Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CUBN | |
Entity Registrant Name | Commerce Union Bancshares, Inc. | |
Entity Central Index Key | 1,606,440 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,576,457 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 26,107 | $ 20,289 |
Federal funds sold | 434 | 281 |
Total cash and cash equivalents | 26,541 | 20,570 |
Securities available for sale | 139,899 | 133,825 |
Loans, net | 614,643 | 608,747 |
Mortgage loans held for sale | 24,682 | 55,093 |
Accrued interest receivable | 3,035 | 3,096 |
Premises and equipment, net | 9,213 | 9,196 |
Restricted equity securities, at cost | 6,244 | 6,244 |
Other real estate, net | 1,139 | 1,149 |
Cash surrender value of life insurance contracts | 24,247 | 20,077 |
Deferred tax assets, net | 2,274 | 2,383 |
Goodwill | 11,404 | 11,404 |
Core deposit intangibles | 1,849 | 1,938 |
Other assets | 3,375 | 2,682 |
TOTAL ASSETS | 868,545 | 876,404 |
Deposits | ||
Demand | 116,362 | 111,309 |
Interest-bearing demand | 90,622 | 95,397 |
Savings and money market deposit accounts | 199,988 | 181,316 |
Time | 250,805 | 251,986 |
Total deposits | 657,777 | 640,008 |
Accrued interest payable | 139 | 55 |
Federal Home Loan Bank advances | 104,798 | 135,759 |
Dividends payable | 1,489 | |
Other liabilities | 3,809 | 2,342 |
TOTAL LIABILITIES | 766,523 | 779,653 |
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value; 10,000,000 shares authorized; 7,560,594 and 7,279,620 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 7,561 | 7,280 |
Additional paid-in capital | 87,098 | 84,520 |
Retained earnings | 7,224 | 4,987 |
Accumulated other comprehensive income (loss) | 139 | (36) |
TOTAL STOCKHOLDERS' EQUITY | 102,022 | 96,751 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 868,545 | $ 876,404 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,560,594 | 7,279,620 |
Common stock, shares outstanding | 7,560,594 | 7,279,620 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 8,138 | $ 4,036 |
Interest on investment securities, taxable | 236 | 203 |
Interest on investment securities, nontaxable | 438 | 182 |
Federal funds sold and other | 102 | 52 |
TOTAL INTEREST INCOME | 8,914 | 4,473 |
Deposits | ||
Demand | 44 | 22 |
Savings and money market deposit accounts | 166 | 65 |
Time | 423 | 224 |
Federal Home Loan Bank advances and other | 199 | 93 |
TOTAL INTEREST EXPENSE | 832 | 404 |
NET INTEREST INCOME | 8,082 | 4,069 |
Provision for loan losses | 165 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,917 | 4,069 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 285 | 147 |
Gains on mortgage loans sold, net | 3,342 | 1,777 |
Loss on securities transactions, net (reclassified from other comprehensive income) | (396) | |
Other | 219 | 106 |
TOTAL NONINTEREST INCOME | 3,846 | 1,634 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 5,394 | 2,839 |
Occupancy | 829 | 700 |
Data processing | 627 | 408 |
Advertising and public relations | 265 | 209 |
Audit, legal and consulting | 281 | 224 |
Federal deposit insurance | 114 | 70 |
Provision for losses on other real estate | 26 | 20 |
Other operating | 1,101 | 508 |
TOTAL NONINTEREST EXPENSE | 8,637 | 4,978 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 3,126 | 725 |
INCOME TAX EXPENSE | 568 | 184 |
CONSOLIDATED NET INCOME | 2,558 | 541 |
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (321) | 71 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 2,237 | $ 612 |
Basic net income attributable to common shareholders, per share | $ 0.30 | $ 0.15 |
Diluted net income attributable to common shareholders, per share | $ 0.30 | $ 0.15 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Consolidated net income | $ 2,558 | $ 541 |
Other comprehensive income (loss) | ||
Net unrealized gains (losses) on available-for-sale securities, net of tax of $109 and $(196) for the three months ended March 31, 2016 and 2015, respectively. | 175 | (313) |
Reclassification adjustment for losses included in net income, net of tax of $152 for the three months ended March 31, 2015. | 244 | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 175 | (69) |
TOTAL COMPREHENSIVE INCOME | $ 2,733 | $ 472 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains on available-for-sale securities during period, taxes | $ 109 | $ (196) |
Reclassification adjustment for gains (losses) included in net income, tax | $ 152 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2014 | $ 43,516 | $ 3,910 | $ 38,955 | $ 901 | $ (250) | |
Beginning balance, shares at Dec. 31, 2014 | 3,910,191 | |||||
Stock based compensation expense | $ 5 | $ 5 | ||||
Stock based compensation expense, shares | 0 | 0 | 0 | 0 | 0 | 0 |
Noncontrolling interest contributions | $ 71 | $ 71 | ||||
Net income | 541 | $ 612 | $ (71) | |||
Other comprehensive income (loss) | (69) | $ (69) | ||||
Ending balance at Mar. 31, 2015 | 44,064 | $ 3,910 | $ 38,960 | 1,513 | (319) | |
Ending balance, shares at Mar. 31, 2015 | 3,910,191 | |||||
Beginning balance at Dec. 31, 2015 | $ 96,751 | $ 7,280 | 84,520 | $ 4,987 | $ (36) | |
Beginning balance, shares at Dec. 31, 2015 | 7,279,620 | 7,279,620 | ||||
Stock based compensation expense | $ 50 | $ 50 | ||||
Stock based compensation expense, shares | 0 | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options | $ 2,809 | $ 281 | $ 2,528 | |||
Exercise of stock options, shares | 280,974 | 280,974 | ||||
Noncontrolling interest contributions | $ 321 | $ 321 | ||||
Net income | 2,558 | $ 2,237 | $ 321 | |||
Other comprehensive income (loss) | 175 | $ 175 | ||||
Ending balance at Mar. 31, 2016 | $ 102,022 | $ 7,561 | $ 87,098 | $ 7,224 | $ 139 | |
Ending balance, shares at Mar. 31, 2016 | 7,560,594 | 7,560,594 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 2,558 | $ 541 |
Adjustments to reconcile consolidated net income to net cash used in operating activities | ||
Provision for loan losses | 165 | |
Deferred income tax expense | 186 | |
Depreciation and amortization of premises and equipment | 241 | 127 |
Net amortization of securities | 349 | 144 |
Net realized losses on sales of securities | 396 | |
Gains on mortgage loans sold, net | (3,342) | (1,777) |
Stock-based compensation expense | 50 | 5 |
Provision for losses on other real estate | 26 | 20 |
Increase in cash surrender value of life insurance contracts | (170) | (93) |
Mortgage loans originated for resale | (72,489) | (40,871) |
Proceeds from sale of mortgage loans | 106,242 | 41,899 |
Amortization of core deposit intangible | 89 | 32 |
Change in | ||
Accrued interest receivable | 61 | (28) |
Other assets | (1,014) | (75) |
Accrued interest payable | 84 | (30) |
Other liabilities | 727 | (677) |
TOTAL ADJUSTMENTS | 31,019 | (742) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 33,577 | (201) |
INVESTING ACTIVITIES | ||
Activities in available for sale securities - Purchases | (6,687) | (32,293) |
Activities in available for sale securities - Sales | 459 | |
Activities in available for sale securities - Maturities, prepayments and calls | 1,288 | 614 |
Activities in held to maturity securities - Sales | 20,649 | |
Purchases of restricted equity securities | (86) | |
Loan originations and payments, net | (6,061) | 3,659 |
Purchase of buildings, leasehold improvements, and equipment | (258) | (33) |
Improvement of other real estate | (16) | |
Purchase of life insurance contracts | (4,000) | |
NET CASH USED IN INVESTING ACTIVITIES | (15,734) | (7,031) |
FINANCING ACTIVITIES | ||
Net change in deposits | 17,769 | 42,197 |
Net change in federal funds purchased | (6,651) | |
Payments on Federal Home Loan Bank advances, net | (30,961) | (11,000) |
Issuance of common stock | 2,809 | |
Cash dividends paid on common stock | (1,489) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (11,872) | 24,546 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 5,971 | 17,314 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 20,570 | 11,147 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 26,541 | 28,461 |
Cash paid during the period for | ||
Interest | 748 | 434 |
Taxes | 94 | 380 |
Non-cash investing and financing activities | ||
Unrealized gain (loss) on securities available-for-sale | 1,024 | (80) |
Unrealized loss on derivatives | (740) | (330) |
Change in due to/from noncontrolling interest | $ (321) | $ 71 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 - BASIS OF PRESENTATION The consolidated financial statements include the accounts of Commerce Union Bancshares, Inc. (or “Commerce Union”), its wholly owned subsidiary, Reliant Bank (the “Bank”), the Bank’s wholly-owned subsidiaries, Commerce Union Mortgage Services, Inc. (inactive) and Reliant Investments, LLC, and the Bank’s majority controlled subsidiary, Reliant Mortgage Ventures, LLC, collectively (the “Company”). As described in the notes to our annual financial statements, Reliant Mortgage Ventures, LLC is considered a variable interest entity for which the Bank is deemed to be the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to general practices in the banking industry. The consolidated financial statements as of March 31, 2016, and for the three months ended March 31, 2016 and 2015, included herein have not been audited. See Note 11 related to the business combination occurring during 2015 and the related financial presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures made are adequate to make the information not misleading. These financial statements should be read in conjunction with the Company’s 2015 audited consolidated financial statements. The accompanying consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Such adjustments are of a normal recurring nature. The results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 2 - SECURITIES The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U. S. Treasury and other U. S. government agencies $ 4,915 $ 18 $ (36 ) $ 4,897 State and municipal 90,508 1,612 (182 ) 91,938 Corporate bonds 2,683 60 (16 ) 2,727 Mortgage backed securities 37,083 153 (149 ) 37,087 Time deposits 3,250 — — 3,250 Total $ 138,439 $ 1,843 $ (383 ) $ 139,899 December 31, 2015 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 4,918 $ 1 $ (83 ) $ 4,836 State and municipal 86,604 1,262 (271 ) 87,595 Corporate bonds 2,000 5 (26 ) 1,979 Mortgage backed securities 36,617 63 (515 ) 36,165 Time deposits 3,250 — — 3,250 Total $ 133,389 $ 1,331 $ (895 ) $ 133,825 On January 16, 2015, the Company sold $20,806 of securities that were classified as held to maturity and recognized a loss on sale of $396. Subsequent to the sale, all other securities classified as held to maturity were transferred to available for sale. Securities pledged at March 31, 2016 and December 31, 2015 had a carrying amount of $49,489 and $39,815, respectively, and were pledged to collateralize Federal Home Loan Bank advances, Federal Reserve advances and municipal deposits. At March 31, 2016 and December 31, 2015, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies or U.S. Government sponsored entities, in an amount greater than 10% of stockholders’ equity. The fair value of available for sale debt securities at March 31, 2016 by contractual maturity are provided below. Securities not due at a single maturity date, primarily mortgage backed securities, are shown separately. Amortized Estimated Due in one to five years $ 17,351 $ 17,493 Due in five to ten years 12,719 12,912 Due after ten years 71,286 72,407 Mortgage backed securities 37,083 37,087 $ 138,439 $ 139,899 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 2,476 $ 11 $ 975 $ 25 $ 3,451 $ 36 State and municipal 8,836 63 5,884 119 14,720 182 Corporate bonds — — 984 16 984 16 Mortgage backed securities 4,135 16 16,027 133 20,162 149 Total temporarily impaired $ 15,447 $ 90 $ 23,870 $ 293 $ 39,317 $ 383 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2015: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 2,002 $ 14 $ 2,421 $ 69 $ 4,423 $ 83 State and municipal 18,619 226 3,760 45 22,379 271 Corporate bonds 974 26 — — 974 26 Mortgage backed securities 28,547 367 4,009 148 32,556 515 Total temporarily impaired $ 50,142 $ 633 $ 10,190 $ 262 $ 60,332 $ 895 Management has the intent and ability to hold all securities in an unrealized loss position for the foreseeable future, and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. There were 69 and 105 securities in an unrealized loss position as of March 31, 2016 and December 31, 2015, respectively. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES Loans at March 31, 2016 and December 31, 2015 were comprised as follows: March 31, December 31, Commercial, Industrial and Agricultural $ 140,893 $ 143,770 Real Estate 1-4 Family Residential 114,302 110,736 1-4 Family HELOC 48,952 49,665 Multifamily and Commercial 202,976 202,736 Construction, Land Development and Farmland 94,888 89,763 Consumer 15,268 15,271 Other 6,274 5,556 623,553 617,497 Less Deferred loan fees 820 927 Allowance for possible loan losses 8,090 7,823 Loans, net $ 614,643 $ 608,747 Activity in the allowance for loan losses by portfolio segment was as follows for the three months ended March 31, 2016: Commercial Multi Construction 1-4 Family Beginning balance $ 2,198 $ 2,591 $ 894 $ 1,214 Charge-offs (8 ) — — — Recoveries 91 1 1 4 Provision 63 (210 ) 269 58 Ending balance $ 2,344 $ 2,382 $ 1,164 $ 1,276 1-4 Family Consumer Other Total Beginning balance $ 699 $ 192 $ 35 $ 7,823 Charge-offs — (4 ) — (12 ) Recoveries 4 13 — 114 Provision (9 ) (6 ) — 165 Ending balance $ 694 $ 195 $ 35 $ 8,090 Activity in the allowance for loan losses by portfolio segment was as follows for the three months ended March 31, 2015: Commercial Multi Construction 1-4 Family Beginning balance $ 2,184 $ 2,070 $ 742 $ 642 Charge-offs — — — — Recoveries 48 1 2 — Provision 120 (100 ) (73 ) (115 ) Ending balance $ 2,352 $ 1,971 $ 671 $ 527 1-4 Consumer Other Unallocated Total Beginning balance $ 854 $ 181 $ 2 $ 678 $ 7,353 Charge-offs — — (4 ) — (4 ) Recoveries 8 — — — 59 Provision (132 ) (29 ) 3 326 — Ending balance $ 730 $ 152 $ 1 $ 1,004 $ 7,408 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2016 was as follows: Commercial Multi Family Construction 1-4 Family Allowance for loan losses Individually evaluated for impairment $ 687 $ — $ 22 $ — Acquired with credit impairment 6 — — 221 Collectively evaluated for impairment 1,651 2,382 1,142 1,055 Total $ 2,344 $ 2,382 $ 1,164 $ 1,276 Loans Individually evaluated for impairment $ 5,324 $ 2,158 $ 857 $ 2,862 Acquired with credit impairment 778 3,955 1,489 623 Collectively evaluated for impairment 134,791 196,863 92,542 110,817 Total $ 140,893 $ 202,976 $ 94,888 $ 114,302 1-4 Family Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 250 $ — $ — $ 959 Acquired with credit impairment — — — 227 Collectively evaluated for impairment 444 195 35 6,904 Total $ 694 $ 195 $ 35 $ 8,090 Loans Individually evaluated for impairment $ 2,018 $ — $ — $ 13,219 Acquired with credit impairment 18 — — 6,863 Collectively evaluated for impairment 46,916 15,268 6,274 603,471 Total $ 48,952 $ 15,268 $ 6,274 $ 623,553 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 was as follows: Commercial Multi Family Construction 1-4 Family Allowance for loan losses Individually evaluated for impairment $ 479 $ 11 $ 22 $ — Acquired with credit impairment 6 — — 241 Collectively evaluated for impairment 1,713 2,580 872 973 Total $ 2,198 $ 2,591 $ 894 $ 1,214 Loans Individually evaluated for impairment $ 2,438 $ 2,196 $ 224 $ 2,646 Acquired with credit impairment 888 3,968 1,496 735 Collectively evaluated for impairment 140,444 196,572 88,043 107,355 Total $ 143,770 $ 202,736 $ 89,763 $ 110,736 1-4 Family Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 190 $ — $ — $ 702 Acquired with credit impairment — — — 247 Collectively evaluated for impairment 509 192 35 6,874 Total $ 699 $ 192 $ 35 $ 7,823 Loans Individually evaluated for impairment $ 2,236 $ — $ — $ 9,740 Acquired with credit impairment 19 — — 7,106 Collectively evaluated for impairment 47,410 15,271 5,556 600,651 Total $ 49,665 $ 15,271 $ 5,556 $ 617,497 Risk characteristics relevant to each portfolio segment are as follows: Commercial, industrial and agricultural: Multi-family and commercial real estate: Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or affiliate of the party, who owns the property. Construction and land development: 1-4 family residential real estate: 1-4 family HELOC: Consumer: Non-accrual loans by class of loan were as follows at March 31, 2016 and December 31, 2015: March 31, December 31, Commercial, Industrial and Agricultural $ 435 $ 947 Multi Family and Commercial Real Estate 697 713 Construction, Land Development and Farmland — 158 1-4 Family Residential Real Estate 2,243 2,109 1-4 Family HELOC 967 1,077 Total $ 4,342 $ 5,004 Individually impaired loans by class of loans were as follows at March 31, 2016: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 7,544 $ 4,703 $ 1,399 $ 6,102 $ 693 Multi Family and Commercial Real Estate 6,965 6,113 — 6,113 — Construction, Land Development and Farmland 2,453 2,122 224 2,346 22 1-4 Family Residential Real Estate 3,990 3,226 259 3,485 221 1-4 Family HELOC 2,604 1,110 926 2,036 250 Total $ 23,556 $ 17,274 $ 2,808 $ 20,082 $ 1,186 Individually impaired loans by class of loans were as follows at December 31, 2015: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 4,047 $ 2,145 $ 1,180 $ 3,325 $ 485 Multi Family and Commercial Real Estate 6,958 5,452 713 6,165 11 Construction, Land Development and Farmland 1,831 1,496 224 1,720 22 1-4 Family Residential Real Estate 3,763 3,009 372 3,381 241 1-4 Family HELOC 2,363 1,309 946 2,255 190 Total $ 18,962 $ 13,411 $ 3,435 $ 16,846 $ 949 The average balances of impaired loans for the three months ended March 31, 2016 and 2015 were as follows: 2016 2015 Commercial, Industrial and Agricultural $ 4,714 $ 2,235 Multi Family and Commercial Real Estate 6,139 1,232 Construction, Land Development and Farmland 2,033 — 1-4 Family Residential Real Estate 3,433 3,983 1-4 Family HELOC 2,146 2,055 Total $ 18,465 $ 9,505 Interest income recognized on these loans was not material for the three months ended March 31, 2016 or 2015. The Company utilizes a risk grading system to monitor the credit quality of the Company’s commercial loan portfolio which consists of commercial, industrial and agricultural, commercial real estate and construction loans. Loans are graded on a scale of 1 to 9. Grades 1 - 5 are pass credits, grade 6 is special mention, grade 7 is substandard, grade 8 is doubtful and grade 9 is loss. A description of the risk grades are as follows: Grade 1 - Minimal Risk (Pass) This grade includes loans to borrowers with a strong financial position and history of profits and cash flows sufficient to service the debt. These borrowers have well defined sources of primary/secondary repayment, conservatively leveraged balance sheets and the ability to access a wide range of financing alternatives. Collateral securing these loans is negotiable, of sufficient value and in possession of the Company. Risk of loss is unlikely. Grade 2 - High Quality (Pass) This grade includes loans to borrowers with a strong financial condition reflecting dependable net profits and cash flows. The borrower has verifiable liquid net worth providing above average asset protection. An identifiable market exists for the collateral. Risk of loss is unlikely. Grade 3 - Above Average (Pass) This grade includes loans to borrowers with a balance sheet that reflects a comfortable degree of leverage and liquidity. Borrowers are profitable and have a sustained record of servicing debt. An identifiable market exists for the collateral, but liquidation could take up to one year. Risk of loss is unlikely. Grade 4 - Average (Pass) This grade includes loans to borrowers with a financial condition that is satisfactory and comparable to industry standards. The borrower has verifiable net worth, providing over time, average asset protection. Borrower cash flows are sufficient to satisfy debt service requirements. Risk of loss is below average. Grade 5 - Acceptable (Management Attention) (Pass) This grade includes loans to borrowers whose loans are performing, but sources of repayment are not documented by the current credit analysis. There are some declining trends in margins, ratios and/or cash flow. Guarantor(s) have strong net worth(s), but assets may be concentrated in real estate or other illiquid investments. Risk of loss is average. Grade 6 - Special Mention Special mention assets have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These assets pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. The special mention rating is designed to identify a specific level of risk and concern about asset quality . Grade 7 - Substandard A ‘‘substandard’’ extension of credit is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit so classified should have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified substandard. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require more intensive supervision by Company management. Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigation. Grade 8 - Doubtful An extension of credit classified ‘‘doubtful’’ has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage of and strengthen the credit, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceedings, capital injection, perfecting liens on additional collateral, or refinancing plans. Generally, the doubtful classification should not extend for a long period of time because in most cases the pending factors or events that warranted the doubtful classification should be resolved either positively or negatively in a reasonable period of time. Grade 9 - Loss Extensions of credit classified ‘‘loss’’ are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Amounts classified loss should be promptly charged off. The Company will not attempt long term recoveries while the credit remains on the Company’s books. Losses should be taken in the period in which they surface as uncollectible. With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest. Non-commercial purpose loans are initially assigned a default loan grade of 99 (Pass) and are risk graded (Grade 6, 7, or 8) according to delinquency status when applicable. Credit quality indicators by class of loan were as follows at March 31, 2016: Commercial Multi Family Construction Pass (grades 1-5) $ 135,517 $ 199,092 $ 94,169 Special Mention 1,278 1,726 — Substandard 4,098 2,158 719 Total $ 140,893 $ 202,976 $ 94,888 Consumer 1-4 Family 1-4 Total Pass (grades 1-5) $ 21,542 $ 110,868 $ 46,934 $ 608,122 Special Mention — — — 3,004 Substandard — 3,434 2,018 12,427 Total $ 21,542 $ 114,302 $ 48,952 $ 623,553 Credit quality indicators by class of loan were as follows at December 31, 2015: Commercial Multi Family Construction Pass (grades 1-5) $ 141,119 $ 198,143 $ 89,521 Special Mention 1,415 2,397 — Substandard 1,236 2,196 242 Total $ 143,770 $ 202,736 $ 89,763 Consumer 1-4 Family 1-4 Total Pass (grades 1-5) $ 20,827 $ 107,331 $ 47,504 $ 604,445 Special Mention — — — 3,812 Substandard — 3,405 2,161 9,240 Total $ 20,827 $ 110,736 $ 49,665 $ 617,497 Past due and accrual status by class of loan was as follows at March 31, 2016: Accruing 30-59 Days Accruing 60-89 Days Accruing Accruing Commercial, Industrial and Agricultural $ 263 $ — $ — $ 263 Multi family and Commercial Real Estate — — — — Construction, Land Development and Farmland 235 67 — 302 1-4 Family Residential Real Estate 435 — — 435 1-4 Family HELOC 146 — — 146 Consumer 1 — — 1 Other — — — — Total $ 1,080 $ 67 $ — $ 1,147 Current Accruing Non Non Accrual Total Commercial, Industrial and Agricultural $ 140,195 $ 263 $ 435 $ — $ 140,893 Multi family and Commercial Real Estate 202,279 — 697 — 202,976 Construction, Land Development and Farmland 94,586 302 — — 94,888 1-4 Family Residential Real Estate 111,624 435 1,789 454 114,302 1-4 Family HELOC 47,839 146 967 — 48,952 Consumer 15,267 1 — — 15,268 Other 6,274 — — — 6,274 Total $ 618,064 $ 1,147 $ 3,888 $ 454 $ 623,553 Past due and accrual status by class of loan was as follows at December 31, 2015: Accruing 30-59 Days Accruing 60-89 Days Accruing Accruing Commercial, Industrial and Agricultural $ 1 $ 148 $ — $ 149 Multi family and Commercial Real Estate — — — — Construction, Land Development and Farmland — — — — 1-4 Family Residential Real Estate 579 — — 579 1-4 Family HELOC — — — — Consumer 11 — — 11 Other — — — — Total $ 591 $ 148 $ — $ 739 Current Accruing Non Accrual Non Accrual Total Loans Commercial, Industrial and Agricultural $ 142,674 $ 149 $ 504 $ 443 $ 143,770 Multi family and Commercial Real Estate 202,023 — — 713 202,736 Construction, Land Development and Farmland 89,605 — — 158 89,763 1-4 Family Residential Real Estate 108,048 579 415 1,694 110,736 1-4 Family HELOC 48,588 — 879 198 49,665 Consumer 15,260 11 — — 15,271 Other 5,556 — — — 5,556 Total $ 611,754 $ 739 $ 1,798 $ 3,206 $ 617,497 There were no loans past due 90 days or more and still accruing interest at March 31, 2016 or December 31, 2015. During the three months ended March 31, 2016, one loan totaling $1,223 was modified in a troubled debt restructuring. The modification consisted of an extension of the scheduled due date of an annual principal and interest payment. The modifications had no effect on the allowance for loan losses or interest income. The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of the loans was as follows at March 31, 2016: Commercial, Industrial and Agricultural $ 1,418 Multi Family and Commercial Real Estate 4,532 Construction, Land Development and Farmland 1,586 1-4 Family Residential Real Estate 886 1-4 Family HELOC 39 Total outstanding balance 8,461 Less remaining purchase discount 1,598 6,863 Allowance for loan losses 227 Carrying amount, net of allowance $ 6,636 During the three months ended March 31, 2016, the allowance for loan losses related to purchased credit impaired loans decreased by $20. Activity related to the accretable portion of the purchase discount on loans acquired with deteriorated credit quality is as follows for the three months ended March 31, 2016: Balance at January 1, 2016 $ 233 Accretion income (73 ) Reclassification from nonaccretable 46 Balance at March 31, 2016 $ 206 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | NOTE 4 - FAIR VALUES OF ASSETS AND LIABILITIES Financial accounting standards relating to fair value measurements establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in inactive markets; • Inputs other than quoted prices that are observable for the asset or liability; • Inputs that are derived principally from or corroborated by the observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques should maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis: Securities available for sale: Interest rate swaps: Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis include the following: Impaired Loans Other real estate owned: There were no changes in valuation methodologies used during the three months ended March 31, 2016. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of March 31, 2016 and December 31, 2015: Fair Quoted Prices Significant Significant March 31, 2016 Assets U. S. Treasury and other U. S. government agencies $ 4,897 $ — $ 4,897 $ — State and municipal 91,938 — 91,938 — Corporate bonds 2,727 — 2,727 — Mortgage backed securities 37,087 — 37,087 — Time deposits 3,250 3,250 — — Liabilities Interest rate swap $ 1,235 $ — $ 1,235 $ — December 31, 2015 Assets U. S. Treasury and other U. S. government agencies $ 4,836 $ — $ 4,836 $ — State and municipal 87,595 — 87,595 — Corporate bonds 1,979 — 1,979 — Mortgage backed securities 36,165 — 36,165 — Time deposits 3,250 3,250 — — Interest rate swap 77 — 77 — Liabilities Interest rate swap $ 572 $ — $ 572 $ — The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of March 31, 2016 and December 31, 2015: Fair Quoted Prices Significant Significant March 31, 2016 Assets Impaired loans $ 1,622 $ — $ — $ 1,622 Other real estate owned 1,139 — — 1,139 December 31, 2015 Assets Impaired loans $ 2,486 $ — $ — $ 2,486 Other real estate owned 1,149 — — 1,149 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2016 and December 31, 2015: Valuation Significant Range Impaired loans Appraisal Estimated costs to sell 10% Other real estate owned Appraisal Estimated costs to sell 10% (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. Carrying amounts and estimated fair values of financial instruments at March 31, 2016 were as follows: Carrying Estimated Quoted Prices Significant Significant Financial assets Cash and due from banks $ 26,107 $ 26,107 $ 26,107 $ — $ — Federal funds sold 434 434 434 — — Loans, net 614,643 616,872 — — 616,872 Mortgage loans held for sale 24,682 24,682 — — 24,682 Accrued interest receivable 3,035 3,035 — 3,035 — Restricted equity securities 6,244 6,244 — 6,244 — Financial liabilities Deposits 657,777 658,196 — — 658,196 Accrued interest payable 139 139 — 139 — Federal Home Loan Bank advances 104,798 105,315 — 105,315 — Carrying amounts and estimated fair values of financial instruments at December 31, 2015 were as follows: Carrying Estimated Quoted Prices Significant Significant Financial assets Cash and due from banks $ 20,289 $ 20,289 $ 20,289 $ — $ — Federal funds sold 281 281 281 — — Loans, net 608,747 611,628 — — 611,628 Mortgage loans held for sale 55,093 55,093 — — 55,093 Accrued interest receivable 3,096 3,096 — 3,096 — Restricted equity securities 6,244 6,244 — 6,244 — Financial liabilities Deposits 640,008 639,746 — — 639,746 Accrued interest payable 55 55 — 55 — Federal Home Loan Bank advances 135,759 136,138 — 136,138 — The methods and assumptions used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, restricted equity securities, demand deposits, and variable rate loans or deposits that re-price frequently and fully. For fixed rate loans or deposits and for variable rate loans or deposits with infrequent re-pricing or re-pricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. Fair value of debt is based on discounted cash flows using current rates for similar financing. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stock-Based Compensation | NOTE 5 - STOCK-BASED COMPENSATION In 2006, the Board of Directors and shareholders of the Bank approved the Commerce Union Bank Stock Option Plan (the “Plan”). The Plan provides for the granting of stock options, and authorizes the issuance of common stock upon the exercise of such options, for up to 625,000 shares of common stock to employees and organizers of the Company. As part of a reorganization, all Commerce Union Bank options were replaced with Commerce Union Bancshares, Inc. options with no change in terms. On March 10, 2015, the shareholders of the Company approved the Commerce Union Bancshares, Inc. Amended and Restated Stock Option Plan that permits the grant of awards of up to 1,250,000 shares of the Company common stock in the form of stock options. As part of the merger with Reliant Bank, all outstanding stock options of Reliant Bank were converted to stock options of Commerce Union Bancshares, Inc. under this plan. Under the Stock Option Plan, stock option awards may be granted in the form of incentive stock options or non-statutory stock options, and are generally exercisable for up to ten years following the date such option awards are granted. Exercise prices of incentive stock options must be equal to or greater than the fair market value of the common stock on the grant date. On June 18, 2015, the shareholders of Commerce Union approved the Commerce Union Bancshares, Inc. 2015 Equity Incentive Plan, which provides for the issuance of up to 900,000 shares of common stock in the form of stock options, restricted stock grants or grants for performance-based compensation. A summary of the activity in the stock option plans for the three months ended March 31, 2016 is as follows: Shares Weighted Weighted Aggregate Outstanding at January 1, 2016 708,921 $ 10.73 Granted 10,000 14.70 Exercised (280,974 ) 10.00 Forfeited or expired (23,257 ) 9.79 Outstanding at March 31, 2016 414,690 11.37 3.50 $ 896 Exercisable at March 31, 2016 323,850 10.85 2.03 $ 856 Shares Weighted Average Grant-Date Fair Value Non-vested options at January 1, 2016 84,160 $ 2.90 Granted 10,000 3.54 Vested (3,320 ) 2.37 Forfeited — — Non-vested options at March 31, 2016 90,840 2.99 The fair value of options granted during the three months ended March 31, 2016 was determined using the following weighted-average assumptions as of the grant date, resulting in an estimated fair value per option of $3.54. Risk-free interest rate 1.94% Expected term 10 years Expected stock price volatility 21.00% Dividend yield 1.50% |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | NOTE 6 - REGULATORY CAPITAL REQUIREMENTS The Bank is subject to regulatory capital requirements administered by the federal and state banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believes as of March 31, 2016 and December 31, 2015, the Bank meets all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2016 and December 31, 2015, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. In July 2013, the FDIC approved final rules that substantially amend the regulatory risk-based capital rules applicable to the Bank. The final rules implement the regulatory capital reforms of the Basel Committee on Banking Supervision reflected in “Basel III: A Global Framework for More Resilient Banks and Banking Systems” (Basel III) and changes required by the Dodd-Frank Act. Under these rules, the leverage and risk-based capital ratios of bank holding companies may not be lower than the leverage and risk-based capital ratios for insured depository institutions. The final rules implementing Basel III became effective on January 1, 2015, and include new minimum risk-based capital and leverage ratios and a new common equity tier 1 ratio. In addition, these rules refine the definition of what constitutes capital for purposes of calculating those ratios, including the definitions of Tier 1 capital and Tier 2 capital. Basel III establishes a “capital conservation buffer” of 2.5% which began phasing in on January 1, 2016, at a rate of .625% per year. The buffer becomes fully phased in on January 1, 2019. An institution is subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if capital levels fall below minimum levels plus the buffer. Actual and required capital amounts and ratios are resented below as of March 31, 2016 and December 31, 2015. Actual Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio March 31, 2016 Company Tier I leverage $ 89,370 10.40 % $ 34,373 4.00 % N/A N/A Common equity tier 1 89,370 12.81 % 35,755 5.125 % N/A N/A Tier I risk-based capital 89,370 12.81 % 46,220 6.625 % N/A N/A Total risk-based capital 97,460 13.97 % 60,171 8.625 % N/A N/A Bank Tier I leverage $ 88,820 10.34 % $ 34,360 4.00 % $ 42,950 5.00 % Common equity tier 1 88,820 12.75 % 35,702 5.125 % 45,281 6.50 % Tier I risk-based capital 88,820 12.75 % 46,152 6.625 % 55,730 8.00 % Total risk-based capital 96,910 13.91 % 60,090 8.625 % 69,669 10.00 % December 31, 2015 Company Tier I leverage $ 84,608 9.92 % $ 34,116 4.00 % N/A N/A Common equity tier 1 84,608 12.02 % 31,675 4.50 % N/A N/A Tier I risk-based capital 84,608 12.02 % 42,234 6.00 % N/A N/A Total risk-based capital 92,431 13.13 % 56,317 8.00 % N/A N/A Bank Tier I leverage $ 84,196 9.88 % $ 34,087 4.00 % $ 42,609 5.00 % Common equity tier 1 84,196 11.97 % 31,653 4.50 % 45,720 6.50 % Tier I risk-based capital 84,196 11.97 % 42,204 6.00 % 56,271 8.00 % Total risk-based capital 92,019 13.08 % 56,281 8.00 % 70,351 10.00 % |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 7 - EARNINGS PER SHARE The following is a summary of the components comprising basic and diluted earnings per common share of stock (EPS): Three Months Ended 2016 2015 Basic EPS Computation Net income attributable to common shareholders $ 2,237 $ 612 Weighted average common shares outstanding 7,450,400 3,993,206 Basic earnings per common share $ 0.30 $ 0.15 Diluted EPS Computation Net income attributable to common shareholders $ 2,237 $ 612 Weighted average common shares outstanding 7,450,400 3,993,206 Dilutive effect of stock options 113,266 122,173 Adjusted weighted average common shares outstanding 7,563,666 4,115,379 Diluted earnings per common share $ 0.30 $ 0.15 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 8 - SEGMENT REPORTING The Company has two reportable business segments: retail banking and residential mortgage banking. Segment information is derived from the internal reporting system utilized by management. Revenues and expenses for segments reflect those, which can be specifically identified and have been assigned based on internally developed allocation methods. Financial results have been presented, to the extent practicable, as if each segment operated on a stand-alone basis. Retail Banking Residential Mortgage Banking The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended Retail Residential Consolidated Net interest income $ 7,788 $ 294 $ 8,082 Provision for loan losses 165 — 165 Noninterest income 502 3,344 3,846 Noninterest expense 5,342 3,295 8,637 Income tax expense 546 22 568 Consolidated net income 2,237 321 2,558 Noncontrolling interest in net income of subsidiary — (321 ) (321 ) Net income attributable to common shareholders $ 2,237 $ — $ 2,237 Three Months Ended Retail Residential Consolidated Net interest income $ 3,860 $ 209 $ 4,069 Provision for loan losses — — — Noninterest income (143 ) 1,777 1,634 Noninterest expense 2,921 2,057 4,978 Income tax expense 184 — 184 Consolidated net income 612 (71 ) 541 Noncontrolling interest in net loss of subsidiary — 71 71 Net income attributable to common shareholders $ 612 $ — $ 612 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Derivatives | NOTE 9 - DERIVATIVES During the three months ended March 31, 2015, the Company entered into swap agreements totaling $4.9 million to effectively convert fixed municipal security yields to floating rates. This hedge is intended to reduce the interest rate risk associated with the underlying hedged item by mitigating the risk of changes in fair value based on fluctuations in interest rates. The total notional amount of swap agreements was $21,505 million at March 31, 2016 and December 31, 2015. At March 31, 2016, the contracts had fair values totaling $1,235 recorded in other liabilities. At December 31, 2015, the contracts had fair values totaling $77 recorded in other assets and $572 recorded in other liabilities. The derivative instruments held by the Company are designated and qualify as fair value hedges. Accordingly, the gain or loss on the derivatives as well as the offsetting gain or loss on the available-for-sale securities attributable to the hedged risk are recognized in current earnings. At March 31, 2016, the Company’s fair value hedges are effective and are not expected to have a significant impact on net income over the next twelve months. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 10 - RECENT ACCOUNTING PRONOUNCEMENTS ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis” ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs” ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments” ASU 2016-1, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” ASU 2016-02, “Leases (Topic 842)” requires ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination | NOTE 11 - BUSINESS COMBINATION On March 10, 2015, the shareholders of Commerce Union Bancshares, Inc. (“Commerce Union”) approved a merger between Commerce Union Bank and Reliant Bank (“Reliant”) which became effective on April 1, 2015 (“the Merger”). At the effective time of the Merger, each outstanding share and option to purchase a share of Reliant common stock converted into the right to receive 1.0213 shares of Commerce Union common stock. After the Merger was completed, Commerce Union’s shareholders owned approximately 44.5% of the common stock of the Company and Reliant Bank’s shareholders owned approximately 55.5% of the common stock of the Company on a fully diluted basis. The Merger was accounted for as a reverse merger using the acquisition method of accounting, in accordance with the provisions of FASB ASC Topic 805-10 Business Combinations. As such, for accounting purposes, Reliant was considered to have acquired Commerce Union in this transaction. As a result, the historical financial statements of the Company prior to April 1, 2015 are the historical financial statements of Reliant. The assets and liabilities of Commerce Union as of the effective date of the Merger were recorded at their respective estimated fair values and added to those of Reliant. Any excess of purchase price over the net estimate fair values of the acquired assets and assumed liabilities of Commerce Union was allocated to all identifiable intangibles assets. Any remaining excess was then allocated to goodwill. Goodwill arising from the acquisition consists primarily of synergies of the combined operations. The goodwill resulting from this business combination is not deductible for tax purposes. The following table details the financial impact of the merger, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of CUB common stock outstanding as of March 31, 2015 3,069,030 Estimated market price of CUB common stock on April 1, 2015 $ 14.95 Estimated fair value of CUB common stock 45,882 Estimated fair value of CUB stock options 2,019 Total consideration $ 47,901 Allocation of Purchase Price Total consideration above $ 47,901 Fair value of assets acquired and liabilities assumed Cash and cash equivalents $ 12,378 Investment securities available for sale 29,487 Loans 248,122 Premises and equipment 5,807 Deferred tax asset, net 549 Bank owned life insurance 4,181 Core deposit intangible 1,901 Prepaid and other assets 4,229 Deposits (247,307 ) Securities sold under repurchase agreements (488 ) Other borrowings (20,856 ) Payables and other liabilities (733 ) Total fair value of net assets acquired 37,270 Goodwill $ 10,631 Actual data for the three months ended March 31, 2016 and comparative proforma data for the three months ended March 31, 2015 in the table below presents information as if the merger occurred on January 1, 2015. Three Months Ended 2016 2015 Net interest income $ 8,082 $ 7,254 Net income attributable to common shareholders 2,237 1,553 Earnings per share—basic 0.30 0.22 Earnings per share—diluted 0.30 0.21 Proforma information for the three months ended March 31, 2015 excludes $478 of nonrecurring merger related costs. |
Mortgage Operations and Subsequ
Mortgage Operations and Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Mortgage Operations and Subsequent Events | NOTE 12 - MORTGAGE OPERATIONS AND SUBSEQUENT EVENTS During the three months ended March 31, 2016, the Company began transitioning most of its out-of-market branches to another bank and closed its Tampa, Florida, office. On April 5, 2016, the Bank entered into a formal agreement with BBMC Mortgage, LLC (“BBMC”), a wholly owned subsidiary of Bridgeview Bank Group. Under this agreement, the Bank ceased operations of its mortgage lending offices in Illinois, Ohio and Kentucky, and a support office in Brentwood, Tennessee. Employees of the Bank in these locations became employees of BBMC, and BBMC has assumed certain lease obligations of the Bank in connection with these locations. The employees transitioning from the Bank to BBMC do not have non-compete agreements with the Bank and have been released from any existing non-solicitation agreements, provided that no customers for whom the Bank has funded residential mortgage loans will be refinanced by BBMC for a minimum period of 180 days from funding. Furthermore, BBMC will not solicit any Bank employees other than the employees at these locations. The transition of these offices and related personnel was completed on April 30, 2016. The Company received no consideration in connection with the agreement. In May 2016, the Company received a full payoff of a purchased credit-impaired loan relationship, which increased the Company’s net interest income and pre-tax earnings by approximately $620. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Loss | The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U. S. Treasury and other U. S. government agencies $ 4,915 $ 18 $ (36 ) $ 4,897 State and municipal 90,508 1,612 (182 ) 91,938 Corporate bonds 2,683 60 (16 ) 2,727 Mortgage backed securities 37,083 153 (149 ) 37,087 Time deposits 3,250 — — 3,250 Total $ 138,439 $ 1,843 $ (383 ) $ 139,899 December 31, 2015 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 4,918 $ 1 $ (83 ) $ 4,836 State and municipal 86,604 1,262 (271 ) 87,595 Corporate bonds 2,000 5 (26 ) 1,979 Mortgage backed securities 36,617 63 (515 ) 36,165 Time deposits 3,250 — — 3,250 Total $ 133,389 $ 1,331 $ (895 ) $ 133,825 |
Available for Sale Debt Securities Classified by Contractual Maturity Date | The fair value of available for sale debt securities at March 31, 2016 by contractual maturity are provided below. Securities not due at a single maturity date, primarily mortgage backed securities, are shown separately. Amortized Estimated Due in one to five years $ 17,351 $ 17,493 Due in five to ten years 12,719 12,912 Due after ten years 71,286 72,407 Mortgage backed securities 37,083 37,087 $ 138,439 $ 139,899 |
Schedule of Temporary Impairment Losses, Investments | The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 2,476 $ 11 $ 975 $ 25 $ 3,451 $ 36 State and municipal 8,836 63 5,884 119 14,720 182 Corporate bonds — — 984 16 984 16 Mortgage backed securities 4,135 16 16,027 133 20,162 149 Total temporarily impaired $ 15,447 $ 90 $ 23,870 $ 293 $ 39,317 $ 383 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2015: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 2,002 $ 14 $ 2,421 $ 69 $ 4,423 $ 83 State and municipal 18,619 226 3,760 45 22,379 271 Corporate bonds 974 26 — — 974 26 Mortgage backed securities 28,547 367 4,009 148 32,556 515 Total temporarily impaired $ 50,142 $ 633 $ 10,190 $ 262 $ 60,332 $ 895 |
Loans and Allowance for Loan 22
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Loans and Financial Receivables | Loans at March 31, 2016 and December 31, 2015 were comprised as follows: March 31, December 31, Commercial, Industrial and Agricultural $ 140,893 $ 143,770 Real Estate 1-4 Family Residential 114,302 110,736 1-4 Family HELOC 48,952 49,665 Multifamily and Commercial 202,976 202,736 Construction, Land Development and Farmland 94,888 89,763 Consumer 15,268 15,271 Other 6,274 5,556 623,553 617,497 Less Deferred loan fees 820 927 Allowance for possible loan losses 8,090 7,823 Loans, net $ 614,643 $ 608,747 |
Schedule of Allowances for Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment was as follows for the three months ended March 31, 2016: Commercial Multi Construction 1-4 Family Beginning balance $ 2,198 $ 2,591 $ 894 $ 1,214 Charge-offs (8 ) — — — Recoveries 91 1 1 4 Provision 63 (210 ) 269 58 Ending balance $ 2,344 $ 2,382 $ 1,164 $ 1,276 1-4 Family Consumer Other Total Beginning balance $ 699 $ 192 $ 35 $ 7,823 Charge-offs — (4 ) — (12 ) Recoveries 4 13 — 114 Provision (9 ) (6 ) — 165 Ending balance $ 694 $ 195 $ 35 $ 8,090 Activity in the allowance for loan losses by portfolio segment was as follows for the three months ended March 31, 2015: Commercial Multi Construction 1-4 Family Beginning balance $ 2,184 $ 2,070 $ 742 $ 642 Charge-offs — — — — Recoveries 48 1 2 — Provision 120 (100 ) (73 ) (115 ) Ending balance $ 2,352 $ 1,971 $ 671 $ 527 1-4 Consumer Other Unallocated Total Beginning balance $ 854 $ 181 $ 2 $ 678 $ 7,353 Charge-offs — — (4 ) — (4 ) Recoveries 8 — — — 59 Provision (132 ) (29 ) 3 326 — Ending balance $ 730 $ 152 $ 1 $ 1,004 $ 7,408 |
Schedule of Loan Losses, Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2016 was as follows: Commercial Multi Family Construction 1-4 Family Allowance for loan losses Individually evaluated for impairment $ 687 $ — $ 22 $ — Acquired with credit impairment 6 — — 221 Collectively evaluated for impairment 1,651 2,382 1,142 1,055 Total $ 2,344 $ 2,382 $ 1,164 $ 1,276 Loans Individually evaluated for impairment $ 5,324 $ 2,158 $ 857 $ 2,862 Acquired with credit impairment 778 3,955 1,489 623 Collectively evaluated for impairment 134,791 196,863 92,542 110,817 Total $ 140,893 $ 202,976 $ 94,888 $ 114,302 1-4 Family Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 250 $ — $ — $ 959 Acquired with credit impairment — — — 227 Collectively evaluated for impairment 444 195 35 6,904 Total $ 694 $ 195 $ 35 $ 8,090 Loans Individually evaluated for impairment $ 2,018 $ — $ — $ 13,219 Acquired with credit impairment 18 — — 6,863 Collectively evaluated for impairment 46,916 15,268 6,274 603,471 Total $ 48,952 $ 15,268 $ 6,274 $ 623,553 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 was as follows: Commercial Multi Family Construction 1-4 Family Allowance for loan losses Individually evaluated for impairment $ 479 $ 11 $ 22 $ — Acquired with credit impairment 6 — — 241 Collectively evaluated for impairment 1,713 2,580 872 973 Total $ 2,198 $ 2,591 $ 894 $ 1,214 Loans Individually evaluated for impairment $ 2,438 $ 2,196 $ 224 $ 2,646 Acquired with credit impairment 888 3,968 1,496 735 Collectively evaluated for impairment 140,444 196,572 88,043 107,355 Total $ 143,770 $ 202,736 $ 89,763 $ 110,736 1-4 Family Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 190 $ — $ — $ 702 Acquired with credit impairment — — — 247 Collectively evaluated for impairment 509 192 35 6,874 Total $ 699 $ 192 $ 35 $ 7,823 Loans Individually evaluated for impairment $ 2,236 $ — $ — $ 9,740 Acquired with credit impairment 19 — — 7,106 Collectively evaluated for impairment 47,410 15,271 5,556 600,651 Total $ 49,665 $ 15,271 $ 5,556 $ 617,497 |
Summary of Non-accrual Loans by Class of Loan | Non-accrual loans by class of loan were as follows at March 31, 2016 and December 31, 2015: March 31, December 31, Commercial, Industrial and Agricultural $ 435 $ 947 Multi Family and Commercial Real Estate 697 713 Construction, Land Development and Farmland — 158 1-4 Family Residential Real Estate 2,243 2,109 1-4 Family HELOC 967 1,077 Total $ 4,342 $ 5,004 |
Summary of Individually Impaired Loans by Class of Loans | Individually impaired loans by class of loans were as follows at March 31, 2016: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 7,544 $ 4,703 $ 1,399 $ 6,102 $ 693 Multi Family and Commercial Real Estate 6,965 6,113 — 6,113 — Construction, Land Development and Farmland 2,453 2,122 224 2,346 22 1-4 Family Residential Real Estate 3,990 3,226 259 3,485 221 1-4 Family HELOC 2,604 1,110 926 2,036 250 Total $ 23,556 $ 17,274 $ 2,808 $ 20,082 $ 1,186 Individually impaired loans by class of loans were as follows at December 31, 2015: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 4,047 $ 2,145 $ 1,180 $ 3,325 $ 485 Multi Family and Commercial Real Estate 6,958 5,452 713 6,165 11 Construction, Land Development and Farmland 1,831 1,496 224 1,720 22 1-4 Family Residential Real Estate 3,763 3,009 372 3,381 241 1-4 Family HELOC 2,363 1,309 946 2,255 190 Total $ 18,962 $ 13,411 $ 3,435 $ 16,846 $ 949 |
Summary of Average Recorded Investment in Impaired Loans | The average balances of impaired loans for the three months ended March 31, 2016 and 2015 were as follows: 2016 2015 Commercial, Industrial and Agricultural $ 4,714 $ 2,235 Multi Family and Commercial Real Estate 6,139 1,232 Construction, Land Development and Farmland 2,033 — 1-4 Family Residential Real Estate 3,433 3,983 1-4 Family HELOC 2,146 2,055 Total $ 18,465 $ 9,505 |
Summary of Credit Quality Indicators by Class of Loan | Credit quality indicators by class of loan were as follows at March 31, 2016: Commercial Multi Family Construction Pass (grades 1-5) $ 135,517 $ 199,092 $ 94,169 Special Mention 1,278 1,726 — Substandard 4,098 2,158 719 Total $ 140,893 $ 202,976 $ 94,888 Consumer 1-4 Family 1-4 Total Pass (grades 1-5) $ 21,542 $ 110,868 $ 46,934 $ 608,122 Special Mention — — — 3,004 Substandard — 3,434 2,018 12,427 Total $ 21,542 $ 114,302 $ 48,952 $ 623,553 Credit quality indicators by class of loan were as follows at December 31, 2015: Commercial Multi Family Construction Pass (grades 1-5) $ 141,119 $ 198,143 $ 89,521 Special Mention 1,415 2,397 — Substandard 1,236 2,196 242 Total $ 143,770 $ 202,736 $ 89,763 Consumer 1-4 Family 1-4 Total Pass (grades 1-5) $ 20,827 $ 107,331 $ 47,504 $ 604,445 Special Mention — — — 3,812 Substandard — 3,405 2,161 9,240 Total $ 20,827 $ 110,736 $ 49,665 $ 617,497 |
Summary of Past Due and Accrual Status by Class of Loan | Past due and accrual status by class of loan was as follows at March 31, 2016: Accruing 30-59 Days Accruing 60-89 Days Accruing Accruing Commercial, Industrial and Agricultural $ 263 $ — $ — $ 263 Multi family and Commercial Real Estate — — — — Construction, Land Development and Farmland 235 67 — 302 1-4 Family Residential Real Estate 435 — — 435 1-4 Family HELOC 146 — — 146 Consumer 1 — — 1 Other — — — — Total $ 1,080 $ 67 $ — $ 1,147 Current Accruing Non Non Accrual Total Commercial, Industrial and Agricultural $ 140,195 $ 263 $ 435 $ — $ 140,893 Multi family and Commercial Real Estate 202,279 — 697 — 202,976 Construction, Land Development and Farmland 94,586 302 — — 94,888 1-4 Family Residential Real Estate 111,624 435 1,789 454 114,302 1-4 Family HELOC 47,839 146 967 — 48,952 Consumer 15,267 1 — — 15,268 Other 6,274 — — — 6,274 Total $ 618,064 $ 1,147 $ 3,888 $ 454 $ 623,553 Past due and accrual status by class of loan was as follows at December 31, 2015: Accruing 30-59 Days Accruing 60-89 Days Accruing Accruing Commercial, Industrial and Agricultural $ 1 $ 148 $ — $ 149 Multi family and Commercial Real Estate — — — — Construction, Land Development and Farmland — — — — 1-4 Family Residential Real Estate 579 — — 579 1-4 Family HELOC — — — — Consumer 11 — — 11 Other — — — — Total $ 591 $ 148 $ — $ 739 Current Accruing Non Accrual Non Accrual Total Loans Commercial, Industrial and Agricultural $ 142,674 $ 149 $ 504 $ 443 $ 143,770 Multi family and Commercial Real Estate 202,023 — — 713 202,736 Construction, Land Development and Farmland 89,605 — — 158 89,763 1-4 Family Residential Real Estate 108,048 579 415 1,694 110,736 1-4 Family HELOC 48,588 — 879 198 49,665 Consumer 15,260 11 — — 15,271 Other 5,556 — — — 5,556 Total $ 611,754 $ 739 $ 1,798 $ 3,206 $ 617,497 |
Summary of Carrying Amount of Loans Acquired with Deteriorated Credit Quality | The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of the loans was as follows at March 31, 2016: Commercial, Industrial and Agricultural $ 1,418 Multi Family and Commercial Real Estate 4,532 Construction, Land Development and Farmland 1,586 1-4 Family Residential Real Estate 886 1-4 Family HELOC 39 Total outstanding balance 8,461 Less remaining purchase discount 1,598 6,863 Allowance for loan losses 227 Carrying amount, net of allowance $ 6,636 |
Activity Related to Accretable Portion of Loans Acquired | Activity related to the accretable portion of the purchase discount on loans acquired with deteriorated credit quality is as follows for the three months ended March 31, 2016: Balance at January 1, 2016 $ 233 Accretion income (73 ) Reclassification from nonaccretable 46 Balance at March 31, 2016 $ 206 |
Fair Values of Assets and Lia23
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Non-Recurring Basis | The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of March 31, 2016 and December 31, 2015: Fair Quoted Prices Significant Significant March 31, 2016 Assets U. S. Treasury and other U. S. government agencies $ 4,897 $ — $ 4,897 $ — State and municipal 91,938 — 91,938 — Corporate bonds 2,727 — 2,727 — Mortgage backed securities 37,087 — 37,087 — Time deposits 3,250 3,250 — — Liabilities Interest rate swap $ 1,235 $ — $ 1,235 $ — December 31, 2015 Assets U. S. Treasury and other U. S. government agencies $ 4,836 $ — $ 4,836 $ — State and municipal 87,595 — 87,595 — Corporate bonds 1,979 — 1,979 — Mortgage backed securities 36,165 — 36,165 — Time deposits 3,250 3,250 — — Interest rate swap 77 — 77 — Liabilities Interest rate swap $ 572 $ — $ 572 $ — The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of March 31, 2016 and December 31, 2015: Fair Quoted Prices Significant Significant March 31, 2016 Assets Impaired loans $ 1,622 $ — $ — $ 1,622 Other real estate owned 1,139 — — 1,139 December 31, 2015 Assets Impaired loans $ 2,486 $ — $ — $ 2,486 Other real estate owned 1,149 — — 1,149 |
Summary of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis by utilized Level 3 inputs | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2016 and December 31, 2015: Valuation Significant Range Impaired loans Appraisal Estimated costs to sell 10% Other real estate owned Appraisal Estimated costs to sell 10% |
Estimates Fair Value of Financial Instruments | Carrying amounts and estimated fair values of financial instruments at March 31, 2016 were as follows: Carrying Estimated Quoted Prices Significant Significant Financial assets Cash and due from banks $ 26,107 $ 26,107 $ 26,107 $ — $ — Federal funds sold 434 434 434 — — Loans, net 614,643 616,872 — — 616,872 Mortgage loans held for sale 24,682 24,682 — — 24,682 Accrued interest receivable 3,035 3,035 — 3,035 — Restricted equity securities 6,244 6,244 — 6,244 — Financial liabilities Deposits 657,777 658,196 — — 658,196 Accrued interest payable 139 139 — 139 — Federal Home Loan Bank advances 104,798 105,315 — 105,315 — Carrying amounts and estimated fair values of financial instruments at December 31, 2015 were as follows: Carrying Estimated Quoted Prices Significant Significant Financial assets Cash and due from banks $ 20,289 $ 20,289 $ 20,289 $ — $ — Federal funds sold 281 281 281 — — Loans, net 608,747 611,628 — — 611,628 Mortgage loans held for sale 55,093 55,093 — — 55,093 Accrued interest receivable 3,096 3,096 — 3,096 — Restricted equity securities 6,244 6,244 — 6,244 — Financial liabilities Deposits 640,008 639,746 — — 639,746 Accrued interest payable 55 55 — 55 — Federal Home Loan Bank advances 135,759 136,138 — 136,138 — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of the activity in the stock option plans for the three months ended March 31, 2016 is as follows: Shares Weighted Weighted Aggregate Outstanding at January 1, 2016 708,921 $ 10.73 Granted 10,000 14.70 Exercised (280,974 ) 10.00 Forfeited or expired (23,257 ) 9.79 Outstanding at March 31, 2016 414,690 11.37 3.50 $ 896 Exercisable at March 31, 2016 323,850 10.85 2.03 $ 856 Shares Weighted Average Grant-Date Fair Value Non-vested options at January 1, 2016 84,160 $ 2.90 Granted 10,000 3.54 Vested (3,320 ) 2.37 Forfeited — — Non-vested options at March 31, 2016 90,840 2.99 |
Weighted Average Fair Value Assumptions | The fair value of options granted during the three months ended March 31, 2016 was determined using the following weighted-average assumptions as of the grant date, resulting in an estimated fair value per option of $3.54. Risk-free interest rate 1.94% Expected term 10 years Expected stock price volatility 21.00% Dividend yield 1.50% |
Regulatory Capital Requiremen25
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios | Actual and required capital amounts and ratios are resented below as of March 31, 2016 and December 31, 2015. Actual Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio March 31, 2016 Company Tier I leverage $ 89,370 10.40 % $ 34,373 4.00 % N/A N/A Common equity tier 1 89,370 12.81 % 35,755 5.125 % N/A N/A Tier I risk-based capital 89,370 12.81 % 46,220 6.625 % N/A N/A Total risk-based capital 97,460 13.97 % 60,171 8.625 % N/A N/A Bank Tier I leverage $ 88,820 10.34 % $ 34,360 4.00 % $ 42,950 5.00 % Common equity tier 1 88,820 12.75 % 35,702 5.125 % 45,281 6.50 % Tier I risk-based capital 88,820 12.75 % 46,152 6.625 % 55,730 8.00 % Total risk-based capital 96,910 13.91 % 60,090 8.625 % 69,669 10.00 % December 31, 2015 Company Tier I leverage $ 84,608 9.92 % $ 34,116 4.00 % N/A N/A Common equity tier 1 84,608 12.02 % 31,675 4.50 % N/A N/A Tier I risk-based capital 84,608 12.02 % 42,234 6.00 % N/A N/A Total risk-based capital 92,431 13.13 % 56,317 8.00 % N/A N/A Bank Tier I leverage $ 84,196 9.88 % $ 34,087 4.00 % $ 42,609 5.00 % Common equity tier 1 84,196 11.97 % 31,653 4.50 % 45,720 6.50 % Tier I risk-based capital 84,196 11.97 % 42,204 6.00 % 56,271 8.00 % Total risk-based capital 92,019 13.08 % 56,281 8.00 % 70,351 10.00 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Components of Basic and Diluted Earnings Per Common Share of Stock | The following is a summary of the components comprising basic and diluted earnings per common share of stock (EPS): Three Months Ended 2016 2015 Basic EPS Computation Net income attributable to common shareholders $ 2,237 $ 612 Weighted average common shares outstanding 7,450,400 3,993,206 Basic earnings per common share $ 0.30 $ 0.15 Diluted EPS Computation Net income attributable to common shareholders $ 2,237 $ 612 Weighted average common shares outstanding 7,450,400 3,993,206 Dilutive effect of stock options 113,266 122,173 Adjusted weighted average common shares outstanding 7,563,666 4,115,379 Diluted earnings per common share $ 0.30 $ 0.15 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Results of Operations for Company's Business Segments | The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended Retail Residential Consolidated Net interest income $ 7,788 $ 294 $ 8,082 Provision for loan losses 165 — 165 Noninterest income 502 3,344 3,846 Noninterest expense 5,342 3,295 8,637 Income tax expense 546 22 568 Consolidated net income 2,237 321 2,558 Noncontrolling interest in net income of subsidiary — (321 ) (321 ) Net income attributable to common shareholders $ 2,237 $ — $ 2,237 Three Months Ended Retail Residential Consolidated Net interest income $ 3,860 $ 209 $ 4,069 Provision for loan losses — — — Noninterest income (143 ) 1,777 1,634 Noninterest expense 2,921 2,057 4,978 Income tax expense 184 — 184 Consolidated net income 612 (71 ) 541 Noncontrolling interest in net loss of subsidiary — 71 71 Net income attributable to common shareholders $ 612 $ — $ 612 |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Financial Impact of Merger | The following table details the financial impact of the merger, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of CUB common stock outstanding as of March 31, 2015 3,069,030 Estimated market price of CUB common stock on April 1, 2015 $ 14.95 Estimated fair value of CUB common stock 45,882 Estimated fair value of CUB stock options 2,019 Total consideration $ 47,901 Allocation of Purchase Price Total consideration above $ 47,901 Fair value of assets acquired and liabilities assumed Cash and cash equivalents $ 12,378 Investment securities available for sale 29,487 Loans 248,122 Premises and equipment 5,807 Deferred tax asset, net 549 Bank owned life insurance 4,181 Core deposit intangible 1,901 Prepaid and other assets 4,229 Deposits (247,307 ) Securities sold under repurchase agreements (488 ) Other borrowings (20,856 ) Payables and other liabilities (733 ) Total fair value of net assets acquired 37,270 Goodwill $ 10,631 |
Summary of Supplemental Pro Forma Earnings | Actual data for the three months ended March 31, 2016 and comparative proforma data for the three months ended March 31, 2015 in the table below presents information as if the merger occurred on January 1, 2015. Three Months Ended 2016 2015 Net interest income $ 8,082 $ 7,254 Net income attributable to common shareholders 2,237 1,553 Earnings per share—basic 0.30 0.22 Earnings per share—diluted 0.30 0.21 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 138,439 | $ 133,389 |
Gross unrealized gains | 1,843 | 1,331 |
Gross unrealized losses | (383) | (895) |
Estimated market value | 139,899 | 133,825 |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 90,508 | 86,604 |
Gross unrealized gains | 1,612 | 1,262 |
Gross unrealized losses | (182) | (271) |
Estimated market value | 91,938 | 87,595 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,683 | 2,000 |
Gross unrealized gains | 60 | 5 |
Gross unrealized losses | (16) | (26) |
Estimated market value | 2,727 | 1,979 |
Time Deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,250 | 3,250 |
Estimated market value | 3,250 | 3,250 |
U. S. Treasury and Other U. S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 4,915 | 4,918 |
Gross unrealized gains | 18 | 1 |
Gross unrealized losses | (36) | (83) |
Estimated market value | 4,897 | 4,836 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 37,083 | 36,617 |
Gross unrealized gains | 153 | 63 |
Gross unrealized losses | (149) | (515) |
Estimated market value | $ 37,087 | $ 36,165 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Jan. 16, 2015USD ($) | Mar. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security |
Investments, Debt and Equity Securities [Abstract] | |||
Sale of securities classified as held to maturity | $ 20,806 | ||
Loss on sale of securities classified as held to maturity | $ 396 | ||
Securities pledged, carrying value | $ 49,489 | $ 39,815 | |
Number of securities of single issuer with book value greater than ten percent of stockholders equity | Security | 0 | 0 | |
Number of securities in unrealized loss position | Security | 69 | 105 |
Securities - Available for Sale
Securities - Available for Sale Debt Securities Classified by Contractual Maturity Date (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Schedule of Investments [Line Items] | |
Available for Sale amortized cost, Due in one to five years | $ 17,351 |
Available for Sale amortized cost, Due in five to ten years | 12,719 |
Available for sale amortized cost, Due after ten years | 71,286 |
Amortized cost total available for sale, by contractual maturity, Amortized Cost | 138,439 |
Available for sale estimated fair value, Due in one to five years | 17,493 |
Available for sale estimated fair value, Due in five to ten years | 12,912 |
Available for sale estimated fair value, Due after ten years | 72,407 |
Estimated fair total available for sale, by contractual maturity, Estimated fair value | 139,899 |
Mortgage Backed Securities [Member] | |
Schedule of Investments [Line Items] | |
Available for sale amortized cost, Mortgage backed securities | 37,083 |
Available for sale estimated fair value, Mortgage backed securities | $ 37,087 |
Securities - Schedule of Tempor
Securities - Schedule of Temporary Impairment Losses, Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Available for sale securities, Less than 12 Months, Estimated fair value | $ 15,447 | $ 50,142 |
Available for sale securities, Less than 12 Months, unrealized loss | 90 | 633 |
Available for sale securities, 12 Months or longer, Estimated fair value | 23,870 | 10,190 |
Available for sale securities, 12 Months or longer, unrealized loss | 293 | 262 |
Available for sale securities, Total estimated fair value | 39,317 | 60,332 |
Available for sale securities, Total unrealized loss | 383 | 895 |
U. S. Treasury and Other U. S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities, Less than 12 Months, Estimated fair value | 2,476 | 2,002 |
Available for sale securities, Less than 12 Months, unrealized loss | 11 | 14 |
Available for sale securities, 12 Months or longer, Estimated fair value | 975 | 2,421 |
Available for sale securities, 12 Months or longer, unrealized loss | 25 | 69 |
Available for sale securities, Total estimated fair value | 3,451 | 4,423 |
Available for sale securities, Total unrealized loss | 36 | 83 |
State and Municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities, Less than 12 Months, Estimated fair value | 8,836 | 18,619 |
Available for sale securities, Less than 12 Months, unrealized loss | 63 | 226 |
Available for sale securities, 12 Months or longer, Estimated fair value | 5,884 | 3,760 |
Available for sale securities, 12 Months or longer, unrealized loss | 119 | 45 |
Available for sale securities, Total estimated fair value | 14,720 | 22,379 |
Available for sale securities, Total unrealized loss | 182 | 271 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities, Less than 12 Months, Estimated fair value | 974 | |
Available for sale securities, Less than 12 Months, unrealized loss | 26 | |
Available for sale securities, 12 Months or longer, Estimated fair value | 984 | |
Available for sale securities, 12 Months or longer, unrealized loss | 16 | |
Available for sale securities, Total estimated fair value | 984 | 974 |
Available for sale securities, Total unrealized loss | 16 | 26 |
Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities, Less than 12 Months, Estimated fair value | 4,135 | 28,547 |
Available for sale securities, Less than 12 Months, unrealized loss | 16 | 367 |
Available for sale securities, 12 Months or longer, Estimated fair value | 16,027 | 4,009 |
Available for sale securities, 12 Months or longer, unrealized loss | 133 | 148 |
Available for sale securities, Total estimated fair value | 20,162 | 32,556 |
Available for sale securities, Total unrealized loss | $ 149 | $ 515 |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses - Schedule of Loans and Financial Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 623,553 | $ 617,497 | ||
Deferred loan fees | 820 | 927 | ||
Allowance for possible loan losses | 8,090 | 7,823 | $ 7,408 | $ 7,353 |
Loans, net | 614,643 | 608,747 | ||
Commercial, Industrial and Agricultural [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 140,893 | 143,770 | ||
1-4 Family Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 114,302 | 110,736 | ||
1-4 Family HELOC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 48,952 | 49,665 | ||
Multi Family and Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 202,976 | 202,736 | ||
Construction, Land Development and Farmland [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 94,888 | 89,763 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 15,268 | 15,271 | ||
Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 6,274 | $ 5,556 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses - Schedule of Allowances for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 7,823 | $ 7,353 |
Charge-offs | (12) | (4) |
Recoveries | 114 | 59 |
Provision | 165 | |
Ending balance | 8,090 | 7,408 |
Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 2,198 | 2,184 |
Charge-offs | (8) | |
Recoveries | 91 | 48 |
Provision | 63 | 120 |
Ending balance | 2,344 | 2,352 |
Multi Family and Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 2,591 | 2,070 |
Recoveries | 1 | 1 |
Provision | (210) | (100) |
Ending balance | 2,382 | 1,971 |
Construction, Land Development and Farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 894 | 742 |
Recoveries | 1 | 2 |
Provision | 269 | (73) |
Ending balance | 1,164 | 671 |
1-4 Family Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,214 | 642 |
Recoveries | 4 | |
Provision | 58 | (115) |
Ending balance | 1,276 | 527 |
1-4 Family HELOC [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 699 | 854 |
Recoveries | 4 | 8 |
Provision | (9) | (132) |
Ending balance | 694 | 730 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 192 | 181 |
Charge-offs | (4) | |
Recoveries | 13 | |
Provision | (6) | (29) |
Ending balance | 195 | 152 |
Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 35 | 2 |
Charge-offs | (4) | |
Provision | 3 | |
Ending balance | $ 35 | 1 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 678 | |
Provision | 326 | |
Ending balance | $ 1,004 |
Loans and Allowance for Loan 35
Loans and Allowance for Loan Losses - Schedule of Loan Losses, Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses | ||||
Individually evaluated for impairment | $ 959 | $ 702 | ||
Acquired with credit impairment | 227 | 247 | ||
Collectively evaluated for impairment | 6,904 | 6,874 | ||
Total | 8,090 | 7,823 | $ 7,408 | $ 7,353 |
Loans | ||||
Individually evaluated for impairment | 13,219 | 9,740 | ||
Acquired with credit impairment | 6,863 | 7,106 | ||
Collectively evaluated for impairment | 603,471 | 600,651 | ||
Total | 623,553 | 617,497 | ||
Commercial, Industrial and Agricultural [Member] | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 687 | 479 | ||
Acquired with credit impairment | 6 | 6 | ||
Collectively evaluated for impairment | 1,651 | 1,713 | ||
Total | 2,344 | 2,198 | 2,352 | 2,184 |
Loans | ||||
Individually evaluated for impairment | 5,324 | 2,438 | ||
Acquired with credit impairment | 778 | 888 | ||
Collectively evaluated for impairment | 134,791 | 140,444 | ||
Total | 140,893 | 143,770 | ||
Multi Family and Commercial Real Estate [Member] | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 11 | |||
Collectively evaluated for impairment | 2,382 | 2,580 | ||
Total | 2,382 | 2,591 | 1,971 | 2,070 |
Loans | ||||
Individually evaluated for impairment | 2,158 | 2,196 | ||
Acquired with credit impairment | 3,955 | 3,968 | ||
Collectively evaluated for impairment | 196,863 | 196,572 | ||
Total | 202,976 | 202,736 | ||
Construction, Land Development and Farmland [Member] | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 22 | 22 | ||
Collectively evaluated for impairment | 1,142 | 872 | ||
Total | 1,164 | 894 | 671 | 742 |
Loans | ||||
Individually evaluated for impairment | 857 | 224 | ||
Acquired with credit impairment | 1,489 | 1,496 | ||
Collectively evaluated for impairment | 92,542 | 88,043 | ||
Total | 94,888 | 89,763 | ||
1-4 Family Residential Real Estate [Member] | ||||
Allowance for loan losses | ||||
Acquired with credit impairment | 221 | 241 | ||
Collectively evaluated for impairment | 1,055 | 973 | ||
Total | 1,276 | 1,214 | 527 | 642 |
Loans | ||||
Individually evaluated for impairment | 2,862 | 2,646 | ||
Acquired with credit impairment | 623 | 735 | ||
Collectively evaluated for impairment | 110,817 | 107,355 | ||
Total | 114,302 | 110,736 | ||
1-4 Family HELOC [Member] | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 250 | 190 | ||
Collectively evaluated for impairment | 444 | 509 | ||
Total | 694 | 699 | 730 | 854 |
Loans | ||||
Individually evaluated for impairment | 2,018 | 2,236 | ||
Acquired with credit impairment | 18 | 19 | ||
Collectively evaluated for impairment | 46,916 | 47,410 | ||
Total | 48,952 | 49,665 | ||
Consumer [Member] | ||||
Allowance for loan losses | ||||
Collectively evaluated for impairment | 195 | 192 | ||
Total | 195 | 192 | 152 | 181 |
Loans | ||||
Collectively evaluated for impairment | 15,268 | 15,271 | ||
Total | 15,268 | 15,271 | ||
Other [Member] | ||||
Allowance for loan losses | ||||
Collectively evaluated for impairment | 35 | 35 | ||
Total | 35 | 35 | $ 1 | $ 2 |
Loans | ||||
Collectively evaluated for impairment | 6,274 | 5,556 | ||
Total | $ 6,274 | $ 5,556 |
Loans and Allowance for Loan 36
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans past due | $ 0 | $ 0 |
Troubled debt restructurings modified amount | 1,223,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowances for loan losses on purchased credit impaired loans | $ 20,000 | |
Minimum [Member] | Multi Family and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of source of loan repayment from third party, nonaffiliated, rental income | 50.00% | |
Minimum [Member] | 1-4 Family Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans financed amortization terms | 15 years | |
Loans maturity period | 5 years | |
Minimum [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan repayment period | 1 year | |
Maximum [Member] | 1-4 Family Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans financed amortization terms | 30 years | |
Loans maturity period | 15 years | |
Maximum [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan repayment period | 5 years |
Loans and Allowance for Loan 37
Loans and Allowance for Loan Losses - Summary of Non-accrual Loans by Class of Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 4,342 | $ 5,004 |
Commercial, Industrial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 435 | 947 |
Multi Family and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 697 | 713 |
Construction, Land Development and Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 158 | |
1-4 Family Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 2,243 | 2,109 |
1-4 Family HELOC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 967 | $ 1,077 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses - Summary of Individually Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 23,556 | $ 18,962 |
Recorded Investment with no Allowance Recorded | 17,274 | 13,411 |
Recorded Investment with Allowance Recorded | 2,808 | 3,435 |
Total Recorded Investment | 20,082 | 16,846 |
Related Allowance | 1,186 | 949 |
Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 7,544 | 4,047 |
Recorded Investment with no Allowance Recorded | 4,703 | 2,145 |
Recorded Investment with Allowance Recorded | 1,399 | 1,180 |
Total Recorded Investment | 6,102 | 3,325 |
Related Allowance | 693 | 485 |
Multi Family and Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,965 | 6,958 |
Recorded Investment with no Allowance Recorded | 6,113 | 5,452 |
Recorded Investment with Allowance Recorded | 713 | |
Total Recorded Investment | 6,113 | 6,165 |
Related Allowance | 11 | |
Construction, Land Development and Farmland [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,453 | 1,831 |
Recorded Investment with no Allowance Recorded | 2,122 | 1,496 |
Recorded Investment with Allowance Recorded | 224 | 224 |
Total Recorded Investment | 2,346 | 1,720 |
Related Allowance | 22 | 22 |
1-4 Family Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,990 | 3,763 |
Recorded Investment with no Allowance Recorded | 3,226 | 3,009 |
Recorded Investment with Allowance Recorded | 259 | 372 |
Total Recorded Investment | 3,485 | 3,381 |
Related Allowance | 221 | 241 |
1-4 Family HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,604 | 2,363 |
Recorded Investment with no Allowance Recorded | 1,110 | 1,309 |
Recorded Investment with Allowance Recorded | 926 | 946 |
Total Recorded Investment | 2,036 | 2,255 |
Related Allowance | $ 250 | $ 190 |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses - Summary of Average Recorded Investment in Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Average balances of impaired loans | $ 18,465 | $ 9,505 |
Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average balances of impaired loans | 4,714 | 2,235 |
Multi Family and Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average balances of impaired loans | 6,139 | 1,232 |
Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average balances of impaired loans | 2,033 | |
1-4 Family Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average balances of impaired loans | 3,433 | 3,983 |
1-4 Family HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average balances of impaired loans | $ 2,146 | $ 2,055 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses - Summary of Credit Quality Indicators by Class of Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | $ 623,553 | $ 617,497 |
Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 608,122 | 604,445 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 12,427 | 9,240 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 3,004 | 3,812 |
Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 140,893 | 143,770 |
Commercial, Industrial and Agricultural [Member] | Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 135,517 | 141,119 |
Commercial, Industrial and Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 4,098 | 1,236 |
Commercial, Industrial and Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 1,278 | 1,415 |
Multi Family and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 202,976 | 202,736 |
Multi Family and Commercial Real Estate [Member] | Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 199,092 | 198,143 |
Multi Family and Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 2,158 | 2,196 |
Multi Family and Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 1,726 | 2,397 |
Construction, Land Development and Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 94,888 | 89,763 |
Construction, Land Development and Farmland [Member] | Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 94,169 | 89,521 |
Construction, Land Development and Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 719 | 242 |
Commercial And Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 21,542 | 20,827 |
Commercial And Other [Member] | Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 21,542 | 20,827 |
1-4 Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 114,302 | 110,736 |
1-4 Family Residential Real Estate [Member] | Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 110,868 | 107,331 |
1-4 Family Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 3,434 | 3,405 |
1-4 Family HELOC [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 48,952 | 49,665 |
1-4 Family HELOC [Member] | Pass (grades 1-5) [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | 46,934 | 47,504 |
1-4 Family HELOC [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loan | $ 2,018 | $ 2,161 |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses - Summary of Past Due and Accrual Status by Class of Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | $ 1,147 | $ 739 |
Current | 618,064 | 611,754 |
Accruing Total Past Due | 1,147 | 739 |
Non Accrual Current Loans | 3,888 | 1,798 |
Non Accrual Past Due Loans | 454 | 3,206 |
Total | 623,553 | 617,497 |
Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 263 | 149 |
Current | 140,195 | 142,674 |
Accruing Total Past Due | 263 | 149 |
Non Accrual Current Loans | 435 | 504 |
Non Accrual Past Due Loans | 443 | |
Total | 140,893 | 143,770 |
Multi Family and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 202,279 | 202,023 |
Non Accrual Current Loans | 697 | |
Non Accrual Past Due Loans | 713 | |
Total | 202,976 | 202,736 |
Construction, Land Development and Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 302 | |
Current | 94,586 | 89,605 |
Accruing Total Past Due | 302 | |
Non Accrual Past Due Loans | 158 | |
Total | 94,888 | 89,763 |
1-4 Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 435 | 579 |
Current | 111,624 | 108,048 |
Accruing Total Past Due | 435 | 579 |
Non Accrual Current Loans | 1,789 | 415 |
Non Accrual Past Due Loans | 454 | 1,694 |
Total | 114,302 | 110,736 |
1-4 Family HELOC [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 146 | |
Current | 47,839 | 48,588 |
Accruing Total Past Due | 146 | |
Non Accrual Current Loans | 967 | 879 |
Non Accrual Past Due Loans | 198 | |
Total | 48,952 | 49,665 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 1 | 11 |
Current | 15,267 | 15,260 |
Accruing Total Past Due | 1 | 11 |
Total | 15,268 | 15,271 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,274 | 5,556 |
Total | 6,274 | 5,556 |
Accruing 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 1,080 | 591 |
Accruing Total Past Due | 1,080 | 591 |
Accruing 30-59 Days Past Due [Member] | Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 263 | 1 |
Accruing Total Past Due | 263 | 1 |
Accruing 30-59 Days Past Due [Member] | Construction, Land Development and Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 235 | |
Accruing Total Past Due | 235 | |
Accruing 30-59 Days Past Due [Member] | 1-4 Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 435 | 579 |
Accruing Total Past Due | 435 | 579 |
Accruing 30-59 Days Past Due [Member] | 1-4 Family HELOC [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 146 | |
Accruing Total Past Due | 146 | |
Accruing 30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 1 | 11 |
Accruing Total Past Due | 1 | 11 |
Accruing 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 67 | 148 |
Accruing Total Past Due | 67 | 148 |
Accruing 60-89 Days Past Due [Member] | Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 148 | |
Accruing Total Past Due | $ 148 | |
Accruing 60-89 Days Past Due [Member] | Construction, Land Development and Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Total Past Due | 67 | |
Accruing Total Past Due | $ 67 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses - Summary of Carrying Amount of Loans (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Financing Receivable, Impaired [Line Items] | |
Total outstanding balance | $ 8,461 |
Less remaining purchase discount | 1,598 |
Carrying amount before allowance | 6,863 |
Allowance for loan losses | 227 |
Carrying amount, net of allowance | 6,636 |
Commercial, Industrial and Agricultural [Member] | |
Financing Receivable, Impaired [Line Items] | |
Total outstanding balance | 1,418 |
Multi Family and Commercial Real Estate [Member] | |
Financing Receivable, Impaired [Line Items] | |
Total outstanding balance | 4,532 |
Construction, Land Development and Farmland [Member] | |
Financing Receivable, Impaired [Line Items] | |
Total outstanding balance | 1,586 |
1-4 Family Residential Real Estate [Member] | |
Financing Receivable, Impaired [Line Items] | |
Total outstanding balance | 886 |
1-4 Family HELOC [Member] | |
Financing Receivable, Impaired [Line Items] | |
Total outstanding balance | $ 39 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses - Activity Related to Accretable Portion of Loans Acquired (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Receivables [Abstract] | |
Beginning balance | $ 233 |
Accretion income | (73) |
Reclassification from nonaccretable | 46 |
Ending balance | $ 206 |
Fair Values of Assets and Lia44
Fair Values of Assets and Liabilities - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurements Recurring [Member] | Fair Value [Member] | US Treasury and Other US Government Agencies [Member] | ||
Assets | ||
Assets, Fair value | $ 4,897 | $ 4,836 |
Fair Value Measurements Recurring [Member] | Fair Value [Member] | State and Municipal [Member] | ||
Assets | ||
Assets, Fair value | 91,938 | 87,595 |
Fair Value Measurements Recurring [Member] | Fair Value [Member] | Corporate Bonds [Member] | ||
Assets | ||
Assets, Fair value | 2,727 | 1,979 |
Fair Value Measurements Recurring [Member] | Fair Value [Member] | Mortgage Backed Securities [Member] | ||
Assets | ||
Assets, Fair value | 37,087 | 36,165 |
Fair Value Measurements Recurring [Member] | Fair Value [Member] | Time Deposits [Member] | ||
Assets | ||
Assets, Fair value | 3,250 | 3,250 |
Fair Value Measurements Recurring [Member] | Fair Value [Member] | Interest Rate Swap [Member] | ||
Assets | ||
Assets, Fair value | 77 | |
Liabilities | ||
Liabilities, Fair value | 1,235 | 572 |
Fair Value Measurements Nonrecurring [Member] | Fair Value [Member] | ||
Liabilities | ||
Impaired loans | 1,622 | 2,486 |
Other real estate owned | 1,139 | 1,149 |
Level 1 [Member] | Fair Value Measurements Recurring [Member] | Time Deposits [Member] | ||
Assets | ||
Assets, Fair value | 3,250 | 3,250 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | US Treasury and Other US Government Agencies [Member] | ||
Assets | ||
Assets, Fair value | 4,897 | 4,836 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | State and Municipal [Member] | ||
Assets | ||
Assets, Fair value | 91,938 | 87,595 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Corporate Bonds [Member] | ||
Assets | ||
Assets, Fair value | 2,727 | 1,979 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Mortgage Backed Securities [Member] | ||
Assets | ||
Assets, Fair value | 37,087 | 36,165 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Interest Rate Swap [Member] | ||
Assets | ||
Assets, Fair value | 77 | |
Liabilities | ||
Liabilities, Fair value | 1,235 | 572 |
Level 3 [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Liabilities | ||
Impaired loans | 1,622 | 2,486 |
Other real estate owned | $ 1,139 | $ 1,149 |
Fair Values of Assets and Lia45
Fair Values of Assets and Liabilities - Summary of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis by utilized Level 3 inputs (Detail) - Level 3 [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Impaired Loans [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Valuation Techniques | Appraisal |
Significant Unobservable Inputs | Estimated costs to sell |
Range (Weighted Average) | 10.00% |
Other Real Estate Owned [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Valuation Techniques | Appraisal |
Significant Unobservable Inputs | Estimated costs to sell |
Range (Weighted Average) | 10.00% |
Fair Values of Assets and Lia46
Fair Values of Assets and Liabilities - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Level 1 [Member] | ||
Financial assets | ||
Cash and due from banks | $ 26,107 | $ 20,289 |
Federal funds sold | 434 | 281 |
Level 2 [Member] | ||
Financial assets | ||
Accrued interest receivable | 3,035 | 3,096 |
Restricted equity securities | 6,244 | 6,244 |
Financial liabilities | ||
Accrued interest payable | 139 | 55 |
Federal Home Loan Bank advances | 105,315 | 136,138 |
Level 3 [Member] | ||
Financial assets | ||
Loans, net | 616,872 | 611,628 |
Mortgage loans held for sale | 24,682 | 55,093 |
Financial liabilities | ||
Deposits | 658,196 | 639,746 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and due from banks | 26,107 | 20,289 |
Federal funds sold | 434 | 281 |
Loans, net | 614,643 | 608,747 |
Mortgage loans held for sale | 24,682 | 55,093 |
Accrued interest receivable | 3,035 | 3,096 |
Restricted equity securities | 6,244 | 6,244 |
Financial liabilities | ||
Deposits | 657,777 | 640,008 |
Accrued interest payable | 139 | 55 |
Federal Home Loan Bank advances | 104,798 | 135,759 |
Estimated Fair Value [Member] | ||
Financial assets | ||
Cash and due from banks | 26,107 | 20,289 |
Federal funds sold | 434 | 281 |
Loans, net | 616,872 | 611,628 |
Mortgage loans held for sale | 24,682 | 55,093 |
Accrued interest receivable | 3,035 | 3,096 |
Restricted equity securities | 6,244 | 6,244 |
Financial liabilities | ||
Deposits | 658,196 | 639,746 |
Accrued interest payable | 139 | 55 |
Federal Home Loan Bank advances | $ 105,315 | $ 136,138 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2016 | Jun. 18, 2015 | Mar. 10, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ 2.37 | ||
Two Thousand And Fifteen Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for issuance | 900,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for stock options grant | 625,000 | 1,250,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
Outstanding Shares, beginning of year | 708,921 |
Granted Shares | 10,000 |
Exercised Shares | (280,974) |
Forfeited or expired Shares | (23,257) |
Outstanding Shares, end of year | 414,690 |
Exercisable Shares, end of year | 323,850 |
Outstanding Weighted Average Exercisable Price, beginning of year | $ / shares | $ 10.73 |
Weighted Average Exercisable Price, Granted | $ / shares | 14.70 |
Weighted Average Exercisable Price, Exercised | $ / shares | 10 |
Weighted Average Exercisable Price, Forfeited or expired | $ / shares | 9.79 |
Outstanding Weighted Average Exercisable Price, end of period | $ / shares | $ 11.37 |
Weight Average Remaining Contract Term, Outstanding | 3 years 6 months |
Weight Average Remaining Contract Term, Exercisable | 2 years 11 days |
Aggregate Intrinsic Value, Outstanding end of year | $ | $ 896 |
Aggregate Intrinsic Value, Exercisable | $ | $ 856 |
Non-vested options - beginning of year | 84,160 |
Non-vested options, Granted | 10,000 |
Non-vested options, Vested | (3,320) |
Non-vested options, Forfeited | 0 |
Non-vested options - end of year | 90,840 |
Non-vested options, Weighted Average Grant-Date Fair Value beginning of year | $ / shares | $ 2.90 |
Non-vested options, Granted | $ / shares | 3.54 |
Non-vested options, Vested | $ / shares | 2.37 |
Non-vested options, Forfeited | $ / shares | 0 |
Non-vested options, Weighted Average Grant-Date Fair Value end of year | $ / shares | $ 2.99 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Fair Value Assumptions (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate | 1.94% |
Expected term | 10 years |
Expected stock price volatility | 21.00% |
Dividend yield | 1.50% |
Regulatory Capital Requiremen50
Regulatory Capital Requirements - Additional Information (Detail) | Jan. 01, 2016 | Mar. 31, 2016 |
Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer rate | 0.625% | 2.50% |
Regulatory Capital Requiremen51
Regulatory Capital Requirements - Summary of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1, Actual Regulatory Capital Amount | $ 89,370 | $ 84,608 |
Common equity tier 1, Actual Regulatory Capital Ratio | 12.81% | 12.02% |
Common equity tier 1, Minimum Required Capital Including Capital Conversation Buffer Amount | $ 35,755 | $ 31,675 |
Common equity tier 1, Minimum Required Capital Including Capital Conservation Buffer Ratio | 5.125% | 4.50% |
Tier I leverage, Actual Regulatory Capital Amount | $ 89,370 | $ 84,608 |
Tier I leverage, Actual Regulatory Capital Ratio | 10.40% | 9.92% |
Tier I leverage, Minimum Required Capital Including Capital Conservation Buffer Amount | $ 34,373 | $ 34,116 |
Tier I leverage, Minimum Required Capital Including Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Tier I risk-based capital, Actual Regulatory Capital Amount | $ 89,370 | $ 84,608 |
Tier I risk-based capital, Actual Regulatory Capital Ratio | 12.81% | 12.02% |
Tier I risk-based capital, Minimum Required Capital Conservation Buffer Amount | $ 46,220 | $ 42,234 |
Tier I risk-based capital,Minimum Required Capital Including Capital Conservation Buffer Ratio | 6.625% | 6.00% |
Total risk-based capital, Actual Regulatory Capital Amount | $ 97,460 | $ 92,431 |
Total risk-based capital, Actual Regulatory Capital Ratio | 13.97% | 13.13% |
Total risk-based capital, Minimum Required Capital Including Capital Conservation Buffer Amount | $ 60,171 | $ 56,317 |
Total risk-based capital, Minimum Required Capital Including Capital Conservation Buffer Ratio | 8.625% | 8.00% |
Reliant Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1, Actual Regulatory Capital Amount | $ 88,820 | $ 84,196 |
Common equity tier 1, Actual Regulatory Capital Ratio | 12.75% | 11.97% |
Common equity tier 1, Minimum Required Capital Including Capital Conversation Buffer Amount | $ 35,702 | $ 31,653 |
Common equity tier 1, Minimum Required Capital Including Capital Conservation Buffer Ratio | 5.125% | 4.50% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 45,281 | $ 45,720 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier I leverage, Actual Regulatory Capital Amount | $ 88,820 | $ 84,196 |
Tier I leverage, Actual Regulatory Capital Ratio | 10.34% | 9.88% |
Tier I leverage, Minimum Required Capital Including Capital Conservation Buffer Amount | $ 34,360 | $ 34,087 |
Tier I leverage, Minimum Required Capital Including Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Tier I leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 42,950 | $ 42,609 |
Tier I leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tier I risk-based capital, Actual Regulatory Capital Amount | $ 88,820 | $ 84,196 |
Tier I risk-based capital, Actual Regulatory Capital Ratio | 12.75% | 11.97% |
Tier I risk-based capital, Minimum Required Capital Conservation Buffer Amount | $ 46,152 | $ 42,204 |
Tier I risk-based capital,Minimum Required Capital Including Capital Conservation Buffer Ratio | 6.625% | 6.00% |
Tier I risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 55,730 | $ 56,271 |
Tier I risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Regulatory Capital Amount | $ 96,910 | $ 92,019 |
Total risk-based capital, Actual Regulatory Capital Ratio | 13.91% | 13.08% |
Total risk-based capital, Minimum Required Capital Including Capital Conservation Buffer Amount | $ 60,090 | $ 56,281 |
Total risk-based capital, Minimum Required Capital Including Capital Conservation Buffer Ratio | 8.625% | 8.00% |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 69,669 | $ 70,351 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Components of Basic and Diluted Earnings Per Common Share of Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic EPS Computation | ||
Net income attributable to common shareholders | $ 2,237 | $ 612 |
Weighted average common shares outstanding | 7,450,400 | 3,993,206 |
Basic earnings per common share | $ 0.30 | $ 0.15 |
Diluted EPS Computation | ||
Net income attributable to common shareholders | $ 2,237 | $ 612 |
Weighted average common shares outstanding | 7,450,400 | 3,993,206 |
Dilutive effect of stock options | 113,266 | 122,173 |
Adjusted weighted average common shares outstanding | 7,563,666 | 4,115,379 |
Diluted earnings per common share | $ 0.30 | $ 0.15 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Results of Operations for Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 8,082 | $ 4,069 |
Provision for loan losses | 165 | |
Noninterest income | 3,846 | 1,634 |
Noninterest expense | 8,637 | 4,978 |
INCOME TAX EXPENSE | 568 | 184 |
CONSOLIDATED NET INCOME | 2,558 | 541 |
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (321) | 71 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 2,237 | 612 |
Retail Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 7,788 | 3,860 |
Provision for loan losses | 165 | |
Noninterest income | 502 | (143) |
Noninterest expense | 5,342 | 2,921 |
INCOME TAX EXPENSE | 546 | 184 |
CONSOLIDATED NET INCOME | 2,237 | 612 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 2,237 | 612 |
Residential Mortgage Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 294 | 209 |
Noninterest income | 3,344 | 1,777 |
Noninterest expense | 3,295 | 2,057 |
INCOME TAX EXPENSE | 22 | |
CONSOLIDATED NET INCOME | 321 | (71) |
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | $ (321) | $ 71 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Notional amount | $ 21,505,000,000 | $ 21,505,000,000 | $ 4,900,000 |
Derivative fair values, other assets | 77,000 | ||
Derivative fair values, other liabilities | $ 1,235,000 | $ 572,000 |
Recent Accounting Pronounceme56
Recent Accounting Pronouncements - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Excess tax benefit related to exercise of stock options | $ 324 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2015 | Mar. 31, 2015 |
Business Acquisition [Line Items] | ||
Percentage of common stock held by Commerce Union shareholders | 44.50% | |
Non recurring costs | $ 478 | |
Reliant Bank [Member] | ||
Business Acquisition [Line Items] | ||
Conversion of common stock | 1.0213 | |
Percentage of common stock held by Reliant shareholders | 55.50% |
Business Combination - Summary
Business Combination - Summary of Financial Impact of Merger (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Business Acquisition [Line Items] | ||||
Shares of CUB common stock outstanding as of March 31, 2015 | 7,560,594 | 7,279,620 | ||
Fair value of assets acquired and liabilities assumed: | ||||
Goodwill | $ 11,404 | $ 11,404 | ||
Commerce Union [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares of CUB common stock outstanding as of March 31, 2015 | 3,069,030 | |||
Estimated market price of CUB common stock on April 1, 2015 | $ 14.95 | |||
Estimated fair value of CUB common stock | $ 45,882 | |||
Estimated fair value of CUB stock options | 2,019 | |||
Total consideration | 47,901 | |||
Total consideration above | 47,901 | |||
Fair value of assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | 12,378 | |||
Investment securities available for sale | 29,487 | |||
Loans | 248,122 | |||
Premises and equipment | 5,807 | |||
Deferred tax asset, net | 549 | |||
Bank owned life insurance | 4,181 | |||
Core deposit intangible | 1,901 | |||
Prepaid and other assets | 4,229 | |||
Deposits | (247,307) | |||
Securities sold under repurchase agreements | (488) | |||
Other borrowings | (20,856) | |||
Payables and other liabilities | (733) | |||
Total fair value of net assets acquired | 37,270 | |||
Goodwill | $ 10,631 |
Business Combination - Summar59
Business Combination - Summary of Supplemental Pro Forma Earnings (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Net interest income | $ 8,082 | $ 4,069 |
Net income attributable to common shareholders | $ 2,237 | $ 612 |
Earnings per share-basic | $ 0.30 | $ 0.15 |
Earnings per share-diluted | $ 0.30 | $ 0.15 |
Acquisition-related Costs [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Net interest income | $ 8,082 | $ 7,254 |
Net income attributable to common shareholders | $ 2,237 | $ 1,553 |
Earnings per share-basic | $ 0.30 | $ 0.22 |
Earnings per share-diluted | $ 0.30 | $ 0.21 |
Mortgage Operations and Subse60
Mortgage Operations and Subsequent Events - Additional Information (Detail) - USD ($) | May. 12, 2016 | Mar. 31, 2016 |
Subsequent Event [Line Items] | ||
Minimum period for mortgage loan refinancing | 180 days | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Increased the Company's net interest income and pre-tax earnings due to payoff of a purchased credit-impaired loan | $ 620 |