Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 17,827,381 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 56,382 | $ 41,281 |
Interest earning deposits in other financial institutions | 111,852 | 167,789 |
Total cash and cash equivalents | 168,234 | 209,070 |
Certificates of deposit in other financial institutions | 47,325 | 51,245 |
Investment securities available-for-sale, at fair value | 453,952 | 469,950 |
Investment securities held-to-maturity, at amortized cost | 39,992 | 42,027 |
Total investment securities | 493,944 | 511,977 |
Loans | 2,151,593 | 2,050,226 |
Allowance for loan loss | (20,326) | (19,374) |
Net loans | 2,131,267 | 2,030,852 |
Premises and equipment, net | 3,806 | 4,184 |
Deferred tax assets, net | 16,291 | 17,181 |
Goodwill | 64,603 | 64,603 |
Core deposit and leasehold right intangibles, net | 5,641 | 6,300 |
Bank owned life insurance | 61,536 | 51,216 |
Accrued interest receivable and other assets | 45,478 | 48,132 |
Total Assets | 3,038,125 | 2,994,760 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Non-interest bearing demand deposits | 1,459,553 | 1,400,097 |
Interest bearing transaction accounts | 328,156 | 332,702 |
Money market and savings deposits | 820,832 | 845,110 |
Certificates of deposit | 29,725 | 29,480 |
Total deposits | 2,638,266 | 2,607,389 |
Securities sold under agreements to repurchase | 12,180 | 18,816 |
Subordinated debentures, net | 9,936 | 9,856 |
Accrued interest payable and other liabilities | 20,167 | 20,514 |
Total Liabilities | 2,680,549 | 2,656,575 |
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 June 30, 2017 and December 31, 2016, respectively | 16,818 | 16,955 |
Common stock - authorized, 75,000,000 shares no par value, 17,831,131 and 17,759,006 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 236,308 | 235,873 |
Additional paid-in capital | 26,254 | 25,213 |
Retained earnings | 79,654 | 63,163 |
Accumulated other comprehensive loss, net of tax | (1,458) | (3,019) |
Total Shareholders' Equity | 357,576 | 338,185 |
Total Liabilities and Shareholders' Equity | $ 3,038,125 | $ 2,994,760 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 17,831,131 | 17,759,006 |
Common stock, shares outstanding | 17,831,131 | 17,759,006 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Income | ||||
Interest and fees on loans | $ 24,695 | $ 23,165 | $ 49,127 | $ 45,743 |
Interest on investment securities | 2,153 | 1,415 | 4,194 | 2,647 |
Interest on interest bearing deposits in other financial institutions | 615 | 417 | 1,325 | 856 |
Total Interest Income | 27,463 | 24,997 | 54,646 | 49,246 |
Interest Expense | ||||
Interest on interest bearing transaction accounts | 146 | 99 | 303 | 198 |
Interest on money market and savings deposits | 699 | 484 | 1,369 | 995 |
Interest on certificates of deposit | 35 | 31 | 61 | 64 |
Interest on securities sold under agreements to repurchase | 7 | 14 | 16 | 25 |
Interest on subordinated debentures | 136 | 120 | 266 | 237 |
Total Interest Expense | 1,023 | 748 | 2,015 | 1,519 |
Net Interest Income | 26,440 | 24,249 | 52,631 | 47,727 |
Provision for loan losses | 701 | 1,063 | 701 | 1,685 |
Net Interest Income After Provision For Loan Losses | 25,739 | 23,186 | 51,930 | 46,042 |
Non-Interest Income | ||||
Gain on sale of securities, net | 141 | |||
Gain on sale of SBA loans, net | 552 | 485 | 754 | 1,039 |
Deposit account service charge income | 1,210 | 1,222 | 2,370 | 2,411 |
Other non-interest income | 3,865 | 1,268 | 5,197 | 2,345 |
Total Non-Interest Income | 5,627 | 2,975 | 8,462 | 5,795 |
Non-Interest Expense | ||||
Salaries and employee benefits (includes stock based compensation expense of $837 and $891 for the three months, and $1,610 and $1,725 for the six months ended June 30, 2017 and 2016, respectively) | 10,642 | 9,921 | 21,703 | 20,074 |
Occupancy | 1,450 | 1,439 | 2,939 | 2,875 |
Data processing | 670 | 635 | 1,326 | 1,253 |
Legal and professional | 460 | 651 | 1,469 | 1,126 |
FDIC deposit assessment | 391 | 359 | 837 | 709 |
Merger related expense | 1,471 | 1,471 | ||
OREO loss and expenses | 4 | 83 | ||
Office services expenses | 363 | 320 | 743 | 723 |
Other operating expenses | 1,673 | 1,760 | 3,325 | 3,433 |
Total Non-Interest Expense | 17,120 | 15,089 | 33,813 | 30,276 |
Net Income Before Provision for Income Tax Expense | 14,246 | 11,072 | 26,579 | 21,561 |
Provision for income tax expense | 4,937 | 3,952 | 9,487 | 7,857 |
Net Income | 9,309 | 7,120 | 17,092 | 13,704 |
Preferred stock dividends and discount accretion or premium amortization | 300 | 307 | 601 | 610 |
Net Income available to common shareholders | $ 9,009 | $ 6,813 | $ 16,491 | $ 13,094 |
Earnings Per Share | ||||
Basic earnings per share | $ 0.51 | $ 0.40 | $ 0.94 | $ 0.77 |
Diluted earnings per share | $ 0.51 | $ 0.39 | $ 0.93 | $ 0.75 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Stock based compensation expense | $ 837 | $ 891 | $ 1,610 | $ 1,725 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 9,309 | $ 7,120 | $ 17,092 | $ 13,704 |
Other Comprehensive Income, net of tax: | ||||
Net change in unrealized loss on available-for-sale investment securities, net of tax | 1,396 | 825 | 1,643 | 1,594 |
Reclassification of gain on investment securities available-for-sale to net income, net of tax | (82) | |||
Other Comprehensive Income | 1,396 | 825 | 1,561 | 1,594 |
Comprehensive Income | $ 10,705 | $ 7,945 | $ 18,653 | $ 15,298 |
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, 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 | 109,809 | ||||||||
Exercise of stock options | 3,453 | $ 3,453 | |||||||
Exercise of stock options (in shares) | 396,964 | ||||||||
Stock based compensation expense | 1,725 | 1,725 | |||||||
Restricted stock repurchase | $ (305) | $ (305) | |||||||
Restricted stock repurchase (in shares) | (13,781) | ||||||||
Preferred stock dividends, discount accretion and net premium amortization | (519) | $ 91 | (610) | ||||||
Net Income | 13,704 | 13,704 | |||||||
Other comprehensive income | 1,594 | 1,594 | |||||||
Ending Balance (in shares) at Jun. 30, 2016 | 16,400 | 17,668,381 | |||||||
Ending Balance at Jun. 30, 2016 | 326,459 | $ 17,086 | $ 234,141 | 24,437 | 50,017 | 778 | |||
Net Income | 7,120 | ||||||||
Other comprehensive income | 825 | ||||||||
Ending Balance (in shares) at Jun. 30, 2016 | 16,400 | 17,668,381 | |||||||
Ending Balance at Jun. 30, 2016 | 326,459 | $ 17,086 | $ 234,141 | 24,437 | 50,017 | 778 | |||
Beginning Balance (in shares) at Dec. 31, 2016 | 16,400 | 17,759,006 | |||||||
Beginning Balance at Dec. 31, 2016 | 338,185 | $ 16,955 | $ 235,873 | 25,213 | 63,163 | (3,019) | |||
Net issuance of restricted stock | 58,681 | ||||||||
Exercise of stock options | $ 435 | $ 435 | |||||||
Exercise of stock options (in shares) | 27,942 | 27,942 | |||||||
Stock based compensation expense | $ 1,610 | 1,610 | |||||||
Restricted stock repurchase | $ (569) | $ (569) | |||||||
Restricted stock repurchase (in shares) | (14,498) | ||||||||
Preferred stock dividends, discount accretion and net premium amortization | (738) | $ (137) | (601) | ||||||
Net Income | 17,092 | 17,092 | |||||||
Other comprehensive income | 1,561 | 1,561 | |||||||
Ending Balance (in shares) at Jun. 30, 2017 | 16,400 | 17,831,131 | |||||||
Ending Balance at Jun. 30, 2017 | 357,576 | $ 16,818 | $ 236,308 | 26,254 | 79,654 | (1,458) | |||
Net Income | 9,309 | ||||||||
Other comprehensive income | 1,396 | ||||||||
Ending Balance (in shares) at Jun. 30, 2017 | 16,400 | 17,831,131 | |||||||
Ending Balance at Jun. 30, 2017 | $ 357,576 | $ 16,818 | $ 236,308 | $ 26,254 | $ 79,654 | $ (1,458) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income: | $ 17,092 | $ 13,704 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 701 | 1,685 |
Provision for unfunded loan commitments | 117 | |
Stock based compensation expense | 1,610 | 1,725 |
Depreciation | 678 | 717 |
Net accretion of discounts/premiums for loans acquired and deferred loan fees/costs | (3,721) | (4,392) |
Net amortization from investment securities | 3,009 | 1,991 |
Decrease (increase) in bank owned life insurance | 1,680 | (649) |
Gain from death benefit claims from bank owned life insurance | (2,388) | |
Amortization of core deposit intangibles | 568 | 642 |
Amortization of time deposit premium | (2) | |
Net accretion of leasehold right intangible asset and liabilities | (68) | (57) |
Accretion of subordinated debenture discount | 80 | 80 |
Loss on sale of OREO | 14 | |
Gain on sale of securities, net | (141) | |
Gain on sale of SBA loans, net | (754) | (1,039) |
Decrease (increase) in deferred tax assets | (243) | 1,421 |
Decrease (increase) in accrued interest receivable and other assets | 2,845 | (408) |
Increase in accrued interest payable and other liabilities | 172 | 1,135 |
Increase (decrease) in fair value of derivative swap liability | (360) | 588 |
Net cash provided by operating activities | 20,760 | 17,272 |
Cash flows from investing activities: | ||
Purchases of investment securities | (46,487) | (51,924) |
Proceeds from sales of investment securities | 10,601 | |
Proceeds from repayment and maturities of investment securities | 53,746 | 35,799 |
Loans originated, net of principal payments | (96,642) | (111,409) |
Purchases of premises and equipment | (300) | (225) |
Proceeds from sale of OREO | 311 | |
Net decrease in certificates of deposit in other financial institutions | 3,920 | 2,450 |
Purchase of bank owned life insurance | (12,000) | |
Proceeds from death benefit payments | 2,197 | |
Net cash used in investing activities | (84,965) | (124,998) |
Cash flows from financing activities: | ||
Net increase in non-interest bearing demand deposits | 59,456 | 49,465 |
Net decrease in interest bearing transaction accounts | (4,546) | (2,020) |
Net increase (decrease) in money market and savings deposits | (24,278) | 68,409 |
Net increase (decrease) in certificates of deposit | 245 | (6,902) |
Net increase (decrease) in securities sold under agreements to repurchase | (6,636) | 11,422 |
Net proceeds from stock options exercised | 435 | 3,453 |
Restricted stock repurchase | (569) | (305) |
Dividends paid on preferred stock | (738) | (519) |
Net cash provided by financing activities | 23,369 | 123,003 |
Net increase (decrease) in cash and cash equivalents | (40,836) | 15,277 |
Cash and cash equivalents, beginning of period | 209,070 | 222,063 |
Cash and cash equivalents, end of period | 168,234 | 237,340 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,945 | 1,574 |
Net cash paid for taxes | 8,324 | 2,347 |
Supplemental disclosures of non-cash investing activities: | ||
Net change in unrealized loss on available-for-sale investment securities, net of tax | $ 1,643 | $ 1,594 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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 non-profit non-member 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. 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 2016 Annual Report on Form 10-K. On April 5, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PacWest Bancorp (“PacWest”), wherein CU Bancorp will merge with and into PacWest (the “Merger”), with PacWest surviving the Merger. Immediately following the Merger, CU Bancorp’s wholly-owned bank subsidiary, California United Bank, will merge with and into PacWest’s wholly-owned bank subsidiary, Pacific Western Bank (the “Bank Merger”). Pacific Western Bank will be the surviving bank in the Bank Merger. The Merger Agreement was approved and adopted by the Board of Directors of each of CU Bancorp and PacWest. Closing of the transaction, which is expected to occur in the fourth quarter of 2017, is contingent upon shareholder approval and receipt of necessary regulatory approvals, along with the satisfaction of other customary closing conditions. On June 27, 2017, PacWest received regulatory approval from the DBO. 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 on a recurring and nonrecurring basis. 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. 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 | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements Recent Accounting Standards Not Yet Effective In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), non-interest Under current GAAP, when full consideration is not expected and financing is required by the buyer to purchase the property, there are very prescriptive requirements in determining when foreclosed real estate property sold by an institution should be derecognized and a gain or loss be recognized. The new guidance that will be applied to these sales is more principles based. For example, as it pertains to the criteria for determining how a contract should be accounted for under the new guidance, judgment will need to be exercised in evaluating if: (a) a commitment on the buyer’s part exists, (b) collection is probable in circumstances where the initial investment is minimal and (c) the buyer has obtained control of the asset, including the significant risks and rewards of the ownership. If there is no commitment on the buyer’s part, collection is not probable or the buyer has not obtained control of the asset, then a gain cannot be recognized under the new guidance. The initial investment requirement for the buyer along with the various methods for profit recognition are no longer applicable when the new guidance goes into effect. The Company will revise its current policy on the recognition and measurement of gain on sale of other real estate owned to be consistent with the new guidance, but does not expect the new guidance to have a significant impact on the consolidated financial statements of the Company when adopted. Since the inception of the Company, the level of other real estate owned has been very low and in almost all cases, full consideration was received at the time of sale and financing by the Company was not provided. For deposit-related fees, considering the straightforward nature of the arrangements with the Company’s deposit customers, the Company does not expect the recognition and measurement outcomes of deposit-related fees to be significantly different under the new guidance compared to current GAAP. ASU 2014-09 2015-14 2015-14 In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities far-reaching available-for-sale available-for-sale The Company does not have any equity securities in its available-for-sale 2016-01, security-by-security In February 2016, the FASB issued ASU 2016-02, Leases right-of-use right-of-use right-of-use 2016-02 As of June 30, 2017, the Company has 10 operating leases for 10 locations under contract with a term greater than 12 months with future lease payments totaling $15 million. At adoption date, January 1, 2019, the Company will recognize a lease liability for the present value of future lease commitments and a right of use asset. The recognized right of use asset relating to operating leases will consist of the present value of future lease commitments, unamortized initial direct costs, prepaid rent, and the related unamortized balance of lease incentives. The discount rate used to present value future lease payments will be the Company’s incremental borrowing rate at the time of adoption. The Company will take a modified retrospective transition approach with application in all comparative periods presented. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements when adopted. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) available-for-sale off-balance held-to-maturity 2016-13 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 • 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 In November 2016, the FASB issued ASU 2016-18, Statement of Cash flows (Topic 230): Restricted Cash 2016-18 In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of Business In January 2017, the FASB issued ASU 2017-04, Intangibles–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, 2017-04 In March 2017, the FASB issued ASU 2017-08, Receivables–Nonrefundable Fees and Other Costs (Topic 310): Premium Amortization on Purchased Callable Debt Securities, 2017-08 non-contingent 2017-08. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09, |
Computation of Book Value and T
Computation of Book Value and Tangible Book Value per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, Total Shareholders’ Equity $ 357,576 $ 338,185 Less: Preferred stock 16,818 16,955 Less: Goodwill 64,603 64,603 Less: Core deposit and leasehold right intangibles, net 5,641 6,300 Tangible common equity $ 270,514 $ 250,327 Common shares issued and outstanding 17,831,131 17,759,006 Book value per common share $ 19.11 $ 18.09 Tangible book value per common share $ 15.17 $ 14.10 |
Computation of Earnings per Com
Computation of Earnings per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Note 4 - Computation of Earnings per Common Share In calculating potential common shares used to determine diluted earnings per share, U.S. GAAP requires that assumed proceeds under the treasury stock method to exclude the amount of excess tax benefits that would have been recognized in additional paid-in 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net Income $ 9,309 $ 7,120 $ 17,092 $ 13,704 Less: Preferred stock dividends and discount accretion 300 307 601 610 Net Income available to common shareholders $ 9,009 $ 6,813 $ 16,491 $ 13,094 Weighted average basic common shares outstanding 17,583,888 17,210,433 17,557,996 17,125,930 Dilutive effect of potential common share issuances from stock options and restricted stock 187,349 295,744 205,850 335,739 Weighted average diluted common shares outstanding 17,771,237 17,506,177 17,763,846 17,461,669 Income per common share Basic $ 0.51 $ 0.40 $ 0.94 $ 0.77 Diluted $ 0.51 $ 0.39 $ 0.93 $ 0.75 Anti-dilutive shares not included in the calculation of diluted earnings per share — — 2,075 1,500 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
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 held-to-maturity 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 June 30, 2017 Amortized Cost Gains Losses Fair Market Available-for-sale U.S. Govt Agency and Sponsored Agency - Note Securities $ 10,000 $ — $ 42 $ 9,958 U.S. Govt Agency - SBA Securities 117,224 372 214 117,382 U.S. Govt Agency - GNMA Mortgage-Backed Securities 19,949 62 229 19,782 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 250,522 321 2,530 248,313 Asset Backed Securities 6,696 4 108 6,592 U.S. Treasury Notes 52,077 — 152 51,925 Total available-for-sale 456,468 759 3,275 453,952 Held-to-maturity Municipal Securities 39,992 509 1 40,500 Total held-to-maturity 39,992 509 1 40,500 Total investment securities $ 496,460 $ 1,268 $ 3,276 $ 494,452 Gross Unrealized December 31, 2016 Amortized Cost Gains Losses Fair Market Available-for-sale U.S. Govt Agency and Sponsored Agency - Note Securities $ 10,000 $ — $ 31 $ 9,969 U.S. Govt Agency - SBA Securities 123,224 365 739 122,850 U.S. Govt Agency - GNMA Mortgage-Backed Securities 22,565 70 265 22,370 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 243,159 92 4,351 238,900 Asset Backed Securities 7,111 — 215 6,896 U.S. Treasury Notes 69,101 7 143 68,965 Total available-for-sale 475,160 534 5,744 469,950 Held-to-maturity Municipal Securities 42,027 69 159 41,937 Total held-to-maturity 42,027 69 159 41,937 Total investment securities $ 517,187 $ 603 $ 5,903 $ 511,887 The Company’s investment securities portfolio at June 30, 2017 consists of A-rated 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 June 30, 2017 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,958 $ 41 $ — $ — $ 9,958 $ 41 U.S. Govt. Agency SBA Securities 28,878 96 26,427 119 55,305 215 U.S. Govt. Agency – GNMA Mortgage-Backed Securities 7,822 66 8,128 163 15,950 229 U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities 183,262 2,390 14,571 140 197,833 2,530 Asset Backed Securities — — 4,817 108 4,817 108 U.S Treasury Notes 51,925 152 — — 51,925 152 Total available-for-sale $ 281,845 $ 2,745 $ 53,943 $ 530 $ 335,788 $ 3,275 Held-to-maturity Municipal Securities $ 2,136 $ 1 $ — $ — $ 2,136 $ 1 Total held-to-maturity $ 2,136 $ 1 $ — $ — $ 2,136 $ 1 < 12 Continuous Months > 12 Continuous Months Total December 31, 2016 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,969 $ 31 $ — $ — $ 9,969 $ 31 U.S. Govt Agency – SBA Securities 54,302 $ 451 39,322 288 93,624 739 U.S. Govt Agency – GNMA Mortgage-Backed Securities 6,652 98 8,264 167 14,916 265 U.S. Govt Sponsored Agency – CMO & Mortgage-Backed Securities 215,138 4,172 10,879 179 226,017 4,351 Asset Backed Securities — — 6,896 215 6,896 215 U.S. Treasury Notes 51,972 143 — — 51,972 143 Total available-for-sale $ 338,033 $ 4,895 $ 65,361 $ 849 $ 403,394 $ 5,744 Held-to-maturity Municipal Securities $ 28,673 $ 158 $ 310 $ 1 $ 28,983 $ 159 Total held-to-maturity $ 28,673 $ 158 $ 310 $ 1 $ 28,983 $ 159 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 The amortized cost, fair value and the weighted average yield of debt securities at June 30, 2017, 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 – the earlier of maturity date or expected call 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 average life • Municipal Securities – maturity date Although, U.S. Government Agency and U.S. Government Sponsored Agency Mortgage-Backed and CMO securities have contractual maturities through 2048, the expected maturity will differ from the contractual maturities because borrowers or issuers may have the right to prepay such obligations without penalties. June 30, 2017 Maturities Schedule of Securities (Dollars in thousands) Amortized Fair Value Weighted Available-for-sale Due through one year $ 37,728 $ 37,698 0.77 % Due after one year through five years 359,613 357,732 1.85 % Due after five years through ten years 59,127 58,522 2.32 % Due after ten years — — — % Total available-for-sale $ 456,468 $ 453,952 1.82 % Held-to-maturity Due through one year $ 1,616 $ 1,617 0.82 % Due after one year through five years 34,990 35,389 1.64 % Due after five years through ten years 1,916 1,957 1.89 % Due after ten years 1,470 1,537 3.36 % Total held-to-maturity $ 39,992 $ 40,500 1.68 % Total investment securities $ 496,460 $ 494,452 1.81 % 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 $11.9 million at June 30, 2017 and $9.1 million at December 31, 2016. 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 | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 Principal Net Unaccreted Net Deferred Fees Total Commercial and Industrial Loans: $ 497,854 $ (2,222 ) $ 495,632 Loans Secured by Real Estate: Owner-Occupied Nonresidential Properties 451,153 (3,371 ) 447,782 Other Nonresidential Properties 715,878 (5,424 ) 710,454 Construction, Land Development and Other Land 206,877 (1,032 ) 205,845 1-4 124,088 (1,532 ) 122,556 Multifamily Residential Properties 125,889 (496 ) 125,393 Total Loans Secured by Real Estate 1,623,885 (11,855 ) 1,612,030 Other Loans: 44,104 (173 ) 43,931 Total Loans $ 2,165,843 $ (14,250 ) $ 2,151,593 December 31, 2016 Principal Net Unaccreted Net Deferred Fees Total Commercial and Industrial Loans: $ 505,374 $ (2,737 ) $ 502,637 Loans Secured by Real Estate: Owner-Occupied Nonresidential Properties 455,120 (3,798 ) 451,322 Other Nonresidential Properties 635,856 (5,693 ) 630,163 Construction, Land Development and Other Land 195,215 (1,156 ) 194,059 1-4 129,261 (2,097 ) 127,164 Multifamily Residential Properties 110,336 (478 ) 109,858 Total Loans Secured by Real Estate 1,525,788 (13,222 ) 1,512,566 Other Loans: 35,246 (223 ) 35,023 Total Loans $ 2,066,408 $ (16,182 ) $ 2,050,226 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 $6 million is guaranteed. The total portfolio of the SBA contractual loan balances serviced by the Company at June 30, 2017 was $108 million, of which $77 million has been sold. At June 30, 2017, there were no loans classified as held for sale. At June 30, 2017, the balance of SBA 7a loans originated during 2017 is $893 thousand, of which $671 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Allowance for loan loss at beginning of period $ 19,605 $ 16,545 $ 19,374 $ 15,682 Provision for loan losses 701 1,063 701 1,685 Net (charge-offs) recoveries: Charge-offs (2 ) (20 ) (2 ) (20 ) Recoveries 22 888 253 1,129 Net recoveries 20 868 251 1,109 Allowance for loan loss at end of period $ 20,326 $ 18,476 $ 20,326 $ 18,476 Net (charge-offs) recoveries to average loans 0.00 % 0.05 % 0.01 % 0.06 % June 30, 2017 December 31, 2016 Allowance for loan loss to total loans 0.94 % 0.94 % 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): Three Months Ended June 30, 2017 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 6,862 $ 3,147 $ 9,228 $ 368 $ 19,605 Provision for loan losses 522 86 (71 ) 164 701 Net (charge-offs) recoveries: Charge-offs (2 ) — — — (2 ) Recoveries 6 — 16 — 22 Net recoveries 4 — 16 — 20 Ending balance $ 7,388 $ 3,233 $ 9,173 $ 532 $ 20,326 Three Months Ended June 30, 2016 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 6,725 $ 2,711 $ 6,374 $ 735 $ 16,545 Provision for loan losses 789 13 192 69 1,063 Net (charge-offs) recoveries: Charge-offs (20 ) — — — (20 ) Recoveries 887 — 1 — 888 Net recoveries 867 — 1 — 868 Ending balance $ 8,381 $ 2,724 $ 6,567 $ 804 $ 18,476 Six Months Ended June 30, 2017 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 7,130 $ 3,084 $ 8,487 $ 673 $ 19,374 Provision for loan losses 25 149 668 (141 ) 701 Net (charge-offs) recoveries: Charge-offs (2 ) — — — (2 ) Recoveries 235 — 18 — 253 Net recoveries 233 — 18 — 251 Ending balance $ 7,388 $ 3,233 $ 9,173 $ 532 $ 20,326 Six Months Ended June 30, 2016 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 5,924 $ 2,076 $ 6,821 $ 861 $ 15,682 Provision for loan losses 1,350 648 (256 ) (57 ) 1,685 Net (charge-offs) recoveries: Charge-offs (20 ) — — — (20 ) Recoveries 1,127 — 2 — 1,129 Net recoveries 1,107 — 2 — 1,109 Ending balance $ 8,381 $ 2,724 $ 6,567 $ 804 $ 18,476 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 Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total June 30, 2017 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,388 3,233 9,173 532 20,326 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 7,388 $ 3,233 $ 9,173 $ 532 $ 20,326 Loans receivable: Individually evaluated for impairment $ 231 $ — $ 231 $ — $ 462 Collectively evaluated for impairment 495,136 205,845 1,404,717 43,931 2,149,629 Purchased credit impaired (loans acquired with deteriorated credit quality) 265 — 1,237 — 1,502 Total Loans Receivable $ 495,632 $ 205,845 $ 1,406,185 $ 43,931 $ 2,151,593 Commercial Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total December 31, 2016 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,130 3,084 8,487 673 19,374 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 7,130 $ 3,084 $ 8,487 $ 673 $ 19,374 Loans receivable: Individually evaluated for impairment $ 378 $ — $ 245 $ — $ 623 Collectively evaluated for impairment 501,960 194,059 1,316,849 35,023 2,047,891 Purchased credit impaired (loans acquired with deteriorated credit quality) 299 — 1,413 — 1,712 Total Loans Receivable $ 502,637 $ 194,059 $ 1,318,507 $ 35,023 $ 2,050,226 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 June 30, 2017 Pass $ 450,109 $ 205,845 $ 1,384,154 $ 43,808 $ 2,083,916 Special Mention 14,784 — 5,588 34 20,406 Substandard 30,739 — 16,443 89 47,271 Doubtful — — — — — Total $ 495,632 $ 205,845 $ 1,406,185 $ 43,931 $ 2,151,593 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total December 31, 2016 Pass $ 456,885 $ 194,059 $ 1,288,154 $ 32,128 $ 1,971,226 Special Mention 12,774 — 7,557 — 20,331 Substandard 32,978 — 22,796 2,895 58,669 Doubtful — — — — — Total $ 502,637 $ 194,059 $ 1,318,507 $ 35,023 $ 2,050,226 Aging Analysis of Past Due and Non-Accrual The following tables present an aging analysis of the recorded investment of past due loans and non-accrual 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 June 30, 2017 Commercial and Industrial $ 259 $ — $ — $ 259 $ 495 $ 494,878 $ 495,632 Construction, Land Development and Other Land — — — — — 205,845 205,845 Commercial and Other Real Estate 443 — — 443 231 1,405,511 1,406,185 Other — — — — — 43,931 43,931 Total $ 702 $ — $ — $ 702 $ 726 $ 2,150,165 $ 2,151,593 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, 2016 Commercial and Industrial $ — $ — $ — $ — $ 675 $ 501,962 $ 502,637 Construction, Land Development and Other Land — — — — — 194,059 194,059 Commercial and Other Real Estate 212 — — 212 447 1,317,848 1,318,507 Other — — — — — 35,023 35,023 Total $ 212 $ — $ — $ 212 $ 1,122 $ 2,048,892 $ 2,050,226 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. A valuation allowance is established for an impaired loan when the fair value of the loan is less than the recorded investment. In certain cases, portions of impaired loans are charged-off 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 $1.5 million and $1.7 million at June 30, 2017 and December 31, 2016, respectively. June 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and Industrial $ 231 $ 632 $ — $ 378 $ 1,383 $ — Commercial and Other Real Estate 231 272 — 245 282 — With an allowance recorded: Commercial and Industrial — — — — — — Commercial and Other Real Estate — — — — — — Total Commercial and Industrial 231 632 — 378 1,383 — Commercial and Other Real Estate 231 272 — 245 282 — Total $ 462 $ 904 $ — $ 623 $ 1,665 $ — Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Average Interest Average Interest Average Interest Average Interest With no specific allowance recorded: Commercial and Industrial $ 237 $ 3 $ 545 $ — $ 241 $ 3 $ 400 $ — Commercial and Other Real Estate 235 — 256 — 238 — 461 — With a specific allowance recorded: Commercial and Industrial — — 316 — — — 158 — Commercial and Other Real Estate — — — — — — — — Total: Commercial and Industrial 237 3 861 — 241 3 558 — Commercial and Other Real Estate 235 — 256 — 238 — 461 — Total $ 472 $ 3 $ 1,117 $ — $ 479 $ 3 $ 1,019 $ — The following is a summary of additional information pertaining to impaired loans for the periods indicated (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest foregone on impaired loans $ 13 $ 22 $ 26 $ 46 Cash collections applied to reduce principal balance $ 24 $ 28 $ 45 $ 52 Interest income recognized on cash collections $ 3 $ — $ 3 $ — 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 June 30, 2017 and December 31, 2016 (dollars in thousands). These tables include TDR loans that were purchased credit impaired (“PCI”). TDR loans that are non-PCI As of and for the Three Months Ended June 30, 2017 As of and for the Six Months Ended June 30, 2017 Recorded Unpaid Interest Income Recorded Unpaid Interest Income Commercial and Industrial $ 302 $ 518 $ — $ 302 $ 518 $ — Total $ 302 $ 518 $ — $ 302 $ 518 $ — As of and for the Three Months Ended June 30, 2016 As of and for the Six Months Ended June 30, 2016 Recorded Unpaid Interest Income Recorded Unpaid Interest Income Commercial and Industrial $ 377 $ 591 $ — $ 377 $ 591 $ — Total $ 377 $ 591 $ — $ 377 $ 591 $ — As of and for the Twelve Months Ended December 31, 2016 Recorded Unpaid Interest Commercial and Industrial $ 408 $ 1,174 $ — Total $ 408 $ 1,174 $ — There were no loans modified or restructured during the three or six months ended June 30, 2017 or June 30, 2016. There was one commercial and industrial loan that was restructured during the twelve months ended December 31, 2016 with a pre-modification There have been no payment defaults in the three or six months ended June 30, 2017 or June 30, 2016 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 June 30, 2017 or December 31, 2016. 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 8,496 $ 13,470 $ 9,611 $ 14,610 Accretion, included in interest income (637 ) (1,517 ) (1,752 ) (2,650 ) Reclassifications to non-accretable yield — (25 ) — (32 ) Balance, end of period $ 7,859 $ 11,928 $ 7,859 $ 11,928 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 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): June 30, 2017 December 31, 2016 Unpaid Principal Carrying Value Unpaid Principal Carrying Value Commercial and Industrial $ 579 $ 265 $ 622 $ 299 Commercial and Other Real Estate 1,587 1,237 1,997 1,413 Total $ 2,166 $ 1,502 $ 2,619 $ 1,712 The following table reflects the activities in the accretable net discount for PCI loans for the period indicated (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 138 $ 226 $ 161 $ 246 Accretion, included in interest income (23 ) (21 ) (46 ) (41 ) Reclassifications from non-accretable yield — — — — Balance, end of period $ 115 $ 205 $ 115 $ 205 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 6 Months Ended |
Jun. 30, 2017 | |
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 $6.0 million at June 30, 2017 and $6.2 million at December 31, 2016. The funding liability for the LIHTC at June 30, 2017 and December 31, 2016 was $3.3 and $3.4 million, respectively. The amount of tax credits and other tax benefits recognized was $205 thousand and $345 thousand for the three and six months ended June 30, 2017 and $143 thousand and $287 thousand for the three and six months ended June 30, 2016, respectively. Further, the amount of amortization expense included in the provision for income taxes was $163 thousand and $273 thousand for the three and six months ended June 30, 2017 and $112 thousand and $224 thousand for the three and six months ended June 30, 2016, respectively. |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 6 Months Ended |
Jun. 30, 2017 | |
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 $42 million and $48 million were pledged to secure the Repos at June 30, 2017 and December 31, 2016, 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): June 30, 2017 Date Issued Amount Interest Rate Original Maturity Date June 30, 2017 $ 12,180 0.20% – 0.25% 3 days July 3, 2017 Total $ 12,180 0.24% December 31, 2016 Date Issued Amount Interest Rate Original Maturity Date December 31, 2016 $ 18,816 0.20% – 0.25% 4 days January 4, 2017 Total $ 18,816 0.25% 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 $786 million, which represents approximately 25% of the Bank’s total assets, as reported by the Bank in its March 31, 2016 Federal Financial Institution Examination Council (“FFIEC”) Call Report. As of June 30, 2017, the Company had $1 billion of loan collateral pledged with the FHLB which provides $720 million in borrowing capacity. The Company also has $14 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 June 30, 2017 or December 31, 2016. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated (dollars in thousands): June 30, 2017 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% 3.29 % 09/15/17 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75% 2.99 % 09/15/17 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85% 3.09 % 09/15/17 Subtotal 12,372 Unamortized fair value adjustment (2,436 ) Net $ 9,936 December 31, 2016 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% 3.01 % 03/15/17 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75% 2.71 % 03/15/17 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85% 2.81 % 03/15/17 Subtotal 12,372 Unamortized fair value adjustment (2,516 ) Net $ 9,856 The Company had an aggregate outstanding contractual balance of $12.4 million in subordinated debentures at June 30, 2017. 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 June 2017 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. 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 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017, the Company has eleven interest rate swap agreements with customers and eleven 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 both June 30, 2017 and December 31, 2016, the total notional amount of the Company’s swaps with the counterparty bank was $24 million. The outstanding swaps have remaining maturities of up to 7 years as of June 30, 2017. The following tables present the fair values of the asset and liability of the Company’s derivative instruments acquired from 1 st Asset Derivatives June 30, 2017 December 31, 2016 Interest rate swap contracts fair value $ 441 $ 523 Balance sheet location Accrued Interest Accrued Interest Liability Derivatives June 30, 2017 December 31, 2016 Interest rate swap contracts fair value $ 441 $ 523 Balance sheet location Accrued Interest Payable and Other Accrued Interest Payable and Other Derivative Financial Instruments Acquired from PC Bancorp At June 30, 2017, the Company also has nine pay-fixed, 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): Liability Derivatives June 30, 2017 December 31, 2016 Fair Value Hedges Total interest rate contracts notional amount $ 7,721 $ 17,642 Derivatives not designated as hedging instruments: Interest rate swap contracts fair value $ — $ 95 Derivatives designated as hedging instruments: Interest rate swap contracts fair value 406 589 Total interest rate contracts fair value $ 406 $ 684 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 40 $ 52 $ 95 $ 91 Payments on interest rate swap contracts on loans (39 ) (60 ) (92 ) (122 ) Net increase (decrease) in other non-interest $ 1 $ (8 ) $ 3 $ (31 ) Derivatives designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 62 $ 139 $ 183 $ 162 Increase in fair value of hedged loans 48 71 36 284 Payment on interest rate swap contracts on loans (91 ) (224 ) (205 ) (454 ) Net increase (decrease) in interest income on loans $ 19 $ (14 ) $ 14 $ (8 ) 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 June 30, 2017, the Company has pledged $602 thousand in investment securities and $2.7 million in certificates of deposit, for a total of $3.3 million, as collateral under the swap agreements. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 441 $ — $ 441 $ 441 $ — $ — Total $ 441 $ — $ 441 $ 441 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 847 $ — $ 847 $ 847 $ 3,336 $ 2,489 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 12,180 — 12,180 12,180 41,727 29,547 Total $ 13,027 $ — $ 13,027 $ 13,027 $ 45,063 $ 32,036 Gross Gross Net Amounts in the Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Collateral December 31, 2016 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 523 $ — $ 523 $ 523 $ — $ — Total $ 523 $ — $ 523 $ 523 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 1,207 $ — $ 1,207 $ 1,207 $ 4,555 $ 3,348 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 18,816 — 18,816 18,816 48,204 29,388 Total $ 20,023 $ — $ 20,023 $ 20,023 $ 52,759 $ 32,736 |
Stock Options and Restricted St
Stock Options and Restricted Stock | 6 Months Ended |
Jun. 30, 2017 | |
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 is designed to promote the interest of the Company in aiding the Company to attract and retain employees, officers and non-employee At June 30, 2017 future compensation expense related to unvested restricted stock grants are reflected in the table below (dollars in thousands): Future Restricted Stock Expense Remainder of 2017 $ 1,577 2018 1,584 2019 534 2020 169 Thereafter 21 Total $ 3,885 At June 30, 2017, the weighted-average period over which the total compensation cost related to unvested restricted stock grants not yet recognized is 2.62 years. 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, 2016 47,697 $ 12.69 1.43 $ 1,102 Granted — Exercised (27,942 ) Forfeited — Expired — Outstanding stock options at June 30, 2017 19,755 $ 8.67 1.88 $ 19,755 Exercisable options at June 30, 2017 19,755 $ 8.67 1.88 $ 19,755 Unvested options at June 30, 2017 — The total intrinsic value of options exercised during the three months ended June 30, 2017 and 2016 was zero and $2.7 million, and during the six months ended June 30, 2017 and 2016 was $642 thousand and $5.6 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, 2016 282,082 $ 21.98 Granted 65,615 38.04 Vested (35,082 ) 20.98 Forfeited (6,934 ) 22.66 Unvested at June 30, 2017 305,681 $ 25.84 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 meet certain conditions as stipulated in the RSU agreement and are not included in the Company’s shares issued and outstanding as of June 30, 2017. 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 2017, the Company issued 27,942 shares of stock from the exercise of stock options for a total value of $435 thousand. The Company also issued 65,615 shares of restricted stock to the Company’s directors and employees, 6,934 shares of unvested restricted stock were forfeited related to employee turnover and 14,498 shares that had a value of $569 thousand were repurchased 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 Non-Cumulative life-to-date 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 non-cumulative. 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 June 30, Consolidated Items 2017 2016 Beginning balance, net of tax $ (2,854 ) $ (47 ) Net unrealized gain arising during the period 2,409 1,423 Related tax effect (1,013 ) (598 ) Reclassification of gain on investment securities available-for-sale — — Gain on sale of securities, net Related tax effect — — Provision for income tax expense Other Comprehensive Income 1,396 825 Ending balance $ (1,458 ) $ 778 Six Months Ended June 30, Consolidated Statement of Income Line Item for Reclassified Items 2017 2016 Beginning balance, net of tax $ (3,019 ) $ (816 ) Net unrealized gain arising during the period 2,835 2,751 Related tax effect (1,192 ) (1,157 ) Reclassification of gain on investment securities available-for-sale (141 ) — Gain on sale of securities, net Related tax effect 59 — Provision for income tax expense Other Comprehensive Income 1,561 1,594 Ending balance $ (1,458 ) $ 778 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017, there were no legal proceedings in the ordinary course of business 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. However, two shareholder class action lawsuits have been filed against the Company in connection with the pending merger with PacWest. The first action, Parshall v. CU Bancorp et al., was filed on June 9, 2017 and the second action, Klein v. CU Bancorp et al., was filed on June 12, 2017. Both complaints allege that the members of the CU Bancorp board of directors violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, based upon alleged omissions and misrepresentations in the initial S-4 registration statement filed by PacWest with the SEC on May 26, 2017, by approving the proposed merger for inadequate consideration and by entering into the merger agreement containing preclusive deal protection devices. The plaintiffs in both of these actions seek injunctive relief prohibiting consummation of the merger, rescission and damages in the event the merger is consummated, an accounting of damages suffered by the plaintiff and the putative class, attorneys’ fees and costs and other and further relief. The Company is unable to state whether the likelihood of an unfavorable outcome of the lawsuits is probable or remote. The Company is also unable to provide an estimate of the range or amount of potential loss if the outcome should be unfavorable. Financial Instruments with Off Balance Sheet Risk Financial instruments with off balance sheet risk include commitments to extend credit of $936 million and $1 billion at June 30, 2017 and December 31, 2016, respectively. Included in the aforementioned commitments were standby letters of credit outstanding of $73 million and $85 million at June 30, 2017 and December 31, 2016, respectively. The Company also has a reserve for estimated losses on unfunded loan commitments of $886 thousand at June 30, 2017 and December 31, 2016. These balances are included in other liabilities on the consolidated balance sheets. |
Fair Value Information
Fair Value Information | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | Note 14 - Fair Value Information Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. The 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. 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. Securities available-for-sale The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company could have realized in a current market exchange as of June 30, 2017. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Recurring Fair Value Measurements The valuation methodologies for estimating the fair value of financial assets and financial liabilities measured and reported at fair value on a recurring basis are discussed below. Investment Securities Available-for-Sale available-for-sale non-callable Interest Rate Swap Contracts The following table presents 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 Significant Significant Financial Assets – June 30, 2017 Investment securities available-for-sale: U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,958 $ — $ 9,958 — U.S. Govt Agency – SBA Securities 117,382 — 117,382 — U.S. Govt Agency – GNMA Mortgage-Backed Securities 19,782 — 19,782 — U.S. Govt Sponsored Agency – CMO & Mortgage-Backed Securities 248,313 — 248,313 — Asset Backed Securities 6,592 — 6,592 — U.S. Treasury Notes 51,925 51,925 — — Interest Rate Swap Contracts 441 — 441 — $ 454,393 $ 51,925 $ 402,468 $ — Financial Liabilities – June 30, 2017 Interest Rate Swap Contracts $ 847 $ — $ 847 $ — Financial Assets – December 31, 2016 Investment securities available-for-sale: U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,969 $ — $ 9,969 — U.S. Govt Agency – SBA Securities 122,850 — 122,850 — U.S. Govt Agency – GNMA Mortgage-Backed Securities 22,370 — 22,370 — U.S. Govt Sponsored Agency – CMO & Mortgage-Backed Securities 238,900 — 238,900 — Asset Backed Securities 6,896 — 6,896 — U.S. Treasury Notes 68,965 68,965 — — Interest Rate Swap Contracts 523 — 523 — $ 470,473 $ 68,965 $ 401,508 $ — Financial Liabilities – December 31, 2016 Interest Rate Swap Contracts $ 1,207 $ — $ 1,207 $ — At June 30, 2017 and December 31, 2016, 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). Furthermore, 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 periods ended June 30, 2017 or December 31, 2016. Nonrecurring Fair Value Measurements The valuation methodologies for estimating the fair value of certain assets measured and reported at fair value on a nonrecurring basis are discussed below. Other Real Estate Owned SBA Servicing Asset Impaired Loans non-collateral The following table presents the balances of assets measured at fair value on a non-recurring Net Carrying Amount Quoted Prices in Active Markets for Assets (Level 1) Significant Other (Level 2) Significant (Level 3) Financial Assets – June 30, 2017 SBA Servicing Asset $ 901 $ — $ — $ 901 Total $ 901 $ — $ — $ 901 Net Carrying Amount Quoted Prices in Active Markets for Assets (Level 1) Significant Other (Level 2) Significant (Level 3) Financial Assets – December 31, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased $ 73 $ — $ — $ 73 SBA Servicing Asset 940 — — 940 Total $ 1,013 $ — $ — $ 1,013 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 The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 assets measured at fair value on a non-recurring Fair Value Valuation Methodology Unobservable Valuation Inputs Unobservable Valuation Input Values Financial Assets – June 30, 2017 Discount Rates 13% SBA Servicing Asset $ 901 Discounted Cash Flow Estimated Average Remaining Life of SBA Portfolio 39 months Total $ 901 Fair Value Valuation Methodology Unobservable Valuation Inputs Unobservable Financial Assets – December 31, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off $ 73 Credit loss estimate of aged accounts receivable collateral Credit loss factors on aging of accounts receivable collateral 20% Discount Rates 13% SBA Servicing Asset 940 Discounted Cash Flow Estimated Average Remaining Life of SBA Portfolio 39 months Total $ 1,013 Fair Value of Financial Instruments The following are the valuation methodologies utilized for estimating the fair value of certain financial instruments presented in the tables below. Cash and due from banks : Interest earning deposits in other financial institutions : short-term Investment Securities Held-to-Maturity: held-to-maturity held-to-maturity Loans Bank owned life insurance FHLB Stock Non-Maturing non-maturing non-interest non-maturity Maturing Deposits Securities Sold under Agreements to Repurchase (“Repos”) Subordinated Debentures re-priced re-pricing Fair Value of Commitments : The table below presents the carrying amounts and 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 June 30, 2017 Financial Assets Cash and due from banks $ 56,382 $ 56,382 $ 56,382 $ — $ — Interest earning deposits in other financial institutions 111,852 111,852 111,852 — — Investment securities held-to-maturity 39,992 40,500 — 40,500 — Loans, net 2,131,267 2,151,147 — — 2,151,147 Bank owned life insurance 61,536 61,536 — — 61,536 FHLB Stock 11,902 11,902 — — 11,902 Financial Liabilities Certificates of deposit 29,725 29,727 — 29,727 — Securities sold under agreements to repurchase 12,180 12,180 — 12,180 — Subordinated debentures 9,936 12,372 — 12,372 — December 31, 2016 Financial Assets Cash and due from banks $ 41,281 $ 41,281 $ 41,281 $ — $ — Interest earning deposits in other financial institutions 167,789 167,789 167,789 — — Investment securities held-to-maturity 42,027 41,937 — 41,937 — Loans, net 2,030,852 2,054,701 — — 2,054,701 Bank owned life insurance 51,216 51,216 — — 51,216 FHLB Stock 9,182 9,182 — — 9,182 Financial Liabilities Certificates of deposit 29,480 29,480 — 29,480 — Securities sold under agreements to repurchase 18,816 18,816 — 18,816 — Subordinated debentures 9,856 12,372 — 12,372 — |
Basis of Financial Statement 23
Basis of Financial Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 on a recurring and nonrecurring basis. 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. |
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 and24
Computation of Book Value and Tangible Book Value per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, Total Shareholders’ Equity $ 357,576 $ 338,185 Less: Preferred stock 16,818 16,955 Less: Goodwill 64,603 64,603 Less: Core deposit and leasehold right intangibles, net 5,641 6,300 Tangible common equity $ 270,514 $ 250,327 Common shares issued and outstanding 17,831,131 17,759,006 Book value per common share $ 19.11 $ 18.09 Tangible book value per common share $ 15.17 $ 14.10 |
Computation of Earnings per C25
Computation of Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net Income $ 9,309 $ 7,120 $ 17,092 $ 13,704 Less: Preferred stock dividends and discount accretion 300 307 601 610 Net Income available to common shareholders $ 9,009 $ 6,813 $ 16,491 $ 13,094 Weighted average basic common shares outstanding 17,583,888 17,210,433 17,557,996 17,125,930 Dilutive effect of potential common share issuances from stock options and restricted stock 187,349 295,744 205,850 335,739 Weighted average diluted common shares outstanding 17,771,237 17,506,177 17,763,846 17,461,669 Income per common share Basic $ 0.51 $ 0.40 $ 0.94 $ 0.77 Diluted $ 0.51 $ 0.39 $ 0.93 $ 0.75 Anti-dilutive shares not included in the calculation of diluted earnings per share — — 2,075 1,500 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Amortized Cost Gains Losses Fair Market Available-for-sale U.S. Govt Agency and Sponsored Agency - Note Securities $ 10,000 $ — $ 42 $ 9,958 U.S. Govt Agency - SBA Securities 117,224 372 214 117,382 U.S. Govt Agency - GNMA Mortgage-Backed Securities 19,949 62 229 19,782 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 250,522 321 2,530 248,313 Asset Backed Securities 6,696 4 108 6,592 U.S. Treasury Notes 52,077 — 152 51,925 Total available-for-sale 456,468 759 3,275 453,952 Held-to-maturity Municipal Securities 39,992 509 1 40,500 Total held-to-maturity 39,992 509 1 40,500 Total investment securities $ 496,460 $ 1,268 $ 3,276 $ 494,452 Gross Unrealized December 31, 2016 Amortized Cost Gains Losses Fair Market Available-for-sale U.S. Govt Agency and Sponsored Agency - Note Securities $ 10,000 $ — $ 31 $ 9,969 U.S. Govt Agency - SBA Securities 123,224 365 739 122,850 U.S. Govt Agency - GNMA Mortgage-Backed Securities 22,565 70 265 22,370 U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities 243,159 92 4,351 238,900 Asset Backed Securities 7,111 — 215 6,896 U.S. Treasury Notes 69,101 7 143 68,965 Total available-for-sale 475,160 534 5,744 469,950 Held-to-maturity Municipal Securities 42,027 69 159 41,937 Total held-to-maturity 42,027 69 159 41,937 Total investment securities $ 517,187 $ 603 $ 5,903 $ 511,887 |
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 June 30, 2017 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,958 $ 41 $ — $ — $ 9,958 $ 41 U.S. Govt. Agency SBA Securities 28,878 96 26,427 119 55,305 215 U.S. Govt. Agency – GNMA Mortgage-Backed Securities 7,822 66 8,128 163 15,950 229 U.S. Govt. Sponsored Agency – CMO & Mortgage-Backed Securities 183,262 2,390 14,571 140 197,833 2,530 Asset Backed Securities — — 4,817 108 4,817 108 U.S Treasury Notes 51,925 152 — — 51,925 152 Total available-for-sale $ 281,845 $ 2,745 $ 53,943 $ 530 $ 335,788 $ 3,275 Held-to-maturity Municipal Securities $ 2,136 $ 1 $ — $ — $ 2,136 $ 1 Total held-to-maturity $ 2,136 $ 1 $ — $ — $ 2,136 $ 1 < 12 Continuous Months > 12 Continuous Months Total December 31, 2016 Fair Value Gross Fair Value Gross Fair Value Gross Available-for-sale U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,969 $ 31 $ — $ — $ 9,969 $ 31 U.S. Govt Agency – SBA Securities 54,302 $ 451 39,322 288 93,624 739 U.S. Govt Agency – GNMA Mortgage-Backed Securities 6,652 98 8,264 167 14,916 265 U.S. Govt Sponsored Agency – CMO & Mortgage-Backed Securities 215,138 4,172 10,879 179 226,017 4,351 Asset Backed Securities — — 6,896 215 6,896 215 U.S. Treasury Notes 51,972 143 — — 51,972 143 Total available-for-sale $ 338,033 $ 4,895 $ 65,361 $ 849 $ 403,394 $ 5,744 Held-to-maturity Municipal Securities $ 28,673 $ 158 $ 310 $ 1 $ 28,983 $ 159 Total held-to-maturity $ 28,673 $ 158 $ 310 $ 1 $ 28,983 $ 159 |
Maturities Schedule of Securities | June 30, 2017 Maturities Schedule of Securities (Dollars in thousands) Amortized Fair Value Weighted Available-for-sale Due through one year $ 37,728 $ 37,698 0.77 % Due after one year through five years 359,613 357,732 1.85 % Due after five years through ten years 59,127 58,522 2.32 % Due after ten years — — — % Total available-for-sale $ 456,468 $ 453,952 1.82 % Held-to-maturity Due through one year $ 1,616 $ 1,617 0.82 % Due after one year through five years 34,990 35,389 1.64 % Due after five years through ten years 1,916 1,957 1.89 % Due after ten years 1,470 1,537 3.36 % Total held-to-maturity $ 39,992 $ 40,500 1.68 % Total investment securities $ 496,460 $ 494,452 1.81 % |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 Principal Net Unaccreted Net Deferred Fees Total Commercial and Industrial Loans: $ 497,854 $ (2,222 ) $ 495,632 Loans Secured by Real Estate: Owner-Occupied Nonresidential Properties 451,153 (3,371 ) 447,782 Other Nonresidential Properties 715,878 (5,424 ) 710,454 Construction, Land Development and Other Land 206,877 (1,032 ) 205,845 1-4 124,088 (1,532 ) 122,556 Multifamily Residential Properties 125,889 (496 ) 125,393 Total Loans Secured by Real Estate 1,623,885 (11,855 ) 1,612,030 Other Loans: 44,104 (173 ) 43,931 Total Loans $ 2,165,843 $ (14,250 ) $ 2,151,593 December 31, 2016 Principal Net Unaccreted Net Deferred Fees Total Commercial and Industrial Loans: $ 505,374 $ (2,737 ) $ 502,637 Loans Secured by Real Estate: Owner-Occupied Nonresidential Properties 455,120 (3,798 ) 451,322 Other Nonresidential Properties 635,856 (5,693 ) 630,163 Construction, Land Development and Other Land 195,215 (1,156 ) 194,059 1-4 129,261 (2,097 ) 127,164 Multifamily Residential Properties 110,336 (478 ) 109,858 Total Loans Secured by Real Estate 1,525,788 (13,222 ) 1,512,566 Other Loans: 35,246 (223 ) 35,023 Total Loans $ 2,066,408 $ (16,182 ) $ 2,050,226 |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Allowance for loan loss at beginning of period $ 19,605 $ 16,545 $ 19,374 $ 15,682 Provision for loan losses 701 1,063 701 1,685 Net (charge-offs) recoveries: Charge-offs (2 ) (20 ) (2 ) (20 ) Recoveries 22 888 253 1,129 Net recoveries 20 868 251 1,109 Allowance for loan loss at end of period $ 20,326 $ 18,476 $ 20,326 $ 18,476 Net (charge-offs) recoveries to average loans 0.00 % 0.05 % 0.01 % 0.06 % June 30, 2017 December 31, 2016 Allowance for loan loss to total loans 0.94 % 0.94 % |
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): Three Months Ended June 30, 2017 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 6,862 $ 3,147 $ 9,228 $ 368 $ 19,605 Provision for loan losses 522 86 (71 ) 164 701 Net (charge-offs) recoveries: Charge-offs (2 ) — — — (2 ) Recoveries 6 — 16 — 22 Net recoveries 4 — 16 — 20 Ending balance $ 7,388 $ 3,233 $ 9,173 $ 532 $ 20,326 Three Months Ended June 30, 2016 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 6,725 $ 2,711 $ 6,374 $ 735 $ 16,545 Provision for loan losses 789 13 192 69 1,063 Net (charge-offs) recoveries: Charge-offs (20 ) — — — (20 ) Recoveries 887 — 1 — 888 Net recoveries 867 — 1 — 868 Ending balance $ 8,381 $ 2,724 $ 6,567 $ 804 $ 18,476 Six Months Ended June 30, 2017 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 7,130 $ 3,084 $ 8,487 $ 673 $ 19,374 Provision for loan losses 25 149 668 (141 ) 701 Net (charge-offs) recoveries: Charge-offs (2 ) — — — (2 ) Recoveries 235 — 18 — 253 Net recoveries 233 — 18 — 251 Ending balance $ 7,388 $ 3,233 $ 9,173 $ 532 $ 20,326 Six Months Ended June 30, 2016 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total Allowance for loan loss – Beginning balance $ 5,924 $ 2,076 $ 6,821 $ 861 $ 15,682 Provision for loan losses 1,350 648 (256 ) (57 ) 1,685 Net (charge-offs) recoveries: Charge-offs (20 ) — — — (20 ) Recoveries 1,127 — 2 — 1,129 Net recoveries 1,107 — 2 — 1,109 Ending balance $ 8,381 $ 2,724 $ 6,567 $ 804 $ 18,476 |
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 Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total June 30, 2017 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,388 3,233 9,173 532 20,326 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 7,388 $ 3,233 $ 9,173 $ 532 $ 20,326 Loans receivable: Individually evaluated for impairment $ 231 $ — $ 231 $ — $ 462 Collectively evaluated for impairment 495,136 205,845 1,404,717 43,931 2,149,629 Purchased credit impaired (loans acquired with deteriorated credit quality) 265 — 1,237 — 1,502 Total Loans Receivable $ 495,632 $ 205,845 $ 1,406,185 $ 43,931 $ 2,151,593 Commercial Industrial Construction, Development and Other Land Commercial and Other Real Estate Other Total December 31, 2016 Allowance for loan loss: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,130 3,084 8,487 673 19,374 Purchased credit impaired (loans acquired with deteriorated credit quality) — — — — — Total Allowance for Loan Loss $ 7,130 $ 3,084 $ 8,487 $ 673 $ 19,374 Loans receivable: Individually evaluated for impairment $ 378 $ — $ 245 $ — $ 623 Collectively evaluated for impairment 501,960 194,059 1,316,849 35,023 2,047,891 Purchased credit impaired (loans acquired with deteriorated credit quality) 299 — 1,413 — 1,712 Total Loans Receivable $ 502,637 $ 194,059 $ 1,318,507 $ 35,023 $ 2,050,226 |
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 June 30, 2017 Pass $ 450,109 $ 205,845 $ 1,384,154 $ 43,808 $ 2,083,916 Special Mention 14,784 — 5,588 34 20,406 Substandard 30,739 — 16,443 89 47,271 Doubtful — — — — — Total $ 495,632 $ 205,845 $ 1,406,185 $ 43,931 $ 2,151,593 Commercial and Industrial Construction, Land Development and Other Land Commercial and Other Real Estate Other Total December 31, 2016 Pass $ 456,885 $ 194,059 $ 1,288,154 $ 32,128 $ 1,971,226 Special Mention 12,774 — 7,557 — 20,331 Substandard 32,978 — 22,796 2,895 58,669 Doubtful — — — — — Total $ 502,637 $ 194,059 $ 1,318,507 $ 35,023 $ 2,050,226 |
Aging Analysis of Recorded Investment | The following tables present an aging analysis of the recorded investment of past due loans and non-accrual 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 June 30, 2017 Commercial and Industrial $ 259 $ — $ — $ 259 $ 495 $ 494,878 $ 495,632 Construction, Land Development and Other Land — — — — — 205,845 205,845 Commercial and Other Real Estate 443 — — 443 231 1,405,511 1,406,185 Other — — — — — 43,931 43,931 Total $ 702 $ — $ — $ 702 $ 726 $ 2,150,165 $ 2,151,593 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, 2016 Commercial and Industrial $ — $ — $ — $ — $ 675 $ 501,962 $ 502,637 Construction, Land Development and Other Land — — — — — 194,059 194,059 Commercial and Other Real Estate 212 — — 212 447 1,317,848 1,318,507 Other — — — — — 35,023 35,023 Total $ 212 $ — $ — $ 212 $ 1,122 $ 2,048,892 $ 2,050,226 |
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 $1.5 million and $1.7 million at June 30, 2017 and December 31, 2016, respectively. June 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and Industrial $ 231 $ 632 $ — $ 378 $ 1,383 $ — Commercial and Other Real Estate 231 272 — 245 282 — With an allowance recorded: Commercial and Industrial — — — — — — Commercial and Other Real Estate — — — — — — Total Commercial and Industrial 231 632 — 378 1,383 — Commercial and Other Real Estate 231 272 — 245 282 — Total $ 462 $ 904 $ — $ 623 $ 1,665 $ — Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Average Interest Average Interest Average Interest Average Interest With no specific allowance recorded: Commercial and Industrial $ 237 $ 3 $ 545 $ — $ 241 $ 3 $ 400 $ — Commercial and Other Real Estate 235 — 256 — 238 — 461 — With a specific allowance recorded: Commercial and Industrial — — 316 — — — 158 — Commercial and Other Real Estate — — — — — — — — Total: Commercial and Industrial 237 3 861 — 241 3 558 — Commercial and Other Real Estate 235 — 256 — 238 — 461 — Total $ 472 $ 3 $ 1,117 $ — $ 479 $ 3 $ 1,019 $ — |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest foregone on impaired loans $ 13 $ 22 $ 26 $ 46 Cash collections applied to reduce principal balance $ 24 $ 28 $ 45 $ 52 Interest income recognized on cash collections $ 3 $ — $ 3 $ — |
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 June 30, 2017 and December 31, 2016 (dollars in thousands). These tables include TDR loans that were purchased credit impaired (“PCI”). TDR loans that are non-PCI As of and for the Three Months Ended June 30, 2017 As of and for the Six Months Ended June 30, 2017 Recorded Unpaid Interest Income Recorded Unpaid Interest Income Commercial and Industrial $ 302 $ 518 $ — $ 302 $ 518 $ — Total $ 302 $ 518 $ — $ 302 $ 518 $ — As of and for the Three Months Ended June 30, 2016 As of and for the Six Months Ended June 30, 2016 Recorded Unpaid Interest Income Recorded Unpaid Interest Income Commercial and Industrial $ 377 $ 591 $ — $ 377 $ 591 $ — Total $ 377 $ 591 $ — $ 377 $ 591 $ — As of and for the Twelve Months Ended December 31, 2016 Recorded Unpaid Interest Commercial and Industrial $ 408 $ 1,174 $ — Total $ 408 $ 1,174 $ — |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 8,496 $ 13,470 $ 9,611 $ 14,610 Accretion, included in interest income (637 ) (1,517 ) (1,752 ) (2,650 ) Reclassifications to non-accretable yield — (25 ) — (32 ) Balance, end of period $ 7,859 $ 11,928 $ 7,859 $ 11,928 |
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): June 30, 2017 December 31, 2016 Unpaid Principal Carrying Value Unpaid Principal Carrying Value Commercial and Industrial $ 579 $ 265 $ 622 $ 299 Commercial and Other Real Estate 1,587 1,237 1,997 1,413 Total $ 2,166 $ 1,502 $ 2,619 $ 1,712 |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ 138 $ 226 $ 161 $ 246 Accretion, included in interest income (23 ) (21 ) (46 ) (41 ) Reclassifications from non-accretable yield — — — — Balance, end of period $ 115 $ 205 $ 115 $ 205 |
Borrowings and Subordinated D28
Borrowings and Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 Date Issued Amount Interest Rate Original Maturity Date June 30, 2017 $ 12,180 0.20% – 0.25% 3 days July 3, 2017 Total $ 12,180 0.24% December 31, 2016 Date Issued Amount Interest Rate Original Maturity Date December 31, 2016 $ 18,816 0.20% – 0.25% 4 days January 4, 2017 Total $ 18,816 0.25% |
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): June 30, 2017 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% 3.29 % 09/15/17 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75% 2.99 % 09/15/17 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85% 3.09 % 09/15/17 Subtotal 12,372 Unamortized fair value adjustment (2,436 ) Net $ 9,936 December 31, 2016 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% 3.01 % 03/15/17 Trust II 3,093 12/23/05 03/15/36 3 month LIBOR + 1.75% 2.71 % 03/15/17 Trust III 3,093 06/30/06 09/18/36 3 month LIBOR + 1.85% 2.81 % 03/15/17 Subtotal 12,372 Unamortized fair value adjustment (2,516 ) Net $ 9,856 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 40 $ 52 $ 95 $ 91 Payments on interest rate swap contracts on loans (39 ) (60 ) (92 ) (122 ) Net increase (decrease) in other non-interest $ 1 $ (8 ) $ 3 $ (31 ) Derivatives designated as hedging instruments: Interest rate swap contracts – loans Increase in fair value of interest rate swap contracts $ 62 $ 139 $ 183 $ 162 Increase in fair value of hedged loans 48 71 36 284 Payment on interest rate swap contracts on loans (91 ) (224 ) (205 ) (454 ) Net increase (decrease) in interest income on loans $ 19 $ (14 ) $ 14 $ (8 ) |
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 Asset Derivatives June 30, 2017 December 31, 2016 Interest rate swap contracts fair value $ 441 $ 523 Balance sheet location Accrued Interest Accrued Interest Liability Derivatives June 30, 2017 December 31, 2016 Interest rate swap contracts fair value $ 441 $ 523 Balance sheet location Accrued Interest Payable and Other Accrued Interest Payable and Other |
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): Liability Derivatives June 30, 2017 December 31, 2016 Fair Value Hedges Total interest rate contracts notional amount $ 7,721 $ 17,642 Derivatives not designated as hedging instruments: Interest rate swap contracts fair value $ — $ 95 Derivatives designated as hedging instruments: Interest rate swap contracts fair value 406 589 Total interest rate contracts fair value $ 406 $ 684 Balance sheet location Accrued Accrued |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 441 $ — $ 441 $ 441 $ — $ — Total $ 441 $ — $ 441 $ 441 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 847 $ — $ 847 $ 847 $ 3,336 $ 2,489 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 12,180 — 12,180 12,180 41,727 29,547 Total $ 13,027 $ — $ 13,027 $ 13,027 $ 45,063 $ 32,036 Gross Gross Net Amounts in the Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Collateral December 31, 2016 Financial Assets: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 523 $ — $ 523 $ 523 $ — $ — Total $ 523 $ — $ 523 $ 523 $ — $ — Financial Liabilities: Interest rate swap contracts fair value (See Note 9 – Derivative Financial Instruments) $ 1,207 $ — $ 1,207 $ 1,207 $ 4,555 $ 3,348 Securities sold under agreements to repurchase (See Note 8 – Borrowings and Subordinated Debentures) 18,816 — 18,816 18,816 48,204 29,388 Total $ 20,023 $ — $ 20,023 $ 20,023 $ 52,759 $ 32,736 |
Stock Options and Restricted 31
Stock Options and Restricted Stock (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Future Compensation Expense Related to Unvested Restricted Stock Grants | At June 30, 2017 future compensation expense related to unvested restricted stock grants are reflected in the table below (dollars in thousands): Future Restricted Stock Expense Remainder of 2017 $ 1,577 2018 1,584 2019 534 2020 169 Thereafter 21 Total $ 3,885 |
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, 2016 47,697 $ 12.69 1.43 $ 1,102 Granted — Exercised (27,942 ) Forfeited — Expired — Outstanding stock options at June 30, 2017 19,755 $ 8.67 1.88 $ 19,755 Exercisable options at June 30, 2017 19,755 $ 8.67 1.88 $ 19,755 Unvested options at June 30, 2017 — |
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, 2016 282,082 $ 21.98 Granted 65,615 38.04 Vested (35,082 ) 20.98 Forfeited (6,934 ) 22.66 Unvested at June 30, 2017 305,681 $ 25.84 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Consolidated Items 2017 2016 Beginning balance, net of tax $ (2,854 ) $ (47 ) Net unrealized gain arising during the period 2,409 1,423 Related tax effect (1,013 ) (598 ) Reclassification of gain on investment securities available-for-sale — — Gain on sale of securities, net Related tax effect — — Provision for income tax expense Other Comprehensive Income 1,396 825 Ending balance $ (1,458 ) $ 778 Six Months Ended June 30, Consolidated Statement of Income Line Item for Reclassified Items 2017 2016 Beginning balance, net of tax $ (3,019 ) $ (816 ) Net unrealized gain arising during the period 2,835 2,751 Related tax effect (1,192 ) (1,157 ) Reclassification of gain on investment securities available-for-sale (141 ) — Gain on sale of securities, net Related tax effect 59 — Provision for income tax expense Other Comprehensive Income 1,561 1,594 Ending balance $ (1,458 ) $ 778 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following table presents 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 Significant Significant Financial Assets – June 30, 2017 Investment securities available-for-sale: U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,958 $ — $ 9,958 — U.S. Govt Agency – SBA Securities 117,382 — 117,382 — U.S. Govt Agency – GNMA Mortgage-Backed Securities 19,782 — 19,782 — U.S. Govt Sponsored Agency – CMO & Mortgage-Backed Securities 248,313 — 248,313 — Asset Backed Securities 6,592 — 6,592 — U.S. Treasury Notes 51,925 51,925 — — Interest Rate Swap Contracts 441 — 441 — $ 454,393 $ 51,925 $ 402,468 $ — Financial Liabilities – June 30, 2017 Interest Rate Swap Contracts $ 847 $ — $ 847 $ — Financial Assets – December 31, 2016 Investment securities available-for-sale: U.S. Govt Agency and Sponsored Agency – Note Securities $ 9,969 $ — $ 9,969 — U.S. Govt Agency – SBA Securities 122,850 — 122,850 — U.S. Govt Agency – GNMA Mortgage-Backed Securities 22,370 — 22,370 — U.S. Govt Sponsored Agency – CMO & Mortgage-Backed Securities 238,900 — 238,900 — Asset Backed Securities 6,896 — 6,896 — U.S. Treasury Notes 68,965 68,965 — — Interest Rate Swap Contracts 523 — 523 — $ 470,473 $ 68,965 $ 401,508 $ — Financial Liabilities – December 31, 2016 Interest Rate Swap Contracts $ 1,207 $ — $ 1,207 $ — |
Balances of Assets Measured at Fair Value on Non-Recurring Basis | The following table presents the balances of assets measured at fair value on a non-recurring Net Carrying Amount Quoted Prices in Active Markets for Assets (Level 1) Significant Other (Level 2) Significant (Level 3) Financial Assets – June 30, 2017 SBA Servicing Asset $ 901 $ — $ — $ 901 Total $ 901 $ — $ — $ 901 Net Carrying Amount Quoted Prices in Active Markets for Assets (Level 1) Significant Other (Level 2) Significant (Level 3) Financial Assets – December 31, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-offs (non-purchased $ 73 $ — $ — $ 73 SBA Servicing Asset 940 — — 940 Total $ 1,013 $ — $ — $ 1,013 |
Significant Unobservable Inputs Used in Fair Value Measurements for Level 3 Assets 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 measured at fair value on a non-recurring Fair Value Valuation Methodology Unobservable Valuation Inputs Unobservable Valuation Input Values Financial Assets – June 30, 2017 Discount Rates 13% SBA Servicing Asset $ 901 Discounted Cash Flow Estimated Average Remaining Life of SBA Portfolio 39 months Total $ 901 Fair Value Valuation Methodology Unobservable Valuation Inputs Unobservable Financial Assets – December 31, 2016 Collateral dependent impaired loans with specific valuation allowance and/or partial charge-off $ 73 Credit loss estimate of aged accounts receivable collateral Credit loss factors on aging of accounts receivable collateral 20% Discount Rates 13% SBA Servicing Asset 940 Discounted Cash Flow Estimated Average Remaining Life of SBA Portfolio 39 months Total $ 1,013 |
Level in Fair Value Hierarchy for Financial Instruments Estimated Fair Values | The table below presents the carrying amounts and 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 June 30, 2017 Financial Assets Cash and due from banks $ 56,382 $ 56,382 $ 56,382 $ — $ — Interest earning deposits in other financial institutions 111,852 111,852 111,852 — — Investment securities held-to-maturity 39,992 40,500 — 40,500 — Loans, net 2,131,267 2,151,147 — — 2,151,147 Bank owned life insurance 61,536 61,536 — — 61,536 FHLB Stock 11,902 11,902 — — 11,902 Financial Liabilities Certificates of deposit 29,725 29,727 — 29,727 — Securities sold under agreements to repurchase 12,180 12,180 — 12,180 — Subordinated debentures 9,936 12,372 — 12,372 — December 31, 2016 Financial Assets Cash and due from banks $ 41,281 $ 41,281 $ 41,281 $ — $ — Interest earning deposits in other financial institutions 167,789 167,789 167,789 — — Investment securities held-to-maturity 42,027 41,937 — 41,937 — Loans, net 2,030,852 2,054,701 — — 2,054,701 Bank owned life insurance 51,216 51,216 — — 51,216 FHLB Stock 9,182 9,182 — — 9,182 Financial Liabilities Certificates of deposit 29,480 29,480 — 29,480 — Securities sold under agreements to repurchase 18,816 18,816 — 18,816 — Subordinated debentures 9,856 12,372 — 12,372 — |
Basis of Financial Statement 34
Basis of Financial Statement Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Office | |
Summary Of Significant Accounting Policies [Line Items] | |
Full service branch offices | 9 |
PacWest Bancorp Merger Agreement | |
Summary Of Significant Accounting Policies [Line Items] | |
Date of merger agreement | Apr. 5, 2017 |
Recent Accounting Pronounceme35
Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended |
Feb. 29, 2016 | Jun. 30, 2017USD ($)LeasesLocation | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Short tem lease, Term of contract | 12 months | |
ASU 2016-02, Leases | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of operating leases | Leases | 10 | |
Operating leases by location | Location | 10 | |
Operating leases term of contract | 12 months | |
Operating lease future payments | $ | $ 15 |
Computation of Book Value and36
Computation of Book Value and Tangible Book Value per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||||
Total Shareholders' Equity | $ 357,576 | $ 338,185 | $ 326,459 | $ 306,807 |
Less: Preferred stock | 16,818 | 16,955 | ||
Less: Goodwill | 64,603 | 64,603 | ||
Less: Core deposit and leasehold right intangibles, net | 5,641 | 6,300 | ||
Tangible common equity | $ 270,514 | $ 250,327 | ||
Common shares issued | 17,831,131 | 17,759,006 | ||
Common shares outstanding | 17,831,131 | 17,759,006 | ||
Book value per common share | $ 19.11 | $ 18.09 | ||
Tangible book value per common share | $ 15.17 | $ 14.10 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 9,309 | $ 7,120 | $ 17,092 | $ 13,704 |
Less: Preferred stock dividends and discount accretion | 300 | 307 | 601 | 610 |
Net Income available to common shareholders | $ 9,009 | $ 6,813 | $ 16,491 | $ 13,094 |
Weighted average basic common shares outstanding | 17,583,888 | 17,210,433 | 17,557,996 | 17,125,930 |
Dilutive effect of potential common share issuances from stock options and restricted stock | 187,349 | 295,744 | 205,850 | 335,739 |
Weighted average diluted common shares outstanding | 17,771,237 | 17,506,177 | 17,763,846 | 17,461,669 |
Basic income (loss) per share | $ 0.51 | $ 0.40 | $ 0.94 | $ 0.77 |
Diluted income (loss) per share | $ 0.51 | $ 0.39 | $ 0.93 | $ 0.75 |
Anti-dilutive shares not included in the calculation of diluted earnings per share | 2,075 | 1,500 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | $ 456,468 | $ 475,160 |
Available-for-sale Investment Securities, Gross Unrealized Gains | 759 | 534 |
Available-for-sale Investment Securities, Gross Unrealized Losses | 3,275 | 5,744 |
Fair Market Value | 453,952 | 469,950 |
Held-to-maturity Investment Securities, Amortized Cost | 39,992 | 42,027 |
Held-to-maturity Investment Securities, Gross Unrealized Gain | 509 | 69 |
Held-to-maturity Investment Securities, Gross Unrealized Losses | 1 | 159 |
Fair Market Value | 40,500 | 41,937 |
Available-for-sale Investment Securities and Held-to-maturity Investment Securities, Amortized Cost | 496,460 | 517,187 |
Available-for-sale Investment Securities and Held-to-maturity Investment Securities, Gross Unrealized Gain | 1,268 | 603 |
Available-for-sale Investment Securities and Held-to-maturity Investment Securities, Gross Unrealized Losses | 3,276 | 5,903 |
Available-for-sale Investment Securities and Held-to-maturity Investment Securities, Fair Market Value | 494,452 | 511,887 |
U.S. Govt Agency and Sponsored Agency - Note Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | 10,000 | 10,000 |
Available-for-sale Investment Securities, Gross Unrealized Losses | 42 | 31 |
Fair Market Value | 9,958 | 9,969 |
U.S. Govt Agency - SBA Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | 117,224 | 123,224 |
Available-for-sale Investment Securities, Gross Unrealized Gains | 372 | 365 |
Available-for-sale Investment Securities, Gross Unrealized Losses | 214 | 739 |
Fair Market Value | 117,382 | 122,850 |
U.S. Govt Agency - GNMA Mortgage-Backed Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | 19,949 | 22,565 |
Available-for-sale Investment Securities, Gross Unrealized Gains | 62 | 70 |
Available-for-sale Investment Securities, Gross Unrealized Losses | 229 | 265 |
Fair Market Value | 19,782 | 22,370 |
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | 250,522 | 243,159 |
Available-for-sale Investment Securities, Gross Unrealized Gains | 321 | 92 |
Available-for-sale Investment Securities, Gross Unrealized Losses | 2,530 | 4,351 |
Fair Market Value | 248,313 | 238,900 |
Municipal Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Held-to-maturity Investment Securities, Amortized Cost | 39,992 | 42,027 |
Held-to-maturity Investment Securities, Gross Unrealized Gain | 509 | 69 |
Held-to-maturity Investment Securities, Gross Unrealized Losses | 1 | 159 |
Fair Market Value | 40,500 | 41,937 |
Asset Backed Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | 6,696 | 7,111 |
Available-for-sale Investment Securities, Gross Unrealized Gains | 4 | |
Available-for-sale Investment Securities, Gross Unrealized Losses | 108 | 215 |
Fair Market Value | 6,592 | 6,896 |
U. S. Treasury Notes | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Investment Securities, Amortized Cost | 52,077 | 69,101 |
Available-for-sale Investment Securities, Gross Unrealized Gains | 7 | |
Available-for-sale Investment Securities, Gross Unrealized Losses | 152 | 143 |
Fair Market Value | $ 51,925 | $ 68,965 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other-than-temporary impairment losses | $ 0 | $ 0 |
Company's investment in the common stock of the FHLB | 11,902,000 | 9,182,000 |
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 | 208,000,000 | $ 205,000,000 |
Accrued Interest Receivable and Other Assets | Federal Home Loan Bank of San Francisco | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
FHLB stock impairment losses | $ 0 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
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 | $ 281,845 | $ 338,033 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 2,745 | 4,895 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 53,943 | 65,361 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 530 | 849 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 335,788 | 403,394 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 3,275 | 5,744 |
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Fair Value | 2,136 | 28,673 |
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Gross Unrealized Loss | 1 | 158 |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Fair Value | 310 | |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Gross Unrealized Loss | 1 | |
Temporarily-impaired held-to-maturity investment securities, Fair Value | 2,136 | 28,983 |
Temporarily-impaired held-to-maturity investment securities, Gross Unrealized Loss | 1 | 159 |
U.S. Govt Agency and Sponsored Agency - Note 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 | 9,958 | 9,969 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 41 | 31 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 9,958 | 9,969 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 41 | 31 |
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 | 28,878 | 54,302 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 96 | 451 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 26,427 | 39,322 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 119 | 288 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 55,305 | 93,624 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 215 | 739 |
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 | 7,822 | 6,652 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 66 | 98 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 8,128 | 8,264 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 163 | 167 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 15,950 | 14,916 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 229 | 265 |
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 | 183,262 | 215,138 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 2,390 | 4,172 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 14,571 | 10,879 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 140 | 179 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 197,833 | 226,017 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 2,530 | 4,351 |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Fair Value | 4,817 | 6,896 |
Temporarily-impaired available-for-sale investment securities, More than 12 Continuous Months, Gross Unrealized Loss | 108 | 215 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 4,817 | 6,896 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 108 | 215 |
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 | 51,925 | 51,972 |
Temporarily-impaired available-for-sale investment securities, Less than 12 Continuous Months, Gross Unrealized Loss | 152 | 143 |
Temporarily-impaired available-for-sale investment securities, Total, Fair Value | 51,925 | 51,972 |
Temporarily-impaired available-for-sale investment securities, Total, Gross Unrealized Loss | 152 | 143 |
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 | 2,136 | 28,673 |
Temporarily-impaired held-to-maturity investment securities, Less than 12 months, Gross Unrealized Loss | 1 | 158 |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Fair Value | 310 | |
Temporarily-impaired held-to-maturity investment securities, More than 12 months, Gross Unrealized Loss | 1 | |
Temporarily-impaired held-to-maturity investment securities, Fair Value | 2,136 | 28,983 |
Temporarily-impaired held-to-maturity investment securities, Gross Unrealized Loss | $ 1 | $ 159 |
Maturities Schedule of Securiti
Maturities Schedule of Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Available-for-sale investment securities, Amortized Cost | ||
Due through one year | $ 37,728 | |
Due after one year through five years | 359,613 | |
Due after five years through ten years | 59,127 | |
Due after ten years | 0 | |
Available-for-sale Investment Securities, Amortized Cost | 456,468 | $ 475,160 |
Held-to-maturity investment securities, Amortized Cost | ||
Due through one year | 1,616 | |
Due after one year through five years | 34,990 | |
Due after five years through ten years | 1,916 | |
Due after ten years | 1,470 | |
Held-to-maturity Investment Securities, Amortized Cost | 39,992 | 42,027 |
Available-for-sale Investment Securities and Held-to-maturity Investment Securities, Amortized Cost | 496,460 | 517,187 |
Available-for-sale investment securities, Fair Value | ||
Due through one year | 37,698 | |
Due after one year through five years | 357,732 | |
Due after five years through ten years | 58,522 | |
Due after ten years | 0 | |
Total available-for-sale | 453,952 | 469,950 |
Held-to-maturity investment securities, Fair Value | ||
Due through one year | 1,617 | |
Due after one year through five years | 35,389 | |
Due after five years through ten years | 1,957 | |
Due after ten years | 1,537 | |
Total held-to-maturity | 40,500 | 41,937 |
Total investment securities | $ 494,452 | $ 511,887 |
Available-for-sale investment securities, Weighted Average Yield | ||
Due through one year | 0.77% | |
Due after one year through five years | 1.85% | |
Due after five years through ten years | 2.32% | |
Due after ten years | 0.00% | |
Total available-for-sale | 1.82% | |
Held-to-maturity investment securities, Weighted Average Yield | ||
Due through one year | 0.82% | |
Due after one year through five years | 1.64% | |
Due after five years through ten years | 1.89% | |
Due after ten years | 3.36% | |
Total held-to-maturity | 1.68% | |
Total investment securities | 1.81% |
Composition of Loan Portfolio (
Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | $ 2,165,843 | $ 2,066,408 |
Net Unaccreted Discounts, Net Deferred Fees | (14,250) | (16,182) |
Total Loans | 2,151,593 | 2,050,226 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 497,854 | 505,374 |
Net Unaccreted Discounts, Net Deferred Fees | (2,222) | (2,737) |
Total Loans | 495,632 | 502,637 |
Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,406,185 | 1,318,507 |
Construction, Land Development and Other Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 205,845 | 194,059 |
Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 44,104 | 35,246 |
Net Unaccreted Discounts, Net Deferred Fees | (173) | (223) |
Total Loans | 43,931 | 35,023 |
Loans Secured by Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 1,623,885 | 1,525,788 |
Net Unaccreted Discounts, Net Deferred Fees | (11,855) | (13,222) |
Total Loans | 1,612,030 | 1,512,566 |
Loans Secured by Real Estate | Construction, Land Development and Other Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 206,877 | 195,215 |
Net Unaccreted Discounts, Net Deferred Fees | (1,032) | (1,156) |
Total Loans | 205,845 | 194,059 |
Owner-Occupied Nonresidential Properties | Loans Secured by Real Estate | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 451,153 | 455,120 |
Net Unaccreted Discounts, Net Deferred Fees | (3,371) | (3,798) |
Total Loans | 447,782 | 451,322 |
Other Nonresidential Properties | Loans Secured by Real Estate | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 715,878 | 635,856 |
Net Unaccreted Discounts, Net Deferred Fees | (5,424) | (5,693) |
Total Loans | 710,454 | 630,163 |
1-4 Family Residential Properties | Loans Secured by Real Estate | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 124,088 | 129,261 |
Net Unaccreted Discounts, Net Deferred Fees | (1,532) | (2,097) |
Total Loans | 122,556 | 127,164 |
Multifamily Residential Properties | Loans Secured by Real Estate | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal | 125,889 | 110,336 |
Net Unaccreted Discounts, Net Deferred Fees | (496) | (478) |
Total Loans | $ 125,393 | $ 109,858 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | Dec. 31, 2016USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | $ 0 | $ 0 | |||
Credit purchase impaired loan | 462,000 | 462,000 | $ 623,000 | ||
Recorded Investment | 302,000 | $ 377,000 | 302,000 | $ 377,000 | 408,000 |
Unpaid Principal Balance | $ 518,000 | $ 591,000 | $ 518,000 | $ 591,000 | 1,174,000 |
Loans modified or restructured | Loan | 0 | 0 | 0 | 0 | |
Payment defaults subsequent to modification on troubled debt restructured loans | $ 0 | $ 0 | $ 0 | $ 0 | |
Commitment to lend borrowers | 0 | 0 | 0 | ||
SBA Servicing Asset | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 108,000,000 | 108,000,000 | |||
Loan balances sold | 77,000,000 | 77,000,000 | |||
SBA 7a Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 893,000 | 893,000 | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Credit purchase impaired loan | 231,000 | 231,000 | 378,000 | ||
Recorded Investment | 302,000 | 377,000 | 302,000 | 377,000 | 408,000 |
Unpaid Principal Balance | 518,000 | $ 591,000 | 518,000 | $ 591,000 | $ 1,174,000 |
Number of Loans | Loan | 1 | ||||
Pre-Modification Recorded Investment | $ 650,000 | ||||
Post-Modification Recorded Investment | 184,000 | ||||
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 | 6,000,000 | 6,000,000 | |||
Debt Instrument Guaranteed Loans | SBA 7a Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 671,000 | 671,000 | |||
PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Credit purchase impaired loan | 1,502,000 | 1,502,000 | 1,712,000 | ||
Recorded Investment | 84,000 | 84,000 | |||
Unpaid Principal Balance | $ 244,000 | ||||
Number of Loans | Loan | 2 | ||||
PCI Loans | Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Credit purchase impaired loan | $ 265,000 | $ 265,000 | $ 299,000 |
Summary of Activity for Allowan
Summary of Activity for Allowance for Loan Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Receivables [Abstract] | |||||
Allowance for loan loss at beginning of period | $ 19,605 | $ 16,545 | $ 19,374 | $ 15,682 | |
Provision for loan losses | 701 | 1,063 | 701 | 1,685 | |
Net (charge-offs) recoveries: | |||||
Charge-offs | (2) | (20) | (2) | (20) | |
Recoveries | 22 | 888 | 253 | 1,129 | |
Net recoveries | 20 | 868 | 251 | 1,109 | |
Allowance for loan loss at end of period | $ 20,326 | $ 18,476 | $ 20,326 | $ 18,476 | |
Net (charge-offs) recoveries to average loans | 0.00% | 0.05% | 0.01% | 0.06% | |
Allowance for loan loss to total loans | 0.94% | 0.94% | 0.94% |
Changes in Allowance for Loan L
Changes in Allowance for Loan Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | $ 19,605 | $ 16,545 | $ 19,374 | $ 15,682 |
Provision for loan losses | 701 | 1,063 | 701 | 1,685 |
Net (charge-offs) recoveries: | ||||
Charge-offs | (2) | (20) | (2) | (20) |
Recoveries | 22 | 888 | 253 | 1,129 |
Net recoveries | 20 | 868 | 251 | 1,109 |
Allowance for loan loss at end of period | 20,326 | 18,476 | 20,326 | 18,476 |
Commercial and Industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 6,862 | 6,725 | 7,130 | 5,924 |
Provision for loan losses | 522 | 789 | 25 | 1,350 |
Net (charge-offs) recoveries: | ||||
Charge-offs | (2) | (20) | (2) | (20) |
Recoveries | 6 | 887 | 235 | 1,127 |
Net recoveries | 4 | 867 | 233 | 1,107 |
Allowance for loan loss at end of period | 7,388 | 8,381 | 7,388 | 8,381 |
Construction, Land Development and Other Land | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 3,147 | 2,711 | 3,084 | 2,076 |
Provision for loan losses | 86 | 13 | 149 | 648 |
Net (charge-offs) recoveries: | ||||
Allowance for loan loss at end of period | 3,233 | 2,724 | 3,233 | 2,724 |
Commercial and Other Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 9,228 | 6,374 | 8,487 | 6,821 |
Provision for loan losses | (71) | 192 | 668 | (256) |
Net (charge-offs) recoveries: | ||||
Recoveries | 16 | 1 | 18 | 2 |
Net recoveries | 16 | 1 | 18 | 2 |
Allowance for loan loss at end of period | 9,173 | 6,567 | 9,173 | 6,567 |
Other Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan loss at beginning of period | 368 | 735 | 673 | 861 |
Provision for loan losses | 164 | 69 | (141) | (57) |
Net (charge-offs) recoveries: | ||||
Allowance for loan loss at end of period | $ 532 | $ 804 | $ 532 | $ 804 |
Allowance for Loan Loss and Ass
Allowance for Loan Loss and Associated Loan Balance Classified by Loan Portfolio Segment and by Credit Evaluation Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | $ 0 | $ 0 | ||||
Collectively evaluated for impairment | 20,326 | 19,374 | ||||
Total Allowance for Loan Loss | 20,326 | $ 19,605 | 19,374 | $ 18,476 | $ 16,545 | $ 15,682 |
Loans receivable: | ||||||
Individually evaluated for impairment | 462 | 623 | ||||
Collectively evaluated for impairment | 2,149,629 | 2,047,891 | ||||
Total Loans | 2,151,593 | 2,050,226 | ||||
PCI Loans | ||||||
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) | 1,502 | 1,712 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 7,388 | 7,130 | ||||
Total Allowance for Loan Loss | 7,388 | 6,862 | 7,130 | 8,381 | 6,725 | 5,924 |
Loans receivable: | ||||||
Individually evaluated for impairment | 231 | 378 | ||||
Collectively evaluated for impairment | 495,136 | 501,960 | ||||
Total Loans | 495,632 | 502,637 | ||||
Commercial and Industrial | PCI Loans | ||||||
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) | 265 | 299 | ||||
Construction, Land Development and Other Land | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,233 | 3,084 | ||||
Total Allowance for Loan Loss | 3,233 | 3,147 | 3,084 | 2,724 | 2,711 | 2,076 |
Loans receivable: | ||||||
Collectively evaluated for impairment | 205,845 | 194,059 | ||||
Total Loans | 205,845 | 194,059 | ||||
Construction, Land Development and Other Land | PCI Loans | ||||||
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 | 9,173 | 8,487 | ||||
Total Allowance for Loan Loss | 9,173 | 9,228 | 8,487 | 6,567 | 6,374 | 6,821 |
Loans receivable: | ||||||
Individually evaluated for impairment | 231 | 245 | ||||
Collectively evaluated for impairment | 1,404,717 | 1,316,849 | ||||
Total Loans | 1,406,185 | 1,318,507 | ||||
Commercial and Other Real Estate | PCI Loans | ||||||
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) | 1,237 | 1,413 | ||||
Other Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 532 | 673 | ||||
Total Allowance for Loan Loss | 532 | $ 368 | 673 | $ 804 | $ 735 | $ 861 |
Loans receivable: | ||||||
Collectively evaluated for impairment | 43,931 | 35,023 | ||||
Total Loans | 43,931 | 35,023 | ||||
Other Loans | PCI Loans | ||||||
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,151,593 | $ 2,050,226 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 495,632 | 502,637 |
Construction, Land Development and Other Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 205,845 | 194,059 |
Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,406,185 | 1,318,507 |
Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,931 | 35,023 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,083,916 | 1,971,226 |
Pass | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 450,109 | 456,885 |
Pass | Construction, Land Development and Other Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 205,845 | 194,059 |
Pass | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,384,154 | 1,288,154 |
Pass | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,808 | 32,128 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,406 | 20,331 |
Special Mention | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14,784 | 12,774 |
Special Mention | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,588 | 7,557 |
Special Mention | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 34 | |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 47,271 | 58,669 |
Substandard | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 30,739 | 32,978 |
Substandard | Commercial and Other Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 16,443 | 22,796 |
Substandard | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 89 | $ 2,895 |
Aging Analysis of Recorded Inve
Aging Analysis of Recorded Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 702 | $ 212 |
Total Non-Accrual | 726 | 1,122 |
Current | 2,150,165 | 2,048,892 |
Total Loans | 2,151,593 | 2,050,226 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 259 | |
Total Non-Accrual | 495 | 675 |
Current | 494,878 | 501,962 |
Total Loans | 495,632 | 502,637 |
Construction, Land Development and Other Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 205,845 | 194,059 |
Total Loans | 205,845 | 194,059 |
Commercial and Other Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 443 | 212 |
Total Non-Accrual | 231 | 447 |
Current | 1,405,511 | 1,317,848 |
Total Loans | 1,406,185 | 1,318,507 |
Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 43,931 | 35,023 |
Total Loans | 43,931 | 35,023 |
Loans 31 to 60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 702 | 212 |
Loans 31 to 60 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 259 | |
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 | $ 443 | $ 212 |
Recorded Investment and Unpaid
Recorded Investment and Unpaid Principal Balances for Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 462 | $ 462 | $ 623 | ||
Unpaid Principal Balance | 904 | 904 | 1,665 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | 0 | ||
Average Recorded Investment | 472 | $ 1,117 | 479 | $ 1,019 | |
Interest Income Recognized | 3 | 3 | |||
Commercial and Industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no specific allowance recorded | 231 | 231 | 378 | ||
Recorded Investment, With a specific allowance recorded | 0 | 0 | 0 | ||
Recorded Investment | 231 | 231 | 378 | ||
Unpaid Principal Balance, With no specific allowance recorded | 632 | 632 | 1,383 | ||
Unpaid Principal Balance, With a specific allowance recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance | 632 | 632 | 1,383 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | 0 | ||
Average Recorded Investment, With no specific allowance recorded | 237 | 545 | 241 | 400 | |
Average Recorded Investment, With a specific allowance recorded | 316 | 158 | |||
Average Recorded Investment | 237 | 861 | 241 | 558 | |
Interest Income Recognized, With no specific allowance recorded | 3 | 3 | |||
Interest Income Recognized, With a specific allowance recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 3 | 3 | |||
Commercial and Other Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no specific allowance recorded | 231 | 231 | 245 | ||
Recorded Investment, With a specific allowance recorded | 0 | 0 | 0 | ||
Recorded Investment | 231 | 231 | 245 | ||
Unpaid Principal Balance, With no specific allowance recorded | 272 | 272 | 282 | ||
Unpaid Principal Balance, With a specific allowance recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance | 272 | 272 | 282 | ||
Related Allowance, With a specific allowance recorded | 0 | 0 | $ 0 | ||
Average Recorded Investment, With no specific allowance recorded | 235 | 256 | 238 | 461 | |
Average Recorded Investment | 235 | 256 | 238 | 461 | |
Interest Income Recognized, With a specific allowance recorded | $ 0 | $ 0 | $ 0 | $ 0 |
Additional Information on Impai
Additional Information on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Receivables [Abstract] | ||||
Interest foregone on impaired loans | $ 13 | $ 22 | $ 26 | $ 46 |
Cash collections applied to reduce principal balance | 24 | $ 28 | 45 | $ 52 |
Interest income recognized on cash collections | $ 3 | $ 3 |
Recorded Investment and Unpai51
Recorded Investment and Unpaid Principal Balances for Troubled Debt Restructured Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | $ 302 | $ 377 | $ 302 | $ 377 | $ 408 |
Unpaid Principal Balance | 518 | 591 | 518 | 591 | 1,174 |
Interest Income Recognized | 0 | 0 | 0 | 0 | 0 |
Commercial and Industrial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded Investment | 302 | 377 | 302 | 377 | 408 |
Unpaid Principal Balance | 518 | 591 | 518 | 591 | 1,174 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accretable Yield for Acquired L
Accretable Yield for Acquired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Receivables [Abstract] | ||||
Balance, beginning of period | $ 8,496 | $ 13,470 | $ 9,611 | $ 14,610 |
Accretion, included in interest income | (637) | (1,517) | (1,752) | (2,650) |
Reclassifications to non-accretable yield | (25) | (32) | ||
Balance, end of period | $ 7,859 | $ 11,928 | $ 7,859 | $ 11,928 |
Carrying Value of Purchased Cre
Carrying Value of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 904 | $ 1,665 |
Carrying Value | 462 | 623 |
Commercial and Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 632 | 1,383 |
Carrying Value | 231 | 378 |
Commercial and Other Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 272 | 282 |
Carrying Value | 231 | 245 |
PCI Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,166 | 2,619 |
Carrying Value | 1,502 | 1,712 |
PCI Loans | Commercial and Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 579 | 622 |
Carrying Value | 265 | 299 |
PCI Loans | Commercial and Other Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,587 | 1,997 |
Carrying Value | $ 1,237 | $ 1,413 |
Accretable Net Discount of Purc
Accretable Net Discount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ||||
Balance, beginning of period | $ 8,496 | $ 13,470 | $ 9,611 | $ 14,610 |
Accretion, included in interest income | (637) | (1,517) | (1,752) | (2,650) |
Balance, end of period | 7,859 | 11,928 | 7,859 | 11,928 |
PCI Loans | ||||
Acquired Impaired Loans Change In Accretable Yield [Line Items] | ||||
Balance, beginning of period | 138 | 226 | 161 | 246 |
Accretion, included in interest income | (23) | (21) | (46) | (41) |
Reclassifications from non-accretable yield | 0 | 0 | 0 | 0 |
Balance, end of period | $ 115 | $ 205 | $ 115 | $ 205 |
Qualified Affordable Housing 55
Qualified Affordable Housing Project Investments - Additional Information (Detail) - Low Income Housing Tax Credits - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Investment Holdings [Line Items] | |||||
Investment cost | $ 6,000 | $ 6,000 | $ 6,200 | ||
Investment in funding obligation | 3,300 | 3,300 | $ 3,400 | ||
Tax credits and other tax benefits | 205 | $ 143 | 345 | $ 287 | |
Amortization expense | $ 163 | $ 112 | $ 273 | $ 224 |
Borrowings and Subordinated D56
Borrowings and Subordinated Debentures - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2017USD ($)Debentures | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Securities with a fair value | $ 42,000,000 | $ 48,000,000 | |
Issuance maturity period from its date of issue | 30 years | ||
PC Bancorp | |||
Debt Instrument [Line Items] | |||
Subordinated debentures | $ 12,400,000 | ||
Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Number of debentures | Debentures | 3 | ||
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. | ||
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 | $ 786,000,000 | ||
Credit facility, loan collateral pledge | $ 1,000,000,000 | ||
Maximum advances by FHLB | 720,000,000 | ||
Investment securities pledged with FHLB | 14,000,000 | ||
Outstanding advances (borrowings) with FHLB | 0 | $ 0 | |
Trust I | Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Prepayment penalties | 0 | ||
Trust II | Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Prepayment penalties | 0 | ||
Trust III | Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount | $ 12,180 | $ 18,816 |
Interest Rate | 0.24% | 0.25% |
June 30, 2017 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount | $ 12,180 | |
Term | 3 days | |
Maturity Date | Jul. 3, 2017 | |
June 30, 2017 | Minimum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.20% | |
June 30, 2017 | Maximum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.25% | |
December 31, 2016 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount | $ 18,816 | |
December 31, 2016 | Minimum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.20% | |
Term | 4 days | |
Maturity Date | Jan. 4, 2017 | |
December 31, 2016 | Maximum | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Interest Rate | 0.25% |
Subordinated Debentures Outstan
Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount, gross | $ 12,372 | $ 12,372 |
Unamortized fair value adjustment | (2,436) | (2,516) |
Net | 9,936 | 9,856 |
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 | 3.29% | 3.01% |
Next Reset Date | Sep. 15, 2017 | Mar. 15, 2017 |
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 | 2.99% | 2.71% |
Next Reset Date | Sep. 15, 2017 | Mar. 15, 2017 |
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 | 3.09% | 2.81% |
Next Reset Date | Sep. 15, 2017 | Mar. 15, 2017 |
Derivative Financial Instrume59
Derivative Financial Instruments - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2017USD ($)AgreementDerivativeFinancial_Institution | Dec. 31, 2016USD ($) | |
Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Required collateral | $ 3,300,000 | |
Investment Securities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Required collateral | 602,000 | |
Certificates of Deposits Pledged as Collateral | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Required collateral | $ 2,700,000 | |
1st Enterprise Bank | ||
Derivative [Line Items] | ||
Number of counterparty banks | Financial_Institution | 2 | |
Derivative assets liabilities offset | $ 0 | |
Total notional amount of swaps | $ 24,000,000 | $ 24,000,000 |
1st Enterprise Bank | Maximum | ||
Derivative [Line Items] | ||
Outstanding swaps remaining maturity period | 7 years | |
Derivatives not Designated as Hedging Instruments | 1st Enterprise Bank | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Swap contracts acquired | Derivative | 11 | |
Offsetting interest-rate swaps acquired | Derivative | 11 | |
Derivatives Designated as Hedging Instruments | PC Bancorp | ||
Derivative [Line Items] | ||
Number of pay-fixed, receive-variable interest rate swap agreements | Agreement | 9 |
Balance Sheet Classification of
Balance Sheet Classification of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Asset Derivatives | $ 441 | $ 523 |
Liability Derivatives | 847 | 1,207 |
1st Enterprise Bank | Accrued Interest Payable and Other Liabilities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Liability Derivatives | 441 | 523 |
1st Enterprise Bank | Accrued Interest Receivable and Other Assets | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Asset Derivatives | 441 | 523 |
PC Bancorp | Accrued Interest Payable and Other Liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives | 406 | 684 |
PC Bancorp | Accrued Interest Payable and Other Liabilities | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Liability Derivatives | 7,721 | 17,642 |
Derivatives not Designated as Hedging Instruments | PC Bancorp | Accrued Interest Payable and Other Liabilities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Liability Derivatives | 95 | |
Derivatives Designated as Hedging Instruments | PC Bancorp | Accrued Interest Payable and Other Liabilities | Interest rate swap contracts fair value | ||
Derivative [Line Items] | ||
Liability Derivatives | $ 406 | $ 589 |
Effect of Derivative Instrument
Effect of Derivative Instruments on Consolidated Statements of Income (Detail) - Loans Payable - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivatives not Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Increase in fair value of interest rate swap contracts | $ 40 | $ 52 | $ 95 | $ 91 |
Payments on interest rate swap contracts on loans and subordinated debentures | (39) | (60) | (92) | (122) |
Derivatives not Designated as Hedging Instruments | Other Non-Interest Income | ||||
Derivative [Line Items] | ||||
Net increase (decrease) in income | 1 | (8) | 3 | (31) |
Derivatives Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Increase in fair value of interest rate swap contracts | 62 | 139 | 183 | 162 |
Increase in fair value of hedged loans | 48 | 71 | 36 | 284 |
Payments on interest rate swap contracts on loans and subordinated debentures | (91) | (224) | (205) | (454) |
Derivatives Designated as Hedging Instruments | Interest Income | ||||
Derivative [Line Items] | ||||
Net increase (decrease) in income | $ 19 | $ (14) | $ 14 | $ (8) |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Interest rate swap contracts fair value - Gross Amounts Recognized in the Consolidated Balance Sheets | $ 441 | $ 523 |
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 / Liabilities Presented in the Consolidated Balance Sheets | 441 | 523 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 441 | 523 |
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 | 441 | 523 |
Total - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Total - Net Amounts of Assets / Liabilities Presented in the Consolidated Balance Sheets | 441 | 523 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 441 | 523 |
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 | 847 | 1,207 |
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 / Liabilities Presented in the Consolidated Balance Sheets | 847 | 1,207 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 847 | 1,207 |
Interest rate swap contracts fair value - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 3,336 | 4,555 |
Interest rate swap contracts fair value - Net Amount (Collateral over liability balance required to be pledged) | 2,489 | 3,348 |
Securities sold under agreements to repurchase - Gross Amounts Recognized in the Consolidated Balance Sheets | 12,180 | 18,816 |
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 Assets / Liabilities Presented in the Consolidated Balance Sheets | 12,180 | 18,816 |
Securities sold under agreements to repurchase - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 12,180 | 18,816 |
Securities sold under agreements to repurchase - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 41,727 | 48,204 |
Securities sold under agreements to repurchase - Net Amount (Collateral over liability balance required to be pledged) | 29,547 | 29,388 |
Total - Gross Amounts Recognized in the Consolidated Balance Sheets | 13,027 | 20,023 |
Total - Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Total - Net Amounts of Assets Presented in the Consolidated Balance Sheets | 13,027 | 20,023 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments | 13,027 | 20,023 |
Total - Gross Amounts Not Offset in the Consolidated Balance Sheets - Collateral Pledged | 45,063 | 52,759 |
Total - Net Amount (Collateral over liability balance required to be pledged) | $ 32,036 | $ 32,736 |
Future Compensation Expense Rel
Future Compensation Expense Related to Unvested Restricted Stock Grants (Detail) - Restricted Stock $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remainder of 2017 | $ 1,577 |
2,018 | 1,584 |
2,019 | 534 |
2,020 | 169 |
Thereafter | 21 |
Total | $ 3,885 |
Stock Options and Restricted 64
Stock Options and Restricted Stock - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
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 7 months 13 days | |||
Total intrinsic value of options exercised | $ 0 | $ 2,700 | $ 642 | $ 5,600 |
Restricted Stock Units (RSUs) | Equity Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, options granted | 40 |
Share Option Activity (Detail)
Share Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Shares | ||
Exercised, Shares | (27,942) | |
Equity Plan | Stock Options | ||
Shares | ||
Outstanding stock options at beginning, Shares | 47,697 | |
Granted, Shares | 0 | |
Exercised, Shares | (27,942) | |
Forfeited, Shares | 0 | |
Expired, Shares | 0 | |
Outstanding stock options at ending, Shares | 19,755 | 47,697 |
Exercisable options at June 30, 2017, Shares | 19,755 | |
Unvested options at June 30, 2017, Shares | 0 | |
Weighted Average Exercise Price | ||
Outstanding stock options at beginning, Weighted Average Exercise Price | $ 12.69 | |
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 | 8.67 | $ 12.69 |
Exercisable options at end, Weighted Average Exercise Price | 8.67 | |
Unvested options at end, Weighted Average Exercise Price | $ 0 | |
Weighted Average Remaining Contractual Term | ||
Outstanding stock options at June 30, 2017 | 1 year 10 months 17 days | 1 year 5 months 5 days |
Exercisable options at end, Weighted Average Remaining Contractual Term | 1 year 10 months 17 days | |
Aggregate Intrinsic Value | ||
Outstanding stock options at beginning, Aggregate Intrinsic Value | $ 19,755 | $ 1,102 |
Exercisable options at end, Aggregate Intrinsic Value | 19,755 | |
Unvested options at end, Aggregate Intrinsic Value | $ 0 |
Restricted Stock Activity (Deta
Restricted Stock Activity (Detail) - Restricted Stock | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Number of Shares | |
Unvested, at beginning, Number of Shares | shares | 282,082 |
Granted, Number of Shares | shares | 65,615 |
Vested, Number of Shares | shares | (35,082) |
Forfeited, Number of Shares | shares | (6,934) |
Unvested, at end, Number of Shares | shares | 305,681 |
Weighted-Average Grant-Date Fair Value per Share | |
Unvested, at beginning, Weighted-Average Grant-Date Fair Value per Share | $ / shares | $ 21.98 |
Granted, Weighted-Average Grant-Date Fair Value per Share | $ / shares | 38.04 |
Vested, Weighted-Average Grant-Date Fair Value per Share | $ / shares | 20.98 |
Forfeited, Weighted-Average Grant-Date Fair Value per Share | $ / shares | 22.66 |
Unvested, at end, Weighted-Average Grant-Date Fair Value per Share | $ / shares | $ 25.84 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2018 | Mar. 01, 2016 | Nov. 30, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||||
Shares issued during period upon exercise of stock options | 27,942 | |||||
Shares issued during period upon exercise of stock options for total value | $ 435 | $ 3,453 | ||||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | ||||
Carrying value of preferred stock | $ 16,818 | $ 16,955 | ||||
Series A Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | ||||
Coupon dividend rate | 9.00% | |||||
Series A Preferred Stock | 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/amortization on net discount | 900,000 | |||||
Carrying value of preferred stock | 17,000 | |||||
Preferred stock value, gross | 16,000 | |||||
Preferred stock value net premium | $ 500 | |||||
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 of restricted stock issued to employees and directors | 65,615 | |||||
Share based compensation, unvested restricted shares forfeited | 14,498 | |||||
Shares repurchased of restricted stock value | $ 569 | |||||
Unvested Restricted Stock | ||||||
Class of Stock [Line Items] | ||||||
Share based compensation, unvested restricted shares forfeited | 6,934 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 338,185 | $ 306,807 | ||
Related tax effect | $ (1,013) | $ (598) | (1,192) | (1,157) |
Reclassification of gain on investment securities available-for-sale to net income | (141) | |||
Related tax effect | 59 | |||
Other Comprehensive Income | 1,396 | 825 | 1,561 | 1,594 |
Ending Balance | 357,576 | 326,459 | 357,576 | 326,459 |
Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (2,854) | (47) | (3,019) | (816) |
Net unrealized gain arising during the period | 2,409 | 1,423 | 2,835 | 2,751 |
Ending Balance | $ (1,458) | $ 778 | $ (1,458) | $ 778 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2017USD ($)Lawsuit | Dec. 31, 2016USD ($) | |
Other Commitments [Line Items] | ||
Legal proceedings against the company | $ 0 | |
Number of shareholder class action lawsuits | Lawsuit | 2 | |
Allowance for losses on unfunded loan commitments | $ 886,000 | $ 886,000 |
Commitments to Extend Credit | ||
Other Commitments [Line Items] | ||
Financial instruments with off balance sheet risk | 936,000,000 | 1,000,000,000 |
Commitments to Extend Credit | Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Financial instruments with off balance sheet risk | $ 73,000,000 | $ 85,000,000 |
Financial Assets and Financial
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | $ 453,952 | $ 469,950 |
Financial assets measured at fair value on recurring basis | 454,393 | 470,473 |
Interest Rate Swap Contracts | 847 | 1,207 |
U.S. Govt Agency and Sponsored Agency - Note Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 9,958 | 9,969 |
U.S. Govt Agency - SBA Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 117,382 | 122,850 |
U.S. Govt Agency - GNMA Mortgage-Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 19,782 | 22,370 |
U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 248,313 | 238,900 |
Asset Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 6,592 | 6,896 |
U. S. Treasury Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 51,925 | 68,965 |
Interest rate swap contracts fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets measured at fair value on recurring basis | 441 | 523 |
Interest Rate Swap Contracts | 847 | 1,207 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets measured at fair value on recurring basis | 51,925 | 68,965 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U. S. Treasury Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 51,925 | 68,965 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets measured at fair value on recurring basis | 402,468 | 401,508 |
Significant Other Observable Inputs (Level 2) | U.S. Govt Agency and Sponsored Agency - Note Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 9,958 | 9,969 |
Significant Other Observable Inputs (Level 2) | U.S. Govt Agency - SBA Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 117,382 | 122,850 |
Significant Other Observable Inputs (Level 2) | U.S. Govt Agency - GNMA Mortgage-Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 19,782 | 22,370 |
Significant Other Observable Inputs (Level 2) | U.S. Govt Sponsored Agency - CMO & Mortgage-Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 248,313 | 238,900 |
Significant Other Observable Inputs (Level 2) | Asset Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 6,592 | 6,896 |
Significant Other Observable Inputs (Level 2) | Interest rate swap contracts fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets measured at fair value on recurring basis | 441 | 523 |
Interest Rate Swap Contracts | $ 847 | $ 1,207 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on recurring basis | $ 454,393,000 | $ 470,473,000 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on recurring basis | 0 | 0 |
Financial liabilities measured at fair value on recurring basis | 0 | 0 |
Fair Value Hierarchy for Assets Measured on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 Assets Measured on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
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 Hierarchy for Asset Measured on Non-recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer of assets in or out of Level 3 | $ 0 | $ 0 |
Balances of Assets Measured at
Balances of Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Hierarchy for Asset Measured on Non-recurring Basis - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
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) | $ 73 | |
SBA Servicing Asset | $ 901 | 940 |
Total | 901 | 1,013 |
Significant Unobservable Inputs (Level 3) | ||
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) | 73 | |
SBA Servicing Asset | 901 | 940 |
Total | $ 901 | $ 1,013 |
Significant Unobservable Inputs
Significant Unobservable Inputs Used in Fair Value Measurements for Level 3 Assets Measured at Fair Value on Recurring or Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Hierarchy for Asset Measured on Non-recurring Basis | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 901 | $ 1,013 |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And/Or Partial Charge-Off | Fair Value Hierarchy for Asset Measured on Non-recurring Basis | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 73 | |
Collateral Dependent Impaired Loans With Specific Valuation Allowance And/Or Partial Charge-Off | Credit Loss Estimate of Aged Accounts Receivable Collateral | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit loss factors on aging of accounts receivable collateral | 20.00% | |
Valuation Model and/or Factors | Credit loss factors on aging of accounts receivable collateral | |
SBA Servicing Assets | Fair Value Hierarchy for Asset Measured on Non-recurring Basis | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, fair value | $ 901 | $ 940 |
SBA Servicing Assets | Discounted Cash Flow | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rates | 13.00% | 13.00% |
Estimated average remaining life of SBA portfolio | 39 months | 39 months |
SBA Servicing Assets | Discounted Cash Flow - Discount Rates | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Model and/or Factors | Discount Rates | Discount Rates |
SBA Servicing Assets | Discounted Cash Flow - Prepayment Speed | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Model and/or Factors | Estimated Average Remaining Life of SBA Portfolio | Estimated Average Remaining Life of SBA Portfolio |
Level in Fair Value Hierarchy f
Level in Fair Value Hierarchy for Financial Instruments Estimated Fair Values (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 56,382 | $ 41,281 |
Interest earning deposits in other financial institutions | 111,852 | 167,789 |
Investment securities held-to-maturity, Carrying Amount | 39,992 | 42,027 |
Loans, net, Carrying Amount | 2,131,267 | 2,030,852 |
Bank owned life insurance, Carrying Amount | 61,536 | 51,216 |
FHLB Stock, Carrying Amount | 11,902 | 9,182 |
Certificates of deposit, Carrying Amount | 29,725 | 29,480 |
Securities sold under agreements to repurchase, Carrying Amount | 12,180 | 18,816 |
Subordinated debentures, Carrying Amount | 9,936 | 9,856 |
Cash and due from banks | 56,382 | 41,281 |
Interest earning deposits in other financial institutions | 111,852 | 167,789 |
Investment securities held-to-maturity | 40,500 | 41,937 |
Loans, net, Fair Value | 2,151,147 | 2,054,701 |
Bank owned life insurance, Fair Value | 61,536 | 51,216 |
FHLB Stock, Fair Value | 11,902 | 9,182 |
Certificates of deposit, Fair Value | 29,727 | 29,480 |
Securities sold under agreements to repurchase, Fair Value | 12,180 | 18,816 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 56,382 | 41,281 |
Interest earning deposits in other financial institutions | 111,852 | 167,789 |
Investment securities held-to-maturity, Carrying Amount | 39,992 | 42,027 |
Loans, net, Carrying Amount | 2,131,267 | 2,030,852 |
Bank owned life insurance, Carrying Amount | 61,536 | 51,216 |
FHLB Stock, Carrying Amount | 11,902 | 9,182 |
Certificates of deposit, Carrying Amount | 29,725 | 29,480 |
Securities sold under agreements to repurchase, Carrying Amount | 12,180 | 18,816 |
Subordinated debentures, Carrying Amount | 9,936 | 9,856 |
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 | 56,382 | 41,281 |
Interest earning deposits in other financial institutions | 111,852 | 167,789 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities held-to-maturity | 40,500 | 41,937 |
Certificates of deposit, Fair Value | 29,727 | 29,480 |
Securities sold under agreements to repurchase, Fair Value | 12,180 | 18,816 |
Subordinated debentures, Fair Value | 12,372 | 12,372 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net, Fair Value | 2,151,147 | 2,054,701 |
Bank owned life insurance, Fair Value | 61,536 | 51,216 |
FHLB Stock, Fair Value | $ 11,902 | $ 9,182 |