Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 Common Stock, Shares Outstanding | 16,100,966 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS [Abstract] | ||
Cash and cash equivalents | $ 183,746 | $ 137,259 |
Time deposits in other financial institutions | 248 | 248 |
Federal Home Loan Bank stock, at cost | 11,284 | 11,668 |
Loans receivable (net of allowance of $8,146 at March 31, 2016 and $8,031 at December 31, 2015) | 1,445,995 | 1,429,131 |
Premises and equipment, net | 64,570 | 65,139 |
Other real estate owned, net | 27,557 | 28,330 |
Bank-owned life insurance (BOLI) | 37,531 | 37,275 |
Accrued interest receivable | 4,710 | 4,641 |
Core deposit intangible | 643 | 699 |
Prepaid expenses | 5,493 | 5,613 |
Other assets | 5,294 | 5,517 |
Total assets | 1,787,071 | 1,725,520 |
Deposits [Abstract] | ||
Noninterest bearing | 379,464 | 321,034 |
Interest bearing | 965,382 | 957,231 |
Total deposits | 1,344,846 | 1,278,265 |
Federal Home Loan Bank advances | 229,000 | 242,000 |
Other liabilities | 7,594 | 4,274 |
Total liabilities | $ 1,581,440 | $ 1,524,539 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Common stock, par value $1.00; 100,000,000 shares authorized; 16,100,966 shares issued and outstanding at both March 31, 2016 and December 31, 2015 | $ 16,101 | $ 16,101 |
Additional paid-in capital | 148,122 | 148,122 |
Retained earnings | $ 41,408 | $ 36,758 |
Accumulated other comprehensive income | ||
Total stockholders' equity | $ 205,631 | $ 200,981 |
Total liabilities and stockholders' equity | $ 1,787,071 | $ 1,725,520 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance | $ 8,146 | $ 8,031 |
Common stock, par or stated value per share | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 16,100,966 | 16,100,966 |
Common stock, shares, outstanding | 16,100,966 | 16,100,966 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest - income | ||
Loans, including fees | $ 20,495 | $ 17,564 |
Securities | 3 | 3 |
Federal funds sold and other | 286 | 202 |
Total interest income | 20,784 | 17,769 |
Interest - expense | ||
Savings and interest-bearing demand deposits | 682 | 602 |
Time deposits | 839 | 784 |
Federal Home Loan Bank advances | 1,030 | 808 |
Total interest expense | 2,551 | 2,194 |
Net interest income | 18,233 | 15,575 |
Provision (reversal of provision) for loan losses | (561) | 191 |
Net interest income after provision for loan losses | 18,794 | 15,384 |
Noninterest - income | ||
Gains on sale of loans | 199 | 230 |
Service charges and fees | 619 | 567 |
Gains on sales of other real estate owned, net | 307 | 348 |
Bank-owned life insurance | 256 | 92 |
Other noninterest income | 341 | 365 |
Total noninterest income | 1,722 | 1,602 |
Noninterest - expense | ||
Salaries and employee benefits | 5,386 | 5,217 |
Occupancy expense | 1,231 | 1,212 |
Furniture and equipment | 724 | 756 |
Regulatory assessments | 462 | 361 |
Network services and data processing | 1,199 | 1,084 |
Printing and office supplies | 66 | 58 |
Postage and delivery | 53 | 84 |
Advertising and promotion | 859 | 826 |
Other real estate owned related expense, net | 359 | 593 |
Other real estate owned - valuation allowance expense | 14 | 31 |
Amortization of intangible assets | 55 | 83 |
Professional fees | 779 | 698 |
Loan collection expenses | 103 | 84 |
Merger related expense | 585 | |
Other noninterest expense | 723 | 748 |
Total noninterest expense | 12,598 | 11,835 |
Income before income taxes | 7,918 | 5,151 |
Income tax expense | 3,268 | 1,977 |
Net income | $ 4,650 | $ 3,174 |
Earnings per common share: | ||
Basic | $ 0.29 | $ 0.20 |
Diluted | $ 0.29 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 4,650 | $ 3,174 | |
Unrealized gains/losses on available for sale securities: | |||
Tax effect | [1] | 0 | 0 |
Comprehensive income | $ 4,650 | $ 3,174 | |
[1] | Amounts for realized gains on available-for-sale securities are included in gains on sales of securities in the consolidated income statements. Income taxes associated with the unrealized holding gains arising during the period, net of the reclassification adjustments for gains included in net income were $0 for both the three months ended March 31, 2016 and 2015, respectively. The amounts related to income taxes on gains included in net income are included in income tax expense in the consolidated income statements. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||
Tax effect | [1] | $ 0 | $ 0 |
[1] | Amounts for realized gains on available-for-sale securities are included in gains on sales of securities in the consolidated income statements. Income taxes associated with the unrealized holding gains arising during the period, net of the reclassification adjustments for gains included in net income were $0 for both the three months ended March 31, 2016 and 2015, respectively. The amounts related to income taxes on gains included in net income are included in income tax expense in the consolidated income statements. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning balance at Dec. 31, 2014 | $ 16,101 | $ 148,122 | $ 22,415 | $ 186,638 | |
Net income | 3,174 | 3,174 | |||
Other comprehensive income | |||||
Ending balance at Mar. 31, 2015 | 16,101 | 148,122 | 25,589 | 189,812 | |
Beginning balance at Dec. 31, 2015 | 16,101 | 148,122 | 36,758 | 200,981 | |
Net income | 4,650 | 4,650 | |||
Other comprehensive income | |||||
Ending balance at Mar. 31, 2016 | $ 16,101 | $ 148,122 | $ 41,408 | $ 205,631 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 4,650 | $ 3,174 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision (reversal of provision) for loan losses | (561) | 191 |
Depreciation | 856 | 791 |
Net accretion of purchase accounting adjustments | (317) | (518) |
Accretion of loan discount | (52) | (58) |
Amortization of other intangible assets | 55 | 83 |
Increase in other real estate owned valuation allowance | 14 | 31 |
Increase in cash surrender value of BOLI | (256) | (92) |
Net change in deferred income tax expense | 78 | 23 |
Gains on sales of loans | (199) | (230) |
Gains on sales of other real estate owned,net | (307) | (348) |
Net change in other assets and liabilities: | ||
Accrued interest receivable and other assets | 196 | 1,009 |
Other liabilities | 3,362 | 623 |
Net cash from operating activities | 7,519 | 4,679 |
Cash flows from investing activities | ||
Loan originations, net of repayments | (17,985) | (68,567) |
Proceeds from loan sold | 2,021 | 1,983 |
Proceeds from sales of other real estate owned | 1,254 | 5,140 |
Purchases of Federal Home Loan Bank stock | (169) | (1,992) |
Proceeds of sale of Federal Home Loan Bank stock | 553 | 1,227 |
Purchases of premises and equipment | (287) | (1,689) |
Net cash from investing activities | (14,613) | (63,898) |
Cash flows from financing activities | ||
Net change in deposits | 66,581 | 32,340 |
Repayment of Federal Home Loan Bank advances | (13,000) | (16,000) |
Proceeds from Federal Home Loan Bank advances | 40,000 | |
Net cash from financing activities | 53,581 | 56,340 |
Net change in cash and cash equivalents | 46,487 | (2,879) |
Cash and cash equivalents at beginning of the period | 137,259 | 185,703 |
Cash and cash equivalents at end of the period | 183,746 | 182,824 |
Supplemental information: | ||
Cash paid during the period for interest | 2,530 | 2,202 |
Cash paid during the period for income taxes | 20 | 2,229 |
Non-cash items: | ||
Transfers from loans to other real estate owned | $ 188 | $ 228 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION Nature of Operations and Principles of Consolidation: The consolidated financial statements as of and for the three months ended March 31, 2016 and 2015 include C1 Financial, Inc. (“C1 Financial”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as the “Company”. C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. The Bank provides a variety of banking services to individuals through its 32 banking centers 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. The consolidated financial information included herein as of and for the three months ended March 31, 2016 and 2015 is unaudited. Accordingly, it does not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods, with all significant intercompany transactions eliminated. Certain account reclassifications have been made to the 2015 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2015 net income or stockholders’ equity. The results for the three months ended March 31, 2016 are not indicative of annual results. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2015 consolidated balance sheet was derived from the Company’s December 31, 2015 audited Consolidated Financial Statements. Earnings per share: Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of any potentially dilutive common stock equivalents (i.e., outstanding stock options). Earnings per common share is restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE 2 – INVESTMENT SECURITIES The Bank had no securities available for sale as of March 31, 2016 and December 31, 2015 due to the decision to sell all marketable securities in the Bank’s 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. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Loans [Abstract] | |
Loans | NOTE 3 – LOANS The following table provides information on the loan portfolio by portfolio segment at the dates indicated: March 31, 2016 December 31, 2015 Real estate Residential $ 295,925 $ 303,644 Commercial 782,193 783,774 Construction 223,562 197,070 Total real estate 1,301,680 1,284,488 Commercial 61,019 63,635 Consumer 97,054 94,521 Total loans, gross 1,459,753 1,442,644 Less: Net deferred loan fees (5,612) (5,482) Allowance for loan losses (8,146) (8,031) Total loans, net $ 1,445,995 $ 1,429,131 The Bank has divided the loan portfolio into various portfolio segments, each with different risk characteristics and methodologies for assessing risk. The portfolio segments identified are as follows: Residential real estate loans are typically secured by 1-4 family residential properties located mostly in Florida and are underwritten in accordance with policies set forth and approved by the Board of Directors, including repayment capacity and source, value of the underlying property, credit history and stability. Repayment of residential real estate loans is primarily dependent upon the personal income or business income generated by the secured rental property of the borrowers (in the case of investment properties), which can be impacted by the economic conditions in their market area or, in the case of loans to foreign borrowers, their country of origin from which their source of income originates. Commercial real estate loans are typically segmented into classes such as office buildings and condominiums, retail buildings and shopping centers, warehouse and other. Commercial real estate loans are secured by the subject property and are underwritten based upon standards set forth in the Bank’s policies approved by the Board of Directors. Such standards include, among other factors, loan to value limits, cash flow and debt service coverage, and general creditworthiness of the obligors. Construction loans to borrowers are extended for the purpose of financing the construction of owner occupied and nonowner occupied properties. These loans are categorized as construction loans during the construction period, later converting to commercial or residential real estate loans after the construction is complete and amortization of the loan begins. Construction loans are approved based on an analysis of the borrower and guarantor, the viability of the project and on an acceptable percentage of the appraised value of the property securing the loan. Construction loan funds are disbursed periodically based on the percentage of construction completed. Commercial loans are primarily underwritten on the basis of the borrowers’ ability to service such debt from income. When possible, commercial loans are secured by real estate. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. As a general practice, collateral is taken as a security interest in any available real estate, equipment, or other chattel, although loans may also be made on an unsecured basis. Collateralized working capital loans typically are secured by short-term assets whereas long-term loans are primarily secured by long-term assets. Consumer loans are extended for various purposes. This segment also includes home improvement loans, lines of credit, personal loans, and deposit account collateralized loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to consumers are extended after a credit evaluation, including the creditworthiness of the borrower, the purpose of the credit, and the primary and secondary sources of repayment. The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 1,763 $ 4,007 $ 1,206 $ 437 $ 618 $ 8,031 Loans charged-off (15) - (1) (34) (4) (54) Recoveries 55 469 124 46 36 730 Net recoveries 40 469 123 12 32 676 Provision (reversal of provision) for loan losses (88) (468) 8 (34) 21 (561) Ending balance $ 1,715 $ 4,008 $ 1,337 $ 415 $ 671 $ 8,146 Three Months Ended March 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 - (1) - - (3) (4) Recoveries 69 112 23 33 39 276 Net recoveries 69 111 23 33 36 272 Provision (reversal of provision) for loan losses 41 (56) 40 24 142 191 Ending balance $ 930 $ 3,478 $ 479 $ 430 $ 470 $ 5,787 The following table provides the allocation of the allowance for loan losses by portfolio segment at March 31, 2016: March 31, 2016 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific reserves: Impaired loans $ 151 $ 182 $ 125 $ 72 $ - $ 530 Purchased credit impaired loans 73 48 4 - - 125 Total specific reserves 224 230 129 72 - 655 General reserves 1,491 3,778 1,208 343 671 7,491 Total $ 1,715 $ 4,008 $ 1,337 $ 415 $ 671 $ 8,146 Loans: Individually evaluated for impairment $ 4,242 $ 23,432 $ 177 $ 582 $ 10 $ 28,443 Purchased credit impaired loans 5,023 17,042 1,124 176 61 23,426 Collectively evaluated for impairment 286,660 741,719 222,261 60,261 96,983 1,407,884 Total ending loans balance $ 295,925 $ 782,193 $ 223,562 $ 61,019 $ 97,054 $ 1,459,753 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 presents loans individually evaluated for impairment by portfolio segment as of March 31, 2016 and December 31, 2015. The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken. The unpaid principal balance and recorded investment of commercial real estate loans secured by farmland were primarily related to two commercial real estate loans secured by Brazilian farmland. March 31, 2016 December 31, 2015 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 $ 3,856 $ 3,747 $ - $ 3,079 $ 2,970 $ - Commercial real estate Multifamily - - - - - - Owner occupied 3,074 2,758 - 2,886 2,595 - Nonowner occupied 2,071 2,045 - 2,071 2,071 - Secured by farmland 17,458 17,416 - 17,458 17,416 - Construction - - - - - - Commercial 636 439 - 639 440 - Consumer 11 10 - 11 10 - With allowance recorded: Residential real estate 523 495 151 610 580 156 Commercial real estate Multifamily - - - - - - Owner occupied 1,280 1,213 182 1,287 1,222 189 Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction 177 177 125 177 177 125 Commercial 151 143 72 204 176 77 Consumer - - - - - - Total $ 29,237 $ 28,443 $ 530 $ 28,422 $ 27,657 $ 547 Average impaired loans and related interest income for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 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 $ 3,775 $ - $ - $ 1,300 $ - $ - Commercial real estate Multifamily - - - - - - Owner occupied 2,770 3 - 3,861 - - Nonowner occupied 2,045 - - 548 - - Secured by farmland 17,416 - - 143 - - Construction - - - 130 - - Commercial 441 - - 732 - - Consumer 10 - - 2 - - With allowance recorded: Residential real estate 496 - - 539 - - Commercial real estate Multifamily - - - - - - Owner occupied 1,216 5 - 684 4 - Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction 177 - - - - - Commercial 147 1 - 223 1 - Consumer - - - - - - Total $ 28,493 $ 9 $ - $ 8,162 $ 5 $ - The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Nonaccrual Loans Past Due Over 90 Days Still Accruing Nonaccrual Loans Past Due Over 90 Days Still Accruing Residential real estate $ 5,087 $ - $ 4,763 $ - Commercial real estate 30,473 17,055 30,457 - Construction 177 - 177 - Commercial 537 - 544 - Consumer 10 - 10 - Total $ 36,284 $ 17,055 $ 35,951 $ - The increase in loans past due over 90 days and still accruing was related to one loan that is well-secured by Brazilian farmland and on which we continue to collect payments (a payment was received after quarter end, which brought the loan below 90 days past due). The reported amounts as of March 31, 2016 and December 31, 2015 included nonaccrual purchased credit impaired loans of $8,395 and $8,880 , 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 March 31, 2016: March 31, 2016 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 $ 2,222 $ 265 $ 4,220 $ 6,707 $ 289,218 $ 295,925 Commercial real estate Multifamily - - - - 31,311 31,311 Owner occupied 2,909 380 5,487 8,776 224,790 233,566 Nonowner occupied - 786 2,179 2,965 464,053 467,018 Secured by farmland - - 34,470 34,470 15,828 50,298 Construction - - 177 177 223,385 223,562 Commercial 28 14 533 575 60,444 61,019 Consumer 139 16 - 155 96,899 97,054 Total $ 5,298 $ 1,461 $ 47,066 $ 53,825 $ 1,405,928 $ 1,459,753 The shift during the first quarter from 60-89 days past due to greater than 89 days past due was primarily related to three commercial real estate loans secured by Brazilian farmland, two of which are on nonaccrual and the third is still accruing since we continue to collect payments on this well-secured credit. 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 Troubled Debt Restructurings The following table is a summary of troubled debt restructurings that were performing in accordance with the restructured terms at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate - $ - - $ - Commercial real estate Multifamily - - - - Owner occupied 1 508 1 513 Nonowner occupied 1 365 1 367 Secured by farmland - - - - Construction - - - - Commercial - - - - Consumer 1 73 1 74 Total 3 $ 946 3 $ 954 As of March 31, 2016 and December 31, 2015, 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 were no loans modified as troubled debt restructurings during the three months ended March 31, 2016 and 2015. There were no troubled debt restructurings that defaulted during the three months ended March 31, 2016 and 2015. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed at least annually. The Bank uses the following definitions for risk ratings: Special Mention . Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard . Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans not meeting the criteria above include homogeneous loans, which include residential real estate and consumer loans. The credit quality indicators used for loans not meeting the criteria above are payment status and historical payment experience. As of March 31, 2016 and December 31, 2015, loans by risk category were as follows: March 31, 2016 Pass Special Mention Substandard Doubtful Total Residential real estate $ 284,997 $ 3,809 $ 7,119 $ - $ 295,925 Commercial real estate Multifamily 31,311 - - - 31,311 Owner occupied 213,112 11,929 8,525 - 233,566 Nonowner occupied 460,337 1,639 5,042 - 467,018 Secured by farmland 15,412 17,470 17,416 - 50,298 Construction 222,021 853 688 - 223,562 Commercial 53,887 6,550 582 - 61,019 Consumer 96,975 69 10 - 97,054 Total $ 1,378,052 $ 42,319 $ 39,382 $ - $ 1,459,753 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 Special mention and substandard commercial real estate loans secured by farmland were primarily 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 March 31, 2016 and December 31, 2015 was approximately $ 23,301 and $24,259 , respectively. The Bank maintained an allowance for loan losses of $12 5 and $124 at March 31, 2016 and December 31, 2015, respectively, for loans acquired with deteriorated quality. During the three months ended March 31, 2016 and 2015, the Bank accreted $90 and $141 , respectively, into interest income on these loans. The remaining accretable discount was $1,714 at March 31, 2016 and $1,804 at December 31, 2015. The Bank did not transfer any nonaccretable discount on these loans during the periods presented. |
Fair Values
Fair Values | 3 Months Ended |
Mar. 31, 2016 | |
Fair Values [Abstract] | |
Fair Values | NOTE 4 – 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 value on a recurring basis at March 31, 2016 and December 31, 2015. 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 March 31, 2016 and December 31, 2015, 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 with specific allocations of the allowance for loan losses and other real estate owned with an associated valuation allowance 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 March 31, 2016 and December 31, 2015. As required by Accounting Standards Codification (“ASC”) 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of assets measured on a nonrecurring basis was as follows at March 31, 2016: March 31, 2016 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 $ - $ - $ 344 Commercial real estate - - 1,031 Construction - - 52 Commercial - - 71 Consumer - - - Total impaired loans - - 1,498 Other real estate owned Residential - - 940 Commercial - - 7,149 Total other real estate owned - - 8,089 Total $ - $ - $ 9,587 Impaired loans, which had a specific allowance for loan losses allocated, had a fair value of $1,498 (recorded investment of $2,028 with a valuation allowance of $530 ) at March 31, 2016, which reflected a reversal of provision for loan losses of $12 for the three months ended March 31, 2016 . Other real estate owned, which is measured at fair value less costs to sell, had a net carrying amount of $8,089 (recorded investment of $10 ,925, net of a valuation allowance of $2,836 ) at March 31, 2016, which reflected write-downs of $14 for the three months ended March 31, 2016. 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 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 following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate that value. These financial assets and liabilities are reported in the Company’s consolidated balance sheets at their carrying amounts. Fair value methods and assumptions are periodically evaluated by the Company. Cash and cash equivalents – For these short-term highly liquid instruments, the carrying amount is a reasonable estimate of fair value. Investment securities – Fair values for investment securities, excluding Federal Home Loan Bank stock, are discussed above. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to restrictions placed on its transferability. Loans – The fair value measurement of certain impaired loans is discussed above. For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for all other loans are estimated using discounted cash flow analyses, using the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. An overall valuation adjustment was made for specific credit risks as well as general portfolio credit risk. The methods utilized to estimate the fair value do not necessarily represent an exit price. Accrued interest receivable and payable – The carrying amount of accrued interest receivable and payable approximates fair value due to the short-term nature of these financial instruments. Deposits – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable upon demand at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015. The estimated fair values of the Bank's financial assets and liabilities at March 31, 2016 and December 31, 2015 approximated as follows: Fair Value Measurement at March 31, 2016 Using: Carrying amount Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 183,746 $ 183,746 $ - $ - Loans, net 1,445,995 - - 1,458,639 Accrued interest receivable 4,710 - - 4,710 Financial liabilities Deposits $ 1,344,846 $ 1,054,160 $ 292,753 $ - Federal Home Loan Bank advances 229,000 - 233,614 - Accrued interest payable 208 - 208 - 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 - |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 5 – EARNINGS PER COMMON SHARE Basic earnings per common share is net income divided by the weighted average number of shares outstanding during the period. Diluted earnings per share includes the effect of any potentially dilutive common stock equivalents (i.e., outstanding stock options). There were no antidilutive common stock equivalents during the periods presented. The following table provides information on the calculation of earnings per common share for the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 Basic Net Income $ 4,650 $ 3,174 Weighted average shares of common stock outstanding 16,100,966 16,100,966 Basic earnings per common share $ 0.29 $ 0.20 Diluted Net Income $ 4,650 $ 3,174 Weighted average shares of common stock outstanding 16,100,966 16,100,966 Add: Dilutive effect of common stock equivalents - - Average shares and dilutive potential common shares 16,100,966 16,100,966 Diluted earnings per common share $ 0.29 $ 0.20 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 6 – REGULATORY MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies, including the Bank’s primary federal regulator, the Federal Deposit Insurance Corporation (“FDIC”). Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Bank’s financial statements. Under 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. The U.S. Basel III Capital Rules require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of Total capital, Tier 1 capital and Common Equity Tier 1 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. In addition, the Company and the Bank are subject to a greater than 2.5 percent Common Equity Tier 1 capital conservation buffer on top of the minimum risk-based capital ratios. The buffer will be phased in over three years beginning January 1, 2016, and the phase-in amount for 2016 is 0.625 percent of risk-weighted assets. Failure to maintain the buffer will result in restrictions on the ability to make capital distributions and to pay discretionary bonuses to executive officers. As of March 31, 2016, management believes that the Company and the Bank met all capital adequacy requirements to which they were subject. To qualify as well capitalized, the Bank must maintain minimum Total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage capital ratios as set forth in the table below. As of March 31, 2016 and December 31, 2015, the Bank met all capital adequacy requirements to be considered well capitalized. There were no conditions or events since the end of the first quarter of 2016 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 March 31, 2016 and December 31, 2015 were as follows: Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision March 31, 2016 Amount Ratio Amount Ratio (1) Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ 213,065 13.94% $ 131,831 8.625% $ N/A N/A C1 Bank 203,538 13.33% 131,705 8.625% 152,702 10.00% Tier 1 capital to risk-weighted assets C1 Financial, Inc. 204,919 13.41% 101,262 6.625% N/A N/A C1 Bank 195,392 12.80% 101,165 6.625% 122,161 8.00% Common equity tier 1 capital to risk-weighted assets C1 Financial, Inc. 204,919 13.41% 78,334 5.125% N/A N/A C1 Bank 195,392 12.80% 78,260 5.125% 99,256 6.50% Tier 1 capital to average assets C1 Financial, Inc. 204,919 11.66% 70,275 4.00% N/A N/A C1 Bank 195,392 11.13% 70,216 4.00% 87,770 5.00% (1) Minimum regulatory capital ratios at March 31, 2016 include the applicable minimum risk-based capital ratios and capital conservation buffer. 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% |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 7 – 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: March 31, 2016 Fixed Variable Total Unused lines of credit $ 8,311 $ 32,022 $ 40,333 Standby letters of credit 2,305 182 2,487 Commitments to fund loans 7,525 126,379 133,904 Total $ 18,141 $ 158,583 $ 176,724 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 |
Merger
Merger | 3 Months Ended |
Mar. 31, 2016 | |
Merger [Abstract] | |
Merger | NOTE 8 - 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. C1 Financial conducted a marketing process to solicit offers for the purchase of certain loans of C1 Bank (the “ Brazilian loans ”). The marketing process was concluded on March 10, 2016, and no offers for the Brazilian loans were received by C1 Financial in excess of the price to be paid under that certain standby purchase agreement between Marcelo Faria de Lima and OZRK (the “ Brazilian standby purchase agreement ”). The Agreement provides for an increase in the consideration payable to C1 Financial shareholders in the merger if the Brazilian loans are sold at a price in excess of the price to be paid under the Brazilian standby purchase agreement. (See “The Brazilian Standby Purchase Agreement” in C1 Financial’s definitive proxy statement filed with the SEC on February 1, 2016 ( the “C1 Financial Proxy Statement”) for further information.) Based on the results of the marketing process, C1 Financial does not believe that there will be an increase in the consideration payable to C1 Financial shareholders under the Agreement as a result of a sale of the Brazilian loans. 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 (which occurred on March 3, 2016) and are described in the Agreement. Although there can be no assurance, the transaction is expected to close in the second quarter of 2016. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation: The consolidated financial statements as of and for the three months ended March 31, 2016 and 2015 include C1 Financial, Inc. (“C1 Financial”) and its wholly owned subsidiary, C1 Bank (the “Bank”), together referred to as the “Company”. C1 Bank is a state chartered bank and is subject to the regulations of certain government agencies. The Bank provides a variety of banking services to individuals through its 32 banking centers 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. The consolidated financial information included herein as of and for the three months ended March 31, 2016 and 2015 is unaudited. Accordingly, it does not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods, with all significant intercompany transactions eliminated. Certain account reclassifications have been made to the 2015 financial statements in order to conform to classifications used in the current year. Reclassifications had no effect on 2015 net income or stockholders’ equity. The results for the three months ended March 31, 2016 are not indicative of annual results. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2015 consolidated balance sheet was derived from the Company’s December 31, 2015 audited Consolidated Financial Statements. |
Earnings Per Share | Earnings per share: Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of any potentially dilutive common stock equivalents (i.e., outstanding stock options). Earnings per common share is restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Loans Receivable | The following table provides information on the loan portfolio by portfolio segment at the dates indicated: March 31, 2016 December 31, 2015 Real estate Residential $ 295,925 $ 303,644 Commercial 782,193 783,774 Construction 223,562 197,070 Total real estate 1,301,680 1,284,488 Commercial 61,019 63,635 Consumer 97,054 94,521 Total loans, gross 1,459,753 1,442,644 Less: Net deferred loan fees (5,612) (5,482) Allowance for loan losses (8,146) (8,031) Total loans, net $ 1,445,995 $ 1,429,131 |
Allowance for Loan Losses and Recorded Investment in Financing Receivables | The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Allowance for loan losses: Beginning balance $ 1,763 $ 4,007 $ 1,206 $ 437 $ 618 $ 8,031 Loans charged-off (15) - (1) (34) (4) (54) Recoveries 55 469 124 46 36 730 Net recoveries 40 469 123 12 32 676 Provision (reversal of provision) for loan losses (88) (468) 8 (34) 21 (561) Ending balance $ 1,715 $ 4,008 $ 1,337 $ 415 $ 671 $ 8,146 Three Months Ended March 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 - (1) - - (3) (4) Recoveries 69 112 23 33 39 276 Net recoveries 69 111 23 33 36 272 Provision (reversal of provision) for loan losses 41 (56) 40 24 142 191 Ending balance $ 930 $ 3,478 $ 479 $ 430 $ 470 $ 5,787 |
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 March 31, 2016: March 31, 2016 Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Specific reserves: Impaired loans $ 151 $ 182 $ 125 $ 72 $ - $ 530 Purchased credit impaired loans 73 48 4 - - 125 Total specific reserves 224 230 129 72 - 655 General reserves 1,491 3,778 1,208 343 671 7,491 Total $ 1,715 $ 4,008 $ 1,337 $ 415 $ 671 $ 8,146 Loans: Individually evaluated for impairment $ 4,242 $ 23,432 $ 177 $ 582 $ 10 $ 28,443 Purchased credit impaired loans 5,023 17,042 1,124 176 61 23,426 Collectively evaluated for impairment 286,660 741,719 222,261 60,261 96,983 1,407,884 Total ending loans balance $ 295,925 $ 782,193 $ 223,562 $ 61,019 $ 97,054 $ 1,459,753 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 |
Impaired Loans by Loan Portfolio Class | The following table presents loans individually evaluated for impairment by portfolio segment as of March 31, 2016 and December 31, 2015. The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken. The unpaid principal balance and recorded investment of commercial real estate loans secured by farmland were primarily related to two commercial real estate loans secured by Brazilian farmland. March 31, 2016 December 31, 2015 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 $ 3,856 $ 3,747 $ - $ 3,079 $ 2,970 $ - Commercial real estate Multifamily - - - - - - Owner occupied 3,074 2,758 - 2,886 2,595 - Nonowner occupied 2,071 2,045 - 2,071 2,071 - Secured by farmland 17,458 17,416 - 17,458 17,416 - Construction - - - - - - Commercial 636 439 - 639 440 - Consumer 11 10 - 11 10 - With allowance recorded: Residential real estate 523 495 151 610 580 156 Commercial real estate Multifamily - - - - - - Owner occupied 1,280 1,213 182 1,287 1,222 189 Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction 177 177 125 177 177 125 Commercial 151 143 72 204 176 77 Consumer - - - - - - Total $ 29,237 $ 28,443 $ 530 $ 28,422 $ 27,657 $ 547 Average impaired loans and related interest income for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 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 $ 3,775 $ - $ - $ 1,300 $ - $ - Commercial real estate Multifamily - - - - - - Owner occupied 2,770 3 - 3,861 - - Nonowner occupied 2,045 - - 548 - - Secured by farmland 17,416 - - 143 - - Construction - - - 130 - - Commercial 441 - - 732 - - Consumer 10 - - 2 - - With allowance recorded: Residential real estate 496 - - 539 - - Commercial real estate Multifamily - - - - - - Owner occupied 1,216 5 - 684 4 - Nonowner occupied - - - - - - Secured by farmland - - - - - - Construction 177 - - - - - Commercial 147 1 - 223 1 - Consumer - - - - - - Total $ 28,493 $ 9 $ - $ 8,162 $ 5 $ - |
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 March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Nonaccrual Loans Past Due Over 90 Days Still Accruing Nonaccrual Loans Past Due Over 90 Days Still Accruing Residential real estate $ 5,087 $ - $ 4,763 $ - Commercial real estate 30,473 17,055 30,457 - Construction 177 - 177 - Commercial 537 - 544 - Consumer 10 - 10 - Total $ 36,284 $ 17,055 $ 35,951 $ - |
Loan Portfolio Summarized by the Past Due Status | The following table presents the aging of the recorded investment in past due loans as of March 31, 2016: March 31, 2016 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 $ 2,222 $ 265 $ 4,220 $ 6,707 $ 289,218 $ 295,925 Commercial real estate Multifamily - - - - 31,311 31,311 Owner occupied 2,909 380 5,487 8,776 224,790 233,566 Nonowner occupied - 786 2,179 2,965 464,053 467,018 Secured by farmland - - 34,470 34,470 15,828 50,298 Construction - - 177 177 223,385 223,562 Commercial 28 14 533 575 60,444 61,019 Consumer 139 16 - 155 96,899 97,054 Total $ 5,298 $ 1,461 $ 47,066 $ 53,825 $ 1,405,928 $ 1,459,753 The shift during the first quarter from 60-89 days past due to greater than 89 days past due was primarily related to three commercial real estate loans secured by Brazilian farmland, two of which are on nonaccrual and the third is still accruing since we continue to collect payments on this well-secured credit. 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 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | As of March 31, 2016 and December 31, 2015, loans by risk category were as follows: March 31, 2016 Pass Special Mention Substandard Doubtful Total Residential real estate $ 284,997 $ 3,809 $ 7,119 $ - $ 295,925 Commercial real estate Multifamily 31,311 - - - 31,311 Owner occupied 213,112 11,929 8,525 - 233,566 Nonowner occupied 460,337 1,639 5,042 - 467,018 Secured by farmland 15,412 17,470 17,416 - 50,298 Construction 222,021 853 688 - 223,562 Commercial 53,887 6,550 582 - 61,019 Consumer 96,975 69 10 - 97,054 Total $ 1,378,052 $ 42,319 $ 39,382 $ - $ 1,459,753 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 |
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 March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate - $ - - $ - Commercial real estate Multifamily - - - - Owner occupied 1 508 1 513 Nonowner occupied 1 365 1 367 Secured by farmland - - - - Construction - - - - Commercial - - - - Consumer 1 73 1 74 Total 3 $ 946 3 $ 954 |
Fair Values (Tables)
Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Values [Abstract] | |
The Fair Value of Assets Measured on a Non-recurring Basis | The fair value of assets measured on a nonrecurring basis was as follows at March 31, 2016: March 31, 2016 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 $ - $ - $ 344 Commercial real estate - - 1,031 Construction - - 52 Commercial - - 71 Consumer - - - Total impaired loans - - 1,498 Other real estate owned Residential - - 940 Commercial - - 7,149 Total other real estate owned - - 8,089 Total $ - $ - $ 9,587 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 |
The Schedule of Estimated Fair Values and Related Carrying Amounts by Balance Sheet Groupings | The estimated fair values of the Bank's financial assets and liabilities at March 31, 2016 and December 31, 2015 approximated as follows: Fair Value Measurement at March 31, 2016 Using: Carrying amount Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 183,746 $ 183,746 $ - $ - Loans, net 1,445,995 - - 1,458,639 Accrued interest receivable 4,710 - - 4,710 Financial liabilities Deposits $ 1,344,846 $ 1,054,160 $ 292,753 $ - Federal Home Loan Bank advances 229,000 - 233,614 - Accrued interest payable 208 - 208 - 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 - |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides information on the calculation of earnings per common share for the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 Basic Net Income $ 4,650 $ 3,174 Weighted average shares of common stock outstanding 16,100,966 16,100,966 Basic earnings per common share $ 0.29 $ 0.20 Diluted Net Income $ 4,650 $ 3,174 Weighted average shares of common stock outstanding 16,100,966 16,100,966 Add: Dilutive effect of common stock equivalents - - Average shares and dilutive potential common shares 16,100,966 16,100,966 Diluted earnings per common share $ 0.29 $ 0.20 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Actual and Required Capital Ratios | The Company’s and Bank's actual and required capital ratios as of March 31, 2016 and December 31, 2015 were as follows: Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Provision March 31, 2016 Amount Ratio Amount Ratio (1) Amount Ratio Total capital to risk-weighted assets C1 Financial, Inc. $ 213,065 13.94% $ 131,831 8.625% $ N/A N/A C1 Bank 203,538 13.33% 131,705 8.625% 152,702 10.00% Tier 1 capital to risk-weighted assets C1 Financial, Inc. 204,919 13.41% 101,262 6.625% N/A N/A C1 Bank 195,392 12.80% 101,165 6.625% 122,161 8.00% Common equity tier 1 capital to risk-weighted assets C1 Financial, Inc. 204,919 13.41% 78,334 5.125% N/A N/A C1 Bank 195,392 12.80% 78,260 5.125% 99,256 6.50% Tier 1 capital to average assets C1 Financial, Inc. 204,919 11.66% 70,275 4.00% N/A N/A C1 Bank 195,392 11.13% 70,216 4.00% 87,770 5.00% (1) Minimum regulatory capital ratios at March 31, 2016 include the applicable minimum risk-based capital ratios and capital conservation buffer. 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% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Summary of Commitments and Contingent Liabilities | A summary of these commitments and contingent liabilities is as follows: March 31, 2016 Fixed Variable Total Unused lines of credit $ 8,311 $ 32,022 $ 40,333 Standby letters of credit 2,305 182 2,487 Commitments to fund loans 7,525 126,379 133,904 Total $ 18,141 $ 158,583 $ 176,724 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 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Mar. 31, 2016site |
Branches [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of offices | 32 |
Loan Production Offices [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of offices | 1 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment Securities [Abstract] | ||
Equity securities, available for sale | $ 0 | $ 0 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Loans charged-off | $ 54 | $ 4 | ||
Financing receivable, allowance for credit losses | 8,146 | 5,787 | $ 8,031 | $ 5,324 |
Accretion into income | 90 | 141 | ||
Remaining accretable discount | 1,714 | 1,804 | ||
Loans and leases receivable, net amount | 1,445,995 | 1,429,131 | ||
Recoveries | 730 | 276 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable, allowance for credit losses | 125 | 124 | ||
Nonperforming Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases receivable, net amount | 8,395 | 8,880 | ||
Performing Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded Investment | $ 946 | $ 954 | ||
Number of Loans, modified | loan | 3 | 3 | ||
First Community Bank of America and The Palm Bank and First Community Bank of Southwest Florida [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Certain loans acquired in transfer not accounted for as debt securities, carrying amount, net | $ 23,301 | $ 24,259 | ||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans charged-off | 4 | 3 | ||
Financing receivable, allowance for credit losses | 671 | 470 | 618 | $ 292 |
Recoveries | 36 | $ 39 | ||
Consumer [Member] | Performing Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded Investment | $ 73 | $ 74 | ||
Number of Loans, modified | loan | 1 | 1 |
Loans (Schedule of Loans Receiv
Loans (Schedule of Loans Receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,459,753 | $ 1,442,644 |
Less: Net deferred loan fees | (5,612) | (5,482) |
Less: Allowance for loan losses | (8,146) | (8,031) |
Total loans, net | 1,445,995 | 1,429,131 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 295,925 | 303,644 |
Less: Allowance for loan losses | (1,715) | (1,763) |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 782,193 | 783,774 |
Less: Allowance for loan losses | (4,008) | (4,007) |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 61,019 | 63,635 |
Less: Allowance for loan losses | (415) | (437) |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 97,054 | 94,521 |
Less: Allowance for loan losses | (671) | (618) |
Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,301,680 | 1,284,488 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 295,925 | 303,644 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 782,193 | 783,774 |
Real Estate Loan [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 223,562 | $ 197,070 |
Loans (Allowance for Loan Losse
Loans (Allowance for Loan Losses and Recorded Investment in Financing Receivables) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 8,031 | $ 5,324 |
Loans charged-off | (54) | (4) |
Recoveries | 730 | 276 |
Net (charge-offs) recoveries | 676 | 272 |
Provision (reversal of provision) for loan losses | (561) | 191 |
Ending balance | 8,146 | 5,787 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,763 | 820 |
Loans charged-off | (15) | |
Recoveries | 55 | 69 |
Net (charge-offs) recoveries | 40 | 69 |
Provision (reversal of provision) for loan losses | (88) | 41 |
Ending balance | 1,715 | 930 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 4,007 | 3,423 |
Loans charged-off | (1) | |
Recoveries | 469 | 112 |
Net (charge-offs) recoveries | 469 | 111 |
Provision (reversal of provision) for loan losses | (468) | (56) |
Ending balance | 4,008 | 3,478 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 437 | 373 |
Loans charged-off | (34) | |
Recoveries | 46 | 33 |
Net (charge-offs) recoveries | 12 | 33 |
Provision (reversal of provision) for loan losses | (34) | 24 |
Ending balance | 415 | 430 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 618 | 292 |
Loans charged-off | (4) | (3) |
Recoveries | 36 | 39 |
Net (charge-offs) recoveries | 32 | 36 |
Provision (reversal of provision) for loan losses | 21 | 142 |
Ending balance | 671 | 470 |
Construction [Member] | Residential and Commerical Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,206 | 416 |
Loans charged-off | (1) | |
Recoveries | 124 | 23 |
Net (charge-offs) recoveries | 123 | 23 |
Provision (reversal of provision) for loan losses | 8 | 40 |
Ending balance | $ 1,337 | $ 479 |
Loans (Allocation of Allowance
Loans (Allocation of Allowance for Credit Losses on Financing Receivables) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | $ 530 | $ 547 |
Allowance for loan losses allocated, purchase credit impaired loans | 125 | 124 |
Total allowance for loan losses allocated | 655 | 671 |
Loan allowance | 7,491 | 7,360 |
Loans receivable, allowance, total | 8,146 | 8,031 |
Individually evaluated for impairment | 28,443 | 27,657 |
Collectively evaluated for impairment | 1,407,884 | 1,390,604 |
Total | 1,459,753 | 1,442,644 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 23,426 | 24,383 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 151 | 156 |
Allowance for loan losses allocated, purchase credit impaired loans | 73 | 72 |
Total allowance for loan losses allocated | 224 | 228 |
Loan allowance | 1,491 | 1,535 |
Loans receivable, allowance, total | 1,715 | 1,763 |
Individually evaluated for impairment | 4,242 | 3,550 |
Collectively evaluated for impairment | 286,660 | 295,008 |
Total | 295,925 | 303,644 |
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,023 | 5,086 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 182 | 189 |
Allowance for loan losses allocated, purchase credit impaired loans | 48 | 48 |
Total allowance for loan losses allocated | 230 | 237 |
Loan allowance | 3,778 | 3,770 |
Loans receivable, allowance, total | 4,008 | 4,007 |
Individually evaluated for impairment | 23,432 | 23,304 |
Collectively evaluated for impairment | 741,719 | 742,585 |
Total | 782,193 | 783,774 |
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 17,042 | 17,885 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 125 | 125 |
Allowance for loan losses allocated, purchase credit impaired loans | 4 | 4 |
Total allowance for loan losses allocated | 129 | 129 |
Loan allowance | 1,208 | 1,077 |
Loans receivable, allowance, total | 1,337 | 1,206 |
Individually evaluated for impairment | 177 | 177 |
Collectively evaluated for impairment | 222,261 | 195,722 |
Total | 223,562 | 197,070 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,124 | 1,171 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses allocated | 72 | 77 |
Total allowance for loan losses allocated | 72 | 77 |
Loan allowance | 343 | 360 |
Loans receivable, allowance, total | 415 | 437 |
Individually evaluated for impairment | 582 | 616 |
Collectively evaluated for impairment | 60,261 | 62,840 |
Total | 61,019 | 63,635 |
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 176 | 179 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan allowance | 671 | 618 |
Loans receivable, allowance, total | 671 | 618 |
Individually evaluated for impairment | 10 | 10 |
Collectively evaluated for impairment | 96,983 | 94,449 |
Total | 97,054 | 94,521 |
Consumer [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 61 | $ 62 |
Loans (Impaired Loans by Loan P
Loans (Impaired Loans by Loan Portfolio Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, Total | $ 29,237 | $ 28,422 | |
Recorded Investment, with related allowance | 2,028 | 2,155 | |
Recorded Investment, Total | 28,443 | 27,657 | |
Allowance for loan losses allocated | 530 | 547 | |
Average Recorded Investment, Total | 28,493 | $ 8,162 | |
Interest Income Recognized, Total | $ 9 | $ 5 | |
Cash Basis Interest Recognized, Total | |||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with no related allowance | $ 3,856 | 3,079 | |
Unpaid Principal, with related allowance | 523 | 610 | |
Recorded Investment, with no related allowance | 3,747 | 2,970 | |
Recorded Investment, with related allowance | 495 | 580 | |
Allowance for loan losses allocated | 151 | 156 | |
Average Recorded Investment, with no related allowance | 3,775 | $ 1,300 | |
Average Recorded Investment, with related allowance | $ 496 | $ 539 | |
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for loan losses allocated | $ 182 | 189 | |
Commercial Real Estate [Member] | Secured by Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with no related allowance | 17,458 | 17,458 | |
Recorded Investment, with no related allowance | 17,416 | 17,416 | |
Average Recorded Investment, with no related allowance | $ 17,416 | $ 143 | |
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Commercial Real Estate [Member] | Multifamily [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, with no related allowance | |||
Average Recorded Investment, with related allowance | |||
Interest Income Recognized, with no related allowance | |||
Interest Income Recognized, with related allowance | |||
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with no related allowance | $ 3,074 | 2,886 | |
Unpaid Principal, with related allowance | 1,280 | 1,287 | |
Recorded Investment, with no related allowance | 2,758 | 2,595 | |
Recorded Investment, with related allowance | 1,213 | 1,222 | |
Allowance for loan losses allocated | 182 | 189 | |
Average Recorded Investment, with no related allowance | 2,770 | $ 3,861 | |
Average Recorded Investment, with related allowance | 1,216 | 684 | |
Interest Income Recognized, with no related allowance | 3 | ||
Interest Income Recognized, with related allowance | $ 5 | $ 4 | |
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with no related allowance | $ 2,071 | 2,071 | |
Recorded Investment, with no related allowance | 2,045 | 2,071 | |
Average Recorded Investment, with no related allowance | $ 2,045 | $ 548 | |
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Commercial Real Estate [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, with no related allowance | $ 130 | ||
Average Recorded Investment, with related allowance | $ 177 | ||
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with related allowance | $ 177 | 177 | |
Recorded Investment, with related allowance | 177 | 177 | |
Allowance for loan losses allocated | 125 | 125 | |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with no related allowance | 636 | 639 | |
Unpaid Principal, with related allowance | 151 | 204 | |
Recorded Investment, with no related allowance | 439 | 440 | |
Recorded Investment, with related allowance | 143 | 176 | |
Allowance for loan losses allocated | 72 | 77 | |
Average Recorded Investment, with no related allowance | 441 | $ 732 | |
Average Recorded Investment, with related allowance | 147 | 223 | |
Interest Income Recognized, with related allowance | $ 1 | $ 1 | |
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance | |||
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal, with no related allowance | $ 11 | 11 | |
Recorded Investment, with no related allowance | 10 | $ 10 | |
Average Recorded Investment, with no related allowance | $ 10 | $ 2 | |
Cash Basis Interest Recognized, with no related allowance | |||
Cash Basis Interest Recognized, with related allowance |
Loans (Non-accrual and Past 90
Loans (Non-accrual and Past 90 Days Due Loans by Classes of the Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 36,284 | $ 35,951 |
Loans Past Due Over 90 Days Still Accruing | 17,055 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 5,087 | $ 4,763 |
Loans Past Due Over 90 Days Still Accruing | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 30,473 | $ 30,457 |
Loans Past Due Over 90 Days Still Accruing | 17,055 | |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 177 | $ 177 |
Loans Past Due Over 90 Days Still Accruing | ||
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 537 | $ 544 |
Loans Past Due Over 90 Days Still Accruing | ||
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 10 | $ 10 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 53,825 | $ 54,392 |
Loans Not Past Due | 1,405,928 | 1,388,252 |
Total | 1,459,753 | 1,442,644 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 5,298 | 7,019 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,461 | 36,417 |
Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 47,066 | 10,956 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 6,707 | 4,107 |
Loans Not Past Due | 289,218 | 299,537 |
Total | 295,925 | 303,644 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,222 | 464 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 265 | 118 |
Residential Portfolio Segment [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 4,220 | 3,525 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 782,193 | 783,774 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 177 | 601 |
Loans Not Past Due | 223,385 | 196,469 |
Total | 223,562 | 197,070 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 424 | |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 177 | 177 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 575 | 461 |
Loans Not Past Due | 60,444 | 63,174 |
Total | 61,019 | 63,635 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 28 | 34 |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 14 | 76 |
Commercial [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 533 | 351 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 155 | 141 |
Loans Not Past Due | 96,899 | 94,380 |
Total | 97,054 | 94,521 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 139 | 141 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 16 | |
Multifamily [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 31,311 | 33,950 |
Total | 31,311 | 33,950 |
Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 8,776 | 8,537 |
Loans Not Past Due | 224,790 | 215,877 |
Total | 233,566 | 224,414 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,909 | 2,913 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 380 | 1,075 |
Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 5,487 | 4,549 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,965 | 6,053 |
Loans Not Past Due | 464,053 | 467,323 |
Total | 467,018 | 473,376 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,043 | |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 786 | 799 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,179 | 2,211 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 34,470 | 34,492 |
Loans Not Past Due | 15,828 | 17,542 |
Total | 50,298 | 52,034 |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 34,349 | |
Secured by Farmland [Member] | Commercial Real Estate [Member] | Financing Receivables, Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 34,470 | $ 143 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Detail) - Performing Financing Receivable [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Number of Loans | loan | 3 | 3 |
Recorded Investment | $ | $ 946 | $ 954 |
Consumer [Member] | ||
Number of Loans | loan | 1 | 1 |
Recorded Investment | $ | $ 73 | $ 74 |
Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Number of Loans | loan | 1 | 1 |
Recorded Investment | $ | $ 508 | $ 513 |
Non-Owner Occupied [Member] | Commercial Real Estate [Member] | ||
Number of Loans | loan | 1 | 1 |
Recorded Investment | $ | $ 365 | $ 367 |
Loans (Classes Of The Loan Port
Loans (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,459,753 | $ 1,442,644 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,378,052 | 1,357,522 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 42,319 | 45,091 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 39,382 | 40,031 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 295,925 | 303,644 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 284,997 | 294,790 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,809 | 1,683 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 7,119 | 7,171 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 782,193 | 783,774 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 50,298 | 52,034 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 15,412 | 17,126 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 17,470 | 17,492 |
Commercial Real Estate [Member] | Secured by Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 17,416 | 17,416 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 31,311 | 33,950 |
Commercial Real Estate [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 31,311 | 33,950 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 233,566 | 224,414 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 213,112 | 203,155 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 11,929 | 12,278 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 8,525 | 8,981 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 467,018 | 473,376 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 460,337 | 462,288 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,639 | 5,976 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,042 | 5,112 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 223,562 | 197,070 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 222,021 | 195,468 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 853 | 877 |
Residential and Commerical Portfolio Segment [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 688 | 725 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 61,019 | 63,635 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 53,887 | 56,364 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 6,550 | 6,655 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 582 | 616 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 97,054 | 94,521 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 96,975 | 94,381 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 69 | 130 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 10 | $ 10 |
Fair Values (Narrative) (Detail
Fair Values (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Recorded investment with specific allowance | $ 2,028 | $ 2,155 | |
Allowance for loan losses allocated | 530 | 547 | |
Provision for loan losses | (561) | $ 191 | 37 |
Other real estate owned | 8,089 | 8,690 | |
Other real estate owned, gross, carrying amount | 10,925 | 11,779 | |
Other real estate owned, allowance | 2,836 | 3,089 | |
Other real estate owned, valuation allowance write-down | 14 | ||
Other real estate and foreclosed asset, impairment write-off | $ 374 | ||
Impaired Loans [Member] | |||
Provision for loan losses | $ 12 | ||
Minimum [Member] | |||
Capitalized rate used to determine fair value for collateralized assets | 8.00% | 8.00% | |
Maximum [Member] | |||
Capitalized rate used to determine fair value for collateralized assets | 12.00% | 12.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Impaired Loans | $ 1,498 | $ 1,608 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 1,498 | $ 1,608 |
Other real estate owned | 8,089 | 8,690 |
Total assets measured at fair value | 9,587 | 10,298 |
Residential Portfolio Segment [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | 344 | 424 |
Other real estate owned | 940 | 1,336 |
Commercial Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | $ 1,031 | $ 1,033 |
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 | $ 52 |
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | 71 | 99 |
Other real estate owned | $ 7,149 | $ 7,354 |
Consumer [Member] | Quoted Prices in Active Markets for Indentical Assets (Level 1) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Consumer [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans | ||
Consumer [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired Loans Receivables | ||
Impaired Loans |
Fair Values (The Schedule of Es
Fair Values (The Schedule of Estimated Fair Values and Related Carrying Amounts by Balance Sheet Groupings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | $ 183,746 | $ 137,259 | $ 182,824 | $ 185,703 |
Federal Home Loan Bank stock, carrying value | 11,284 | 11,668 | ||
Loans, net, carrying value | 1,445,995 | 1,429,131 | ||
Accrued interest receivable, carrying value | 4,710 | 4,641 | ||
Deposits, carrying value | 1,344,846 | 1,278,265 | ||
FHLB advances, carrying value | 229,000 | 242,000 | ||
Accrued interest payable, carrying value | 208 | 145 | ||
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 | 183,746 | 137,259 | ||
Deposit, fair value | 1,054,160 | 998,189 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Deposit, fair value | 292,753 | 280,570 | ||
FHLB advances, fair value | 233,614 | 243,460 | ||
Accrued interest payable, fair value | 208 | 145 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Loans, net, fair value | 1,458,639 | 1,431,551 | ||
Accrued interest receivable, fair value | $ 4,710 | $ 4,641 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic | ||
Net income | $ 4,650 | $ 3,174 |
Weighted average shares of common stock outstanding | 16,100,966 | 16,100,966 |
Basic earnings per common share | $ 0.29 | $ 0.20 |
Diluted | ||
Net income | $ 4,650 | $ 3,174 |
Weighted average shares of common stock outstanding | 16,100,966 | 16,100,966 |
Add: Dilutive effect of common stock equivalents | ||
Average shares and dilutive potential common shares | 16,100,966 | 16,100,966 |
Diluted earnings per common share | $ 0.29 | $ 0.20 |
Antidilutive stock options | 0 | 0 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Actual and Required Capital Ratios) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
C1 Financial, Inc. [Member] | |||
Total capital to risk weighted assets | |||
Amounts | $ 213,065 | $ 208,426 | |
Ratio | 13.94% | 13.85% | |
Required for capital adequacy purposes, amount | $ 131,831 | $ 120,369 | |
Required for capital adequacy purposes, ratio | 8.625% | [1] | 8.00% |
Tier 1 capital to risk weighted assets | |||
Amounts | $ 204,919 | $ 200,396 | |
Ratio | 13.41% | 13.32% | |
Required for capital adequacy purposes, amount | $ 101,262 | $ 90,277 | |
Required for capital adequacy purposes, ratio | 6.625% | [1] | 6.00% |
Common equity, Amounts | $ 204,919 | $ 200,396 | |
Common equity, Ratio | 13.41% | 13.32% | |
Common equity, Required for capital adequacy purposes, amount | $ 78,334 | $ 67,707 | |
Common equity, Required for capital adequacy purposes, ratio | 5.125% | [1] | 4.50% |
Tier 1 capital to average assets | |||
Amounts | $ 204,919 | $ 200,396 | |
Ratio | 11.66% | 11.55% | |
Required for capital adequacy purposes, amount | $ 70,275 | $ 69,410 | |
Required for capital adequacy purposes, ratio | 4.00% | [1] | 4.00% |
C1 Bank [Member] | |||
Total capital to risk weighted assets | |||
Amounts | $ 203,538 | $ 198,316 | |
Ratio | 13.33% | 13.19% | |
Required for capital adequacy purposes, amount | $ 131,705 | $ 120,252 | |
Required for capital adequacy purposes, ratio | 8.625% | [1] | 8.00% |
Well capitalized under prompt corrective action provision, amount | $ 152,702 | $ 150,315 | |
Well capitalized under prompt corrective action provision, ratio | 10.00% | 10.00% | |
Tier 1 capital to risk weighted assets | |||
Amounts | $ 195,392 | $ 190,286 | |
Ratio | 12.80% | 12.66% | |
Required for capital adequacy purposes, amount | $ 101,165 | $ 90,189 | |
Required for capital adequacy purposes, ratio | 6.625% | [1] | 6.00% |
Well capitalized under prompt corrective action provision, amount | $ 122,161 | $ 120,252 | |
Well capitalized under prompt corrective action provision, ratio | 8.00% | 8.00% | |
Common equity, Amounts | $ 195,392 | $ 190,286 | |
Common equity, Ratio | 12.80% | 12.66% | |
Common equity, Required for capital adequacy purposes, amount | $ 78,260 | $ 67,642 | |
Common equity, Required for capital adequacy purposes, ratio | 5.125% | [1] | 4.50% |
Common equity, Well capitalized under prompt corrective action provision, amount | $ 99,256 | $ 97,705 | |
Common equity, Well capitalized under prompt corrective action provision, ratio | 6.50% | 6.50% | |
Tier 1 capital to average assets | |||
Amounts | $ 195,392 | $ 190,286 | |
Ratio | 11.13% | 10.97% | |
Required for capital adequacy purposes, amount | $ 70,216 | $ 69,376 | |
Required for capital adequacy purposes, ratio | 4.00% | [1] | 4.00% |
Well capitalized under prompt corrective action provision, amount | $ 87,770 | $ 86,720 | |
Well capitalized under prompt corrective action provision, ratio | 5.00% | 5.00% | |
[1] | Minimum regulatory capital ratios at March 31, 2016 include the applicable minimum risk-based capital ratios and capital conservation buffer. |
Commitments and Contingencies39
Commitments and Contingencies (Summary of Commitments and Contingent Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Committed and contingent, total | $ 176,724 | $ 176,400 |
Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 40,333 | 37,615 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 2,487 | 2,328 |
Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | 133,904 | 136,457 |
Fixed Rate [Member] | ||
Loss Contingencies [Line Items] | ||
Committed and contingent, total | 18,141 | 19,776 |
Fixed Rate [Member] | Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 8,311 | 8,275 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 2,305 | 2,294 |
Fixed Rate [Member] | Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | 7,525 | 9,207 |
Variable Rate [Member] | ||
Loss Contingencies [Line Items] | ||
Committed and contingent, total | 158,583 | 156,624 |
Variable Rate [Member] | Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 32,022 | 29,340 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of credit, outstanding | 182 | 34 |
Variable Rate [Member] | Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to fund loans | $ 126,379 | $ 127,250 |
Merger (Narrative) (Details)
Merger (Narrative) (Details) - Definitive Agreement [Member] - Scenario, Plan [Member] $ / shares in Units, $ in Millions | Nov. 09, 2015USD ($)$ / shares |
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 |