Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 16, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | C1 Financial, Inc. | |
Entity Central Index Key | 1,609,132 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,100,966 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS [Abstract] | ||
Cash and cash equivalents | $ 175,289 | $ 185,703 |
Time deposits in other financial institutions | 247 | |
Federal Home Loan Bank stock, at cost | 11,668 | 9,224 |
Loans receivable (net of allowance of $7,932 at September 30, 2015 and $5,324 at December 31, 2014) | 1,376,617 | 1,179,056 |
Premises and equipment, net | 63,613 | 64,075 |
Other real estate owned, net | 26,490 | 34,916 |
Bank-owned life insurance (BOLI) | 43,018 | 43,907 |
Accrued interest receivable | 4,269 | 3,490 |
Core deposit intangible | 754 | 987 |
Prepaid expenses | 4,778 | 5,243 |
Other assets | 5,740 | 10,090 |
Total assets | 1,712,483 | 1,536,691 |
Deposits [Abstract] | ||
Noninterest bearing | 336,361 | 278,543 |
Interest bearing | 928,019 | 888,959 |
Total deposits | 1,264,380 | 1,167,502 |
Federal Home Loan Bank advances | 242,000 | 178,500 |
Other liabilities | 6,543 | 4,051 |
Total liabilities | $ 1,512,923 | $ 1,350,053 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Common stock, par value $1.00; 100,000,000 shares authorized; 16,100,966 shares issued and outstanding at September 30, 2015, and December 31, 2014 | $ 16,101 | $ 16,101 |
Additional paid-in capital | 148,122 | 148,122 |
Retained earnings | $ 35,337 | $ 22,415 |
Accumulated other comprehensive income | ||
Total stockholders' equity | $ 199,560 | $ 186,638 |
Total liabilities and stockholders' equity | $ 1,712,483 | $ 1,536,691 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance | $ 7,932 | $ 5,324 |
Common stock, par or stated value per share | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 16,100,966 | 16,100,966 |
Common stock, shares, outstanding | 16,100,966 | 16,100,966 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest - income | ||||
Loans, including fees | $ 20,340 | $ 16,028 | $ 56,803 | $ 46,481 |
Securities | 3 | 2 | 9 | 59 |
Federal funds sold and other | 203 | 215 | 618 | 612 |
Total interest income | 20,546 | 16,245 | 57,430 | 47,152 |
Interest - expense | ||||
Savings and interest-bearing demand deposits | 654 | 546 | 1,887 | 1,572 |
Time deposits | 795 | 953 | 2,256 | 2,919 |
Federal Home Loan Bank advances | 1,057 | 709 | 2,861 | 1,852 |
Other borrowings | 15 | 44 | ||
Total interest expense | 2,506 | 2,223 | 7,004 | 6,387 |
Net interest income | 18,040 | 14,022 | 50,426 | 40,765 |
Provision (reversal of provision) for loan losses | (67) | 207 | 1,400 | 4,815 |
Net interest income after provision for loan losses | $ 18,107 | $ 13,815 | $ 49,026 | 35,950 |
Noninterest - income | ||||
Gains on sale of securities | 241 | |||
Gains on sale of loans | $ 79 | $ 775 | $ 893 | 2,323 |
Service charges and fees | 602 | 526 | 1,750 | 1,658 |
Bargain purchase gain | 37 | 48 | ||
Gains on sales of other real estate owned, net | 177 | 68 | 573 | 720 |
Bank-owned life insurance | 276 | 41 | 626 | 118 |
Mortgage banking fees | 47 | |||
Gains (losses) on disposals of premises and equipment, net | (12) | 2,590 | (12) | |
Other noninterest income | 980 | 362 | 1,619 | 1,041 |
Total noninterest income | 2,114 | 1,797 | 8,051 | 6,184 |
Noninterest - expense | ||||
Salaries and employee benefits | 5,276 | 4,777 | 15,722 | 13,526 |
Occupancy expense | 1,388 | 1,138 | 3,960 | 3,310 |
Furniture and equipment | 779 | 673 | 2,275 | 1,954 |
Regulatory assessments | 349 | 362 | 1,100 | 1,067 |
Network services and data processing | 1,075 | 1,033 | 3,239 | 2,824 |
Printing and office supplies | 54 | 77 | 183 | 270 |
Postage and delivery | 78 | 52 | 242 | 181 |
Advertising and promotion | 873 | 812 | 2,752 | 2,634 |
Other real estate owned related expense, net | 468 | 511 | 1,559 | 1,625 |
Other real estate owned - valuation allowance expense | 102 | 45 | 168 | 609 |
Amortization of intangible assets | 70 | 117 | 233 | 412 |
Professional fees | 673 | 750 | 1,880 | 2,174 |
Loan collection expenses | 86 | 140 | 173 | 463 |
Other noninterest expense | 701 | 793 | 2,166 | 2,178 |
Total noninterest expense | 11,972 | 11,280 | 35,652 | 33,227 |
Income before income taxes | 8,249 | 4,332 | 21,425 | 8,907 |
Income tax expense | 3,244 | 1,706 | 8,503 | 3,525 |
Net income | $ 5,005 | $ 2,626 | $ 12,922 | $ 5,382 |
Earnings per common share: | ||||
Basic | $ 0.31 | $ 0.18 | $ 0.80 | $ 0.40 |
Diluted | $ 0.31 | $ 0.18 | $ 0.80 | $ 0.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 5,005 | $ 2,626 | $ 12,922 | $ 5,382 | |
Unrealized gains/losses on available for sale securities: | |||||
Unrealized holding gains arising during the period | 241 | ||||
Reclassification adjustments for gains included in net income | [1] | (241) | |||
Tax effect | [1] | 0 | 0 | 0 | 0 |
Comprehensive income | $ 5,005 | $ 2,626 | $ 12,922 | $ 5,382 | |
[1] | Amounts for realized gains on available-for-sale securities are included in gains on sales of securities in the consolidated income statements. Income taxes associated with the unrealized holding gains arising during the period, net of the reclassification adjustments for gains included in net income were $0 for both the three months ended September 30, 2015 and 2014, respectively, and $0 for both the nine months ended September 30, 2015 and 2014. The amounts related to income taxes on gains included in net income are included in income tax expense in the consolidated income statements. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Tax effect | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | Amounts for realized gains on available-for-sale securities are included in gains on sales of securities in the consolidated income statements. Income taxes associated with the unrealized holding gains arising during the period, net of the reclassification adjustments for gains included in net income were $0 for both the three months ended September 30, 2015 and 2014, respectively, and $0 for both the nine months ended September 30, 2015 and 2014. The amounts related to income taxes on gains included in net income are included in income tax expense in the consolidated income statements. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning balance at Dec. 31, 2013 | $ 12,217 | $ 93,906 | $ 15,691 | $ 121,814 | |
Issuance of common stock, net of costs of $4,653 (3,884,034 shares) | 3,884 | 54,023 | 57,907 | ||
Net income | 5,382 | 5,382 | |||
Other | 193 | 193 | |||
Other comprehensive income | |||||
Ending balance at Sep. 30, 2014 | 16,101 | 148,122 | 21,073 | 185,296 | |
Beginning balance at Dec. 31, 2014 | 16,101 | 148,122 | 22,415 | 186,638 | |
Net income | 12,922 | 12,922 | |||
Other comprehensive income | |||||
Ending balance at Sep. 30, 2015 | $ 16,101 | $ 148,122 | $ 35,337 | $ 199,560 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - Common Stock [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2014USD ($)shares | |
Payments of stock issuance costs | $ 4,653 |
Number of shares issued | shares | 3,884,034 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 12,922 | $ 5,382 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 1,400 | 4,815 |
Depreciation | 2,543 | 2,076 |
Net accretion of purchase accounting adjustments | (1,327) | (1,807) |
Accretion of loan discount | (404) | (205) |
Amortization of other intangible assets | 233 | 411 |
Increase in other real estate owned valuation allowance | 168 | 609 |
Increase in cash surrender value of BOLI | $ (626) | (119) |
Gains on sale of securities | (241) | |
Bargain purchase gain | (48) | |
Net change in deferred income tax expense | $ 515 | 40 |
Gains on sales of loans | (893) | (2,323) |
Gains on sales of other real estate owned,net | (573) | (720) |
(Gains) losses on disposals of premises and equipment, net | (2,590) | 12 |
Gains on early redemption of Federal Home Loan advances | (670) | |
Net change in other assets and liabilities: | ||
Accrued interest receivable and other assets | 3,522 | (2,317) |
Other liabilities | 2,747 | (771) |
Net cash from operating activities | 16,967 | 4,794 |
Cash flows from investing activities | ||
Net change in time deposits in other financial institutions | (247) | |
Loan originations, net of repayments | (206,426) | (104,302) |
Proceeds from loan sold | 8,401 | 21,954 |
Proceeds from sales of other real estate owned | 10,297 | 6,250 |
Proceeds from sales, calls and maturities of securities | 996 | |
Purchases of Federal Home Loan Bank stock | (4,479) | (1,958) |
Proceeds of sale of Federal Home Loan Bank stock | 2,035 | 472 |
Purchases of premises and equipment | (3,939) | (8,402) |
Proceeds from sales of premises and equipment | 4,448 | 6 |
Surrender of BOLI | 1,457 | |
Net cash transferred in bank acquisition | 48 | |
Net cash from investing activities | (188,453) | (84,936) |
Cash flows from financing activities | ||
Net proceeds from issuance of common stock | 57,907 | |
Net change in deposits | 96,902 | 124,024 |
Repayment of Federal Home Loan Bank advances | (35,830) | (6,500) |
Proceeds from Federal Home Loan Bank advances | 100,000 | 45,000 |
Net cash from financing activities | 161,072 | 220,431 |
Net change in cash and cash equivalents | (10,414) | 140,289 |
Cash and cash equivalents at beginning of the period | 185,703 | 143,452 |
Cash and cash equivalents at end of the period | 175,289 | 283,741 |
Supplemental information: | ||
Cash paid during the period for interest | 7,127 | 6,610 |
Cash paid during the period for income taxes | 8,752 | 5,171 |
Non-cash items: | ||
Transfers from loans to other real estate owned | $ 1,466 | $ 3,046 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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 three and nine months ended September 30, 2015 and 2014 include C1 Financial, Inc. (“Parent Company”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as “the Company”. C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. The Bank provides a variety of banking services to individuals through its 31 banking centers and one loan production office located in nine counties (Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, 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 real estate values and general economic conditions. The consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 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 consisting of normal recurring accruals 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 2014 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2014 net income or stockholders’ equity. The results for the three and nine months ended September 30, 2015 are not indicative of annual results. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s December 31, 2014 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 includes the effect of any potentially dilutive common stock equivalents (i.e., outstanding stock options). Earnings per common share is restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2015 | |
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 Securities and Exchange Commission (“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. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE 3 – INVESTMENT SECURITIES The Bank had no securities available for sale as of September 30, 2015 and December 31, 2014 due to the decision to sell all marketable securities in the Bank’s portfolio in 2013. During the second quarter of 2014, the Bank recorded gains on the sale of equity securities from an acquired bank. Proceeds and gross gains and (losses) from the sales of securities available for sale for the three and nine months ended September 30, 2015 and 2014, respectively, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Proceeds from sales of securities $ - $ - $ - $ Gross gains $ - $ - $ - $ Gross (losses) - - - - Net gains (losses) on sales of securities $ - $ - $ - $ |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Loans [Abstract] | |
Loans | NOTE 4 – LOANS The loan portfolio was as follows at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Real estate Residential $ $ Commercial Construction Total real estate Commercial Consumer Total loans, gross Less: Net deferred loan fees Allowance for loan losses Total loans, net $ $ 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: 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 from which their source of income originates. 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. Construction loans to borrowers are extended for the purpose of financing the construction of owner occupied and nonowner 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 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. 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 tables present the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ Three Months Ended September 30, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net (charge-offs) recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ The following tables present the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2015 and 2014: Nine Months Ended September 30, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ Nine Months Ended September 30, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net (charge-offs) recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ On June 30, 2014, the Bank charged-off in-full its only loan under the shared national credit program 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. Subsequently, the Bank collected $147 thousand of recoveries during the third quarter of 2014 and $393 thousand during the second quarter of 2015. The following table provides the allocation of the allowance for loan losses by portfolio segment at September 30, 2015: September 30, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific Reserves: Impaired Loans $ $ $ $ $ - $ Purchased credit impaired loans - - Total Specific Reserves - General Reserves Total $ $ $ $ $ $ Loans: Individually evaluated for impairment $ $ $ $ $ $ Purchased credit impaired loans Collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ The following table provides the allocation of the allowance for loan losses by portfolio segment at December 31, 2014: December 31, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific Reserves: Impaired Loans $ $ $ - $ $ - $ Purchased credit impaired loans - Total Specific Reserves General Reserves Total $ $ $ $ $ $ Loans: Individually evaluated for impairment $ $ $ $ $ $ Purchased credit impaired loans Collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ The following table presents loans individually evaluated for impairment by portfolio segment as of September 30, 2015 and December 31, 2014. The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken. September 30, 2015 December 31, 2014 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 $ $ $ - $ $ $ - Commercial real estate Multifamily - - - - - - Owner occupied - - Nonowner occupied - - - - Secured by farmland - - Construction - - - - Commercial - - Consumer - - With allowance recorded: Residential real estate Commercial real estate Multifamily - - - - - - Owner occupied Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction - - - Commercial Consumer - - - - - - Total $ $ $ $ $ $ Average impaired loans and related interest income for the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 Three 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 $ $ - $ - $ $ - $ - Commercial real estate Multifamily - - - - - - Owner occupied - - - - Nonowner occupied - - - - - Secured by farmland - - - Construction - - - - - - Commercial - - - Consumer - - - - With allowance recorded: Residential real estate - - - - Commercial real estate Multifamily - - - - - - Owner occupied - - - Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction - - - - Commercial - - Consumer - - - - - Total $ $ $ - $ $ $ - Average impaired loans and related interest income for the nine months ended September 30, 2015 and 2014 were as follows: Nine Months Ended September 30, 2015 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 $ $ $ - $ $ $ - Commercial real estate Multifamily - - - - - - Owner occupied - - Nonowner occupied - - - Secured by farmland - - - Construction - - - - Commercial - - Consumer - - - - With allowance recorded: Residential real estate - - - Commercial real estate Multifamily - - - - - - Owner occupied - - Nonowner occupied - - - - - Secured by farmland - - - - - - Construction - - - - - Commercial - - Consumer - - - - Total $ $ $ - $ $ $ - The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Nonaccrual Loans Past Due Over 90 Days Still Accruing Nonaccrual Loans Past Due Over 90 Days Still Accruing Residential real estate $ $ - $ $ - Commercial real estate - - Construction - - Commercial - - Consumer - - Total $ $ - $ $ - The reported amounts as of September 30, 2015 and December 31, 2014 include nonaccrual purchased credit impaired loans of $10,072 and $12,980 , respectively. Purchased credit impaired l oans 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, 2015: September 30, 2015 3 0 - 59 Days Past Due 60 - 89 Days Past Due Greater than 89 Days Past Due Total Past Due Loans Not Past Due Total Residential real estate $ $ $ $ $ $ Commercial real estate Multifamily - - - - Owner occupied Nonowner occupied - Secured by farmland - Construction - - Commercial - Consumer Total $ $ $ $ $ $ The increase in 30-59 days past due related to a commercial real estate loan secured by Brazilian farmland with a reco rded investment of $17,273 . The following table presents the aging of the recorded investment in past due loans as of December 31, 2014: December 31, 2014 30 – 59 Days Past Due 60 – 89 Days Past Due Greater than 89 Days Past Due Total Past Due Loans Not Past Due Total Residential real estate $ $ $ $ $ $ Commercial real estate Multifamily - - Owner occupied - Nonowner occupied - Secured by farmland - - Construction - Commercial - Consumer Total $ $ $ $ $ $ Troubled Debt Restructurings: The following tables summarize troubled debt restructurings that were performing in accordance with the restructured terms at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate - $ - - $ - Commercial real estate Multifamily - - - - Owner occupied Nonowner occupied Secured by farmland - - - - Construction - - - - Commercial - - - - Consumer - - Total $ $ As of September 30, 2015 and December 31, 2014, the Bank had no nonaccruing troubled debt restructurings and was not committed to lend any additional amounts to customers with outstanding loans that were classified as troubled debt restructurings. There was one loan (a consumer loan with a recorded investment of $74) modified as a troubled debt restructuring during the nine months ended September 30, 2015. There were no loans modified as troubled debt restructurings during the nine months ended September 30, 2014. There were no troubled debt restructurings that defaulted during the nine months ended September 30, 2015 and 2014. 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 include residential real estate and consumer loans. The credit quality indicators used for loans not meeting the criteria above are payment status and historical payment experience. As of September 30, 2015 and December 31, 2014, loans by risk category were as follows: September 30, 2015 Pass Special Mention Substandard Doubtful Total Residential real estate $ $ $ $ - $ Commercial real estate Multifamily - - - Owner occupied - Nonowner occupied - Secured by farmland - Construction - Commercial - Consumer - Total $ $ $ $ - $ December 31, 2014 Pass Special Mention Substandard Doubtful Total Residential real estate $ $ $ $ - $ Commercial real estate Multifamily - - Owner occupied - Nonowner occupied - Secured by farmland - Construction - Commercial - Consumer - Total $ $ $ $ - $ 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 these purchased credit impaired loans at September 30, 2015 and December 31, 2014 was approximately $ 25,569 and $28,081 , respectively. The Bank maintained an allowance for loan losses of $ 53 and $92 at September 30, 2015 and December 31, 2014, respectively, for loans acquired with deteriorated quality. During the three months ended September 30, 2015 and 2014, the Bank accreted $ 139 and $105 , respectively, into interest income on these loans. During the nine months ended September 30, 2015 and 2014, the Bank accreted $416 and $356 , respectively, into interest income on these loans. The remaining accretable discount was $ 2,005 at September 30, 2015. The Bank did not transfer any nonaccretable discount on these loans during the periods presented. |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2015 | |
Fair Values [Abstract] | |
Fair Values | NOTE 5 – 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 investment securities available for sale is considered a Level 2 in the fair value hierarchy and is measured on a recurring basis. The Company had no other assets or liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014. The fair values of impaired loans with specific allocations of the allowance for loan losses and other real estate owned are 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, 2015 and December 31, 2014, 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 values of impaired loans and other real estate owned are considered a Level 3 in the fair value hierarchy and are measured on a nonrecurring basis. The following tables present assets reported on the balance sheet at their fair value by level within the fair value hierarchy as of September 30, 2015 and December 31, 2014. As required by Accounting Standards Codification (“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 fair value of assets measured on a nonrecurring basis was as follows at September 30, 2015: September 30, 2015 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measured on a Nonrecurring Basis: Impaired Loans Residential real estate $ - $ - $ Commercial real estate - - Construction - - Commercial - - Consumer - - - Total Impaired Loans - - Other real estate owned Residential - - Commercial - - Total other real estate owned - - Total $ - $ - $ Impaired loans, which had a specific allowance for loan losses allocated, had a fair value of $1,191 (recorded investment of $ 1,738 with a valuation allowance of $547 ) at September 30, 2015, which reflected a provision for loan losses of $4 and $37 for the three and nine months ended September 30, 2015, respectively. Other real estate owned, which is measured at fair value less costs to sell, had a net carrying amount of $ 11,809 (recorded investment of $14 ,719, net of a valuation allowance of $2,91 0 ) at September 30, 2015, which reflected write-downs of $102 and $168 for the three and nine months ended September 30, 2015, respectively. The fair value of assets measured on a nonrecurring basis was as follows at December 31, 2014: December 31, 2014 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measured on a Nonrecurring Basis: Impaired Loans Residential real estate $ - $ - $ Commercial real estate - - Construction - - - Commercial - - Consumer - - - Total Impaired Loans - - Other real estate owned Residential - - Commercial - - Total other real estate owned - - Total $ - $ - $ Impaired loans, which had a specific allowance for loan losses allocated, had a fair value of $770 (recorded investment of $1,284 with a valuation allowance of $514) at December 31, 2014, which reflected a provision for loan losses of $292 for the year ended December 31, 2014. Other real estate owned had a net carrying amount of $15,204 (recorded investment of $20,054 , net of a valuation allowance of $4,850 ) at December 31, 2014, which reflected write-downs of $3,242 for the year ended December 31, 2014. The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate that value. These financial assets and liabilities are reported in the Company’s consolidated balance sheets at their carrying amounts. Fair value methods and assumptions are periodically evaluated by the Company. 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 Federal Home Loan Bank stock, are discussed above. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to restrictions placed on its transferability. Loans – The fair value measurement of certain impaired loans is discussed above. For variable-rate loans that reprice 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, 2015 and December 31, 2014, resulting in a Level 1 classification in the fair value hierarchy. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities, resulting in a Level 2 classification in the fair value hierarchy. Short-term borrowings – Rates currently available to the Company for borrowings with similar terms and remaining maturities are used to estimate the fair value of existing borrowings by discounting future cash flows. Long-term debt – Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the 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, 2015 and December 31, 2014. The estimated fair values of the Bank's financial assets and liabilities at September 30, 2015 and December 31, 2014 approximated as follows: Fair Value Measurement at September 30, 2015 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ $ $ - $ - Loans, net - - Accrued interest receivable - - Financial liabilities Deposits $ $ $ $ - Federal Home Loan Bank advances - - Accrued interest payable - - Fair Value Measurement at December 31, 2014 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ $ $ - $ - Loans, net - - Accrued interest receivable - - Financial liabilities Deposits $ $ $ $ - Federal Home Loan Bank advances - - Accrued interest payable - - |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 6 – EARNINGS PER COMMON SHARE Basic earnings per common share is net income divided by the weighted average number of shares outstanding during the period. Diluted earnings per share includes the effect of any potentially dilutive common stock equivalents (i.e., outstanding stock options). There were no antidilutive common stock equivalents during the periods presented. The following table provides information on the calculation of earnings per common share for the three and nine months ended September 30, 2015 and 2014, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic Net Income $ $ $ $ Weighted average shares of common stock outstanding Basic earnings per common share $ $ $ $ Diluted Net Income $ $ $ $ Weighted average shares of common stock outstanding Add: Dilutive effect of common stock equivalents - - - - Average shares and dilutive potential common shares Diluted earnings per common share $ $ $ $ |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 7 – REGULATORY MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies, including the Bank’s 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 I capital (as defined) to average assets (as defined), or leverage ratio. Beginning in 2015, Interim Final Basel III rules require the Bank to maintain minimum amounts and ratios of common equity Tier I capital (as defined in the regulations) to risk-weighted assets (as defined). Additionally under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. For December 31, 2014, regulatory capital ratios were calculated under Basel I rules. To be categorized as well capitalized, the Bank must maintain minimum Total risk-based, Tier I risk-based, common equity Tier I risk-based (2015) and Tier I leverage ratios as set forth in the table below. As of September 30, 2015 and December 31, 2014, the Bank met all capital adequacy requirements to be considered well capitalized. There were no conditions or events since the end of the third quarter of 2015 that management believes have changed the Bank’s classification as well capitalized. There is no threshold for well-capitalized status for bank holding companies. Certain of our activities are restricted due to commitments entered into with the Federal Reserve by us and certain of our foreign national controlling stockholders, including but not limited to being prohibited from incurring additional debt to any third party without prior approval from the Federal Reserve. The Company’s and Bank's actual and required capital ratios as of September 30, 2015 and December 31, 2014 were as follows: Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision September 30, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ $ $ N/A N/A C1 Bank Tier 1 capital to risk-weighted assets C1 Financial, Inc. N/A N/A C1 Bank Common equity tier 1 capital to risk-weighted assets C1 Financial, Inc. N/A N/A C1 Bank Tier 1 capital to average assets C1 Financial, Inc. N/A N/A C1 Bank Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ $ $ N/A N/A C1 Bank Tier 1 capital to risk-weighted assets C1 Financial, Inc. N/A N/A C1 Bank Tier 1 capital to average assets C1 Financial, Inc. N/A N/A C1 Bank |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 8 – 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: September 30, 2015 Fixed Variable Total Unused lines of credit $ $ $ Standby letters of credit Commitments to fund loans Total $ $ $ December 31, 2014 Fixed Variable Total Unused lines of credit $ $ $ Standby letters of credit Commitments to fund loans Total $ $ $ |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
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 three and nine months ended September 30, 2015 and 2014 include C1 Financial, Inc. (“Parent Company”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as “the Company”. C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. The Bank provides a variety of banking services to individuals through its 31 banking centers and one loan production office located in nine counties (Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, 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 real estate values and general economic conditions. The consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 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 consisting of normal recurring accruals 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 2014 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2014 net income or stockholders’ equity. The results for the three and nine months ended September 30, 2015 are not indicative of annual results. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s December 31, 2014 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 includes the effect of any potentially dilutive common stock equivalents (i.e., outstanding stock options). Earnings per common share is restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 sales of securities available for sale for the three and nine months ended September 30, 2015 and 2014, respectively, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Proceeds from sales of securities $ - $ - $ - $ Gross gains $ - $ - $ - $ Gross (losses) - - - - Net gains (losses) on sales of securities $ - $ - $ - $ |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Loans Receivable | The loan portfolio was as follows at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Real estate Residential $ $ Commercial Construction Total real estate Commercial Consumer Total loans, gross Less: Net deferred loan fees Allowance for loan losses Total loans, net $ $ |
Allowance for Loan Losses and Recorded Investment in Financing Receivables | The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ Three Months Ended September 30, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net (charge-offs) recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ The following tables present the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2015 and 2014: Nine Months Ended September 30, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ Nine Months Ended September 30, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ $ $ $ $ $ Loans charged-off - Recoveries Net (charge-offs) recoveries Provision (reversal of provision) for loan losses Ending balance $ $ $ $ $ $ |
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, 2015: September 30, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific Reserves: Impaired Loans $ $ $ $ $ - $ Purchased credit impaired loans - - Total Specific Reserves - General Reserves Total $ $ $ $ $ $ Loans: Individually evaluated for impairment $ $ $ $ $ $ Purchased credit impaired loans Collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ The following table provides the allocation of the allowance for loan losses by portfolio segment at December 31, 2014: December 31, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific Reserves: Impaired Loans $ $ $ - $ $ - $ Purchased credit impaired loans - Total Specific Reserves General Reserves Total $ $ $ $ $ $ Loans: Individually evaluated for impairment $ $ $ $ $ $ Purchased credit impaired loans Collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ |
Impaired Loans by Loan Portfolio Class | The following table presents loans individually evaluated for impairment by portfolio segment as of September 30, 2015 and December 31, 2014. The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken. September 30, 2015 December 31, 2014 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 $ $ $ - $ $ $ - Commercial real estate Multifamily - - - - - - Owner occupied - - Nonowner occupied - - - - Secured by farmland - - Construction - - - - Commercial - - Consumer - - With allowance recorded: Residential real estate Commercial real estate Multifamily - - - - - - Owner occupied Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction - - - Commercial Consumer - - - - - - Total $ $ $ $ $ $ Average impaired loans and related interest income for the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 Three 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 $ $ - $ - $ $ - $ - Commercial real estate Multifamily - - - - - - Owner occupied - - - - Nonowner occupied - - - - - Secured by farmland - - - Construction - - - - - - Commercial - - - Consumer - - - - With allowance recorded: Residential real estate - - - - Commercial real estate Multifamily - - - - - - Owner occupied - - - Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction - - - - Commercial - - Consumer - - - - - Total $ $ $ - $ $ $ - Average impaired loans and related interest income for the nine months ended September 30, 2015 and 2014 were as follows: Nine Months Ended September 30, 2015 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 $ $ $ - $ $ $ - Commercial real estate Multifamily - - - - - - Owner occupied - - Nonowner occupied - - - Secured by farmland - - - Construction - - - - Commercial - - Consumer - - - - With allowance recorded: Residential real estate - - - Commercial real estate Multifamily - - - - - - Owner occupied - - Nonowner occupied - - - - - Secured by farmland - - - - - - Construction - - - - - Commercial - - Consumer - - - - Total $ $ $ - $ $ $ - |
Non-accrual and Past 90 Days Due Loans by Classes of the Loan Portfolio | The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Nonaccrual Loans Past Due Over 90 Days Still Accruing Nonaccrual Loans Past Due Over 90 Days Still Accruing Residential real estate $ $ - $ $ - Commercial real estate - - Construction - - Commercial - - Consumer - - Total $ $ - $ $ - |
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, 2015: September 30, 2015 3 0 - 59 Days Past Due 60 - 89 Days Past Due Greater than 89 Days Past Due Total Past Due Loans Not Past Due Total Residential real estate $ $ $ $ $ $ Commercial real estate Multifamily - - - - Owner occupied Nonowner occupied - Secured by farmland - Construction - - Commercial - Consumer Total $ $ $ $ $ $ The increase in 30-59 days past due related to a commercial real estate loan secured by Brazilian farmland with a reco rded investment of $17,273 . The following table presents the aging of the recorded investment in past due loans as of December 31, 2014: December 31, 2014 30 – 59 Days Past Due 60 – 89 Days Past Due Greater than 89 Days Past Due Total Past Due Loans Not Past Due Total Residential real estate $ $ $ $ $ $ Commercial real estate Multifamily - - Owner occupied - Nonowner occupied - Secured by farmland - - Construction - Commercial - Consumer Total $ $ $ $ $ $ |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | As of September 30, 2015 and December 31, 2014, loans by risk category were as follows: September 30, 2015 Pass Special Mention Substandard Doubtful Total Residential real estate $ $ $ $ - $ Commercial real estate Multifamily - - - Owner occupied - Nonowner occupied - Secured by farmland - Construction - Commercial - Consumer - Total $ $ $ $ - $ December 31, 2014 Pass Special Mention Substandard Doubtful Total Residential real estate $ $ $ $ - $ Commercial real estate Multifamily - - Owner occupied - Nonowner occupied - Secured by farmland - Construction - Commercial - Consumer - Total $ $ $ $ - $ |
Performing Financing Receivable [Member] | |
Troubled Debt Restructurings | The following tables summarize troubled debt restructurings that were performing in accordance with the restructured terms at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate - $ - - $ - Commercial real estate Multifamily - - - - Owner occupied Nonowner occupied Secured by farmland - - - - Construction - - - - Commercial - - - - Consumer - - Total $ $ |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Values [Abstract] | |
The Fair Value of Assets Measured on a Non-recurring Basis | The fair value of assets measured on a nonrecurring basis was as follows at September 30, 2015: September 30, 2015 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measured on a Nonrecurring Basis: Impaired Loans Residential real estate $ - $ - $ Commercial real estate - - Construction - - Commercial - - Consumer - - - Total Impaired Loans - - Other real estate owned Residential - - Commercial - - Total other real estate owned - - Total $ - $ - $ The fair value of assets measured on a nonrecurring basis was as follows at December 31, 2014: December 31, 2014 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measured on a Nonrecurring Basis: Impaired Loans Residential real estate $ - $ - $ Commercial real estate - - Construction - - - Commercial - - Consumer - - - Total Impaired Loans - - Other real estate owned Residential - - Commercial - - Total other real estate owned - - Total $ - $ - $ |
The Schedule of Estimated Fair Values and Related Carrying Amounts by Balance Sheet Groupings | The estimated fair values of the Bank's financial assets and liabilities at September 30, 2015 and December 31, 2014 approximated as follows: Fair Value Measurement at September 30, 2015 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ $ $ - $ - Loans, net - - Accrued interest receivable - - Financial liabilities Deposits $ $ $ $ - Federal Home Loan Bank advances - - Accrued interest payable - - Fair Value Measurement at December 31, 2014 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ $ $ - $ - Loans, net - - Accrued interest receivable - - Financial liabilities Deposits $ $ $ $ - Federal Home Loan Bank advances - - Accrued interest payable - - |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides information on the calculation of earnings per common share for the three and nine months ended September 30, 2015 and 2014, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic Net Income $ $ $ $ Weighted average shares of common stock outstanding Basic earnings per common share $ $ $ $ Diluted Net Income $ $ $ $ Weighted average shares of common stock outstanding Add: Dilutive effect of common stock equivalents - - - - Average shares and dilutive potential common shares Diluted earnings per common share $ $ $ $ |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Matters [Abstract] | |
Schedule of Actual and Required Capital Ratios | Certain of our activities are restricted due to commitments entered into with the Federal Reserve by us and certain of our foreign national controlling stockholders, including but not limited to being prohibited from incurring additional debt to any third party without prior approval from the Federal Reserve. The Company’s and Bank's actual and required capital ratios as of September 30, 2015 and December 31, 2014 were as follows: Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision September 30, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ $ $ N/A N/A C1 Bank Tier 1 capital to risk-weighted assets C1 Financial, Inc. N/A N/A C1 Bank Common equity tier 1 capital to risk-weighted assets C1 Financial, Inc. N/A N/A C1 Bank Tier 1 capital to average assets C1 Financial, Inc. N/A N/A C1 Bank Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ $ $ N/A N/A C1 Bank Tier 1 capital to risk-weighted assets C1 Financial, Inc. N/A N/A C1 Bank Tier 1 capital to average assets C1 Financial, Inc. N/A N/A C1 Bank |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Summary of Commitments and Contingent Liabilities | A summary of these commitments and contingent liabilities is as follows: September 30, 2015 Fixed Variable Total Unused lines of credit $ $ $ Standby letters of credit Commitments to fund loans Total $ $ $ December 31, 2014 Fixed Variable Total Unused lines of credit $ $ $ Standby letters of credit Commitments to fund loans Total $ $ $ |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Sep. 30, 2015site |
Branches [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of offices | 31 |
Loan Production Offices [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of offices | 1 |
Initial Public Offering (Narrat
Initial Public Offering (Narrative) (Details) $ / shares in Units, $ in Millions | Sep. 09, 2014USD ($)$ / sharesshares | Aug. 13, 2014 |
Proceeds from initial public offerings, net of offering costs | $ | $ 42.3 | |
Reverse stock split ratio | 7 | |
IPO [Member] | ||
Number of shares issued | 2,761,356 | |
Shares issued, price per share | $ / shares | $ 17 | |
Common stock purchased by the underwriters of the offering | 129,777 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment Securities [Abstract] | ||
Equity securities, available for sale | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Proceeds and Gross Gain (Losses) from the sale of Available for Sale Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investment Securities [Abstract] | ||||
Proceeds from sale of securities | $ 996 | |||
Gross gain, realized | 241 | |||
Gross (loss), realized | ||||
Net gains (losses) on sales of securities | $ 241 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)loan | Jun. 30, 2015USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||||||
Loans charged-off | $ 94 | $ 157 | $ 167 | $ 4,743 | ||||
Financing receivable, allowance for credit losses | 7,932 | 5,441 | $ 4,593 | 7,932 | 5,441 | $ 5,324 | $ 7,675 | $ 3,412 |
Accretion into income | 139 | 105 | 416 | 356 | ||||
Remaining accretable discount | 2,005 | 2,005 | ||||||
Loans and leases receivable, net amount | 1,376,617 | 1,376,617 | 1,179,056 | |||||
Recoveries | 418 | 798 | 1,375 | 1,957 | ||||
National Credit Program [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Loans charged-off | 4,000 | |||||||
Recoveries | 393 | 147 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Financing receivable, allowance for credit losses | 53 | 53 | 92 | |||||
Nonperforming Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Loans and leases receivable, net amount | 10,072 | 10,072 | 12,980 | |||||
Performing Financing Receivable [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded Investment | 961 | $ 961 | $ 906 | |||||
Number of Loans, modified | loan | 3 | 2 | ||||||
First Community Bank of America and The Palm Bank and First Community Bank of Southwest Florida [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Certain loans acquired in transfer not accounted for as debt securities, carrying amount, net | 25,569 | $ 25,569 | $ 28,081 | |||||
Consumer [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Loans charged-off | 41 | 21 | 47 | 259 | ||||
Financing receivable, allowance for credit losses | 535 | 290 | $ 272 | 535 | 290 | $ 292 | $ 549 | $ 335 |
Recoveries | 60 | $ 20 | 113 | $ 35 | ||||
Consumer [Member] | Performing Financing Receivable [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded Investment | $ 74 | $ 74 | ||||||
Number of Loans, modified | loan | 1 |
Loans (Schedule of Loans Receiv
Loans (Schedule of Loans Receivable) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,390,275 | $ 1,188,522 |
Less: Net deferred loan fees | (5,726) | (4,142) |
Less: Allowance for loan losses | (7,932) | (5,324) |
Total loans, net | 1,376,617 | 1,179,056 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 267,238 | 224,416 |
Less: Allowance for loan losses | (1,514) | (820) |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 791,669 | 723,577 |
Less: Allowance for loan losses | (4,386) | (3,423) |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 76,940 | 75,360 |
Less: Allowance for loan losses | (471) | (373) |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 85,605 | 57,733 |
Less: Allowance for loan losses | (535) | (292) |
Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,227,730 | 1,055,429 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 267,238 | 224,416 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 791,669 | 723,577 |
Real Estate Loan [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 168,823 | $ 107,436 |
Loans (Allowance for Loan Losse
Loans (Allowance for Loan Losses and Recorded Investment in Financing Receivables) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 7,675 | $ 4,593 | $ 5,324 | $ 3,412 |
Loans charged-off | (94) | (157) | (167) | (4,743) |
Recoveries | 418 | 798 | 1,375 | 1,957 |
Net (charge-offs) recoveries | 324 | 641 | 1,208 | (2,786) |
Provision (reversal of provision) for loan losses | (67) | 207 | 1,400 | 4,815 |
Ending balance | 7,932 | 5,441 | 7,932 | 5,441 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,319 | 741 | 820 | 439 |
Loans charged-off | (50) | (126) | (50) | (224) |
Recoveries | 76 | 527 | 298 | 964 |
Net (charge-offs) recoveries | 26 | 401 | 248 | 740 |
Provision (reversal of provision) for loan losses | 169 | (334) | 446 | (371) |
Ending balance | 1,514 | 808 | 1,514 | 808 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,477 | 2,653 | 3,423 | 1,860 |
Loans charged-off | (2) | (1) | (3) | (205) |
Recoveries | 41 | 37 | 186 | 266 |
Net (charge-offs) recoveries | 39 | 36 | 183 | 61 |
Provision (reversal of provision) for loan losses | (130) | 660 | 780 | 1,428 |
Ending balance | 4,386 | 3,349 | 4,386 | 3,349 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 530 | 647 | 373 | 537 |
Loans charged-off | (1) | (9) | (67) | (4,055) |
Recoveries | 105 | 183 | 550 | 358 |
Net (charge-offs) recoveries | 104 | 174 | 483 | (3,697) |
Provision (reversal of provision) for loan losses | (163) | (226) | (385) | 3,755 |
Ending balance | 471 | 595 | 471 | 595 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 549 | 272 | 292 | 335 |
Loans charged-off | (41) | (21) | (47) | (259) |
Recoveries | 60 | 20 | 113 | 35 |
Net (charge-offs) recoveries | 19 | (1) | 66 | (224) |
Provision (reversal of provision) for loan losses | (33) | 19 | 177 | 179 |
Ending balance | 535 | 290 | 535 | 290 |
Construction [Member] | Residential and Commerical Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 800 | 280 | 416 | 241 |
Recoveries | 136 | 31 | 228 | 334 |
Net (charge-offs) recoveries | 136 | 31 | 228 | 334 |
Provision (reversal of provision) for loan losses | 90 | 88 | 382 | (176) |
Ending balance | $ 1,026 | $ 399 | $ 1,026 | $ 399 |
Loans (Allocation of Allowance
Loans (Allocation of Allowance for Credit Losses on Financing Receivables) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | $ 547 | $ 514 |
Allowance for loan losses allocated, purchase credit impaired loans | 53 | 92 |
Total allowance for loan losses allocated | 600 | 606 |
Loan allowance | 7,332 | 4,718 |
Loans receivable, allowance, total | 7,932 | 5,324 |
Individually evaluated for impairment | 7,310 | 8,555 |
Collectively evaluated for impairment | 1,357,343 | 1,151,794 |
Total | 1,390,275 | 1,188,522 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 25,622 | 28,173 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 142 | 107 |
Allowance for loan losses allocated, purchase credit impaired loans | 32 | 46 |
Total allowance for loan losses allocated | 174 | 153 |
Loan allowance | 1,340 | 667 |
Loans receivable, allowance, total | 1,514 | 820 |
Individually evaluated for impairment | 1,481 | 1,813 |
Collectively evaluated for impairment | 260,123 | 216,023 |
Total | 267,238 | 224,416 |
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,634 | 6,580 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 230 | 339 |
Allowance for loan losses allocated, purchase credit impaired loans | 17 | 37 |
Total allowance for loan losses allocated | 247 | 376 |
Loan allowance | 4,139 | 3,047 |
Loans receivable, allowance, total | 4,386 | 3,423 |
Individually evaluated for impairment | 5,051 | 5,395 |
Collectively evaluated for impairment | 768,647 | 698,822 |
Total | 791,669 | 723,577 |
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 17,971 | 19,360 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 125 | |
Allowance for loan losses allocated, purchase credit impaired loans | 4 | 8 |
Total allowance for loan losses allocated | 129 | 8 |
Loan allowance | 897 | 408 |
Loans receivable, allowance, total | 1,026 | 416 |
Individually evaluated for impairment | 177 | 230 |
Collectively evaluated for impairment | 167,471 | 105,726 |
Total | 168,823 | 107,436 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,175 | 1,480 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 50 | 68 |
Total allowance for loan losses allocated | 50 | 68 |
Loan allowance | 421 | 305 |
Loans receivable, allowance, total | 471 | 373 |
Individually evaluated for impairment | 600 | 1,013 |
Collectively evaluated for impairment | 75,561 | 73,660 |
Total | 76,940 | 75,360 |
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 779 | 687 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated, purchase credit impaired loans | 1 | |
Total allowance for loan losses allocated | 1 | |
Loan allowance | 535 | 291 |
Loans receivable, allowance, total | 535 | 292 |
Individually evaluated for impairment | 1 | 104 |
Collectively evaluated for impairment | 85,541 | 57,563 |
Total | 85,605 | 57,733 |
Consumer [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 63 | $ 66 |
Loans (Impaired Loans by Loan P
Loans (Impaired Loans by Loan Portfolio Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, Total | $ 7,997 | $ 7,997 | $ 9,692 | ||
Recorded Investment, with related allowance | 1,738 | 1,738 | 1,284 | ||
Recorded Investment, Total | 7,310 | 7,310 | 8,555 | ||
Allowance for loan losses allocated | 547 | 547 | 514 | ||
Average Recorded Investment, Total | 7,437 | $ 10,052 | 8,055 | $ 9,610 | |
Interest Income Recognized, Total | $ 6 | $ 13 | $ 24 | $ 76 | |
Cash Basis Interest Recognized, Total | |||||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | $ 1,110 | $ 1,110 | 1,643 | ||
Unpaid Principal, with related allowance | 484 | 484 | 364 | ||
Recorded Investment, with no related allowance | 1,023 | 1,023 | 1,464 | ||
Recorded Investment, with related allowance | 458 | 458 | 349 | ||
Allowance for loan losses allocated | 142 | 142 | 107 | ||
Average Recorded Investment, with no related allowance | 1,036 | $ 1,014 | 1,185 | $ 884 | |
Average Recorded Investment, with related allowance | $ 460 | $ 662 | 552 | 531 | |
Interest Income Recognized, with no related allowance | $ 4 | 5 | |||
Interest Income Recognized, with related allowance | $ 6 | ||||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Allowance for loan losses allocated | $ 230 | $ 230 | 339 | ||
Commercial Real Estate [Member] | Secured by Farmland [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | 185 | 185 | 185 | ||
Recorded Investment, with no related allowance | 143 | 143 | 143 | ||
Average Recorded Investment, with no related allowance | $ 143 | $ 1,275 | $ 143 | $ 1,701 | |
Interest Income Recognized, with no related allowance | $ 9 | $ 17 | |||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Commercial Real Estate [Member] | Multifamily [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment, with no related allowance | |||||
Average Recorded Investment, with related allowance | |||||
Interest Income Recognized, with no related allowance | |||||
Interest Income Recognized, with related allowance | |||||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Commercial Real Estate [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | $ 4,185 | $ 4,185 | 4,346 | ||
Unpaid Principal, with related allowance | 1,043 | 1,043 | 776 | ||
Recorded Investment, with no related allowance | 3,926 | 3,926 | 4,000 | ||
Recorded Investment, with related allowance | 982 | 982 | 699 | ||
Allowance for loan losses allocated | 230 | 230 | 339 | ||
Average Recorded Investment, with no related allowance | 4,027 | $ 1,404 | 3,967 | $ 2,339 | |
Average Recorded Investment, with related allowance | 983 | $ 3,569 | 887 | 2,022 | |
Interest Income Recognized, with no related allowance | 2 | 13 | |||
Interest Income Recognized, with related allowance | $ 4 | $ 12 | $ 17 | ||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | 608 | ||||
Recorded Investment, with no related allowance | 553 | ||||
Average Recorded Investment, with no related allowance | $ 784 | $ 361 | $ 774 | ||
Average Recorded Investment, with related allowance | 102 | ||||
Interest Income Recognized, with no related allowance | $ 1 | ||||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | 280 | ||||
Unpaid Principal, with related allowance | $ 177 | $ 177 | |||
Recorded Investment, with no related allowance | 230 | ||||
Recorded Investment, with related allowance | 177 | 177 | |||
Allowance for loan losses allocated | 125 | 125 | |||
Average Recorded Investment, with no related allowance | 43 | $ 3 | |||
Average Recorded Investment, with related allowance | $ 177 | $ 89 | $ 77 | ||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | $ 666 | $ 666 | 1,007 | ||
Unpaid Principal, with related allowance | 146 | 146 | 314 | ||
Recorded Investment, with no related allowance | 479 | 479 | 777 | ||
Recorded Investment, with related allowance | 121 | 121 | 236 | ||
Allowance for loan losses allocated | 50 | 50 | 68 | ||
Average Recorded Investment, with no related allowance | 484 | $ 241 | 630 | $ 260 | |
Average Recorded Investment, with related allowance | 126 | 871 | 182 | 833 | |
Interest Income Recognized, with no related allowance | 1 | 1 | 7 | ||
Interest Income Recognized, with related allowance | $ 2 | $ 3 | $ 5 | $ 10 | |
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance | |||||
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal, with no related allowance | $ 1 | $ 1 | 169 | ||
Recorded Investment, with no related allowance | 1 | 1 | $ 104 | ||
Average Recorded Investment, with no related allowance | $ 1 | $ 27 | 1 | $ 45 | |
Average Recorded Investment, with related allowance | $ 116 | $ 27 | $ 116 | ||
Cash Basis Interest Recognized, with no related allowance | |||||
Cash Basis Interest Recognized, with related allowance |
Loans (Non-accrual and Past 90
Loans (Non-accrual and Past 90 Days Due Loans by Classes of the Loan Portfolio) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 16,774 | $ 20,894 |
Loans Past Due Over 90 Days Still Accruing | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 3,004 | $ 4,168 |
Loans Past Due Over 90 Days Still Accruing | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 12,486 | $ 14,582 |
Loans Past Due Over 90 Days Still Accruing | ||
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 177 | $ 449 |
Loans Past Due Over 90 Days Still Accruing | ||
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 1,106 | $ 1,591 |
Loans Past Due Over 90 Days Still Accruing | ||
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 1 | $ 104 |
Loans Past Due Over 90 Days Still Accruing |
Loans (Loan Portfolio Summarize
Loans (Loan Portfolio Summarized by the Past Due Status) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 39,889 | $ 27,825 |
Loans Not Past Due | 1,350,386 | 1,160,697 |
Total | 1,390,275 | 1,188,522 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 21,998 | 6,718 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,117 | 213 |
Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 16,774 | 20,894 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 4,165 | 5,589 |
Loans Not Past Due | 263,073 | 218,827 |
Total | 267,238 | 224,416 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 477 | 1,256 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 684 | 165 |
Residential Portfolio Segment [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,004 | 4,168 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 791,669 | 723,577 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 177 | 534 |
Loans Not Past Due | 168,646 | 106,902 |
Total | 168,823 | 107,436 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 85 | |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 177 | 449 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,202 | 2,141 |
Loans Not Past Due | 75,738 | 73,219 |
Total | 76,940 | 75,360 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 550 | |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 96 | |
Commercial [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,106 | 1,591 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 184 | 201 |
Loans Not Past Due | 85,421 | 57,532 |
Total | 85,605 | 57,733 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 156 | 49 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 27 | 48 |
Consumer [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1 | 104 |
Multifamily [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 356 | |
Loans Not Past Due | 31,736 | 32,545 |
Total | 31,736 | 32,901 |
Multifamily [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 356 | |
Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 10,739 | 12,090 |
Loans Not Past Due | 233,651 | 219,146 |
Total | 244,390 | 231,236 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,132 | 1,829 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 310 | |
Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 9,297 | 10,261 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 6,006 | 6,771 |
Loans Not Past Due | 456,178 | 392,831 |
Total | 462,184 | 399,602 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,960 | 2,593 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,046 | 4,178 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 17,416 | 143 |
Loans Not Past Due | 35,943 | 59,695 |
Total | 53,359 | 59,838 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 17,273 | |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 143 | $ 143 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Detail) - Performing Financing Receivable [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Number of Loans | 3 | 2 |
Recorded Investment | $ | $ 961 | $ 906 |
Consumer [Member] | ||
Number of Loans | 1 | |
Recorded Investment | $ | $ 74 | |
Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Number of Loans | 1 | 1 |
Recorded Investment | $ | $ 518 | $ 532 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Number of Loans | 1 | 1 |
Recorded Investment | $ | $ 369 | $ 374 |
Loans (Classes Of The Loan Port
Loans (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,390,275 | $ 1,188,522 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,346,483 | 1,138,111 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 19,849 | 22,094 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 23,943 | 28,317 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 267,238 | 224,416 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 259,152 | 215,998 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,548 | 2,405 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,538 | 6,013 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 791,669 | 723,577 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 53,359 | 59,838 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 52,800 | 59,022 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 416 | 673 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 143 | 143 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 31,736 | 32,901 |
Commercial Real Estate [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 31,736 | 32,667 |
Commercial Real Estate [Member] | Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 234 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 244,390 | 231,236 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 221,350 | 205,078 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 9,925 | 11,059 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 13,115 | 15,099 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 462,184 | 399,602 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 453,573 | 389,430 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,565 | 5,994 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,046 | 4,178 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 168,823 | 107,436 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 167,210 | 105,027 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 893 | 1,357 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 720 | 1,052 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 76,940 | 75,360 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 75,207 | 73,321 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 353 | 311 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,380 | 1,728 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 85,605 | 57,733 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 85,455 | 57,568 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 149 | 61 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1 | $ 104 |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Recorded investment with specific allowance | $ 1,738 | $ 1,738 | $ 1,284 | ||
Allowance for loan losses allocated | 547 | 547 | 514 | ||
Provision for loan losses | (67) | $ 207 | 1,400 | $ 4,815 | 292 |
Other real estate owned | 11,809 | 11,809 | 15,204 | ||
Other real estate owned, gross, carrying amount | 14,719 | 14,719 | 20,054 | ||
Other real estate owned, allowance | 2,910 | 2,910 | 4,850 | ||
Other real estate owned, valuation allowance write-down | 102 | 168 | |||
Other real estate and foreclosed asset, impairment write-off | $ 3,242 | ||||
Impaired Loans [Member] | |||||
Provision for loan losses | $ 4 | $ 37 | |||
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 Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Impaired Loans | $ 1,191 | $ 1,191 | $ 770 |
Fair Values (The Fair Value of
Fair Values (The Fair Value of Assets Measure on Non-recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 1,191 | $ 770 |
Other real estate owned | 11,809 | 15,204 |
Total assets measured at fair value | 13,000 | 15,974 |
Residential Portfolio Segment [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | 316 | 242 |
Other real estate owned | 1,194 | 2,337 |
Commercial Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 752 | $ 360 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 52 | |
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | 71 | $ 168 |
Other real estate owned | $ 10,615 | $ 12,867 |
Consumer [Member] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Consumer [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Consumer [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans |
Fair Values (The Schedule of Es
Fair Values (The Schedule of Estimated Fair Values and Related Carrying Amounts by Balance Sheet Groupings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | $ 175,289 | $ 185,703 | $ 283,741 | $ 143,452 |
Federal Home Loan Bank stock, carrying value | 11,668 | 9,224 | ||
Loans, net, carrying value | 1,376,617 | 1,179,056 | ||
Accrued interest receivable, carrying value | 4,269 | 3,490 | ||
Deposits, carrying value | 1,264,380 | 1,167,502 | ||
FHLB advances, carrying value | 242,000 | 178,500 | ||
Accrued interest payable, carrying value | 190 | 235 | ||
Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value | 175,289 | 185,703 | ||
Deposit, fair value | 997,794 | 854,246 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Deposit, fair value | 268,650 | 314,201 | ||
FHLB advances, fair value | 245,823 | 178,162 | ||
Accrued interest payable, fair value | 190 | 235 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Loans, net, fair value | 1,385,827 | 1,177,725 | ||
Accrued interest receivable, fair value | $ 4,269 | $ 3,490 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Earnings Per Share) (Details) $ / shares in Units, $ in Thousands | Aug. 13, 2014 | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares |
Basic | |||||
Net income | $ | $ 5,005 | $ 2,626 | $ 12,922 | $ 5,382 | |
Weighted average shares of common stock outstanding | 16,100,966 | 14,572,140 | 16,100,966 | 13,442,318 | |
Basic earnings per common share | $ / shares | $ 0.31 | $ 0.18 | $ 0.80 | $ 0.40 | |
Diluted | |||||
Net income | $ | $ 5,005 | $ 2,626 | $ 12,922 | $ 5,382 | |
Weighted average shares of common stock outstanding | 16,100,966 | 14,572,140 | 16,100,966 | 13,442,318 | |
Add: Dilutive effect of common stock equivalents | |||||
Average shares and dilutive potential common shares | 16,100,966 | 14,572,140 | 16,100,966 | 13,442,318 | |
Diluted earnings per common share | $ / shares | $ 0.31 | $ 0.18 | $ 0.80 | $ 0.40 | |
Antidilutive stock options | 0 | 0 | 0 | 0 | |
Stockholders' equity note, stock split, conversion ratio | 7 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Actual and Required Capital Ratios) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
C1 Financial, Inc. [Member] | ||
Total capital to risk weighted assets | ||
Amounts | $ 206,885 | $ 190,712 |
Ratio | 14.04% | 14.74% |
Required for capital adequacy purposes, amount | $ 117,851 | $ 103,532 |
Required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets | ||
Amounts | $ 198,953 | $ 185,388 |
Ratio | 13.51% | 14.33% |
Required for capital adequacy purposes, amount | $ 88,388 | $ 51,766 |
Required for capital adequacy purposes, ratio | 6.00% | 4.00% |
Common equity, Amounts | $ 198,953 | |
Common equity, Ratio | 13.51% | |
Common equity, Required for capital adequacy purposes, amount | $ 66,291 | |
Common equity, Required for capital adequacy purposes, ratio | 4.50% | |
Tier 1 capital to average assets | ||
Amounts | $ 198,953 | $ 185,388 |
Ratio | 11.79% | 11.95% |
Required for capital adequacy purposes, amount | $ 67,492 | $ 62,049 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
C1 Bank [Member] | ||
Total capital to risk weighted assets | ||
Amounts | $ 206,203 | $ 190,019 |
Ratio | 14.00% | 14.68% |
Required for capital adequacy purposes, amount | $ 117,843 | $ 103,523 |
Required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Well capitalized under prompt corrective action provision, amount | $ 147,304 | $ 129,404 |
Well capitalized under prompt corrective action provision, ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets | ||
Amounts | $ 198,271 | $ 184,695 |
Ratio | 13.46% | 14.27% |
Required for capital adequacy purposes, amount | $ 88,383 | $ 51,762 |
Required for capital adequacy purposes, ratio | 6.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | $ 117,843 | $ 77,642 |
Well capitalized under prompt corrective action provision, ratio | 8.00% | 6.00% |
Common equity, Amounts | $ 198,271 | |
Common equity, Ratio | 13.46% | |
Common equity, Required for capital adequacy purposes, amount | $ 66,287 | |
Common equity, Required for capital adequacy purposes, ratio | 4.50% | |
Common equity, Well capitalized under prompt corrective action provision, amount | $ 95,748 | |
Common equity, Well capitalized under prompt corrective action provision, ratio | 6.50% | |
Tier 1 capital to average assets | ||
Amounts | $ 198,271 | $ 184,695 |
Ratio | 11.75% | 11.91% |
Required for capital adequacy purposes, amount | $ 67,488 | $ 62,045 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | $ 84,360 | $ 77,556 |
Well capitalized under prompt corrective action provision, ratio | 5.00% | 5.00% |
Commitments and Contingencies43
Commitments and Contingencies (Summary of Commitments and Contingent Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Committed and contingent, total | $ 210,389 | $ 189,049 |
Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 39,486 | 39,630 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 2,371 | 1,540 |
Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | 168,532 | 147,879 |
Fixed Rate [Member] | ||
Loss Contingencies [Line Items] | ||
Committed and contingent, total | 21,747 | 27,893 |
Fixed Rate [Member] | Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 4,976 | 3,549 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 2,189 | 1,358 |
Fixed Rate [Member] | Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | 14,582 | 22,986 |
Variable Rate [Member] | ||
Loss Contingencies [Line Items] | ||
Committed and contingent, total | 188,642 | 161,156 |
Variable Rate [Member] | Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 34,510 | 36,081 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 182 | 182 |
Variable Rate [Member] | Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | $ 153,950 | $ 124,893 |