Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BUSINESS FIRST BANCSHARES, INC. | |
Entity Central Index Key | 1,624,322 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,035,913 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Due from Banks | $ 45,965 | $ 26,015 |
Federal Funds Sold | 10,570 | 817 |
Securities Available for Sale, at Fair Values | 214,017 | 74,503 |
Loans and Lease Receivable, Net of Allowance for Loan Losses of $7,171 at September 30, 2015 and $6,632 at December 31, 2014 | 738,170 | 551,754 |
Premises and Equipment, Net | 12,251 | 2,180 |
Accrued Interest Receivable | 2,572 | 1,772 |
Other Equity Securities | 5,013 | 1,799 |
Other Real Estate Owned | 3,817 | 3,028 |
Cash Value of Life Insurance | 22,186 | 17,376 |
Goodwill | 3,605 | |
Core Deposit Intangible | 2,624 | |
Other Assets | 5,986 | 5,258 |
Total Assets | 1,066,776 | 684,502 |
Deposits: | ||
Noninterest Bearing | 204,415 | 108,965 |
Interest Bearing | 659,880 | 478,287 |
Total Deposits | 864,295 | 587,252 |
Securities Sold Under Agreements to Repurchase | 2,349 | |
Short Term Borrowings | 3,000 | |
Federal Home Loan Bank Borrowings | 79,658 | 15,000 |
Accrued Interest Payable | 544 | 416 |
Other Liabilities | 4,825 | 2,989 |
Total Liabilities | 954,671 | 605,657 |
STOCKHOLDERS' EQUITY | ||
Common Stock, $1 Par Value; 10,000,000 Shares Authorized; 7,205,913 Shares Issued and 7,035,913 Shares Outstanding at September 30, 2015; and 5,314,925 Shares Issued and Outstanding at December 31, 2014 | 7,036 | 5,315 |
Additional Paid-in Capital | 86,230 | 57,225 |
Retained Earnings | 19,288 | 16,948 |
Accumulated Other Comprehensive Loss | (449) | (643) |
Total Stockholders' Equity | 112,105 | 78,845 |
Total Liabilities and Stockholders' Equity | $ 1,066,776 | $ 684,502 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for Loan Losses | $ 7,171 | $ 6,632 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,205,913 | 5,314,925 |
Common stock, shares outstanding | 7,035,913 | 5,314,925 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income: | ||||
Interest and Fees on Loans | $ 10,068 | $ 6,422 | $ 25,448 | $ 19,300 |
Interest and Dividends on Securities | 937 | 395 | 2,348 | 1,266 |
Interest on Federal Funds Sold and Due From Banks | 46 | 21 | 150 | 52 |
Total Interest Income | 11,051 | 6,838 | 27,946 | 20,618 |
Interest Expense: | ||||
Interest on Deposits | 972 | 934 | 2,875 | 2,763 |
Interest on Borrowings | 163 | 79 | 427 | 232 |
Total Interest Expense | 1,135 | 1,013 | 3,302 | 2,995 |
Net Interest Income | 9,916 | 5,825 | 24,644 | 17,623 |
Provision for Loan Losses | 150 | 400 | 450 | 700 |
Net Interest Income after Provision for Loan Losses | 9,766 | 5,425 | 24,194 | 16,923 |
Other Income: | ||||
Service Charges on Deposit Accounts | 467 | 137 | 1,056 | 429 |
Gain on Sales of Securities | 2 | 2 | 6 | |
Other Income | 335 | 498 | 1,156 | 924 |
Total Other Income | 804 | 635 | 2,214 | 1,359 |
Other Expenses: | ||||
Salaries and Employee Benefits | 4,593 | 2,833 | 11,767 | 8,337 |
Occupancy and Equipment Expense | 1,027 | 606 | 2,789 | 1,846 |
Other Expenses | 3,634 | 1,234 | 7,564 | 3,788 |
Total Other Expenses | 9,254 | 4,673 | 22,120 | 13,971 |
Income Before Income Taxes | 1,316 | 1,387 | 4,288 | 4,311 |
Provision for Income Taxes | 377 | 357 | 1,193 | 1,109 |
Net Income | $ 939 | $ 1,030 | $ 3,095 | $ 3,202 |
Earnings Per Share: | ||||
Basic | $ 0.13 | $ 0.19 | $ 0.47 | $ 0.60 |
Diluted | $ 0.12 | $ 0.19 | $ 0.45 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated Net Income | $ 939 | $ 1,030 | $ 3,095 | $ 3,202 |
Other Comprehensive Income (Loss): | ||||
Unrealized Gain (Loss) on Investment Securities | 1,879 | 391 | 292 | 3,047 |
Reclassification Adjustment for Gains included in Net Income | 2 | 2 | 6 | |
Income Tax Effect | (640) | (133) | (100) | (1,038) |
Other Comprehensive Income (Loss) | 1,241 | 258 | 194 | 2,015 |
Consolidated Comprehensive Income (Loss) | $ 2,180 | $ 1,288 | $ 3,289 | $ 5,217 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 71,923 | $ 5,315 | $ 56,740 | $ 12,915 | $ (3,047) |
Net Income | 3,202 | 3,202 | |||
Other Comprehensive Income (Loss) | 2,015 | 2,015 | |||
Stock Based Compensation Cost | 374 | 374 | |||
Ending balance at Sep. 30, 2014 | 77,514 | 5,315 | 57,114 | 16,117 | (1,032) |
Beginning Balance at Dec. 31, 2014 | 78,845 | 5,315 | 57,225 | 16,948 | (643) |
Net Income | 3,095 | 3,095 | |||
Other Comprehensive Income (Loss) | 194 | 194 | |||
Merger Consideration - net | 32,410 | 1,891 | 30,519 | ||
Stock Based Compensation Cost | 366 | 366 | |||
Stock Repurchase | (2,805) | (170) | (1,880) | (755) | |
Ending balance at Sep. 30, 2015 | $ 112,105 | $ 7,036 | $ 86,230 | $ 19,288 | $ (449) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||||
Consolidated Net Income | $ 939 | $ 1,030 | $ 3,095 | $ 3,202 | |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||||
Provision for Loan Losses | 150 | 400 | 450 | 700 | $ 700 |
Depreciation and Amortization | 847 | 609 | |||
Amortization of Purchase Accounting Valuations | (1,540) | ||||
Noncash Compensation Expense | 364 | 373 | |||
Net Amortization of Securities | 1,045 | 384 | |||
Gain on Sales of Securities | (2) | (2) | (6) | ||
Gain on Sale of Other Real Estate Owned Net of Writedowns | (54) | (262) | |||
(Gain) Loss on Sales of Other Assets | 157 | ||||
Increase in Cash Value of Life Insurance | (484) | (428) | |||
Credit for Deferred Income Taxes | (926) | (83) | |||
Changes in Assets and Liabilities: | |||||
(Increase) Decrease in Accrued Interest Receivable | (63) | 288 | |||
(Increase) Decrease in Other Assets | (503) | 242 | |||
Decrease in Accrued Interest Payable | (98) | (56) | |||
Increase in Other Liabilities | 216 | 1,012 | |||
Net Cash Provided by Operating Activities | 2,504 | 5,975 | |||
Cash Flows From Investing Activities: | |||||
Purchases of Securities Available for Sale | (48,987) | (1,108) | |||
Proceeds from Maturities / Sales of Securities Available for Sale | 3,367 | 25,449 | |||
Proceeds from Paydowns of Securities Available for Sale | 13,613 | 4,424 | |||
Net Cash Received in Merger | 87,377 | ||||
Purchases of Other Equity Securities | (3,038) | (544) | |||
Proceeds from Sales of Other Equity Securities | 1,902 | 1,866 | |||
Net Increase in Loans | (43,167) | (6,769) | |||
Purchases of Premises and Equipment | (570) | (190) | |||
Proceeds from Sales of Other Real Estate | 682 | 337 | |||
Net Increase in Federal Funds Sold | (9,413) | (11,380) | |||
Cash Paid in Dissenter Settlement | (243) | ||||
Net Cash Provided by (Used in) Investing Activities | 1,523 | 12,085 | |||
Cash Flows From Financing Activities: | |||||
Net Increase (Decrease) in Deposits | (6,166) | 5,938 | |||
Net Increase (Decrease) in Securities Sold Under Agreements to Repurchase | (1,927) | ||||
Net Advances on Federal Home Loan Bank Borrowings | 23,821 | ||||
Net Increase in Short Term Borrowings | 3,000 | ||||
Repurchase of Common Stock | (2,805) | ||||
Net Cash Provided by Financing Activities | 15,923 | 5,938 | |||
Net Increase in Cash and Cash Equivalents | 19,950 | 23,998 | |||
Cash and Cash Equivalents at Beginning of Period | 26,015 | 10,074 | 10,074 | ||
Cash and Cash Equivalents at End of Period | $ 45,965 | $ 34,072 | 45,965 | 34,072 | $ 26,015 |
Supplemental Disclosures for Cash Flow Information: | |||||
Interest on Deposits | 2,828 | 2,819 | |||
Interest on Borrowings | 705 | 232 | |||
Income Tax Payments | 2,502 | 1,511 | |||
Supplemental Schedule for Noncash Investing and Financing Activities: | |||||
Change in the Unrealized Gain on Securities Available for Sale | 294 | 3,054 | |||
Change in Deferred Tax Effect on the Unrealized Gain on Securities Available for Sale | (100) | (1,038) | |||
Transfer of Loans to Other Real Estate | $ 806 | $ 1,641 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation – The unaudited consolidated financial statements include the accounts of Business First Bancshares, Inc. (the Company or Bancshares) and its wholly-owned subsidiary, Business First Bank (the Bank), and its wholly-owned subsidiaries, Business First Insurance, LLC and American Gateway Insurance Agency, LLC. The Bank operates in fifteen full service locations and two loan production offices in Louisiana (Baton Rouge metro region, Shreveport, Covington, Lafayette, Lake Charles, Houma (LPO) and New Orleans (LPO)). As a state bank, it is subject to regulation by the Office of Financial Institutions, State of Louisiana, and the Federal Deposit Insurance Corporation and undergoes periodic examinations by these agencies. The Company is regulated by the Federal Reserve and is also subject to periodic examinations. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company’s consolidated balance sheet, statement of income, comprehensive income, changes in stockholders’ equity and cash flows for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with accounting principles generally accepted in the United State of America (“U.S. GAAP”) have been omitted or abbreviated. Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for loan losses, useful lives for depreciation and amortization, fair value of financial instruments, deferred taxes, and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for loan losses and the assessment of deferred tax assets and liabilities, and therefore are critical accounting policies. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in our markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Note 2 – Reclassifications – Certain reclassifications may have been made to conform to the classifications adopted for reporting in 2015. These reclassifications have no effect on previously reported net income. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Note 3 – Mergers and Acquisitions – After the close of business on March 31, 2015, the Company merged with American Gateway Financial Corporation (AGFC), parent bank holding company for American Gateway Bank, into which the operations of AGFC merged with the Company. Prior to the merger, AGFC was a full service bank with 10 branches located in the Baton Rouge metro region. As part of the merger, the Company issued common stock, as well as cash, for the outstanding shares of AGFC. The Company believes with this merger, it will not only increase its presence in the Baton Rouge region, but also in Louisiana statewide, by being able to offer more services to its customers. The Company also believes that the merger with AGFC will increase the Company’s core deposits and allow the opportunity to further increase the loan portfolio. Results of operations include the revenues and expenses of the acquired operations from the acquisition date forward. The following table provides the purchase price calculation as of the merger date and the identifiable assets purchased and the liabilities assumed at their estimated fair values. The purchase price calculation is an estimate, as the cash consideration to shareholders who have exercised their statutory rights of appraisal has not yet been finalized. The fair value measurements are subject to refinement for up to one year after the merger date based on additional information that may be obtained by us that existed as of the merger date. Cost and Allocation of Purchase Price for American Gateway Financial Corporation (AGFC): (Dollars in thousands, except per share data) Purchase Price: AGFC Shares Outstanding at March 31, 2015 217,944 Gross Business First Shares Issued for AGFC Shares 2,589,174 Exchange Ratio 11.88 Less: Shares Cashed Out Under Terms of Merger 698,186 Net Business First Shares to be Issued for AGFC Shares 1,890,988 Market Value per Share of Business First Stock 17.66 Aggregate Pro Forma Value of Business First Stock Issued in Merger $ 33,395 Aggregate Cash Consideration Paid in Merger 1,595 Cash Paid to Shareholders Exercising Appraisal Rights through September 30, 2015 * 9,419 Total Pro Forma Purchase Price $ 44,409 Net Assets Acquired: Cash and Cash Equivalents $ 98,489 Securities Available for Sale 108,358 Loans and Leases Receivable 143,223 Premises and Equipment, Net 10,459 Cash Value of Life Insurance 4,326 Other Real Estate Owned 593 Core Deposit Intangible 2,762 Other Assets 3,381 Total Assets 371,591 Noninterest Bearing Deposits 80,865 Interest Bearing Deposits 202,442 Total Deposits 283,307 Borrowings 45,509 Other Liabilities 1,971 Total Liablilites 330,787 Net Assets Acquired 40,804 Goodwill Resulting from Merger $ 3,605 * - Unsettled Appraisal Rights Shares at September 30, 2015 was 53,094. The following table provides the unaudited pro forma results of operations for the three and nine month periods ended September 30, 2015 and 2014, as if the acquisition occurred on January 1 of each year. These adjustments reflect the impact of certain purchase accounting fair value measurements, primarily comprised of AGFC’s loan, securities and deposit portfolios. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. For The Three Months For The Nine Months Ended September 30, Ended September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share data) Interest Income $ 10,923 $ 9,951 $ 30,336 $ 30,026 Interest Expense 934 1,406 3,153 4,191 Net Interest Income 9,989 8,545 27,183 25,835 Provision for Loan Losses 150 450 450 950 Net Interest Income after Provision for Loan Losses 9,839 8,095 26,733 24,885 Noninterest Income 786 1,222 2,857 3,738 Noninterest Expense 9,365 7,417 25,039 22,903 Income Before Income Taxes 1,260 1,900 4,551 5,720 Income Tax Expense 358 364 1,298 1,088 Net Income $ 902 $ 1,536 $ 3,253 $ 4,632 Earnings Per Common Share Basic $ 0.13 $ 0.21 $ 0.45 $ 0.65 Diluted $ 0.12 $ 0.21 $ 0.43 $ 0.62 |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 4 – Earnings per Common Share – Basic earnings per share (EPS) represents income available to common stockholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock warrants and stock options. For The Three Months For The Nine Months Ended September 30, Ended September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share data) Numerator: Net Income Available to Common Shares $ 939 $ 1,030 $ 3,095 $ 3,202 Denominator: Weighted Average Common Shares Outstanding 7,204,065 5,314,925 6,578,878 5,314,925 Dilutive Effect of Stock Options and Warrants 293,578 188,769 293,578 188,769 Weighted Average Dilutive Common Shares 7,497,643 5,503,694 6,872,456 5,503,694 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.13 $ 0.19 $ 0.47 $ 0.60 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.12 $ 0.19 $ 0.45 $ 0.58 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 5 – Securities – The amortized cost and fair values of securities available for sale as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 (Dollars in thousands) Amortized Gross Gross Fair U.S. Government Agencies $ 14,169 $ 49 $ 13 $ 14,205 Corporate Securities 11,184 15 53 11,146 Mortgage-Backed Securities 123,368 127 703 122,792 Municipal Securities 64,945 549 242 65,252 Other Securities 1,031 — 409 622 $ 214,697 $ 740 $ 1,420 $ 214,017 December 31, 2014 (Dollars in thousands) Amortized Gross Gross Fair U.S. Government Agencies $ 9,260 $ 31 $ 149 $ 9,142 Corporate Securities — — — — Mortgage-Backed Securities 34,591 51 616 34,026 Municipal Securities 30,324 562 226 30,660 Other Securities 1,302 — 627 675 $ 75,477 $ 644 $ 1,618 $ 74,503 The following table is a summary of securities with gross unrealized losses and fair values at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time in a continued unrealized loss position. Due to the nature of these investments and current prevailing market prices, these unrealized losses are considered a temporary impairment of the securities. September 30, 2015 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Government Agencies $ 4,487 $ 13 $ — $ — $ 4,487 $ 13 Corporate Securities 9,076 53 — — 9,076 53 Mortgage-Backed Securities 69,568 311 25,764 392 95,332 703 Municipal Securities 27,701 153 4,016 89 31,717 242 Other Securities — — 622 409 622 409 $ 110,832 $ 530 $ 30,402 $ 890 $ 141,234 $ 1,420 December 31, 2014 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Government Agencies $ — $ — $ 8,003 $ 149 $ 8,003 $ 149 Corporate Securities — — — — — — Mortgage-Backed Securities — — 32,714 616 32,714 616 Municipal Securities 4,703 20 9,687 206 14,390 226 Other Securities — — 675 627 675 627 $ 4,703 $ 20 $ 51,079 $ 1,598 $ 55,782 $ 1,618 Management evaluates securities for other than temporary impairment when economic and market conditions warrant such evaluations. Consideration is given to the extent and length of time the fair value has been below cost, the reasons for the decline in value, and the Company’s intent to sell a security or whether it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost. The Company developed a process to identify securities that could potentially have a credit impairment that is other than temporary. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. When the Company determines that a security is deemed to be other than temporarily impaired, an impairment loss is recognized. The amortized cost and fair values of securities available for sale as of September 30, 2015 by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. Amortized Fair (Dollars in thousands) Less Than One Year $ 2,516 $ 2,520 One to Five Years 37,529 37,824 Over Five to Ten Years 62,156 62,166 Over Ten Years 112,496 111,507 $ 214,697 $ 214,017 |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan Losses | Note 6 – Loans and the Allowance for Loan Losses – Loans receivable at September 30, 2015 and December 31, 2014 are summarized as follows: September 30, December 31, (Dollars in thousands) Real estate loans: Construction and land $ 105,387 $ 61,062 Farmland 9,963 16,097 1-4 family residential 96,267 41,552 Multi-family residential 18,597 11,369 Nonfarm nonresidential 295,268 215,797 Commercial 193,226 185,291 Consumer 26,633 27,218 Total loans held for investment 745,341 558,386 Less: Allowance for loan losses (7,171 ) (6,632 ) Net loans $ 738,170 $ 551,754 The Bank grants loans and extensions of credit to individuals and a variety of businesses and corporations located in its general market areas throughout Louisiana. Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Bank develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent the calculated loss is greater than the remaining unaccreted discount, an allowance is recorded for such difference. The following table sets forth, as of September 30, 2015 and December 31, 2014, the balance of the allowance for loan losses by portfolio segment, disaggregated by impairment methodology, which is then further segregated by amounts evaluated for impairment collectively and individually. The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. Allowance for Credit Losses and Recorded Investment in Loans Receivable September 30, 2015 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Multi-family Real Estate: Commercial Consumer Total Allowance for credit losses: Beginning Balance $ 525 $ 19 $ 775 $ 35 $ 1,140 $ 3,813 $ 325 $ 6,632 Charge-offs — — (135 ) — (44 ) (60 ) — (239 ) Recoveries 34 — 67 — 12 129 86 328 Provision 59 5 90 12 123 146 15 450 Ending Balance $ 618 $ 24 $ 797 $ 47 $ 1,231 $ 4,028 $ 426 $ 7,171 Ending Balance: Individually evaluated for impairment $ 523 $ — $ 62 $ — $ — $ 470 $ — $ 1,055 Collectively evaluated for impairment $ 95 $ 24 $ 711 $ 47 $ 1,231 $ 3,558 $ 426 $ 6,092 Purchased Credit Impaired (1) $ — $ — $ 24 $ — $ — $ — $ — $ 24 Loans receivable: Ending Balance $ 105,387 $ 9,963 $ 96,267 $ 18,597 $ 295,268 $ 193,226 $ 26,633 $ 745,341 Ending Balance: Individually evaluated for impairment $ 3,016 $ — $ 3,082 $ — $ 3,947 $ 5,230 $ — $ 15,275 Collectively evaluated for impairment $ 102,078 $ 9,963 $ 92,670 $ 18,359 $ 288,293 $ 187,996 $ 26,633 $ 725,992 Purchased Credit Impaired (1) $ 293 $ — $ 515 $ 238 $ 3,028 $ — $ — $ 4,074 (1) Purchased credit impaired loans are evaluated for impairement on an individual basis. December 31, 2014 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Multi-family Real Estate: Commercial Consumer Total Allowance for credit losses: Beginning balance $ 315 $ 6 $ 836 $ 22 $ 946 $ 3,647 $ 271 $ 6,043 Charge-offs — — (174 ) — — (10 ) — (184 ) Recoveries — — 29 — — 16 28 73 Provision 210 13 84 13 194 160 26 700 Ending Balance $ 525 $ 19 $ 775 $ 35 $ 1,140 $ 3,813 $ 325 $ 6,632 Ending Balance: Individually evaluated for impairment $ 505 $ — $ — $ — $ — $ 41 $ — $ 546 Collectively evaluated for impairment $ 20 $ 19 $ 775 $ 35 $ 1,140 $ 3,772 $ 325 $ 6,086 Loans receivable: Ending Balance $ 61,062 $ 16,097 $ 41,552 $ 11,369 $ 215,797 $ 185,291 $ 27,218 $ 558,386 Ending Balance: Individually evaluated for impairment $ 2,772 $ — $ 977 $ — $ 4,358 $ 3,714 $ 47 $ 11,868 Collectively evaluated for impairment $ 58,290 $ 16,097 $ 40,575 $ 11,369 $ 211,439 $ 181,577 $ 27,171 $ 546,518 Management further disaggregates the loan portfolio segments into classes of loans, which are based on the initial measurement of the loan, risk characteristics of the loan and the method for monitoring and assessing the credit risk of the loan. As of September 30, 2015 and December 31, 2014, the credit quality indicators, disaggregated by class of loan, are as follows: Credit Quality Indicators September 30, 2015 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 97,573 $ 3,445 $ 1,508 $ 2,861 $ 105,387 Farmland 9,963 — — — 9,963 1-4 family residential 88,189 1,890 3,489 2,699 96,267 Multi-family residential 17,278 945 374 — 18,597 Nonfarm nonresidential 263,292 12,437 18,008 1,531 295,268 Commercial 171,808 7,462 12,289 1,667 193,226 Consumer 26,220 381 32 — 26,633 Total $ 674,323 $ 26,560 $ 35,700 $ 8,758 $ 745,341 December 31, 2014 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 56,740 $ 2,069 $ 642 $ 1,611 $ 61,062 Farmland 16,097 — — — 16,097 1-4 family residential 39,702 912 786 152 41,552 Multi-family residential 10,463 906 — — 11,369 Nonfarm nonresidential 190,356 16,410 7,812 1,219 215,797 Commercial 161,904 12,087 11,254 46 185,291 Consumer 26,654 517 47 — 27,218 Total $ 501,916 $ 32,901 $ 20,541 $ 3,028 $ 558,386 The above classifications follow regulatory guidelines and can generally be described as follows: • Pass loans are of satisfactory quality. • Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values. • Substandard loans have an existing specific and well defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. • Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. The following table reflects certain information with respect to the loan portfolio delinquencies by loan class and amount as of September 30, 2015 and December 31, 2014. All loans greater than 90 days past due are generally placed on non-accrual status. Aged Analysis of Past Due Loans Receivable September 30, 2015 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ 367 $ 371 $ 1,441 $ 2,179 $ 103,208 $ 105,387 $ — Farmland — — — — 9,963 9,963 — 1-4 family residential 1,601 224 779 2,604 93,663 96,267 — Multi-family residential — — — — 18,597 18,597 — Nonfarm nonresidential 119 506 255 880 294,388 295,268 — Commercial 45 — 1,661 1,706 191,520 193,226 — Consumer 5 — — 5 26,628 26,633 — Total $ 2,137 $ 1,101 $ 4,136 $ 7,374 $ 737,967 $ 745,341 $ — December 31, 2014 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ — $ — $ 182 $ 182 $ 60,880 $ 61,062 $ — Farmland — — — — 16,097 16,097 — 1-4 family residential — — 63 63 41,489 41,552 5 Multi-family residential — — — — 11,369 11,369 — Nonfarm nonresidential — — 311 311 215,486 215,797 — Commercial 41 — — 41 185,250 185,291 — Consumer — — — — 27,218 27,218 — Total $ 41 $ — $ 556 $ 597 $ 557,789 $ 558,386 $ 5 The following is a summary of information pertaining to impaired loans as of September 30, 2015 and December 31, 2014. Acquired non-impaired loans are placed on nonaccrual status and reported as impaired using the same criteria applied to the originated portfolio. Purchased impaired credits are excluded from this table. The interest income recognized for impaired loans was insignificant. September 30, 2015 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 1,413 $ 1,568 $ 523 $ 1,396 Farmland — — — — 1-4 family residential 109 110 62 12 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 1,661 1,661 470 743 Consumer — — — — $ 3,183 $ 3,339 $ 1,055 $ 2,151 With no allowance recorded: Real Estate Loans: Construction and land $ 1,603 $ 1,608 $ — $ 1,431 Farmland — — — — 1-4 family residential 2,973 3,453 — 1,554 Multi-family residential — — — — Nonfarm nonresidential 3,947 5,367 — 4,066 Other Loans: Commercial 3,569 3,573 — 3,583 Consumer — — — 19 $ 12,092 $ 14,001 $ — $ 10,653 Total Impaired Loans: Real Estate Loans: Construction and land $ 3,016 $ 3,176 $ 523 $ 2,827 Farmland — — — — 1-4 family residential 3,082 3,563 62 1,566 Multi-family residential — — — — Nonfarm nonresidential 3,947 5,367 — 4,066 Other Loans: Commercial 5,230 5,234 470 4,326 Consumer — — — 19 $ 15,275 $ 17,340 $ 1,055 $ 12,804 December 31, 2014 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 1,428 $ 1,428 $ 505 $ 1,345 Farmland — — — — 1-4 family residential — — — 83 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 41 41 41 3 Consumer — — — — $ 1,469 $ 1,469 $ 546 $ 1,431 With no allowance recorded: Real Estate Loans: Construction and land $ 1,344 $ 1,344 $ — $ 1,905 Farmland — — — — 1-4 family residential 977 1,020 — 1,090 Multi-family residential — — — — Nonfarm nonresidential 4,358 5,264 — 5,069 Other Loans: Commercial 3,673 3,673 — 3,753 Consumer 47 47 — 205 $ 10,399 $ 11,348 $ — $ 12,022 Total Impaired Loans: Real Estate Loans: Construction and land $ 2,772 $ 2,772 $ 505 $ 3,250 Farmland — — — — 1-4 family residential 977 1,020 — 1,173 Multi-family residential — — — — Nonfarm nonresidential 4,358 5,264 — 5,069 Other Loans: Commercial 3,714 3,714 41 3,756 Consumer 47 47 — 205 $ 11,868 $ 12,817 $ 546 $ 13,453 The Company elected to account for certain loans acquired in the AGFC merger as acquired impaired loans under FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) The following table presents the fair value of loans acquired with deteriorated credit quality as of the date of the AGFC merger. The expected cash flows approximated fair value as of the date of merger and, as a result, no accretable yield was recognized at acquisition. April 1, 2015 (Dollars in thousands) Purchased Impaired Credits: Contractually required principal and interest $ 11,294 Nonaccretable difference 6,375 Cash flows expected to be collected 4,919 Accretable yield — Fair value of Purchased Impaired Credits $ 4,919 The following table presents the changes in the carrying amount of the purchased impaired credits from the April 1, 2015 merger date to September 30, 2015. Purchased Impaired Credits (Dollars in thousands) Carrying amount - April 1, 2015 (acquisition) $ 4,919 Payments received, net (845 ) Carrying amount - September 30, 2015 $ 4,074 Total loans acquired in the AGFC merger included $142.8 million of performing loans not accounted for under ASC 310-30. The Bank seeks to assist customers that are experiencing financial difficulty by renegotiating loans within lending regulations and guidelines. The Bank makes loan modifications, primarily utilizing internal renegotiation programs via direct customer contact, that manage customers’ debt exposures held only by the Bank. Additionally, the Bank makes loan modifications with customers who have elected to work with external renegotiation agencies and these modifications provide solutions to customers’ entire unsecured debt structures. During the periods ended September 30, 2015 and December 31, 2014, the concessions granted to certain borrowers included extending the payment due dates, lowering the contractual interest rate, reducing accrued interest, and reducing the debt’s face or maturity amount. Once modified in a troubled debt restructuring, a loan is generally considered impaired until its contractual maturity. At the time of the restructuring, the loan is evaluated for an asset-specific allowance for credit losses. The Bank continues to specifically reevaluate the loan in subsequent periods, regardless of the borrower’s performance under the modified terms. If a borrower subsequently defaults on the loan after it is restructured the Bank provides an allowance for credit losses for the amount of the loan that exceeds the value of the related collateral. The following tables present informative data regarding loan modifications occurring as of September 30, 2015 and December 31, 2014. Modifications as of September 30, 2015: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: Construction and land 1 $ 1,586 $ 1,162 1-4 family residential 5 1,568 1,024 Nonfarm nonresidential 3 5,143 3,675 Other Loans: Commercial 4 3,786 3,518 Total Loans 13 $ 12,083 $ 9,379 Modifications as of December 31, 2014: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: Construction and land 1 $ 1,586 $ 1,162 1-4 family residential 5 1,519 973 Nonfarm nonresidential 5 7,201 4,047 Other Loans: Commercial 6 3,888 3,658 Consumer 2 139 47 Total Loans 19 $ 14,333 $ 9,887 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 7 – Fair Value of Financial Instruments – Fair Value Disclosures The Company groups its financial assets and liabilities measured at fair value in three levels. Fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Includes the most reliable sources, and includes quoted prices in active markets for identical assets or liabilities. • Level 2 – Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). • Level 3 – Includes unobservable inputs and should be used only when observable inputs are unavailable. Recurring Basis Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. The following tables present the balance of assets and liabilities measured on a recurring basis as of September 30, 2015 and December 31, 2014. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) September 30, 2015 Available for Sale: U.S. Government Agency Securities $ 14,205 $ — $ 14,205 $ — Corporate Securities 11,146 — 11,146 — Mortgage-Backed Securities 122,792 — 122,792 — Municipal Securities 65,252 — 65,252 — Other Securities 622 — 622 — Total $ 214,017 $ — $ 214,017 $ — December 31, 2014 Available for Sale: U.S. Government Agency Securities $ 9,142 $ — $ 9,142 $ — Corporate Securities — — — — Mortgage-Backed Securities 34,026 — 34,026 — Municipal Securities 30,660 — 30,660 — Other Securities 675 — 675 — Total $ 74,503 $ — $ 74,503 $ — Nonrecurring Basis The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a nonrecurring basis. The fair value of the impaired loans is measured at the fair value of the collateral for collateral-dependent loans. Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Repossessed assets are initially recorded at fair value less estimated cost to sell. The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Bank records repossessed assets as Level 2. Fair Value Quoted Prices in Significant Significant (Dollars in thousands) September 30, 2015 Assets: Impaired Loans $ 18,270 $ — $ 18,270 $ — Repossessed Assets 3,817 — 3,817 — Total $ 22,087 $ — $ 22,087 $ — December 31, 2014 Assets: Impaired Loans $ 11,322 $ — $ 11,322 $ — Repossessed Assets 3,028 — 3,028 — Total $ 14,350 $ — $ 14,350 $ — Fair Value Financial Instruments The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. In accordance with generally accepted accounting principles, certain financial instruments and all non-financial instruments are excluded from these disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Short-Term Investments – For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – Fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Loans – The fair value for loans is estimated using discounted cash flow analyses, with interest rates currently being offered for similar loans to borrowers with similar credit rates. Loans with similar classifications are aggregated for purposes of the calculations. The allowance for loan losses, which was used to measure the credit risk, is subtracted from loans. Cash Value of Bank-Owned Life Insurance (BOLI) – The carrying amount approximates its fair value. Deposits – The fair value of demand deposits and certain money market deposits is the amount payable at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flow analyses, with interest rates currently offered for deposits of similar remaining maturities. Borrowings – The fair value of FHLB advances and other long-term borrowings is estimated using the rates currently offered for advances of similar maturities. The carrying amount of short-term borrowings maturing within ninety days approximates the fair value. Commitments to Extend Credit and Standby and Commercial Letters of Credit – The fair values of commitments to extend credit and standby and commercial letters of credit do not differ significantly from the commitment amount and are therefore omitted from this disclosure. The estimated approximate fair values of the Bank’s financial instruments as of September 30, 2015 and December 31, 2014 are as follows: Carrying Total Quoted Prices in Significant Significant (Dollars in thousands) September 30, 2015 Financial Assets: Cash and Short-Term Investments $ 56,535 $ 56,535 $ 56,535 $ — $ — Securities 214,017 214,017 — 214,017 — Loans - Net 738,170 737,913 — — 737,913 Cash Value of BOLI 22,186 22,186 — 22,186 — $ 1,030,908 $ 1,030,651 $ 56,535 $ 236,203 $ 737,913 Financial Liabilities: Deposits $ 864,295 $ 858,439 $ — $ — $ 858,439 Borrowings 85,007 85,861 — 85,861 — $ 949,302 $ 944,300 $ — $ 85,861 $ 858,439 Carrying Total Quoted Prices in Significant Significant (Dollars in thousands) December 31, 2014 Financial Assets: Cash and Short-Term Investments $ 26,832 $ 26,832 $ 26,832 $ — $ — Securities 74,503 74,503 — 74,503 — Loans - Net 551,754 551,037 — — 551,037 Cash Value of BOLI 17,376 17,376 — 17,376 — $ 670,465 $ 669,748 $ 26,832 $ 91,879 $ 551,037 Financial Liabilities: Deposits $ 587,252 $ 581,239 $ — $ — $ 581,239 Borrowings 15,000 14,986 — 14,986 — $ 602,252 $ 596,225 $ — $ 14,986 $ 581,239 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 8 – Recently Issued Accounting Pronouncements – In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-01, Investments – Equity Method and Joint Venture – Accounting for Investments in Qualified Affordable Housing Projects, In January 2014, the FASB issued ASU No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure, In August 2014, the FASB issued ASU No. 2014-14, Receivables – Troubled Debt Restructurings by Creditors – Classification of Certain Government-Guaranteed Residential Mortgage Loans Upon Foreclosure, In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, |
Recently Issued Accounting Pr16
Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements – In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-01, Investments – Equity Method and Joint Venture – Accounting for Investments in Qualified Affordable Housing Projects, In January 2014, the FASB issued ASU No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure, In August 2014, the FASB issued ASU No. 2014-14, Receivables – Troubled Debt Restructurings by Creditors – Classification of Certain Government-Guaranteed Residential Mortgage Loans Upon Foreclosure, In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Cost of Acquisition and Allocation of Purchase Price | The following table provides the purchase price calculation as of the merger date and the identifiable assets purchased and the liabilities assumed at their estimated fair values. The purchase price calculation is an estimate, as the cash consideration to shareholders who have exercised their statutory rights of appraisal has not yet been finalized. The fair value measurements are subject to refinement for up to one year after the merger date based on additional information that may be obtained by us that existed as of the merger date. Cost and Allocation of Purchase Price for American Gateway Financial Corporation (AGFC): (Dollars in thousands, except per share data) Purchase Price: AGFC Shares Outstanding at March 31, 2015 217,944 Gross Business First Shares Issued for AGFC Shares 2,589,174 Exchange Ratio 11.88 Less: Shares Cashed Out Under Terms of Merger 698,186 Net Business First Shares to be Issued for AGFC Shares 1,890,988 Market Value per Share of Business First Stock 17.66 Aggregate Pro Forma Value of Business First Stock Issued in Merger $ 33,395 Aggregate Cash Consideration Paid in Merger 1,595 Cash Paid to Shareholders Exercising Appraisal Rights through September 30, 2015 * 9,419 Total Pro Forma Purchase Price $ 44,409 Net Assets Acquired: Cash and Cash Equivalents $ 98,489 Securities Available for Sale 108,358 Loans and Leases Receivable 143,223 Premises and Equipment, Net 10,459 Cash Value of Life Insurance 4,326 Other Real Estate Owned 593 Core Deposit Intangible 2,762 Other Assets 3,381 Total Assets 371,591 Noninterest Bearing Deposits 80,865 Interest Bearing Deposits 202,442 Total Deposits 283,307 Borrowings 45,509 Other Liabilities 1,971 Total Liablilites 330,787 Net Assets Acquired 40,804 Goodwill Resulting from Merger $ 3,605 * - Unsettled Appraisal Rights Shares at September 30, 2015 was 53,094. |
Summary of Unaudited Pro Forma Results of Operations | The following table provides the unaudited pro forma results of operations for the three and nine month periods ended September 30, 2015 and 2014, as if the acquisition occurred on January 1 of each year. These adjustments reflect the impact of certain purchase accounting fair value measurements, primarily comprised of AGFC’s loan, securities and deposit portfolios. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. For The Three Months For The Nine Months Ended September 30, Ended September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share data) Interest Income $ 10,923 $ 9,951 $ 30,336 $ 30,026 Interest Expense 934 1,406 3,153 4,191 Net Interest Income 9,989 8,545 27,183 25,835 Provision for Loan Losses 150 450 450 950 Net Interest Income after Provision for Loan Losses 9,839 8,095 26,733 24,885 Noninterest Income 786 1,222 2,857 3,738 Noninterest Expense 9,365 7,417 25,039 22,903 Income Before Income Taxes 1,260 1,900 4,551 5,720 Income Tax Expense 358 364 1,298 1,088 Net Income $ 902 $ 1,536 $ 3,253 $ 4,632 Earnings Per Common Share Basic $ 0.13 $ 0.21 $ 0.45 $ 0.65 Diluted $ 0.12 $ 0.21 $ 0.43 $ 0.62 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | For The Three Months For The Nine Months Ended September 30, Ended September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share data) Numerator: Net Income Available to Common Shares $ 939 $ 1,030 $ 3,095 $ 3,202 Denominator: Weighted Average Common Shares Outstanding 7,204,065 5,314,925 6,578,878 5,314,925 Dilutive Effect of Stock Options and Warrants 293,578 188,769 293,578 188,769 Weighted Average Dilutive Common Shares 7,497,643 5,503,694 6,872,456 5,503,694 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.13 $ 0.19 $ 0.47 $ 0.60 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.12 $ 0.19 $ 0.45 $ 0.58 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Values of Securities Available for Sale | The amortized cost and fair values of securities available for sale as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 (Dollars in thousands) Amortized Gross Gross Fair U.S. Government Agencies $ 14,169 $ 49 $ 13 $ 14,205 Corporate Securities 11,184 15 53 11,146 Mortgage-Backed Securities 123,368 127 703 122,792 Municipal Securities 64,945 549 242 65,252 Other Securities 1,031 — 409 622 $ 214,697 $ 740 $ 1,420 $ 214,017 December 31, 2014 (Dollars in thousands) Amortized Gross Gross Fair U.S. Government Agencies $ 9,260 $ 31 $ 149 $ 9,142 Corporate Securities — — — — Mortgage-Backed Securities 34,591 51 616 34,026 Municipal Securities 30,324 562 226 30,660 Other Securities 1,302 — 627 675 $ 75,477 $ 644 $ 1,618 $ 74,503 |
Summary of Securities with Gross Unrealized Losses and Fair Values | The following table is a summary of securities with gross unrealized losses and fair values at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time in a continued unrealized loss position. Due to the nature of these investments and current prevailing market prices, these unrealized losses are considered a temporary impairment of the securities. September 30, 2015 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Government Agencies $ 4,487 $ 13 $ — $ — $ 4,487 $ 13 Corporate Securities 9,076 53 — — 9,076 53 Mortgage-Backed Securities 69,568 311 25,764 392 95,332 703 Municipal Securities 27,701 153 4,016 89 31,717 242 Other Securities — — 622 409 622 409 $ 110,832 $ 530 $ 30,402 $ 890 $ 141,234 $ 1,420 December 31, 2014 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Government Agencies $ — $ — $ 8,003 $ 149 $ 8,003 $ 149 Corporate Securities — — — — — — Mortgage-Backed Securities — — 32,714 616 32,714 616 Municipal Securities 4,703 20 9,687 206 14,390 226 Other Securities — — 675 627 675 627 $ 4,703 $ 20 $ 51,079 $ 1,598 $ 55,782 $ 1,618 |
Summary of Amortized Cost and Fair Values of Securities Available for Sale by Contractual Maturity | The amortized cost and fair values of securities available for sale as of September 30, 2015 by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. Amortized Fair (Dollars in thousands) Less Than One Year $ 2,516 $ 2,520 One to Five Years 37,529 37,824 Over Five to Ten Years 62,156 62,166 Over Ten Years 112,496 111,507 $ 214,697 $ 214,017 |
Loans and the Allowance for L20
Loans and the Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable at September 30, 2015 and December 31, 2014 are summarized as follows: September 30, December 31, (Dollars in thousands) Real estate loans: Construction and land $ 105,387 $ 61,062 Farmland 9,963 16,097 1-4 family residential 96,267 41,552 Multi-family residential 18,597 11,369 Nonfarm nonresidential 295,268 215,797 Commercial 193,226 185,291 Consumer 26,633 27,218 Total loans held for investment 745,341 558,386 Less: Allowance for loan losses (7,171 ) (6,632 ) Net loans $ 738,170 $ 551,754 |
Summary of Allowance for Credit Losses and Recorded Investment in Loans Receivable | Allowance for Credit Losses and Recorded Investment in Loans Receivable September 30, 2015 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Multi-family Real Estate: Commercial Consumer Total Allowance for credit losses: Beginning Balance $ 525 $ 19 $ 775 $ 35 $ 1,140 $ 3,813 $ 325 $ 6,632 Charge-offs — — (135 ) — (44 ) (60 ) — (239 ) Recoveries 34 — 67 — 12 129 86 328 Provision 59 5 90 12 123 146 15 450 Ending Balance $ 618 $ 24 $ 797 $ 47 $ 1,231 $ 4,028 $ 426 $ 7,171 Ending Balance: Individually evaluated for impairment $ 523 $ — $ 62 $ — $ — $ 470 $ — $ 1,055 Collectively evaluated for impairment $ 95 $ 24 $ 711 $ 47 $ 1,231 $ 3,558 $ 426 $ 6,092 Purchased Credit Impaired (1) $ — $ — $ 24 $ — $ — $ — $ — $ 24 Loans receivable: Ending Balance $ 105,387 $ 9,963 $ 96,267 $ 18,597 $ 295,268 $ 193,226 $ 26,633 $ 745,341 Ending Balance: Individually evaluated for impairment $ 3,016 $ — $ 3,082 $ — $ 3,947 $ 5,230 $ — $ 15,275 Collectively evaluated for impairment $ 102,078 $ 9,963 $ 92,670 $ 18,359 $ 288,293 $ 187,996 $ 26,633 $ 725,992 Purchased Credit Impaired (1) $ 293 $ — $ 515 $ 238 $ 3,028 $ — $ — $ 4,074 (1) Purchased credit impaired loans are evaluated for impairement on an individual basis. December 31, 2014 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Multi-family Real Estate: Commercial Consumer Total Allowance for credit losses: Beginning balance $ 315 $ 6 $ 836 $ 22 $ 946 $ 3,647 $ 271 $ 6,043 Charge-offs — — (174 ) — — (10 ) — (184 ) Recoveries — — 29 — — 16 28 73 Provision 210 13 84 13 194 160 26 700 Ending Balance $ 525 $ 19 $ 775 $ 35 $ 1,140 $ 3,813 $ 325 $ 6,632 Ending Balance: Individually evaluated for impairment $ 505 $ — $ — $ — $ — $ 41 $ — $ 546 Collectively evaluated for impairment $ 20 $ 19 $ 775 $ 35 $ 1,140 $ 3,772 $ 325 $ 6,086 Loans receivable: Ending Balance $ 61,062 $ 16,097 $ 41,552 $ 11,369 $ 215,797 $ 185,291 $ 27,218 $ 558,386 Ending Balance: Individually evaluated for impairment $ 2,772 $ — $ 977 $ — $ 4,358 $ 3,714 $ 47 $ 11,868 Collectively evaluated for impairment $ 58,290 $ 16,097 $ 40,575 $ 11,369 $ 211,439 $ 181,577 $ 27,171 $ 546,518 |
Summary of Credit Quality Indicators, Disaggregated by Class of Loan | Credit Quality Indicators September 30, 2015 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 97,573 $ 3,445 $ 1,508 $ 2,861 $ 105,387 Farmland 9,963 — — — 9,963 1-4 family residential 88,189 1,890 3,489 2,699 96,267 Multi-family residential 17,278 945 374 — 18,597 Nonfarm nonresidential 263,292 12,437 18,008 1,531 295,268 Commercial 171,808 7,462 12,289 1,667 193,226 Consumer 26,220 381 32 — 26,633 Total $ 674,323 $ 26,560 $ 35,700 $ 8,758 $ 745,341 December 31, 2014 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 56,740 $ 2,069 $ 642 $ 1,611 $ 61,062 Farmland 16,097 — — — 16,097 1-4 family residential 39,702 912 786 152 41,552 Multi-family residential 10,463 906 — — 11,369 Nonfarm nonresidential 190,356 16,410 7,812 1,219 215,797 Commercial 161,904 12,087 11,254 46 185,291 Consumer 26,654 517 47 — 27,218 Total $ 501,916 $ 32,901 $ 20,541 $ 3,028 $ 558,386 |
Summary of Aged Analysis of Past Due Loans Receivable | The following table reflects certain information with respect to the loan portfolio delinquencies by loan class and amount as of September 30, 2015 and December 31, 2014. All loans greater than 90 days past due are generally placed on non-accrual status. Aged Analysis of Past Due Loans Receivable September 30, 2015 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ 367 $ 371 $ 1,441 $ 2,179 $ 103,208 $ 105,387 $ — Farmland — — — — 9,963 9,963 — 1-4 family residential 1,601 224 779 2,604 93,663 96,267 — Multi-family residential — — — — 18,597 18,597 — Nonfarm nonresidential 119 506 255 880 294,388 295,268 — Commercial 45 — 1,661 1,706 191,520 193,226 — Consumer 5 — — 5 26,628 26,633 — Total $ 2,137 $ 1,101 $ 4,136 $ 7,374 $ 737,967 $ 745,341 $ — December 31, 2014 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ — $ — $ 182 $ 182 $ 60,880 $ 61,062 $ — Farmland — — — — 16,097 16,097 — 1-4 family residential — — 63 63 41,489 41,552 5 Multi-family residential — — — — 11,369 11,369 — Nonfarm nonresidential — — 311 311 215,486 215,797 — Commercial 41 — — 41 185,250 185,291 — Consumer — — — — 27,218 27,218 — Total $ 41 $ — $ 556 $ 597 $ 557,789 $ 558,386 $ 5 |
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans as of September 30, 2015 and December 31, 2014. Acquired non-impaired loans are placed on nonaccrual status and reported as impaired using the same criteria applied to the originated portfolio. Purchased impaired credits are excluded from this table. The interest income recognized for impaired loans was insignificant. September 30, 2015 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 1,413 $ 1,568 $ 523 $ 1,396 Farmland — — — — 1-4 family residential 109 110 62 12 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 1,661 1,661 470 743 Consumer — — — — $ 3,183 $ 3,339 $ 1,055 $ 2,151 With no allowance recorded: Real Estate Loans: Construction and land $ 1,603 $ 1,608 $ — $ 1,431 Farmland — — — — 1-4 family residential 2,973 3,453 — 1,554 Multi-family residential — — — — Nonfarm nonresidential 3,947 5,367 — 4,066 Other Loans: Commercial 3,569 3,573 — 3,583 Consumer — — — 19 $ 12,092 $ 14,001 $ — $ 10,653 Total Impaired Loans: Real Estate Loans: Construction and land $ 3,016 $ 3,176 $ 523 $ 2,827 Farmland — — — — 1-4 family residential 3,082 3,563 62 1,566 Multi-family residential — — — — Nonfarm nonresidential 3,947 5,367 — 4,066 Other Loans: Commercial 5,230 5,234 470 4,326 Consumer — — — 19 $ 15,275 $ 17,340 $ 1,055 $ 12,804 December 31, 2014 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 1,428 $ 1,428 $ 505 $ 1,345 Farmland — — — — 1-4 family residential — — — 83 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 41 41 41 3 Consumer — — — — $ 1,469 $ 1,469 $ 546 $ 1,431 With no allowance recorded: Real Estate Loans: Construction and land $ 1,344 $ 1,344 $ — $ 1,905 Farmland — — — — 1-4 family residential 977 1,020 — 1,090 Multi-family residential — — — — Nonfarm nonresidential 4,358 5,264 — 5,069 Other Loans: Commercial 3,673 3,673 — 3,753 Consumer 47 47 — 205 $ 10,399 $ 11,348 $ — $ 12,022 Total Impaired Loans: Real Estate Loans: Construction and land $ 2,772 $ 2,772 $ 505 $ 3,250 Farmland — — — — 1-4 family residential 977 1,020 — 1,173 Multi-family residential — — — — Nonfarm nonresidential 4,358 5,264 — 5,069 Other Loans: Commercial 3,714 3,714 41 3,756 Consumer 47 47 — 205 $ 11,868 $ 12,817 $ 546 $ 13,453 |
Fair Value of Loans Acquired with Deteriorated Credit Quality | The following table presents the fair value of loans acquired with deteriorated credit quality as of the date of the AGFC merger. The expected cash flows approximated fair value as of the date of merger and, as a result, no accretable yield was recognized at acquisition. April 1, 2015 (Dollars in thousands) Purchased Impaired Credits: Contractually required principal and interest $ 11,294 Nonaccretable difference 6,375 Cash flows expected to be collected 4,919 Accretable yield — Fair value of Purchased Impaired Credits $ 4,919 |
Summary of Changes in Carrying Amount of Purchased Impaired Credits | The following table presents the changes in the carrying amount of the purchased impaired credits from the April 1, 2015 merger date to September 30, 2015. Purchased Impaired Credits (Dollars in thousands) Carrying amount - April 1, 2015 (acquisition) $ 4,919 Payments received, net (845 ) Carrying amount - September 30, 2015 $ 4,074 |
Summary of Informative Data Regarding Loan Modifications | The following tables present informative data regarding loan modifications occurring as of September 30, 2015 and December 31, 2014. Modifications as of September 30, 2015: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: Construction and land 1 $ 1,586 $ 1,162 1-4 family residential 5 1,568 1,024 Nonfarm nonresidential 3 5,143 3,675 Other Loans: Commercial 4 3,786 3,518 Total Loans 13 $ 12,083 $ 9,379 Modifications as of December 31, 2014: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: Construction and land 1 $ 1,586 $ 1,162 1-4 family residential 5 1,519 973 Nonfarm nonresidential 5 7,201 4,047 Other Loans: Commercial 6 3,888 3,658 Consumer 2 139 47 Total Loans 19 $ 14,333 $ 9,887 |
Fair Value of Financial Instr21
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present the balance of assets and liabilities measured on a recurring basis as of September 30, 2015 and December 31, 2014. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) September 30, 2015 Available for Sale: U.S. Government Agency Securities $ 14,205 $ — $ 14,205 $ — Corporate Securities 11,146 — 11,146 — Mortgage-Backed Securities 122,792 — 122,792 — Municipal Securities 65,252 — 65,252 — Other Securities 622 — 622 — Total $ 214,017 $ — $ 214,017 $ — December 31, 2014 Available for Sale: U.S. Government Agency Securities $ 9,142 $ — $ 9,142 $ — Corporate Securities — — — — Mortgage-Backed Securities 34,026 — 34,026 — Municipal Securities 30,660 — 30,660 — Other Securities 675 — 675 — Total $ 74,503 $ — $ 74,503 $ — |
Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis | The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Bank records repossessed assets as Level 2. Fair Value Quoted Prices in Significant Significant (Dollars in thousands) September 30, 2015 Assets: Impaired Loans $ 18,270 $ — $ 18,270 $ — Repossessed Assets 3,817 — 3,817 — Total $ 22,087 $ — $ 22,087 $ — December 31, 2014 Assets: Impaired Loans $ 11,322 $ — $ 11,322 $ — Repossessed Assets 3,028 — 3,028 — Total $ 14,350 $ — $ 14,350 $ — |
Schedule of Estimated Fair Values of Banks Financial Instruments | The estimated approximate fair values of the Bank’s financial instruments as of September 30, 2015 and December 31, 2014 are as follows: Carrying Total Quoted Prices in Significant Significant (Dollars in thousands) September 30, 2015 Financial Assets: Cash and Short-Term Investments $ 56,535 $ 56,535 $ 56,535 $ — $ — Securities 214,017 214,017 — 214,017 — Loans - Net 738,170 737,913 — — 737,913 Cash Value of BOLI 22,186 22,186 — 22,186 — $ 1,030,908 $ 1,030,651 $ 56,535 $ 236,203 $ 737,913 Financial Liabilities: Deposits $ 864,295 $ 858,439 $ — $ — $ 858,439 Borrowings 85,007 85,861 — 85,861 — $ 949,302 $ 944,300 $ — $ 85,861 $ 858,439 Carrying Total Quoted Prices in Significant Significant (Dollars in thousands) December 31, 2014 Financial Assets: Cash and Short-Term Investments $ 26,832 $ 26,832 $ 26,832 $ — $ — Securities 74,503 74,503 — 74,503 — Loans - Net 551,754 551,037 — — 551,037 Cash Value of BOLI 17,376 17,376 — 17,376 — $ 670,465 $ 669,748 $ 26,832 $ 91,879 $ 551,037 Financial Liabilities: Deposits $ 587,252 $ 581,239 $ — $ — $ 581,239 Borrowings 15,000 14,986 — 14,986 — $ 602,252 $ 596,225 $ — $ 14,986 $ 581,239 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) | Jun. 30, 2015Branches |
American Gateway Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Number of branches | 10 |
Mergers and Acquisitions - Cost
Mergers and Acquisitions - Cost of Acquisition and Allocation of Purchase Price (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Purchase Price: | |
AGFC Shares Outstanding at March 31, 2015 | shares | 53,094 |
Net Assets Acquired: | |
Goodwill Resulting from Merger | $ 3,605 |
American Gateway Financial Corporation [Member] | |
Purchase Price: | |
AGFC Shares Outstanding at March 31, 2015 | shares | 217,944 |
Gross Business First Shares Issued for AGFC Shares | shares | 2,589,174 |
Exchange Ratio | 11.88 |
Less: Shares Cashed Out Under Terms of Merger | shares | 698,186 |
Net Business First Shares to be Issued for AGFC Shares | shares | 1,890,988 |
Market Value per Share of Business First Stock | $ / shares | $ 17.66 |
Aggregate Pro Forma Value of Business First Stock Issued in Merger | $ 33,395 |
Aggregate Cash Consideration Paid in Merger | 1,595 |
Cash Paid to Shareholders Exercising Appraisal Rights through September 30, 2015 | 9,419 |
Total Pro Forma Purchase Price | 44,409 |
Net Assets Acquired: | |
Cash and Cash Equivalents | 98,489 |
Securities Available for Sale | 108,358 |
Loans and Leases Receivable | 143,223 |
Premises and Equipment, Net | 10,459 |
Cash Value of Life Insurance | 4,326 |
Other Real Estate Owned | 593 |
Core Deposit Intangible | 2,762 |
Other Assets | 3,381 |
Total Assets | 371,591 |
Noninterest Bearing Deposits | 80,865 |
Interest Bearing Deposits | 202,442 |
Total Deposits | 283,307 |
Borrowings | 45,509 |
Other Liabilities | 1,971 |
Total Liabilities | 330,787 |
Net Assets Acquired | 40,804 |
Goodwill Resulting from Merger | $ 3,605 |
Mergers and Acquisitions - Co24
Mergers and Acquisitions - Cost of Acquisition and Allocation of Purchase Price (Parenthetical) (Detail) | Sep. 30, 2015shares |
Business Combinations [Abstract] | |
Unsettled Appraisal Rights Shares at September 30, 2015 | 53,094 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Unaudited Pro Forma Results of Operations (Detail) - American Gateway Financial Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Interest Income | $ 10,923 | $ 9,951 | $ 30,336 | $ 30,026 |
Interest Expense | 934 | 1,406 | 3,153 | 4,191 |
Net Interest Income | 9,989 | 8,545 | 27,183 | 25,835 |
Provision for Loan Losses | 150 | 450 | 450 | 950 |
Net Interest Income after Provision for Loan Losses | 9,839 | 8,095 | 26,733 | 24,885 |
Noninterest Income | 786 | 1,222 | 2,857 | 3,738 |
Noninterest Expense | 9,365 | 7,417 | 25,039 | 22,903 |
Income Before Income Taxes | 1,260 | 1,900 | 4,551 | 5,720 |
Income Tax Expense | 358 | 364 | 1,298 | 1,088 |
Net Income | $ 902 | $ 1,536 | $ 3,253 | $ 4,632 |
Basic | $ 0.13 | $ 0.21 | $ 0.45 | $ 0.65 |
Diluted | $ 0.12 | $ 0.21 | $ 0.43 | $ 0.62 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income Available to Common Shares | $ 939 | $ 1,030 | $ 3,095 | $ 3,202 |
Weighted Average Common Shares Outstanding | 7,204,065 | 5,314,925 | 6,578,878 | 5,314,925 |
Dilutive Effect of Stock Options and Warrants | 293,578 | 188,769 | 293,578 | 188,769 |
Weighted Average Dilutive Common Shares | 7,497,643 | 5,503,694 | 6,872,456 | 5,503,694 |
Basic Earnings Per Common Share From Net Income Available to Common Shares | $ 0.13 | $ 0.19 | $ 0.47 | $ 0.60 |
Diluted Earnings Per Common Share From Net Income Available to Common Shares | $ 0.12 | $ 0.19 | $ 0.45 | $ 0.58 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 214,697 | $ 75,477 |
Gross Unrealized Gains | 740 | 644 |
Gross Unrealized Losses | 1,420 | 1,618 |
Fair Value | 214,017 | 74,503 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,169 | 9,260 |
Gross Unrealized Gains | 49 | 31 |
Gross Unrealized Losses | 13 | 149 |
Fair Value | 14,205 | 9,142 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,184 | |
Gross Unrealized Gains | 15 | |
Gross Unrealized Losses | 53 | |
Fair Value | 11,146 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 123,368 | 34,591 |
Gross Unrealized Gains | 127 | 51 |
Gross Unrealized Losses | 703 | 616 |
Fair Value | 122,792 | 34,026 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 64,945 | 30,324 |
Gross Unrealized Gains | 549 | 562 |
Gross Unrealized Losses | 242 | 226 |
Fair Value | 65,252 | 30,660 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,031 | 1,302 |
Gross Unrealized Losses | 409 | 627 |
Fair Value | $ 622 | $ 675 |
Securities - Summary of Securit
Securities - Summary of Securities with Gross Unrealized Losses and Fair Values (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 110,832 | $ 4,703 |
Gross Unrealized Losses, Less Than 12 Months | 530 | 20 |
Fair Value, 12 Months or Greater | 30,402 | 51,079 |
Gross Unrealized Losses, 12 Months or Greater | 890 | 1,598 |
Fair Value | 141,234 | 55,782 |
Gross Unrealized Losses | 1,420 | 1,618 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 4,487 | |
Gross Unrealized Losses, Less Than 12 Months | 13 | |
Fair Value, 12 Months or Greater | 8,003 | |
Gross Unrealized Losses, 12 Months or Greater | 149 | |
Fair Value | 4,487 | 8,003 |
Gross Unrealized Losses | 13 | 149 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 9,076 | |
Gross Unrealized Losses, Less Than 12 Months | 53 | |
Fair Value | 9,076 | |
Gross Unrealized Losses | 53 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 69,568 | |
Gross Unrealized Losses, Less Than 12 Months | 311 | |
Fair Value, 12 Months or Greater | 25,764 | 32,714 |
Gross Unrealized Losses, 12 Months or Greater | 392 | 616 |
Fair Value | 95,332 | 32,714 |
Gross Unrealized Losses | 703 | 616 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 27,701 | 4,703 |
Gross Unrealized Losses, Less Than 12 Months | 153 | 20 |
Fair Value, 12 Months or Greater | 4,016 | 9,687 |
Gross Unrealized Losses, 12 Months or Greater | 89 | 206 |
Fair Value | 31,717 | 14,390 |
Gross Unrealized Losses | 242 | 226 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, 12 Months or Greater | 622 | 675 |
Gross Unrealized Losses, 12 Months or Greater | 409 | 627 |
Fair Value | 622 | 675 |
Gross Unrealized Losses | $ 409 | $ 627 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available for Sale by Contractual Maturity (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Less Than One Year, Amortized cost | $ 2,516 |
One to Five Years, Amortized cost | 37,529 |
Over Five to Ten Years, Amortized cost | 62,156 |
Over Ten Years, Amortized cost | 112,496 |
Total, Amortized cost | 214,697 |
Less Than One Year, Fair Value | 2,520 |
One to Five Years, Fair Value | 37,824 |
Over Five to Ten Years, Fair Value | 62,166 |
Over Ten Years, Fair Value | 111,507 |
Total, Fair Value | $ 214,017 |
Loans and the Allowance for L30
Loans and the Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | $ 745,341 | $ 558,386 | |
Allowance for loan losses | (7,171) | (6,632) | $ (6,043) |
Net loans | 738,170 | 551,754 | |
Construction and Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 105,387 | 61,062 | |
Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 9,963 | 16,097 | |
1-4 Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 96,267 | 41,552 | |
Multi-family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 18,597 | 11,369 | |
Nonfarm Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 295,268 | 215,797 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 193,226 | 185,291 | |
Allowance for loan losses | (4,028) | (3,813) | (3,647) |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 26,633 | 27,218 | |
Allowance for loan losses | $ (426) | $ (325) | $ (271) |
Loans and the Allowance for L31
Loans and the Allowance for Loan Losses - Summary of Allowance for Credit Losses and Recorded Investment in Loans Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | $ 6,632 | $ 6,043 | $ 6,043 | ||
Allowance for credit losses, Charge-offs | (239) | (184) | |||
Allowance for credit losses, Recoveries | 328 | 73 | |||
Allowance for credit losses, Provision | $ 150 | $ 400 | 450 | 700 | 700 |
Allowance for credit losses, Ending Balance | 7,171 | 7,171 | 6,632 | ||
Allowance for credit losses, Individually evaluated for impairment | 1,055 | 1,055 | 546 | ||
Allowance for credit losses, Collectively evaluated for impairment | 6,092 | 6,092 | 6,086 | ||
Allowance for credit losses, Purchased Credit Impaired | 24 | 24 | |||
Loans receivable, Ending Balance | 745,341 | 745,341 | 558,386 | ||
Loans receivable, Individually evaluated for impairment | 15,275 | 15,275 | 11,868 | ||
Loans receivable, Collectively evaluated for impairment | 725,992 | 725,992 | 546,518 | ||
Loans receivable, Purchased Credit Impaired | 4,074 | 4,074 | |||
Real Estate Construction And Land [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 525 | 315 | 315 | ||
Allowance for credit losses, Recoveries | 34 | ||||
Allowance for credit losses, Provision | 59 | 210 | |||
Allowance for credit losses, Ending Balance | 618 | 618 | 525 | ||
Allowance for credit losses, Individually evaluated for impairment | 523 | 523 | 505 | ||
Allowance for credit losses, Collectively evaluated for impairment | 95 | 95 | 20 | ||
Loans receivable, Ending Balance | 105,387 | 105,387 | 61,062 | ||
Loans receivable, Individually evaluated for impairment | 3,016 | 3,016 | 2,772 | ||
Loans receivable, Collectively evaluated for impairment | 102,078 | 102,078 | 58,290 | ||
Loans receivable, Purchased Credit Impaired | 293 | 293 | |||
Real Estate Farmland [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 19 | 6 | 6 | ||
Allowance for credit losses, Provision | 5 | 13 | |||
Allowance for credit losses, Ending Balance | 24 | 24 | 19 | ||
Allowance for credit losses, Collectively evaluated for impairment | 24 | 24 | 19 | ||
Loans receivable, Ending Balance | 9,963 | 9,963 | 16,097 | ||
Loans receivable, Collectively evaluated for impairment | 9,963 | 9,963 | 16,097 | ||
Real Estate 1-4 Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 775 | 836 | 836 | ||
Allowance for credit losses, Charge-offs | (135) | (174) | |||
Allowance for credit losses, Recoveries | 67 | 29 | |||
Allowance for credit losses, Provision | 90 | 84 | |||
Allowance for credit losses, Ending Balance | 797 | 797 | 775 | ||
Allowance for credit losses, Individually evaluated for impairment | 62 | 62 | |||
Allowance for credit losses, Collectively evaluated for impairment | 711 | 711 | 775 | ||
Allowance for credit losses, Purchased Credit Impaired | 24 | 24 | |||
Loans receivable, Ending Balance | 96,267 | 96,267 | 41,552 | ||
Loans receivable, Individually evaluated for impairment | 3,082 | 3,082 | 977 | ||
Loans receivable, Collectively evaluated for impairment | 92,670 | 92,670 | 40,575 | ||
Loans receivable, Purchased Credit Impaired | 515 | 515 | |||
Real Estate Multi-family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 35 | 22 | 22 | ||
Allowance for credit losses, Provision | 12 | 13 | |||
Allowance for credit losses, Ending Balance | 47 | 47 | 35 | ||
Allowance for credit losses, Collectively evaluated for impairment | 47 | 47 | 35 | ||
Loans receivable, Ending Balance | 18,597 | 18,597 | 11,369 | ||
Loans receivable, Collectively evaluated for impairment | 18,359 | 18,359 | 11,369 | ||
Loans receivable, Purchased Credit Impaired | 238 | 238 | |||
Real Estate Nonfarm Nonresidential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 1,140 | 946 | 946 | ||
Allowance for credit losses, Charge-offs | (44) | ||||
Allowance for credit losses, Recoveries | 12 | ||||
Allowance for credit losses, Provision | 123 | 194 | |||
Allowance for credit losses, Ending Balance | 1,231 | 1,231 | 1,140 | ||
Allowance for credit losses, Collectively evaluated for impairment | 1,231 | 1,231 | 1,140 | ||
Loans receivable, Ending Balance | 295,268 | 295,268 | 215,797 | ||
Loans receivable, Individually evaluated for impairment | 3,947 | 3,947 | 4,358 | ||
Loans receivable, Collectively evaluated for impairment | 288,293 | 288,293 | 211,439 | ||
Loans receivable, Purchased Credit Impaired | 3,028 | 3,028 | |||
Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 3,813 | 3,647 | 3,647 | ||
Allowance for credit losses, Charge-offs | (60) | (10) | |||
Allowance for credit losses, Recoveries | 129 | 16 | |||
Allowance for credit losses, Provision | 146 | 160 | |||
Allowance for credit losses, Ending Balance | 4,028 | 4,028 | 3,813 | ||
Allowance for credit losses, Individually evaluated for impairment | 470 | 470 | 41 | ||
Allowance for credit losses, Collectively evaluated for impairment | 3,558 | 3,558 | 3,772 | ||
Loans receivable, Ending Balance | 193,226 | 193,226 | 185,291 | ||
Loans receivable, Individually evaluated for impairment | 5,230 | 5,230 | 3,714 | ||
Loans receivable, Collectively evaluated for impairment | 187,996 | 187,996 | 181,577 | ||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for credit losses, Beginning balance | 325 | $ 271 | 271 | ||
Allowance for credit losses, Recoveries | 86 | 28 | |||
Allowance for credit losses, Provision | 15 | 26 | |||
Allowance for credit losses, Ending Balance | 426 | 426 | 325 | ||
Allowance for credit losses, Collectively evaluated for impairment | 426 | 426 | 325 | ||
Loans receivable, Ending Balance | 26,633 | 26,633 | 27,218 | ||
Loans receivable, Individually evaluated for impairment | 47 | ||||
Loans receivable, Collectively evaluated for impairment | $ 26,633 | $ 26,633 | $ 27,171 |
Loans and the Allowance for L32
Loans and the Allowance for Loan Losses - Summary of Credit Quality Indicators, Disaggregated by Class of Loan (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | $ 745,341 | $ 558,386 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 105,387 | 61,062 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 9,963 | 16,097 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 96,267 | 41,552 |
Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 18,597 | 11,369 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 295,268 | 215,797 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 193,226 | 185,291 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 26,633 | 27,218 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 674,323 | 501,916 |
Pass [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 97,573 | 56,740 |
Pass [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 9,963 | 16,097 |
Pass [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 88,189 | 39,702 |
Pass [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 17,278 | 10,463 |
Pass [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 263,292 | 190,356 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 171,808 | 161,904 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 26,220 | 26,654 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 26,560 | 32,901 |
Special Mention [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 3,445 | 2,069 |
Special Mention [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,890 | 912 |
Special Mention [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 945 | 906 |
Special Mention [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 12,437 | 16,410 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 7,462 | 12,087 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 381 | 517 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 35,700 | 20,541 |
Substandard [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,508 | 642 |
Substandard [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 3,489 | 786 |
Substandard [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 374 | |
Substandard [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 18,008 | 7,812 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 12,289 | 11,254 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 32 | 47 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 8,758 | 3,028 |
Doubtful [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 2,861 | 1,611 |
Doubtful [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 2,699 | 152 |
Doubtful [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,531 | 1,219 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | $ 1,667 | $ 46 |
Loans and the Allowance for L33
Loans and the Allowance for Loan Losses - Summary of Aged Analysis of Past Due Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 7,374 | $ 597 |
Current | 737,967 | 557,789 |
Total Loans Receivables | 745,341 | 558,386 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 5 | |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,179 | 182 |
Current | 103,208 | 60,880 |
Total Loans Receivables | 105,387 | 61,062 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9,963 | 16,097 |
Total Loans Receivables | 9,963 | 16,097 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,604 | 63 |
Current | 93,663 | 41,489 |
Total Loans Receivables | 96,267 | 41,552 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 5 | |
Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 18,597 | 11,369 |
Total Loans Receivables | 18,597 | 11,369 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 880 | 311 |
Current | 294,388 | 215,486 |
Total Loans Receivables | 295,268 | 215,797 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,706 | 41 |
Current | 191,520 | 185,250 |
Total Loans Receivables | 193,226 | 185,291 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | |
Current | 26,628 | 27,218 |
Total Loans Receivables | 26,633 | 27,218 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,137 | 41 |
30-59 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 367 | |
30-59 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,601 | |
30-59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 119 | |
30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 45 | 41 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,101 | |
60-89 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 371 | |
60-89 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 224 | |
60-89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 506 | |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,136 | 556 |
Greater Than 90 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,441 | 182 |
Greater Than 90 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 779 | 63 |
Greater Than 90 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 255 | $ 311 |
Greater Than 90 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,661 |
Loans and the Allowance for L34
Loans and the Allowance for Loan Losses - Summary of Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | $ 3,183 | $ 1,469 |
Unpaid Principal Balance, with an allowance recorded | 3,339 | 1,469 |
Related Allowance | 1,055 | 546 |
Average Recorded Investment, with an allowance recorded | 2,151 | 1,431 |
Recorded Investment, with no allowance recorded | 12,092 | 10,399 |
Unpaid Principal Balance, with no allowance recorded | 14,001 | 11,348 |
Average Recorded Investment, with no allowance recorded | 10,653 | 12,022 |
Recorded Investment | 15,275 | 11,868 |
Unpaid Principal Balance | 17,340 | 12,817 |
Related Allowance | 1,055 | 546 |
Average Recorded Investment | 12,804 | 13,453 |
Construction and Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 1,413 | 1,428 |
Unpaid Principal Balance, with an allowance recorded | 1,568 | 1,428 |
Related Allowance | 523 | 505 |
Average Recorded Investment, with an allowance recorded | 1,396 | 1,345 |
Recorded Investment, with no allowance recorded | 1,603 | 1,344 |
Unpaid Principal Balance, with no allowance recorded | 1,608 | 1,344 |
Average Recorded Investment, with no allowance recorded | 1,431 | 1,905 |
Recorded Investment | 3,016 | 2,772 |
Unpaid Principal Balance | 3,176 | 2,772 |
Related Allowance | 523 | 505 |
Average Recorded Investment | 2,827 | 3,250 |
1-4 Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 109 | |
Unpaid Principal Balance, with an allowance recorded | 110 | |
Related Allowance | 62 | |
Average Recorded Investment, with an allowance recorded | 12 | 83 |
Recorded Investment, with no allowance recorded | 2,973 | 977 |
Unpaid Principal Balance, with no allowance recorded | 3,453 | 1,020 |
Average Recorded Investment, with no allowance recorded | 1,554 | 1,090 |
Recorded Investment | 3,082 | 977 |
Unpaid Principal Balance | 3,563 | 1,020 |
Related Allowance | 62 | |
Average Recorded Investment | 1,566 | 1,173 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 3,947 | 4,358 |
Unpaid Principal Balance, with no allowance recorded | 5,367 | 5,264 |
Average Recorded Investment, with no allowance recorded | 4,066 | 5,069 |
Recorded Investment | 3,947 | 4,358 |
Unpaid Principal Balance | 5,367 | 5,264 |
Average Recorded Investment | 4,066 | 5,069 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 1,661 | 41 |
Unpaid Principal Balance, with an allowance recorded | 1,661 | 41 |
Related Allowance | 470 | 41 |
Average Recorded Investment, with an allowance recorded | 743 | 3 |
Recorded Investment, with no allowance recorded | 3,569 | 3,673 |
Unpaid Principal Balance, with no allowance recorded | 3,573 | 3,673 |
Average Recorded Investment, with no allowance recorded | 3,583 | 3,753 |
Recorded Investment | 5,230 | 3,714 |
Unpaid Principal Balance | 5,234 | 3,714 |
Related Allowance | 470 | 41 |
Average Recorded Investment | 4,326 | 3,756 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 47 | |
Unpaid Principal Balance, with no allowance recorded | 47 | |
Average Recorded Investment, with no allowance recorded | 19 | 205 |
Recorded Investment | 47 | |
Unpaid Principal Balance | 47 | |
Average Recorded Investment | $ 19 | $ 205 |
Loans and the Allowance for L35
Loans and the Allowance for Loan Losses - Fair Value of Loans Acquired with Deteriorated Credit Quality (Detail) - American Gateway Financial Corporation [Member] $ in Thousands | Apr. 01, 2015USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Purchased Impaired Credits, Contractually required principal and interest | $ 11,294 |
Purchased Impaired Credits, Nonaccretable difference | 6,375 |
Purchased Impaired Credits, Cash flows expected to be collected | 4,919 |
Purchased Impaired Credits, Accretable yield | 0 |
Purchased Impaired Credits, Fair value of Purchased Impaired Credits | $ 4,919 |
Loans and the Allowance for L36
Loans and the Allowance for Loan Losses - Summary of Changes in Carrying Amount of Purchased Impaired Credits (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Carrying amount, ending balance | $ 4,074 |
American Gateway Financial Corporation [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Carrying amount, beginning balance | 4,919 |
Payments received, net | (845) |
Carrying amount, ending balance | $ 4,074 |
Loans and the Allowance for L37
Loans and the Allowance for Loan Losses - Additional Information (Detail) $ in Millions | Sep. 30, 2015USD ($) |
American Gateway Financial Corporation [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Performing loans | $ 142.8 |
Loans and the Allowance for L38
Loans and the Allowance for Loan Losses - Summary of Informative Data Regarding Loan Modifications (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)Contracts | Dec. 31, 2014USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 13 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 12,083 | $ 14,333 |
Post-Modification Outstanding Recorded Investment | $ 9,379 | $ 9,887 |
Construction and Land [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,586 | $ 1,586 |
Post-Modification Outstanding Recorded Investment | $ 1,162 | $ 1,162 |
1-4 Family Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,568 | $ 1,519 |
Post-Modification Outstanding Recorded Investment | $ 1,024 | $ 973 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 5,143 | $ 7,201 |
Post-Modification Outstanding Recorded Investment | $ 3,675 | $ 4,047 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 4 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 3,786 | $ 3,888 |
Post-Modification Outstanding Recorded Investment | $ 3,518 | $ 3,658 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 139 | |
Post-Modification Outstanding Recorded Investment | $ 47 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments - Additional Information (Detail) | Sep. 30, 2015USD ($) |
Fair Value Disclosures [Abstract] | |
Liabilities measured at fair value on a recurring basis | $ 0 |
Liabilities measured at fair value on a nonrecurring basis | $ 0 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | $ 214,017 | $ 74,503 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 14,205 | 9,142 |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,146 | |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 122,792 | 34,026 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 65,252 | 30,660 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 622 | 675 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 214,017 | 74,503 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 214,017 | 74,503 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 14,205 | 9,142 |
Fair Value, Measurements, Recurring [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,146 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 122,792 | 34,026 |
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 65,252 | 30,660 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 622 | 675 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 214,017 | 74,503 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 14,205 | 9,142 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,146 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 122,792 | 34,026 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 65,252 | 30,660 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | $ 622 | $ 675 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 22,087 | $ 14,350 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 18,270 | 11,322 |
Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,817 | 3,028 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 22,087 | 14,350 |
Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 18,270 | 11,322 |
Significant Other Observable Inputs (Level 2) [Member] | Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 3,817 | $ 3,028 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Banks Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities | $ 214,017 | $ 74,503 |
Borrowings | 79,658 | 15,000 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 56,535 | 26,832 |
Securities | 214,017 | 74,503 |
Loans - Net | 738,170 | 551,754 |
Cash Value of BOLI | 22,186 | 17,376 |
Total Assets | 1,030,908 | 670,465 |
Deposits | 864,295 | 587,252 |
Borrowings | 85,007 | 15,000 |
Total Liabilities | 949,302 | 602,252 |
Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 56,535 | 26,832 |
Securities | 214,017 | 74,503 |
Loans - Net | 737,913 | 551,037 |
Cash Value of BOLI | 22,186 | 17,376 |
Total Assets | 1,030,651 | 669,748 |
Deposits | 858,439 | 581,239 |
Borrowings | 85,861 | 14,986 |
Total Liabilities | 944,300 | 596,225 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 56,535 | 26,832 |
Total Assets | 56,535 | 26,832 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities | 214,017 | 74,503 |
Cash Value of BOLI | 22,186 | 17,376 |
Total Assets | 236,203 | 91,879 |
Borrowings | 85,861 | 14,986 |
Total Liabilities | 85,861 | 14,986 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans - Net | 737,913 | 551,037 |
Total Assets | 737,913 | 551,037 |
Deposits | 858,439 | 581,239 |
Total Liabilities | $ 858,439 | $ 581,239 |