Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 05, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | C1 Financial, Inc. | ||
Entity Central Index Key | 1,609,132 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 141,490,279 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 16,100,966 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS [Abstract] | ||
Cash and cash equivalents | $ 137,259 | $ 185,703 |
Time deposits in other financial institutions | 248 | |
Federal Home Loan Bank stock, at cost | 11,668 | 9,224 |
Loans receivable (net of allowance of $8,031 at December 31, 2015 and $5,324 at December 31, 2014) | 1,429,131 | 1,179,056 |
Premises and equipment, net | 65,139 | 64,075 |
Other real estate owned, net | 28,330 | 34,916 |
Bank owned life insurance (BOLI) | 37,275 | 43,907 |
Accrued interest receivable | 4,641 | 3,490 |
Core deposit intangible, net | 699 | 987 |
Prepaid expenses | 5,613 | 5,243 |
Other assets | 5,517 | 10,090 |
Total assets | 1,725,520 | 1,536,691 |
Deposits [Abstract] | ||
Noninterest bearing | 321,034 | 278,543 |
Interest bearing | 957,231 | 888,959 |
Total deposits | 1,278,265 | 1,167,502 |
Federal Home Loan Bank advances | 242,000 | 178,500 |
Other liabilities | 4,274 | 4,051 |
Total liabilities | $ 1,524,539 | $ 1,350,053 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity | ||
Common stock, par value $1.00; 100,000,000 shares authorized; 16,100,966 shares issued and outstanding at both December 31, 2015 and December 31, 2014 | $ 16,101 | $ 16,101 |
Additional paid-in capital | 148,122 | 148,122 |
Retained earnings | $ 36,758 | $ 22,415 |
Accumulated other comprehensive income | ||
Total stockholders' equity | $ 200,981 | $ 186,638 |
Total liabilities and stockholders' equity | $ 1,725,520 | $ 1,536,691 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance | $ 8,031 | $ 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 | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [1] | |
Interest income | ||||
Loans, including fees | $ 76,861 | $ 63,351 | $ 47,362 | |
Securities | 12 | 62 | 705 | |
Federal funds sold and other | 866 | 897 | 432 | |
Total interest income | 77,739 | 64,310 | 48,499 | |
Interest expense: | ||||
Savings and interest-bearing demand deposits | 2,584 | 2,154 | 1,889 | |
Time deposits | 3,100 | 3,809 | 2,948 | |
Federal Home Loan Bank advances | 3,895 | 2,607 | 1,753 | |
Other borrowings | 56 | 60 | ||
Total interest expense | 9,579 | 8,626 | 6,650 | |
Net interest income | 68,160 | 55,684 | 41,849 | |
Provision for loan losses | 1,118 | 4,814 | 1,218 | |
Net interest income after provision for loan losses | $ 67,042 | 50,870 | 40,631 | |
Noninterest income: | ||||
Gain on sale of securities | 241 | 305 | ||
Gain on sale of loans | $ 1,219 | 2,532 | 1,169 | |
Services charges and fees | 2,383 | 2,240 | 1,898 | |
Bargain purchase gain | 48 | 13,462 | ||
Gains on sales of other real estate owned, net | 742 | 1,049 | 686 | |
Bank-owned life insurance | 893 | 160 | 173 | |
Mortgage banking fees | 47 | 590 | ||
Gains (losses) on disposals of premises and equipment, net | 2,590 | (16) | (22) | |
Other noninterest income | 1,974 | 1,437 | 3,387 | |
Total noninterest income | 9,801 | 7,738 | 21,648 | |
Noninterest expense: | ||||
Salaries and employee benefits | 22,192 | 18,360 | 17,015 | |
Occupancy expense | 5,307 | 4,505 | 3,630 | |
Furniture and equipment | 2,989 | 2,666 | 1,841 | |
Regulatory assessments | 1,505 | 1,467 | 1,096 | |
Network services and data processing | 4,425 | 3,819 | 3,402 | |
Printing and office supplies | 269 | 389 | 481 | |
Postage and delivery | 320 | 255 | 256 | |
Advertising and promotion | 3,620 | 3,546 | 3,422 | |
Other real estate owned related expense, net | 1,930 | 2,168 | 2,163 | |
Other real estate owned - valuation allowance expense | 374 | 3,331 | 1,739 | |
Amortization of intangible assets | 288 | 498 | 434 | |
Professional fees | 2,401 | 2,920 | 2,785 | |
Loan collection expenses | 130 | 458 | 710 | |
Merger related expense | 2,626 | 1,010 | ||
Other noninterest expense | 2,996 | 2,850 | 2,653 | |
Total noninterest expense | 51,372 | 47,232 | 42,637 | |
Income before income taxes | 25,471 | 11,376 | 19,642 | |
Income tax expense | 11,128 | 4,652 | 7,652 | |
Net income | $ 14,343 | $ 6,724 | $ 11,990 | |
Earnings per common share: | ||||
Basic | $ 0.89 | $ 0.48 | $ 1.08 | |
Diluted | $ 0.89 | $ 0.48 | $ 1.08 | |
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Consolidated Income Statements
Consolidated Income Statements (Parenthetical) | Aug. 13, 2014 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Stockholders' equity, reverse stock split | 7-for-1 reverse stock split of the Company's common stock | |
Stockholders' equity note, stock split, conversion ratio | 7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,724 | $ 11,990 | [1] | |
Unrealized gains/losses on available for sale securities: | ||||
Unrealized holding gains arising during the period | 241 | 228 | ||
Reclassification adjustments for gains included in net income | [2] | (241) | (305) | |
Tax effect | $ 0 | 29 | [2] | |
Total other comprehensive income, net of tax | (48) | |||
Comprehensive income | $ 6,724 | $ 11,942 | ||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. | |||
[2] | 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, $0 and $29 for the years ended December 31, 2015, 2014 and 2013, respectively. The amounts related to income taxes on gains included in net income are included in income tax expense in the consolidated income statements. |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Tax effect | $ 0 | $ 0 | $ 29 | [1] |
[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, $0 and $29 for the years ended December 31, 2015, 2014 and 2013, respectively. The amounts related to income taxes on gains included in net income are included in income tax expense in the consolidated income statements. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Preferred Stock Series E [Member] | Total | ||
Beginning balance at Dec. 31, 2012 | $ 9,616 | $ 82,016 | $ 3,738 | $ (4) | $ 48 | $ 1,033 | $ 96,447 | ||
Issuance of common stock, net of costs | [1] | 1,568 | 11,894 | 13,462 | |||||
Conversion of preferred stock to common stock | [1] | 1,033 | $ (1,033) | ||||||
Retirement of treasury stock | [1] | (4) | $ 4 | ||||||
Net income | 11,990 | 11,990 | [2] | ||||||
Other | (37) | (37) | |||||||
Other comprehensive income (loss) | $ (48) | (48) | |||||||
Ending balance at Dec. 31, 2013 | 12,217 | 93,906 | 15,691 | 121,814 | |||||
Issuance of common stock, net of costs | [1] | $ 3,884 | 54,023 | 57,907 | |||||
Net income | $ 6,724 | 6,724 | |||||||
Other | $ 193 | $ 193 | |||||||
Other comprehensive income (loss) | |||||||||
Ending balance at Dec. 31, 2014 | $ 16,101 | $ 148,122 | $ 22,415 | $ 186,638 | |||||
Net income | $ 14,343 | $ 14,343 | |||||||
Other comprehensive income (loss) | |||||||||
Ending balance at Dec. 31, 2015 | $ 16,101 | $ 148,122 | $ 36,758 | $ 200,981 | |||||
[1] | Amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. | ||||||||
[2] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Payments of stock issuance costs | $ 4,653 | |
Common Stock [Member] | ||
Payments of stock issuance costs | $ 0 | |
Number of shares issued | shares | 3,884,034 | 1,567,825 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows from operating activities | ||||
Net income | $ 14,343 | $ 6,724 | $ 11,990 | [1] |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Provision for loan losses | 1,118 | 4,814 | 1,218 | [1] |
Depreciation | 3,408 | 2,841 | 2,069 | |
Net accretion of purchase accounting adjustments | (1,742) | (2,483) | (2,856) | |
Net amortization of securities | 589 | |||
Accretion of loan discount | (438) | (270) | (383) | |
Amortization of other intangible assets | 288 | 498 | 434 | |
Increase in other real estate owned valuation allowance | 374 | 3,331 | 1,739 | [1] |
Increase in cash surrender value of BOLI | $ (893) | (160) | (173) | |
Gains on sale of securities | (241) | (305) | [1] | |
Bargain purchase gain | (48) | (13,462) | [1] | |
Net change in deferred income tax expense (benefit) | $ (538) | (798) | 5,660 | |
Gains on sales of loans | (1,219) | (2,532) | (1,169) | [1] |
Gains on sales of other real estate owned, net | (742) | (1,049) | (686) | [1] |
(Gains) losses on disposals of premises and equipment, net | (2,590) | 16 | 22 | [1] |
Gains on early redemption of Federal Home Loan Bank advances | (670) | (1,881) | ||
Net change in other assets and liabilities: | ||||
Accrued interest receivable and other assets | 3,590 | (3,132) | (1,296) | |
Other liabilities | 527 | (1,622) | 4,099 | |
Net cash from operating activities | 14,816 | 5,889 | 5,609 | |
Cash flows from investing activities | ||||
Net change in time deposits in other financial institutions | (248) | 249 | ||
Loan originations, net of repayments | (264,004) | (162,412) | (258,693) | |
Proceeds from loans sold | 11,676 | 26,697 | 33,200 | |
Proceeds from sales of other real estate owned | 11,218 | 7,206 | 9,855 | |
Proceeds from sales, calls and maturities of securities | 996 | 130,562 | ||
Purchases of Federal Home Loan Bank stock | (5,030) | (1,958) | (4,868) | |
Proceeds of sales of Federal Home Loan Bank stock | 2,586 | 944 | 2,248 | |
Purchases of premises and equipment | (6,330) | (9,654) | (14,852) | |
Proceeds from sales of premises and equipment | 4,448 | 6 | 1 | |
Purchase of BOLI | (35,000) | |||
Surrender of BOLI | 7,467 | |||
Net cash transferred in bank acquisition | 48 | 41,819 | ||
Net cash from investing activities | (238,217) | (173,127) | (60,479) | |
Cash flows from financing activities | ||||
Net proceeds from issuance of common stock | 57,907 | 13,462 | ||
Net change in deposits | 110,787 | 126,582 | 44,341 | |
Repayment of Federal Home Loan Bank advances | (48,830) | (17,000) | (66,519) | |
Proceeds from Federal Home Loan Bank advances | 113,000 | 45,000 | 130,000 | |
Repayment of other borrowings | (3,000) | |||
Net cash provided by financing activities | 174,957 | 209,489 | 121,284 | |
Net change in cash and cash equivalents | (48,444) | 42,251 | 66,414 | |
Cash and cash equivalents at beginning of the period | 185,703 | 143,452 | 77,038 | |
Cash and cash equivalents at end of the period | 137,259 | 185,703 | 143,452 | |
Supplemental information: | ||||
Cash paid during the period for interest | 9,782 | 9,002 | 7,452 | |
Cash paid during the period for income taxes | 12,058 | 6,584 | 155 | |
Non-cash items: | ||||
Transfers from loans to other real estate owned | $ 4,264 | $ 3,355 | $ 6,829 | |
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation The consolidated financial statements as of and for the years ended December 31, 2015, 2014 and 2013 include C1 Financial, Inc. (“C1 Financial”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as the “Company”. C1 Financial, Inc. is the Parent Company for its wholly owned subsidiary, C1 Bank. C1 Financial, Inc. is a Bank Holding Company and a Florida Corporation organized in 2013, and C1 Bank became its wholly owned subsidiary after the share reorganization that took place on December 19, 2013, when 11,632,448 common shares of C1 Financial Inc. were issued to C1 Bank shareholders in exchange for their C1 Bank shares, with C1 Financial Inc. becoming the owner of all 11,632,448 outstanding common shares of C1 Bank as of that date. After the reorganization and up to December 31, 2013, C1 Financial, Inc. raised $5,605 of new capital through the issuance of 584,484 common shares. All of this capital was injected into C1 Bank resulting in C1 Financial, Inc. purchasing an additional 584,484 common shares of C1 Bank. At December 31, 2013, C1 Financial Inc. had 12,216,932 common shares outstanding and owned 12,216,932 common shares of C1 Bank. As described in Note 2, 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. As a result of the initial public offering, which became effective on August 13, 2014, C1 Financial, Inc. issued 2,761,356 shares of common stock. 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 completed 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. C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. During 2011, the Bank changed its name from Community Bank of Manatee to Community Bank & Company, and during 2012, the Bank changed its name to C1 Bank. The Bank provides a variety of banking services to individuals through its 32 offices and one loan production office which are located in ten counties (Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, Lee, Miami-Dade, Broward 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. As described in Note 3, on August 2, 2013 , the Bank acquired First Community Bank of Southwest Florida through an FDIC assisted transaction, consolidating substantially all of its assets and assuming all of the deposits. The consolidated financial information included herein reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the reported periods, with all significant intercompany transactions eliminated. The accounting and reporting policies of the Company conform to GAAP. Certain account reclassifications have been made to the 2014 and 2013 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2014 or 2013 net income or stockholders’ equity. To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses, fair value of other real estate owned, purchased credit impaired loans, deferred tax assets and fair values of financial instruments are particularly subject to change. While the Company’s chief decision makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated into one reportable operating segment. Cash and Cash Equivalents : Cash and cash equivalents include cash, deposits with other financial institutions with original maturities less than 90 days, excess balances held at the Federal Reserve Bank of Atlanta, and Federal funds sold. Net cash flows are reported for customer loan and deposit transactions, bank acquisitions, interest bearing deposits in other financial institutions, and other borrowings. Securities Available for Sale : When purchased, securities are classified as available for sale when management intends to hold the securities for an indefinite period of time, or when the securities may be used for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure, prepayment risk and liquidity needs. Securities available for sale are carried at fair value with unrealized gains and losses reported in other comprehensive income, net of income tax. Realized gains (losses) on securities available for sale are included in noninterest income. Gains and losses on sales of securities are determined by the specific identification method. Amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are included in interest income. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Federal Home Loan Bank (FHLB) Stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Preferred Stock : During 2010 the Bank issued 1,033,335 shares of Series E Non-Cumulative Preferred stock with a par value of $1.00 . Holders of Class E Preferred stock participate in any dividends and other distributions declared on the Common Stock. During 2013 , all Series E Non-Cumulative Perpetual preferred stock was converted to common stock. No dividends were paid during the period the Series E Non-Cumulative Perpetual preferred stock was outstanding. Concentration of Credit Risk: Most of the Bank’s business activity is with customers located within Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, Lee, Miami-Dade, Broward and Orange Counties. Therefore, the Bank’s exposure to credit risk is significantly affected by changes in the economy in these counties. The Bank has made four commercial real estate loans to three Brazilian corporations which, at December 31, 2015 and 2014, exceeded 1% of total assets. These loans to Brazilian borrowers are secured by collateral outside of the U.S., and outstanding balances (including accrued interest) at December 31, 2015 and 2014 were $41,324 and $44,003 , representing 2.4% and 2.9% of total assets, respectively. At December 31, 2015, two of these Brazilian loans with a combined recorded investment of $17,532 were included in the 60-89 days past due category and on nonaccrual status. The third Brazilian loan with a recorded investment of $17,473 was included in the 60-89 days past due category as of December 31, 2015 and a payment was received in February 2016 , which brought the loan current to December 5, 2015 . The final Brazilian loan with a recorded investment of $6,319 was current and paying as agreed at December 31, 2015. Loans : Loans (excluding Purchased Credit Impaired loans which have shown evidence of deterioration since origination) which management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The recorded investment in loans is the outstanding principal balance, net of partial charge offs. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. A loan is moved to nonaccrual status in accordance with the Bank’s policy, typically after 90 days of nonpayment, or less than 90 days of nonpayment if management determines that the full timely collection of principal and interest becomes doubtful. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method with cash payments applied as principal reduction, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Purchased Credit Impaired Loans (PCI Loans) : As part of business acquisitions (First Community Bank of America, The Palm Bank and First Community Bank of Southwest Florida), the Bank acquired loans that have evidence of credit deterioration since origination. These acquired loans are recorded at their fair value, such that there is no carryover of the allowance for loan losses. Such purchased loans are accounted for individually or aggregated into pools of loans based on common risk characteristics. The Bank estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flow in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded through the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Purchased credit impaired loans are placed on nonaccrual and accounted for under the cost recovery method when repayment is expected through foreclosure or repossession of the collateral, and the timing of foreclosure or repossession cannot be estimated with reasonable certainty. These loans are measured for impairment under the Bank’s policy for measuring impairment on collateral-dependent impaired loans that were originated by the Bank and included in impaired loans if there is a subsequent decline in the value of the collateral. Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for each loan portfolio segment using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. A loan is impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All substandard commercial real estate, construction and commercial loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as residential real estate and consumer loans, may be collectively evaluated for impairment and, accordingly, not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral-dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, we determine the amount of valuation allowance in accordance with the accounting policy for the allowance for loan losses. The general component of our allowance analysis covers nonimpaired loans and is based on our historical loss experience over the past two years as adjusted for certain current factors described in the paragraph below. As of December 31, 2015, 19% of our loan portfolio consisted of loans underwritten by different credit teams than our current team, including loans acquired from Community Bank of Manatee, First Community Bank of America, The Palm Bank and First Community Bank of Southwest Florida (together, the “Acquired Loans”). The Acquired Loans were originated under different economic conditions than exist today and were underwritten utilizing different underwriting standards. We consider the Acquired Loans to be seasoned since they were originated more than five years ago. As such, we use the historical loss experience for the pool of Acquired Loans over the past two years as part of the general component of our allowance analysis for the Acquired Loans. This actual historical loss experience is supplemented with management adjustment factors based on the risks present for each portfolio segment (separated for originated and acquired loans), including: (i) levels of and trends in delinquencies and nonaccrual loans; (ii) trends in volume and terms of loans; (iii) changes in lending policies, procedures, and practices; (iv) experience, ability and depth of lending management and other relevant staff; (v) changes in the quality of the loan review system; (vi) changes in the underlying collateral; (vii) changes in competition, and the legal and regulatory environment; (viii) effects of changes in credit concentrations; and (ix) national and local economic trends and conditions. To determine the impact of these factors, management looks at external indicators such as unemployment rate, GDP growth, trends in consumer credit, real estate prices in the geographical areas where the Bank operates, information related to the other Florida banks, the competitive and regulatory environment, as well as internal indicators such as loan growth, credit concentrations and the loan review process. Each of the adjustment factors is graded on a scale from “significantly improved compared to historical period” to “significantly declined compared to historical period,” and historical loss rates are adjusted based on this assessment. If a factor is graded “same compared to historical period,” no adjustments are made to the historical loss experience for that specific pool and loan category with respect to such factor. In addition, a risk-rating adjustment factor is determined at the loan level based on the individual risk rating of each loan. As of December 31, 2015, 81% of our loan portfolio consisted of loans originated by C1 Bank from 2010 to the present and, as such, may not be seasoned. Generally, the historical loss rate of the C1 Bank originated loans has been very low; however, due to the unseasoned nature of the C1 Bank originated loans, the historical loss rate may not effectively capture the probable incurred losses in this portion of our loan portfolio. Accordingly, we performed a peer statistical analysis of U.S. banks to determine what would be a normalized loss rate for our originated loans, considering characteristics like profitability, asset growth and geographical location, among others. While there are characteristics unique to each financial institution that drive loss rates and make a bank more or less risky than its peers, the purpose of this peer statistical analysis was to estimate a “better” loss rate, but in the context of a model that controls for characteristics like geography, asset growth and recovering economic conditions. For this analysis, we first looked at two- and three-year median loss rates for all U.S. banks, which were both below loss rates in the C1 Bank originated loan portfolio after factoring in management adjustments. Understanding that the median peer loss rates may not capture specifics of the C1 Bank originated loans, such as profitability, asset growth and geographical location, among others, we performed a regression-based study of credit-loss rates for all commercial banks in the United States over a three-year period ending in 2013. The model incorporated the following variables: amount of past due loans, geography, capitalization, bank age, management, asset size, asset quality, earnings, and credit risk. We completed this analysis during the second quarter of 2014 and it was first used for the calculation of the allowance for loan losses as of June 30, 2014. This peer analysis affects the determination of our allowance for loan losses, as we use the higher of the actual losses and the outcome of the analysis as the input for the calculation of the general component of the allowance for loan losses for the C1 Bank originated loans. The peer analysis will be updated during the first quarter of each year and will be used as an element for the calculation of the allowance for loan losses during that specific year, until such time when we develop relevant loss history for C1 Bank originated loans. The purpose of using the highest of actual and peer analysis loss rates is to prevent relying on lower C1 Bank originated loan loss rates, which could actually be caused by an unseasoned portfolio and may not effectively capture the probable incurred losses in the C1 Bank originated loan portion of our portfolio. During the first quarter of 2015, we updated the analysis applying the same statistical regression for the two and three year periods ending in 2014, and the result was used as an element to the calculation of the allowance for loan losses as of December 31, 2015. We view this peer analysis as a short-term proxy until we develop additional loss history for the C1 Bank originated loans that approximate a full business cycle. The average business cycle length according to the National Bureau of Economic Research during the last 11 business cycles has been close to six years, and the FDIC defines seven years as a de novo period for extended supervisory activities for new charters (although we are not a de novo institution). At the end of 2015, our first loans (2010 vintage) were completing six years since origination, in line with the average U.S. business cycle and close to the seven-year de novo period defined by the FDIC. We expect our historical losses to become more representative as we get closer to this point. Loan Commitments and Related Financial Instruments : Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when funded. Premises and Equipment : Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line or accelerated method with useful lives ranging from 3 to 10 years. Leasehold improvements are amortized using the straight-line method over the lesser of their estimated useful lives or the respective lease terms including reasonable renewal periods. Costs of major additions and improvements are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Gains and losses on dispositions are included in current operations. Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Other Real Estate Owned : Other real estate owned (OREO) represents assets acquired through foreclosure or other proceedings. Foreclosed assets acquired are initially recorded at fair value at the date of foreclosure less estimated costs to sell, which establishes a new cost basis. Any write-down to fair value at the time of transfer to OREO is charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management to ensure that properties recorded in OREO are carried at the lower of cost or fair value less estimated costs of disposal. The OREO valuation allowance is adjusted as necessary. Expenses from the operations of OREO, net of rental income and changes in the OREO valuation allowance, are included in noninterest expense. Bank-Owned Life Insurance : As part of a bank acquisition, the Bank acquired life insurance policies on certain executives of the acquired bank. The Bank also invested in separate account bank-owned life insurance in December 2014. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Included in the balance at December 31, 2015 was $1.5 million relating to policies on former officers of an acquired bank. During the second quarter of 2015, we sent surrender notices for these $1.5 million acquired polices. We expect to receive the proceeds within three to nine months . Other Intangible Assets : Other intangible assets consist of the core deposit intangible arising from acquisitions by the Bank. These intangible assets are amortized on an accelerated method over their estimated useful life. Income Taxes : Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes. The deferred tax assets and liabilities represent the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Bank recognizes interest and/or penalties related to income tax matters in income tax expense. Advertising Costs: Advertising costs are expensed as incurred except for certain costs related to sports marketing contracts, which are initially capitalized and amortized during the expected time during which the Bank will benefit from the agreements, which is generally one to three years. Information Technology Costs: Information technology costs are expensed as incurred except for software licenses, which are capitalized and amortized during their expected useful life. Intellectual Property Rights: The Information Technology team of the Company develops information technology solutions for the benefit of the Company. In some cases, the Company files patents to protect the intellectual property. All related costs are expensed as incurred and the patents have no carrying value in the balance sheet. Stock-Based Compensation : Compensation cost is recognized for stock options and restricted stock awards based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. During 2014, the Board of Directors of the Company adopted an omnibus incentive plan, which reserved 1,000,000 shares of the Company’s common stock for the grant of awards to eligible employees. The omnibus incentive plan is scheduled to expire after ten years. As of December 31, 2015, there were no awards granted under the omnibus incentive plan. 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. Transfers and Servicing of Financial Assets : A transfer of financial assets is accounted for as a sale when control of the transferred asset is surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Servicing rights and other retained interests in the sold assets are recorded at fair value at the date of transfer. The fair values of servicing rights and other retained interests are determined at the date of transfer using the present value of estimated future cash flows, using assumptions that market participants would use in their estimates of fair values. Fair Value of Financial Instruments : Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Loss Contingencies : Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters as of December 31, 2015 that will have a material effect on the financial statements. Comprehensive Income (loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, net of related income tax, which are also recognized as separate components of equity. Restrictions on Cash : A portion of cash on hand is required to be maintained to meet regulatory reserve and clearing requirements. Dividend Restriction : Banking regulations require maintaining certain capital levels and impose certain restrictions on the payment of dividends. Recent Accounting Standards Adopted Accounting Standards Update (“ASU”) 2014-04, “Receivables (Accounting Standards Codification (“ASC”) Topic 310) – Troubled Debt Restructurings by Creditors, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” ASU 2014-04 clarifies when an in substance repossession or foreclosure occurs which is defined as when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The ASU requires that the real property be recognized upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The Company adopted ASU No. 2014-04 effective January 1, 2015. The adoption of ASU No. 2014-04 did not have a material impact on the Company's Consolidated Financial Statements. Recent Accounting Standards Newly Issued But Not Yet Effective ASU 2014-09, "Revenue from Contracts with Customers” (ASC Topic 606). The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitle |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 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 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 completed on August 13, 2014. The effect of the split on authorized, issued and outstanding common and preferred shares and earnings per share has been retroactively applied to all periods presented. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 3 – BUSINESS COMBINATIONS On August 2, 2013, the Bank acquired First Community Bank of Southwest Florida through the FDIC. First Community Bank of Southwest Florida operations were included in the Bank’s income statement beginning August 3, 2013. Acquisition-related costs of approximately $831 were included in the Bank’s income statement as noninterest expense for the year ended December 31, 2013. The total value of the consideration paid to the Bank by the FDIC was $23,494 in cash. The purchase was part of the Bank’s overall strategy to grow and expand its market presence in Southwest Florida. The acquisition resulted in a bargain purchase gain of $12,387 as of acquisition date, primarily as a result of the bid price being below the fair value of the net assets acquired. After measurement period adjustments, the bargain purchase gain as of December 31, 2013 was $13,462 . The following table summarizes the consideration received for First Community Bank of Southwest Florida and the fair value of the assets acquired and liabilities assumed at the acquisition date: August 2, 2013 Measurement Period December 31, 2013 Assets Cash and cash equivalents $ 18,645 $ – $ 18,645 Securities available for sale 21,500 – 21,500 Restricted stock 926 – 926 Loans 164,965 578 165,543 Premises and equipment 5,630 – 5,630 Core deposit intangibles 1,549 – 1,549 Other real estate owned 25,604 497 26,101 Other assets 905 – 905 Total assets acquired 239,724 1,075 240,799 Liabilities Deposits 237,053 – 237,053 FHLB Advances 13,600 – 13,600 Other liabilities 178 – 178 Total liabilities assumed 250,831 – 250,831 Net assets acquired (11,107) 1,075 (10,032) Net cash received 23,494 – 23,494 Bargain purchase gain $ 12,387 $ 1,075 $ 13,462 T he acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . Both the assets purchased and liabilities assumed were recorded at their estimated fair values. Determining the fair values of assets and liabilities, especially the loan portfolio and foreclosed real estate, involved significant judgment and assumptions. Due primarily to the significant amount of fair value adjustments, troubled condition, and regulatory constraints, historical results of First Community Bank of Southwest Florida were not believed to be relevant to the Company’s results, and thus no pro forma information is presented. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | NOTE 4—INTANGIBLE ASSETS Acquired intangible assets at December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangibles $ 2,572 $ (1,873) $ 2,572 $ (1,585) Amortization expense for 2015, 2014 and 2013 was $288 , $498 and $434 , respectively. Estimated amortization expense for each of the next five years is as follows: 2016 $ 200 2017 143 2018 104 2019 77 2020 57 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE 5 – INVESTMENT SECURITIES The Bank had no securities available for sale as of December 31, 2015 and December 31, 2014 due to the decision to sell the entirety of the securities available for sale portfolio in 2013. This decision was based on the assessment that improving economic conditions could begin to put upward pressure on interest rates. This action eliminated the mark-to-market risk that holding the securities would have posed in a rising interest rate environment and allowed the excess funds to be redeployed into loans. During 2014, the Bank recorded gains on the sale of securities from an acquired bank. Proceeds and gross gains and (losses) from the sale of securities available for sale for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Proceeds from sales of securities $ - $ 996 $ 130,091 Gross gains $ - $ 241 $ 576 Gross (losses) - - (271) Net gains on sales of securities $ - $ 241 $ 305 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Loans | NOTE 6 – LOANS The following table provides information on the loan portfolio by portfolio segment at the dates indicated: December 31, 2015 December 31, 2014 Real estate Residential $ 303,644 $ 224,416 Commercial 783,774 723,577 Construction 197,070 107,436 Total real estate 1,284,488 1,055,429 Commercial 63,635 75,360 Consumer 94,521 57,733 Total loans, gross 1,442,644 1,188,522 Less: Net deferred loan fees (5,482) (4,142) Allowance for loan losses (8,031) (5,324) Total loans, net $ 1,429,131 $ 1,179,056 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 table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2015: Year Ended December 31, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 820 $ 3,423 $ 416 $ 373 $ 292 $ 5,324 Loans charged-off (119) (3) (7) (67) (64) (260) Recoveries 417 295 267 710 160 1,849 Net recoveries 298 292 260 643 96 1,589 Provision (reversal of provision) for loan losses 645 292 530 (579) 230 1,118 Ending balance $ 1,763 $ 4,007 $ 1,206 $ 437 $ 618 $ 8,031 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2014: Year Ended December 31, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 439 $ 1,860 $ 241 $ 537 $ 335 $ 3,412 Loans charged-off (304) (430) (51) (4,163) (347) (5,295) Recoveries 1,100 351 472 414 56 2,393 Net (charge-offs) recoveries 796 (79) 421 (3,749) (291) (2,902) Provision (reversal of provision) for loan losses (415) 1,642 (246) 3,585 248 4,814 Ending balance $ 820 $ 3,423 $ 416 $ 373 $ 292 $ 5,324 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 $484 thousand during 2015. The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2013: Year Ended December 31, 2013 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 523 $ 1,337 $ 251 $ 399 $ 304 $ 2,814 Loans charged-off (506) (940) (120) (918) (180) (2,664) Recoveries 1,012 181 317 330 204 2,044 Net (charge-offs) recoveries 506 (759) 197 (588) 24 (620) Provision (reversal of provision) for loan losses (590) 1,282 (207) 726 7 1,218 Ending balance $ 439 $ 1,860 $ 241 $ 537 $ 335 $ 3,412 The following table provides the allocation of the allowance for loan losses by portfolio segment at December 31, 2015: December 31, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific Reserves: Impaired Loans $ 156 $ 189 $ 125 $ 77 $ - $ 547 Purchased credit impaired loans 72 48 4 - - 124 Total Specific Reserves 228 237 129 77 - 671 General Reserves 1,535 3,770 1,077 360 618 7,360 Total $ 1,763 $ 4,007 $ 1,206 $ 437 $ 618 $ 8,031 Loans: Individually evaluated for impairment $ 3,550 $ 23,304 $ 177 $ 616 $ 10 $ 27,657 Purchased credit impaired loans 5,086 17,885 1,171 179 62 24,383 Collectively evaluated for impairment 295,008 742,585 195,722 62,840 94,449 1,390,604 Total ending loans balance $ 303,644 $ 783,774 $ 197,070 $ 63,635 $ 94,521 $ 1,442,644 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 $ 107 $ 339 $ - $ 68 $ - $ 514 Purchased credit impaired loans 46 37 8 - 1 92 Total Specific Reserves 153 376 8 68 1 606 General Reserves 667 3,047 408 305 291 4,718 Total $ 820 $ 3,423 $ 416 $ 373 $ 292 $ 5,324 Loans: Individually evaluated for impairment $ 1,813 $ 5,395 $ 230 $ 1,013 $ 104 $ 8,555 Purchased credit impaired loans 6,580 19,360 1,480 687 66 28,173 Collectively evaluated for impairment 216,023 698,822 105,726 73,660 57,563 1,151,794 Total ending loans balance $ 224,416 $ 723,577 $ 107,436 $ 75,360 $ 57,733 $ 1,188,522 The following table presents impaired loans individually evaluated for impairment by portfolio segment as of December 31, 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. The increase in the recorded investment was related to two commercial real estate loans secured by Brazilian farmland. December 31, 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 $ 3,079 $ 2,970 $ - $ 1,643 $ 1,464 $ - Commercial real estate Multifamily - - - - - - Owner occupied 2,886 2,595 - 4,346 4,000 - Nonowner occupied 2,071 2,071 - 608 553 - Secured by farmland 17,458 17,416 - 185 143 - Construction - - - 280 230 - Commercial 639 440 - 1,007 777 - Consumer 11 10 - 169 104 - With allowance recorded: Residential real estate 610 580 156 364 349 107 Commercial real estate Multifamily - - - - - - Owner occupied 1,287 1,222 189 776 699 339 Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction 177 177 125 - - - Commercial 204 176 77 314 236 68 Consumer - - - - - - Total $ 28,422 $ 27,657 $ 547 $ 9,692 $ 8,555 $ 514 Average impaired loans and related interest income for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized With no related allowance recorded: Residential real estate $ 1,639 $ 4 $ - $ 1,053 $ 5 $ - Commercial real estate Multifamily - - - - - - Owner occupied 3,623 2 - 2,779 13 - Nonowner occupied 789 - - 720 1 - Secured by farmland 4,461 - - 1,312 17 - Construction 43 - - 95 - - Commercial 581 1 - 399 8 - Consumer 4 - - 76 - - With allowance recorded: Residential real estate 560 - - 486 7 - Commercial real estate Multifamily - - - - - - Owner occupied 971 12 - 1,773 21 - Nonowner occupied - - - 68 - - Secured by farmland - - - - - - Construction 102 - - 45 - - Commercial 180 5 - 693 12 - Consumer 27 - - 58 - - Total $ 12,980 $ 24 $ - $ 9,557 $ 84 $ - Average impaired loans and related interest income for the year ended December 31, 2013 was as follows: Year Ended December 31, 2013 Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized With no related allowance recorded: Residential real estate $ 1,391 $ 6 $ - Commercial real estate Multifamily 259 8 - Owner occupied 3,459 60 - Nonowner occupied 320 2 - Secured by farmland 746 2 - Construction 31 - - Commercial 359 8 - Consumer 79 - - With allowance recorded: Residential real estate 401 2 - Commercial real estate Multifamily - - - Owner occupied 702 15 - Nonowner occupied - - - Secured by farmland - - - Construction - - - Commercial 691 5 - Consumer 479 3 - Total $ 8,917 $ 111 $ - The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual as of December 31, 2015 and December 31, 2014: December 31, 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 $ 4,763 $ - $ 4,168 $ - Commercial real estate 30,457 - 14,582 - Construction 177 - 449 - Commercial 544 - 1,591 - Consumer 10 - 104 - Total $ 35,951 $ - $ 20,894 $ - The increase in nonaccrual loans was related to two commercial real estate loans secured by Brazilian farmland. The reported amounts as of December 31, 2015 and December 31, 2014 include nonaccrual purchased credit impaired loans of $8,880 and $ 12,980 , respectively . Purchased credit impaired loans are placed on nonaccrual and accounted for under the cost recovery method when repayment is expected through foreclosure or repossession of the collateral, and the timing of foreclosure or repossession cannot be estimated with reasonable certainty. These loans are measured for impairment under the Bank’s policy for measuring impairment on collateral dependent impaired loans that were originated by the Bank and included in impaired loans if there is a subsequent decline in the value of the collateral. The following table presents the aging of the recorded investment in past due loans as of December 31, 2015: December 31, 2015 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 $ 464 $ 118 $ 3,525 $ 4,107 $ 299,537 $ 303,644 Commercial real estate Multifamily - - - - 33,950 33,950 Owner occupied 2,913 1,075 4,549 8,537 215,877 224,414 Nonowner occupied 3,043 799 2,211 6,053 467,323 473,376 Secured by farmland - 34,349 143 34,492 17,542 52,034 Construction 424 - 177 601 196,469 197,070 Commercial 34 76 351 461 63,174 63,635 Consumer 141 - - 141 94,380 94,521 Total $ 7,019 $ 36,417 $ 10,956 $ 54,392 $ 1,388,252 $ 1,442,644 The increase in 60-89 days past due was related to commercial real estate loans secured by Brazilian farmland. 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 $ 1,256 $ 165 $ 4,168 $ 5,589 $ 218,827 $ 224,416 Commercial real estate Multifamily 356 - - 356 32,545 32,901 Owner occupied 1,829 - 10,261 12,090 219,146 231,236 Nonowner occupied 2,593 - 4,178 6,771 392,831 399,602 Secured by farmland - - 143 143 59,695 59,838 Construction 85 - 449 534 106,902 107,436 Commercial 550 - 1,591 2,141 73,219 75,360 Consumer 49 48 104 201 57,532 57,733 Total $ 6,718 $ 213 $ 20,894 $ 27,825 $ 1,160,697 $ 1,188,522 Troubled Debt Restructurings The following table is a summary of troubled debt restructurings that were performing in accordance with the restructured terms at December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate - $ - - $ - Commercial real estate Multifamily - - - - Owner occupied 1 513 1 532 Nonowner occupied 1 367 1 374 Secured by farmland - - - - Construction - - - - Commercial - - - - Consumer 1 74 - - Total 3 $ 954 2 $ 906 As of December 31, 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 2015. There were no loans modified as troubled debt restructurings during 2014. There were no troubled debt restructurings that defaulted during 2015, 2014 or 2013. A troubled debt restructuring 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 December 31, 2015 and December 31, 2014, loans by risk category were as follows: December 31, 2015 Pass Special Mention Substandard Doubtful Total Residential real estate $ 294,790 $ 1,683 $ 7,171 $ - $ 303,644 Commercial real estate Multifamily 33,950 - - - 33,950 Owner occupied 203,155 12,278 8,981 - 224,414 Nonowner occupied 462,288 5,976 5,112 - 473,376 Secured by farmland 17,126 17,492 17,416 - 52,034 Construction 195,468 877 725 - 197,070 Commercial 56,364 6,655 616 - 63,635 Consumer 94,381 130 10 - 94,521 Total $ 1,357,522 $ 45,091 $ 40,031 $ - $ 1,442,644 December 31, 2014 Pass Special Mention Substandard Doubtful Total Residential real estate $ 215,998 $ 2,405 $ 6,013 $ - $ 224,416 Commercial real estate Multifamily 32,667 234 - - 32,901 Owner occupied 205,078 11,059 15,099 - 231,236 Nonowner occupied 389,430 5,994 4,178 - 399,602 Secured by farmland 59,022 673 143 - 59,838 Construction 105,027 1,357 1,052 - 107,436 Commercial 73,321 311 1,728 - 75,360 Consumer 57,568 61 104 - 57,733 Total $ 1,138,111 $ 22,094 $ 28,317 $ - $ 1,188,522 Both the increase in special mention and substandard loans were related to commercial real estate loans secured by Brazilian farmland. 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 December 31, 2015 and December 31, 2014 was approximately $ 24,259 and $28,081 , respectively. The Bank maintained an allowance for loan losses of $124 and $92 at December 31, 2015 and December 31, 2014, respectively, for loans acquired with deteriorated quality. During the years ended December 31, 2015, 2014 and 2013, the Bank accreted $582 , $652 and $284 , respectively, into interest income on these loans. The remaining accretable discount was $1,804 at December 31, 201 5 and $2,421 at December 31, 2014. The Bank did not transfer any nonaccretable discount on these loans during the periods presented. Loans related to the acquisition of First Community Bank of Southwest Florida for which it was probable at acquisition that all contractually required payments would not be collected were as follows: 2013 Contractually required payments receivable of loans purchased during the year (assuming no prepayments) $ 35,650 Cash flows expected to be collected at acquisition $ 24,030 Fair value of acquired loans at acquisition $ 20,901 The Bank has entered into transactions with certain directors, officers, significant stockholders and their affiliates. The aggregate amount of loans to such related parties at December 31, 2015 and 2014 was $2,677 and $2,520 , respectively. During 2015 and 2014, loan additions were $708 and $2,493 , respectively, and loan repayments were $551 and $786 , respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | NOTE 7 – OTHER REAL ESTATE OWNED Other real estate owned activity was as follows: 2015 2014 2013 Balance at beginning of period $ 34,916 $ 41,049 $ 19,027 Acquired other real estate owned - - 26,101 Loans transferred to other real estate owned 4,264 3,355 6,829 Valuation allowance expense (374) (3,331) (1,739) Sales of other real estate owned (10,476) (6,157) (9,169) Balance at end of period $ 28,330 $ 34,916 $ 41,049 Activity in the other real estate owned valuation allowance was as follows: 2015 2014 2013 Balance at beginning of period $ 4,850 $ 2,709 $ 1,520 Valuation allowance expense 374 3,331 1,739 Removals due to sales (2,135) (1,190) (550) Balance at end of period $ 3,089 $ 4,850 $ 2,709 Expenses related to other real estate owned include: 2015 2014 2013 Operating expenses, net of rental income $ 1,930 $ 2,168 $ 2,163 Valuation allowance expense 374 3,331 1,739 Other real estate owned expense $ 2,304 $ 5,499 $ 3,902 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | NOTE 8 – PREMISES AND EQUIPMENT A summary of the Company’s premises and equipment and the total accumulated depreciation are as follows: December 31, 2015 December 31, 2014 Land $ 15,208 $ 15,298 Buildings and improvements 43,043 38,104 Furniture, equipment and autos 15,590 12,937 Construction in progress 4,803 7,899 78,644 74,238 Less: accumulated depreciation (13,505) (10,163) Net book value $ 65,139 $ 64,075 At December 31, 2015, the Bank was obligated under noncancelable operating leases for land and branch locations through the year 2056. These leases contain escalation clauses providing for increased rent based primarily on increases in real estate taxes, increases in the average consumer price index, or predetermined fixed rates. Rent expense, which is included in occupancy expense, was $1,740, $1,713 and $1,508 for the years ended December 31, 2015, 2014 and 2013, respectively. The required minimum rental payments under the terms of the leases at December 31, 2015 for each of the next five years and thereafter are as follows: 2016 $ 1,037 2017 900 2018 934 2019 931 2020 876 Thereafter 10,866 $ 15,544 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | NOTE 9 – DEPOSITS Deposit account balances are summarized as follows: December 31, 2015 December 31, 2014 Noninterest-bearing demand $ 321,034 $ 278,543 Interest-bearing demand 182,212 140,598 Money market and savings 494,943 435,105 Time 280,076 313,256 $ 1,278,265 $ 1,167,502 Time deposits maturing in years ending after December 31, 2015 are as follows: 2016 $ 114,959 2017 86,399 2018 20,319 2019 37,776 2020 16,408 Thereafter 4,215 $ 280,076 The aggregate amount of certificates of deposit that are $250 or more included in time deposits as of December 31, 2015 and 2014 was $36,555 and $26,277 , respectively. As of December 31, 2015 and 2014, we had brokered deposits of $38,672 and $17,052 , respectively. At December 31, 2015 and 2014, officers and directors of the Bank and entities in which they hold a financial interest had approximately $12,465 and $6,259 in deposits, respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank Advances | NOTE 10 – FEDERAL HOME LOAN BANK ADVANCES Advances from the FHLB at year end were as follows: December 31, 2015 December 31, 2014 Fixed rate hybrid advance, 1.94% , due January 2015 $ - $ 5,000 Convertible, 4.62% , due October 2016 5,000 5,000 Convertible, 2.92% , due December 2017 6,000 6,000 Convertible, 2.76% , due February 2015 - 5,000 Convertible, 2.92% , due February 2015 - 5,000 Convertible, 3.66% , due July 2015 - 3,000 Fixed rate credit advance, 1.97% , due March 2015 - 1,000 Fixed rate credit advance, 1.87% , due May 2015 - 1,500 Fixed rate credit advance, 1.55% , due July 2015 - 1,000 Fixed rate hybrid advance, 1.58% , due October 2016 5,000 5,000 Fixed rate credit advance, 1.42% , due December 2016 5,000 5,000 Fixed rate hybrid advance, 1.19% , due May 2018 20,000 20,000 Fixed rate hybrid advance, 2.70% , due May 2023 10,000 10,000 Fixed rate credit advance, 0.83% , due July 2016 1,000 1,000 Fixed rate hybrid advance, 1.78% , due September 2018 20,000 20,000 Fixed rate hybrid advance, 0.92% , due September 2016 10,000 10,000 Fixed rate hybrid advance, 0.44% , due December 2015 - 13,000 Fixed rate hybrid advance, 1.80% , due December 2018 5,000 5,000 Fixed rate hybrid advance, 1.34% , due December 2017 6,000 6,000 Fixed rate hybrid advance, 0.82% , due December 2016 6,000 6,000 Fixed rate hybrid advance, 1.92% , due May 2019 15,000 15,000 Fixed rate hybrid advance, 1.99% , due August 2019 15,000 15,000 Fixed rate hybrid advance, 2.02% , due August 2019 15,000 15,000 Fixed rate hybrid advance, 1.88% , due January 2020 20,000 - Fixed rate hybrid advance, 1.82% , due February 2020 20,000 - Fixed rate hybrid advance, 1.59% , due April 2020 15,000 - Fixed rate hybrid advance, 1.98% , due June 2020 30,000 - Fixed rate credit advance, 0.45% , due February 2016 13,000 - Total $ 242,000 $ 178,500 As of December 31, 2015, the option to convert from a fixed rate to variable rate remains for the convertible advance with a fixed interest rate of 2.92% and due December 2017 . The convertible advances are callable by the FHLB. Hybrid advances offer symmetrical prepayment and a one-time option to embed an interest rate cap or floor. Maturities of FHLB advances for the next five years are as follows: 2016 $ 45,000 2017 12,000 2018 45,000 2019 45,000 2020 85,000 Thereafter 10,000 $ 242,000 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Debentures [Abstract] | |
Subordinated Debentures | NOTE 11 – SUBORDINATED DEBENTURES The Bank sold $3,000 of nonconvertible capital debentures to a single institution in 2005. The debentures had a stated maturity of ten years. The interest rate was fixed for the first five years of the life of the debentures, and variable ( 1.7% over the 3-month LIBOR) for the final five years . The debentures were unsecured and subordinate in right of payment to the Bank’s obligation to its depositors and to the Bank’s other obligations to its creditors. The debentures were included in other borrowings on the balance sheet. The debentures were callable by the Bank after five years at par in whole or in part on any coupon date. The debentures were called by the Bank in December 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 12 – 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: December 31, 2015 Fixed Variable Total Unused lines of credit $ 8,275 $ 29,340 $ 37,615 Standby letters of credit 2,294 34 2,328 Commitments to fund loans 9,207 127,250 136,457 Total $ 19,776 $ 156,624 $ 176,400 December 31, 2014 Fixed Variable Total Unused lines of credit $ 3,549 $ 36,081 $ 39,630 Standby letters of credit 1,358 182 1,540 Commitments to fund loans 22,986 124,893 147,879 Total $ 27,893 $ 161,156 $ 189,049 There were $63 and $0 in standby letters of credit to related parties at December 31, 2015 and 2014. |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 2015 | |
Fair Values [Abstract] | |
Fair Values | NOTE 13 – 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 assets or liabilities measured at fair market value on a recurring basis at December 31, 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 December 31, 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 December 31, 2015 and December 31, 2014. As required by ASC 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of assets measured on a nonrecurring basis was as follows at December 31, 2015: December 31, 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 $ - $ - $ 424 Commercial real estate - - 1,033 Construction - - 52 Commercial - - 99 Consumer - - - Total Impaired Loans - - 1,608 Other real estate owned Residential - - 1,336 Commercial - - 7,354 Total other real estate owned - - 8,690 Total $ - $ - $ 10,298 Impaired loans, which had a specific allowance for loan losses allocated, had a fair value of $1,608 (recorded investment of $2,155 with a valuation allowance of $547) at December 31, 2015, which reflected a provision for loan losses of $37 for the year ended December 31, 2015. Other real estate owned, which is measured at fair value less costs to sell, had a net carrying amount of $8,690 (recorded investment of $11,779 , net of a valuation allowance of $3,089 ) at December 31, 2015, which reflected write-downs of $374 for the year ended December 31, 2015. 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 $ - $ - $ 242 Commercial real estate - - 360 Construction - - - Commercial - - 168 Consumer - - - Total Impaired Loans - - 770 Other real estate owned Residential - - 2,337 Commercial - - 12,867 Total other real estate owned - - 15,204 Total $ - $ - $ 15,974 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-down s 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 FHLB stock, are discussed above. It was not practicable to determine the fair value of FHLB 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 re-price frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for all other loans are estimated using discounted cash flow analyses, using the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. An overall valuation adjustment was made for specific credit risks as well as general portfolio credit risk. The methods utilized to estimate the fair value do not necessarily represent an exit price. Accrued interest receivable and payable – The carrying amount of accrued interest receivable and payable approximates fair value due to the short-term nature of these financial instruments. Deposits – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable upon demand at December 31, 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 December 31, 2015 and December 31, 2014. The estimated fair values of the Bank’s financial assets and liabilities at December 31, 2015 and December 31, 2014 approximated as follows: Fair Value Measurement at December 31, 2015 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 137,259 $ 137,259 $ - $ - Loans, net 1,429,131 - - 1,431,551 Accrued interest receivable 4,641 - - 4,641 Financial liabilities Deposits $ 1,278,265 $ 998,189 $ 280,570 $ - Federal Home Loan Bank advances 242,000 - 243,460 - Accrued interest payable 145 - 145 - Fair Value Measurement at December 31, 2014 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 185,703 $ 185,703 $ - $ - Loans, net 1,179,056 - - 1,177,725 Accrued interest receivable 3,490 - - 3,490 Financial liabilities Deposits $ 1,167,502 $ 854,246 $ 314,201 $ - Federal Home Loan Bank advances 178,500 - 178,162 - Accrued interest payable 235 - 235 - |
Income Tax Matters
Income Tax Matters | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Matters [Abstract] | |
Income Tax Matters | NOTE 14 – INCOME TAX MATTERS The income tax expense included in operations consisted of the following: 2015 2014 2013 Current provision Federal $ 9,986 $ 4,635 $ 1,685 State 1,680 815 307 Total 11,666 5,450 1,992 Deferred provision Federal (440) (633) 4,856 State (98) (165) 804 Total (538) (798) 5,660 Total provision Federal 9,546 4,002 6,541 State 1,582 650 1,111 Income tax expense $ 11,128 $ 4,652 $ 7,652 The net deferred tax asset consisted of the following: December 31, 2015 December 31, 2014 Deferred tax assets: Net operating loss and credit carryforward $ 1,390 $ 1,628 Allowance for loan losses 3,098 2,054 Accrued expenses 209 206 Other real estate owned 1,191 1,988 Nonaccrual loan interest 874 447 Other 150 170 6,912 6,493 Deferred tax liabilities: Bargain purchase gain (2,161) (2,714) Depreciation (2,812) (2,609) Net deferred loan costs (339) (406) Purchase accounting adjustments (263) (197) Prepaid expenses (452) - Other (200) (420) (6,227) (6,346) Net deferred tax asset $ 685 $ 147 At December 31, 2015, the Company had Federal and state net operating loss carryforwards of approximately $3,232 and $7,233 , respectively. The Federal and state carryforwards begin to expire in 2029 . A valuation allowance for deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. At December 31, 2015 and 2014, no valuation allowance for deferred taxes was recorded as management believed it was more likely than not that the deferred tax assets would be realized. The effective tax rate differed from the Federal statutory rate of 35% for 2015 and 2014 and 34% for 2013 applied to income before taxes due to the following: 2015 2014 2013 Federal statutory rate times financial statement income $ 8,915 $ 3,982 $ 6,678 Effect of: State taxes 1,028 423 733 Meals and entertainment 276 228 176 Merger related expenses 870 - - BOLI income (263) - - Other, net 302 19 65 Total $ 11,128 $ 4,652 $ 7,652 At December 31, 2015, the Company had no amounts recorded for uncertain tax positions and does not expect any material changes in uncertain tax benefits during the next 12 months. The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company is subject to U.S. Federal income tax as well as income tax of the state of Florida. Included in income tax expense for 2015 was a $163 adjustment related to a completed Internal Revenue Service tax audit for 2012 and 2013, and $120 in tax expense related to BOLI policies surrendered during 2015. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Common Share[Abstract] | |
Earnings Per Common Share | NOTE 15 – 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 periods indicated: 2015 2014 2013 Basic Net Income $ 14,343 $ 6,724 $ 11,990 Weighted average shares of common stock outstanding 16,100,966 14,112,443 11,108,040 Basic earnings per common share $ 0.89 $ 0.48 $ 1.08 Diluted Net Income $ 14,343 $ 6,724 $ 11,990 Weighted average shares of common stock outstanding 16,100,966 14,112,443 11,108,040 Add: Dilutive effect of common stock equivalents - - 15,786 Average shares and dilutive potential common shares 16,100,966 14,112,443 11,123,826 Diluted earnings per common share $ 0.89 $ 0.48 $ 1.08 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 16 – 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 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 the U.S. Basel III Capital Rules and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards 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 its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors. As of January 1, 2015, the U.S. Basel III Capital Rules require the Bank and the Company to maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital, Tier 1 capital and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. As of December 31, 2015, management believes that the Company and the Bank met all capital adequacy requirements to which they were subject. Additionally, as permitted under the U.S. Basel III Capital Rules, in March 2015 the Bank opted out of including accumulated other comprehensive income in regulatory capital. For December 31, 2014, regulatory capital ratios were calculated under the U.S. Basel I rules. To qualify as well capitalized, the Bank must maintain minimum Total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based (2015) and Tier 1 leverage capital ratios as set forth in the table below. As of December 31, 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 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 December 31, 2015 and December 31, 2014 were as follows: Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ 208,426 13.85% $ 120,369 8.00% $ N/A N/A C1 Bank 198,316 13.19% 120,252 8.00% 150,315 10.00% Tier 1 capital to risk-weighted assets C1 Financial, Inc. 200,396 13.32% 90,277 6.00% N/A N/A C1 Bank 190,286 12.66% 90,189 6.00% 120,252 8.00% Common equity tier 1 capital to risk-weighted assets C1 Financial, Inc. 200,396 13.32% 67,707 4.50% N/A N/A C1 Bank 190,286 12.66% 67,642 4.50% 97,705 6.50% Tier 1 capital to average assets C1 Financial, Inc. 200,396 11.55% 69,410 4.00% N/A N/A C1 Bank 190,286 10.97% 69,376 4.00% 86,720 5.00% 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. $ 190,712 14.74% $ 103,532 8.00% $ N/A N/A C1 Bank 190,019 14.68% 103,523 8.00% 129,404 10.00% Tier 1 capital to risk-weighted assets C1 Financial, Inc. 185,388 14.33% 51,766 4.00% N/A N/A C1 Bank 184,695 14.27% 51,762 4.00% 77,642 6.00% Tier 1 capital to average assets C1 Financial, Inc. 185,388 11.95% 62,049 4.00% N/A N/A C1 Bank 184,695 11.91% 62,045 4.00% 77,556 5.00% During 2015, the Bank paid dividends of $12.0 million to the Company. At December 31, 2015, the Bank could have paid additional dividends to the Company of approximately $23.6 million without the prior consent and approval of its regulatory agencies. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company Only Financial Information [Abstract] | |
Parent Company Only Financial Information | NOTE 17 – PARENT COMPANY ONLY FINANCIAL INFORMATION The following tables provide condensed financial information for the Parent Company of C1 Financial, Inc. Condensed Balance Sheets December 31, 2015 December 31, 2014 ASSETS Cash and cash equivalents $ 8,514 $ 505 Investment in subsidiary 190,870 185,945 Other assets 2,331 188 Total assets $ 201,715 $ 186,638 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 734 $ - Stockholders’ equity 200,981 186,638 Total liabilities and stockholders’ equity $ 201,715 $ 186,638 Condensed Income Statements 2015 2014 Dividends from subsidiary $ 12,000 $ - Other noninterest expense (2,643) - Income before income taxes and equity in undistributed net income of subsidiary 9,357 - Income tax benefit 61 - Income before equity in undistributed net income of subsidiary 9,418 - Equity in undistributed net income of subsidiary 4,925 6,724 Net income $ 14,343 $ 6,724 Comprehensive income $ 14,343 $ 6,724 Condensed Statements of Cash Flows 2015 2014 Cash flows from operating activities Net income $ 14,343 $ 6,724 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (4,925) (6,724) Net change in other assets (2,143) - Net change in other liabilities 734 - Net cash from operating activities 8,009 - Cash flows from investing activities Investment in subsidiary - (57,407) Net cash from investing activities - (57,407) Cash flows from financing activities Net proceeds from issuance of common stock - 57,907 Other - 5 Net cash from financing activities - 57,912 Net change in cash and cash equivalents 8,009 505 Cash and cash equivalents at beginning of the period 505 - Cash and cash equivalents at end of the period $ 8,514 $ 505 |
Merger
Merger | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Merger | NOTE 18 - MERGER On November 9, 2015, C1 Financial and its wholly owned bank subsidiary, C1 Bank, entered into a definitive agreement and plan of merger (“Agreement”) with Bank of the Ozarks, Inc. (“OZRK”) and its wholly owned bank subsidiary, Bank of the Ozarks (“Ozarks Bank”), whereby, subject to the terms and conditions of the Agreement, C1 Financial will merge with and into OZRK with OZRK surviving the merger in an all-stock transaction valued at approximately $402.5 million, or approximately $25.00 per share of C1 Financial common stock, subject to potential adjustments as described in the Agreement. Subject to the terms and conditions of the Agreement, each holder of outstanding shares of common stock of C1 Financial will receive shares of common stock of OZRK. The number of OZRK shares to be issued will be determined based on OZRK’s ten day average closing stock price as of the second business day prior to the closing date, subject to a minimum and maximum stock price of $39.79 to $66.31 , respectively. The consideration payable to C1 Financial shareholders is subject to downward adjustment on a dollar-for-dollar basis if the net book value of C1 Financial is less than $174 million as of the business day that, subject to adjustment as set forth in the Agreement, is closest to ten calendar days prior to the closing date and is subject to an upward adjustment if certain Brazilian loans of C1 Bank are sold at a price above a specified amount . The potential adjustments described in the immediately preceding sentence are not expected to result in any material change to the consideration payable and are described in the Agreement. We are subject to various restrictions, such as limits on capital expenditures, loans and investments, under the Agreement with OZRK that apply during the period from November 9, 2015 until the consummation of the merger. For additional information, see “The Merger Agreement” in the C1 Financial Proxy Statement. Upon the closing of the transaction, C1 Financial will merge into OZRK and C1 Bank will merge into Ozarks Bank, with each of OZRK and Ozarks Bank to continue as the surviving entity, respectively. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and approval by C1 Financial shareholders and are described in the Agreement. Although there can be no assurance, the transaction is expected to close late in the first quarter or in the second quarter of 2016 . |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation The consolidated financial statements as of and for the years ended December 31, 2015, 2014 and 2013 include C1 Financial, Inc. (“C1 Financial”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as the “Company”. C1 Financial, Inc. is the Parent Company for its wholly owned subsidiary, C1 Bank. C1 Financial, Inc. is a Bank Holding Company and a Florida Corporation organized in 2013, and C1 Bank became its wholly owned subsidiary after the share reorganization that took place on December 19, 2013, when 11,632,448 common shares of C1 Financial Inc. were issued to C1 Bank shareholders in exchange for their C1 Bank shares, with C1 Financial Inc. becoming the owner of all 11,632,448 outstanding common shares of C1 Bank as of that date. After the reorganization and up to December 31, 2013, C1 Financial, Inc. raised $5,605 of new capital through the issuance of 584,484 common shares. All of this capital was injected into C1 Bank resulting in C1 Financial, Inc. purchasing an additional 584,484 common shares of C1 Bank. At December 31, 2013, C1 Financial Inc. had 12,216,932 common shares outstanding and owned 12,216,932 common shares of C1 Bank. As described in Note 2, 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. As a result of the initial public offering, which became effective on August 13, 2014, C1 Financial, Inc. issued 2,761,356 shares of common stock. 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 completed 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. C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. During 2011, the Bank changed its name from Community Bank of Manatee to Community Bank & Company, and during 2012, the Bank changed its name to C1 Bank. The Bank provides a variety of banking services to individuals through its 32 offices and one loan production office which are located in ten counties (Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, Lee, Miami-Dade, Broward 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. As described in Note 3, on August 2, 2013 , the Bank acquired First Community Bank of Southwest Florida through an FDIC assisted transaction, consolidating substantially all of its assets and assuming all of the deposits. The consolidated financial information included herein reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the reported periods, with all significant intercompany transactions eliminated. The accounting and reporting policies of the Company conform to GAAP. Certain account reclassifications have been made to the 2014 and 2013 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2014 or 2013 net income or stockholders’ equity. To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses, fair value of other real estate owned, purchased credit impaired loans, deferred tax assets and fair values of financial instruments are particularly subject to change. While the Company’s chief decision makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated into one reportable operating segment. |
Cash and Cash Equivalents | Cash and Cash Equivalents : Cash and cash equivalents include cash, deposits with other financial institutions with original maturities less than 90 days, excess balances held at the Federal Reserve Bank of Atlanta, and Federal funds sold. Net cash flows are reported for customer loan and deposit transactions, bank acquisitions, interest bearing deposits in other financial institutions, and other borrowings. |
Securities Available for Sale | Securities Available for Sale : When purchased, securities are classified as available for sale when management intends to hold the securities for an indefinite period of time, or when the securities may be used for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure, prepayment risk and liquidity needs. Securities available for sale are carried at fair value with unrealized gains and losses reported in other comprehensive income, net of income tax. Realized gains (losses) on securities available for sale are included in noninterest income. Gains and losses on sales of securities are determined by the specific identification method. Amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are included in interest income. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (FHLB) Stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Preferred Stock | Preferred Stock : During 2010 the Bank issued 1,033,335 shares of Series E Non-Cumulative Preferred stock with a par value of $1.00 . Holders of Class E Preferred stock participate in any dividends and other distributions declared on the Common Stock. During 2013 , all Series E Non-Cumulative Perpetual preferred stock was converted to common stock. No dividends were paid during the period the Series E Non-Cumulative Perpetual preferred stock was outstanding. |
Concentration of Credit Risk | Concentration of Credit Risk: Most of the Bank’s business activity is with customers located within Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, Lee, Miami-Dade, Broward and Orange Counties. Therefore, the Bank’s exposure to credit risk is significantly affected by changes in the economy in these counties. The Bank has made four commercial real estate loans to three Brazilian corporations which, at December 31, 2015 and 2014, exceeded 1% of total assets. These loans to Brazilian borrowers are secured by collateral outside of the U.S., and outstanding balances (including accrued interest) at December 31, 2015 and 2014 were $41,324 and $44,003 , representing 2.4% and 2.9% of total assets, respectively. At December 31, 2015, two of these Brazilian loans with a combined recorded investment of $17,532 were included in the 60-89 days past due category and on nonaccrual status. The third Brazilian loan with a recorded investment of $17,473 was included in the 60-89 days past due category as of December 31, 2015 and a payment was received in February 2016 , which brought the loan current to December 5, 2015 . The final Brazilian loan with a recorded investment of $6,319 was current and paying as agreed at December 31, 2015. |
Loans | Loans : Loans (excluding Purchased Credit Impaired loans which have shown evidence of deterioration since origination) which management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The recorded investment in loans is the outstanding principal balance, net of partial charge offs. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. A loan is moved to nonaccrual status in accordance with the Bank’s policy, typically after 90 days of nonpayment, or less than 90 days of nonpayment if management determines that the full timely collection of principal and interest becomes doubtful. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method with cash payments applied as principal reduction, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Purchased Credit Impaired Loans (PCI Loans) | Purchased Credit Impaired Loans (PCI Loans) : As part of business acquisitions (First Community Bank of America, The Palm Bank and First Community Bank of Southwest Florida), the Bank acquired loans that have evidence of credit deterioration since origination. These acquired loans are recorded at their fair value, such that there is no carryover of the allowance for loan losses. Such purchased loans are accounted for individually or aggregated into pools of loans based on common risk characteristics. The Bank estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flow in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded through the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Purchased credit impaired loans are placed on nonaccrual and accounted for under the cost recovery method when repayment is expected through foreclosure or repossession of the collateral, and the timing of foreclosure or repossession cannot be estimated with reasonable certainty. These loans are measured for impairment under the Bank’s policy for measuring impairment on collateral-dependent impaired loans that were originated by the Bank and included in impaired loans if there is a subsequent decline in the value of the collateral. |
Allowance for Loan Losses | Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for each loan portfolio segment using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. A loan is impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All substandard commercial real estate, construction and commercial loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as residential real estate and consumer loans, may be collectively evaluated for impairment and, accordingly, not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral-dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, we determine the amount of valuation allowance in accordance with the accounting policy for the allowance for loan losses. The general component of our allowance analysis covers nonimpaired loans and is based on our historical loss experience over the past two years as adjusted for certain current factors described in the paragraph below. As of December 31, 2015, 19% of our loan portfolio consisted of loans underwritten by different credit teams than our current team, including loans acquired from Community Bank of Manatee, First Community Bank of America, The Palm Bank and First Community Bank of Southwest Florida (together, the “Acquired Loans”). The Acquired Loans were originated under different economic conditions than exist today and were underwritten utilizing different underwriting standards. We consider the Acquired Loans to be seasoned since they were originated more than five years ago. As such, we use the historical loss experience for the pool of Acquired Loans over the past two years as part of the general component of our allowance analysis for the Acquired Loans. This actual historical loss experience is supplemented with management adjustment factors based on the risks present for each portfolio segment (separated for originated and acquired loans), including: (i) levels of and trends in delinquencies and nonaccrual loans; (ii) trends in volume and terms of loans; (iii) changes in lending policies, procedures, and practices; (iv) experience, ability and depth of lending management and other relevant staff; (v) changes in the quality of the loan review system; (vi) changes in the underlying collateral; (vii) changes in competition, and the legal and regulatory environment; (viii) effects of changes in credit concentrations; and (ix) national and local economic trends and conditions. To determine the impact of these factors, management looks at external indicators such as unemployment rate, GDP growth, trends in consumer credit, real estate prices in the geographical areas where the Bank operates, information related to the other Florida banks, the competitive and regulatory environment, as well as internal indicators such as loan growth, credit concentrations and the loan review process. Each of the adjustment factors is graded on a scale from “significantly improved compared to historical period” to “significantly declined compared to historical period,” and historical loss rates are adjusted based on this assessment. If a factor is graded “same compared to historical period,” no adjustments are made to the historical loss experience for that specific pool and loan category with respect to such factor. In addition, a risk-rating adjustment factor is determined at the loan level based on the individual risk rating of each loan. As of December 31, 2015, 81% of our loan portfolio consisted of loans originated by C1 Bank from 2010 to the present and, as such, may not be seasoned. Generally, the historical loss rate of the C1 Bank originated loans has been very low; however, due to the unseasoned nature of the C1 Bank originated loans, the historical loss rate may not effectively capture the probable incurred losses in this portion of our loan portfolio. Accordingly, we performed a peer statistical analysis of U.S. banks to determine what would be a normalized loss rate for our originated loans, considering characteristics like profitability, asset growth and geographical location, among others. While there are characteristics unique to each financial institution that drive loss rates and make a bank more or less risky than its peers, the purpose of this peer statistical analysis was to estimate a “better” loss rate, but in the context of a model that controls for characteristics like geography, asset growth and recovering economic conditions. For this analysis, we first looked at two- and three-year median loss rates for all U.S. banks, which were both below loss rates in the C1 Bank originated loan portfolio after factoring in management adjustments. Understanding that the median peer loss rates may not capture specifics of the C1 Bank originated loans, such as profitability, asset growth and geographical location, among others, we performed a regression-based study of credit-loss rates for all commercial banks in the United States over a three-year period ending in 2013. The model incorporated the following variables: amount of past due loans, geography, capitalization, bank age, management, asset size, asset quality, earnings, and credit risk. We completed this analysis during the second quarter of 2014 and it was first used for the calculation of the allowance for loan losses as of June 30, 2014. This peer analysis affects the determination of our allowance for loan losses, as we use the higher of the actual losses and the outcome of the analysis as the input for the calculation of the general component of the allowance for loan losses for the C1 Bank originated loans. The peer analysis will be updated during the first quarter of each year and will be used as an element for the calculation of the allowance for loan losses during that specific year, until such time when we develop relevant loss history for C1 Bank originated loans. The purpose of using the highest of actual and peer analysis loss rates is to prevent relying on lower C1 Bank originated loan loss rates, which could actually be caused by an unseasoned portfolio and may not effectively capture the probable incurred losses in the C1 Bank originated loan portion of our portfolio. During the first quarter of 2015, we updated the analysis applying the same statistical regression for the two and three year periods ending in 2014, and the result was used as an element to the calculation of the allowance for loan losses as of December 31, 2015. We view this peer analysis as a short-term proxy until we develop additional loss history for the C1 Bank originated loans that approximate a full business cycle. The average business cycle length according to the National Bureau of Economic Research during the last 11 business cycles has been close to six years, and the FDIC defines seven years as a de novo period for extended supervisory activities for new charters (although we are not a de novo institution). At the end of 2015, our first loans (2010 vintage) were completing six years since origination, in line with the average U.S. business cycle and close to the seven-year de novo period defined by the FDIC. We expect our historical losses to become more representative as we get closer to this point. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments : Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when funded. |
Premises and Equipment | Premises and Equipment : Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line or accelerated method with useful lives ranging from 3 to 10 years. Leasehold improvements are amortized using the straight-line method over the lesser of their estimated useful lives or the respective lease terms including reasonable renewal periods. Costs of major additions and improvements are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Gains and losses on dispositions are included in current operations. Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Other Real Estate Owned (OREO) | Other Real Estate Owned : Other real estate owned (OREO) represents assets acquired through foreclosure or other proceedings. Foreclosed assets acquired are initially recorded at fair value at the date of foreclosure less estimated costs to sell, which establishes a new cost basis. Any write-down to fair value at the time of transfer to OREO is charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management to ensure that properties recorded in OREO are carried at the lower of cost or fair value less estimated costs of disposal. The OREO valuation allowance is adjusted as necessary. Expenses from the operations of OREO, net of rental income and changes in the OREO valuation allowance, are included in noninterest expense. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance : As part of a bank acquisition, the Bank acquired life insurance policies on certain executives of the acquired bank. The Bank also invested in separate account bank-owned life insurance in December 2014. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Included in the balance at December 31, 2015 was $1.5 million relating to policies on former officers of an acquired bank. During the second quarter of 2015, we sent surrender notices for these $1.5 million acquired polices. We expect to receive the proceeds within three to nine months . |
Income Taxes | Income Taxes : Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes. The deferred tax assets and liabilities represent the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Bank recognizes interest and/or penalties related to income tax matters in income tax expense. |
Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred except for certain costs related to sports marketing contracts, which are initially capitalized and amortized during the expected time during which the Bank will benefit from the agreements, which is generally one to three years. |
Information Technology Costs | Information Technology Costs: Information technology costs are expensed as incurred except for software licenses, which are capitalized and amortized during their expected useful life. |
Intellectual Property Rights | Intellectual Property Rights: The Information Technology team of the Company develops information technology solutions for the benefit of the Company. In some cases, the Company files patents to protect the intellectual property. All related costs are expensed as incurred and the patents have no carrying value in the balance sheet. |
Stock-Based Compensation | Stock-Based Compensation : Compensation cost is recognized for stock options and restricted stock awards based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. During 2014, the Board of Directors of the Company adopted an omnibus incentive plan, which reserved 1,000,000 shares of the Company’s common stock for the grant of awards to eligible employees. The omnibus incentive plan is scheduled to expire after ten years. As of December 31, 2015, there were no awards granted under the omnibus incentive plan. |
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. |
Transfers and Servicing of Financial Assets | Transfers and Servicing of Financial Assets : A transfer of financial assets is accounted for as a sale when control of the transferred asset is surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Servicing rights and other retained interests in the sold assets are recorded at fair value at the date of transfer. The fair values of servicing rights and other retained interests are determined at the date of transfer using the present value of estimated future cash flows, using assumptions that market participants would use in their estimates of fair values. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments : Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Loss Contingencies | Loss Contingencies : Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters as of December 31, 2015 that will have a material effect on the financial statements. |
Comprehensive Income (loss) | Comprehensive Income (loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, net of related income tax, which are also recognized as separate components of equity. |
Restrictions on Cash | Restrictions on Cash : A portion of cash on hand is required to be maintained to meet regulatory reserve and clearing requirements. |
Dividend Restriction | Dividend Restriction : Banking regulations require maintaining certain capital levels and impose certain restrictions on the payment of dividends. |
Other Intangible Assets [Member] | |
Other Intangible Assets | Other Intangible Assets : Other intangible assets consist of the core deposit intangible arising from acquisitions by the Bank. These intangible assets are amortized on an accelerated method over their estimated useful life. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
First Community Bank of Southwest Florida [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Value of the Assets Acquired and Liabilities Assumed | The following table summarizes the consideration received for First Community Bank of Southwest Florida and the fair value of the assets acquired and liabilities assumed at the acquisition date: August 2, 2013 Measurement Period December 31, 2013 Assets Cash and cash equivalents $ 18,645 $ – $ 18,645 Securities available for sale 21,500 – 21,500 Restricted stock 926 – 926 Loans 164,965 578 165,543 Premises and equipment 5,630 – 5,630 Core deposit intangibles 1,549 – 1,549 Other real estate owned 25,604 497 26,101 Other assets 905 – 905 Total assets acquired 239,724 1,075 240,799 Liabilities Deposits 237,053 – 237,053 FHLB Advances 13,600 – 13,600 Other liabilities 178 – 178 Total liabilities assumed 250,831 – 250,831 Net assets acquired (11,107) 1,075 (10,032) Net cash received 23,494 – 23,494 Bargain purchase gain $ 12,387 $ 1,075 $ 13,462 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Schedule of Amortized Acquired Intangible Assets | Acquired intangible assets at December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangibles $ 2,572 $ (1,873) $ 2,572 $ (1,585) |
Schedule of Amortization Expense | Amortization expense for 2015, 2014 and 2013 was $288 , $498 and $434 , respectively. Estimated amortization expense for each of the next five years is as follows: 2016 $ 200 2017 143 2018 104 2019 77 2020 57 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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 sale of securities available for sale for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Proceeds from sales of securities $ - $ 996 $ 130,091 Gross gains $ - $ 241 $ 576 Gross (losses) - - (271) Net gains on sales of securities $ - $ 241 $ 305 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Loans Receivable | The following table provides information on the loan portfolio by portfolio segment at the dates indicated: December 31, 2015 December 31, 2014 Real estate Residential $ 303,644 $ 224,416 Commercial 783,774 723,577 Construction 197,070 107,436 Total real estate 1,284,488 1,055,429 Commercial 63,635 75,360 Consumer 94,521 57,733 Total loans, gross 1,442,644 1,188,522 Less: Net deferred loan fees (5,482) (4,142) Allowance for loan losses (8,031) (5,324) Total loans, net $ 1,429,131 $ 1,179,056 |
Allowance for Loan Losses and Recorded Investment in Financing Receivables | The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2015: Year Ended December 31, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 820 $ 3,423 $ 416 $ 373 $ 292 $ 5,324 Loans charged-off (119) (3) (7) (67) (64) (260) Recoveries 417 295 267 710 160 1,849 Net recoveries 298 292 260 643 96 1,589 Provision (reversal of provision) for loan losses 645 292 530 (579) 230 1,118 Ending balance $ 1,763 $ 4,007 $ 1,206 $ 437 $ 618 $ 8,031 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2014: Year Ended December 31, 2014 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 439 $ 1,860 $ 241 $ 537 $ 335 $ 3,412 Loans charged-off (304) (430) (51) (4,163) (347) (5,295) Recoveries 1,100 351 472 414 56 2,393 Net (charge-offs) recoveries 796 (79) 421 (3,749) (291) (2,902) Provision (reversal of provision) for loan losses (415) 1,642 (246) 3,585 248 4,814 Ending balance $ 820 $ 3,423 $ 416 $ 373 $ 292 $ 5,324 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 $484 thousand during 2015. The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2013: Year Ended December 31, 2013 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 523 $ 1,337 $ 251 $ 399 $ 304 $ 2,814 Loans charged-off (506) (940) (120) (918) (180) (2,664) Recoveries 1,012 181 317 330 204 2,044 Net (charge-offs) recoveries 506 (759) 197 (588) 24 (620) Provision (reversal of provision) for loan losses (590) 1,282 (207) 726 7 1,218 Ending balance $ 439 $ 1,860 $ 241 $ 537 $ 335 $ 3,412 |
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 December 31, 2015: December 31, 2015 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific Reserves: Impaired Loans $ 156 $ 189 $ 125 $ 77 $ - $ 547 Purchased credit impaired loans 72 48 4 - - 124 Total Specific Reserves 228 237 129 77 - 671 General Reserves 1,535 3,770 1,077 360 618 7,360 Total $ 1,763 $ 4,007 $ 1,206 $ 437 $ 618 $ 8,031 Loans: Individually evaluated for impairment $ 3,550 $ 23,304 $ 177 $ 616 $ 10 $ 27,657 Purchased credit impaired loans 5,086 17,885 1,171 179 62 24,383 Collectively evaluated for impairment 295,008 742,585 195,722 62,840 94,449 1,390,604 Total ending loans balance $ 303,644 $ 783,774 $ 197,070 $ 63,635 $ 94,521 $ 1,442,644 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 $ 107 $ 339 $ - $ 68 $ - $ 514 Purchased credit impaired loans 46 37 8 - 1 92 Total Specific Reserves 153 376 8 68 1 606 General Reserves 667 3,047 408 305 291 4,718 Total $ 820 $ 3,423 $ 416 $ 373 $ 292 $ 5,324 Loans: Individually evaluated for impairment $ 1,813 $ 5,395 $ 230 $ 1,013 $ 104 $ 8,555 Purchased credit impaired loans 6,580 19,360 1,480 687 66 28,173 Collectively evaluated for impairment 216,023 698,822 105,726 73,660 57,563 1,151,794 Total ending loans balance $ 224,416 $ 723,577 $ 107,436 $ 75,360 $ 57,733 $ 1,188,522 |
Impaired Loans by Loan Portfolio Class | The following table presents impaired loans individually evaluated for impairment by portfolio segment as of December 31, 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. The increase in the recorded investment was related to two commercial real estate loans secured by Brazilian farmland. December 31, 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 $ 3,079 $ 2,970 $ - $ 1,643 $ 1,464 $ - Commercial real estate Multifamily - - - - - - Owner occupied 2,886 2,595 - 4,346 4,000 - Nonowner occupied 2,071 2,071 - 608 553 - Secured by farmland 17,458 17,416 - 185 143 - Construction - - - 280 230 - Commercial 639 440 - 1,007 777 - Consumer 11 10 - 169 104 - With allowance recorded: Residential real estate 610 580 156 364 349 107 Commercial real estate Multifamily - - - - - - Owner occupied 1,287 1,222 189 776 699 339 Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction 177 177 125 - - - Commercial 204 176 77 314 236 68 Consumer - - - - - - Total $ 28,422 $ 27,657 $ 547 $ 9,692 $ 8,555 $ 514 Average impaired loans and related interest income for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized With no related allowance recorded: Residential real estate $ 1,639 $ 4 $ - $ 1,053 $ 5 $ - Commercial real estate Multifamily - - - - - - Owner occupied 3,623 2 - 2,779 13 - Nonowner occupied 789 - - 720 1 - Secured by farmland 4,461 - - 1,312 17 - Construction 43 - - 95 - - Commercial 581 1 - 399 8 - Consumer 4 - - 76 - - With allowance recorded: Residential real estate 560 - - 486 7 - Commercial real estate Multifamily - - - - - - Owner occupied 971 12 - 1,773 21 - Nonowner occupied - - - 68 - - Secured by farmland - - - - - - Construction 102 - - 45 - - Commercial 180 5 - 693 12 - Consumer 27 - - 58 - - Total $ 12,980 $ 24 $ - $ 9,557 $ 84 $ - Average impaired loans and related interest income for the year ended December 31, 2013 was as follows: Year Ended December 31, 2013 Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized With no related allowance recorded: Residential real estate $ 1,391 $ 6 $ - Commercial real estate Multifamily 259 8 - Owner occupied 3,459 60 - Nonowner occupied 320 2 - Secured by farmland 746 2 - Construction 31 - - Commercial 359 8 - Consumer 79 - - With allowance recorded: Residential real estate 401 2 - Commercial real estate Multifamily - - - Owner occupied 702 15 - Nonowner occupied - - - Secured by farmland - - - Construction - - - Commercial 691 5 - Consumer 479 3 - Total $ 8,917 $ 111 $ - |
Non-accrual and Past 90 Days Due Loans by Classes of the Loan Portfolio | The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual as of December 31, 2015 and December 31, 2014: December 31, 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 $ 4,763 $ - $ 4,168 $ - Commercial real estate 30,457 - 14,582 - Construction 177 - 449 - Commercial 544 - 1,591 - Consumer 10 - 104 - Total $ 35,951 $ - $ 20,894 $ - |
Loan Portfolio Summarized by the Past Due Status | The following table presents the aging of the recorded investment in past due loans as of December 31, 2015: December 31, 2015 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 $ 464 $ 118 $ 3,525 $ 4,107 $ 299,537 $ 303,644 Commercial real estate Multifamily - - - - 33,950 33,950 Owner occupied 2,913 1,075 4,549 8,537 215,877 224,414 Nonowner occupied 3,043 799 2,211 6,053 467,323 473,376 Secured by farmland - 34,349 143 34,492 17,542 52,034 Construction 424 - 177 601 196,469 197,070 Commercial 34 76 351 461 63,174 63,635 Consumer 141 - - 141 94,380 94,521 Total $ 7,019 $ 36,417 $ 10,956 $ 54,392 $ 1,388,252 $ 1,442,644 The increase in 60-89 days past due was related to commercial real estate loans secured by Brazilian farmland. 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 $ 1,256 $ 165 $ 4,168 $ 5,589 $ 218,827 $ 224,416 Commercial real estate Multifamily 356 - - 356 32,545 32,901 Owner occupied 1,829 - 10,261 12,090 219,146 231,236 Nonowner occupied 2,593 - 4,178 6,771 392,831 399,602 Secured by farmland - - 143 143 59,695 59,838 Construction 85 - 449 534 106,902 107,436 Commercial 550 - 1,591 2,141 73,219 75,360 Consumer 49 48 104 201 57,532 57,733 Total $ 6,718 $ 213 $ 20,894 $ 27,825 $ 1,160,697 $ 1,188,522 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | As of December 31, 2015 and December 31, 2014, loans by risk category were as follows: December 31, 2015 Pass Special Mention Substandard Doubtful Total Residential real estate $ 294,790 $ 1,683 $ 7,171 $ - $ 303,644 Commercial real estate Multifamily 33,950 - - - 33,950 Owner occupied 203,155 12,278 8,981 - 224,414 Nonowner occupied 462,288 5,976 5,112 - 473,376 Secured by farmland 17,126 17,492 17,416 - 52,034 Construction 195,468 877 725 - 197,070 Commercial 56,364 6,655 616 - 63,635 Consumer 94,381 130 10 - 94,521 Total $ 1,357,522 $ 45,091 $ 40,031 $ - $ 1,442,644 December 31, 2014 Pass Special Mention Substandard Doubtful Total Residential real estate $ 215,998 $ 2,405 $ 6,013 $ - $ 224,416 Commercial real estate Multifamily 32,667 234 - - 32,901 Owner occupied 205,078 11,059 15,099 - 231,236 Nonowner occupied 389,430 5,994 4,178 - 399,602 Secured by farmland 59,022 673 143 - 59,838 Construction 105,027 1,357 1,052 - 107,436 Commercial 73,321 311 1,728 - 75,360 Consumer 57,568 61 104 - 57,733 Total $ 1,138,111 $ 22,094 $ 28,317 $ - $ 1,188,522 |
Performing Financing Receivable [Member] | |
Troubled Debt Restructurings | The following table is a summary of troubled debt restructurings that were performing in accordance with the restructured terms at December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate - $ - - $ - Commercial real estate Multifamily - - - - Owner occupied 1 513 1 532 Nonowner occupied 1 367 1 374 Secured by farmland - - - - Construction - - - - Commercial - - - - Consumer 1 74 - - Total 3 $ 954 2 $ 906 |
First Community Bank of Southwest Florida [Member] | |
Loans Related to Acquisition | Loans related to the acquisition of First Community Bank of Southwest Florida for which it was probable at acquisition that all contractually required payments would not be collected were as follows: 2013 Contractually required payments receivable of loans purchased during the year (assuming no prepayments) $ 35,650 Cash flows expected to be collected at acquisition $ 24,030 Fair value of acquired loans at acquisition $ 20,901 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned [Abstract] | |
Schedule of Other Real Estate Owned | Other real estate owned activity was as follows: 2015 2014 2013 Balance at beginning of period $ 34,916 $ 41,049 $ 19,027 Acquired other real estate owned - - 26,101 Loans transferred to other real estate owned 4,264 3,355 6,829 Valuation allowance expense (374) (3,331) (1,739) Sales of other real estate owned (10,476) (6,157) (9,169) Balance at end of period $ 28,330 $ 34,916 $ 41,049 |
Schedule of Other Real Estate Owned Valuation Allowance Activity | Activity in the other real estate owned valuation allowance was as follows: 2015 2014 2013 Balance at beginning of period $ 4,850 $ 2,709 $ 1,520 Valuation allowance expense 374 3,331 1,739 Removals due to sales (2,135) (1,190) (550) Balance at end of period $ 3,089 $ 4,850 $ 2,709 |
Schedule of Other Real Estate Owned Expenses | Expenses related to other real estate owned include: 2015 2014 2013 Operating expenses, net of rental income $ 1,930 $ 2,168 $ 2,163 Valuation allowance expense 374 3,331 1,739 Other real estate owned expense $ 2,304 $ 5,499 $ 3,902 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Summary of Bank's Premises and Equipment and Total Accumulated Depreciation | A summary of the Company’s premises and equipment and the total accumulated depreciation are as follows: December 31, 2015 December 31, 2014 Land $ 15,208 $ 15,298 Buildings and improvements 43,043 38,104 Furniture, equipment and autos 15,590 12,937 Construction in progress 4,803 7,899 78,644 74,238 Less: accumulated depreciation (13,505) (10,163) Net book value $ 65,139 $ 64,075 |
Schedule of Required Minimum Rental Payments | The required minimum rental payments under the terms of the leases at December 31, 2015 for each of the next five years and thereafter are as follows: 2016 $ 1,037 2017 900 2018 934 2019 931 2020 876 Thereafter 10,866 $ 15,544 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Summary of Deposits | Deposit account balances are summarized as follows: December 31, 2015 December 31, 2014 Noninterest-bearing demand $ 321,034 $ 278,543 Interest-bearing demand 182,212 140,598 Money market and savings 494,943 435,105 Time 280,076 313,256 $ 1,278,265 $ 1,167,502 |
Schedule of Certificates Maturing | Time deposits maturing in years ending after December 31, 2015 are as follows: 2016 $ 114,959 2017 86,399 2018 20,319 2019 37,776 2020 16,408 Thereafter 4,215 $ 280,076 |
Federal Home Loan Bank Advanc37
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank Advances | |
Summary of Advances from FHLB | Advances from the FHLB at year end were as follows: December 31, 2015 December 31, 2014 Fixed rate hybrid advance, 1.94% , due January 2015 $ - $ 5,000 Convertible, 4.62% , due October 2016 5,000 5,000 Convertible, 2.92% , due December 2017 6,000 6,000 Convertible, 2.76% , due February 2015 - 5,000 Convertible, 2.92% , due February 2015 - 5,000 Convertible, 3.66% , due July 2015 - 3,000 Fixed rate credit advance, 1.97% , due March 2015 - 1,000 Fixed rate credit advance, 1.87% , due May 2015 - 1,500 Fixed rate credit advance, 1.55% , due July 2015 - 1,000 Fixed rate hybrid advance, 1.58% , due October 2016 5,000 5,000 Fixed rate credit advance, 1.42% , due December 2016 5,000 5,000 Fixed rate hybrid advance, 1.19% , due May 2018 20,000 20,000 Fixed rate hybrid advance, 2.70% , due May 2023 10,000 10,000 Fixed rate credit advance, 0.83% , due July 2016 1,000 1,000 Fixed rate hybrid advance, 1.78% , due September 2018 20,000 20,000 Fixed rate hybrid advance, 0.92% , due September 2016 10,000 10,000 Fixed rate hybrid advance, 0.44% , due December 2015 - 13,000 Fixed rate hybrid advance, 1.80% , due December 2018 5,000 5,000 Fixed rate hybrid advance, 1.34% , due December 2017 6,000 6,000 Fixed rate hybrid advance, 0.82% , due December 2016 6,000 6,000 Fixed rate hybrid advance, 1.92% , due May 2019 15,000 15,000 Fixed rate hybrid advance, 1.99% , due August 2019 15,000 15,000 Fixed rate hybrid advance, 2.02% , due August 2019 15,000 15,000 Fixed rate hybrid advance, 1.88% , due January 2020 20,000 - Fixed rate hybrid advance, 1.82% , due February 2020 20,000 - Fixed rate hybrid advance, 1.59% , due April 2020 15,000 - Fixed rate hybrid advance, 1.98% , due June 2020 30,000 - Fixed rate credit advance, 0.45% , due February 2016 13,000 - Total $ 242,000 $ 178,500 |
Summary of Advances from FHLB Maturities for the Next Five Years | Maturities of FHLB advances for the next five years are as follows: 2016 $ 45,000 2017 12,000 2018 45,000 2019 45,000 2020 85,000 Thereafter 10,000 $ 242,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Summary of Commitments and Contingent Liabilities | A summary of these commitments and contingent liabilities is as follows: December 31, 2015 Fixed Variable Total Unused lines of credit $ 8,275 $ 29,340 $ 37,615 Standby letters of credit 2,294 34 2,328 Commitments to fund loans 9,207 127,250 136,457 Total $ 19,776 $ 156,624 $ 176,400 December 31, 2014 Fixed Variable Total Unused lines of credit $ 3,549 $ 36,081 $ 39,630 Standby letters of credit 1,358 182 1,540 Commitments to fund loans 22,986 124,893 147,879 Total $ 27,893 $ 161,156 $ 189,049 |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 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 as December 31, 2015: December 31, 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 $ - $ - $ 424 Commercial real estate - - 1,033 Construction - - 52 Commercial - - 99 Consumer - - - Total Impaired Loans - - 1,608 Other real estate owned Residential - - 1,336 Commercial - - 7,354 Total other real estate owned - - 8,690 Total $ - $ - $ 10,298 The fair value of assets measured on a nonrecurring basis was as follows as 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 $ – $ – $ 242 Commercial real estate – – 360 Construction - Commercial – – 168 Consumer – – - Total Impaired Loans – – 770 Other real estate owned Residential – – 2,337 Commercial – – 12,867 Total other real estate owned – – 15,204 Total $ – $ – $ 15,974 |
The Schedule of Estimated Fair Values by Balance Sheet Groupings | The estimated fair values of the Bank’s financial assets and liabilities at December 31, 2015 and December 31, 2014 approximated as follows: Fair Value Measurement at December 31, 2015 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 137,259 $ 137,259 $ - $ - Loans, net 1,429,131 - - 1,431,551 Accrued interest receivable 4,641 - - 4,641 Financial liabilities Deposits $ 1,278,265 $ 998,189 $ 280,570 $ - Federal Home Loan Bank advances 242,000 - 243,460 - Accrued interest payable 145 - 145 - Fair Value Measurement at December 31, 2014 Using: Carrying amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 185,703 $ 185,703 $ - $ - Loans, net 1,179,056 - - 1,177,725 Accrued interest receivable 3,490 - - 3,490 Financial liabilities Deposits $ 1,167,502 $ 854,246 $ 314,201 $ - Federal Home Loan Bank advances 178,500 - 178,162 - Accrued interest payable 235 - 235 - |
Income Tax Matters (Tables)
Income Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Matters [Abstract] | |
Schedule of Income Tax Expense | The income tax expense included in operations consisted of the following: 2015 2014 2013 Current provision Federal $ 9,986 $ 4,635 $ 1,685 State 1,680 815 307 Total 11,666 5,450 1,992 Deferred provision Federal (440) (633) 4,856 State (98) (165) 804 Total (538) (798) 5,660 Total provision Federal 9,546 4,002 6,541 State 1,582 650 1,111 Income tax expense $ 11,128 $ 4,652 $ 7,652 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset consisted of the following: December 31, 2015 December 31, 2014 Deferred tax assets: Net operating loss and credit carryforward $ 1,390 $ 1,628 Allowance for loan losses 3,098 2,054 Accrued expenses 209 206 Other real estate owned 1,191 1,988 Nonaccrual loan interest 874 447 Other 150 170 6,912 6,493 Deferred tax liabilities: Bargain purchase gain (2,161) (2,714) Depreciation (2,812) (2,609) Net deferred loan costs (339) (406) Purchase accounting adjustments (263) (197) Prepaid expenses (452) - Other (200) (420) (6,227) (6,346) Net deferred tax asset $ 685 $ 147 |
Schedule of Effective Tax Rate | The effective tax rate differed from the Federal statutory rate of 35% for 2015 and 2014 and 34% for 2013 applied to income before taxes due to the following: 2015 2014 2013 Federal statutory rate times financial statement income $ 8,915 $ 3,982 $ 6,678 Effect of: State taxes 1,028 423 733 Meals and entertainment 276 228 176 Merger related expenses 870 - - BOLI income (263) - - Other, net 302 19 65 Total $ 11,128 $ 4,652 $ 7,652 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 periods indicated: 2015 2014 2013 Basic Net Income $ 14,343 $ 6,724 $ 11,990 Weighted average shares of common stock outstanding 16,100,966 14,112,443 11,108,040 Basic earnings per common share $ 0.89 $ 0.48 $ 1.08 Diluted Net Income $ 14,343 $ 6,724 $ 11,990 Weighted average shares of common stock outstanding 16,100,966 14,112,443 11,108,040 Add: Dilutive effect of common stock equivalents - - 15,786 Average shares and dilutive potential common shares 16,100,966 14,112,443 11,123,826 Diluted earnings per common share $ 0.89 $ 0.48 $ 1.08 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Schedule of Actual and Required Capital Ratios | The Company’s and Bank's actual and required capital ratios as of December 31, 2015 and December 31, 2014 were as follows: Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ 208,426 13.85% $ 120,369 8.00% $ N/A N/A C1 Bank 198,316 13.19% 120,252 8.00% 150,315 10.00% Tier 1 capital to risk-weighted assets C1 Financial, Inc. 200,396 13.32% 90,277 6.00% N/A N/A C1 Bank 190,286 12.66% 90,189 6.00% 120,252 8.00% Common equity tier 1 capital to risk-weighted assets C1 Financial, Inc. 200,396 13.32% 67,707 4.50% N/A N/A C1 Bank 190,286 12.66% 67,642 4.50% 97,705 6.50% Tier 1 capital to average assets C1 Financial, Inc. 200,396 11.55% 69,410 4.00% N/A N/A C1 Bank 190,286 10.97% 69,376 4.00% 86,720 5.00% 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. $ 190,712 14.74% $ 103,532 8.00% $ N/A N/A C1 Bank 190,019 14.68% 103,523 8.00% 129,404 10.00% Tier 1 capital to risk-weighted assets C1 Financial, Inc. 185,388 14.33% 51,766 4.00% N/A N/A C1 Bank 184,695 14.27% 51,762 4.00% 77,642 6.00% Tier 1 capital to average assets C1 Financial, Inc. 185,388 11.95% 62,049 4.00% N/A N/A C1 Bank 184,695 11.91% 62,045 4.00% 77,556 5.00% |
Parent Company Only Financial43
Parent Company Only Financial Information (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2015 December 31, 2014 ASSETS Cash and cash equivalents $ 8,514 $ 505 Investment in subsidiary 190,870 185,945 Other assets 2,331 188 Total assets $ 201,715 $ 186,638 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 734 $ - Stockholders’ equity 200,981 186,638 Total liabilities and stockholders’ equity $ 201,715 $ 186,638 |
Condensed Income Statements | Condensed Income Statements 2015 2014 Dividends from subsidiary $ 12,000 $ - Other noninterest expense (2,643) - Income before income taxes and equity in undistributed net income of subsidiary 9,357 - Income tax benefit 61 - Income before equity in undistributed net income of subsidiary 9,418 - Equity in undistributed net income of subsidiary 4,925 6,724 Net income $ 14,343 $ 6,724 Comprehensive income $ 14,343 $ 6,724 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows 2015 2014 Cash flows from operating activities Net income $ 14,343 $ 6,724 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (4,925) (6,724) Net change in other assets (2,143) - Net change in other liabilities 734 - Net cash from operating activities 8,009 - Cash flows from investing activities Investment in subsidiary - (57,407) Net cash from investing activities - (57,407) Cash flows from financing activities Net proceeds from issuance of common stock - 57,907 Other - 5 Net cash from financing activities - 57,912 Net change in cash and cash equivalents 8,009 505 Cash and cash equivalents at beginning of the period 505 - Cash and cash equivalents at end of the period $ 8,514 $ 505 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Aug. 13, 2014 | Dec. 31, 2013USD ($)shares | Dec. 19, 2013shares | Sep. 30, 2014shares | Dec. 31, 2015USD ($)siteshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2010$ / sharesshares |
Basis of Presentation [Line Items] | |||||||||
Common stock, shares, outstanding | shares | 12,216,932 | 16,100,966 | 16,100,966 | 12,216,932 | 12,216,932 | ||||
Net proceeds from issuance of common stock | $ 5,605,000 | $ 57,907,000 | $ 13,462,000 | ||||||
Number of shares issued | shares | 584,484 | ||||||||
Loans, net, carrying value | $ 1,429,131,000 | $ 1,179,056,000 | |||||||
Shares authorized for incentive plan | shares | 1,000,000 | ||||||||
Shares granted under incentive plan | shares | 0 | ||||||||
Stockholders' equity, reverse stock split | 7-for-1 reverse stock split of the Company's common stock | ||||||||
Stockholders' equity note, stock split, conversion ratio | 7 | ||||||||
Percentage of loan portfolio underwritten by different credit team | 19.00% | ||||||||
Percentage of loan portfolio originated by subsidiary | 81.00% | ||||||||
Financing receivable, recorded investment, past due | $ 54,392,000 | $ 27,825,000 | |||||||
Financing receivable, recorded investment, current | 1,388,252,000 | 1,160,697,000 | |||||||
Bank owned life insurance (BOLI) | 37,275,000 | 43,907,000 | |||||||
Former Officer from Acquired Bank [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Bank owned life insurance (BOLI) | $ 1,500,000 | ||||||||
First Community Bank of Southwest Florida [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Business acquisition, effective date of acquisition | Aug. 2, 2013 | ||||||||
Preferred Stock Series E [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Preferred stock, shares, issued | shares | 0 | 0 | 0 | 1,033,335 | |||||
Preferred stock, par or stated value per share | $ / shares | $ 1 | ||||||||
Dividends, preferred stock | $ 0 | ||||||||
Branches [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Number of offices | site | 32 | ||||||||
Loan Production Offices [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Number of offices | site | 1 | ||||||||
Parent Company [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Net proceeds from issuance of common stock | $ 57,907,000 | ||||||||
C1 Bank [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Shares issued to shareholders of acquiree | shares | 11,632,448 | ||||||||
Common stock, shares, outstanding | shares | 11,632,448 | ||||||||
Number of shares owned | shares | 12,216,932 | ||||||||
C1 Financial Inc. [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Shares issued by subsidiary | shares | 584,484 | ||||||||
IPO [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Number of shares issued | shares | 2,761,356 | ||||||||
Commercial Real Estate [Member] | Customer Concentration Risk [Member] | Brazil [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Loans, net, carrying value | $ 41,324,000 | $ 44,003,000 | |||||||
Commercial Real Estate [Member] | Assets, Total [Member] | Customer Concentration Risk [Member] | Brazil [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Concentration risk, percentage | 2.40% | 2.90% | |||||||
Commercial Real Estate [Member] | Fourth Brazilian Corporation [Member] | Brazil [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Financing receivable, recorded investment, current | $ 6,319,000 | ||||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Financing receivable, recorded investment, past due | 36,417,000 | $ 213,000 | |||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | One Brazilian Corporation [Member] | Brazil [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Financing receivable, recorded investment, past due | 17,473,000 | ||||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | Two Brazilian Corporations [Member] | Brazil [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Financing receivable, recorded investment, past due | $ 17,532,000 | ||||||||
Minimum [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Amortization period for advertising costs | 1 year | ||||||||
Minimum [Member] | Building and Related Components [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Premises and equipment, useful lives | P10Y | P10Y | |||||||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Premises and equipment, useful lives | P3Y | P3Y | |||||||
Minimum [Member] | Commercial Real Estate [Member] | Assets, Total [Member] | Customer Concentration Risk [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Concentration risk, percentage | 1.00% | 1.00% | |||||||
Maximum [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Amortization period for advertising costs | 3 years | ||||||||
Maximum [Member] | Building and Related Components [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Premises and equipment, useful lives | P40Y | P40Y | |||||||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |||||||||
Basis of Presentation [Line Items] | |||||||||
Premises and equipment, useful lives | P10Y | P10Y |
Initial Public Offering (Narrat
Initial Public Offering (Narrative) (Details) $ / shares in Units, $ in Millions | Sep. 09, 2014$ / sharesshares | Aug. 13, 2014 | Dec. 31, 2013shares | Sep. 30, 2014USD ($)shares |
Initial Public Offering [Line Items] | ||||
Number of shares issued | 584,484 | |||
Proceeds from initial public offerings, net of offering costs | $ | $ 42.3 | |||
Reverse stock split ratio | 7 | |||
IPO [Member] | ||||
Initial Public Offering [Line Items] | ||||
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 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | Aug. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Net cash received | $ 48 | $ 41,819 | ||
Bargain purchase gain | $ 48 | 13,462 | [1] | |
First Community Bank of Southwest Florida [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, acquisition related costs | $ 831 | |||
Net cash received | 23,494 | 23,494 | ||
Bargain purchase gain | $ 12,387 | $ 13,462 | ||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Business Combinations (Summary
Business Combinations (Summary of Fair Value of the Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Aug. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combination Liabilities | |||||
Net cash received | $ 48 | $ 41,819 | |||
Bargain purchase gain | $ 48 | 13,462 | [1] | ||
First Community Bank of Southwest Florida [Member] | |||||
Business Combination Assets | |||||
Cash and cash equivalents | $ 18,645 | $ 18,645 | 18,645 | ||
Securities available for sale | 21,500 | 21,500 | 21,500 | ||
Restricted stock | 926 | 926 | 926 | ||
Loans | 164,965 | 165,543 | 165,543 | ||
Premises and equipment | 5,630 | 5,630 | 5,630 | ||
Core deposit intangibles | 1,549 | 1,549 | 1,549 | ||
Other real estate owned | 25,604 | 26,101 | 26,101 | ||
Other assets | 905 | 905 | 905 | ||
Total assets acquired | 239,724 | 240,799 | 240,799 | ||
Business Combination Liabilities | |||||
Deposits | 237,053 | 237,053 | 237,053 | ||
FHLB Advances | 13,600 | 13,600 | 13,600 | ||
Other liabilities | 178 | 178 | 178 | ||
Total liabilities assumed | 250,831 | 250,831 | 250,831 | ||
Net assets acquired | (11,107) | (10,032) | (10,032) | ||
Net cash received | 23,494 | 23,494 | |||
Bargain purchase gain | $ 12,387 | 13,462 | |||
Measurement Period [Member] | First Community Bank of Southwest Florida [Member] | |||||
Business Combination Assets | |||||
Loans | 578 | 578 | |||
Other real estate owned | 497 | 497 | |||
Total assets acquired | 1,075 | 1,075 | |||
Business Combination Liabilities | |||||
Net assets acquired | 1,075 | $ 1,075 | |||
Bargain purchase gain | $ 1,075 | ||||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Amortized Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible Assets [Abstract] | ||
Core deposit intangibles, gross carrying amount | $ 2,572 | $ 2,572 |
Core deposit intangibles, accumulated amortization | $ (1,873) | $ (1,585) |
Intangible Assets (Schedule o49
Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Intangible Assets [Abstract] | |
2,016 | $ 200 |
2,017 | 143 |
2,018 | 104 |
2,019 | 77 |
2,020 | $ 57 |
Investment Securities (Schedule
Investment Securities (Schedule of Proceeds and Gross Gain (Losses) from the sale of Available for Sale Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Investment Securities [Abstract] | ||||
Proceeds from sale | $ 996 | $ 130,091 | ||
Gross gain, realized | 241 | 576 | ||
Gross (loss), realized | (271) | |||
Net gains (losses) on sales of securities | $ 241 | $ 305 | [1] | |
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Loans (Narrative) (Details)
Loans (Narrative) (Details) loan in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($) | |
Loans charged-off | $ 260,000 | $ 5,295,000 | $ 2,664,000 | ||
Nonaccrual | 35,951,000 | $ 20,894,000 | |||
Number of loans, modified | loan | 0 | ||||
Loans receivable, allowance | 8,031,000 | $ 5,324,000 | |||
Accretion into income | 582,000 | 652,000 | 284,000 | ||
Remaining accretable discount | 1,804,000 | 2,421,000 | |||
Due from related parties, current | 2,677,000 | 2,520,000 | |||
Increase (decrease) in due from related parties, current | 708,000 | 2,493,000 | |||
Proceeds from collection of (payments to fund) long-term loans to related parties | 551,000 | 786,000 | |||
Provision (reversal of provision) for loan losses | (1,118,000) | (4,814,000) | $ (1,218,000) | ||
Shared National Credit Program [Member] | |||||
Loans charged-off | $ 4,000,000 | ||||
Provision (reversal of provision) for loan losses | $ 147,000 | 484,000 | |||
Nonperforming Financing Receivable [Member] | |||||
Recorded Investment | 0 | 0 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Loans receivable, allowance | 124,000 | 92,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | First Community Bank of America and The Palm Bank and First Community Bank of Southwest Florida [Member] | |||||
Financing receivable, net | 24,259,000 | 28,081,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financing Receivable [Member] | |||||
Nonaccrual | $ 8,880,000 | $ 12,980,000 |
Loans (Schedule of Loans Receiv
Loans (Schedule of Loans Receivable) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,442,644 | $ 1,188,522 |
Less: Net deferred loan fees | (5,482) | (4,142) |
Less: Allowance for loan losses | (8,031) | (5,324) |
Total loans, net | 1,429,131 | 1,179,056 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 303,644 | 224,416 |
Less: Allowance for loan losses | (1,763) | (820) |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 783,774 | 723,577 |
Less: Allowance for loan losses | (4,007) | (3,423) |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 63,635 | 75,360 |
Less: Allowance for loan losses | (437) | (373) |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 94,521 | 57,733 |
Less: Allowance for loan losses | (618) | (292) |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,284,488 | 1,055,429 |
Real Estate [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 303,644 | 224,416 |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 783,774 | 723,577 |
Real Estate [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 197,070 | $ 107,436 |
Loans (Allowance for Loan Losse
Loans (Allowance for Loan Losses and Recorded Investment in Financing Receivables) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 5,324 | $ 3,412 | $ 2,814 |
Loans charged-off | (260) | (5,295) | (2,664) |
Recoveries | 1,849 | 2,393 | 2,044 |
Net (charge-offs) recoveries | 1,589 | (2,902) | (620) |
Provision (reversal of provision) for loan losses | 1,118 | 4,814 | 1,218 |
Ending balance | 8,031 | 5,324 | 3,412 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 820 | 439 | 523 |
Loans charged-off | (119) | (304) | (506) |
Recoveries | 417 | 1,100 | 1,012 |
Net (charge-offs) recoveries | 298 | 796 | 506 |
Provision (reversal of provision) for loan losses | 645 | (415) | (590) |
Ending balance | 1,763 | 820 | 439 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,423 | 1,860 | 1,337 |
Loans charged-off | (3) | (430) | (940) |
Recoveries | 295 | 351 | 181 |
Net (charge-offs) recoveries | 292 | (79) | (759) |
Provision (reversal of provision) for loan losses | 292 | 1,642 | 1,282 |
Ending balance | 4,007 | 3,423 | 1,860 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 416 | 241 | 251 |
Loans charged-off | (7) | (51) | (120) |
Recoveries | 267 | 472 | 317 |
Net (charge-offs) recoveries | 260 | 421 | 197 |
Provision (reversal of provision) for loan losses | 530 | (246) | (207) |
Ending balance | 1,206 | 416 | 241 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 373 | 537 | 399 |
Loans charged-off | (67) | (4,163) | (918) |
Recoveries | 710 | 414 | 330 |
Net (charge-offs) recoveries | 643 | (3,749) | (588) |
Provision (reversal of provision) for loan losses | (579) | 3,585 | 726 |
Ending balance | 437 | 373 | 537 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 292 | 335 | 304 |
Loans charged-off | (64) | (347) | (180) |
Recoveries | 160 | 56 | 204 |
Net (charge-offs) recoveries | 96 | (291) | 24 |
Provision (reversal of provision) for loan losses | 230 | 248 | 7 |
Ending balance | $ 618 | $ 292 | $ 335 |
Loans (Allocation of Allowance
Loans (Allocation of Allowance for Credit Losses on Financing Receivables) (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | 124 | 92 |
Total allowance for loan losses allocated | 671 | 606 |
Loan allowance | 7,360 | 4,718 |
Loans receivable, allowance, total | 8,031 | 5,324 |
Individually evaluated for impairment | 27,657 | 8,555 |
Collectively evaluated for impairment | 1,390,604 | 1,151,794 |
Total | 1,442,644 | 1,188,522 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable, allowance, total | 124 | 92 |
Collectively evaluated for impairment | 24,383 | 28,173 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 156 | 107 |
Allowance for loan losses allocated, purchase credit impaired loans | 72 | 46 |
Total allowance for loan losses allocated | 228 | 153 |
Loan allowance | 1,535 | 667 |
Loans receivable, allowance, total | 1,763 | 820 |
Individually evaluated for impairment | 3,550 | 1,813 |
Collectively evaluated for impairment | 295,008 | 216,023 |
Total | 303,644 | 224,416 |
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 5,086 | 6,580 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 189 | 339 |
Allowance for loan losses allocated, purchase credit impaired loans | 48 | 37 |
Total allowance for loan losses allocated | 237 | 376 |
Loan allowance | 3,770 | 3,047 |
Loans receivable, allowance, total | 4,007 | 3,423 |
Individually evaluated for impairment | 23,304 | 5,395 |
Collectively evaluated for impairment | 742,585 | 698,822 |
Total | 783,774 | 723,577 |
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 17,885 | 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 | 1,077 | 408 |
Loans receivable, allowance, total | 1,206 | 416 |
Individually evaluated for impairment | 177 | 230 |
Collectively evaluated for impairment | 195,722 | 105,726 |
Total | 197,070 | 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] | ||
Collectively evaluated for impairment | 1,171 | 1,480 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 77 | 68 |
Total allowance for loan losses allocated | 77 | 68 |
Loan allowance | 360 | 305 |
Loans receivable, allowance, total | 437 | 373 |
Individually evaluated for impairment | 616 | 1,013 |
Collectively evaluated for impairment | 62,840 | 73,660 |
Total | 63,635 | 75,360 |
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 179 | 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 | 618 | 291 |
Loans receivable, allowance, total | 618 | 292 |
Individually evaluated for impairment | 10 | 104 |
Collectively evaluated for impairment | 94,449 | 57,563 |
Total | 94,521 | 57,733 |
Consumer [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment | $ 62 | $ 66 |
Loans (Impaired Loans by Loan P
Loans (Impaired Loans by Loan Portfolio Class) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unpaid Principal, Total | $ 28,422 | $ 9,692 | |
Recorded Investment, with related allowance | 2,155 | 1,284 | |
Recorded Investment, Total | 27,657 | 8,555 | |
Allowance for loan losses allocated | 547 | 514 | |
Average Recorded Investment, Total | 12,980 | 9,557 | $ 8,917 |
Interest Income Recognized, Total | 24 | 84 | 111 |
Residential Portfolio Segment [Member] | |||
Unpaid Principal, with no related allowance | 3,079 | 1,643 | |
Unpaid Principal, with related allowance | 610 | 364 | |
Recorded Investment, with no related allowance | 2,970 | 1,464 | |
Recorded Investment, with related allowance | 580 | 349 | |
Allowance for loan losses allocated | 156 | 107 | |
Average Recorded Investment, with no related allowance | 1,639 | 1,053 | 1,391 |
Average Recorded Investment, with related allowance | 560 | 486 | 401 |
Interest Income Recognized, with no related allowance | 4 | 5 | 6 |
Interest Income Recognized, with related allowance | 7 | 2 | |
Commercial Real Estate [Member] | |||
Allowance for loan losses allocated | 189 | 339 | |
Commercial Real Estate [Member] | Secured by Farmland [Member] | |||
Unpaid Principal, with no related allowance | 17,458 | 185 | |
Recorded Investment, with no related allowance | 17,416 | 143 | |
Average Recorded Investment, with no related allowance | $ 4,461 | 1,312 | 746 |
Interest Income Recognized, with no related allowance | $ 17 | 2 | |
Commercial Real Estate [Member] | Multifamily [Member] | |||
Unpaid Principal, with no related allowance | |||
Unpaid Principal, with related allowance | |||
Recorded Investment, with no related allowance | |||
Recorded Investment, with related allowance | |||
Allowance for loan losses allocated | |||
Average Recorded Investment, with no related allowance | 259 | ||
Interest Income Recognized, with no related allowance | 8 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Unpaid Principal, with no related allowance | $ 2,886 | $ 4,346 | |
Unpaid Principal, with related allowance | 1,287 | 776 | |
Recorded Investment, with no related allowance | 2,595 | 4,000 | |
Recorded Investment, with related allowance | 1,222 | 699 | |
Allowance for loan losses allocated | 189 | 339 | |
Average Recorded Investment, with no related allowance | 3,623 | 2,779 | 3,459 |
Average Recorded Investment, with related allowance | 971 | 1,773 | 702 |
Interest Income Recognized, with no related allowance | 2 | 13 | 60 |
Interest Income Recognized, with related allowance | 12 | 21 | 15 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Unpaid Principal, with no related allowance | 2,071 | 608 | |
Recorded Investment, with no related allowance | 2,071 | 553 | |
Average Recorded Investment, with no related allowance | 789 | 720 | 320 |
Average Recorded Investment, with related allowance | 68 | ||
Interest Income Recognized, with no related allowance | 1 | 2 | |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | |||
Unpaid Principal, with no related allowance | 280 | ||
Unpaid Principal, with related allowance | 177 | ||
Recorded Investment, with no related allowance | 230 | ||
Recorded Investment, with related allowance | 177 | ||
Allowance for loan losses allocated | 125 | ||
Average Recorded Investment, with no related allowance | 43 | 95 | 31 |
Average Recorded Investment, with related allowance | 102 | 45 | |
Commercial [Member] | |||
Unpaid Principal, with no related allowance | 639 | 1,007 | |
Unpaid Principal, with related allowance | 204 | 314 | |
Recorded Investment, with no related allowance | 440 | 777 | |
Recorded Investment, with related allowance | 176 | 236 | |
Allowance for loan losses allocated | 77 | 68 | |
Average Recorded Investment, with no related allowance | 581 | 399 | 359 |
Average Recorded Investment, with related allowance | 180 | 693 | 691 |
Interest Income Recognized, with no related allowance | 1 | 8 | 8 |
Interest Income Recognized, with related allowance | 5 | 12 | 5 |
Consumer [Member] | |||
Unpaid Principal, with no related allowance | 11 | 169 | |
Recorded Investment, with no related allowance | 10 | 104 | |
Average Recorded Investment, with no related allowance | 4 | 76 | 79 |
Average Recorded Investment, with related allowance | $ 27 | $ 58 | 479 |
Interest Income Recognized, with related allowance | $ 3 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 35,951 | $ 20,894 |
Loans Past Due Over 90 Days Still Accruing | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 4,763 | 4,168 |
Loans Past Due Over 90 Days Still Accruing | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 30,457 | 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 | $ 544 | 1,591 |
Loans Past Due Over 90 Days Still Accruing | ||
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 10 | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 54,392 | $ 27,825 |
Loans Not Past Due | 1,388,252 | 1,160,697 |
Total | 1,442,644 | 1,188,522 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,019 | 6,718 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 36,417 | 213 |
Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,956 | 20,894 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,107 | 5,589 |
Loans Not Past Due | 299,537 | 218,827 |
Total | 303,644 | 224,416 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 464 | 1,256 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118 | 165 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,525 | 4,168 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 783,774 | 723,577 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 356 | |
Loans Not Past Due | 33,950 | 32,545 |
Total | 33,950 | 32,901 |
Commercial Real Estate [Member] | Multifamily [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 356 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,537 | 12,090 |
Loans Not Past Due | 215,877 | 219,146 |
Total | 224,414 | 231,236 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,913 | 1,829 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,075 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,549 | 10,261 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,053 | 6,771 |
Loans Not Past Due | 467,323 | 392,831 |
Total | 473,376 | 399,602 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,043 | 2,593 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 799 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,211 | 4,178 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,492 | 143 |
Loans Not Past Due | 17,542 | 59,695 |
Total | 52,034 | 59,838 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,349 | |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143 | 143 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 601 | 534 |
Loans Not Past Due | 196,469 | 106,902 |
Total | 197,070 | 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] | ||
Total Past Due | 424 | 85 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177 | 449 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 461 | 2,141 |
Loans Not Past Due | 63,174 | 73,219 |
Total | 63,635 | 75,360 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34 | 550 |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 76 | |
Commercial [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 351 | 1,591 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 141 | 201 |
Loans Not Past Due | 94,380 | 57,532 |
Total | 94,521 | 57,733 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 141 | 49 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48 | |
Consumer [Member] | Financing Receivables, Equal to Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 104 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Number of Loans | loan | 0 | |
Nonperforming Financing Receivable [Member] | ||
Recorded Investment | $ | $ 0 | $ 0 |
Performing Financing Receivable [Member] | ||
Number of Loans | loan | 3 | 2 |
Recorded Investment | $ | $ 954,000 | $ 906,000 |
Consumer [Member] | Performing Financing Receivable [Member] | ||
Number of Loans | loan | 1 | |
Recorded Investment | $ | $ 74,000 | |
Owner Occupied [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Number of Loans | loan | 1 | 1 |
Recorded Investment | $ | $ 513,000 | $ 532,000 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Number of Loans | loan | 1 | 1 |
Recorded Investment | $ | $ 367,000 | $ 374,000 |
Loans (Classes Of The Loan Port
Loans (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,442,644 | $ 1,188,522 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,357,522 | 1,138,111 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 45,091 | 22,094 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 40,031 | 28,317 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 303,644 | 224,416 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 294,790 | 215,998 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,683 | 2,405 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 7,171 | 6,013 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 783,774 | 723,577 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 63,635 | 75,360 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 56,364 | 73,321 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 6,655 | 311 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 616 | 1,728 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 94,521 | 57,733 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 94,381 | 57,568 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 130 | 61 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 10 | 104 |
Multifamily [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 33,950 | 32,901 |
Multifamily [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 33,950 | 32,667 |
Multifamily [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 234 | |
Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 224,414 | 231,236 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 203,155 | 205,078 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 12,278 | 11,059 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 8,981 | 15,099 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 473,376 | 399,602 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 462,288 | 389,430 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,976 | 5,994 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,112 | 4,178 |
Construction [Member] | Residential and Commerical Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 197,070 | 107,436 |
Construction [Member] | Residential and Commerical Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 195,468 | 105,027 |
Construction [Member] | Residential and Commerical Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 877 | 1,357 |
Construction [Member] | Residential and Commerical Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 725 | 1,052 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 52,034 | 59,838 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 17,126 | 59,022 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 17,492 | 673 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 17,416 | $ 143 |
Loans (Loans Related to Acquisi
Loans (Loans Related to Acquisition) (Detail) - First Community Bank of Southwest Florida [Member] $ in Thousands | Dec. 31, 2013USD ($) |
Contractually required payments receivable of loans purchased during the year (assuming no prepayments) | $ 35,650 |
Cash flows expected to be collected at acquisition | 24,030 |
Fair value of acquired loans at acquisition | $ 20,901 |
Other Real Estate Owned (Schedu
Other Real Estate Owned (Schedule of Other Real Estate Owned) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate Owned [Abstract] | |||
Balance at beginning of period | $ 34,916 | $ 41,049 | $ 19,027 |
Acquired other real estate owned | 26,101 | ||
Loans transferred to other real estate owned | 4,264 | 3,355 | 6,829 |
Valuation allowance expense | (374) | (3,331) | (1,739) |
Sales of other real estate owned | (10,476) | (6,157) | (9,169) |
Balance at end of period | $ 28,330 | $ 34,916 | $ 41,049 |
Other Real Estate Owned (Sche62
Other Real Estate Owned (Schedule of Other Real Estate Owned Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate Owned [Abstract] | |||
Balance at beginning of period | $ 4,850 | $ 2,709 | $ 1,520 |
Valuation allowance expense | 374 | 3,331 | 1,739 |
Removals due to sales | (2,135) | (1,190) | (550) |
Balance at end of period | $ 3,089 | $ 4,850 | $ 2,709 |
Other Real Estate Owned (Sche63
Other Real Estate Owned (Schedule of Other Real Estate Owned Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Other Real Estate Owned [Abstract] | ||||
Operating expenses, net of rental income | $ 1,930 | $ 2,168 | $ 2,163 | [1] |
Valuation allowance expense | 374 | 3,331 | 1,739 | |
Other real estate owned expense, total | $ 2,304 | $ 5,499 | $ 3,902 | |
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Premises and Equipment (Summary
Premises and Equipment (Summary of Bank's Premises and Equipment and Total Accumulated Depreciation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 78,644 | $ 74,238 |
Less: accumulated depreciation | (13,505) | (10,163) |
Net book value | 65,139 | 64,075 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 15,208 | 15,298 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 43,043 | 38,104 |
Furniture, Equipment and Autos [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 15,590 | 12,937 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 4,803 | $ 7,899 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Required Minimum Rental Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises and Equipment [Abstract] | |||
2,016 | $ 1,037 | ||
2,017 | 900 | ||
2,018 | 934 | ||
2,019 | 931 | ||
2,020 | 876 | ||
Thereafter | 10,866 | ||
Operating leases, future minimum payments due, total | 15,544 | ||
Operating leases, rent expense, net | $ 1,740 | $ 1,713 | $ 1,508 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Time deposits, $250,000 or more | $ 36,555 | $ 26,277 |
Brokered deposits | 38,672 | 17,052 |
Deposits | 1,278,265 | 1,167,502 |
Officers and Directors [Member] | ||
Deposits | $ 12,465 | $ 6,259 |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 321,034 | $ 278,543 |
Interest-bearing demand | 182,212 | 140,598 |
Money market and savings | 494,943 | 435,105 |
Time | 280,076 | 313,256 |
Total deposits | $ 1,278,265 | $ 1,167,502 |
Deposits (Schedule of Certifica
Deposits (Schedule of Certificates Maturing) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
2,016 | $ 114,959 | |
2,017 | 86,399 | |
2,018 | 20,319 | |
2,019 | 37,776 | |
2,020 | 16,408 | |
Thereafter | 4,215 | |
Time deposits, total | $ 280,076 | $ 313,256 |
Federal Home Loan Bank Advanc69
Federal Home Loan Bank Advances (Narrative) (Details) - Convertible, 2.92%, due December 2017 [Member] | Dec. 31, 2015 |
Federal Home Loan Bank Advances Disclosure [Line Items] | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 2.92% |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,017 |
Federal Home Loan Bank Advanc70
Federal Home Loan Bank Advances (Summary of Advances from FHLB) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 242,000 | $ 178,500 |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 242,000 | 178,500 |
Federal Home Loan Bank Advances [Member] | Fixed rate hybrid advance, 1.94%, due January 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.94% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Convertible, 4.62%, due October 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | $ 5,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 4.62% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 | 2,016 |
Federal Home Loan Bank Advances [Member] | Convertible, 2.92%, due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 6,000 | $ 6,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 2.92% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,017 | 2,017 |
Federal Home Loan Bank Advances [Member] | Convertible, 2.76%, due February 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 2.76% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Convertible, 2.92%, due February 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 2.92% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Convertible, 3.66%, due July 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 3,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 3.66% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Credit Advance, 1.97%, due March 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 1,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.97% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Credit Advance, 1.87%, due May 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 1,500 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.87% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Credit Advance, 1.55%, due July 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 1,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.55% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.58%, due October 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | $ 5,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.58% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 | 2,016 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Credit Advance, 1.42%, due December 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | $ 5,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.42% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 | 2,016 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.19%, due May 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 20,000 | $ 20,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.19% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,018 | 2,018 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 2.70%, due May 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 10,000 | $ 10,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 2.70% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,023 | 2,023 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Credit Advance, 0.83%, due July 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 1,000 | $ 1,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 0.83% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 | 2,016 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.78%, due September 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 20,000 | $ 20,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.78% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,018 | 2,018 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 0.92%, due September 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 10,000 | $ 10,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 0.92% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 | 2,016 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 0.44%, due December 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 13,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 0.44% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,015 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.80%, due December 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | $ 5,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.80% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,018 | 2,018 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.34%, due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 6,000 | $ 6,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.34% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,017 | 2,017 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 0.82%, due December 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 6,000 | $ 6,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 0.82% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 | 2,016 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.92%, due May 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 15,000 | $ 15,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.92% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,019 | 2,019 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.99%, due August 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 15,000 | $ 15,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.99% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,019 | 2,019 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 2.02%, due August 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 15,000 | $ 15,000 |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 2.02% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,019 | 2,019 |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.88%, due January 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 20,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.88% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,020 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.82%, due February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 20,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.82% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,020 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.59%, due April 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 15,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.59% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,020 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Hybrid Advance, 1.98%, due June 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 30,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 1.98% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,020 | |
Federal Home Loan Bank Advances [Member] | Fixed Rate Credit Advance, 0.45%, due February 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 13,000 | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, interest rate at period end | 0.45% | |
Federal Home Loan Bank, advances, general debt obligations, disclosures, due date | 2,016 |
Federal Home Loan Bank Advanc71
Federal Home Loan Bank Advances (Summary of Advances from FHLB Maturities for the Next Five Years) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Federal Home Loan Bank Advances | |
2,016 | $ 45,000 |
2,017 | 12,000 |
2,018 | 45,000 |
2,019 | 45,000 |
2,020 | 85,000 |
Thereafter | 10,000 |
Advances from Federal Home Loan Banks, total | $ 242,000 |
Subordinated Debentures (Narrat
Subordinated Debentures (Narrative) (Details) - Nonconvertible Captial Debentures [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2005 | |
Debt Instrument [Line Items] | ||
Debt instrument, description | The debentures had a stated maturity of ten years. The interest rate was fixed for the first five years of the life of the debentures, and variable (1.7% over the 3-month LIBOR) for the final five years. The debentures were unsecured and subordinate in right of payment to the Bank's obligation to its depositors and to the Bank's other obligations to its creditors. The debentures were included in other borrowings on the balance sheet. The debentures were callable by the Bank after five years at par in whole or in part on any coupon date. The debentures were called by the Bank in December 2014. | |
Debt instrument, face amount | $ 3,000,000 | |
Debt instrument, interest rate terms | interest rate was fixed for the first five years of the life of the debentures, and variable (1.7% over the 3-month LIBOR) for the final five years | |
Debt instrument, call feature | The debentures were callable by the Bank after five years at par in whole or in part on any coupon date. The debentures were called by the Bank in December 2014. | |
LIBOR 3-Month [Member] | Remaining Five Years [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.70% |
Commitments and Contingencies73
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Due from related parties | $ 63 | $ 0 |
Commitments and Contingencies74
Commitments and Contingencies (Summary of Commitments and Contingent Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Commited and contingent, total | $ 176,400 | $ 189,049 |
Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 37,615 | 39,630 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 2,328 | 1,540 |
Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | 136,457 | 147,879 |
Fixed Rate [Member] | ||
Loss Contingencies [Line Items] | ||
Commited and contingent, total | 19,776 | 27,893 |
Fixed Rate [Member] | Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 8,275 | 3,549 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 2,294 | 1,358 |
Fixed Rate [Member] | Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | 9,207 | 22,986 |
Variable Rate [Member] | ||
Loss Contingencies [Line Items] | ||
Commited and contingent, total | 156,624 | 161,156 |
Variable Rate [Member] | Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 29,340 | 36,081 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 34 | 182 |
Variable Rate [Member] | Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | $ 127,250 | $ 124,893 |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [1] | |
Recorded investment with specific allowance | $ 2,155 | $ 1,284 | ||
Allowance for loan losses allocated | 547 | 514 | ||
Provision for loan losses | 1,118 | 4,814 | $ 1,218 | |
Other real estate owned | 8,690 | 15,204 | ||
Loans and leases receivable, allowance | 8,031 | 5,324 | ||
Loans and leases receivable, gross | 1,442,644 | 1,188,522 | ||
Other real estate owned, gross, carrying amount | 11,779 | 20,054 | ||
Other real estate owned, allowance | 3,089 | 4,850 | ||
Other real estate and foreclosed asset, impairment write-off | 374 | 3,242 | ||
Impaired Loans [Member] | ||||
Provision for loan losses | $ 37 | $ 292 | ||
Minimum [Member] | ||||
Capitalization rate used to determine fair value for collateralized assets | 8.00% | 8.00% | ||
Maximum [Member] | ||||
Capitalization rate used to determine fair value for collateralized assets | 12.00% | 12.00% | ||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Other real estate owned | ||
Total assets measured at fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Other real estate owned | ||
Total assets measured at fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 1,608 | $ 770 |
Other real estate owned | 8,690 | 15,204 |
Total assets measured at fair value | $ 10,298 | 15,974 |
Residential Portfolio Segment [Member] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Other real estate owned | ||
Residential Portfolio Segment [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Other real estate owned | ||
Residential Portfolio Segment [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 424 | 242 |
Other real estate owned | $ 1,336 | 2,337 |
Commercial Real Estate [Member] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Commercial Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Commercial Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 1,033 | 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] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Other real estate owned | ||
Commercial [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Other real estate owned | ||
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 99 | 168 |
Other real estate owned | $ 7,354 | $ 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 |
Fair Values (The Schedule of Es
Fair Values (The Schedule of Estimated Fair Values by Balance Sheet Groupings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | $ 137,259 | $ 185,703 | $ 143,452 | $ 77,038 |
Cash and cash equivalents, fair value | 137,259 | 185,703 | ||
Federal Home Loan Bank stock, carrying value | 11,668 | 9,224 | ||
Loans, net, carrying value | 1,429,131 | 1,179,056 | ||
Loans, net, fair value | 1,429,131 | 1,179,056 | ||
Accrued interest receivable, carrying value | 4,641 | 3,490 | ||
Accrued interest receivable, fair value | 4,641 | 3,490 | ||
Deposits, carrying value | 1,278,265 | 1,167,502 | ||
Deposit, fair value | 1,278,265 | 1,167,502 | ||
FHLB advances, carrying value | 242,000 | 178,500 | ||
FHLB advances, fair value | 242,000 | 178,500 | ||
Accrued interest payable, carrying value | 145 | 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 | 137,259 | 185,703 | ||
Deposit, fair value | 998,189 | 854,246 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Deposit, fair value | 280,570 | 314,201 | ||
FHLB advances, fair value | 243,460 | 178,162 | ||
Accrued interest payable, fair value | 145 | 235 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Loans, net, fair value | 1,431,551 | 1,177,725 | ||
Accrued interest receivable, fair value | $ 4,641 | $ 3,490 |
Income Tax Matters (Narrative)
Income Tax Matters (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Matters [Line Items] | |||
Deferred tax assets, valuation allowance | $ 0 | $ 0 | |
Federal statutory rate | 35.00% | 35.00% | 34.00% |
Uncertain tax positions | $ 0 | ||
Income tax expense, adjustment, post audit | 163 | ||
Tax adjustments, settlements, and Unusual Provisions | 120 | ||
Domestic Tax Authority [Member] | |||
Income Tax Matters [Line Items] | |||
Operating loss carryforwards | 3,232 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Matters [Line Items] | |||
Operating loss carryforwards | $ 7,233 | ||
Domestic Tax Authority, State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax Matters [Line Items] | |||
Operating loss carryforwards, expiration date | Jan. 1, 2029 |
Income Tax Matters (Schedule of
Income Tax Matters (Schedule of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Current Provision | ||||
Federal | $ 9,986 | $ 4,635 | $ 1,685 | |
State | 1,680 | 815 | 307 | |
Current income tax expense (benefit), total | 11,666 | 5,450 | 1,992 | |
Deferred provision | ||||
Federal | (440) | (633) | 4,856 | |
State | (98) | (165) | 804 | |
Deferred income tax expense (benefit), total | (538) | (798) | 5,660 | |
Total provision | ||||
Federal, income tax expense (benefit) | 9,546 | 4,002 | 6,541 | |
State and local, income tax expense (benefit) | 1,582 | 650 | 1,111 | |
Income tax expense (benefit), total | 11,128 | $ 4,652 | $ 7,652 | [1] |
Parent Company [Member] | ||||
Total provision | ||||
Income tax expense (benefit), total | $ 61 | |||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Income Tax Matters (Schedule 80
Income Tax Matters (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss and credit carryforward | $ 1,390 | $ 1,628 |
Allowance for loan losses | 3,098 | 2,054 |
Accrued expenses | 209 | 206 |
Other real estate owned | 1,191 | 1,988 |
Nonaccrual loan interest | 874 | 447 |
Other | 150 | 170 |
Deferred tax assets, total | 6,912 | 6,493 |
Deferred tax liabilities: | ||
Bargain purchase gain | (2,161) | (2,714) |
Depreciation | (2,812) | (2,609) |
Net deferred loan costs | (339) | (406) |
Purchase accounting adjustments | (263) | (197) |
Prepaid expenses | (452) | |
Other | (200) | (420) |
Deferred tax liabilities, total | (6,227) | (6,346) |
Net deferred tax asset | $ 685 | $ 147 |
Income Tax Matters (Schedule 81
Income Tax Matters (Schedule of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Federal statutory rate times financial statement income | $ 8,915 | $ 3,982 | $ 6,678 | |
State taxes | 1,028 | 423 | 733 | |
Meals and entertainment | 276 | 228 | 176 | |
Merger related expenses | 870 | |||
BOLI income | (263) | |||
Other, net | 302 | 19 | 65 | |
Income tax expense (benefit), total | 11,128 | $ 4,652 | $ 7,652 | [1] |
Parent Company [Member] | ||||
Income tax expense (benefit), total | $ 61 | |||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Basic | ||||
Net income | $ 14,343 | $ 6,724 | $ 11,990 | [1] |
Weighted average shares of common stock outstanding | 16,100,966 | 14,112,443 | 11,108,040 | |
Basic earnings per common share | $ 0.89 | $ 0.48 | $ 1.08 | [1] |
Diluted | ||||
Net income | $ 14,343 | $ 6,724 | $ 11,990 | [1] |
Weighted average shares of common stock outstanding | 16,100,966 | 14,112,443 | 11,108,040 | |
Add: Dilutive effects of assumed exercises of stock options | 15,786 | |||
Average shares and dilutive potential common shares | 16,100,966 | 14,112,443 | 11,123,826 | |
Diluted EPS | $ 0.89 | $ 0.48 | $ 1.08 | [1] |
Antidilutive stock options | 0 | 0 | 0 | |
Parent Company [Member] | ||||
Basic | ||||
Net income | $ 14,343 | $ 6,724 | ||
Diluted | ||||
Net income | $ 14,343 | $ 6,724 | ||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Regulatory Matters [Abstract] | |
Proceeds from dividends received | $ 12 |
Potential dividends paid | $ 23.6 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Actual and Required Capital Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
C1 Financial Inc. [Member] | ||
Total capital to risk weighted assets | ||
Amounts | $ 208,426 | $ 190,712 |
Ratio | 13.85% | 14.74% |
Required for capital adequacy purposes, amount | $ 120,369 | $ 103,532 |
Required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets | ||
Amounts | $ 200,396 | $ 185,388 |
Ratio | 13.32% | 14.33% |
Required for capital adequacy purposes, amount | $ 90,277 | $ 51,766 |
Required for capital adequacy purposes, ratio | 6.00% | 4.00% |
Common equity, Amounts | $ 200,396 | |
Common equity, Ratio | 13.32% | |
Common equity, Required for capital adequacy purposes, amount | $ 67,707 | |
Common equity, Required for capital adequancy purposes, ratio | 4.50% | |
Tier 1 capital to average assets | ||
Amounts | $ 200,396 | $ 185,388 |
Ratio | 11.55% | 11.95% |
Required for capital adequacy purposes, amount | $ 69,410 | $ 62,049 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
C1 Bank [Member] | ||
Total capital to risk weighted assets | ||
Amounts | $ 198,316 | $ 190,019 |
Ratio | 13.19% | 14.68% |
Required for capital adequacy purposes, amount | $ 120,252 | $ 103,523 |
Required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Well capitalized under prompt corrective action provision, amount | $ 150,315 | $ 129,404 |
Well capitalized under prompt corrective action provision, ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets | ||
Amounts | $ 190,286 | $ 184,695 |
Ratio | 12.66% | 14.27% |
Required for capital adequacy purposes, amount | $ 90,189 | $ 51,762 |
Required for capital adequacy purposes, ratio | 6.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | $ 120,252 | $ 77,642 |
Well capitalized under prompt corrective action provision, ratio | 8.00% | 6.00% |
Common equity, Amounts | $ 190,286 | |
Common equity, Ratio | 12.66% | |
Common equity, Required for capital adequacy purposes, amount | $ 67,642 | |
Common equity, Required for capital adequancy purposes, ratio | 4.50% | |
Common equity, Well capitalized under prompt corrective action provision, amount | $ 97,705 | |
Common equity, Well capitalized under prompt corrective action provision, ratio | 6.50% | |
Tier 1 capital to average assets | ||
Amounts | $ 190,286 | $ 184,695 |
Ratio | 10.97% | 11.91% |
Required for capital adequacy purposes, amount | $ 69,376 | $ 62,045 |
Required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Well capitalized under prompt corrective action provision, amount | $ 86,720 | $ 77,556 |
Well capitalized under prompt corrective action provision, ratio | 5.00% | 5.00% |
Parent Company Only Financial85
Parent Company Only Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
ASSETS [Abstract] | ||||||||||
Cash and cash equivalents | $ 143,452 | $ 185,703 | $ 143,452 | $ 77,038 | $ 77,038 | $ 137,259 | $ 185,703 | $ 143,452 | $ 77,038 | |
Other assets | 5,517 | 10,090 | ||||||||
Total assets | 1,725,520 | 1,536,691 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Other liabilities | 4,274 | 4,051 | ||||||||
Stockholders' Equity Attributable to Parent | 200,981 | 186,638 | $ 121,814 | $ 96,447 | ||||||
Total liabilities and stockholders' equity | 1,725,520 | 1,536,691 | ||||||||
Other noninterest expense | (2,996) | (2,850) | (2,653) | [1] | ||||||
Income before income taxes | 25,471 | 11,376 | 19,642 | [1] | ||||||
Income tax benefit | 11,128 | 4,652 | 7,652 | [1] | ||||||
Net income | 14,343 | 6,724 | 11,990 | [1] | ||||||
Comprehensive income | 14,343 | 6,724 | 11,942 | |||||||
Cash flows from operating activities | ||||||||||
Net income | 14,343 | 6,724 | 11,990 | [1] | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||
Net change in other liabilities | 527 | (1,622) | 4,099 | |||||||
Net cash from operating activities | 14,816 | 5,889 | 5,609 | |||||||
Cash flows from investing activities | ||||||||||
Net cash from investing activities | (238,217) | (173,127) | (60,479) | |||||||
Cash flows from financing activities | ||||||||||
Net proceeds from issuance of common stock | 5,605 | 57,907 | 13,462 | |||||||
Net cash provided by financing activities | 174,957 | 209,489 | 121,284 | |||||||
Net change in cash and cash equivalents | (48,444) | 42,251 | 66,414 | |||||||
Cash and cash equivalents at beginning of the period | 185,703 | 143,452 | 77,038 | |||||||
Cash and cash equivalents at end of the period | $ 143,452 | 137,259 | 185,703 | $ 143,452 | 77,038 | |||||
Parent Company [Member] | ||||||||||
ASSETS [Abstract] | ||||||||||
Cash and cash equivalents | 505 | 505 | 8,514 | 505 | ||||||
Investment in subsidiary | 190,870 | 185,945 | ||||||||
Other assets | 2,331 | 188 | ||||||||
Total assets | 201,715 | 186,638 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Other liabilities | 734 | |||||||||
Stockholders' Equity Attributable to Parent | 200,981 | 186,638 | ||||||||
Total liabilities and stockholders' equity | $ 201,715 | $ 186,638 | ||||||||
Dividends from subsidiary | 12,000 | |||||||||
Other noninterest expense | (2,643) | |||||||||
Income before income taxes | 9,357 | |||||||||
Income tax benefit | 61 | |||||||||
Income before equity in undistributed net income of subsidiary | 9,418 | |||||||||
Equity in undistributed income of subsidiary | 4,925 | 6,724 | ||||||||
Net income | 14,343 | 6,724 | ||||||||
Comprehensive income | 14,343 | 6,724 | ||||||||
Cash flows from operating activities | ||||||||||
Net income | 14,343 | 6,724 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||
Equity in undistributed income of subsidiary | (4,925) | (6,724) | ||||||||
Net change in other assets | (2,143) | |||||||||
Net change in other liabilities | 734 | |||||||||
Net cash from operating activities | 8,009 | |||||||||
Cash flows from investing activities | ||||||||||
Investment in subsidiary | (57,407) | |||||||||
Net cash from investing activities | (57,407) | |||||||||
Cash flows from financing activities | ||||||||||
Net proceeds from issuance of common stock | 57,907 | |||||||||
Other | 5 | |||||||||
Net cash provided by financing activities | 57,912 | |||||||||
Net change in cash and cash equivalents | 8,009 | $ 505 | ||||||||
Cash and cash equivalents at beginning of the period | 505 | |||||||||
Cash and cash equivalents at end of the period | $ 8,514 | $ 505 | ||||||||
[1] | Per share amounts have been restated to reflect the 7-for-1 reverse stock split completed on August 13, 2014. Please refer to Note 2 - Initial Public Offering for additional information related to the reverse stock split. |
Merger (Narrative) (Details)
Merger (Narrative) (Details) - Definitive Agreement [Member] - Scenario, Plan [Member] - Bank of the Ozarks Inc. [Member] - USD ($) $ / shares in Units, $ in Millions | Nov. 15, 2015 | Nov. 09, 2015 |
Payments to acquire businesses, Gross | $ 402.5 | |
Business acquisition, share price | $ 25 | |
Downward adjustment amount threshold for consideration payable | $ 174 | |
Minimum [Member] | ||
Share Price | 39.79 | |
Maximum [Member] | ||
Share Price | $ 66.31 |