Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 16, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'C1 Financial, Inc. | ' |
Entity Central Index Key | '0001609132 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 16,100,966 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS [Abstract] | ' | ' | ||
Cash and cash equivalents | $283,741 | $143,452 | ||
Federal Home Loan Bank stock, at cost | 9,696 | 8,210 | ||
Loans receivable (net of allowance of $5,441 and $3,412 at September 30, 2014 and December 31, 2013) | 1,125,151 | 1,046,737 | ||
Premises and equipment, net | 63,592 | 57,284 | ||
Other real estate owned, net | 37,956 | 41,049 | ||
Bank owned life insurance | 8,867 | 8,748 | ||
Accrued interest receivable | 3,131 | 3,013 | ||
Core deposit intangible | 1,074 | 1,485 | ||
Prepaid expenses | 5,961 | 2,071 | ||
Other assets | 8,876 | 11,322 | ||
Total assets | 1,548,045 | 1,323,371 | ||
Deposits [Abstract] | ' | ' | ||
Non-interest bearing | 294,144 | 194,383 | ||
Interest bearing | 870,820 | 846,660 | ||
Total deposits | 1,164,964 | 1,041,043 | ||
Federal Home Loan Bank advances | 189,000 | 150,500 | ||
Other borrowings | 3,000 | 3,000 | ||
Other liabilities | 5,785 | 7,014 | ||
Total liabilities | 1,362,749 | 1,201,557 | ||
Commitments and contingencies (Note 9) | ' | ' | ||
Stockholders' equity | ' | ' | ||
Common stock, par value $1.00; 100,000,000 shares authorized; 16,100,966 and 12,216,932 shares issued and outstanding at September 30, 2014, and December 31, 2013 | 16,101 | [1] | 12,217 | [1] |
Additional paid-in capital | 148,122 | 93,906 | ||
Retained earnings | 21,073 | 15,691 | ||
Accumulated other comprehensive income | ' | ' | ||
Total stockholders' equity | 185,296 | 121,814 | [1] | |
Total liabilities and stockholders' equity | $1,548,045 | $1,323,371 | ||
[1] | Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Loans receivable, allowance | $5,441 | $5,441 | $3,412 |
Common stock, par or stated value per share | $1 | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 16,100,966 | 16,100,966 | 12,216,932 |
Common stock, shares, outstanding | 16,100,966 | 16,100,966 | 12,216,932 |
Stockholders' equity, reverse stock split | ' | '7-for-1 reverse stock split completed on August 13, 2014 | ' |
Stockholders' equity note, stock split, conversion ratio | 7 | 7 | ' |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Interest - income | ' | ' | ' | ' | ||||
Loans, including fees | $16,028 | $12,873 | $46,481 | $31,954 | ||||
Securities | 2 | 51 | 59 | 675 | ||||
Federal funds sold and other | 215 | 143 | 612 | 295 | ||||
Total interest income | 16,245 | 13,067 | 47,152 | 32,924 | ||||
Interest - expense | ' | ' | ' | ' | ||||
Savings and interest bearing demand deposits | 546 | 481 | 1,572 | 1,364 | ||||
Time deposits | 953 | 813 | 2,919 | 2,093 | ||||
Federal Home Loan Bank advances | 709 | 585 | 1,852 | 1,249 | ||||
Other borrowings | 15 | 15 | 44 | 45 | ||||
Total interest expense | 2,223 | 1,894 | 6,387 | 4,751 | ||||
Net interest income | 14,022 | 11,173 | 40,765 | 28,173 | ||||
Provision (reversal of provision) for loan losses | 207 | -168 | 4,815 | -153 | ||||
Net interest income after provision for loan losses | 13,815 | 11,341 | 35,950 | 28,326 | ||||
Non-interest income | ' | ' | ' | ' | ||||
Gain (loss) on sale of securities | ' | -271 | 241 | 305 | ||||
Gain on sale of loans | 775 | 315 | 2,323 | 686 | ||||
Services charges and fees | 526 | 505 | 1,658 | 1,276 | ||||
Bargain purchase gain | 37 | 12,569 | 48 | 12,569 | ||||
Gain on sale of other real estate, net | 68 | 149 | 720 | 535 | ||||
Bank-owned life insurance | 41 | 37 | 118 | 134 | ||||
Mortgage banking fees | ' | 130 | 47 | 506 | ||||
Other noninterest income | 350 | 2,356 | 1,029 | 2,843 | ||||
Total noninterest income | 1,797 | 15,790 | 6,184 | 18,854 | ||||
Non-interest expense | ' | ' | ' | ' | ||||
Salaries and employee benefits | 4,777 | 4,297 | 13,526 | 12,488 | ||||
Occupancy expense | 1,138 | 1,008 | 3,310 | 2,545 | ||||
Furniture and equipment | 673 | 547 | 1,954 | 1,308 | ||||
Regulatory assessments | 362 | 299 | 1,067 | 781 | ||||
Network services and data processing | 1,033 | 943 | 2,824 | 2,467 | ||||
Printing and office supplies | 77 | 124 | 270 | 336 | ||||
Postage and delivery | 52 | 87 | 181 | 197 | ||||
Advertising and promotion | 812 | 882 | 2,634 | 2,413 | ||||
Other real estate owned related expense | 511 | 747 | 1,625 | 1,668 | ||||
Other real estate owned - valuation allowance expense | 45 | 480 | 609 | 679 | ||||
Amortization of intangible assets | 117 | 102 | 412 | 267 | ||||
Professional fees | 750 | 787 | 2,174 | 1,953 | ||||
Loan collection expenses | 140 | 395 | 463 | 808 | ||||
Merger related expense | ' | 994 | ' | 1,173 | ||||
Other noninterest expense | 793 | 755 | 2,178 | 1,920 | ||||
Total noninterest expense | 11,280 | 12,447 | 33,227 | 31,003 | ||||
Income before income taxes | 4,332 | 14,684 | 8,907 | 16,177 | ||||
Income tax expense | 1,706 | 5,528 | 3,525 | 6,095 | ||||
Net income | $2,626 | $9,156 | $5,382 | $10,082 | ||||
Earnings per common share: | ' | ' | ' | ' | ||||
Basic | $0.18 | [1] | $0.81 | [1] | $0.40 | [1] | $0.92 | [1] |
Diluted | $0.18 | [1] | $0.81 | [1] | $0.40 | [1] | $0.92 | [1] |
[1] | Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Condensed_Consolidated_Income_1
Condensed Consolidated Income Statements (Parenthetical) | 0 Months Ended | 3 Months Ended | 9 Months Ended |
Aug. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Statement of Financial Position [Abstract] | ' | ' | ' |
Stockholders' equity, reverse stock split | ' | ' | '7-for-1 reverse stock split completed on August 13, 2014 |
Stockholders' equity note, stock split, conversion ratio | 7 | 7 | 7 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||
Net income | $2,626 | $9,156 | $5,382 | $10,082 | ||
Unrealized gains/losses on available for sale securities: | ' | ' | ' | ' | ||
Unrealized holding gain (loss) arising during the period | ' | ' | 241 | 228 | ||
Reclassification adjustments for gains included in net income | ' | ' | -241 | [1] | -305 | [1] |
Tax effect | ' | ' | 0 | 29 | [1] | |
Total other comprehensive income (loss), net of tax | ' | ' | ' | -48 | ||
Comprehensive income | $2,626 | $9,156 | $5,382 | $10,034 | ||
[1] | Amounts for realized gains on available for sale securities are included in gain on sale of securities in the consolidated income statements. Income taxes associated with the reclassification adjustment for gains included in net income for the nine months ended September 30, 2014, and 2013 were $0 and $29, respectively. The amounts related to income taxes on gains included in net income are included in income tax expense (benefit) in the consolidated income statements. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | |
Tax effect | $0 | $29 | [1] |
[1] | Amounts for realized gains on available for sale securities are included in gain on sale of securities in the consolidated income statements. Income taxes associated with the reclassification adjustment for gains included in net income for the nine months ended September 30, 2014, and 2013 were $0 and $29, respectively. The amounts related to income taxes on gains included in net income are included in income tax expense (benefit) in the consolidated income statements. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Preferred Stock Series E [Member] | Total | |
In Thousands | ||||||||
Beginning balance at Dec. 31, 2012 | [1] | $9,616 | $82,016 | $3,738 | ($4) | $48 | $1,033 | $96,447 |
Issuance of common stock, net of costs | [1] | 927 | 6,384 | ' | ' | ' | ' | 7,311 |
Conversion of preferred stock to common stock | [1] | 1,033 | ' | ' | ' | ' | -1,033 | ' |
Retirement of treasury stock | [1] | ' | -4 | ' | 4 | ' | ' | ' |
Net income | ' | ' | 10,082 | ' | ' | ' | 10,082 | |
Other | ' | ' | -36 | ' | ' | ' | -36 | |
Other comprehensive income (loss) | ' | ' | ' | ' | -48 | ' | -48 | |
Ending balance at Sep. 30, 2013 | 11,576 | 88,396 | 13,784 | ' | ' | ' | 113,756 | |
Beginning balance at Dec. 31, 2013 | [1] | 12,217 | 93,906 | 15,691 | ' | ' | ' | 121,814 |
Issuance of common stock, net of costs | [1] | 3,884 | 54,023 | ' | ' | ' | ' | 57,907 |
Net income | ' | ' | 5,382 | ' | ' | ' | 5,382 | |
Other | ' | 193 | ' | ' | ' | ' | 193 | |
Ending balance at Sep. 30, 2014 | $16,101 | $148,122 | $21,073 | ' | ' | ' | $185,296 | |
[1] | Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Payments of stock issuance costs | $4,653 | $0 |
Stockholders' equity, reverse stock split | '7-for-1 reverse stock split completed on August 13, 2014 | ' |
Stockholders' equity note, stock split, conversion ratio | 7 | ' |
Common Stock [Member] | ' | ' |
Number of shares issued | -3,884,034 | -926,783 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $5,382 | $10,082 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Provision for loan losses | 4,815 | -153 |
Depreciation | 2,076 | 1,467 |
Net accretion of purchase accounting adjustments | -1,807 | -1,925 |
Net amortization of securities | ' | 589 |
Accretion of loan discount | -205 | -129 |
Amortization of other intangible assets | 411 | 267 |
Increase in other real estate owned valuation allowance | 609 | 679 |
Increase in cash surrender value of BOLI | -119 | -134 |
Gain on sale of securities | -241 | -305 |
Bargain purchase gain | -48 | -12,569 |
Net change in deferred income tax expense (benefit) | 40 | 29 |
Gain on sales of loans | -2,323 | -686 |
Gain on sales of other real estate owned | -720 | -535 |
Origination of loans held for sale | -19,428 | -33,343 |
Proceeds from loans held for sale | 21,954 | 27,465 |
Change in assets and liabilities: | ' | ' |
Accrued interest receivable and other assets | -2,317 | -1,094 |
Other liabilities | -771 | 22,007 |
Net cash from operating activities | 7,308 | 11,712 |
Cash flows from investing activities | ' | ' |
Net change in time deposits in other financial institutions | ' | 249 |
Loan originations, net of repayments | -84,874 | -126,125 |
Proceeds from sale of foreclosed assets | 6,250 | 4,312 |
Proceeds from sales, calls and maturities of securities | 996 | 130,562 |
Purchase of Federal Home Loan Bank stock | -1,958 | -3,518 |
Proceeds of sale of Federal Home Loan Bank stock | 472 | 2,113 |
Payments for the purchase of premises and equipment | -8,384 | -10,752 |
Net cash transferred in bank acquisition | 48 | 40,927 |
Net cash from investing activities | -87,450 | 37,768 |
Cash flows from financing activities | ' | ' |
Net proceeds from issuance of common stock | 57,907 | 7,311 |
Net change in deposits | 124,024 | 26,392 |
Repayment of Federal Home Loan Bank advances | -6,500 | -65,400 |
Proceeds from Federal Home Loan Bank advances | 45,000 | 100,000 |
Net cash provided by financing activities | 220,431 | 68,303 |
Net change in cash and cash equivalents | 140,289 | 117,783 |
Cash and cash equivalents at beginning of the period | 143,452 | 77,038 |
Cash and cash equivalents at end of the period | 283,741 | 194,821 |
Supplemental information: | ' | ' |
Cash paid during the period for interest | 6,610 | 5,295 |
Cash paid during the period for income taxes | 5,171 | ' |
Non-cash items: | ' | ' |
Transfers from loans to other real estate owned | $3,046 | $6,444 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
NOTE 1 – BASIS OF PRESENTATION | |
Nature of Operations and Principles of Consolidation: The consolidated financial statements as of and for the nine months ended September 30, 2014 include C1 Financial, Inc. (“Parent Company”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as “the Company”. The financial statements as of and for the nine months ended September 30, 2013 only include C1 Bank because C1 Financial, Inc. became Parent Company of C1 Bank only after the share reorganization that took place in December 2013. | |
C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. During 2011, the Bank changed its name from Community Bank of Manatee to Community Bank & Company, and during 2012, the Bank changed its name to C1 Bank. The Bank provides a variety of banking services to individuals through its 28 offices and one loan production office located in 8 counties (Pinellas, Hillsborough, Manatee, Charlotte, Pasco, Lee, Miami-Dade and Orange). Its primary deposit products are checking, money market, savings, and term certificate accounts, and its primary lending products are commercial real estate loans, residential real estate loans, commercial loans, and consumer loans. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets and consumer assets. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions. | |
As described in Note 3, on August 2, 2013, the Bank acquired First Community Bank of Southwest Florida through an FDIC assisted transaction, consolidating substantially all of its assets and assuming all of the deposits. | |
The consolidated financial information included herein as of and for the periods ended September 30, 2014 and 2013 is unaudited. Accordingly, it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. Certain account reclassifications have been made to the 2013 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2013 net income or stockholders’ equity. The results for the nine months ended September 30, 2014 are not indicative of annual results. The December 31, 2013 condensed consolidated balance sheet was derived from the Company’s December 31, 2013 audited Consolidated Financial Statements. | |
Earnings per share: Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under stock options and restricted stock. Earnings per common share is restated for all stock splits and stock dividends through the date of the issue of the financial statements. | |
Initial_Public_Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2014 | |
Initial Public Offering [Abstract] | ' |
Initial Public Offering | ' |
NOTE 2 – INITIAL PUBLIC OFFERING | |
C1 Financial, Inc. qualifies as an “emerging growth company” as defined by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). On June 2, 2014, the Company submitted a confidential draft Registration Statement on Form S-1 with the SEC with respect to the shares to be registered and sold. On July 11, 2014, the Company filed a public Registration Statement on Form S-1 with the SEC. On July 17, 2014, the Board of Directors of the Company approved a resolution for C1 Financial, Inc. to sell shares of common stock to the public in an initial public offering. The Registration statement was declared effective by the SEC on August 13, 2014. The Company issued 2,761,356 shares of common stock at $17 per share, which included 129,777 shares of common stock purchased by the underwriters of the offering on September 9, 2014 in connection with the partial exercise of the over-allotment option held by such underwriters. Total proceeds received by the Company, net of offering costs was $42.3 million. | |
In connection with the initial public offering, on July 17, 2014, the Board of Directors approved a 7-for-1 reverse stock split of the Company’s common stock, which was approved by the majority stockholders and became effective on August 13, 2014. The effect of the split on authorized, issued and outstanding common and preferred shares and earnings per share has been retroactively applied to all periods presented. | |
Business_Combinations
Business Combinations | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combinations | ' | ||||||||
NOTE 3 – BUSINESS COMBINATIONS | |||||||||
On August 2, 2013, the Bank acquired First Community Bank of Southwest Florida through the FDIC. First Community Bank of Southwest Florida operations are included in the Bank’s income statement beginning August 3, 2013. Acquisition-related costs of approximately $831 are included in the Bank’s income statement as noninterest expense for the year ended December 31, 2013. The total value of the consideration paid to the Bank by the FDIC was $23,494 in cash. The purchase was part of the Bank’s overall strategy to grow and expand its market presence in Southwest Florida. The acquisition resulted in a bargain purchase gain of $12,387 as of acquisition date, primarily as a result of the bid price being below the fair value of the net assets acquired. After measurement period adjustments, bargain purchase gain as of December 31, 2013 was $13,462. | |||||||||
The following table summarizes the consideration received for First Community Bank of Southwest Florida and the fair value of the assets acquired and liabilities assumed at the acquisition date: | |||||||||
August 2, | Measurement Period | December 31, | |||||||
2013 | 2013 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 18,645 | $ | – | $ | 18,645 | |||
Securities available for sale | 21,500 | – | 21,500 | ||||||
Restricted stock | 926 | – | 926 | ||||||
Loans | 164,965 | 578 | 165,543 | ||||||
Premises and equipment | 5,630 | – | 5,630 | ||||||
Core deposit intangibles | 1,549 | – | 1,549 | ||||||
Real estate owned | 25,604 | 497 | 26,101 | ||||||
Other assets | 905 | – | 905 | ||||||
Total assets acquired | 239,724 | 1,075 | 240,799 | ||||||
Liabilities | |||||||||
Deposits | 237,053 | – | 237,053 | ||||||
FHLB Advances | 13,600 | – | 13,600 | ||||||
Other liabilities | 178 | – | 178 | ||||||
Total liabilities assumed | 250,831 | – | 250,831 | ||||||
Net assets acquired | -11,107 | 1,075 | -10,032 | ||||||
Net cash received | 23,494 | – | 23,494 | ||||||
Bargain purchase gain | $ | 12,387 | $ | 1,075 | $ | 13,462 | |||
The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Both the purchased assets and liabilities assumed are recorded at their estimated fair values. Determining the fair values of assets and liabilities, especially the loan portfolio and foreclosed real estate, involves significant judgment and assumptions. Due primarily to the significant amount of fair value adjustments, troubled condition, and regulatory constraints, historical results of First Community Bank of Southwest Florida are not believed to be relevant to the Company’s results, and thus no pro forma information is presented. | |||||||||
Investment_Securities
Investment Securities | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Investment Securities [Abstract] | ' | |||||
Investment Securities | ' | |||||
NOTE 4 – INVESTMENT SECURITIES | ||||||
C1 Financial, Inc.’s Directors Asset Liability Committee resolved in early 2013 that improving economic conditions could begin to put upward pressure on interest rates in 2013 and beyond, especially considering the fact that rates still remain at historically low levels. Given the concern relative to this economic and interest rate scenario, as well as the strength of the loan pipeline, the Committee made the decision to sell all marketable securities in the Bank’s portfolio. These actions, taken in September and August of 2013, eliminated the mark-to-market risk that holding the securities would have posed in a rising interest rate environment and allowed the excess funds to be redeployed into loans. As a result, the Bank had no securities available for sale as of September 30, 2014 and December 31, 2013. | ||||||
As of March 31, 2014, the Bank carried $938 thousand of equity securities corresponding to a fund investment from an acquired bank, which was converted to equity shares as a result of a public offering. These shares were sold at a gain during the three months ended June 30, 2014. | ||||||
Proceeds and gross gains and (losses) from the sale of securities available for sales for the three and nine months ended September 30, 2014 and 2013, respectively, were as follows: | ||||||
Three Months ended | Nine Months ended | |||||
30-Sep-14 | 30-Sep-14 | |||||
Proceeds from sale | $ | — | $ | 996 | ||
Gross gain | $ | — | $ | 241 | ||
Gross (loss) | — | — | ||||
Net gains (losses) on sales of securities | $ | — | $ | 241 | ||
Three Months ended | Nine Months ended | |||||
30-Sep-13 | 30-Sep-13 | |||||
Proceeds from sale | $ | 21,063 | $ | 130,179 | ||
Gross gain | $ | — | $ | 576 | ||
Gross (loss) | -271 | -271 | ||||
Net gains (losses) on sales of securities | $ | -271 | $ | 305 | ||
Loans
Loans | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||
Loans | ' | |||||||||||||||||
NOTE 5 – LOANS | ||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||
Real estate | ||||||||||||||||||
Residential | $ | 221,327 | $ | 196,238 | ||||||||||||||
Commercial | 687,082 | 636,238 | ||||||||||||||||
Construction | 95,195 | 90,974 | ||||||||||||||||
Total real estate | 1,003,604 | 923,450 | ||||||||||||||||
Commercial | 82,873 | 85,511 | ||||||||||||||||
Consumer | 47,874 | 44,068 | ||||||||||||||||
Total loans, gross | 1,134,351 | 1,053,029 | ||||||||||||||||
Less | ||||||||||||||||||
Net deferred loan fees | -3,759 | -2,880 | ||||||||||||||||
Allowance for loan losses | -5,441 | -3,412 | ||||||||||||||||
Total loans, net | $ | 1,125,151 | $ | 1,046,737 | ||||||||||||||
The Bank has divided the loan portfolio into various portfolio segments, each with different risk characteristics and methodologies for assessing risk. The portfolio segments identified are as follows: | ||||||||||||||||||
Commercial loans are primarily underwritten on the basis of the borrowers’ ability to service such debt from income. When possible, commercial loans are secured by real estate. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. As a general practice, collateral is taken as a security interest in any available real estate, equipment, or other chattel, although loans may also be made on an unsecured basis. Collateralized working capital loans typically are secured by short-term assets whereas long-term loans are primarily secured by long-term assets. | ||||||||||||||||||
Residential real estate loans are typically secured by 1-4 family residential properties located mostly in Florida and are underwritten in accordance with policies set forth and approved by the Board of Directors, including repayment capacity and source, value of the underlying property, credit history and stability. | ||||||||||||||||||
Repayment of residential real estate loans is primarily dependent upon the personal income or business income generated by the secured rental property of the borrowers (in the case of investment properties), which can be impacted by the economic conditions in their market area or in the case of loans to foreign borrowers, their country of origin in which their source of income originates from. Risk is mitigated by the fact that the properties securing the Bank’s residential real estate loan portfolio are diverse in type and spread over a large number of borrowers. | ||||||||||||||||||
Construction loans to borrowers are extended for the purpose of financing the construction of owner occupied and non-owner occupied properties. These loans are categorized as construction loans during the construction period, later converting to commercial or residential real estate loans after the construction is complete and amortization of the loan begins. Construction loans are approved based on an analysis of the borrower and guarantor, the viability of the project and on an acceptable percentage of the appraised value of the property securing the loan. Construction loan funds are disbursed periodically based on the percentage of construction completed. | ||||||||||||||||||
Commercial real estate loans are typically segmented into classes, such as, office buildings and condominiums, retail buildings and shopping centers, warehouse and other. Commercial real estate loans are secured by the subject property and are underwritten based upon standards set forth in the Bank’s policies approved by the Board of Directors. Such standards include, among other factors, loan to value limits, cash flow and debt service coverage and general creditworthiness of the obligors. | ||||||||||||||||||
Consumer loans are extended for various purposes. This segment also includes home improvement loans, lines of credit, personal loans, and deposit account collateralized loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to consumers are extended after a credit evaluation, including the creditworthiness of the borrower, the purpose of the credit, and the primary and secondary sources of repayment. | ||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2014: | ||||||||||||||||||
Three months ended September 30, 2014 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 741 | $ | 2,653 | $ | 280 | $ | 647 | $ | 272 | $ | 4,593 | ||||||
Provision (reversal of provision) for loan losses | -334 | 660 | 88 | -226 | 19 | 207 | ||||||||||||
Loans charged-off | -126 | -1 | - | -9 | -21 | -157 | ||||||||||||
Recoveries | 527 | 37 | 31 | 183 | 20 | 798 | ||||||||||||
Ending Balance | $ | 808 | $ | 3,349 | $ | 399 | $ | 595 | $ | 290 | $ | 5,441 | ||||||
Nine months ended September 30, 2014 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 439 | $ | 1,860 | $ | 241 | $ | 537 | $ | 335 | $ | 3,412 | ||||||
Provision (reversal of provision) for loan losses | -371 | 1,428 | -176 | 3,755 | 179 | 4,815 | ||||||||||||
Loans charged-off | -224 | -205 | - | -4,055 | -259 | -4,743 | ||||||||||||
Recoveries | 964 | 266 | 334 | 358 | 35 | 1,957 | ||||||||||||
Ending Balance | $ | 808 | $ | 3,349 | $ | 399 | $ | 595 | $ | 290 | $ | 5,441 | ||||||
On June 30, 2014 the Bank charged-off in-full its only loan under the shared national credit program, or Shared National Credit in the amount of $4.0 million. The Bank deemed the loan to be uncollectible in June 2014 and the full loan was charged off as the Bank believed that cash flow to repay the loan was collateral-dependent and other sources of repayment were no more than nominal. The value of the collateral, in this case closely held stock, was determined to be uncertain. | ||||||||||||||||||
The related Shared National Credit made all scheduled payments through March 31, 2014 including on March 31, 2014. Additionally, the last regulatory Shared National Credit rating indicated a pass rating. A cash flow prediction for the underlying borrower received in the second quarter of 2014 showed imminent negative cash flows. The negative cash flow projections along with other events taking place in June 2014 led the Bank to believe that the outstanding balance would not be collected. The Bank holds no other Shared National Credits and has no existing plans to purchase any other Shared National Credits. | ||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2013: | ||||||||||||||||||
Three months ended September 30, 2013 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 554 | $ | 1,556 | $ | 68 | $ | 589 | $ | 28 | $ | 2,795 | ||||||
Provision (reversal of provision) for loan losses | -471 | -214 | 321 | 179 | 17 | -168 | ||||||||||||
Loans charged-off | -132 | -61 | -4 | -15 | -42 | -254 | ||||||||||||
Recoveries | 506 | 47 | 132 | 22 | 17 | 724 | ||||||||||||
Ending Balance | $ | 457 | $ | 1,328 | $ | 517 | $ | 775 | $ | 20 | $ | 3,097 | ||||||
Nine months ended September 30, 2013 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 523 | $ | 1,337 | $ | 251 | $ | 399 | $ | 304 | $ | 2,814 | ||||||
Provision (reversal of provision) for loan losses | -516 | 133 | 108 | 475 | -353 | -153 | ||||||||||||
Loans charged-off | -294 | -261 | -11 | -237 | -148 | -951 | ||||||||||||
Recoveries | 744 | 119 | 169 | 138 | 217 | 1,387 | ||||||||||||
Ending Balance | $ | 457 | $ | 1,328 | $ | 517 | $ | 775 | $ | 20 | $ | 3,097 | ||||||
The following table provides the allocation of the allowance for loan losses by portfolio segment at September 30, 2014: | ||||||||||||||||||
30-Sep-14 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Specific Reserves: | ||||||||||||||||||
Impaired Loans | $ | 132 | $ | 452 | $ | 35 | $ | 219 | $ | 53 | $ | 891 | ||||||
Purchase credit impaired loans | 19 | 27 | 7 | - | 1 | 54 | ||||||||||||
Total Specific Reserves | 151 | 479 | 42 | 219 | 54 | 945 | ||||||||||||
General Reserves | 657 | 2,870 | 357 | 376 | 236 | 4,496 | ||||||||||||
Total | $ | 808 | $ | 3,349 | $ | 399 | $ | 595 | $ | 290 | $ | 5,441 | ||||||
Loans: | ||||||||||||||||||
Individually evaluated for impairment | $ | 1,653 | $ | 6,537 | $ | 89 | $ | 1,019 | $ | 143 | $ | 9,441 | ||||||
Purchase credit impaired loans | 7,039 | 19,772 | 1,668 | 687 | 67 | 29,233 | ||||||||||||
Collectively evaluated for impairment | 212,635 | 660,773 | 93,438 | 81,167 | 47,664 | 1,095,677 | ||||||||||||
Total ending loans balance | $ | 221,327 | $ | 687,082 | $ | 95,195 | $ | 82,873 | $ | 47,874 | $ | 1,134,351 | ||||||
The following table provides the allocation of the allowance for loan losses by portfolio segment at December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Specific Reserves: | ||||||||||||||||||
Impaired Loans | $ | 32 | $ | 189 | $ | - | $ | 183 | $ | - | $ | 404 | ||||||
Purchase credit impaired loans | 13 | 403 | 19 | - | 1 | 436 | ||||||||||||
Total Specific Reserves | 45 | 592 | 19 | 183 | 1 | 840 | ||||||||||||
General Reserves | 394 | 1,268 | 222 | 354 | 334 | 2,572 | ||||||||||||
Total | $ | 439 | $ | 1,860 | $ | 241 | $ | 537 | $ | 335 | $ | 3,412 | ||||||
Loans: | ||||||||||||||||||
Individually evaluated for impairment | $ | 1,441 | $ | 6,310 | $ | 6 | $ | 1,119 | $ | 8 | $ | 8,884 | ||||||
Purchase credit impaired loans | 7,018 | 23,029 | 2,139 | 963 | 70 | 33,219 | ||||||||||||
Collectively evaluated for impairment | 187,779 | 606,899 | 88,829 | 83,429 | 43,990 | 1,010,926 | ||||||||||||
Total ending loans balance | $ | 196,238 | $ | 636,238 | $ | 90,974 | $ | 85,511 | $ | 44,068 | $ | 1,053,029 | ||||||
The following table presents loans individually evaluated for impairment by class of loans as of and for the period ended September 30, 2014 and December 31, 2013, respectively: | ||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||
With no related allowance recorded: | ||||||||||||||||||
Residential real estate | $ | 1,083 | $ | 1,005 | $ | - | $ | 1,596 | $ | 1,384 | $ | – | ||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | - | 10 | 6 | – | ||||||||||||
Owner occupied | 1,497 | 1,267 | - | 4,077 | 3,595 | – | ||||||||||||
Non-owner occupied | 992 | 768 | - | 491 | 306 | – | ||||||||||||
Secured by farmland | 1,303 | 1,263 | - | 2,310 | 1,934 | – | ||||||||||||
Construction | - | - | - | 88 | 6 | – | ||||||||||||
Commercial | 240 | 224 | - | 388 | 372 | – | ||||||||||||
Consumer | 27 | 27 | - | 9 | 8 | – | ||||||||||||
With allowance recorded: | ||||||||||||||||||
Residential real estate | 665 | 648 | 132 | 57 | 57 | 32 | ||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | - | – | – | – | ||||||||||||
Owner occupied | 3,303 | 3,239 | 452 | 509 | 469 | 189 | ||||||||||||
Non-owner occupied | - | - | - | – | – | – | ||||||||||||
Secured by farmland | - | - | - | – | – | – | ||||||||||||
Construction | 89 | 89 | 35 | – | – | – | ||||||||||||
Commercial | 1,002 | 795 | 219 | 949 | 747 | 183 | ||||||||||||
Consumer | 116 | 116 | 53 | – | – | – | ||||||||||||
Total | $ | 10,317 | $ | 9,441 | $ | 891 | $ | 10,484 | $ | 8,884 | $ | 404 | ||||||
Average impaired loans and related interest income for the three and nine months ended September 30, 2014 and 2013, respectively, were as follows: | ||||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||
With no related allowance recorded: | ||||||||||||||||||
Residential real estate | $ | 1,014 | $ | - | $ | – | $ | 884 | $ | 5 | $ | – | ||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | – | - | - | – | ||||||||||||
Owner occupied | 1,404 | - | – | 2,339 | 13 | – | ||||||||||||
Non-owner occupied | 784 | - | – | 774 | 1 | – | ||||||||||||
Secured by farmland | 1,275 | 9 | – | 1,701 | 17 | – | ||||||||||||
Construction | - | - | – | 3 | - | – | ||||||||||||
Commercial | 241 | 1 | – | 260 | 7 | – | ||||||||||||
Consumer | 27 | - | – | 45 | - | – | ||||||||||||
With allowance recorded: | ||||||||||||||||||
Residential real estate | 662 | - | – | 531 | 6 | – | ||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | – | - | - | – | ||||||||||||
Owner occupied | 3,569 | - | – | 2,022 | 17 | – | ||||||||||||
Non-owner occupied | - | - | – | 102 | - | – | ||||||||||||
Secured by farmland | - | - | – | - | - | – | ||||||||||||
Construction | 89 | - | – | - | - | – | ||||||||||||
Commercial | 871 | 3 | – | 833 | 10 | – | ||||||||||||
Consumer | 116 | - | – | 116 | - | – | ||||||||||||
Total | $ | 10,052 | $ | 13 | $ | – | $ | 9,610 | $ | 76 | $ | – | ||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||
With no related allowance recorded: | ||||||||||||||||||
Residential real estate | $ | 1,438 | $ | - | $ | – | $ | 1,381 | $ | 3 | $ | – | ||||||
Commercial real estate | ||||||||||||||||||
Multifamily | 561 | - | – | 344 | 8 | – | ||||||||||||
Owner occupied | 3,803 | 15 | – | 3,378 | 53 | – | ||||||||||||
Non-owner occupied | 314 | - | – | 325 | 2 | – | ||||||||||||
Secured by farmland | 267 | - | – | 267 | - | – | ||||||||||||
Construction | 1 | - | – | 1 | - | – | ||||||||||||
Commercial | 356 | 1 | – | 353 | 6 | – | ||||||||||||
Consumer | 9 | - | – | 102 | - | – | ||||||||||||
With allowance recorded: | ||||||||||||||||||
Residential real estate | 231 | - | – | 515 | 2 | – | ||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | – | - | - | – | ||||||||||||
Owner occupied | 474 | - | – | 780 | 15 | – | ||||||||||||
Non-owner occupied | - | - | – | - | - | – | ||||||||||||
Secured by farmland | - | - | – | - | - | – | ||||||||||||
Construction | - | - | – | - | - | – | ||||||||||||
Commercial | 892 | 1 | – | 671 | 1 | – | ||||||||||||
Consumer | - | - | – | 958 | 3 | – | ||||||||||||
Total | $ | 8,346 | $ | 17 | $ | – | $ | 9,075 | $ | 93 | $ | – | ||||||
The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2014: | ||||||||||||||||||
30-Sep-14 | Nonaccrual | Loans Past Due Over 90 Days Still Accruing | ||||||||||||||||
Residential real estate | $ | 4,045 | $ | - | ||||||||||||||
Commercial real estate | 14,787 | - | ||||||||||||||||
Construction | 311 | - | ||||||||||||||||
Commercial | 1,329 | - | ||||||||||||||||
Consumer | 143 | - | ||||||||||||||||
Total | $ | 20,615 | $ | - | ||||||||||||||
The reported amount includes $13,646 of nonaccrual purchase credit impaired loans. Loans are placed on nonaccrual and accounted for under the cost recovery method when repayment is expected through foreclosure or repossession of the collateral, and the timing of foreclosure or repossession cannot be estimated with reasonable certainty. These loans are measured for impairment under the Bank’s policy for measuring impairment on collateral dependent impaired loans that were originated by the Bank and included in impaired loans if there is a subsequent decline in the value of the collateral. | ||||||||||||||||||
The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Nonaccrual | Loans Past Due Over 90 Days Still Accruing | ||||||||||||||||
Residential real estate | $ | 4,127 | $ | – | ||||||||||||||
Commercial real estate | 17,159 | – | ||||||||||||||||
Construction | 864 | – | ||||||||||||||||
Commercial | 1,624 | – | ||||||||||||||||
Consumer | 8 | – | ||||||||||||||||
Total | $ | 23,782 | $ | – | ||||||||||||||
The reported amount includes $17,260 of nonaccrual purchase credit impaired loans. Loans are placed on nonaccrual and accounted for under the cost recovery method when repayment is expected through foreclosure or repossession of the collateral, and the timing of foreclosure or repossession cannot be estimated with reasonable certainty. These loans are measured for impairment under the Bank’s policy for measuring impairment on collateral dependent impaired loans that were originated by the Bank and included in impaired loans if there is a subsequent decline in the value of the collateral. | ||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of September 30, 2014 by class of loans: | ||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | |||||||||||||
30-Sep-14 | ||||||||||||||||||
Residential real estate | $ | 987 | $ | 429 | $ | 4,045 | $ | 5,461 | $ | 215,866 | $ | 221,327 | ||||||
Commercial Real Estate | ||||||||||||||||||
Multifamily | 358 | - | - | 358 | 31,839 | 32,197 | ||||||||||||
Owner occupied | 2,233 | 208 | 9,827 | 12,268 | 209,219 | 221,487 | ||||||||||||
Non-owner occupied | - | 290 | 4,436 | 4,726 | 366,421 | 371,147 | ||||||||||||
Secured by farmland | - | - | 524 | 524 | 61,727 | 62,251 | ||||||||||||
Construction | - | 191 | 311 | 502 | 94,693 | 95,195 | ||||||||||||
Commercial | 929 | 25 | 1,329 | 2,283 | 80,590 | 82,873 | ||||||||||||
Consumer | 164 | 98 | 143 | 405 | 47,469 | 47,874 | ||||||||||||
Total | $ | 4,671 | $ | 1,241 | $ | 20,615 | $ | 26,527 | $ | 1,107,824 | $ | 1,134,351 | ||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||
30 – 59 Days Past Due | 60 – 89 Days Past Due | Greater than 89 Days | Total Past Due | Loans Not Past Due | Total | |||||||||||||
31-Dec-13 | ||||||||||||||||||
Residential real estate | $ | 1,794 | $ | 63 | $ | 4,127 | $ | 5,984 | $ | 190,254 | $ | 196,238 | ||||||
Commercial Real Estate | ||||||||||||||||||
Multifamily | – | – | 6 | 6 | 56,035 | 56,041 | ||||||||||||
Owner occupied | 176 | 251 | 10,191 | 10,618 | 193,878 | 204,496 | ||||||||||||
Non-owner occupied | – | 889 | 4,032 | 4,921 | 300,434 | 305,355 | ||||||||||||
Secured by farmland | 415 | – | 2,930 | 3,345 | 67,001 | 70,346 | ||||||||||||
Construction | 1,018 | – | 864 | 1,882 | 89,092 | 90,974 | ||||||||||||
Commercial | 195 | – | 1,624 | 1,819 | 83,692 | 85,511 | ||||||||||||
Consumer | 319 | 6 | 8 | 333 | 43,735 | 44,068 | ||||||||||||
Total | $ | 3,917 | $ | 1,209 | $ | 23,782 | $ | 28,908 | $ | 1,024,121 | $ | 1,053,029 | ||||||
Troubled Debt Restructurings: | ||||||||||||||||||
The following table is a summary of troubled debt restructurings that are performing in accordance with the restructured terms at September 30, 2014. | ||||||||||||||||||
30-Sep-14 | Number of Loans | Recorded Investment | ||||||||||||||||
Residential real estate | - | $ | - | |||||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | ||||||||||||||||
Owner occupied | 1 | 536 | ||||||||||||||||
Non-owner occupied | 1 | 377 | ||||||||||||||||
Secured by farmland | - | - | ||||||||||||||||
Construction | - | - | ||||||||||||||||
Commercial | - | - | ||||||||||||||||
Consumer | - | - | ||||||||||||||||
Total | 2 | $ | 913 | |||||||||||||||
The Bank had no non-accruing troubled debt restructurings and was not committed to lend any additional amounts as of September 30, 2014 to customers with outstanding loans that are classified as troubled debt restructurings. | ||||||||||||||||||
There were no loans modified as troubled debt restructurings during the nine months ended September 30, 2014 and 2013. | ||||||||||||||||||
The following table is a summary of troubled debt restructurings that are performing in accordance with the restructured terms at December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Number of Loans | Recorded Investment | ||||||||||||||||
Residential real estate | 1 | $ | 64 | |||||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | – | – | ||||||||||||||||
Owner occupied | – | – | ||||||||||||||||
Non-owner occupied | 1 | 382 | ||||||||||||||||
Secured by farmland | – | – | ||||||||||||||||
Construction | – | – | ||||||||||||||||
Commercial | – | – | ||||||||||||||||
Consumer | – | – | ||||||||||||||||
Total | 2 | $ | 446 | |||||||||||||||
The following table is a summary of non-accruing troubled debt restructurings at December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Number of Loans | Recorded Investment | ||||||||||||||||
Residential real estate | – | $ | – | |||||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | – | – | ||||||||||||||||
Owner occupied | 1 | 534 | ||||||||||||||||
Non-owner occupied | – | – | ||||||||||||||||
Secured by farmland | – | – | ||||||||||||||||
Construction | – | – | ||||||||||||||||
Commercial | – | – | ||||||||||||||||
Consumer | – | – | ||||||||||||||||
Total | 1 | $ | 534 | |||||||||||||||
The Bank was not committed to lend any additional amounts as of December 31, 2013 to customers with outstanding loans that are classified as troubled debt restructurings. | ||||||||||||||||||
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. | ||||||||||||||||||
Credit Quality Indicators: | ||||||||||||||||||
The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed at least annually. The Bank uses the following definitions for risk ratings: | ||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. | ||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | ||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans not meeting the criteria above include homogeneous loans, which includes residential real estate and consumer loans. The credit quality indicator used for loans not meeting the criteria above is payment status and historical payment experience. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||
30-Sep-14 | ||||||||||||||||||
Residential real estate | $ | 211,684 | $ | 3,520 | $ | 6,123 | $ | – | $ | 221,327 | ||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | 31,960 | 237 | - | – | 32,197 | |||||||||||||
Owner occupied | 193,752 | 13,031 | 14,704 | – | 221,487 | |||||||||||||
Non-owner occupied | 360,003 | 6,432 | 4,712 | – | 371,147 | |||||||||||||
Secured by farmland | 60,219 | 415 | 1,617 | – | 62,251 | |||||||||||||
Construction | 92,516 | 1,769 | 910 | – | 95,195 | |||||||||||||
Commercial | 80,423 | 744 | 1,706 | – | 82,873 | |||||||||||||
Consumer | 47,522 | 209 | 143 | – | 47,874 | |||||||||||||
Total | $ | 1,078,079 | $ | 26,357 | $ | 29,915 | $ | – | $ | 1,134,351 | ||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
Residential real estate | $ | 186,169 | $ | 3,950 | $ | 6,119 | $ | – | $ | 196,238 | ||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | 55,113 | 568 | 360 | – | 56,041 | |||||||||||||
Owner occupied | 174,920 | 14,060 | 15,516 | – | 204,496 | |||||||||||||
Non-owner occupied | 291,302 | 9,938 | 4,115 | – | 305,355 | |||||||||||||
Secured by farmland | 65,908 | 415 | 4,023 | – | 70,346 | |||||||||||||
Construction | 87,512 | 2,012 | 1,450 | – | 90,974 | |||||||||||||
Commercial | 82,860 | 569 | 2,082 | – | 85,511 | |||||||||||||
Consumer | 43,654 | 406 | 8 | – | 44,068 | |||||||||||||
Total | $ | 987,438 | $ | 31,918 | $ | 33,673 | $ | – | $ | 1,053,029 | ||||||||
The Bank acquired loans through the acquisitions of First Community Bank of America, The Palm Bank and First Community Bank of Southwest Florida, 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 carrying amount of those loans at September 30, 2014 and December 31, 2013 was approximately $29,179 and $32,783, respectively. | ||||||||||||||||||
The Bank maintained an allowance for loan losses of $54 and $436 at September 30, 2014 and December 31, 2013, respectively, for loans acquired with deteriorated quality. During the three months ended September 30, 2014 and 2013, the company accreted $105 and $0, respectively, into interest income on these loans. During the nine months ended September 30, 2014 and 2013, the company accreted $356 and $0, respectively, into interest income on these loans. The remaining accretable discount was $2,770 at September 30, 2014. | ||||||||||||||||||
Loans related to the acquisition of First Community Bank of Southwest Florida for which it was probable at acquisition that all contractually required payments would not be collected were as follows: | ||||||||||||||||||
2013 | ||||||||||||||||||
Contractually required payments receivable of loans purchased during the year (assuming no prepayments) | $ | 35,650 | ||||||||||||||||
Cash flows expected to be collected at acquisition | $ | 24,030 | ||||||||||||||||
Fair value of acquired loans at acquisition | $ | 20,901 | ||||||||||||||||
Fair_Values
Fair Values | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Values [Abstract] | ' | |||||||||||
Fair Values | ' | |||||||||||
NOTE 6 – FAIR VALUES | ||||||||||||
Fair value is the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels that may be used to measure fair value: | ||||||||||||
Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||
Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||
Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||
The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread to swap and LIBOR curves that are updated to incorporate loss severities, volatility, credit spread and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. | ||||||||||||
The fair value of other real estate owned and impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. For the commercial real estate impaired loans and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At September 30, 2014 and December 31, 2013, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 8.0% to 12.0%. Adjustments to comparable sales may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans and other real estate owned are considered a Level 3 in the fair value hierarchy. | ||||||||||||
The following table presents the material assets reported on the balance sheet at their fair value, by level within the fair value hierarchy. As required by ASC 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||
The Bank had no securities available for sale or any other assets measured at fair market value on a recurring basis at September 30, 2014 and December 31, 2013. | ||||||||||||
The fair value of assets measured on a non-recurring basis were as follows: | ||||||||||||
September 30, 2014 Using: | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other | Significant Unobservable Inputs (Level 3) | ||||||||||
Observable Inputs | ||||||||||||
(Level 2) | ||||||||||||
Fair Value Measured on a Non-Recurring Basis: | ||||||||||||
Impaired Loans | ||||||||||||
Residential real estate | $ | – | $ | – | $ | 516 | ||||||
Commercial real estate | – | – | 2,787 | |||||||||
Construction | 54 | |||||||||||
Commercial | – | – | 576 | |||||||||
Consumer | – | – | 63 | |||||||||
Total Impaired Loans | – | – | 3,996 | |||||||||
Other real estate owned | ||||||||||||
Residential | – | – | 1,693 | |||||||||
Commercial | – | – | 9,245 | |||||||||
Total other real estate owned | – | – | 10,938 | |||||||||
Total | $ | – | $ | – | $ | 14,934 | ||||||
Impaired loans, which had a specific allowance for loan losses allocated, had a recorded investment of $4,887 with a valuation allowance of $891 at September 30, 2014, resulting in a provision for loan losses of $197 and $574 for the three and nine months ended September 30, 2014, respectively. | ||||||||||||
Other real estate owned which is measured at fair value less costs to sell, had a net carrying amount of $10,938 which is made up of the outstanding balance of $13,251, net of a valuation allowance of $2,313 at September 30, 2014, resulting in a write-down of $45 and $594 for the three and nine months ended September 30, 2014, respectively. | ||||||||||||
December 31, 2013 Using: | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other | Significant Unobservable Inputs (Level 3) | ||||||||||
Observable Inputs | ||||||||||||
(Level 2) | ||||||||||||
Fair Value Measured on a Non-Recurring Basis: | ||||||||||||
Impaired Loans | ||||||||||||
Residential real estate | $ | – | $ | – | $ | 25 | ||||||
Commercial real estate | – | – | 280 | |||||||||
Construction | – | – | – | |||||||||
Commercial | – | – | 564 | |||||||||
Consumer | – | – | – | |||||||||
Total Impaired Loans | – | – | 869 | |||||||||
Other real estate owned | ||||||||||||
Residential | – | – | 2,244 | |||||||||
Commercial | – | – | 5,714 | |||||||||
Total other real estate owned | – | – | 7,958 | |||||||||
Total | $ | – | $ | – | $ | 8,827 | ||||||
Impaired loans, which had a specific allowance for loan losses allocated, had a recorded investment of $1,273 with a valuation allowance of $404 at December 31, 2013, resulting in a provision for loan losses of $89 and $142 for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Other real estate owned which is measured at fair value less costs to sell, had a net carrying amount of $7,958, which is made up of the outstanding balance of $10,667, net of a valuation allowance of $2,709 at December 31, 2013, resulting in a write-down of $342 and $495 for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
The estimated fair values and related carrying amounts of the Bank's financial instruments at September 30, 2014 and December 31, 2013 approximate as follows: | ||||||||||||
Fair Value Measurements at | ||||||||||||
September 30, 2014 Using: | ||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | |||||||||
Financial assets | ||||||||||||
Cash and cash equivalents | $ | 283,741 | $ | 283,741 | $ | – | $ | – | ||||
Federal Home Loan Bank stock | 9,696 | N/A | N/A | N/A | ||||||||
Loans, net | 1,125,151 | – | – | 1,120,286 | ||||||||
Accrued interest receivable | 3,131 | – | – | 3,131 | ||||||||
Financial liabilities | ||||||||||||
Deposits | $ | 1,164,964 | $ | 821,880 | $ | – | $ | 344,036 | ||||
FHLB advances | 189,000 | – | – | 189,257 | ||||||||
Subordinated debentures | 3,000 | – | – | 3,000 | ||||||||
Accrued interest payable | 274 | – | – | 274 | ||||||||
Fair Value Measurements at | ||||||||||||
December 31, 2013 Using: | ||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | |||||||||
Financial assets | ||||||||||||
Cash and cash equivalents | $ | 143,452 | $ | 143,452 | $ | – | $ | – | ||||
Federal Home Loan Bank stock | 8,210 | N/A | N/A | N/A | ||||||||
Loans, net | 1,046,737 | – | – | 1,049,286 | ||||||||
Accrued interest receivable | 3,013 | – | – | 3,013 | ||||||||
Financial liabilities | ||||||||||||
Deposits | $ | 1,041,043 | $ | 693,049 | $ | – | $ | 350,922 | ||||
FHLB advances | 150,500 | – | – | 150,905 | ||||||||
Subordinated debentures | 3,000 | – | – | 3,000 | ||||||||
Accrued interest payable | 181 | – | – | 181 | ||||||||
Fair value methods and assumptions are periodically evaluated by the Bank. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | ||||||||||||
Cash and cash equivalents – For these short-term highly liquid instruments, the carrying amount is a reasonable estimate of fair value. | ||||||||||||
Investment securities – Fair values for investment securities, excluding FHLB and Independent Bankers’ Bank stock, are discussed above. It was not practicable to determine the fair value of FHLB and IBB stock due to restrictions placed on their transferability. | ||||||||||||
Loans – The fair value measurement of certain impaired loans is discussed above. For variable-rate loans that re-price frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for all other loans are estimated using discounted cash flow analyses, using the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. An overall valuation adjustment was made for specific credit risks as well as general portfolio credit risk. The methods utilized to estimate the fair value do not necessarily represent an exit price. | ||||||||||||
Accrued interest receivable and payable – The carrying amount of accrued interest receivable and payable approximates fair value due to the short-term nature of these financial instruments. | ||||||||||||
Deposits – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable upon demand at September 30, 2014 and December 31, 2013. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. | ||||||||||||
Short-term borrowings – Rates currently available to the Bank for borrowings with similar terms and remaining maturities are used to estimate fair value of existing borrowings by discounting future cash flows. | ||||||||||||
Long-term debt – Rates currently available to the Bank for debt with similar terms and remaining maturities are used to estimate fair value of existing debt by discounting future cash flows. | ||||||||||||
Commitments to extend credit and standby letters of credit – The value of the unrecognized financial instruments is estimated based on the related deferred fee income associated with the commitments, which is not material to the Company's financial statements at September 30, 2014 and December 31, 2013. | ||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Earnings Per Common Share[Abstract] | ' | |||||
Earnings Per Common Share | ' | |||||
NOTE 7 – EARNINGS PER COMMON SHARE | ||||||
Basic earnings per common share is net income divided by weighted average number of shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock. | ||||||
There were no antidilutive stock options during the periods presented. | ||||||
Three months ended | ||||||
September 30, | ||||||
2014 | 2013 | |||||
Basic(4) | ||||||
Net Income | $ | 2,626 | $ | 9,156 | ||
Weighted average shares of common stock outstanding | 14,572,140 | 11,262,951 | ||||
Basic earnings per common share | $ | 0.18 | $ | 0.81 | ||
Diluted | ||||||
Net Income | $ | 2,626 | $ | 9,156 | ||
Weighted average shares of common stock outstanding | 14,572,140 | 11,262,951 | ||||
Add: Dilutive effects of assumed exercises of stock options | - | - | ||||
Average shares and dilutive potential common shares | 14,572,140 | 11,262,951 | ||||
Diluted earnings per common share | $ | 0.18 | $ | 0.81 | ||
Nine months ended | ||||||
September 30, | ||||||
2014 | 2013 | |||||
Basic(4) | ||||||
Net Income | $ | 5,382 | $ | 10,082 | ||
Weighted average shares of common stock outstanding | 13,442,318 | 10,938,329 | ||||
Basic earnings per common share | $ | 0.40 | $ | 0.92 | ||
Diluted | ||||||
Net Income | $ | 5,382 | $ | 10,082 | ||
Weighted average shares of common stock outstanding | 13,442,318 | 10,938,329 | ||||
Add: Dilutive effects of assumed exercises of stock options | - | 21,048 | ||||
Average shares and dilutive potential common shares | 13,442,318 | 10,959,377 | ||||
Diluted earnings per common share | $ | 0.40 | $ | 0.92 | ||
(4)Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 – Initial Public Offering for additional information related to the reverse stock split. | ||||||
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||
Regulatory Matters | ' | ||||||||||||||
NOTE 8 – REGULATORY MATTERS | |||||||||||||||
The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the Federal Deposit Insurance Corporation (FDIC). Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank's assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. | |||||||||||||||
To be categorized as well capitalized, the Bank must maintain minimum Total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. As of September 30, 2014 and December 31, 2013, the Bank meets all capital adequacy requirements to be considered well capitalized. There are no conditions or events since quarter end that management believes have changed the Bank’s classification as well capitalized. | |||||||||||||||
The Company’s and Bank's actual and required capital ratios as of September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||
Actual | Required for Capital Adequacy Purposes | Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
30-Sep-14 | |||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | $ | 190,002 | 15.45% | $ | 98,382 | 8.00% | $ | 122,977 | 10.00% | ||||||
C1 Bank | 189,309 | 15.39% | 98,382 | 8.00% | 122,977 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | 183,961 | 14.96% | 49,191 | 4.00% | 73,786 | 6.00% | |||||||||
C1 Bank | 183,268 | 14.90% | 49,191 | 4.00% | 73,786 | 6.00% | |||||||||
Tier 1 capital to average assets | |||||||||||||||
C1 Financial, Inc. | 183,961 | 12.32% | 59,716 | 4.00% | 74,644 | 5.00% | |||||||||
C1 Bank | 183,268 | 12.28% | 59,716 | 4.00% | 74,644 | 5.00% | |||||||||
Actual | Required for Capital Adequacy Purposes | Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
31-Dec-13 | |||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | $ | 124,020 | 10.97% | $ | 90,407 | 8.00% | $ | 113,008 | 10.00% | ||||||
C1 Bank | 124,020 | 10.97% | 90,407 | 8.00% | 113,008 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | 120,008 | 10.62% | 45,203 | 4.00% | 67,805 | 6.00% | |||||||||
C1 Bank | 120,008 | 10.62% | 45,203 | 4.00% | 67,805 | 6.00% | |||||||||
Tier 1 capital to average assets | |||||||||||||||
C1 Financial, Inc. | 120,008 | 9.36% | 51,292 | 4.00% | 64,115 | 5.00% | |||||||||
C1 Bank | 120,008 | 9.36% | 51,292 | 4.00% | 64,115 | 5.00% | |||||||||
During 2014, until the date of issuance of the Financial Statements, the Parent Company raised an additional $57.9 million in capital through the issuance of common stock (including $42.3 million in the Initial Public Offering – as mentioned in Note 2), of which $57.4 was invested in the Bank during the nine months ended September 30, 2014 and $0.5 million was left at the Parent Company. | |||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
NOTE 9 – COMMITMENTS AND CONTINGENCIES | ||||||
The financial statements do not reflect various commitments and contingent liabilities which arise in the normal course of business and which involve elements of credit risk, interest rate risk and liquidity risk. These commitments and contingent liabilities are commitments to extend credit and standby letters of credit. A summary of these commitments and contingent liabilities is as follows: | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Unused lines of credit | $ | 55,646 | $ | 62,535 | ||
Standby letters of credit | 1,741 | 1,976 | ||||
Commitments to fund loans | 123,837 | 46,575 | ||||
There were no standby letters of credit to related parties at September 30, 2014 or December 31, 2013. | ||||||
Parent_Company_Only_Financial_
Parent Company Only Financial Information | 9 Months Ended |
Sep. 30, 2014 | |
Parent Company Only Financial Information [Abstract] | ' |
Parent Company Only Financial Information | ' |
NOTE 10 – PARENT COMPANY ONLY FINANCIAL INFORMATION | |
At September 30, 2014, the main asset in the Parent Company’s balance sheet was the investment in its subsidiary, C1 Bank, for a total of $184,603. There was no income or expenses at the Parent Company besides the equity in undistributed subsidiary income from C1 Bank in the three and nine months ended September 30, 2014. | |
Basis_of_Presentation_Policy
Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Nature of Operations and Principles of Consolidation | ' |
Nature of Operations and Principles of Consolidation: The consolidated financial statements as of and for the nine months ended September 30, 2014 include C1 Financial, Inc. (“Parent Company”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as “the Company”. The financial statements as of and for the nine months ended September 30, 2013 only include C1 Bank because C1 Financial, Inc. became Parent Company of C1 Bank only after the share reorganization that took place in December 2013. | |
C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. During 2011, the Bank changed its name from Community Bank of Manatee to Community Bank & Company, and during 2012, the Bank changed its name to C1 Bank. The Bank provides a variety of banking services to individuals through its 28 offices and one loan production office located in 8 counties (Pinellas, Hillsborough, Manatee, Charlotte, Pasco, Lee, Miami-Dade and Orange). Its primary deposit products are checking, money market, savings, and term certificate accounts, and its primary lending products are commercial real estate loans, residential real estate loans, commercial loans, and consumer loans. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets and consumer assets. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions. | |
As described in Note 3, on August 2, 2013, the Bank acquired First Community Bank of Southwest Florida through an FDIC assisted transaction, consolidating substantially all of its assets and assuming all of the deposits. | |
The consolidated financial information included herein as of and for the periods ended September 30, 2014 and 2013 is unaudited. Accordingly, it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. Certain account reclassifications have been made to the 2013 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2013 net income or stockholders’ equity. The results for the nine months ended September 30, 2014 are not indicative of annual results. The December 31, 2013 condensed consolidated balance sheet was derived from the Company’s December 31, 2013 audited Consolidated Financial Statements. | |
Earnings per Share | ' |
Earnings per share: Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under stock options and restricted stock. Earnings per common share is restated for all stock splits and stock dividends through the date of the issue of the financial statements. | |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Summary of Fair Value of the Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the consideration received for First Community Bank of Southwest Florida and the fair value of the assets acquired and liabilities assumed at the acquisition date: | |||||||||
August 2, | Measurement Period | December 31, | |||||||
2013 | 2013 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 18,645 | $ | – | $ | 18,645 | |||
Securities available for sale | 21,500 | – | 21,500 | ||||||
Restricted stock | 926 | – | 926 | ||||||
Loans | 164,965 | 578 | 165,543 | ||||||
Premises and equipment | 5,630 | – | 5,630 | ||||||
Core deposit intangibles | 1,549 | – | 1,549 | ||||||
Real estate owned | 25,604 | 497 | 26,101 | ||||||
Other assets | 905 | – | 905 | ||||||
Total assets acquired | 239,724 | 1,075 | 240,799 | ||||||
Liabilities | |||||||||
Deposits | 237,053 | – | 237,053 | ||||||
FHLB Advances | 13,600 | – | 13,600 | ||||||
Other liabilities | 178 | – | 178 | ||||||
Total liabilities assumed | 250,831 | – | 250,831 | ||||||
Net assets acquired | -11,107 | 1,075 | -10,032 | ||||||
Net cash received | 23,494 | – | 23,494 | ||||||
Bargain purchase gain | $ | 12,387 | $ | 1,075 | $ | 13,462 | |||
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Investment Securities [Abstract] | ' | |||||
Schedule of Proceeds and Gross Gain (Losses) from the Sale of Available for Sale Securities | ' | |||||
Proceeds and gross gains and (losses) from the sale of securities available for sales for the three and nine months ended September 30, 2014 and 2013, respectively, were as follows: | ||||||
Three Months ended | Nine Months ended | |||||
30-Sep-14 | 30-Sep-14 | |||||
Proceeds from sale | $ | — | $ | 996 | ||
Gross gain | $ | — | $ | 241 | ||
Gross (loss) | — | — | ||||
Net gains (losses) on sales of securities | $ | — | $ | 241 | ||
Three Months ended | Nine Months ended | |||||
30-Sep-13 | 30-Sep-13 | |||||
Proceeds from sale | $ | 21,063 | $ | 130,179 | ||
Gross gain | $ | — | $ | 576 | ||
Gross (loss) | -271 | -271 | ||||
Net gains (losses) on sales of securities | $ | -271 | $ | 305 | ||
Loans_Tables
Loans (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Schedule of Loans Receivable | ' | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||
Real estate | ||||||||||||||||||
Residential | $ | 221,327 | $ | 196,238 | ||||||||||||||
Commercial | 687,082 | 636,238 | ||||||||||||||||
Construction | 95,195 | 90,974 | ||||||||||||||||
Total real estate | 1,003,604 | 923,450 | ||||||||||||||||
Commercial | 82,873 | 85,511 | ||||||||||||||||
Consumer | 47,874 | 44,068 | ||||||||||||||||
Total loans, gross | 1,134,351 | 1,053,029 | ||||||||||||||||
Less | ||||||||||||||||||
Net deferred loan fees | -3,759 | -2,880 | ||||||||||||||||
Allowance for loan losses | -5,441 | -3,412 | ||||||||||||||||
Total loans, net | $ | 1,125,151 | $ | 1,046,737 | ||||||||||||||
Allowance for Loan Losses and Recorded Investment in Financing Receivables | ' | |||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2014: | ||||||||||||||||||
Three months ended September 30, 2014 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 741 | $ | 2,653 | $ | 280 | $ | 647 | $ | 272 | $ | 4,593 | ||||||
Provision (reversal of provision) for loan losses | -350 | 656 | 89 | -211 | 23 | 207 | ||||||||||||
Loans charged-off | -94 | -40 | - | -9 | -15 | -158 | ||||||||||||
Recoveries | 511 | 80 | 30 | 168 | 10 | 799 | ||||||||||||
Ending Balance | $ | 808 | $ | 3,349 | $ | 399 | $ | 595 | $ | 290 | $ | 5,441 | ||||||
Nine months ended September 30, 2014 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 439 | $ | 1,860 | $ | 241 | $ | 537 | $ | 335 | $ | 3,412 | ||||||
Provision (reversal of provision) for loan losses | -387 | 1,424 | -175 | 3,770 | 183 | 4,815 | ||||||||||||
Loans charged-off | -192 | -244 | - | -4,055 | -253 | -4,744 | ||||||||||||
Recoveries | 948 | 309 | 333 | 343 | 25 | 1,958 | ||||||||||||
Ending Balance | $ | 808 | $ | 3,349 | $ | 399 | $ | 595 | $ | 290 | $ | 5,441 | ||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2013: | ||||||||||||||||||
Three months ended September 30, 2013 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 554 | $ | 1,556 | $ | 68 | $ | 589 | $ | 28 | $ | 2,795 | ||||||
Provision (reversal of provision) for loan losses | -471 | -214 | 321 | 179 | 17 | -168 | ||||||||||||
Loans charged-off | -132 | -61 | -4 | -15 | -42 | -254 | ||||||||||||
Recoveries | 506 | 47 | 132 | 22 | 17 | 724 | ||||||||||||
Ending Balance | $ | 457 | $ | 1,328 | $ | 517 | $ | 775 | $ | 20 | $ | 3,097 | ||||||
Nine months ended September 30, 2013 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 523 | $ | 1,337 | $ | 251 | $ | 399 | $ | 304 | $ | 2,814 | ||||||
Provision (reversal of provision) for loan losses | -516 | 133 | 108 | 475 | -353 | -153 | ||||||||||||
Loans charged-off | -294 | -261 | -11 | -237 | -148 | -951 | ||||||||||||
Recoveries | 744 | 119 | 169 | 138 | 217 | 1,387 | ||||||||||||
Ending Balance | $ | 457 | $ | 1,328 | $ | 517 | $ | 775 | $ | 20 | $ | 3,097 | ||||||
Allocation of Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||
The following table provides the allocation of the allowance for loan losses by portfolio segment at September 30, 2014: | ||||||||||||||||||
30-Sep-14 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Specific Reserves: | ||||||||||||||||||
Impaired Loans | $ | 132 | $ | 452 | $ | 35 | $ | 219 | $ | 53 | $ | 891 | ||||||
Purchase credit impaired loans | 19 | 27 | 7 | - | 1 | 54 | ||||||||||||
Total Specific Reserves | 151 | 479 | 42 | 219 | 54 | 945 | ||||||||||||
General Reserves | 657 | 2,870 | 357 | 376 | 236 | 4,496 | ||||||||||||
Total | $ | 808 | $ | 3,349 | $ | 399 | $ | 595 | $ | 290 | $ | 5,441 | ||||||
Loans: | ||||||||||||||||||
Individually evaluated for impairment | $ | 1,653 | $ | 6,537 | $ | 89 | $ | 1,019 | $ | 143 | $ | 9,441 | ||||||
Purchase credit impaired loans | 7,039 | 19,772 | 1,668 | 687 | 67 | 29,233 | ||||||||||||
Collectively evaluated for impairment | 212,635 | 660,773 | 93,438 | 81,167 | 47,664 | 1,095,677 | ||||||||||||
Total ending loans balance | $ | 221,327 | $ | 687,082 | $ | 95,195 | $ | 82,873 | $ | 47,874 | $ | 1,134,351 | ||||||
The following table provides the allocation of the allowance for loan losses by portfolio segment at December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Residential Real Estate | Commercial Real Estate | Construction | Commercial | Consumer | Total | ||||||||||||
Specific Reserves: | ||||||||||||||||||
Impaired Loans | $ | 32 | $ | 189 | $ | - | $ | 183 | $ | - | $ | 404 | ||||||
Purchase credit impaired loans | 13 | 403 | 19 | - | 1 | 436 | ||||||||||||
Total Specific Reserves | 45 | 592 | 19 | 183 | 1 | 840 | ||||||||||||
General Reserves | 394 | 1,268 | 222 | 354 | 334 | 2,572 | ||||||||||||
Total | $ | 439 | $ | 1,860 | $ | 241 | $ | 537 | $ | 335 | $ | 3,412 | ||||||
Loans: | ||||||||||||||||||
Individually evaluated for impairment | $ | 1,441 | $ | 6,310 | $ | 6 | $ | 1,119 | $ | 8 | $ | 8,884 | ||||||
Purchase credit impaired loans | 7,018 | 23,029 | 2,139 | 963 | 70 | 33,219 | ||||||||||||
Collectively evaluated for impairment | 187,779 | 606,899 | 88,829 | 83,429 | 43,990 | 1,010,926 | ||||||||||||
Total ending loans balance | $ | 196,238 | $ | 636,238 | $ | 90,974 | $ | 85,511 | $ | 44,068 | $ | 1,053,029 | ||||||
Impaired Loans by Loan Portfolio Class | ' | |||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of and for the period ended September 30, 2014 and December 31, 2013, respectively: | ||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||
With no related allowance recorded: | ||||||||||||||||||
Residential real estate | $ | 1,083 | $ | 1,005 | $ | - | $ | 1,596 | $ | 1,384 | $ | – | ||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | - | 10 | 6 | – | ||||||||||||
Owner occupied | 1,497 | 1,267 | - | 4,077 | 3,595 | – | ||||||||||||
Non-owner occupied | 992 | 768 | - | 491 | 306 | – | ||||||||||||
Secured by farmland | 1,303 | 1,263 | - | 2,310 | 1,934 | – | ||||||||||||
Construction | - | - | - | 88 | 6 | – | ||||||||||||
Commercial | 240 | 224 | - | 388 | 372 | – | ||||||||||||
Consumer | 27 | 27 | - | 9 | 8 | – | ||||||||||||
With allowance recorded: | ||||||||||||||||||
Residential real estate | 665 | 648 | 132 | 57 | 57 | 32 | ||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | - | – | – | – | ||||||||||||
Owner occupied | 3,303 | 3,239 | 452 | 509 | 469 | 189 | ||||||||||||
Non-owner occupied | - | - | - | – | – | – | ||||||||||||
Secured by farmland | - | - | - | – | – | – | ||||||||||||
Construction | 89 | 89 | 35 | – | – | – | ||||||||||||
Commercial | 1,002 | 795 | 219 | 949 | 747 | 183 | ||||||||||||
Consumer | 116 | 116 | 53 | – | – | – | ||||||||||||
Total | $ | 10,317 | $ | 9,441 | $ | 891 | $ | 10,484 | $ | 8,884 | $ | 404 | ||||||
Average impaired loans and related interest income for the three and nine months ended September 30, 2014 and 2013, respectively, were as follows: | ||||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||
With no related allowance recorded: | ||||||||||||||||||
Residential real estate | $ | 1,014 | $ | - | $ | – | $ | 884 | $ | 5 | $ | – | ||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | – | - | - | – | ||||||||||||
Owner occupied | 1,404 | - | – | 2,339 | 13 | – | ||||||||||||
Non-owner occupied | 784 | - | – | 774 | 1 | – | ||||||||||||
Secured by farmland | 1,275 | 9 | – | 1,701 | 17 | – | ||||||||||||
Construction | - | - | – | 3 | - | – | ||||||||||||
Commercial | 241 | 1 | – | 260 | 7 | – | ||||||||||||
Consumer | 27 | - | – | 45 | - | – | ||||||||||||
With allowance recorded: | ||||||||||||||||||
Residential real estate | 662 | - | – | 531 | 6 | – | ||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | – | - | - | – | ||||||||||||
Owner occupied | 3,569 | - | – | 2,022 | 17 | – | ||||||||||||
Non-owner occupied | - | - | – | 102 | - | – | ||||||||||||
Secured by farmland | - | - | – | - | - | – | ||||||||||||
Construction | 89 | - | – | - | - | – | ||||||||||||
Commercial | 871 | 3 | – | 833 | 10 | – | ||||||||||||
Consumer | 116 | - | – | 116 | - | – | ||||||||||||
Total | $ | 10,052 | $ | 13 | $ | – | $ | 9,610 | $ | 76 | $ | – | ||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||
With no related allowance recorded: | ||||||||||||||||||
Residential real estate | $ | 1,438 | $ | - | $ | – | $ | 1,381 | $ | 3 | $ | – | ||||||
Commercial real estate | ||||||||||||||||||
Multifamily | 561 | - | – | 344 | 8 | – | ||||||||||||
Owner occupied | 3,803 | 15 | – | 3,378 | 53 | – | ||||||||||||
Non-owner occupied | 314 | - | – | 325 | 2 | – | ||||||||||||
Secured by farmland | 267 | - | – | 267 | - | – | ||||||||||||
Construction | 1 | - | – | 1 | - | – | ||||||||||||
Commercial | 356 | 1 | – | 353 | 6 | – | ||||||||||||
Consumer | 9 | - | – | 102 | - | – | ||||||||||||
With allowance recorded: | ||||||||||||||||||
Residential real estate | 231 | - | – | 515 | 2 | – | ||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | – | - | - | – | ||||||||||||
Owner occupied | 474 | - | – | 780 | 15 | – | ||||||||||||
Non-owner occupied | - | - | – | - | - | – | ||||||||||||
Secured by farmland | - | - | – | - | - | – | ||||||||||||
Construction | - | - | – | - | - | – | ||||||||||||
Commercial | 892 | 1 | – | 671 | 1 | – | ||||||||||||
Consumer | - | - | – | 958 | 3 | – | ||||||||||||
Total | $ | 8,346 | $ | 17 | $ | – | $ | 9,075 | $ | 93 | $ | – | ||||||
Non-accrual and Past 90 Days Due Loans by Classes of the Loan Portfolio | ' | |||||||||||||||||
The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2014: | ||||||||||||||||||
30-Sep-14 | Nonaccrual | Loans Past Due Over 90 Days Still Accruing | ||||||||||||||||
Residential real estate | $ | 4,045 | $ | - | ||||||||||||||
Commercial real estate | 14,787 | - | ||||||||||||||||
Construction | 311 | - | ||||||||||||||||
Commercial | 1,329 | - | ||||||||||||||||
Consumer | 143 | - | ||||||||||||||||
Total | $ | 20,615 | $ | - | ||||||||||||||
The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Nonaccrual | Loans Past Due Over 90 Days Still Accruing | ||||||||||||||||
Residential real estate | $ | 4,127 | $ | – | ||||||||||||||
Commercial real estate | 17,159 | – | ||||||||||||||||
Construction | 864 | – | ||||||||||||||||
Commercial | 1,624 | – | ||||||||||||||||
Consumer | 8 | – | ||||||||||||||||
Total | $ | 23,782 | $ | – | ||||||||||||||
Loan Portfolio Summarized by the Past Due Status | ' | |||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of September 30, 2014 by class of loans: | ||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | |||||||||||||
30-Sep-14 | ||||||||||||||||||
Residential real estate | $ | 987 | $ | 429 | $ | 4,045 | $ | 5,461 | $ | 215,866 | $ | 221,327 | ||||||
Commercial Real Estate | ||||||||||||||||||
Multifamily | 358 | - | - | 358 | 31,839 | 32,197 | ||||||||||||
Owner occupied | 2,233 | 208 | 9,827 | 12,268 | 209,219 | 221,487 | ||||||||||||
Non-owner occupied | - | 290 | 4,436 | 4,726 | 366,421 | 371,147 | ||||||||||||
Secured by farmland | - | - | 524 | 524 | 61,727 | 62,251 | ||||||||||||
Construction | - | 191 | 311 | 502 | 94,693 | 95,195 | ||||||||||||
Commercial | 929 | 25 | 1,329 | 2,283 | 80,590 | 82,873 | ||||||||||||
Consumer | 164 | 98 | 143 | 405 | 47,469 | 47,874 | ||||||||||||
Total | $ | 4,671 | $ | 1,241 | $ | 20,615 | $ | 26,527 | $ | 1,107,824 | $ | 1,134,351 | ||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||
30 – 59 Days Past Due | 60 – 89 Days Past Due | Greater than 89 Days | Total Past Due | Loans Not Past Due | Total | |||||||||||||
31-Dec-13 | ||||||||||||||||||
Residential real estate | $ | 1,794 | $ | 63 | $ | 4,127 | $ | 5,984 | $ | 190,254 | $ | 196,238 | ||||||
Commercial Real Estate | ||||||||||||||||||
Multifamily | – | – | 6 | 6 | 56,035 | 56,041 | ||||||||||||
Owner occupied | 176 | 251 | 10,191 | 10,618 | 193,878 | 204,496 | ||||||||||||
Non-owner occupied | – | 889 | 4,032 | 4,921 | 300,434 | 305,355 | ||||||||||||
Secured by farmland | 415 | – | 2,930 | 3,345 | 67,001 | 70,346 | ||||||||||||
Construction | 1,018 | – | 864 | 1,882 | 89,092 | 90,974 | ||||||||||||
Commercial | 195 | – | 1,624 | 1,819 | 83,692 | 85,511 | ||||||||||||
Consumer | 319 | 6 | 8 | 333 | 43,735 | 44,068 | ||||||||||||
Total | $ | 3,917 | $ | 1,209 | $ | 23,782 | $ | 28,908 | $ | 1,024,121 | $ | 1,053,029 | ||||||
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | ' | |||||||||||||||||
Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||
30-Sep-14 | ||||||||||||||||||
Residential real estate | $ | 211,684 | $ | 3,520 | $ | 6,123 | $ | – | $ | 221,327 | ||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | 31,960 | 237 | - | – | 32,197 | |||||||||||||
Owner occupied | 193,752 | 13,031 | 14,704 | – | 221,487 | |||||||||||||
Non-owner occupied | 360,003 | 6,432 | 4,712 | – | 371,147 | |||||||||||||
Secured by farmland | 60,219 | 415 | 1,617 | – | 62,251 | |||||||||||||
Construction | 92,516 | 1,769 | 910 | – | 95,195 | |||||||||||||
Commercial | 80,423 | 744 | 1,706 | – | 82,873 | |||||||||||||
Consumer | 47,522 | 209 | 143 | – | 47,874 | |||||||||||||
Total | $ | 1,078,079 | $ | 26,357 | $ | 29,915 | $ | – | $ | 1,134,351 | ||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
Residential real estate | $ | 186,169 | $ | 3,950 | $ | 6,119 | $ | – | $ | 196,238 | ||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | 55,113 | 568 | 360 | – | 56,041 | |||||||||||||
Owner occupied | 174,920 | 14,060 | 15,516 | – | 204,496 | |||||||||||||
Non-owner occupied | 291,302 | 9,938 | 4,115 | – | 305,355 | |||||||||||||
Secured by farmland | 65,908 | 415 | 4,023 | – | 70,346 | |||||||||||||
Construction | 87,512 | 2,012 | 1,450 | – | 90,974 | |||||||||||||
Commercial | 82,860 | 569 | 2,082 | – | 85,511 | |||||||||||||
Consumer | 43,654 | 406 | 8 | – | 44,068 | |||||||||||||
Total | $ | 987,438 | $ | 31,918 | $ | 33,673 | $ | – | $ | 1,053,029 | ||||||||
Nonperforming Financing Receivable [Member] | ' | |||||||||||||||||
Troubled Debt Restructurings | ' | |||||||||||||||||
The following table is a summary of non-accruing troubled debt restructurings at December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Number of Loans | Recorded Investment | ||||||||||||||||
Residential real estate | – | $ | – | |||||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | – | – | ||||||||||||||||
Owner occupied | 1 | 534 | ||||||||||||||||
Non-owner occupied | – | – | ||||||||||||||||
Secured by farmland | – | – | ||||||||||||||||
Construction | – | – | ||||||||||||||||
Commercial | – | – | ||||||||||||||||
Consumer | – | – | ||||||||||||||||
Total | 1 | $ | 534 | |||||||||||||||
Performing Financing Receivable [Member] | ' | |||||||||||||||||
Troubled Debt Restructurings | ' | |||||||||||||||||
The following table is a summary of troubled debt restructurings that are performing in accordance with the restructured terms at September 30, 2014. | ||||||||||||||||||
30-Sep-14 | Number of Loans | Recorded Investment | ||||||||||||||||
Residential real estate | - | $ | - | |||||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | - | - | ||||||||||||||||
Owner occupied | 1 | 536 | ||||||||||||||||
Non-owner occupied | 1 | 377 | ||||||||||||||||
Secured by farmland | - | - | ||||||||||||||||
Construction | - | - | ||||||||||||||||
Commercial | - | - | ||||||||||||||||
Consumer | - | - | ||||||||||||||||
Total | 2 | $ | 913 | |||||||||||||||
The following table is a summary of troubled debt restructurings that are performing in accordance with the restructured terms at December 31, 2013: | ||||||||||||||||||
31-Dec-13 | Number of Loans | Recorded Investment | ||||||||||||||||
Residential real estate | 1 | $ | 64 | |||||||||||||||
Commercial real estate | ||||||||||||||||||
Multifamily | – | – | ||||||||||||||||
Owner occupied | – | – | ||||||||||||||||
Non-owner occupied | 1 | 382 | ||||||||||||||||
Secured by farmland | – | – | ||||||||||||||||
Construction | – | – | ||||||||||||||||
Commercial | – | – | ||||||||||||||||
Consumer | – | – | ||||||||||||||||
Total | 2 | $ | 446 | |||||||||||||||
First Community Bank of Southwest Florida [Member] | ' | |||||||||||||||||
Loans Related to Acquisition | ' | |||||||||||||||||
Loans related to the acquisition of First Community Bank of Southwest Florida for which it was probable at acquisition that all contractually required payments would not be collected were as follows: | ||||||||||||||||||
2013 | ||||||||||||||||||
Contractually required payments receivable of loans purchased during the year (assuming no prepayments) | $ | 35,650 | ||||||||||||||||
Cash flows expected to be collected at acquisition | $ | 24,030 | ||||||||||||||||
Fair value of acquired loans at acquisition | $ | 20,901 | ||||||||||||||||
Fair_Values_Tables
Fair Values (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Values [Abstract] | ' | |||||||||||
The Fair Value of Assets Measured on a Non-recurring Basis | ' | |||||||||||
The fair value of assets measured on a non-recurring basis were as follows: | ||||||||||||
September 30, 2014 Using: | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other | Significant Unobservable Inputs (Level 3) | ||||||||||
Observable Inputs | ||||||||||||
(Level 2) | ||||||||||||
Fair Value Measured on a Non-Recurring Basis: | ||||||||||||
Impaired Loans | ||||||||||||
Residential real estate | $ | – | $ | – | $ | 516 | ||||||
Commercial real estate | – | – | 2,787 | |||||||||
Construction | 54 | |||||||||||
Commercial | – | – | 576 | |||||||||
Consumer | – | – | 63 | |||||||||
Total Impaired Loans | – | – | 3,996 | |||||||||
Other real estate owned | ||||||||||||
Residential | – | – | 1,693 | |||||||||
Commercial | – | – | 9,245 | |||||||||
Total other real estate owned | – | – | 10,938 | |||||||||
Total | $ | – | $ | – | $ | 14,934 | ||||||
December 31, 2013 Using: | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other | Significant Unobservable Inputs (Level 3) | ||||||||||
Observable Inputs | ||||||||||||
(Level 2) | ||||||||||||
Fair Value Measured on a Non-Recurring Basis: | ||||||||||||
Impaired Loans | ||||||||||||
Residential real estate | $ | – | $ | – | $ | 25 | ||||||
Commercial real estate | – | – | 280 | |||||||||
Construction | – | – | – | |||||||||
Commercial | – | – | 564 | |||||||||
Consumer | – | – | – | |||||||||
Total Impaired Loans | – | – | 869 | |||||||||
Other real estate owned | ||||||||||||
Residential | – | – | 2,244 | |||||||||
Commercial | – | – | 5,714 | |||||||||
Total other real estate owned | – | – | 7,958 | |||||||||
Total | $ | – | $ | – | $ | 8,827 | ||||||
The Schedule of Estimated Fair Values and Related Carrying Amounts by Balance Sheet Groupings | ' | |||||||||||
The estimated fair values and related carrying amounts of the Bank's financial instruments at September 30, 2014 and December 31, 2013 approximate as follows: | ||||||||||||
Fair Value Measurements at | ||||||||||||
September 30, 2014 Using: | ||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | |||||||||
Financial assets | ||||||||||||
Cash and cash equivalents | $ | 283,741 | $ | 283,741 | $ | – | $ | – | ||||
Federal Home Loan Bank stock | 9,696 | N/A | N/A | N/A | ||||||||
Loans, net | 1,125,151 | – | – | 1,120,286 | ||||||||
Accrued interest receivable | 3,131 | – | – | 3,131 | ||||||||
Financial liabilities | ||||||||||||
Deposits | $ | 1,164,964 | $ | 821,880 | $ | – | $ | 344,036 | ||||
FHLB advances | 189,000 | – | – | 189,257 | ||||||||
Subordinated debentures | 3,000 | – | – | 3,000 | ||||||||
Accrued interest payable | 274 | – | – | 274 | ||||||||
Fair Value Measurements at | ||||||||||||
December 31, 2013 Using: | ||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | |||||||||
Financial assets | ||||||||||||
Cash and cash equivalents | $ | 143,452 | $ | 143,452 | $ | – | $ | – | ||||
Federal Home Loan Bank stock | 8,210 | N/A | N/A | N/A | ||||||||
Loans, net | 1,046,737 | – | – | 1,049,286 | ||||||||
Accrued interest receivable | 3,013 | – | – | 3,013 | ||||||||
Financial liabilities | ||||||||||||
Deposits | $ | 1,041,043 | $ | 693,049 | $ | – | $ | 350,922 | ||||
FHLB advances | 150,500 | – | – | 150,905 | ||||||||
Subordinated debentures | 3,000 | – | – | 3,000 | ||||||||
Accrued interest payable | 181 | – | – | 181 | ||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Earnings Per Common Share[Abstract] | ' | |||||
Schedule of Earnings Per Share | ' | |||||
Basic earnings per common share is net income divided by weighted average number of shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock. | ||||||
There were no antidilutive stock options during the periods presented. | ||||||
Three months ended | ||||||
September 30, | ||||||
2014 | 2013 | |||||
Basic(4) | ||||||
Net Income | $ | 2,626 | $ | 9,156 | ||
Weighted average shares of common stock outstanding | 14,572,140 | 11,262,951 | ||||
Basic earnings per common share | $ | 0.18 | $ | 0.81 | ||
Diluted | ||||||
Net Income | $ | 2,626 | $ | 9,156 | ||
Weighted average shares of common stock outstanding | 14,572,140 | 11,262,951 | ||||
Add: Dilutive effects of assumed exercises of stock options | - | - | ||||
Average shares and dilutive potential common shares | 14,572,140 | 11,262,951 | ||||
Diluted earnings per common share | $ | 0.18 | $ | 0.81 | ||
Nine months ended | ||||||
September 30, | ||||||
2014 | 2013 | |||||
Basic(4) | ||||||
Net Income | $ | 5,382 | $ | 10,082 | ||
Weighted average shares of common stock outstanding | 13,442,318 | 10,938,329 | ||||
Basic earnings per common share | $ | 0.40 | $ | 0.92 | ||
Diluted | ||||||
Net Income | $ | 5,382 | $ | 10,082 | ||
Weighted average shares of common stock outstanding | 13,442,318 | 10,938,329 | ||||
Add: Dilutive effects of assumed exercises of stock options | - | 21,048 | ||||
Average shares and dilutive potential common shares | 13,442,318 | 10,959,377 | ||||
Diluted earnings per common share | $ | 0.40 | $ | 0.92 | ||
(4)Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 – Initial Public Offering for additional information related to the reverse stock split | ||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||
Schedule of Actual and Required Capital Ratios | ' | ||||||||||||||
The Company’s and Bank's actual and required capital ratios as of September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||
Actual | Required for Capital Adequacy Purposes | Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
30-Sep-14 | |||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | $ | 190,002 | 15.45% | $ | 98,382 | 8.00% | $ | 122,977 | 10.00% | ||||||
C1 Bank | 189,309 | 15.39% | 98,382 | 8.00% | 122,977 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | 183,961 | 14.96% | 49,191 | 4.00% | 73,786 | 6.00% | |||||||||
C1 Bank | 183,268 | 14.90% | 49,191 | 4.00% | 73,786 | 6.00% | |||||||||
Tier 1 capital to average assets | |||||||||||||||
C1 Financial, Inc. | 183,961 | 12.32% | 59,716 | 4.00% | 74,644 | 5.00% | |||||||||
C1 Bank | 183,268 | 12.28% | 59,716 | 4.00% | 74,644 | 5.00% | |||||||||
Actual | Required for Capital Adequacy Purposes | Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
31-Dec-13 | |||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | $ | 124,020 | 10.97% | $ | 90,407 | 8.00% | $ | 113,008 | 10.00% | ||||||
C1 Bank | 124,020 | 10.97% | 90,407 | 8.00% | 113,008 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||
C1 Financial, Inc. | 120,008 | 10.62% | 45,203 | 4.00% | 67,805 | 6.00% | |||||||||
C1 Bank | 120,008 | 10.62% | 45,203 | 4.00% | 67,805 | 6.00% | |||||||||
Tier 1 capital to average assets | |||||||||||||||
C1 Financial, Inc. | 120,008 | 9.36% | 51,292 | 4.00% | 64,115 | 5.00% | |||||||||
C1 Bank | 120,008 | 9.36% | 51,292 | 4.00% | 64,115 | 5.00% | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
Summary of Commitments and Contingent Liabilities | ' | |||||
A summary of these commitments and contingent liabilities is as follows: | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Unused lines of credit | $ | 55,646 | $ | 62,535 | ||
Standby letters of credit | 1,741 | 1,976 | ||||
Commitments to fund loans | 123,837 | 46,575 | ||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) | Sep. 30, 2014 |
site | |
Branches [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Number of offices | 28 |
Loan Production Offices [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Number of offices | 1 |
Initial_Public_Offering_Narrat
Initial Public Offering (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Aug. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 09, 2014 | Sep. 30, 2014 |
IPO [Member] | IPO [Member] | ||||
Number of shares issued | ' | ' | ' | ' | 2,761,356 |
Shares issued, price per share | ' | ' | ' | $17 | ' |
Common stock purchased by the underwriters of the offering | ' | ' | ' | 129,777 | ' |
Proceeds from initial public offerings, net of offering costs | ' | $42.30 | ' | ' | ' |
Reverse stock split ratio | 7 | 7 | 7 | ' | ' |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 02, 2013 | Dec. 31, 2013 |
First Community Bank of Southwest Florida [Member] | First Community Bank of Southwest Florida [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business combination, acquisition related costs | ' | ' | ' | ' | $831 | ' |
Payments to acquire businesses | ' | ' | ' | ' | 23,494 | ' |
Net cash received | ' | ' | ' | ' | 23,494 | 23,494 |
Bargain purchase gain | $37 | $12,569 | $48 | $12,569 | $12,387 | $13,462 |
Business_Combinations_Summary_
Business Combinations (Summary of Fair Value of the Assets Acquired and Liabilities Assumed) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
First Community Bank of Southwest Florida [Member] | First Community Bank of Southwest Florida [Member] | Measurement Period [Member] | |||||
First Community Bank of Southwest Florida [Member] | |||||||
Business Combination Assets | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | $18,645 | $18,645 | ' |
Securities available for sale | ' | ' | ' | ' | 21,500 | 21,500 | ' |
Restricted stock | ' | ' | ' | ' | 926 | 926 | ' |
Loans | ' | ' | ' | ' | 164,965 | 165,543 | 578 |
Premises and equipment | ' | ' | ' | ' | 5,630 | 5,630 | ' |
Core deposit intangibles | ' | ' | ' | ' | 1,549 | 1,549 | ' |
Real estate owned | ' | ' | ' | ' | 25,604 | 26,101 | 497 |
Other assets | ' | ' | ' | ' | 905 | 905 | ' |
Total assets acquired | ' | ' | ' | ' | 239,724 | 240,799 | 1,075 |
Business Combination Liabilities | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | 237,053 | 237,053 | ' |
FHLB Advances | ' | ' | ' | ' | 13,600 | 13,600 | ' |
Other liabilities | ' | ' | ' | ' | 178 | 178 | ' |
Total liabilities assumed | ' | ' | ' | ' | 250,831 | 250,831 | ' |
Net assets acquired | ' | ' | ' | ' | -11,107 | -10,032 | 1,075 |
Net cash received | ' | ' | ' | ' | 23,494 | 23,494 | ' |
Bargain purchase gain | $37 | $12,569 | $48 | $12,569 | $12,387 | $13,462 | $1,075 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Investment Securities [Abstract] | ' | ' | ' |
Equity securities, available for sale | $0 | ' | $0 |
Equity securities | ' | $938 | ' |
Investment_Securities_Schedule
Investment Securities (Schedule of Proceeds and Gross Gain (Losses) from the sale of Available for Sale Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investment Securities [Abstract] | ' | ' | ' |
Proceeds from sale | $21,063 | $996 | $130,179 |
Gross gain, realized | ' | 241 | 576 |
Gross (loss), realized | -271 | ' | -271 |
Net gains (losses) on sales of securities | ($271) | $241 | $305 |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | |
loan | loan | Shared National Credit Program [Member] | First Community Bank of America and The Palm Bank and First Community Bank of Southwest Florida [Member] | First Community Bank of America and The Palm Bank and First Community Bank of Southwest Florida [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | ||||
loan | ||||||||||
Loans charged-off | $157,000 | $254,000 | $4,743,000 | $951,000 | ' | $4,000,000 | ' | ' | ' | ' |
Purchase credit impaired loans | 29,233,000 | ' | 29,233,000 | ' | 33,219,000 | ' | 29,179,000 | 32,783,000 | 17,260,000 | 13,646,000 |
Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | 534,000 | 0 |
Number of Loans, modified | ' | ' | 0 | 0 | ' | ' | ' | ' | 1 | ' |
Allowance for loan losses, acquired with deteriorated quality | 54,000 | ' | 54,000 | ' | 436,000 | ' | ' | ' | ' | ' |
Accretion into income | 105,000 | 0 | 356,000 | ' | 0 | ' | ' | ' | ' | ' |
Remaining accretable discount | $2,770,000 | ' | $2,770,000 | ' | ' | ' | ' | ' | ' | ' |
Loans_Schedule_of_Loans_Receiv
Loans (Schedule of Loans Receivable) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | $1,134,351 | $1,053,029 |
Less: Net deferred loan fees | -3,759 | -2,880 |
Less: Allowance for loan losses | -5,441 | -3,412 |
Total loans, net | 1,125,151 | 1,046,737 |
Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 1,003,604 | 923,450 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 221,327 | 196,238 |
Less: Allowance for loan losses | -808 | -439 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 687,082 | 636,238 |
Less: Allowance for loan losses | -3,349 | -1,860 |
Construction Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 95,195 | 90,974 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 82,873 | 85,511 |
Less: Allowance for loan losses | -595 | -537 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 47,874 | 44,068 |
Less: Allowance for loan losses | ($290) | ($335) |
Loans_Allowance_for_Loan_Losse
Loans (Allowance for Loan Losses and Recorded Investment in Financing Receivables) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | $4,593 | $2,795 | $3,412 | $2,814 |
Provision (reversal of provision) for loan losses | 207 | -168 | 4,815 | -153 |
Loans charged-off | -157 | -254 | -4,743 | -951 |
Recoveries | 798 | 724 | 1,957 | 1,387 |
Ending balance | 5,441 | 3,097 | 5,441 | 3,097 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 741 | 554 | 439 | 523 |
Provision (reversal of provision) for loan losses | -334 | -471 | -371 | -516 |
Loans charged-off | -126 | -132 | -224 | -294 |
Recoveries | 527 | 506 | 964 | 744 |
Ending balance | 808 | 457 | 808 | 457 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 2,653 | 1,556 | 1,860 | 1,337 |
Provision (reversal of provision) for loan losses | 660 | -214 | 1,428 | 133 |
Loans charged-off | -1 | -61 | -205 | -261 |
Recoveries | 37 | 47 | 266 | 119 |
Ending balance | 3,349 | 1,328 | 3,349 | 1,328 |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 280 | 68 | 241 | 251 |
Provision (reversal of provision) for loan losses | 88 | 321 | -176 | 108 |
Loans charged-off | ' | -4 | ' | -11 |
Recoveries | 31 | 132 | 334 | 169 |
Ending balance | 399 | 517 | 399 | 517 |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 647 | 589 | 537 | 399 |
Provision (reversal of provision) for loan losses | -226 | 179 | 3,755 | 475 |
Loans charged-off | -9 | -15 | -4,055 | -237 |
Recoveries | 183 | 22 | 358 | 138 |
Ending balance | 595 | 775 | 595 | 775 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 272 | 28 | 335 | 304 |
Provision (reversal of provision) for loan losses | 19 | 17 | 179 | -353 |
Loans charged-off | -21 | -42 | -259 | -148 |
Recoveries | 20 | 17 | 35 | 217 |
Ending balance | $290 | $20 | $290 | $20 |
Loans_Allocation_of_Allowance_
Loans (Allocation of Allowance for Credit Losses on Financing Receivables) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan losses allocated | $891 | $404 |
Allowance for loan losses allocated, purchase credit impaired loans | 54 | 436 |
Total allowance for loan losses allocated | 945 | 840 |
Loan allowance | 4,496 | 2,572 |
Loans receivable, allowance, total | 5,441 | 3,412 |
Individually evaluated for impairment | 9,441 | 8,884 |
Purchase credit impaired loans | 29,233 | 33,219 |
Collectively evaluated for impairment | 1,095,677 | 1,010,926 |
Total | 1,134,351 | 1,053,029 |
Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,003,604 | 923,450 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan losses allocated | 132 | 32 |
Allowance for loan losses allocated, purchase credit impaired loans | 19 | 13 |
Total allowance for loan losses allocated | 151 | 45 |
Loan allowance | 657 | 394 |
Loans receivable, allowance, total | 808 | 439 |
Individually evaluated for impairment | 1,653 | 1,441 |
Purchase credit impaired loans | 7,039 | 7,018 |
Collectively evaluated for impairment | 212,635 | 187,779 |
Total | 221,327 | 196,238 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan losses allocated | 452 | 189 |
Allowance for loan losses allocated, purchase credit impaired loans | 27 | 403 |
Total allowance for loan losses allocated | 479 | 592 |
Loan allowance | 2,870 | 1,268 |
Loans receivable, allowance, total | 3,349 | 1,860 |
Individually evaluated for impairment | 6,537 | 6,310 |
Purchase credit impaired loans | 19,772 | 23,029 |
Collectively evaluated for impairment | 660,773 | 606,899 |
Total | 687,082 | 636,238 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan losses allocated | 35 | ' |
Allowance for loan losses allocated, purchase credit impaired loans | 7 | 19 |
Total allowance for loan losses allocated | 42 | 19 |
Loan allowance | 357 | 222 |
Loans receivable, allowance, total | 399 | 241 |
Individually evaluated for impairment | 89 | 6 |
Purchase credit impaired loans | 1,668 | 2,139 |
Collectively evaluated for impairment | 93,438 | 88,829 |
Total | 95,195 | 90,974 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan losses allocated | 219 | 183 |
Total allowance for loan losses allocated | 219 | 183 |
Loan allowance | 376 | 354 |
Loans receivable, allowance, total | 595 | 537 |
Individually evaluated for impairment | 1,019 | 1,119 |
Purchase credit impaired loans | 687 | 963 |
Collectively evaluated for impairment | 81,167 | 83,429 |
Total | 82,873 | 85,511 |
Consumer [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan losses allocated | 53 | ' |
Allowance for loan losses allocated, purchase credit impaired loans | 1 | 1 |
Total allowance for loan losses allocated | 54 | 1 |
Loan allowance | 236 | 334 |
Loans receivable, allowance, total | 290 | 335 |
Individually evaluated for impairment | 143 | 8 |
Purchase credit impaired loans | 67 | 70 |
Collectively evaluated for impairment | 47,664 | 43,990 |
Total | $47,874 | $44,068 |
Loans_Impaired_Loans_by_Loan_P
Loans (Impaired Loans by Loan Portfolio Class) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Unpaid Principal, Total | $10,317 | ' | $10,317 | ' | $10,484 |
Recorded Investment, with related allowance | 4,887 | ' | 4,887 | ' | 1,273 |
Recorded Investment, Total | 9,441 | ' | 9,441 | ' | 8,884 |
Allowance for loan losses allocated | 891 | ' | 891 | ' | 404 |
Average Recorded Investment, Total | 10,052 | 8,346 | 9,610 | 9,075 | ' |
Interest Income Recognized, Total | 13 | 17 | 76 | 93 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | 1,083 | ' | 1,083 | ' | 1,596 |
Unpaid Principal, with related allowance | 665 | ' | 665 | ' | 57 |
Recorded Investment, with no related allowance | 1,005 | ' | 1,005 | ' | 1,384 |
Recorded Investment, with related allowance | 648 | ' | 648 | ' | 57 |
Allowance for loan losses allocated | 132 | ' | 132 | ' | 32 |
Average Recorded Investment, with no related allowance | 1,014 | 1,438 | 884 | 1,381 | ' |
Average Recorded Investment, with related allowance | 662 | 231 | 531 | 515 | ' |
Interest Income Recognized, with no related allowance | ' | ' | 5 | 3 | ' |
Interest Income Recognized, with related allowance | ' | ' | 6 | 2 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses allocated | 452 | ' | 452 | ' | 189 |
Multifamily [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | ' | ' | ' | ' | 10 |
Recorded Investment, with no related allowance | ' | ' | ' | ' | 6 |
Average Recorded Investment, with no related allowance | ' | 561 | ' | 344 | ' |
Interest Income Recognized, with no related allowance | ' | ' | ' | 8 | ' |
Owner Occupied [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | 1,497 | ' | 1,497 | ' | 4,077 |
Unpaid Principal, with related allowance | 3,303 | ' | 3,303 | ' | 509 |
Recorded Investment, with no related allowance | 1,267 | ' | 1,267 | ' | 3,595 |
Recorded Investment, with related allowance | 3,239 | ' | 3,239 | ' | 469 |
Allowance for loan losses allocated | 452 | ' | 452 | ' | 189 |
Average Recorded Investment, with no related allowance | 1,404 | 3,803 | 2,339 | 3,378 | ' |
Average Recorded Investment, with related allowance | 3,569 | 474 | 2,022 | 780 | ' |
Interest Income Recognized, with no related allowance | ' | 15 | 13 | 53 | ' |
Interest Income Recognized, with related allowance | ' | ' | 17 | 15 | ' |
Non-Owner Occupied [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | 992 | ' | 992 | ' | 491 |
Recorded Investment, with no related allowance | 768 | ' | 768 | ' | 306 |
Average Recorded Investment, with no related allowance | 784 | 314 | 774 | 325 | ' |
Average Recorded Investment, with related allowance | ' | ' | 102 | ' | ' |
Interest Income Recognized, with no related allowance | ' | ' | 1 | 2 | ' |
Secured by Farmland [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | 1,303 | ' | 1,303 | ' | 2,310 |
Recorded Investment, with no related allowance | 1,263 | ' | 1,263 | ' | 1,934 |
Average Recorded Investment, with no related allowance | 1,275 | 267 | 1,701 | 267 | ' |
Interest Income Recognized, with no related allowance | 9 | ' | 17 | ' | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | ' | ' | ' | ' | 88 |
Unpaid Principal, with related allowance | 89 | ' | 89 | ' | ' |
Recorded Investment, with no related allowance | ' | ' | ' | ' | 6 |
Recorded Investment, with related allowance | 89 | ' | 89 | ' | ' |
Allowance for loan losses allocated | 35 | ' | 35 | ' | ' |
Average Recorded Investment, with no related allowance | ' | 1 | 3 | 1 | ' |
Average Recorded Investment, with related allowance | 89 | ' | ' | ' | ' |
Commercial [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | 240 | ' | 240 | ' | 388 |
Unpaid Principal, with related allowance | 1,002 | ' | 1,002 | ' | 949 |
Recorded Investment, with no related allowance | 224 | ' | 224 | ' | 372 |
Recorded Investment, with related allowance | 795 | ' | 795 | ' | 747 |
Allowance for loan losses allocated | 219 | ' | 219 | ' | 183 |
Average Recorded Investment, with no related allowance | 241 | 356 | 260 | 353 | ' |
Average Recorded Investment, with related allowance | 871 | 892 | 833 | 671 | ' |
Interest Income Recognized, with no related allowance | 1 | 1 | 7 | 6 | ' |
Interest Income Recognized, with related allowance | 3 | 1 | 10 | 1 | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Unpaid Principal, with no related allowance | 27 | ' | 27 | ' | 9 |
Unpaid Principal, with related allowance | 116 | ' | 116 | ' | ' |
Recorded Investment, with no related allowance | 27 | ' | 27 | ' | 8 |
Recorded Investment, with related allowance | 116 | ' | 116 | ' | ' |
Allowance for loan losses allocated | 53 | ' | 53 | ' | ' |
Average Recorded Investment, with no related allowance | 27 | 9 | 45 | 102 | ' |
Average Recorded Investment, with related allowance | 116 | ' | 116 | 958 | ' |
Interest Income Recognized, with related allowance | ' | ' | ' | $3 | ' |
Loans_Nonaccrual_and_Past_90_D
Loans (Non-accrual and Past 90 Days Due Loans by Classes of the Loan Portfolio) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual | $20,615 | $23,782 |
Loans Past Due Over 90 Days Still Accruing | ' | ' |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual | 4,045 | 4,127 |
Loans Past Due Over 90 Days Still Accruing | ' | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual | 14,787 | 17,159 |
Loans Past Due Over 90 Days Still Accruing | ' | ' |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual | 311 | 864 |
Loans Past Due Over 90 Days Still Accruing | ' | ' |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual | 1,329 | 1,624 |
Loans Past Due Over 90 Days Still Accruing | ' | ' |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual | 143 | 8 |
Loans Past Due Over 90 Days Still Accruing | ' | ' |
Loans_Loan_Portfolio_Summarize
Loans (Loan Portfolio Summarized by the Past Due Status) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | $4,671 | $3,917 |
60 - 89 Days Past Due | 1,241 | 1,209 |
Greater than 89 Days Past Due | 20,615 | 23,782 |
Total Past Due | 26,527 | 28,908 |
Loans Not Past Due | 1,107,824 | 1,024,121 |
Total | 1,134,351 | 1,053,029 |
Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 1,003,604 | 923,450 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 987 | 1,794 |
60 - 89 Days Past Due | 429 | 63 |
Greater than 89 Days Past Due | 4,045 | 4,127 |
Total Past Due | 5,461 | 5,984 |
Loans Not Past Due | 215,866 | 190,254 |
Total | 221,327 | 196,238 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 687,082 | 636,238 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 358 | ' |
Greater than 89 Days Past Due | ' | 6 |
Total Past Due | 358 | 6 |
Loans Not Past Due | 31,839 | 56,035 |
Total | 32,197 | 56,041 |
Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 2,233 | 176 |
60 - 89 Days Past Due | 208 | 251 |
Greater than 89 Days Past Due | 9,827 | 10,191 |
Total Past Due | 12,268 | 10,618 |
Loans Not Past Due | 209,219 | 193,878 |
Total | 221,487 | 204,496 |
Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60 - 89 Days Past Due | 290 | 889 |
Greater than 89 Days Past Due | 4,436 | 4,032 |
Total Past Due | 4,726 | 4,921 |
Loans Not Past Due | 366,421 | 300,434 |
Total | 371,147 | 305,355 |
Secured by Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | ' | 415 |
Greater than 89 Days Past Due | 524 | 2,930 |
Total Past Due | 524 | 3,345 |
Loans Not Past Due | 61,727 | 67,001 |
Total | 62,251 | 70,346 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | ' | 1,018 |
60 - 89 Days Past Due | 191 | ' |
Greater than 89 Days Past Due | 311 | 864 |
Total Past Due | 502 | 1,882 |
Loans Not Past Due | 94,693 | 89,092 |
Total | 95,195 | 90,974 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 929 | 195 |
60 - 89 Days Past Due | 25 | ' |
Greater than 89 Days Past Due | 1,329 | 1,624 |
Total Past Due | 2,283 | 1,819 |
Loans Not Past Due | 80,590 | 83,692 |
Total | 82,873 | 85,511 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 164 | 319 |
60 - 89 Days Past Due | 98 | 6 |
Greater than 89 Days Past Due | 143 | 8 |
Total Past Due | 405 | 333 |
Loans Not Past Due | 47,469 | 43,735 |
Total | $47,874 | $44,068 |
Loans_Troubled_Debt_Restructur
Loans (Troubled Debt Restructurings) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
loan | loan | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Residential Real Estate [Member] | Owner Occupied [Member] | Owner Occupied [Member] | Non-Owner Occupied [Member] | Non-Owner Occupied [Member] | |
loan | loan | loan | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | ||||
loan | loan | loan | loan | loan | |||||||
Number of Loans | 0 | 0 | 1 | ' | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
Recorded Investment | ' | ' | $534,000 | $0 | $913,000 | $446,000 | $64,000 | $534,000 | $536,000 | $377,000 | $382,000 |
Loans_Classes_Of_The_Loan_Port
Loans (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | $1,134,351 | $1,053,029 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 1,078,079 | 987,438 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 26,357 | 31,918 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 29,915 | 33,673 |
Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 1,003,604 | 923,450 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 221,327 | 196,238 |
Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 211,684 | 186,169 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 3,520 | 3,950 |
Residential Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 6,123 | 6,119 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 687,082 | 636,238 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 32,197 | 56,041 |
Multifamily [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 31,960 | 55,113 |
Multifamily [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 237 | 568 |
Multifamily [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | ' | 360 |
Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 221,487 | 204,496 |
Owner Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 193,752 | 174,920 |
Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 13,031 | 14,060 |
Owner Occupied [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 14,704 | 15,516 |
Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 371,147 | 305,355 |
Non-Owner Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 360,003 | 291,302 |
Non-Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 6,432 | 9,938 |
Non-Owner Occupied [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 4,712 | 4,115 |
Secured by Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 62,251 | 70,346 |
Secured by Farmland [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 60,219 | 65,908 |
Secured by Farmland [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 415 | 415 |
Secured by Farmland [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 1,617 | 4,023 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 95,195 | 90,974 |
Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 92,516 | 87,512 |
Construction [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 1,769 | 2,012 |
Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 910 | 1,450 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 82,873 | 85,511 |
Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 80,423 | 82,860 |
Commercial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 744 | 569 |
Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 1,706 | 2,082 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 47,874 | 44,068 |
Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 47,522 | 43,654 |
Consumer [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | 209 | 406 |
Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, gross | $143 | $8 |
Loans_Loans_Related_to_Acquisi
Loans (Loans Related to Acquisition) (Detail) (First Community Bank of Southwest Florida [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
First Community Bank of Southwest Florida [Member] | ' |
Contractually required payments receivable of loans purchased during the year (assuming no prepayments) | $35,650 |
Cash flows expected to be collected at acquisition | 24,030 |
Fair value of acquired loans at acquisition | $20,901 |
Fair_Values_Narrative_Details
Fair Values (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Securities available for sale | $0 | ' | $0 | ' | $0 |
Recorded investment with specific allowance | 4,887,000 | ' | 4,887,000 | ' | 1,273,000 |
Allowance for loan losses allocated | 891,000 | ' | 891,000 | ' | 404,000 |
Provision for loan losses | 207,000 | -168,000 | 4,815,000 | -153,000 | ' |
Other real estate owned | 10,938,000 | ' | 10,938,000 | ' | 7,958,000 |
Loans and leases receivable, allowance | 5,441,000 | ' | 5,441,000 | ' | 3,412,000 |
Loans and leases receivable, gross | 1,134,351,000 | ' | 1,134,351,000 | ' | 1,053,029,000 |
Other real estate owned, gross, carrying amount | 13,251,000 | ' | 13,251,000 | ' | 10,667,000 |
Other real estate owned, allowance | 2,313,000 | ' | 2,313,000 | ' | 2,709,000 |
Other real estate and foreclosed asset, impairment write-off | 45,000 | 342,000 | 594,000 | 495,000 | ' |
Impaired Loans [Member] | ' | ' | ' | ' | ' |
Provision for loan losses | $197,000 | $89,000 | $574,000 | $142,000 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Capitalized rate used to determine fair value for collateralized assets | 8.00% | ' | 8.00% | ' | 8.00% |
Maximum [Member] | ' | ' | ' | ' | ' |
Capitalized rate used to determine fair value for collateralized assets | 12.00% | ' | 12.00% | ' | 12.00% |
Fair_Values_The_Fair_Value_of_
Fair Values (The Fair Value of Assets Measure on Non-recurring Basis) (Details) (Significant Unobservable Inputs (Level 3) [Member], Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired Loans Receivables | ' | ' |
Impaired Loans | $3,996 | $869 |
Other real estate owned | 10,938 | 7,958 |
Total assets measured at fair value | 14,934 | 8,827 |
Commercial Real Estate [Member] | ' | ' |
Impaired Loans Receivables | ' | ' |
Impaired Loans | 2,787 | 280 |
Residential Real Estate [Member] | ' | ' |
Impaired Loans Receivables | ' | ' |
Impaired Loans | 516 | 564 |
Residential [Member] | ' | ' |
Impaired Loans Receivables | ' | ' |
Other real estate owned | 1,693 | 5,714 |
Construction [Member] | ' | ' |
Impaired Loans Receivables | ' | ' |
Impaired Loans | 54 | ' |
Commercial [Member] | ' | ' |
Impaired Loans Receivables | ' | ' |
Impaired Loans | 576 | 25 |
Other real estate owned | 9,245 | 2,244 |
Consumer [Member] | ' | ' |
Impaired Loans Receivables | ' | ' |
Impaired Loans | $63 | ' |
Fair_Values_The_Schedule_of_Es
Fair Values (The Schedule of Estimated Fair Values and Related Carrying Amounts by Balance Sheet Groupings) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, carrying value | $283,741 | $143,452 | $194,821 | $77,038 | ' | ' | ' | ' |
Cash and cash equivalents, fair value | ' | ' | ' | ' | 283,741 | 143,452 | ' | ' |
Federal Home Loan Bank stock, carrying value | 9,696 | 8,210 | ' | ' | ' | ' | ' | ' |
Loans, net, carrying value | 1,125,151 | 1,046,737 | ' | ' | ' | ' | ' | ' |
Loans, net, fair value | ' | ' | ' | ' | ' | ' | 1,120,286 | 1,049,286 |
Accrued interest receivable, carrying value | 3,131 | 3,013 | ' | ' | ' | ' | ' | ' |
Accrued interest receivable, fair value | ' | ' | ' | ' | ' | ' | 3,131 | 3,013 |
Deposits, carrying value | 1,164,964 | 1,041,043 | ' | ' | ' | ' | ' | ' |
Deposit, fair value | ' | ' | ' | ' | 821,880 | 693,049 | 344,036 | 350,922 |
FHLB advances, carrying value | 189,000 | 150,500 | ' | ' | ' | ' | ' | ' |
FHLB advances, fair value | ' | ' | ' | ' | ' | ' | 189,257 | 150,905 |
Subordinated debentures, carrying value | 3,000 | 3,000 | ' | ' | ' | ' | ' | ' |
Subordinated debentures, fair value | ' | ' | ' | ' | ' | ' | 3,000 | 3,000 |
Accrued interest payable, carrying value | 274 | 181 | ' | ' | ' | ' | ' | ' |
Accrued interest payable, fair value | ' | ' | ' | ' | ' | ' | $274 | $181 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share (Schedule of Earnings Per Share) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Aug. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Basic | ' | ' | ' | ' | ' | ||||
Net income | ' | $2,626 | [1] | $9,156 | [1] | $5,382 | [1] | $10,082 | [1] |
Weighted average shares of common stock outstanding | ' | 14,572,140 | [1] | 11,262,951 | [1] | 13,442,318 | [1] | 10,938,329 | [1] |
Basic earnings per common share | ' | $0.18 | [1] | $0.81 | [1] | $0.40 | [1] | $0.92 | [1] |
Diluted | ' | ' | ' | ' | ' | ||||
Net income | ' | $2,626 | [1] | $9,156 | [1] | $5,382 | [1] | $10,082 | [1] |
Weighted average shares of common stock outstanding | ' | 14,572,140 | [1] | 11,262,951 | [1] | 13,442,318 | [1] | 10,938,329 | [1] |
Add: Dilutive effects of assumed exercises of stock options | ' | ' | ' | ' | 21,048 | ||||
Average shares and dilutive potential common shares | ' | 14,572,140 | 11,262,951 | 13,442,318 | 10,959,377 | ||||
Diluted EPS | ' | $0.18 | [1] | $0.81 | [1] | $0.40 | [1] | $0.92 | [1] |
Antidilutive stock options | ' | 0 | 0 | 0 | 0 | ||||
Stockholders' equity note, stock split, conversion ratio | 7 | 7 | ' | 7 | ' | ||||
Stockholders' equity, reverse stock split | ' | ' | ' | '7-for-1 reverse stock split completed on August 13, 2014 | ' | ||||
[1] | Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Proceeds from issuance of common stock | ' | $57,907,000 | $7,311,000 |
Proceeds from issuance initial public offering | 42,300,000 | ' | ' |
Parent Company [Member] | ' | ' | ' |
Proceeds from issuance of common stock | ' | 500,000 | ' |
The Holding Company [Member] | ' | ' | ' |
Proceeds from contributed capital | ' | $57,400,000 | ' |
Regulatory_Matters_Schedule_of
Regulatory Matters (Schedule of Actual and Required Capital Ratios) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Parent Company [Member] | ' | ' |
Total capital to risk weighted assets | ' | ' |
Amounts | $190,002 | $124,020 |
Ratio | 15.45% | 10.97% |
Required for capital adequacy purposes, amount | 98,382 | 90,407 |
Required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Well capitalized under prompt corrective action provision, amount | 122,977 | 113,008 |
Well capitalized under prompt corrective action provision, ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets | ' | ' |
Amounts | 183,961 | 120,008 |
Ratio | 14.96% | 10.62% |
Required for capital adequacy purposes, amount | 49,191 | 45,203 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | 73,786 | 67,805 |
Well capitalized under prompt corrective action provision, ratio | 6.00% | 6.00% |
Tier 1 capital to average assets | ' | ' |
Amounts | 183,961 | 120,008 |
Ratio | 12.32% | 9.36% |
Required for capital adequacy purposes, amount | 59,716 | 51,292 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | 74,644 | 64,115 |
Well capitalized under prompt corrective action provision, ratio | 5.00% | 5.00% |
C1 Bank [Member] | ' | ' |
Total capital to risk weighted assets | ' | ' |
Amounts | 189,309 | 124,020 |
Ratio | 15.39% | 10.97% |
Required for capital adequacy purposes, amount | 98,382 | 90,407 |
Required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Well capitalized under prompt corrective action provision, amount | 122,977 | 113,008 |
Well capitalized under prompt corrective action provision, ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets | ' | ' |
Amounts | 183,268 | 120,008 |
Ratio | 14.90% | 10.62% |
Required for capital adequacy purposes, amount | 49,191 | 45,203 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | 73,786 | 67,805 |
Well capitalized under prompt corrective action provision, ratio | 6.00% | 6.00% |
Tier 1 capital to average assets | ' | ' |
Amounts | 183,268 | 120,008 |
Ratio | 12.28% | 9.36% |
Required for capital adequacy purposes, amount | 59,716 | 51,292 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | $74,644 | $64,115 |
Well capitalized under prompt corrective action provision, ratio | 5.00% | 5.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (Standby Letters of Credit [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Standby Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Due from related parties | $0 | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Summary of Commitments and Contingent Liabilities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Line of credit facility, remaining borrowing capacity | $55,646 | $62,535 |
Standby Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Line of credit, outstanding | 1,741 | 1,976 |
Loan Origination Commitments [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | $123,837 | $46,575 |
Parent_Company_Only_Financial_1
Parent Company Only Financial Information (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Costs and expenses | ' | $0 |
C1 Bank [Member] | ' | ' |
Equity method investments | 184,603 | 184,603 |
Income (loss) from equity method investments | 0 | 0 |
Costs and expenses | $0 | ' |