial $ 639 $ 314 $ 2,331 $ 477 Commercial and Other Real Estate 2,007 1,402 2,250 1,535 Other — — 61 — Total $ 2,646 $ 1,716 $ 4,642 $ 2,012 |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 205 $ 286 $ 246 $ 324 Accretion, included in interest income (22 ) (20 ) (63 ) (58 ) Reclassifications from non-accretable yield — — — — Balance, end of period $ 183 $ 266 $ 183 $ 266 |
Borrowings and Subordinated D29
Borrowings and Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Date Issued Amount Interest Rate Original Maturity Date September 30, 2016 $ 24,251 0.10% – 0.25% 3 days October 3, 2016 Total $ 24,251 0.24% December 31, 2015 Date Issued Amount Interest Rate Original Maturity Date December 31, 2015 $ 14,360 0.08% – 0.25% 4 days January 4, 2016 Total $ 14,360 0.19% |
Terms of Issuance Subordinated Debentures Outstanding | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated (dollars in thousands): September 30, 2016 Series Amount (in thousands) Issuance Maturity Date Rate Index Current Next Reset Trust I $ 6,186 12/10/04 03/15/35 3 month LIBOR + 2.05 % 2.90 % 12/15/16 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75 % 2.60 % 12/15/16 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85 % 2.70 % 12/15/16 Subtotal 12,372 Unamortized fair value adjustment (2,555 ) Net $ 9,817 December 31, 2015 Series Amount (in thousands) Issuance Maturity Rate Index Current Next Reset Trust I $ 6,186 12/10/04 03/15/35 3 month LIBOR + 2.05 % 2.56 % 03/15/16 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75 % 2.26 % 03/15/16 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85 % 2.36 % 03/15/16 Subtotal 12,372 Unamortized fair value adjustment (2,675 ) Net $ 9,697 |
Derivative Financial Instrume30
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Derivatives not designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 66 $ 41 $ 156 $ 124 Payments on interest rate swap contracts on loans (60 ) (66 ) (181 ) (198 ) Net decrease in other non-interest income 6 (25 ) (25 ) (74 ) Derivatives designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 249 $ 142 $ 412 $ 583 Increase (decrease) in fair value of hedged loans (68 ) 191 215 279 Payment on interest rate swap contracts on loans (202 ) (275 ) (657 ) (846 ) Net decrease in interest income on loans $ (21 ) $ 58 $ (30 ) $ 16 |
1st Enterprise Bank | |
Balance Sheet Classification of Derivative Financial Instruments | The following tables present the fair values of the asset and liability of the Company’s derivative instruments acquired from 1 st September 30, 2016 December 31, 2015 Interest rate swap contracts fair value $ 1,484 $ 881 Balance sheet location Accrued Interest Accrued Interest September 30, 2016 December 31, 2015 Interest rate swap contracts fair value $ 1,484 $ 881 Balance sheet location Accrued Interest Accrued Interest |
PC Bancorp | |
Balance Sheet Classification of Derivative Financial Instruments | The following table presents the notional amount and the fair values of the asset and liability of the Company’s derivative instruments acquired from PC Bancorp as of the dates indicated (dollars in thousands): Fair Value Hedges September 30, 2016 December 31, 2015 Total interest rate contracts notional amount $ 22,001 $ 25,938 Derivatives not designated as hedging instruments: Interest rate swap contracts fair value $ 156 $ 313 Derivatives designated as hedging instruments: Interest rate swap contracts fair value 940 1,351 Total interest rate contracts fair value $ 1,096 $ 1,664 Balance sheet location Accrued Accrued |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 in the Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Collateral September 30, 2016 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 1,484 $ — $ 1,484 $ 1,484 $ — $ — Total $ 1,484 $ — $ 1,484 $ 1,484 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 2,580 $ — $ 2,580 $ 2,580 $ 5,041 $ 2,461 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 24,251 — 24,251 24,251 55,250 30,999 Total $ 26,831 $ — $ 26,831 $ 26,831 $ 60,291 $ 33,460 Gross Gross Net Amounts in the Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Collateral December 31, 2015 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 881 $ — $ 881 $ 881 $ — $ — Total $ 881 $ — $ 881 $ 881 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 2,545 $ — $ 2,545 $ 2,545 $ 4,759 $ 2,214 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 14,360 — 14,360 14,360 46,596 32,236 Total $ 16,905 $ — $ 16,905 $ 16,905 $ 51,355 $ 34,450 |
Stock Options and Restricted 32
Stock Options and Restricted Stock (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Future Compensation Expense Related to Unvested Restricted Stock Grants | At September 30, 2016, future compensation expense related to unvested restricted stock grants are reflected in the table below (dollars in thousands): Future Restricted Stock Expense Remainder of 2016 $ 842 2017 1,910 2018 667 2019 185 Thereafter 36 Total $ 3,640 |
Share Option Activity | The following table summarizes the share option activity under the plans as of the date and for the period indicated: Shares Weighted Weighted Aggregate Outstanding stock options at December 31, 2015 557,471 $ 10.57 0.8 $ 8,248 Granted — Exercised (411,964 ) Forfeited — Expired (4,500 ) Outstanding stock options at September 30, 2016 141,007 $ 14.87 0.8 $ 1,121 Exercisable options at September 30, 2016 141,007 $ 14.87 0.8 $ 1,121 Unvested options at September 30, 2016 — $ — — $ — |
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 Restricted Stock: Unvested at December 31, 2015 311,458 $ 19.29 Granted 132,809 23.12 Vested (87,031 ) 17.53 Cancelled and forfeited (11,375 ) 20.88 Unvested at September 30, 2016 345,861 $ 21.37 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [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): Three Months Ended September 30, Consolidated Income Line Item for Reclassified Items 2016 2015 Beginning balance, net of tax $ 778 $ (48 ) Net unrealized gain (loss) arising during the period (540 ) 536 Related tax effect 227 (225 ) Reclassification of (gain) loss on investment securities available-for-sale to net income (141 ) — Gain on sale of securities, net Related tax effect 59 — Provision for income tax expense Other Comprehensive Income (Loss) (395 ) 311 Ending balance $ 383 $ 263 Nine Months Ended September 30, Consolidated Income Line Item for Reclassified Items 2016 2015 Beginning balance, net of tax $ (816 ) $ 190 Net unrealized gain (loss) arising during the period 2,210 121 Related tax effect (929 ) (48 ) Reclassification of (gain) loss on investment securities available-for-sale to net income (141 ) — Gain on sale of securities, net Related tax effect 59 — Provision for income tax expense Other Comprehensive Income (Loss) 1,199 73 Ending balance $ 383 $ 263 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets – September 30, 2016 Investment securities available-for-sale $ 375,094 $ — $ 375,094 $ — Interest Rate Swap Contracts 1,484 — 1,484 — Financial Liabilities – September 30, 2016 Interest Rate Swap Contracts $ 2,580 $ — $ 2,580 $ — Financial Assets – December 31, 2015 Investment securities available-for-sale $ 315,785 $ — $ 315,785 $ — Interest Rate Swap Contracts 881 — 881 — Financial Liabilities – December 31, 2015 Interest Rate Swap Contracts $ 2,545 $ — $ 2,545 $ — |
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): Fair Quoted Prices Significant Significant Financial Assets – September 30, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) $ 242 $ — $ — $ 242 Other real estate owned — — — — Total $ 242 $ — $ — $ 242 Financial Assets – December 31, 2015 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased credit impaired loans) $ — $ — $ — $ — Other real estate owned 325 — — 325 Total $ 325 $ — $ — $ 325 |
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 recurring or non-recurring basis as of the dates indicated (dollars in thousands): Fair Value Valuation Methodology Valuation Model and/or Unobservable Financial Assets – September 30, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off $ 58 Balance represents 100% guaranty by the SBA Not Applicable Not Applicable 184 Assignment of expected proceeds from collateral sale Not Applicable Not Applicable Total $ 242 Financial Assets – December 31, 2015 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off $ — — — — Other real estate owned $ 325 Broker opinion of value Sales approach Estimated selling costs 6% Total $ 325 |
Level in Fair Value Hierarchy for Financial Instruments Estimated Fair Values | The table below presents the carrying values and estimated fair values of certain financial instruments based on their fair value hierarchy indicated (dollars in thousands): Fair Value Measurements Carrying Estimated Fair Quoted Prices Significant Significant September 30, 2016 Financial Assets Cash and due from banks $ 47,701 $ 47,701 $ 47,701 $ — $ — Interest earning deposits in other financial institutions 244,205 244,205 244,205 — — Investment securities available-for-sale 375,094 375,094 — 375,094 — Investment securities held-to-maturity 40,073 40,691 — 40,691 — Loans, net 1,956,570 1,993,667 — — 1,993,667 Interest rate swap contracts 1,484 1,484 — 1,484 — Financial Liabilities Certificates of deposit 35,033 35,033 — 35,033 — Securities sold under agreements to repurchase 24,251 24,251 — 24,251 — Subordinated debentures 9,817 12,372 — 12,372 — Interest rate swap contracts 2,580 2,580 — 2,580 — December 31, 2015 Financial Assets Cash and due from banks $ 50,960 $ 50,960 $ 50,960 $ — $ — Interest earning deposits in other financial institutions 171,103 171,103 171,103 — — Investment securities available-for-sale 315,785 315,785 — 315,785 — Investment securities held-to-maturity 42,036 42,339 — 42,339 — Loans, net 1,817,481 1,851,220 — — 1,851,220 Interest rate swap contracts 881 881 — 881 — Financial Liabilities — Certificates of deposit 58,502 58,502 — 58,502 — Securities sold under agreements to repurchase 14,360 14,360 — 14,360 — Subordinated debentures 9,697 12,372 — 12,372 — Interest rate swap contracts 2,545 2,545 — 2,545 — |
Basis of Financial Statement 35
Basis of Financial Statement Presentation - Additional Information (Detail) | Sep. 30, 2016Office |
Accounting Policies [Abstract] | |
Full service branch offices | 9 |
Recent Accounting Pronounceme36
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification from additional paid-in capital to provision for income taxes | [1] | $ 772,000 | ||
Net excess in tax benefit on stock compensation | $ 788,000 | |||
Adjustments for New Accounting Principle, Early Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification from additional paid-in capital to provision for income taxes | 772,000 | |||
Recognized benefit tax benefit | $ 142,000 | |||
Reduced rate of effective tax | 1.33% | 2.84% | ||
Previously unrecognized excess tax benefits | $ 0 | $ 0 | ||
Net excess in tax benefit on stock compensation | $ 914,000 | |||
[1] | Represents the reclassification from additional paid-in capital to provision for income tax expense during the first two quarters of 2016, related to the Company's early adoption of ASU 2016-09. See Note 2, Recent Accounting Pronouncements, for additional information. |
Computation of Book Value and37
Computation of Book Value and Tangible Book Value per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||||
Total Shareholders' Equity | $ 332,930 | $ 306,807 | $ 298,348 | $ 279,192 |
Less: Preferred stock | 17,021 | 16,995 | ||
Less: Goodwill | 64,603 | 64,603 | ||
Less: Core deposit and leasehold right intangibles, net | 6,665 | 7,671 | ||
Tangible common equity | $ 244,641 | $ 217,538 | ||
Common shares issued | 17,673,438 | 17,175,389 | ||
Common shares outstanding | 17,673,438 | 17,175,389 | ||
Book value per common share | $ 17.87 | $ 16.87 | ||
Tangible book value per common share | $ 13.84 | $ 12.67 |
Computation of Earnings per C38
Computation of Earnings per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Line Items] | ||||
Earnings per share, basic | $ 0.36 | $ 0.36 | $ 1.13 | $ 0.90 |
Earnings per share, diluted | 0.36 | $ 0.35 | 1.11 | $ 0.88 |
Adjustments for New Accounting Principle, Early Adoption | ||||
Earnings Per Share [Line Items] | ||||
Earnings per share, basic and diluted | $ 0.01 | |||
Earnings per share, basic | 0.06 | |||
Earnings per share, diluted | $ 0.05 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 6,583 | $ 6,263 | $ 20,287 | $ 15,729 |
Less: Preferred stock dividends and discount accretion | 304 | 293 | 914 | 877 |
Net Income available to common shareholders | $ 6,279 | $ 5,970 | $ 19,373 | $ 14,852 |
Weighted average basic common shares outstanding | 17,339,491 | 16,541,380 | 17,197,117 | 16,477,206 |
Dilutive effect of potential common share issuances from stock options and restricted stock | 265,896 | 456,684 | 312,458 | 446,296 |
Weighted average diluted common shares outstanding | 17,605,387 | 16,998,064 | 17,509,575 | 16,923,502 |
Basic income (loss) per share | $ 0.36 | $ 0.36 | $ 1.13 | $ 0.90 |
Diluted income (loss) per share | $ 0.36 | $ 0.35 | $ 1.11 | $ 0.88 |
Anti-dilutive shares not included in the calculation of diluted earnings per share | 1,000 | 43,259 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 374,433 | $ 317,194 |
Available-for-sale Securities, Gross Unrealized Gains | 1,886 | 859 |
Available-for-sale Securities, Gross Unrealized Losses | 1,225 | 2,268 |
Fair Market Value | 375,094 | 315,785 |
Held-to-maturity Securities, Amortized Cost | 40,073 | 42,036 |
Held-to-maturity Securities, Gross Unrealized Gain | 620 | 335 |
Held-to-maturity Securities, Gross Unrealized Losses | 2 | 32 |
Fair Market Value | 40,691 | 42,339 |
Available-for-sale Securities and Held-to-maturity Securities, Amortized Cost | 414,506 | 359,230 |
Available-for-sale Securities and Held-to-maturity Securities, Gross Unrealized Gain | 2,506 | 1,194 |
Available-for-sale Securities and Held-to-maturity Securities, Gross Unrealized Losses | 1,227 | 2,300 |
Available-for-sale Securities and Held-to-maturity Securities, Fair Market Value | 415,785 | 358,124 |
U.S. Govt Agency and Sponsored Agency - Note Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 7,003 | 1,014 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | |
Fair Market Value | 7,004 | 1,014 |
U.S. Govt Agency - SBA Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 107,759 | 93,674 |
Available-for-sale Securities, Gross Unrealized Gains | 582 | 399 |
Available-for-sale Securities, Gross Unrealized Losses | 367 | 583 |
Fair Market Value | 107,974 | 93,490 |
U.S. Govt Agency - GNMA Mortgage-Backed Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 25,123 | 30,916 |
Available-for-sale Securities, Gross Unrealized Gains | 207 | 202 |
Available-for-sale Securities, Gross Unrealized Losses | 116 | 418 |
Fair Market Value | 25,214 | 30,700 |
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 146,632 | 97,693 |
Available-for-sale Securities, Gross Unrealized Gains | 1,030 | 250 |
Available-for-sale Securities, Gross Unrealized Losses | 424 | 789 |
Fair Market Value | 147,238 | 97,154 |
Corporate Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 501 | 4,016 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 7 |
Fair Market Value | 502 | 4,023 |
Municipal Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 1,010 | |
Available-for-sale Securities, Gross Unrealized Gains | 1 | |
Fair Market Value | 1,011 | |
Held-to-maturity Securities, Amortized Cost | 40,073 | 42,036 |
Held-to-maturity Securities, Gross Unrealized Gain | 620 | 335 |
Held-to-maturity Securities, Gross Unrealized Losses | 2 | 32 |
Fair Market Value | 40,691 | 42,339 |
Asset Backed Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 7,303 | 7,890 |
Available-for-sale Securities, Gross Unrealized Losses | 281 | 243 |
Fair Market Value | 7,022 | 7,647 |
U. S. Treasury Notes | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 80,112 | 80,981 |
Available-for-sale Securities, Gross Unrealized Gains | 65 | |
Available-for-sale Securities, Gross Unrealized Losses | 37 | 235 |
Fair Market Value | $ 80,140 | $ 80,746 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities classified as other-than-temporarily impaired | $ 0 | $ 0 |
Company's investment in the common stock of the FHLB | 9,200,000 | 8,000,000 |
Other-than-temporary impairment losses | 0 | |
Securities sold under agreements to repurchase | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Market value of securities pledged to secure securities sold under agreements to repurchase | $ 194,000,000 | $ 197,000,000 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Values of AFS and HTM Investment Securities that were in Unrealized Loss Positions (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | $ 100,456 | $ 210,417 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 540 | 1,328 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 46,683 | 36,974 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 685 | 940 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 147,139 | 247,391 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 1,225 | 2,268 |
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Fair Value | 700 | 5,669 |
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Gross Unrealized Loss | 1 | 16 |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Fair Value | 313 | 2,392 |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Gross Unrealized Loss | 1 | 16 |
Temporarily-impaired held-to-maturity investment securities, Fair Value | 1,013 | 8,061 |
Temporarily-impaired held-to-maturity investment securities, Gross Unrealized Loss | 2 | 32 |
U.S. Govt Agency - SBA Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 46,340 | 53,852 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 184 | 428 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 19,285 | 7,935 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 183 | 154 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 65,625 | 61,787 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 367 | 582 |
U.S. Govt Agency - GNMA Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 2,521 | 5,417 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 27 | 47 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 8,878 | 14,296 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 89 | 371 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 11,399 | 19,713 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 116 | 418 |
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 41,497 | 67,475 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 292 | 564 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 11,498 | 10,024 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 132 | 225 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 52,995 | 77,499 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 424 | 789 |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 2,928 | |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 54 | |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 7,022 | 4,719 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 281 | 190 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 7,022 | 7,647 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 281 | 244 |
U. S. Treasury Notes | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Fair Value | 10,098 | 80,745 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 37 | 235 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 10,098 | 80,745 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 37 | 235 |
Municipal Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Fair Value | 700 | 5,669 |
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Gross Unrealized Loss | 1 | 16 |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Fair Value | 313 | 2,392 |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Gross Unrealized Loss | 1 | 16 |
Temporarily-impaired held-to-maturity investment securities, Fair Value | 1,013 | 8,061 |
Temporarily-impaired held-to-maturity investment securities, Gross Unrealized Loss | $ 2 | $ 32 |
Maturities Schedule of Securiti
Maturities Schedule of Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Available-for-sale, Amortized Cost | ||
Due through one year | $ 99,048 | |
Due after one year through five years | 170,285 | |
Due after five years through ten years | 79,234 | |
Due after ten years | 25,866 | |
Available-for-sale Securities, Amortized Cost | 374,433 | $ 317,194 |
Held-to-maturity, Amortized Cost | ||
Due through one year | 2,950 | |
Due after one year through five years | 36,389 | |
Due after five years through ten years | 734 | |
Held-to-maturity Securities, Amortized Cost | 40,073 | 42,036 |
Available-for-sale Securities and Held-to-maturity Securities, Amortized Cost | 414,506 | 359,230 |
Available-for-sale, Fair Value | ||
Due through one year | 99,243 | |
Due after one year through five years | 170,343 | |
Due after five years through ten years | 79,523 | |
Due after ten years | 25,985 | |
Total available-for-sale | 375,094 | 315,785 |
Held-to-maturity, Fair Value | ||
Due through one year | 2,956 | |
Due after one year through five years | 36,972 | |
Due after five years through ten years | 763 | |
Total held-to-maturity | 40,691 | 42,339 |
Total investment securities | $ 415,785 | $ 358,124 |
Available-for-sale, Weighted Average Yield | ||
Due through one year | 1.21% | |
Due after one year through five years | 1.45% | |
Due after five years through ten years | 1.93% | |
Due after ten years | 2.30% | |
Total available-for-sale | 1.54% | |
Held-to-maturity, Weighted Average Yield | ||
Due through one year | 1.49% | |
Due after one year through five years | 1.59% | |
Due after five years through ten years | 1.97% | |
Total held-to-maturity | 1.59% | |
Total investment securities | 1.55% |
Composition of Loan Portfolio (
Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and Industrial Loans: | $ 499,439 | $ 537,368 |
Loans Secured by Real Estate: | ||
Loans Secured by Real Estate | 1,435,884 | 1,252,683 |
Other Loans: | 39,618 | 43,112 |
Total Loans | 1,974,941 | 1,833,163 |
Owner-Occupied Nonresidential Properties | ||
Loans Secured by Real Estate: | ||
Loans Secured by Real Estate | 430,218 | 407,979 |
Other Nonresidential Properties | ||
Loans Secured by Real Estate: | ||
Loans Secured by Real Estate | 610,267 | 533,168 |
Construction, Land Development and Other Land | ||
Loans Secured by Real Estate: | ||
Loans Secured by Real Estate | 172,441 | 125,832 |
Total Loans | 172,441 | 125,832 |
1-4 Family Residential Properties | ||
Loans Secured by Real Estate: | ||
Loans Secured by Real Estate | 122,955 | 114,525 |
Multifamily Residential Properties | ||
Loans Secured by Real Estate: | ||
Loans Secured by Real Estate | $ 100,003 | $ 71,179 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($)Loan | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net deferred fees and net discounts included in total loans | $ 17,000,000 | $ 17,000,000 | $ 22,000,000 | ||
Loans held for sale | 0 | 0 | |||
Credit purchase impaired loan | 1,700,000 | 2,000,000 | |||
Recorded Investment | 708,000 | 708,000 | 1,207,000 | ||
Unpaid Principal Balance | $ 1,688,000 | $ 1,688,000 | 1,719,000 | ||
Number of Loans | Loan | 1 | 3 | 1 | 3 | |
Payment defaults subsequent to modification on troubled debt restructured loans | $ 0 | $ 0 | $ 0 | $ 0 | |
Commitment to lend borrowers | 0 | 0 | 0 | ||
Troubled Debt Restructuring | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment | 533,000 | 1,879,000 | 533,000 | 1,879,000 | 627,000 |
Unpaid Principal Balance | 1,230,000 | $ 2,490,000 | 1,230,000 | $ 2,490,000 | 1,363,000 |
PCI loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment | 1,716,000 | 1,716,000 | 2,012,000 | ||
Unpaid Principal Balance | 2,646,000 | 2,646,000 | $ 4,642,000 | ||
PCI loans | Troubled Debt Restructuring | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment | 115,000 | 115,000 | |||
Unpaid Principal Balance | 287,000 | $ 287,000 | |||
Number of Loans | Loan | 2 | ||||
SBA Servicing Asset | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 109,000,000 | $ 109,000,000 | |||
Loan balances sold | 78,000,000 | 78,000,000 | |||
SBA 7a Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 425,000 | 425,000 | |||
Loans guaranteed | 319,000 | 319,000 | |||
Debt Instrument Remaining Loans | SBA Servicing Asset | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 31,000,000 | 31,000,000 | |||
Debt Instrument Guaranteed Loans | SBA Servicing Asset | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | $ 5,000,000 | $ 5,000,000 |
Summary of Activity for Allowan
Summary of Activity for Allowance for Loan Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Receivables [Abstract] | |||||
Allowance for loan loss at beginning of period | $ 18,476 | $ 14,124 | $ 15,682 | $ 12,610 | $ 12,610 |
Provision for loan losses | 697 | 705 | 2,382 | 2,831 | |
Net (charge-offs) recoveries: | |||||
Charge-offs | (807) | (42) | (827) | (933) | |
Recoveries | 5 | 178 | 1,134 | 457 | |
Net (charge-offs) recoveries | (802) | 136 | 307 | (476) | |
Allowance for loan loss at end of period | $ 18,371 | $ 14,965 | $ 18,371 | $ 14,965 | $ 15,682 |
Net (charge-offs) recoveries to average loans | (0.04%) | 0.01% | 0.02% | (0.03%) | |
Allowance for loan loss to total loans | 0.93% | 0.93% | 0.86% | ||
Allowance for loan loss to total loans accounted for at historical cost, which excludes loans and the related allowance for loans acquired through acquisition | 1.20% | 1.25% |
Changes in Allowance for Loan L
Changes in Allowance for Loan Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | $ 18,476 | $ 14,124 | $ 15,682 | $ 12,610 |
Provision for loan losses | 697 | 705 | 2,382 | 2,831 |
Net (charge-offs) recoveries: | ||||
Charge-offs | (807) | (42) | (827) | (933) |
Recoveries | 5 | 178 | 1,134 | 457 |
Net (charge-offs) recoveries | (802) | 136 | 307 | (476) |
Allowance for loan loss at end of period | 18,371 | 14,965 | 18,371 | 14,965 |
Commercial and Industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 8,381 | 6,244 | 5,924 | 5,864 |
Provision for loan losses | (559) | 181 | 791 | 1,176 |
Net (charge-offs) recoveries: | ||||
Charge-offs | (807) | (827) | (891) | |
Recoveries | 3 | 177 | 1,130 | 453 |
Net (charge-offs) recoveries | (804) | 177 | 303 | (438) |
Allowance for loan loss at end of period | 7,018 | 6,602 | 7,018 | 6,602 |
Construction, Land Development and Other Land | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 2,724 | 1,607 | 2,076 | 1,684 |
Provision for loan losses | 45 | 371 | 693 | 294 |
Net (charge-offs) recoveries: | ||||
Allowance for loan loss at end of period | 2,769 | 1,978 | 2,769 | 1,978 |
Commercial and Other Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 6,567 | 5,799 | 6,821 | 4,802 |
Provision for loan losses | 1,294 | 143 | 1,038 | 1,137 |
Net (charge-offs) recoveries: | ||||
Charge-offs | (42) | (42) | ||
Recoveries | 2 | 1 | 4 | 4 |
Net (charge-offs) recoveries | 2 | (41) | 4 | (38) |
Allowance for loan loss at end of period | 7,863 | 5,901 | 7,863 | 5,901 |
Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 804 | 474 | 861 | 260 |
Provision for loan losses | (83) | 10 | (140) | 224 |
Net (charge-offs) recoveries: | ||||
Allowance for loan loss at end of period | $ 721 | $ 484 | $ 721 | $ 484 |
Schedule Represents both Allowa
Schedule Represents both Allowance for Loan Loss and Associated Loan Balance Classified by Loan Portfolio Segment and by Credit Evaluation Methodology (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | $ 0 | $ 0 | ||||
Collectively evaluated for impairment | 18,371 | 15,682 | ||||
Total Allowance for Loan Loss | 18,371 | $ 18,476 | 15,682 | $ 14,965 | $ 14,124 | $ 12,610 |
Loans receivable: | ||||||
Individually evaluated for impairment | 708 | 1,207 | ||||
Collectively evaluated for impairment | 1,972,517 | 1,829,944 | ||||
Total Loans | 1,974,941 | 1,833,163 | ||||
Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | 0 | ||||
Loans receivable: | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,716 | 2,012 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 7,018 | 5,924 | ||||
Total Allowance for Loan Loss | 7,018 | 8,381 | 5,924 | 6,602 | 6,244 | 5,864 |
Loans receivable: | ||||||
Individually evaluated for impairment | 456 | 558 | ||||
Collectively evaluated for impairment | 498,669 | 536,333 | ||||
Total Loans | 499,439 | 537,368 | ||||
Commercial and Industrial | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | 0 | ||||
Loans receivable: | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 314 | 477 | ||||
Construction, Land Development and Other Land | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,769 | 2,076 | ||||
Total Allowance for Loan Loss | 2,769 | 2,724 | 2,076 | 1,978 | 1,607 | 1,684 |
Loans receivable: | ||||||
Collectively evaluated for impairment | 172,441 | 125,832 | ||||
Total Loans | 172,441 | 125,832 | ||||
Construction, Land Development and Other Land | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | 0 | ||||
Commercial and Other Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 7,863 | 6,821 | ||||
Total Allowance for Loan Loss | 7,863 | 6,821 | ||||
Loans receivable: | ||||||
Individually evaluated for impairment | 252 | 649 | ||||
Collectively evaluated for impairment | 1,261,789 | 1,124,667 | ||||
Total Loans | 1,263,443 | 1,126,851 | ||||
Commercial and Other Real Estate | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 0 | 0 | ||||
Loans receivable: | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | 1,402 | 1,535 | ||||
Other | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 721 | 861 | ||||
Total Allowance for Loan Loss | 721 | $ 804 | 861 | $ 484 | $ 474 | $ 260 |
Loans receivable: | ||||||
Collectively evaluated for impairment | 39,618 | 43,112 | ||||
Total Loans | 39,618 | 43,112 | ||||
Other | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired (loans acquired with deteriorated credit quality) | $ 0 | $ 0 |
Risk Category of Loans by Class
Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and Industrial | $ 499,439 | $ 537,368 |
Construction, Land Development and Other Land | 172,441 | 125,832 |
Commercial and Other Real Estate | 1,263,443 | 1,126,851 |
Other | 39,618 | 43,112 |
Total Loans | 1,974,941 | 1,833,163 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and Industrial | 445,172 | 503,006 |
Construction, Land Development and Other Land | 172,441 | 125,832 |
Commercial and Other Real Estate | 1,234,950 | 1,101,548 |
Other | 36,701 | 40,132 |
Total Loans | 1,889,264 | 1,770,518 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and Industrial | 18,939 | 16,041 |
Commercial and Other Real Estate | 4,747 | 6,494 |
Other | 43 | |
Total Loans | 23,686 | 22,578 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and Industrial | 35,328 | 18,321 |
Commercial and Other Real Estate | 23,746 | 18,809 |
Other | 2,917 | 2,937 |
Total Loans | $ 61,991 | $ 40,067 |
Aging Analysis of Recorded Inve
Aging Analysis of Recorded Investment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 0 | $ 0 |
Total Non-Accrual | 1,223 | 2,051 |
Current | 1,973,718 | 1,831,112 |
Total Loans | 1,974,941 | 1,833,163 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Total Non-Accrual | 769 | 1,032 |
Current | 498,670 | 536,336 |
Total Loans | 499,439 | 537,368 |
Construction, Land Development and Other Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Current | 172,441 | 125,832 |
Total Loans | 172,441 | 125,832 |
Commercial and Other Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Total Non-Accrual | 454 | 1,019 |
Current | 1,262,989 | 1,125,832 |
Total Loans | 1,263,443 | 1,126,851 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Current | 39,618 | 43,112 |
Total Loans | 39,618 | 43,112 |
Loans 31 to 60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 31 to 60 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 31 to 60 Days Past Due | Construction, Land Development and Other Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 31 to 60 Days Past Due | Commercial and Other Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 31 to 60 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 61 to 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 61 to 90 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 61 to 90 Days Past Due | Construction, Land Development and Other Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 61 to 90 Days Past Due | Commercial and Other Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 61 to 90 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 90 Days Or More Past Due | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 90 Days Or More Past Due | Construction, Land Development and Other Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 90 Days Or More Past Due | Commercial and Other Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans 90 Days Or More Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 0 | $ 0 |
Recorded Investment and Unpaid
Recorded Investment and Unpaid Principal Balances for Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Related Allowance, With a specific allowance recorded | $ 0 | $ 0 | $ 0 | ||
Recorded Investment | 708 | 708 | 1,207 | ||
Unpaid Principal Balance | 1,688 | 1,688 | 1,719 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | 0 | ||
Average Recorded Investment | 670 | $ 3,958 | 650 | $ 3,739 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial and Industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no specific allowance recorded | 456 | 456 | 558 | ||
Recorded Investment, With a specific allowance recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, With no specific allowance recorded | 1,402 | 1,402 | 1,027 | ||
Unpaid Principal Balance, With a specific allowance recorded | 0 | 0 | 0 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | 0 | ||
Recorded Investment | 456 | 456 | 558 | ||
Unpaid Principal Balance | 1,402 | 1,402 | 1,027 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | 0 | ||
Average Recorded Investment, With no specific allowance recorded | 418 | 2,118 | 396 | 1,757 | |
Interest Income Recognized, With no specific allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, With a specific allowance recorded | 1,328 | 1,328 | |||
Interest Income Recognized, With a specific allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 418 | 3,446 | 396 | 3,085 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial and Other Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no specific allowance recorded | 252 | 252 | 649 | ||
Unpaid Principal Balance, With no specific allowance recorded | 286 | 286 | 692 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | 0 | ||
Recorded Investment | 252 | 252 | 649 | ||
Unpaid Principal Balance | 286 | 286 | 692 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | $ 0 | ||
Average Recorded Investment, With no specific allowance recorded | 252 | 99 | 254 | 104 | |
Interest Income Recognized, With no specific allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, With a specific allowance recorded | 413 | 550 | |||
Interest Income Recognized, With a specific allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 252 | 512 | 254 | 654 | |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Additional Information on Impai
Additional Information on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Receivables [Abstract] | ||||
Interest foregone on impaired loans | $ 22 | $ 81 | $ 68 | $ 238 |
Cash collections applied to reduce principal balance | 230 | 23 | 282 | 186 |
Interest income recognized on cash collections | $ 0 | $ 0 | $ 0 | $ 0 |
Recorded Investment and Unpai53
Recorded Investment and Unpaid Principal Balances for Troubled Debt Restructured Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | $ 708 | $ 708 | $ 1,207 | ||
Unpaid Principal Balance | 1,688 | 1,688 | 1,719 | ||
Interest Income Recognized | 0 | $ 0 | 0 | $ 0 | |
Commercial and Industrial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | 456 | 456 | 558 | ||
Unpaid Principal Balance | 1,402 | 1,402 | 1,027 | ||
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial and Other Real Estate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | 252 | 252 | 649 | ||
Unpaid Principal Balance | 286 | 286 | 692 | ||
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Troubled Debt Restructuring | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | 533 | 1,879 | 533 | 1,879 | 627 |
Unpaid Principal Balance | 1,230 | 2,490 | 1,230 | 2,490 | 1,363 |
Interest Income Recognized | 0 | 0 | 0 | 0 | 0 |
Troubled Debt Restructuring | Commercial and Industrial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | 533 | 1,780 | 533 | 1,780 | 627 |
Unpaid Principal Balance | 1,230 | 2,385 | 1,230 | 2,385 | 1,363 |
Interest Income Recognized | $ 0 | 0 | $ 0 | 0 | $ 0 |
Troubled Debt Restructuring | Commercial and Other Real Estate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | 99 | 99 | |||
Unpaid Principal Balance | 105 | 105 | |||
Interest Income Recognized | $ 0 | $ 0 |
Pre and Post Modification Recor
Pre and Post Modification Recorded Investment in TDR Loans (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | 3 | 1 | 3 |
Pre-Modification Recorded Investment | $ 650 | $ 1,335 | $ 650 | $ 1,335 |
Post-Modification Recorded Investment | $ 184 | $ 1,335 | $ 184 | $ 1,335 |
Reduced Interest Rate | Commercial and Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | 3 | 1 | 3 |
Pre-Modification Recorded Investment | $ 650 | $ 1,335 | $ 650 | $ 1,335 |
Post-Modification Recorded Investment | $ 184 | $ 1,335 | $ 184 | $ 1,335 |
Accretable Yield for Acquired L
Accretable Yield for Acquired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Receivables [Abstract] | ||||
Balance, beginning of period | $ 11,928 | $ 18,255 | $ 14,610 | $ 21,402 |
Accretion, included in interest income | (1,229) | (1,463) | (3,879) | (4,140) |
Reclassifications to non-accretable yield | (5) | (32) | (475) | |
Balance, end of period | $ 10,699 | $ 16,787 | $ 10,699 | $ 16,787 |
Carrying Value of Purchased Cre
Carrying Value of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 1,688 | $ 1,719 |
Carrying Value | 708 | 1,207 |
PCI loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,646 | 4,642 |
Carrying Value | 1,716 | 2,012 |
PCI loans | Commercial and Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 639 | 2,331 |
Carrying Value | 314 | 477 |
PCI loans | Commercial and Other Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,007 | 2,250 |
Carrying Value | $ 1,402 | 1,535 |
PCI loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 61 |
Accretable Net Discount of Purc
Accretable Net Discount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ||||
Balance, beginning of period | $ 11,928 | $ 18,255 | $ 14,610 | $ 21,402 |
Accretion, included in interest income | (1,229) | (1,463) | (3,879) | (4,140) |
Balance, end of period | 10,699 | 16,787 | 10,699 | 16,787 |
PCI loans | ||||
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ||||
Balance, beginning of period | 205 | 286 | 246 | 324 |
Accretion, included in interest income | (22) | (20) | (63) | (58) |
Reclassifications from non-accretable yield | 0 | 0 | 0 | 0 |
Balance, end of period | $ 183 | $ 266 | $ 183 | $ 266 |
Qualified Affordable Housing 58
Qualified Affordable Housing Project Investments - Additional Information (Detail) - Low Income Housing Tax Credits - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||||
Investment cost | $ 3,400 | $ 3,400 | $ 3,700 | ||
Investment in funding obligation | 647 | 647 | $ 1,100 | ||
Tax credits and other tax benefits | 143 | $ 146 | 436 | $ 436 | |
Amortization expense | $ 112 | $ 114 | $ 336 | $ 343 |
Borrowings and Subordinated D59
Borrowings and Subordinated Debentures - Additional Information (Detail) | May 19, 2010USD ($) | Sep. 30, 2016USD ($)Debentures | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Securities with a fair value | $ 55,000,000 | $ 47,000,000 | ||
Subordinated debentures | $ 12,372,000 | 12,372,000 | ||
Issuance maturity period from its date of issue | 30 years | |||
Number of debentures | Debentures | 3 | |||
Trust preferred securities tier one capital | 25.00% | |||
Maximum proceeds from issuance of trust preferred securities | $ 15,000,000,000 | |||
Proceeds from issuance of trust preferred securities | 12,000,000 | |||
Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of debt securities | $ 12,400,000 | |||
Federal Home Loan Bank of San Francisco | ||||
Debt Instrument [Line Items] | ||||
Credit facility, percentage of Bank's total assets | 25.00% | |||
Credit facility, maximum borrowing capacity | $ 694,000,000 | |||
Credit facility, loan collateral pledge | $ 953,000,000 | |||
Maximum advances by FHLB | 633,000,000 | |||
Investment securities pledged with FHLB | 17,000,000 | |||
Outstanding advances (borrowings) with FHLB | 0 | 0 | ||
PC Bancorp | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 12,400,000 | |||
Subordinated Debentures | ||||
Debt Instrument [Line Items] | ||||
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 | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 6,186,000 | 6,186,000 | ||
Prepayment penalties | 0 | |||
Trust II | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | 3,093,000 | 3,093,000 | ||
Prepayment penalties | 0 | |||
Trust III | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | 3,093,000 | $ 3,093,000 | ||
Prepayment penalties | $ 0 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Repurchase maturity date | 1 day | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Repurchase maturity date | 180 days |
Terms and Maturity of Bank's Se
Terms and Maturity of Bank's Securities Sold under Agreements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount | $ 24,251 | $ 14,360 |
Interest Rate | 0.24% | 0.19% |
September 30, 2016 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount | $ 24,251 | |
Term | 3 days | |
Maturity Date | Oct. 3, 2016 | |
September 30, 2016 | Minimum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.10% | |
September 30, 2016 | Maximum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.25% | |
December 31, 2015 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount | $ 14,360 | |
Term | 4 days | |
Maturity Date | Jan. 4, 2016 | |
December 31, 2015 | Minimum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.08% | |
December 31, 2015 | Maximum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.25% |
Subordinated Debentures Outstan
Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount, gross | $ 12,372 | $ 12,372 |
Unamortized fair value adjustment | (2,555) | (2,675) |
Net | 9,817 | 9,697 |
Trust I | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount, gross | $ 6,186 | $ 6,186 |
Issuance Date | Dec. 10, 2004 | Dec. 10, 2004 |
Maturity Date | Mar. 15, 2035 | Mar. 15, 2035 |
Rate Index | 3 month LIBOR + 2.05 % | 3 month LIBOR + 2.05 % |
Current Rate | 2.90% | 2.56% |
Next Reset Date | Dec. 15, 2016 | Mar. 15, 2016 |
Trust II | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount, gross | $ 3,093 | $ 3,093 |
Issuance Date | Dec. 23, 2005 | Dec. 23, 2005 |
Maturity Date | Mar. 15, 2036 | Mar. 15, 2036 |
Rate Index | 3 month LIBOR + 1.75 % | 3 month LIBOR + 1.75 % |
Current Rate | 2.60% | 2.26% |
Next Reset Date | Dec. 15, 2016 | Mar. 15, 2016 |
Trust III | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount, gross | $ 3,093 | $ 3,093 |
Issuance Date | Jun. 30, 2006 | Jun. 30, 2006 |
Maturity Date | Sep. 18, 2036 | Sep. 18, 2036 |
Rate Index | 3 month LIBOR + 1.85 % | 3 month LIBOR + 1.85 % |
Current Rate | 2.70% | 2.36% |
Next Reset Date | Dec. 15, 2016 | Mar. 15, 2016 |
Derivative Financial Instrume62
Derivative Financial Instruments - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2016USD ($)AgreementDerivativeFinancial_Institution | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Number of pay-fixed, receive-variable interest rate swap agreements | Agreement | 16 | |
Investment securities | $ 415,167,000 | $ 357,821,000 |
Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Certificates of deposit with other financial institutions pledged | 2,300,000 | |
Investment securities | 2,700,000 | |
Trading securities eligible for use as collateral | $ 5,000,000 | |
1st Enterprise Bank | ||
Derivative [Line Items] | ||
Number of counterparty banks | Financial_Institution | 2 | |
Derivative assets liabilities offset | $ 0 | |
Total notional amount of swaps | $ 27,000,000 | $ 28,000,000 |
Derivatives not Designated as Hedging Instruments | 1st Enterprise Bank | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Swap contracts acquired | Derivative | 12 | |
Offsetting interest-rate swaps acquired | Derivative | 12 |
Balance Sheet Classification of
Balance Sheet Classification of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Asset Derivatives | $ 1,484 | $ 881 |
Fair Value Hedges | 2,580 | 2,545 |
1st Enterprise Bank | Accrued Interest Payable and Other Liabilities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Fair Value Hedges | 1,484 | 881 |
1st Enterprise Bank | Accrued Interest Receivable and Other Assets | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Asset Derivatives | 1,484 | 881 |
PC Bancorp | Accrued Interest Payable and Other Liabilities | ||
Derivative [Line Items] | ||
Fair Value Hedges | 1,096 | 1,664 |
PC Bancorp | Accrued Interest Payable and Other Liabilities | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Fair Value Hedges | 22,001 | 25,938 |
Derivatives not Designated as Hedging Instruments | PC Bancorp | Accrued Interest Payable and Other Liabilities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Fair Value Hedges | 156 | 313 |
Derivatives Designated as Hedging Instruments | PC Bancorp | Accrued Interest Payable and Other Liabilities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Fair Value Hedges | $ 940 | $ 1,351 |
Effect of Derivative Instrument
Effect of Derivative Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Net decrease in other non-interest income | $ 6 | $ (25) | $ (25) | $ (74) |
Net decrease in interest income on loans | (21) | 58 | (30) | 16 |
Derivatives not Designated as Hedging Instruments | Loans, net | ||||
Derivative [Line Items] | ||||
Increase in fair value of interest rate swap contracts | 66 | 41 | 156 | 124 |
Payments on interest rate swap contracts on loans and subordinated debentures | (60) | (66) | (181) | (198) |
Derivatives Designated as Hedging Instruments | Loans, net | ||||
Derivative [Line Items] | ||||
Increase (decrease) in fair value of hedged loans | (68) | 191 | 215 | 279 |
Payments on interest rate swap contracts on loans and subordinated debentures | (202) | (275) | (657) | (846) |
Derivatives Designated as Hedging Instruments | Subordinated Debentures | ||||
Derivative [Line Items] | ||||
Increase in fair value of interest rate swap contracts | $ 249 | $ 142 | $ 412 | $ 583 |
Securities Sold under Repurchas
Securities Sold under Repurchase Agreements and Derivatives Securities Offset in Consolidated Financial Statements Due to an Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Interest rate swap contracts fair value - Gross Amounts Recognized in the Consolidated Balance Sheets | $ 1,484 | $ 881 |
Interest rate swap contracts fair value - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Interest rate swap contracts fair value - Net Amounts of Assets Presented in the Consolidated Balance Sheets | 1,484 | 881 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 1,484 | 881 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 0 | 0 |
Interest rate swap contracts fair value - Net Amount (Collateral over liability balance required to be pledged) | 0 | 0 |
Total - Gross Amounts Recognized in the Consolidated Balance Sheets | 1,484 | 881 |
Total - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Total - Net Amounts of Assets Presented in the Consolidated Balance Sheets | 1,484 | 881 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 1,484 | 881 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 0 | 0 |
Total - Net Amount (Collateral over liability balance required to be pledged) | 0 | 0 |
Interest rate swap contracts fair value - Gross Amounts Recognized in the Consolidated Balance Sheets | 2,580 | 2,545 |
Interest rate swap contracts fair value - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Interest rate swap contracts fair value - Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | 2,580 | 2,545 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 2,580 | 2,545 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 5,041 | 4,759 |
Interest rate swap contracts fair value - Net Amount (Collateral over liability balance required to be pledged) | 2,461 | 2,214 |
Securities sold under agreements to repurchase - Gross Amounts Recognized in the Consolidated Balance Sheets | 24,251 | 14,360 |
Securities sold under agreements to repurchase - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Securities sold under agreements to repurchase - Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | 24,251 | 14,360 |
Securities sold under agreements to repurchase - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 24,251 | 14,360 |
Securities sold under agreements to repurchase - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 55,250 | 46,596 |
Securities sold under agreements to repurchase - Net Amount (Collateral over liability balance required to be pledged) | 30,999 | 32,236 |
Total - Gross Amounts Recognized in the Consolidated Balance Sheets | 26,831 | 16,905 |
Total - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Total - Net Amounts of Assets /Liabilities Presented in the Consolidated Balance Sheets | 26,831 | 16,905 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 26,831 | 16,905 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 60,291 | 51,355 |
Total - Net Amount (Collateral over liability balance required to be pledged) | $ 33,460 | $ 34,450 |
Future Compensation Expense Rel
Future Compensation Expense Related to Unvested Restricted Stock Grants (Detail) - Restricted Stock $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remainder of 2016 | $ 842 |
2,017 | 1,910 |
2,018 | 667 |
2,019 | 185 |
Thereafter | 36 |
Total | $ 3,640 |
Stock Options and Restricted 67
Stock Options and Restricted Stock - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average period over which the total compensation cost related to unvested restricted stock grants not yet recognized | 2 years 6 months | ||||
Total intrinsic value of options exercised | $ 127,000 | $ 606,000 | $ 5,700,000 | $ 1,900,000 | |
Stock-based compensation expense | 939,000 | 810,000 | 2,664,000 | 2,130,000 | |
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Future compensation expense related to unvested stock options | 3,640,000 | ||||
Restricted Stock | Equity Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation, options granted | 40 | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Future compensation expense related to unvested stock options | 0 | ||||
Stock-based compensation expense | $ 939,000 | $ 745,000 | $ 2,700,000 | $ 2,000,000 |
Share Option Activity (Detail)
Share Option Activity (Detail) - Equity Plan - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Shares | ||
Outstanding stock options at beginning, Shares | 557,471 | |
Granted, Shares | 0 | |
Exercised, Shares | (411,964) | |
Forfeited, Shares | 0 | |
Expired, Shares | (4,500) | |
Outstanding stock options at ending, Shares | 141,007 | 557,471 |
Exercisable options at September 30, 2016, Shares | 141,007 | |
Unvested options at September 30, 2016, Shares | 0 | |
Weighted Average Exercise Price | ||
Outstanding stock options at beginning, Weighted Average Exercise Price | $ 10.57 | |
Granted, Weighted Average Exercise Price | 0 | |
Exercised, Weighted Average Exercise Price | 0 | |
Forfeited, Weighted Average Exercise Price | 0 | |
Expired, Weighted Average Exercise Price | 0 | |
Outstanding stock options at end, Weighted Average Exercise Price | 14.87 | $ 10.57 |
Exercisable options at end, Weighted Average Exercise Price | 14.87 | |
Unvested options at end, Weighted Average Exercise Price | $ 0 | |
Weighted Average Remaining Contractual Term | ||
Outstanding stock options at September 30, 2016 | 9 months 18 days | 9 months 18 days |
Exercisable options at end, Weighted Average Remaining Contractual Term | 9 months 18 days | |
Aggregate Intrinsic Value | ||
Outstanding stock options at beginning, Aggregate Intrinsic Value | $ 8,248 | |
Outstanding stock options at end, Aggregate Intrinsic Value | 1,121 | $ 8,248 |
Exercisable options at end, Aggregate Intrinsic Value | 1,121 | |
Unvested options at end, Aggregate Intrinsic Value | $ 0 |
Restricted Stock Activity (Deta
Restricted Stock Activity (Detail) - Restricted Stock | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Number of Shares | |
Unvested, at beginning, Number of Shares | shares | 311,458 |
Granted, Number of Shares | shares | 132,809 |
Vested, Number of Shares | shares | (87,031) |
Cancelled and forfeited, Number of Shares | shares | (11,375) |
Unvested, at end, Number of Shares | shares | 345,861 |
Weighted-Average Grant-Date Fair Value per Share | |
Unvested, at beginning, Weighted-Average Grant-Date Fair Value per Share | $ / shares | $ 19.29 |
Granted, Weighted-Average Grant-Date Fair Value per Share | $ / shares | 23.12 |
Vested, Weighted-Average Grant-Date Fair Value per Share | $ / shares | 17.53 |
Cancelled and forfeited, Weighted-Average Grant-Date Fair Value per Share | $ / shares | 20.88 |
Unvested, at end, Weighted-Average Grant-Date Fair Value per Share | $ / shares | $ 21.37 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Thousands, $ in Thousands | Nov. 30, 2018 | Nov. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||||
Shares issued during period upon exercise of stock options for total value | $ 3,695 | $ 1,434 | ||||
Shares repurchased of restricted stock value | $ 834 | |||||
Preferred stock, liquidation preference per share | $ 1 | $ 1 | $ 1 | |||
Carrying value of preferred stock | $ 17,021 | $ 17,021 | $ 16,995 | |||
Coupon dividend rate | 9.00% | |||||
Coupon dividend rate, description | The current coupon dividend rate was adjusted to 9% on March 1, 2016 through perpetuity. | |||||
Scenario, Forecast | ||||||
Class of Stock [Line Items] | ||||||
Dividend yield from business combination accounting | 7.00% | |||||
1st Enterprise Bank | ||||||
Class of Stock [Line Items] | ||||||
Number of Non-Cumulative Perpetual Preferred Stock, Series D converted to Non-Cumulative Perpetual Preferred Stock, Series A | 16,400 | |||||
Preferred stock estimated period | 4 years | |||||
Preferred stock net discount | $ 479 | |||||
Preferred stock accretion on net discount | 1,100 | 26 | ||||
Carrying value of preferred stock | 17,000 | 17,000 | ||||
Preferred stock value, gross | 16,000 | $ 16,000 | ||||
Preferred stock value net premium | $ 600 | |||||
1st Enterprise Bank | Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Fair value of preferred stock | $ 16,000 | |||||
1st Enterprise Bank | SBLF | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued | 16,400 | |||||
Restricted Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares issued during period upon exercise of stock options | 411,964 | |||||
Shares issued during period upon exercise of stock options for total value | $ 3,700 | |||||
Shares of restricted stock issued to employees and directors | 132,809 | |||||
Share based compensation, unvested restricted shares cancelled | 35,349 | |||||
Unvested Restricted Stock | ||||||
Class of Stock [Line Items] | ||||||
Share based compensation, unvested restricted shares cancelled | 11,375 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Components Of Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ 306,807 | $ 279,192 | ||
Net unrealized gain (loss) arising during the period | $ (313) | $ 311 | 1,281 | 73 |
Related tax effect | 227 | (225) | (929) | (48) |
Reclassification of (gain) loss on investment securities available-for-sale to net income | (141) | (141) | ||
Related tax effect | 59 | 59 | ||
Other Comprehensive Income (Loss) | (395) | 311 | 1,199 | 73 |
Ending balance | 332,930 | 298,348 | 332,930 | 298,348 |
Unrealized Gains (Losses) on Investment Securities | ||||
Components Of Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | 778 | (48) | (816) | 190 |
Net unrealized gain (loss) arising during the period | (540) | 536 | 2,210 | 121 |
Ending balance | $ 383 | $ 263 | $ 383 | $ 263 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Other Commitments [Line Items] | ||
Legal proceedings against the company | $ 0 | |
Allowance for losses on unfunded loan commitments | 778,000 | $ 608,000 |
Commitments to Extend Credit | ||
Other Commitments [Line Items] | ||
Financial instruments with off balance sheet risk | 920,000,000 | 806,000,000 |
Commitments to Extend Credit | Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Financial instruments with off balance sheet risk | $ 87,000,000 | $ 73,000,000 |
Financial Assets and Financial
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | $ 375,094 | $ 315,785 |
Interest Rate Swap Contracts | 1,484 | 881 |
Interest Rate Swap Contracts | 2,580 | 2,545 |
Interest rate swap contracts fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Contracts | 1,484 | 881 |
Interest Rate Swap Contracts | 2,580 | 2,545 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 375,094 | 315,785 |
Significant Other Observable Inputs (Level 2) | Interest rate swap contracts fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Contracts | 1,484 | 881 |
Interest Rate Swap Contracts | $ 2,580 | $ 2,545 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets measured at fair value on recurring basis | $ 0 | $ 0 | $ 0 |
Financial liabilities measured at fair value on recurring basis | 0 | 0 | $ 0 |
Fair Value Hierarchy for Assets Measured on Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfer of assets in or out of Level 3 | 0 | ||
Fair value assets transfer from level 1 to level 2 | 0 | 0 | |
Fair value assets transfer from level 2 to level 1 | 0 | 0 | |
Fair Value Hierarchy for Asset Measured on Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfer of assets in or out of Level 3 | 0 | 0 | |
Fair value assets transfer from level 1 to level 2 | 0 | 0 | |
Fair value assets transfer from level 2 to level 1 | $ 0 | $ 0 |
Balances of Assets and Liabilit
Balances of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 242 | $ 325 |
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) | 242 | |
Other real estate owned | 325 | |
Total | 242 | 325 |
Significant Unobservable Inputs (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) | 242 | |
Other real estate owned | 325 | |
Total | $ 242 | $ 325 |
Significant Unobservable Inputs
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 ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 242 | $ 325 |
Other Real Estate Owned | Broker Opinion of Value | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Model and/or Factors | Sales approach Estimated selling costs | |
Estimated selling costs | 6.00% | |
Other Real Estate Owned | Residential Real Estate Appraisal | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 325 | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And/Or Partial Charge-Off | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 58 | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And/Or Partial Charge-Off | Auction Estimate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 184 | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And/Or Partial Charge-Off | Balance Represents Hundred Percentage Guaranty By SBA | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Model and/or Factors | Not Applicable | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And/Or Partial Charge-Off | Assignment Of Expected Proceeds From Collateral Sale | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Model and/or Factors | Not Applicable |
Significant Unobservable Inpu77
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) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Percentage of guarantee by small business administration | 100.00% |
Level in Fair Value Hierarchy f
Level in Fair Value Hierarchy for Financial Instruments Estimated Fair Values (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 47,701 | $ 50,960 |
Cash and due from banks | 47,701 | 50,960 |
Interest earning deposits in other financial institutions | 244,205 | 171,103 |
Interest earning deposits in other financial institutions | 244,205 | 171,103 |
Investment securities available-for-sale | 375,094 | 315,785 |
Investment securities held-to-maturity, Carrying Amount | 40,073 | 42,036 |
Investment securities held-to-maturity | 40,691 | 42,339 |
Loans, net, Carrying Amount | 1,956,570 | 1,817,481 |
Loans, net, Fair Value | 1,993,667 | 1,851,220 |
Interest rate swap contracts, Carrying Amount | 1,484 | 881 |
Interest rate swap contracts, Fair Value | 1,484 | 881 |
Certificates of deposit, Carrying Amount | 35,033 | 58,502 |
Certificates of deposit, Fair Value | 35,033 | 58,502 |
Securities sold under agreements to repurchase, Carrying Amount | 24,251 | 14,360 |
Securities sold under agreements to repurchase, Fair Value | 24,251 | 14,360 |
Subordinated debentures, Carrying Amount | 9,817 | 9,697 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Interest rate swap contracts, Carrying Amount | 2,580 | 2,545 |
Interest rate swap contracts, Fair Value | 2,580 | 2,545 |
Carrying (Reported) Amount, Estimated Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 47,701 | 50,960 |
Interest earning deposits in other financial institutions | 244,205 | 171,103 |
Investment securities available-for-sale | 375,094 | 315,785 |
Investment securities held-to-maturity, Carrying Amount | 40,073 | 42,036 |
Loans, net, Carrying Amount | 1,956,570 | 1,817,481 |
Interest rate swap contracts, Carrying Amount | 1,484 | 881 |
Certificates of deposit, Carrying Amount | 35,033 | 58,502 |
Securities sold under agreements to repurchase, Carrying Amount | 24,251 | 14,360 |
Subordinated debentures, Carrying Amount | 9,817 | 9,697 |
Interest rate swap contracts, Carrying Amount | 2,580 | 2,545 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 47,701 | 50,960 |
Interest earning deposits in other financial institutions | 244,205 | 171,103 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 375,094 | 315,785 |
Investment securities held-to-maturity | 40,691 | 42,339 |
Interest rate swap contracts, Fair Value | 1,484 | 881 |
Certificates of deposit, Fair Value | 35,033 | 58,502 |
Securities sold under agreements to repurchase, Fair Value | 24,251 | 14,360 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Interest rate swap contracts, Fair Value | 2,580 | 2,545 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net, Fair Value | $ 1,993,667 | $ 1,851,220 |