Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 21, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | ck0001624322 | |
Entity Registrant Name | BUSINESS FIRST BANCSHARES, INC. | |
Entity Central Index Key | 1,624,322 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,037,413 | |
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Due from Banks | $ 40,911 | $ 26,015 |
Federal Funds Sold | 2,496 | 817 |
Securities Available for Sale, at Fair Values | 210,857 | 74,503 |
Loans and Lease Receivable, Net of Allowance for Loan Losses of $7,244 in 2015 and $6,632 in 2014 | 765,148 | 551,754 |
Premises and Equipment, Net | 9,234 | 2,180 |
Accrued Interest Receivable | 2,823 | 1,772 |
Other Equity Securities | 5,350 | 1,799 |
Other Real Estate Owned | 2,033 | 3,028 |
Cash Value of Life Insurance | 22,339 | 17,376 |
Goodwill | 3,376 | |
Core Deposit Intangible | 2,555 | |
Other Assets | 8,967 | 5,258 |
Total Assets | 1,076,089 | 684,502 |
Deposits: | ||
Noninterest Bearing | 222,488 | 108,965 |
Interest Bearing | 681,748 | 478,287 |
Total Deposits | 904,236 | 587,252 |
Securities Sold Under Agreements to Repurchase | 2,435 | 0 |
Short Term Borrowings | 3,000 | |
Federal Home Loan Bank Borrowings | 49,144 | 15,000 |
Accrued Interest Payable | 566 | 416 |
Other Liabilities | 4,259 | 2,989 |
Total Liabilities | 963,640 | 605,657 |
STOCKHOLDERS' EQUITY | ||
Common Stock, $1 Par Value; 10,000,000 Shares Authorized; 7,035,913 and 5,314,925 Shares Issued and Outstanding at December 31, 2015 and 2014, respectively | 7,036 | 5,315 |
Additional Paid-in Capital | 85,913 | 57,225 |
Retained Earnings | 20,289 | 16,948 |
Accumulated Other Comprehensive Loss | (789) | (643) |
Total Stockholders' Equity | 112,449 | 78,845 |
Total Liabilities and Stockholders' Equity | $ 1,076,089 | $ 684,502 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for Loan Losses | $ 7,244 | $ 6,632 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,035,913 | 5,314,925 |
Common stock, shares outstanding | 7,035,913 | 5,314,925 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income: | |||
Interest and Fees on Loans | $ 35,244 | $ 25,731 | $ 25,593 |
Interest and Dividends on Securities | 3,186 | 1,673 | 3,374 |
Interest on Federal Funds Sold and Due From Banks | 187 | 71 | 10 |
Total Interest Income | 38,617 | 27,475 | 28,977 |
Interest Expense: | |||
Interest on Deposits | 3,858 | 3,641 | 3,649 |
Interest on Borrowings | 609 | 310 | 1,051 |
Total Interest Expense | 4,467 | 3,951 | 4,700 |
Net Interest Income | 34,150 | 23,524 | 24,277 |
Provision for Loan Losses | 1,200 | 700 | 751 |
Net Interest Income after Provision for Loan Losses | 32,950 | 22,824 | 23,526 |
Other Income: | |||
Service Charges on Deposit Accounts | 1,553 | 587 | 595 |
Gain (Loss) on Sales of Securities | (15) | 13 | 871 |
Other Income | 1,642 | 1,128 | 705 |
Total Other Income | 3,180 | 1,728 | 2,171 |
Other Expenses: | |||
Salaries and Employee Benefits | 16,145 | 11,196 | 10,982 |
Occupancy and Equipment Expense | 3,941 | 2,469 | 2,358 |
Other Expenses | 10,423 | 5,490 | 6,736 |
Total Other Expenses | 30,509 | 19,155 | 20,076 |
Income Before Income Taxes | 5,621 | 5,397 | 5,621 |
Provision for Income Taxes | 1,525 | 1,364 | 1,016 |
Consolidated Net Income from Continuing Operations | 4,096 | 4,033 | 4,605 |
Loss from Disposal of Insurance Subsidiaries | (565) | ||
Income from Operations of Discontinued Subsidiaries | 1,359 | ||
Income Tax Expense | (270) | ||
Gain from Discontinued Operations | 524 | ||
Consolidated Net Income | 4,096 | 4,033 | 5,129 |
Net Income Attributable to Non-Controlling Interest | 344 | ||
Net Income | $ 4,096 | $ 4,033 | $ 4,785 |
Earnings Per Share: | |||
Basic | $ 0.61 | $ 0.76 | $ 0.90 |
Diluted | $ 0.59 | $ 0.72 | $ 0.87 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Consolidated Net Income | $ 4,096 | $ 4,033 | $ 5,129 |
Other Comprehensive Income (Loss): | |||
Unrealized Gain (Loss) on Investment Securities | (206) | 3,630 | (7,667) |
Reclassification Adjustment for Gains (Loss) included in Net Income | (15) | 13 | 871 |
Income Tax Effect | 75 | (1,239) | 2,311 |
Other Comprehensive Income (Loss) | (146) | 2,404 | (4,485) |
Consolidated Comprehensive Income (Loss) | 3,950 | 6,437 | 644 |
Net Income Attributable to Non-Controlling Interest | 344 | ||
Comprehensive Income Attributable to Business First Bancshares, Inc. | $ 3,950 | $ 6,437 | $ 300 |
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] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2012 | $ 71,014 | $ 5,311 | $ 56,413 | $ 8,113 | $ 1,438 | $ (121) | $ (140) |
Net Income | 5,129 | 4,785 | 344 | ||||
Other Comprehensive Income (Loss) | (4,485) | (4,485) | |||||
Issuance of Common Stock | 1 | 4 | (3) | ||||
Reissuance of Treasury Stock | 121 | $ 121 | |||||
Sale of Subsidiaries | (359) | (172) | 17 | $ (204) | |||
Stock Based Compensation Cost | 502 | 502 | |||||
Ending balance at Dec. 31, 2013 | 71,923 | 5,315 | 56,740 | 12,915 | (3,047) | ||
Net Income | 4,033 | 4,033 | |||||
Other Comprehensive Income (Loss) | 2,404 | 2,404 | |||||
Stock Based Compensation Cost | 485 | 485 | |||||
Ending balance at Dec. 31, 2014 | 78,845 | 5,315 | 57,225 | 16,948 | (643) | ||
Net Income | 4,096 | 4,096 | |||||
Other Comprehensive Income (Loss) | (146) | (146) | |||||
Merger Consideration - net | 32,410 | 1,891 | 30,519 | ||||
Stock Based Compensation Cost | 49 | 49 | |||||
Stock Repurchase | (2,805) | (170) | (1,880) | (755) | |||
Ending balance at Dec. 31, 2015 | $ 112,449 | $ 7,036 | $ 85,913 | $ 20,289 | $ (789) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Consolidated Net Income | $ 4,096 | $ 4,033 | $ 5,129 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||
Provision for Loan Losses | 1,200 | 700 | 751 |
Depreciation and Amortization | 1,192 | 810 | 848 |
Amortization of Purchase Accounting Valuations | (2,332) | ||
Noncash Compensation Expense | 49 | 485 | 502 |
Net Amortization of Securities | 1,511 | 493 | 1,259 |
(Gain) Loss on Sales of Securities | 15 | (13) | (871) |
(Gain) Loss on Sale of Other Real Estate Owned Net of Writedowns | (58) | (262) | 208 |
Loss on Sales of Other Assets | 157 | ||
Increase in Cash Value of Life Insurance | (637) | (569) | (529) |
Credit for Deferred Income Taxes | (74) | (764) | (493) |
Non-Controlling Interest in Net Income of Consolidated Entity | (344) | ||
Changes in Assets and Liabilities: | |||
(Increase) Decrease in Accrued Interest Receivable | (314) | 134 | 337 |
(Increase) Decrease in Other Assets | (971) | 1,521 | 2,059 |
Decrease in Accrued Interest Payable | (76) | (37) | (113) |
Increase in Other Liabilities | (350) | 361 | (525) |
Net Cash Provided by Operating Activities | 3,408 | 6,892 | 8,218 |
Cash Flows From Investing Activities: | |||
Purchases of Securities Available for Sale | (58,648) | (3,699) | (27,789) |
Proceeds from Maturities / Sales of Securities Available for Sale | 9,528 | 28,846 | 80,543 |
Proceeds from Paydowns of Securities Available for Sale | 19,376 | 5,799 | 11,343 |
Net Cash Received in Merger | 87,377 | ||
Purchases of Other Equity Securities | (3,385) | (681) | (2,818) |
Proceeds from Sales of Other Equity Securities | 1,912 | 1,866 | 1,885 |
Net Increase in Loans | (70,443) | (24,655) | (77,506) |
Purchases of Premises and Equipment | (962) | (218) | (328) |
Proceeds from Sales of Other Real Estate | 2,697 | 337 | 167 |
Net (Increase) Decrease in Federal Funds Sold | (1,339) | 8,378 | 2,630 |
Cash Paid in Dissenter Settlement | (243) | ||
Net Cash Provided by (Used in) Investing Activities | (14,130) | 15,973 | (11,873) |
Cash Flows From Financing Activities: | |||
Net Increase (Decrease) in Deposits | 33,775 | (6,924) | 27,847 |
Net Increase (Decrease) in Securities Sold Under Agreements to Repurchase | (1,841) | ||
Net Advances (Repayments) on Federal Home Loan Bank Borrowings | (6,511) | (25,000) | |
Net Increase in Short Term Borrowings | 3,000 | ||
Issuance of Common Stock | 1 | ||
Proceeds from Reissuance of Treasury Stock | 121 | ||
Repurchase of Common Stock | (2,805) | ||
Net Cash Provided by Financing Activities | 25,618 | (6,924) | 2,969 |
Net Increase in Cash and Cash Equivalents | 14,896 | 15,941 | (686) |
Cash and Cash Equivalents at Beginning of Period | 26,015 | 10,074 | 10,760 |
Cash and Cash Equivalents at End of Period | 40,911 | 26,015 | 10,074 |
Supplemental Disclosures for Cash Flow Information: | |||
Interest on Deposits | 3,813 | 3,679 | 3,690 |
Interest | 467 | 309 | 1,123 |
Income Tax Payments | 2,513 | 1,976 | 1,857 |
Supplemental Schedule for Noncash Investing and Financing Activities: | |||
Change in the Unrealized Gain (Loss) on Securities Available for Sale | (222) | 3,643 | (6,797) |
Change in Deferred Tax Effect on the Unrealized (Gain) Loss on Securities Available for Sale | 75 | (1,239) | 2,311 |
Transfer of Loans to Other Real Estate | $ 1,033 | $ 2,203 | $ 1,105 |
Nature of Operations - Summary
Nature of Operations - Summary of Significant Accounting Policies - | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations - Summary of Significant Accounting Policies - | Note 1 – Nature of Operations – Summary of Significant Accounting Policies – The accounting principles followed by 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, are those which are generally practiced within the banking industry. The methods of applying those principles conform with generally accepted accounting principles and have been applied on a consistent basis. The principles which significantly affect the determination of financial position, results of operations, changes in stockholders’ equity and cash flows are summarized below. Principles of Consolidation The consolidated financial statements include the accounts of Business First Bancshares, Inc. and its wholly-owned subsidiary, Business First Bank (the Bank), and the Bank’s wholly-owned subsidiaries, Business First Insurance, LLC and American Gateway Insurance Agency, LLC (collectively, the Company). All significant intercompany balances and transactions have been eliminated. Nature of Operations The Bank operates in sixteen full service locations and one loan production office in Louisiana (Baton Rouge metro region, Shreveport, Covington, Lafayette, Lake Charles, Houma 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 also regulated by the Federal Reserve and is subject to periodic examinations. Estimates 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. The Bank’s loans are generally secured by specific items of collateral including real property, business assets, and consumer assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions in the Bank’s market area. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. Acquisition Accounting Acquisitions are accounted for under the purchase method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Securities Management determines the appropriate classification of debt securities (held to maturity, available for sale or trading) at the time of purchase and re-evaluates this classification periodically. Securities classified as available for sale are those debt securities the Bank intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Bank’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Securities available for sale are recorded at fair value. Unrealized gains or losses are reported as a component of comprehensive income. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Securities classified as held to maturity are those debt securities the Bank has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are recorded at cost adjusted for amortization of premium and accretion of discount, computed by various methods approximating the interest method over their contractual lives. The Bank has no securities classified as held to maturity at December 31, 2015 and 2014. Securities classified as trading are those securities held for resale in anticipation of short-term market movements. These securities are recorded at market value with any market adjustments included in earnings. The Bank has no securities classified as trading at December 31, 2015 and 2014. The Bank has invested in Federal Home Loan Bank (FHLB) stock which is reflected at cost in these financial statements. As a member of the FHLB System, the Bank is required to purchase and maintain stock in an amount determined by the FHLB. The FHLB stock is redeemable at par value at the discretion of the FHLB. Loans Loans are stated at principal amounts outstanding less the allowance for loan losses. Interest on commercial and individual loans is accrued daily based on the principal outstanding. Generally, the Bank discontinues the accrual of interest income when a loan becomes 90 days past due as to principal or interest. When a loan is placed on non-accrual status, previously recognized but uncollected interest is reversed to income or charged to the allowance for loan losses. Subsequent cash receipts on non-accrual loans are accounted for on the cost recovery method until the loans qualify for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Bank classifies loans as impaired when it is probable the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. The measurement of impaired loans is based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. Acquired Loans Purchased loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date and there is no carryover of the seller’s allowance for loan losses. The Company accounts for acquired impaired loans in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). The performing loans are accounted for under ASC 310-20, Nonrefundable Fees and Other Costs (“ASC 310-20”) Allowance for Loan Losses The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The allowance for loan losses is based upon management’s review and evaluation of the loan portfolio. Factors considered in the establishment of the allowance for loan losses include management’s evaluation of specific loans; the level and composition of classified loans; historical loss experience; results of examinations by regulatory agencies; an internal asset review process; expectations of future economic conditions and their impact on particular borrowers; and other judgmental factors. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Management obtains independent appraisals for significant collateral in determining collateral values. Although management uses available information to recognize losses on loans, because of uncertainties associated with local economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that a material change could occur in the allowance for loan losses in the near term. However, the amount of the change that is reasonably possible cannot be estimated. 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 allowance for loan losses is based on estimates of potential future losses, and ultimate losses may vary from the current estimates. These estimates are reviewed periodically and as adjustments become necessary, the effect of the change in estimate is charged to operating expenses in the period incurred. All losses are charged to the allowance for loan losses when the loss actually occurs or when management believes that the collectability of the principal is unlikely. Recoveries are credited to the allowance at the time of recovery. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided at rates based upon estimated useful service lives using the straight-line method for financial reporting and accelerated methods for tax reporting purposes. The costs of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal and the resulting gains or losses are included in current operations. Expenditures for maintenance and repairs are charged to operations as incurred. Costs of major additions and improvements are capitalized. Other Real Estate Owned Real estate properties acquired through or in lieu of loan foreclosure or negotiated settlement are initially recorded at the fair value less estimated selling cost at the date of acquisition. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its costs or fair value less cost to sell. The carrying amount of residential real estate included in other real estate owned was $660 thousand at December 31, 2015. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not amortized but instead are subject to review for impairment annually, or more frequently if deemed necessary. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment. If impaired, the asset is written down to its estimated fair value. Core deposit intangibles representing the value of the acquired core deposit base are generally recorded in connection with business combinations involving banks and branch locations. The Company’s policy is to amortize core deposit intangibles on a straight line basis over their estimated useful life of 10 years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. Income Taxes The provision for income taxes is based on amounts reported in the statement of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expense are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are provided utilizing a liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the reported amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company files a consolidated federal income tax return. Consolidated income tax expense is allocated on the basis of each entity’s income adjusted for permanent differences. The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. As of December 31, 2015, the Company does not believe it has taken any positions that would require the recording of any additional tax liability, nor does it believe there are any unrealized tax benefits that would either increase or decrease within the next year. The Company files income tax returns in the U.S. federal jurisdiction and the state of Louisiana. With few exceptions, the Company is no longer subject to federal and state income tax examinations by tax authorities for years before 2012. Any interest and penalties assessed by income taxing authorities are not significant, and are included in other expenses in these financial statements, as applicable. Stock Based Compensation As described in Note 16, the Company has issued stock warrants and stock options that incorporate stock based compensation. The Company has adopted a fair value based method of accounting for these awards. The compensation cost is measured at the grant date based on the value of the award and is recognized over the required service period, which is usually the vesting period. Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and deposits in other financial institutions. Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of comprehensive income are disclosed on the Consolidated Statements of Comprehensive Income for all periods presented. Advertising The Company expenses all costs of advertising and promotion the first time the advertising or promotion takes place. For the years ended December 31, 2015, 2014 and 2013, the Company expensed costs of $437 thousand, $190 thousand and $258 thousand, respectively. Recent Accounting Pronouncements 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 September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments, In January 2016, the FASB issued ASU No. 2016-16, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. |
Reclassifications
Reclassifications | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Note 2 – Reclassifications – Certain reclassifications may have been made to the prior years’ financial statements in order 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 | 12 Months Ended |
Dec. 31, 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 December 31, 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 7,395 Cash Value of Life Insurance 4,326 Other Real Estate Owned 593 Core Deposit Intangible 2,762 Other Assets 6,375 Total Assets 371,521 Noninterest Bearing Deposits 80,865 Interest Bearing Deposits 202,442 Total Deposits 283,307 Borrowings 45,509 Other Liabilities 1,672 Total Liabilities 330,488 Net Assets Acquired 41,033 Goodwill Resulting from Merger $ 3,376 * - Unsettled Appraisal Rights Shares at December 31, 2015 was 53,094. The following table provides the unaudited pro forma results of operations for the years ended December 31, 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. Years Ended December 31, 2015 2014 (Dollars in thousands) (except per share data) Interest Income $ 41,272 $ 39,861 Interest Expense 4,640 5,476 Net Interest Income 36,632 34,385 Provision for Loan Losses 1,200 950 Net Interest Income after Provision for Loan Losses 35,432 33,435 Noninterest Income 3,884 4,501 Noninterest Expense 32,154 30,272 Income Before Income Taxes 7,162 7,664 Income Tax Expense 2,065 1,555 Net Income $ 5,097 $ 6,109 Earnings Per Common Share Basic $ 0.71 $ 0.85 Diluted $ 0.68 $ 0.81 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 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. Years Ended December 31, 2015 2014 2013 (Dollars in thousands, except per share data) Numerator: Net Income Available to Common Shares From Continuing Operations $ 4,096 $ 4,033 $ 4,261 Net Income (Loss) Available to Common Shares From Discontinued Operations — — 524 Net Income Available to Common Shares $ 4,096 $ 4,033 $ 4,785 Denominator: Weighted Average Common Shares Outstanding 6,694,075 5,314,925 5,311,826 Dilutive Effect of Stock Options and Warrants 288,981 293,600 194,888 Weighted Average Dilutive Common Shares 6,983,056 5,608,525 5,506,714 Basic Earnings Per Common Share From Net Income Available to Common Shares From Continuing Operations $ 0.61 $ 0.76 $ 0.80 Basic Earnings (Loss) Per Common Share From Net Income Available to Common Shares From Discontinued Operations — — 0.10 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.61 $ 0.76 $ 0.90 Diluted Earnings Per Common Share From Net Income Available to Common Shares From Continuing Operations $ 0.59 $ 0.72 $ 0.77 Diluted Earnings (Loss) Per Common Share From Net Income Available to Common Shares From Discontinued Operations — — 0.10 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.59 $ 0.72 $ 0.87 |
Cash and Due From Bank -
Cash and Due From Bank - | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due From Bank - | Note 5 – Cash and Due From Bank – The Bank is required to maintain funds in cash or on deposit with the Federal Reserve Bank. There were no required reserves at December 31, 2015 and 2014. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 6 – Securities – The amortized cost and fair values of securities available for sale as of December 31, 2015 and 2014 are summarized as follows: December 31, 2015 (Dollars in thousands) Amortized Gross Gross Fair U.S. Government Agencies $ 13,656 $ 43 $ 32 $ 13,667 Corporate Securities 11,177 — 105 11,072 Mortgage-Backed Securities 120,599 39 1,568 119,070 Municipal Securities 65,679 874 112 66,441 Other Securities 942 — 335 607 $ 212,053 $ 956 $ 2,152 $ 210,857 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 December 31, 2015 and 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. December 31, 2015 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Government Agencies $ 8,840 $ 32 $ — $ — $ 8,840 $ 32 Corporate Securities 11,072 105 — — 11,072 105 Mortgage-Backed Securities 91,384 1,029 23,386 539 114,770 1,568 Municipal Securities 13,983 43 2,498 69 16,481 112 Other Securities — — 607 335 607 335 $ 125,279 $ 1,209 $ 26,491 $ 943 $ 151,770 $ 2,152 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 December 31, 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 $ 2,040 $ 2,041 One to Five Years 41,353 41,525 Over Five to Ten Years 57,727 57,664 Over Ten Years 110,933 109,627 $ 212,053 $ 210,857 Securities available for sale with a fair value of $107.9 million and $31.5 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law as of December 31, 2015 and 2014. There were $3 thousand, $530 thousand and $1.2 million realized gross gains from sales or redemptions of securities for the years ended December 31, 2015, 2014 and 2013, respectively. There were $18 thousand, $517 thousand and $279 thousand realized gross losses from sales or redemptions of securities for the years ended December 31, 2015, 2014 and 2013, respectively. The Bank has invested in the Federal Home Loan Bank of Dallas which is included in other equity securities and reflected at cost in these financial statements. The cost of these securities of $3.5 million and $916 thousand, respectively, approximates fair value at December 31, 2015 and 2014. The Federal Home Loan Bank stock is pledged to secure advances from the Federal Home Loan Bank of Dallas at both December 31, 2015 and 2014. The Bank also has investments of $100 thousand and $100 thousand in The Independent Banker’s Bank, $1.3 million and $647 thousand in McLarty Capital Partners SBIC, L.P., and $254 thousand and $136 thousand in Bluehenge Capital Secured Debt SBIC, L.P. at December 31, 2015 and 2014, respectively. At December 31, 2015, the Bank also had a $243 thousand investment in Bankers Insurance, LLC which was acquired in the AGFC merger. |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan Losses | Note 7 – Loans and the Allowance for Loan Losses – Loans receivable at December 31, 2015 and 2014 are summarized as follows: December 31, 2015 2014 (Dollars in thousands) Real estate loans: Construction and land $ 97,872 $ 61,062 Farmland 8,897 16,097 1-4 family residential 112,954 41,552 Multi-family residential 26,058 11,369 Nonfarm nonresidential 312,207 215,797 Commercial 185,276 185,291 Consumer 29,128 27,218 Total loans held for investment 772,392 558,386 Less: Allowance for loan losses (7,244 ) (6,632 ) Net loans $ 765,148 $ 551,754 The performing one-to-four family residential, multi-family residential, commercial real estate, and commercial loans are pledged, under a blanket lien, as collateral securing advances from the FHLB at December 31, 2015 and 2014. Net deferred loan origination fees were $740 thousand and $529 thousand at December 31, 2015 and 2014, respectively, and are netted in their respective loan categories above. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans, and reclassifies overdrafts as loans in its consolidated balance sheets. At December 31, 2015 and 2014, overdrafts of $150 thousand and $10 thousand, respectively, have been reclassified to loans. The Bank is the lead lender on participations sold, without recourse, to other financial institutions which amounts are not included in the Balance Sheet. The unpaid principal balances of mortgages and other loans serviced for others were approximately $44.7 million and $37.8 million at December 31, 2015 and 2014, respectively. 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 December 31, 2015 and 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 December 31, 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 (102 ) — (144 ) — (44 ) (695 ) — (985 ) Recoveries 34 — 94 — 13 164 92 397 Provision 143 11 296 66 307 336 41 1,200 Ending Balance $ 600 $ 30 $ 1,021 $ 101 $ 1,416 $ 3,618 $ 458 $ 7,244 Ending Balance: Individually evaluated for impairment $ 504 $ — $ 129 $ — $ — $ 475 $ — $ 1,108 Collectively evaluated for impairment $ 96 $ 30 $ 838 $ 57 $ 1,416 $ 3,143 $ 458 $ 6,038 Purchased Credit Impaired (1) $ — $ — $ 54 $ 44 $ — $ — $ — $ 98 Loans receivable: Ending Balance $ 97,872 $ 8,897 $ 112,954 $ 26,058 $ 312,207 $ 185,276 $ 29,128 $ 772,392 Ending Balance: Individually evaluated for impairment $ 1,732 $ — $ 3,666 $ — $ 4,172 $ 2,226 $ — $ 11,796 Collectively evaluated for impairment $ 96,046 $ 8,897 $ 108,778 $ 25,829 $ 305,234 $ 183,050 $ 29,128 $ 756,962 Purchased Credit Impaired (1) $ 94 $ — $ 510 $ 229 $ 2,801 $ — $ — $ 3,634 (1) Purchased credit impaired loans are evaluated for impairment 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 December 31, 2015 and 2014, the credit quality indicators, disaggregated by class of loan, are as follows: Credit Quality Indicators December 31, 2015 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 93,740 $ 1,300 $ 1,094 $ 1,738 $ 97,872 Farmland 8,897 — — — 8,897 1-4 family residential 104,720 1,824 3,205 3,205 112,954 Multi-family residential 24,884 945 — 229 26,058 Nonfarm nonresidential 281,503 12,727 16,171 1,806 312,207 Commercial 157,734 22,222 4,341 979 185,276 Consumer 28,702 396 30 — 29,128 Total $ 700,180 $ 39,414 $ 24,841 $ 7,957 $ 772,392 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. As of December 31, 2015 and 2014, loan balances outstanding more than 90 days past due and still accruing interest amounted to $0 and $5 thousand, respectively. As of December 31, 2015 and 2014, loan balances outstanding on non-accrual status amounted to $8.0 million and $3.0 million, respectively. The Bank considers all loans more than 90 days past due as nonperforming loans. The following table reflects certain information with respect to the loan portfolio delinquencies by loan class and amount as of December 31, 2015 and 2014. All loans greater than 90 days past due are generally placed on non-accrual status. Aged Analysis of Past Due Loans Receivable December 31, 2015 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Construction and land $ — $ 10 $ 384 $ 394 $ 97,478 $ 97,872 $ — Farmland — — — — 8,897 8,897 — 1-4 family residential 289 132 1,086 1,507 111,447 112,954 — Multi-family residential — — — — 26,058 26,058 — Nonfarm nonresidential 1,185 178 309 1,672 310,535 312,207 — Commercial 78 13 — 91 185,185 185,276 — Consumer — — — — 29,128 29,128 — Total $ 1,552 $ 333 $ 1,779 $ 3,664 $ 768,728 $ 772,392 $ — December 31, 2014 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded 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 Loan Receivables on Nonaccrual Status December 31, 2015 2014 (Dollars in thousands) Real Estate Loans: Construction $ 1,738 $ 1,611 Farmland — — 1-4 family residential 3,205 152 Multi-family residential 229 — Nonfarm nonresidential 1,806 1,219 Commercial 979 46 Consumer — — Total $ 7,957 $ 3,028 The following is a summary of information pertaining to impaired loans as of December 31, 2015 and 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 $386 thousand and $533 thousand for the years ended December 31, 2015 and 2014, respectively. December 31, 2015 (Dollars in thousands) Recorded Unpaid Related Average With an allowance recorded: Real Estate Loans: Construction and land $ 1,336 $ 1,514 $ 504 $ 1,392 Farmland — — — — 1-4 family residential 305 313 129 78 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 975 1,653 475 908 Consumer — — — — $ 2,616 $ 3,480 $ 1,108 $ 2,378 With no allowance recorded: Real Estate Loans: Construction and land $ 396 $ 401 $ — $ 1,530 Farmland — — — — 1-4 family residential 3,361 3,898 — 1,933 Multi-family residential — — — — Nonfarm nonresidential 4,172 5,588 — 4,062 Other Loans: Commercial 1,251 1,255 — 3,368 Consumer — — — 14 $ 9,180 $ 11,142 $ — $ 10,907 Total Impaired Loans: Real Estate Loans: Construction and land $ 1,732 $ 1,915 $ 504 $ 2,922 Farmland — — — — 1-4 family residential 3,666 4,211 129 2,011 Multi-family residential — — — — Nonfarm nonresidential 4,172 5,588 — 4,062 Other Loans: Commercial 2,226 2,908 475 4,276 Consumer — — — 14 $ 11,796 $ 14,622 $ 1,108 $ 13,285 December 31, 2014 (Dollars in thousands) Recorded Unpaid Related Average 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 December 31, 2015. Purchased (Dollars in thousands) Carrying amount - April 1, 2015 (acquisition) $ 4,919 Payments received, net (1,285 ) Carrying amount - December 31, 2015 $ 3,634 Total loans acquired in the AGFC merger included $142.8 million of performing loans not accounted for under ASC 310-30 which had an estimated fair value of $138.1 million as of the date of acquisition. As of December 31, 2015, the AGFC performing loans totaled $93.1 million with a related unaccreted purchase discount of $3.2 million. 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 December 31, 2015 and 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 troubled debt restructurings as of December 31, 2015 and 2014. Modifications as of December 31, 2015: Number Pre-Modification Post-Modification (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: 1-4 family residential 5 $ 1,568 $ 1,008 Nonfarm nonresidential 3 5,143 3,623 Other Loans: Commercial 3 1,736 1,234 Total Loans 11 $ 8,447 $ 5,865 Modifications as of December 31, 2014: Number Pre-Modification Post-Modification (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 The Bank had $54 thousand in troubled debt restructurings that subsequently defaulted during the year ended December 31, 2015 and none that subsequently defaulted during the year ended December 31, 2014. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 8 – Premises and Equipment – Bank premises and equipment at December 31, 2015 and 2014 consist of the following: 2015 2014 (Dollars in thousands) Land $ 2,126 $ — Buildings and Leasehold Improvements 6,446 2,156 Furniture and Equipment 5,128 3,869 13,700 6,025 Less: Accumulated Depreciation (4,466 ) (3,845 ) $ 9,234 $ 2,180 The provision for depreciation and amortization charged to operating expenses was $1.2 million, $810 thousand and $848 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9 - Goodwill and Other Intangible Assets – Goodwill was acquired during the year ended December 31, 2015 as a result of the AGFC merger effective after the close of business March 31, 2015. The carrying amount of goodwill as of December 31, 2015 was $3.4 million. As discussed in Note 3, there were 53,094 unsettled appraisal rights shares as of December 31, 2015. As a result, the final cash consideration to shareholders has not been finalized. Consequently, as of December 31, 2015 goodwill is subject to refinement for up to one year after the merger date based upon additional information that may be obtained by us that existed as of the merger date. Core deposit intangibles were acquired in conjunction with the AGFC merger. A summary of the core deposit intangible asset as of December 31, 2015 is as follows: December 31, 2015 (Dollars in thousands) Balance, Beginning of Period $ — Acquisition 2,762 Total Core Deposit Intangible 2,762 Less: Accumulated Amortization (207 ) Balance, End of Period $ 2,555 Amortization expense on the core deposit intangible asset recorded in other expenses totaled approximately $207 thousand during the year ended December 31, 2015. The following table presents the estimated aggregate amortization expense for the periods indicated: December 31, (Dollars in thousands) 2016 $ 276 2017 276 2018 276 2019 276 2020 276 Thereafter 1,175 $ 2,555 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Note 10 – Deposits – Deposit accounts at December 31, 2015 and 2014 are summarized as follows: 2015 2014 (Dollars in thousands) Noninterest Bearing - DDA $ 44,024 $ 35,650 Noninterest Bearing - Money Market Account 178,464 73,315 Noninterest Bearing Deposits 222,488 108,965 Interest Bearing - DDA 26,928 9,869 NOW and Super NOW Accounts 15,405 3,229 Money Market Accounts 329,955 241,087 Savings Accounts 36,137 — Certificates of Deposit Over $100,000 184,136 166,771 Other Certificates of Deposit 89,187 57,331 Interest Bearing Deposits 681,748 478,287 Total Deposits $ 904,236 $ 587,252 Approximately 70.3% of certificates of deposit as of December 31, 2015 have stated maturity dates during 2016 and the remaining 29.7% have stated maturity dates during 2017 and beyond. Interest expense on certificates of deposit over $100 thousand for the years ended December 31, 2015, 2014 and 2013 amounted to $1.7 million, $1.8 million and $1.6 million, respectively. At December 31, 2015 and 2014, total deposits for the top three customer relationships was approximately $126.3 million and $93.1 million, respectively, which represented 14.0% and 15.9% of total deposits, respectively. Brokered deposits were approximately $74.6 million and $86.8 million at December 31, 2015 and 2014, respectively. Included in these brokered deposits are public fund deposits of approximately $20.8 million and $20.9 million at December 31, 2015 and 2014, respectively. Other public fund deposits were approximately $146.4 million and $43.3 million at December 31, 2015 and 2014, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 11 – Borrowings – The Bank had outstanding advances from the Federal Home Loan Bank (FHLB) of $47.7 million and $15 million at December 31, 2015 and 2014, respectively, consisting of: Three fixed rate loans totaling $30.0 million, at December 31, 2015, with interest rates ranging from 2.92% to 3.07%, paid monthly. Principal is due at maturity in November 2017 with quarterly call options beginning in 2008. One fixed rate loan of $2.7 million, at December 31, 2015, with interest at 3.18% paid monthly. Principal is paid monthly and matures in December 2017. One fixed rate loan of $15.0 million, at December 31, 2015 and 2014, with interest at 1.90% paid monthly. Principal is due at maturity in December 2018 with quarterly call options beginning in 2013. These advances are collateralized by the Bank’s investment in Federal Home Loan Bank stock and a blanket lien on qualifying loans in the Bank’s loan portfolio consisting of performing 1-4 family mortgages and certain small business, small farm and small agriculture loans. The blanket lien totaled approximately $317.9 million at December 31, 2015 with unused availability for advances and letters of credit of approximately $194.2 million. As a result of the merger with AGFC, the Bank assumed the outstanding FHLB advances of American Gateway Bank. These advances were recorded at fair value as of acquisition, which totaled $41.2 million, and resulted in a market value adjustment of $2.0 million which is being accreted over the life of the respective advances as a reduction of interest expense on borrowings. The unaccreted market value adjustment totaled $1.4 million at December 31, 2015. The Bank has outstanding lines of credit with several of its correspondent banks available to assist in the management of short-term liquidity. These agreements provide for interest based upon the federal funds rate on the outstanding balance. Total available lines of credit as of December 31, 2015 and 2014 were $83.7 million and $84.7 million, respectively. There was no balance on these lines at December 31, 2015 and 2014. In February 2016, the Bank obtained an additional federal funds line accommodation from another correspondent bank in the amount of $22.5 million. First Tennessee Bank National Association (FTN) allows the Company to borrow on a revolving basis up to $3.0 million. This line of credit, established on September 3, 2015, is unsecured, but the Company has agreed that it will not pledge any of the capital stock of its wholly-owned subsidiary, Business First Bank, to secure any other obligation. As of December 31, 2015, there was no borrowing capacity available under the line, and $3.0 million was outstanding at a variable rate of 3-month LIBOR plus 2.5%. The rate was 2.93% as December 31, 2015, and adjusts quarterly. The FTN line matures in one year and was established for the sole purpose of repurchasing shares of the Company’s common stock from certain of its shareholders and for general corporate purposes. There was not a similar lending relationship in place as of December 31, 2014. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | Note 12 – Securities Sold Under Agreements to Repurchase – At December 31, 2015, the Bank had sold various investment securities with an agreement to repurchase these securities at various times within one year. These securities generally remain under the Bank’s control and are included in securities available for sale. These securities have coupon rates of 2.0% and maturity dates in 2020. The related liability to repurchase these securities was $2.4 million at December 31, 2015. There was not a similar arrangement in place as of December 31, 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes – The consolidated provision (credit) for income taxes consists of the following at December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Continuing Operations: Provision (Credit) for Current Taxes - Federal $ 1,599 $ 2,128 $ 1,509 Provision (Credit) for Deferred Taxes (74 ) (764 ) (493 ) $ 1,525 $ 1,364 $ 1,016 Discontinued Operations: Provision (Credit) for Current Taxes - Federal $ — $ — $ 270 Total Taxes: Provision (Credit) for Current Taxes - Federal $ 1,599 $ 2,128 $ 1,779 Provision (Credit) for Deferred Taxes (74 ) (764 ) (493 ) $ 1,525 $ 1,364 $ 1,286 The provision (credit) for federal income taxes differs from the amount computed by applying federal statutory rates to income from operations as indicated in the following analysis at December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Federal Statutory Income Tax at 34% $ 1,911 $ 1,835 $ 2,064 Tax Exempt Income (559 ) (707 ) (719 ) Other - Net 173 236 (59 ) $ 1,525 $ 1,364 $ 1,286 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax asset at December 31, 2015 and 2014 is included in other assets. The components of the deferred tax assets (liabilities) are as follows: 2015 2014 (Dollars in thousands) Allowance for Loan Losses $ 2,463 $ 2,255 Acquried Loans Fair Market Value Adjustment 2,631 — Acquired Securities Difference in Basis (826 ) — Amortization of Start-Up Costs 69 82 Stock Warrants and Options 1,063 1,055 Depreciation (804 ) (172 ) Interest on Acquired Nonaccrual Loans 47 — Unrealized (Gain) Loss on Securities 406 331 Other Real Estate 147 73 Core Deposit Intangible (869 ) — Acquired FHLB Debt Fair Market Value Adjustment 476 — Deferred Compensation 907 679 Alternative Minimum Tax Credit 984 — Net Operating Loss Carryforward 88 — Net Deferred Tax Asset $ 6,782 $ 4,303 The Company acquired certain deferred tax attributes and liabilities as a result of its merger with AGFC, including a net operating loss (“NOL”) carryforward of $287 thousand and alternative minimum tax (“AMT”) credit carryforwards of $984 thousand. The Company is limited in the amount it may deduct against current taxable income each year. As of December 31, 2015 the NOL carryforward was $259 thousand and expires in 2033. The AMT credit carryforward was $984 thousand as of December 31, 2015 and can be carried forward indefinitely as a credit against the Company’s regular tax liability. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 14 – Accumulated Other Comprehensive Income (Loss) – The following is a summary of the changes in the balances of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2015 and 2014: 2015 2014 (Dollars in thousands) Unrealized Gains (Losses) on Securities Available for Sale: Balance at Beginning of Year $ (643 ) $ (3,047 ) Other Comprehensive Income (Loss) Before Reclassifications - Net of Tax (136 ) 2,395 Reclassification Adjustment for (Gains) Losses Realized - Net of Tax (10 ) 9 Other Comprehensive Income (Loss) (146 ) 2,404 Balance at End of Year $ (789 ) $ (643 ) |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Stockholders' Equity and Regulatory Matters | Note 15 – Stockholders’ Equity and Regulatory Matters – Stockholders’ Equity of the Company includes the undistributed earnings of the Bank. The Company pays dividends from its assets, which are provided primarily by dividends from the Bank. Certain restrictions exist regarding the ability of the Bank to pay cash distributions. Louisiana statutes require approval to pay distributions in excess of a bank’s earnings in the current year plus retained net profits for the preceding year. There were no dividends declared or paid by the Company for the years ended December 31, 2015 and 2014. The Company and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum regulatory capital requirements can initiate certain mandatory, and possible additional discretionary actions by regulators, that if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines involving quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios. As detailed below, as of December 31, 2015 and 2014, the Bank met all of the capital adequacy requirements to which it is subject. As of December 31, 2015 and 2014, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To maintain categorized as well capitalized, the Bank will have to maintain minimum total capital, Tier I capital, risk-based common equity Tier I, and Tier I leverage ratios as disclosed in the table below. There are no conditions or events since the most recent notification that management believes have changed the prompt corrective action category. The following is a summary of the Bank’s actual capital amounts and ratios at December 31, 2015 and 2014 which approximate the amounts and ratios for the Company (consolidated) at December 31, 2015 and 2014: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015: Total Capital (to Risk-Weighted Assets) $ 115,828 12.17 % $ 76,159 8.00 % $ 95,199 10.00 % Tier I Capital (to Risk-Weighted Assets) $ 108,584 11.41 % $ 57,120 6.00 % $ 76,159 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 108,584 11.41 % $ 42,840 4.50 % $ 61,879 6.50 % Tier I Leveraged Capital (to Average Assets) $ 108,584 10.17 % $ 42,703 4.00 % $ 53,379 5.00 % December 31, 2014: Total Capital (to Risk-Weighted Assets) $ 83,637 12.96 % $ 51,615 8.00 % $ 64,519 10.00 % Tier I Capital (to Risk-Weighted Assets) $ 77,005 11.94 % $ 25,808 4.00 % $ 38,711 6.00 % Tier I Leveraged Capital (to Average Assets) $ 77,005 10.87 % $ 28,341 4.00 % $ 35,426 5.00 % |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Note 16 – Stock Based Compensation – Stock Warrants In connection with the organization of the Company and the Bank, stock warrants were issued to organizers. The warrants may be exercised by the holders for the purchase of 101,000 shares of common stock of the Company at the exercise price of $10 per share (warrant). The warrants were fully vested on February 1, 2011 and were to expire in 2016. The warrant agreements were subsequently amended effective February 1, 2016 to extend the expiration time to February 2, 2019, with $48 thousand of compensation cost to be recognized on the effective date. At December 31, 2015 and 2014, warrants for 89,125 shares at a weighted average exercise price of $10.00 were outstanding. At December 31, 2015, warrants for 89,125 shares were exercisable, and there were no nonvested shares and no unrecognized compensation. Using the Black-Scholes pricing model for the 89,125 shares (warrants) outstanding, the calculated value of $2.50 per share (warrant) was estimated on the date of grant using the following assumptions: expected dividends of 1%, expected life or term of 6.5 years, risk-free interest rate of 5.04%, and expected volatility of 13.19%. The expected volatility was estimated considering the historical volatility of an appropriate industry sector. Stock Options The Company has a stock option plan with 1,500,000 shares available to be granted as options under the plan. Under the provisions of the plan, the option price cannot be less than the fair value of the underlying common stock as of option grant date, and the maximum option term cannot exceed ten years. During the years ended December 31, 2015 and 2014, total options of 42,800 and 45,900 were granted, respectively, to officers and other key employees. The stock options granted were issued at an exercise price of $17.11 per share with a vesting period of three years. Compensation expense of approximately $198 thousand and $485 thousand was recognized in 2015 and 2014, respectively. The Company uses the Black-Scholes option pricing model to estimate the calculated value of the various share-based awards with the following assumptions for the years ended December 31, 2015 and 2014, respectively. 2015 2014 Risk-Free Interest Rate 1.44 % 1.66% - 1.76% Expected Dividend Yield 0.00 % 0.00% Expected Volatility 29.39 % 29.38% - 31.10% Expected Life in Years 5 years 5 years Weighted Average Calculated Value of Options Granted $ 4.87 $5.20 The following is an analysis of the activity related to the stock options: Number of Weighted Average Outstanding Options, December 31, 2014 952,120 $ 12.50 Granted 42,800 17.11 Exercised — Forfeited or Expired (41,640 ) 15.21 Outstanding Options, December 31, 2015 953,280 $ 12.59 At December 31, 2015, options for 814,530 shares at a weighted average exercise price of $12.26 were vested and exercisable, and there were 138,750 nonvested options and approximately $541 thousand of unrecognized compensation costs related to these options which is expected to be recognized in the future. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 17 – Employee Benefit Plans – Defined Contribution Plan The Bank has a defined contribution plan qualified under Internal Revenue Code 401(K) for those employees who meet the eligibility requirements. Contributions may be made by eligible employees subject to Internal Revenue Service limits. The Bank contributes a matching contribution up to 4% of wages which totaled $351 thousand, $274 thousand and $283 thousand and is included in salaries and employees benefits for the years ended December 31, 2015, 2014 and 2013, respectively. Deferred Compensation The Company has established certain unfunded nonqualified deferred compensation agreements for the purpose of providing deferred compensation as retirement benefits for a select group of management. At December 31, 2015 and 2014, the Company had recorded accrued liabilities of $2.4 million and $1.7 million, respectively. The expense related to the deferred compensation agreements was $336 thousand, $300 thousand and $250 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Note 18 – Other Expenses – An analysis of Other Expenses is as follows for the years ended December 31, 2015 and 2014: 2015 2014 2013 (Dollars in thousands) Business Development $ 805 $ 526 $ 499 Communications 469 286 326 Ad Valorem Shares Tax 669 540 551 Data Processing Fees 1,141 699 601 Directors Fees 325 366 235 Insurance 284 168 183 Legal and Professional Fees 1,980 1,193 1,034 Office Supplies and Printing 437 147 260 Regulatory Assessments 880 425 1,094 Taxes and Licenses 10 21 28 Nonrecurring Merger and Conversion Costs 1,149 — — Other 2,274 1,119 1,925 $ 10,423 $ 5,490 $ 6,736 |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | Note 19 – Financial Instruments with Off-Balance-Sheet Risk – In the normal course of business, the Bank is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not included in the accompanying financial statements. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual amount of those instruments. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The Bank uses the same credit policies in making such commitments and conditional obligations as it does for instruments that are included in the Balance Sheet. In the normal course of business, the Bank has made commitments to extend credit of approximately $176.8 million and standby and commercial letters of credit of approximately $9.2 million at December 31, 2015. |
Concentrations of Credit
Concentrations of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit | Note 20 – Concentrations of Credit – The majority of the Bank’s business activities are with customers in the Bank’s market area, which consists primarily of East and West Baton Rouge, Bossier, Caddo, St. Tammany, Lafayette, Calcasieu, Terrebonne, Jefferson and adjacent parishes. The majority of such customers are depositors of the Bank. The concentrations of credit by type of loan are shown in Note 7. The Bank, as a matter of policy, does not extend credit to any single borrower or group of related borrowers in excess of the Bank’s legal lending limits. Most of the Bank’s credits are to individuals and businesses secured by real estate. A substantial portion of their ability to pay on their debt is dependent on the local economy and industries in the areas. Within the loan portfolio, the Bank has a concentration of credits secured by real estate. The Bank had extended credit secured by non-farm non-residential real estate totaling approximately $312.2 million and $215.8 million, which accounted for 40.4% and 38.6% of total loans at December 31, 2015 and 2014, respectively. Additionally, the Bank had extended credit secured by construction and land development totaling approximately $97.9 million and $61.1 million, respectively; these loans represented 12.7% and 10.9% of total loans at December 31, 2015 and 2014, respectively. The Bank maintains amounts on deposit and federal funds sold with correspondent banks which may periodically exceed the federally insured amount. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 21 – Commitments – Leases The Bank leases certain branch offices through non-cancelable operating leases with terms that range from four to ten years and contain various renewal options for certain of the leases. Rental expense under these agreements was $1.4 million, $1.2 million and $1.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. Future minimum lease payments under these leases are as follows: December 31, (Dollars in thousands) 2016 $ 1,344 2017 1,157 2018 1,063 2019 948 2020 and Thereafter 5,794 $ 10,306 SBIC Capital Commitment The SBIC is a program initiated by the Small Business Administration (SBA) in 1958 to assist in the funding of small business loans. The program is a joint venture between investors with venture capital, the SBA, and small business borrowers. Investors are responsible for funding the first portion of the capital requirements with the remaining requirement being funded by the SBA. The funds are then lent to small business borrowers. The Bank has agreed to participate as an investor with McLarty Capital Partners SBIC, L.P. (McLarty) and Bluehenge Capital Secured Debt SBIC, L.P. (Bluehenge); details of these commitments at December 31, 2015 are below. McLarty Bluehenge (Dollars in thousands) Total Capital Commitment $ 2,000 $ 1,500 Capital Called $ 1,272 $ 254 Remaining Unfunded Capital Commitment $ 728 $ 1,246 Federal Home Loan Bank Letters of Credit The Bank had outstanding letters of credit on behalf of others from the FHLB of $76.0 million and $16.0 million at December 31, 2015 and 2014, respectively. The outstanding letters of credit as of December 31, 2015 are as follows: One letter of credit of $11.0 million expires in March 2016. One letter of credit of $5.0 million expires in May 2016. One letter of credit of $35.0 million expires in June 2016. One letter of credit of $25.0 million expires in June 2016. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 22 – Related Party Transactions – In the ordinary course of business, the Bank has granted loans to directors, officers and their affiliates. Such loans were made on substantially the same terms as those prevailing at the time for comparable transactions with other customers. Such loans amounted to $22.0 million and $28.7 million at December 31, 2015 and 2014, respectively. The activity in loans to directors, officers and their affiliates is as follows: 2015 2014 (Dollars in thousands) Balance - Beginning of Year $ 28,664 $ 39,202 New Loans 5,602 18,756 Repayments (12,262 ) (29,294 ) Balance - End of Year $ 22,004 $ 28,664 Related party deposits totaled $10.0 million and $19.3 million as of December 31, 2015 and 2014, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 23 – 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 December 31, 2015 and 2014. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Fair Value Quoted Prices in Significant Significant (Dollars in thousands) December 31, 2015 Available for Sale: U.S. Government Agency Securities $ 13,667 $ — $ 13,667 $ — Corporate Securities 11,072 — 11,072 — Mortgage-Backed Securities 119,070 — 119,070 — Municipal Securities 66,441 — 66,441 — Other Securities 607 — 607 — Total $ 210,857 $ — $ 210,857 $ — 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) December 31, 2015 Assets: Impaired Loans $ 14,224 $ — $ 14,224 $ — Repossessed Assets 2,033 — 2,033 — Total $ 16,257 $ — $ 16,257 $ — 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. Other Equity Securities – 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 December 31, 2015 and 2014 are as follows: Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Total Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) December 31, 2015 Financial Assets: Cash and Short-Term Investments $ 43,407 $ 43,407 $ 43,407 $ — $ — Securities 210,857 210,857 — 210,857 — Loans - Net 765,148 761,241 — — 761,241 Cash Value of BOLI 22,339 22,339 — 22,339 — Other Equity Securities 5,350 5,350 — — 5,350 $ 1,047,101 $ 1,043,194 $ 43,407 $ 233,196 $ 766,591 Financial Liabilities: Deposits $ 904,236 $ 897,771 $ — $ — $ 897,771 Borrowings 54,579 54,561 — 54,561 — $ 958,815 $ 952,332 $ — $ 54,561 $ 897,771 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 — Other Equity Securities 1,799 1,799 — — 1,799 $ 672,264 $ 671,547 $ 26,832 $ 91,879 $ 552,836 Financial Liabilities: Deposits $ 587,252 $ 581,239 $ — $ — $ 581,239 Borrowings 15,000 14,986 — 14,986 — $ 602,252 $ 596,225 $ — $ 14,986 $ 581,239 |
Litigation and Contingencies
Litigation and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | Note 24 – Litigation and Contingencies – In conjunction with the AGFC merger, certain shareholders exercised their statutory rights of appraisal. As of December 31, 2015 there were 53,094 unsettled AGFC shares. The AGFC purchase price reflected in these financial statements includes a cash payment of $155 per AGFC share to the unsettled former AGFC shareholders, which represents the amount the Company estimated to be the fair value of the former AGFC shareholders’ AGFC shares. The former AGFC shareholders are disputing the Company’s determination of fair value, and have requested a cash merger consideration payment of $263 per AGFC share. As calculated in accordance with the merger agreement, the actual AGFC merger consideration to the former AGFC shareholders was valued at $219.94 per AGFC share, with $10 paid in cash and the remainder in shares of the Company’s common stock. As a result, the fair value of the AGFC shares relative to the unsettled appraisal rights shares is currently in litigation, with a trial date set for May 2016. Discovery is ongoing and the amount of the ultimate settlement cannot be reasonably estimated as of the date of these financial statements. Any legal costs associated with defense of this litigation are being expensed as incurred. Other In the normal course of business, the Bank is involved in various legal proceedings. In the opinion of management and counsel, the disposition or ultimate resolution of such proceedings would not have a material adverse effect on the Bank’s financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25 – Subsequent Events – The Company evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date which the financial statements were available to be issued. This evaluation did not result in any subsequent events that required disclosures and /or adjustments under general accounting standards. |
Financial Statements - Parent C
Financial Statements - Parent Company Only | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Statements - Parent Company Only | Note 26 – Financial Statements – Parent Company Only – The balance sheets and statements of income for Business First Bancshares, Inc. (Parent Company) are as follows: BALANCE SHEETS AS OF DECEMBER 31, 2015 AND 2014 (Dollars in thousands) 2015 2014 Assets: Cash $ 359 $ 950 Investment in Subsidiaries 113,265 76,362 Other Assets 1,906 1,533 Total Assets $ 115,530 $ 78,845 Liabilities: Short Term Borrowings $ 3,000 $ — Accrued Interest Payable 21 — Other Liabilities 60 — Total Liabilities 3,081 — Stockholders’ Equity: Common Stock 7,036 5,315 Additional Paid-in Capital 85,913 57,225 Retained Earnings 19,500 16,305 Total Stockholders’ Equity 112,449 78,845 Total Liabilities and Stockholders’ Equity $ 115,530 $ 78,845 STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (Dollars in thousands) 2015 2014 2013 Income: Interest $ 1 $ 4 $ 4 Expenses: Other Operating Expenses 1,437 1,095 653 Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries (1,436 ) (1,091 ) (649 ) Income Tax Expense (Benefit) (474 ) (371 ) (221 ) Income (Loss) before Equity in Undistributed Net Income of Subsidiaries (962 ) (720 ) (428 ) Equity in Undistributed Net Income of Subsidiaries 5,058 4,753 5,213 Net Income $ 4,096 $ 4,033 $ 4,785 |
Nature of Operations - Summar34
Nature of Operations - Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Business First Bancshares, Inc. and its wholly-owned subsidiary, Business First Bank (the Bank), and the Bank’s wholly-owned subsidiaries, Business First Insurance, LLC and American Gateway Insurance Agency, LLC (collectively, the Company). All significant intercompany balances and transactions have been eliminated. |
Nature of Operations | Nature of Operations The Bank operates in sixteen full service locations and one loan production office in Louisiana (Baton Rouge metro region, Shreveport, Covington, Lafayette, Lake Charles, Houma 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 also regulated by the Federal Reserve and is subject to periodic examinations. |
Estimates | Estimates 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. The Bank’s loans are generally secured by specific items of collateral including real property, business assets, and consumer assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions in the Bank’s market area. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. |
Acquisition Accounting | Acquisition Accounting Acquisitions are accounted for under the purchase method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Securities | Securities Management determines the appropriate classification of debt securities (held to maturity, available for sale or trading) at the time of purchase and re-evaluates this classification periodically. Securities classified as available for sale are those debt securities the Bank intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Bank’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Securities available for sale are recorded at fair value. Unrealized gains or losses are reported as a component of comprehensive income. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Securities classified as held to maturity are those debt securities the Bank has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are recorded at cost adjusted for amortization of premium and accretion of discount, computed by various methods approximating the interest method over their contractual lives. The Bank has no securities classified as held to maturity at December 31, 2015 and 2014. Securities classified as trading are those securities held for resale in anticipation of short-term market movements. These securities are recorded at market value with any market adjustments included in earnings. The Bank has no securities classified as trading at December 31, 2015 and 2014. The Bank has invested in Federal Home Loan Bank (FHLB) stock which is reflected at cost in these financial statements. As a member of the FHLB System, the Bank is required to purchase and maintain stock in an amount determined by the FHLB. The FHLB stock is redeemable at par value at the discretion of the FHLB. |
Loans | Loans Loans are stated at principal amounts outstanding less the allowance for loan losses. Interest on commercial and individual loans is accrued daily based on the principal outstanding. Generally, the Bank discontinues the accrual of interest income when a loan becomes 90 days past due as to principal or interest. When a loan is placed on non-accrual status, previously recognized but uncollected interest is reversed to income or charged to the allowance for loan losses. Subsequent cash receipts on non-accrual loans are accounted for on the cost recovery method until the loans qualify for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Bank classifies loans as impaired when it is probable the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. The measurement of impaired loans is based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. |
Acquired Loans | Acquired Loans Purchased loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date and there is no carryover of the seller’s allowance for loan losses. The Company accounts for acquired impaired loans in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). The performing loans are accounted for under ASC 310-20, Nonrefundable Fees and Other Costs (“ASC 310-20”) |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The allowance for loan losses is based upon management’s review and evaluation of the loan portfolio. Factors considered in the establishment of the allowance for loan losses include management’s evaluation of specific loans; the level and composition of classified loans; historical loss experience; results of examinations by regulatory agencies; an internal asset review process; expectations of future economic conditions and their impact on particular borrowers; and other judgmental factors. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Management obtains independent appraisals for significant collateral in determining collateral values. Although management uses available information to recognize losses on loans, because of uncertainties associated with local economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that a material change could occur in the allowance for loan losses in the near term. However, the amount of the change that is reasonably possible cannot be estimated. 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 allowance for loan losses is based on estimates of potential future losses, and ultimate losses may vary from the current estimates. These estimates are reviewed periodically and as adjustments become necessary, the effect of the change in estimate is charged to operating expenses in the period incurred. All losses are charged to the allowance for loan losses when the loss actually occurs or when management believes that the collectability of the principal is unlikely. Recoveries are credited to the allowance at the time of recovery. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided at rates based upon estimated useful service lives using the straight-line method for financial reporting and accelerated methods for tax reporting purposes. The costs of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal and the resulting gains or losses are included in current operations. Expenditures for maintenance and repairs are charged to operations as incurred. Costs of major additions and improvements are capitalized. |
Other Real Estate Owned | Other Real Estate Owned Real estate properties acquired through or in lieu of loan foreclosure or negotiated settlement are initially recorded at the fair value less estimated selling cost at the date of acquisition. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its costs or fair value less cost to sell. The carrying amount of residential real estate included in other real estate owned was $660 thousand at December 31, 2015. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not amortized but instead are subject to review for impairment annually, or more frequently if deemed necessary. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment. If impaired, the asset is written down to its estimated fair value. Core deposit intangibles representing the value of the acquired core deposit base are generally recorded in connection with business combinations involving banks and branch locations. The Company’s policy is to amortize core deposit intangibles on a straight line basis over their estimated useful life of 10 years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. |
Income Taxes | Income Taxes The provision for income taxes is based on amounts reported in the statement of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expense are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are provided utilizing a liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the reported amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company files a consolidated federal income tax return. Consolidated income tax expense is allocated on the basis of each entity’s income adjusted for permanent differences. The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. As of December 31, 2015, the Company does not believe it has taken any positions that would require the recording of any additional tax liability, nor does it believe there are any unrealized tax benefits that would either increase or decrease within the next year. The Company files income tax returns in the U.S. federal jurisdiction and the state of Louisiana. With few exceptions, the Company is no longer subject to federal and state income tax examinations by tax authorities for years before 2012. Any interest and penalties assessed by income taxing authorities are not significant, and are included in other expenses in these financial statements, as applicable. |
Stock Based Compensation | Stock Based Compensation As described in Note 16, the Company has issued stock warrants and stock options that incorporate stock based compensation. The Company has adopted a fair value based method of accounting for these awards. The compensation cost is measured at the grant date based on the value of the award and is recognized over the required service period, which is usually the vesting period. |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and deposits in other financial institutions. |
Comprehensive Income | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of comprehensive income are disclosed on the Consolidated Statements of Comprehensive Income for all periods presented. |
Advertising | Advertising The Company expenses all costs of advertising and promotion the first time the advertising or promotion takes place. For the years ended December 31, 2015, 2014 and 2013, the Company expensed costs of $437 thousand, $190 thousand and $258 thousand, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments, In January 2016, the FASB issued ASU No. 2016-16, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 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 7,395 Cash Value of Life Insurance 4,326 Other Real Estate Owned 593 Core Deposit Intangible 2,762 Other Assets 6,375 Total Assets 371,521 Noninterest Bearing Deposits 80,865 Interest Bearing Deposits 202,442 Total Deposits 283,307 Borrowings 45,509 Other Liabilities 1,672 Total Liabilities 330,488 Net Assets Acquired 41,033 Goodwill Resulting from Merger $ 3,376 * - Unsettled Appraisal Rights Shares at December 31, 2015 was 53,094. |
Summary of Unaudited Pro Forma Results of Operations | Years Ended December 31, 2015 2014 (Dollars in thousands) (except per share data) Interest Income $ 41,272 $ 39,861 Interest Expense 4,640 5,476 Net Interest Income 36,632 34,385 Provision for Loan Losses 1,200 950 Net Interest Income after Provision for Loan Losses 35,432 33,435 Noninterest Income 3,884 4,501 Noninterest Expense 32,154 30,272 Income Before Income Taxes 7,162 7,664 Income Tax Expense 2,065 1,555 Net Income $ 5,097 $ 6,109 Earnings Per Common Share Basic $ 0.71 $ 0.85 Diluted $ 0.68 $ 0.81 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | The potential common shares that may be issued by the Company relate to outstanding stock warrants and stock options. Years Ended December 31, 2015 2014 2013 (Dollars in thousands, except per share data) Numerator: Net Income Available to Common Shares From Continuing Operations $ 4,096 $ 4,033 $ 4,261 Net Income (Loss) Available to Common Shares From Discontinued Operations — — 524 Net Income Available to Common Shares $ 4,096 $ 4,033 $ 4,785 Denominator: Weighted Average Common Shares Outstanding 6,694,075 5,314,925 5,311,826 Dilutive Effect of Stock Options and Warrants 288,981 293,600 194,888 Weighted Average Dilutive Common Shares 6,983,056 5,608,525 5,506,714 Basic Earnings Per Common Share From Net Income Available to Common Shares From Continuing Operations $ 0.61 $ 0.76 $ 0.80 Basic Earnings (Loss) Per Common Share From Net Income Available to Common Shares From Discontinued Operations — — 0.10 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.61 $ 0.76 $ 0.90 Diluted Earnings Per Common Share From Net Income Available to Common Shares From Continuing Operations $ 0.59 $ 0.72 $ 0.77 Diluted Earnings (Loss) Per Common Share From Net Income Available to Common Shares From Discontinued Operations — — 0.10 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.59 $ 0.72 $ 0.87 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are summarized as follows: December 31, 2015 (Dollars in thousands) Amortized Gross Gross Fair U.S. Government Agencies $ 13,656 $ 43 $ 32 $ 13,667 Corporate Securities 11,177 — 105 11,072 Mortgage-Backed Securities 120,599 39 1,568 119,070 Municipal Securities 65,679 874 112 66,441 Other Securities 942 — 335 607 $ 212,053 $ 956 $ 2,152 $ 210,857 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 December 31, 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. December 31, 2015 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Government Agencies $ 8,840 $ 32 $ — $ — $ 8,840 $ 32 Corporate Securities 11,072 105 — — 11,072 105 Mortgage-Backed Securities 91,384 1,029 23,386 539 114,770 1,568 Municipal Securities 13,983 43 2,498 69 16,481 112 Other Securities — — 607 335 607 335 $ 125,279 $ 1,209 $ 26,491 $ 943 $ 151,770 $ 2,152 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 December 31, 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 $ 2,040 $ 2,041 One to Five Years 41,353 41,525 Over Five to Ten Years 57,727 57,664 Over Ten Years 110,933 109,627 $ 212,053 $ 210,857 |
Loans and the Allowance for L38
Loans and the Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable at December 31, 2015 and 2014 are summarized as follows: December 31, 2015 2014 (Dollars in thousands) Real estate loans: Construction and land $ 97,872 $ 61,062 Farmland 8,897 16,097 1-4 family residential 112,954 41,552 Multi-family residential 26,058 11,369 Nonfarm nonresidential 312,207 215,797 Commercial 185,276 185,291 Consumer 29,128 27,218 Total loans held for investment 772,392 558,386 Less: Allowance for loan losses (7,244 ) (6,632 ) Net loans $ 765,148 $ 551,754 |
Summary of Allowance for Credit Losses and Recorded Investment in Loans Receivable | Allowance for Credit Losses and Recorded Investment in Loans Receivable December 31, 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 (102 ) — (144 ) — (44 ) (695 ) — (985 ) Recoveries 34 — 94 — 13 164 92 397 Provision 143 11 296 66 307 336 41 1,200 Ending Balance $ 600 $ 30 $ 1,021 $ 101 $ 1,416 $ 3,618 $ 458 $ 7,244 Ending Balance: Individually evaluated for impairment $ 504 $ — $ 129 $ — $ — $ 475 $ — $ 1,108 Collectively evaluated for impairment $ 96 $ 30 $ 838 $ 57 $ 1,416 $ 3,143 $ 458 $ 6,038 Purchased Credit Impaired (1) $ — $ — $ 54 $ 44 $ — $ — $ — $ 98 Loans receivable: Ending Balance $ 97,872 $ 8,897 $ 112,954 $ 26,058 $ 312,207 $ 185,276 $ 29,128 $ 772,392 Ending Balance: Individually evaluated for impairment $ 1,732 $ — $ 3,666 $ — $ 4,172 $ 2,226 $ — $ 11,796 Collectively evaluated for impairment $ 96,046 $ 8,897 $ 108,778 $ 25,829 $ 305,234 $ 183,050 $ 29,128 $ 756,962 Purchased Credit Impaired (1) $ 94 $ — $ 510 $ 229 $ 2,801 $ — $ — $ 3,634 (1) Purchased credit impaired loans are evaluated for impairment 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 December 31, 2015 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 93,740 $ 1,300 $ 1,094 $ 1,738 $ 97,872 Farmland 8,897 — — — 8,897 1-4 family residential 104,720 1,824 3,205 3,205 112,954 Multi-family residential 24,884 945 — 229 26,058 Nonfarm nonresidential 281,503 12,727 16,171 1,806 312,207 Commercial 157,734 22,222 4,341 979 185,276 Consumer 28,702 396 30 — 29,128 Total $ 700,180 $ 39,414 $ 24,841 $ 7,957 $ 772,392 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 December 31, 2015 and 2014. All loans greater than 90 days past due are generally placed on non-accrual status. Aged Analysis of Past Due Loans Receivable December 31, 2015 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Construction and land $ — $ 10 $ 384 $ 394 $ 97,478 $ 97,872 $ — Farmland — — — — 8,897 8,897 — 1-4 family residential 289 132 1,086 1,507 111,447 112,954 — Multi-family residential — — — — 26,058 26,058 — Nonfarm nonresidential 1,185 178 309 1,672 310,535 312,207 — Commercial 78 13 — 91 185,185 185,276 — Consumer — — — — 29,128 29,128 — Total $ 1,552 $ 333 $ 1,779 $ 3,664 $ 768,728 $ 772,392 $ — December 31, 2014 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded 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 December 31, 2015 and 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 $386 thousand and $533 thousand for the years ended December 31, 2015 and 2014, respectively. December 31, 2015 (Dollars in thousands) Recorded Unpaid Related Average With an allowance recorded: Real Estate Loans: Construction and land $ 1,336 $ 1,514 $ 504 $ 1,392 Farmland — — — — 1-4 family residential 305 313 129 78 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 975 1,653 475 908 Consumer — — — — $ 2,616 $ 3,480 $ 1,108 $ 2,378 With no allowance recorded: Real Estate Loans: Construction and land $ 396 $ 401 $ — $ 1,530 Farmland — — — — 1-4 family residential 3,361 3,898 — 1,933 Multi-family residential — — — — Nonfarm nonresidential 4,172 5,588 — 4,062 Other Loans: Commercial 1,251 1,255 — 3,368 Consumer — — — 14 $ 9,180 $ 11,142 $ — $ 10,907 Total Impaired Loans: Real Estate Loans: Construction and land $ 1,732 $ 1,915 $ 504 $ 2,922 Farmland — — — — 1-4 family residential 3,666 4,211 129 2,011 Multi-family residential — — — — Nonfarm nonresidential 4,172 5,588 — 4,062 Other Loans: Commercial 2,226 2,908 475 4,276 Consumer — — — 14 $ 11,796 $ 14,622 $ 1,108 $ 13,285 December 31, 2014 (Dollars in thousands) Recorded Unpaid Related Average 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 December 31, 2015. Purchased (Dollars in thousands) Carrying amount - April 1, 2015 (acquisition) $ 4,919 Payments received, net (1,285 ) Carrying amount - December 31, 2015 $ 3,634 |
Summary of Informative Data Regarding Loan Modifications | The following tables present informative data regarding troubled debt restructurings as of December 31, 2015 and 2014. Modifications as of December 31, 2015: Number Pre-Modification Post-Modification (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: 1-4 family residential 5 $ 1,568 $ 1,008 Nonfarm nonresidential 3 5,143 3,623 Other Loans: Commercial 3 1,736 1,234 Total Loans 11 $ 8,447 $ 5,865 Modifications as of December 31, 2014: Number Pre-Modification Post-Modification (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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Bank premises and equipment at December 31, 2015 and 2014 consist of the following: 2015 2014 (Dollars in thousands) Land $ 2,126 $ — Buildings and Leasehold Improvements 6,446 2,156 Furniture and Equipment 5,128 3,869 13,700 6,025 Less: Accumulated Depreciation (4,466 ) (3,845 ) $ 9,234 $ 2,180 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the core deposit intangible asset | A summary of the core deposit intangible asset as of December 31, 2015 is as follows: December 31, 2015 (Dollars in thousands) Balance, Beginning of Period $ — Acquisition 2,762 Total Core Deposit Intangible 2,762 Less: Accumulated Amortization (207 ) Balance, End of Period $ 2,555 |
Estimated aggregate amortization expense | The following table presents the estimated aggregate amortization expense for the periods indicated: December 31, (Dollars in thousands) 2016 $ 276 2017 276 2018 276 2019 276 2020 276 Thereafter 1,175 $ 2,555 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Deposit Accounts | Deposit accounts at December 31, 2015 and 2014 are summarized as follows: 2015 2014 (Dollars in thousands) Noninterest Bearing - DDA $ 44,024 $ 35,650 Noninterest Bearing - Money Market Account 178,464 73,315 Noninterest Bearing Deposits 222,488 108,965 Interest Bearing - DDA 26,928 9,869 NOW and Super NOW Accounts 15,405 3,229 Money Market Accounts 329,955 241,087 Savings Accounts 36,137 — Certificates of Deposit Over $100,000 184,136 166,771 Other Certificates of Deposit 89,187 57,331 Interest Bearing Deposits 681,748 478,287 Total Deposits $ 904,236 $ 587,252 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision (Credit) for Income Taxes | The consolidated provision (credit) for income taxes consists of the following at December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Continuing Operations: Provision (Credit) for Current Taxes - Federal $ 1,599 $ 2,128 $ 1,509 Provision (Credit) for Deferred Taxes (74 ) (764 ) (493 ) $ 1,525 $ 1,364 $ 1,016 Discontinued Operations: Provision (Credit) for Current Taxes - Federal $ — $ — $ 270 Total Taxes: Provision (Credit) for Current Taxes - Federal $ 1,599 $ 2,128 $ 1,779 Provision (Credit) for Deferred Taxes (74 ) (764 ) (493 ) $ 1,525 $ 1,364 $ 1,286 |
Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The provision (credit) for federal income taxes differs from the amount computed by applying federal statutory rates to income from operations as indicated in the following analysis at December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Federal Statutory Income Tax at 34% $ 1,911 $ 1,835 $ 2,064 Tax Exempt Income (559 ) (707 ) (719 ) Other - Net 173 236 (59 ) $ 1,525 $ 1,364 $ 1,286 |
Components of Deferred Tax Assets (Liabilities) | The net deferred tax asset at December 31, 2015 and 2014 is included in other assets. The components of the deferred tax assets (liabilities) are as follows: 2015 2014 (Dollars in thousands) Allowance for Loan Losses $ 2,463 $ 2,255 Acquried Loans Fair Market Value Adjustment 2,631 — Acquired Securities Difference in Basis (826 ) — Amortization of Start-Up Costs 69 82 Stock Warrants and Options 1,063 1,055 Depreciation (804 ) (172 ) Interest on Acquired Nonaccrual Loans 47 — Unrealized (Gain) Loss on Securities 406 331 Other Real Estate 147 73 Core Deposit Intangible (869 ) — Acquired FHLB Debt Fair Market Value Adjustment 476 — Deferred Compensation 907 679 Alternative Minimum Tax Credit 984 — Net Operating Loss Carryforward 88 — Net Deferred Tax Asset $ 6,782 $ 4,303 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The following is a summary of the changes in the balances of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2015 and 2014: 2015 2014 (Dollars in thousands) Unrealized Gains (Losses) on Securities Available for Sale: Balance at Beginning of Year $ (643 ) $ (3,047 ) Other Comprehensive Income (Loss) Before Reclassifications - Net of Tax (136 ) 2,395 Reclassification Adjustment for (Gains) Losses Realized - Net of Tax (10 ) 9 Other Comprehensive Income (Loss) (146 ) 2,404 Balance at End of Year $ (789 ) $ (643 ) |
Stockholders' Equity and Regu44
Stockholders' Equity and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios | The following is a summary of the Bank’s actual capital amounts and ratios at December 31, 2015 and 2014 which approximate the amounts and ratios for the Company (consolidated) at December 31, 2015 and 2014: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015: Total Capital (to Risk-Weighted Assets) $ 115,828 12.17 % $ 76,159 8.00 % $ 95,199 10.00 % Tier I Capital (to Risk-Weighted Assets) $ 108,584 11.41 % $ 57,120 6.00 % $ 76,159 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 108,584 11.41 % $ 42,840 4.50 % $ 61,879 6.50 % Tier I Leveraged Capital (to Average Assets) $ 108,584 10.17 % $ 42,703 4.00 % $ 53,379 5.00 % December 31, 2014: Total Capital (to Risk-Weighted Assets) $ 83,637 12.96 % $ 51,615 8.00 % $ 64,519 10.00 % Tier I Capital (to Risk-Weighted Assets) $ 77,005 11.94 % $ 25,808 4.00 % $ 38,711 6.00 % Tier I Leveraged Capital (to Average Assets) $ 77,005 10.87 % $ 28,341 4.00 % $ 35,426 5.00 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Assumptions to Value Share Based Awards | The Company uses the Black-Scholes option pricing model to estimate the calculated value of the various share-based awards with the following assumptions for the years ended December 31, 2015 and 2014, respectively. 2015 2014 Risk-Free Interest Rate 1.44 % 1.66% - 1.76% Expected Dividend Yield 0.00 % 0.00% Expected Volatility 29.39 % 29.38% - 31.10% Expected Life in Years 5 years 5 years Weighted Average Calculated Value of Options Granted $ 4.87 $5.20 |
Schedule of Options Activity | The following is an analysis of the activity related to the stock options: Number of Weighted Average Outstanding Options, December 31, 2014 952,120 $ 12.50 Granted 42,800 17.11 Exercised — Forfeited or Expired (41,640 ) 15.21 Outstanding Options, December 31, 2015 953,280 $ 12.59 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Expenses | An analysis of Other Expenses is as follows for the years ended December 31, 2015 and 2014: 2015 2014 2013 (Dollars in thousands) Business Development $ 805 $ 526 $ 499 Communications 469 286 326 Ad Valorem Shares Tax 669 540 551 Data Processing Fees 1,141 699 601 Directors Fees 325 366 235 Insurance 284 168 183 Legal and Professional Fees 1,980 1,193 1,034 Office Supplies and Printing 437 147 260 Regulatory Assessments 880 425 1,094 Taxes and Licenses 10 21 28 Nonrecurring Merger and Conversion Costs 1,149 — — Other 2,274 1,119 1,925 $ 10,423 $ 5,490 $ 6,736 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments | Future minimum lease payments under these leases are as follows: December 31, (Dollars in thousands) 2016 $ 1,344 2017 1,157 2018 1,063 2019 948 2020 and Thereafter 5,794 $ 10,306 |
Schedule of Other Commitments | The Bank has agreed to participate as an investor with McLarty Capital Partners SBIC, L.P. (McLarty) and Bluehenge Capital Secured Debt SBIC, L.P. (Bluehenge); details of these commitments at December 31, 2015 are below. McLarty Bluehenge (Dollars in thousands) Total Capital Commitment $ 2,000 $ 1,500 Capital Called $ 1,272 $ 254 Remaining Unfunded Capital Commitment $ 728 $ 1,246 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Activity in Loans to Directors, Officers and Affiliates | The activity in loans to directors, officers and their affiliates is as follows: 2015 2014 (Dollars in thousands) Balance - Beginning of Year $ 28,664 $ 39,202 New Loans 5,602 18,756 Repayments (12,262 ) (29,294 ) Balance - End of Year $ 22,004 $ 28,664 |
Fair Value of Financial Instr49
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Fair Value Quoted Prices in Significant Significant (Dollars in thousands) December 31, 2015 Available for Sale: U.S. Government Agency Securities $ 13,667 $ — $ 13,667 $ — Corporate Securities 11,072 — 11,072 — Mortgage-Backed Securities 119,070 — 119,070 — Municipal Securities 66,441 — 66,441 — Other Securities 607 — 607 — Total $ 210,857 $ — $ 210,857 $ — 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) December 31, 2015 Assets: Impaired Loans $ 14,224 $ — $ 14,224 $ — Repossessed Assets 2,033 — 2,033 — Total $ 16,257 $ — $ 16,257 $ — 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 December 31, 2015 and 2014 are as follows: Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Total Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) December 31, 2015 Financial Assets: Cash and Short-Term Investments $ 43,407 $ 43,407 $ 43,407 $ — $ — Securities 210,857 210,857 — 210,857 — Loans - Net 765,148 761,241 — — 761,241 Cash Value of BOLI 22,339 22,339 — 22,339 — Other Equity Securities 5,350 5,350 — — 5,350 $ 1,047,101 $ 1,043,194 $ 43,407 $ 233,196 $ 766,591 Financial Liabilities: Deposits $ 904,236 $ 897,771 $ — $ — $ 897,771 Borrowings 54,579 54,561 — 54,561 — $ 958,815 $ 952,332 $ — $ 54,561 $ 897,771 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 — Other Equity Securities 1,799 1,799 — — 1,799 $ 672,264 $ 671,547 $ 26,832 $ 91,879 $ 552,836 Financial Liabilities: Deposits $ 587,252 $ 581,239 $ — $ — $ 581,239 Borrowings 15,000 14,986 — 14,986 — $ 602,252 $ 596,225 $ — $ 14,986 $ 581,239 |
Financial Statements - Parent50
Financial Statements - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets for Business First Bancshares, Inc. (Parent Company) | BALANCE SHEETS AS OF DECEMBER 31, 2015 AND 2014 (Dollars in thousands) 2015 2014 Assets: Cash $ 359 $ 950 Investment in Subsidiaries 113,265 76,362 Other Assets 1,906 1,533 Total Assets $ 115,530 $ 78,845 Liabilities: Short Term Borrowings $ 3,000 $ — Accrued Interest Payable 21 — Other Liabilities 60 — Total Liabilities 3,081 — Stockholders’ Equity: Common Stock 7,036 5,315 Additional Paid-in Capital 85,913 57,225 Retained Earnings 19,500 16,305 Total Stockholders’ Equity 112,449 78,845 Total Liabilities and Stockholders’ Equity $ 115,530 $ 78,845 |
Statements of Income (Parent Company) | STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (Dollars in thousands) 2015 2014 2013 Income: Interest $ 1 $ 4 $ 4 Expenses: Other Operating Expenses 1,437 1,095 653 Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries (1,436 ) (1,091 ) (649 ) Income Tax Expense (Benefit) (474 ) (371 ) (221 ) Income (Loss) before Equity in Undistributed Net Income of Subsidiaries (962 ) (720 ) (428 ) Equity in Undistributed Net Income of Subsidiaries 5,058 4,753 5,213 Net Income $ 4,096 $ 4,033 $ 4,785 |
Nature of Operations - Summar51
Nature of Operations - Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)LocationOffice | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Nature Of Operations [Line Items] | |||
Number of locations the Company provides services | Location | 16 | ||
Number of office | Office | 1 | ||
Other Real Estate Owned | $ 2,033 | $ 3,028 | |
Advertising Expense | 437 | $ 190 | $ 258 |
Residential Real Estate [Member] | |||
Nature Of Operations [Line Items] | |||
Other Real Estate Owned | $ 660 | ||
Core Deposits [Member] | |||
Nature Of Operations [Line Items] | |||
Estimated useful life | 10 years |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) | Mar. 31, 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 | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Net Assets Acquired: | |
Goodwill Resulting from Merger | $ 3,376 |
American Gateway Financial Corporation [Member] | |
Purchase Price: | |
AGFC Shares Outstanding | 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 December 31, 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 | 7,395 |
Cash Value of Life Insurance | 4,326 |
Other Real Estate Owned | 593 |
Core Deposit Intangible | 2,762 |
Other Assets | 6,375 |
Total Assets | 371,521 |
Noninterest Bearing Deposits | 80,865 |
Interest Bearing Deposits | 202,442 |
Total Deposits | 283,307 |
Borrowings | 45,509 |
Other Liabilities | 1,672 |
Total Liabilities | 330,488 |
Net Assets Acquired | 41,033 |
Goodwill Resulting from Merger | $ 3,376 |
Mergers and Acquisitions - Co54
Mergers and Acquisitions - Cost of Acquisition and Allocation of Purchase Price (Parenthetical) (Detail) - American Gateway Financial Corporation [Member] | Dec. 31, 2015shares |
Business Acquisition [Line Items] | |
Unsettled appraisal rights shares | 217,944 |
Unsettled Contracts [Member] | |
Business Acquisition [Line Items] | |
Unsettled appraisal rights shares | 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 | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Interest Income | $ 41,272 | $ 39,861 |
Interest Expense | 4,640 | 5,476 |
Net Interest Income | 36,632 | 34,385 |
Provision for Loan Losses | 1,200 | 950 |
Net Interest Income after Provision for Loan Losses | 35,432 | 33,435 |
Noninterest Income | 3,884 | 4,501 |
Noninterest Expense | 32,154 | 30,272 |
Income Before Income Taxes | 7,162 | 7,664 |
Income Tax Expense | 2,065 | 1,555 |
Net Income | $ 5,097 | $ 6,109 |
Basic | $ 0.71 | $ 0.85 |
Diluted | $ 0.68 | $ 0.81 |
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net Income Available to Common Shares From Continuing Operations | $ 4,096 | $ 4,033 | $ 4,261 |
Net Income (Loss) Available to Common Shares From Discontinued Operations | 524 | ||
Net Income | $ 4,096 | $ 4,033 | $ 4,785 |
Weighted Average Common Shares Outstanding | 6,694,075 | 5,314,925 | 5,311,826 |
Dilutive Effect of Stock Options and Warrants | 288,981 | 293,600 | 194,888 |
Weighted Average Dilutive Common Shares | 6,983,056 | 5,608,525 | 5,506,714 |
Basic Earnings Per Common Share From Net Income Available to Common Shares From Continuing Operations | $ 0.61 | $ 0.76 | $ 0.80 |
Basic Earnings (Loss) Per Common Share From Net Income Available to Common Shares From Discontinued Operations | 0.10 | ||
Basic Earnings Per Common Share From Net Income Available to Common Shares | 0.61 | 0.76 | 0.90 |
Diluted Earnings Per Common Share From Net Income Available to Common Shares From Continuing Operations | 0.59 | 0.72 | 0.77 |
Diluted Earnings (Loss) Per Common Share From Net Income Available to Common Shares From Discontinued Operations | 0.10 | ||
Diluted Earnings Per Common Share From Net Income Available to Common Shares | $ 0.59 | $ 0.72 | $ 0.87 |
Cash and Due From Bank - Additi
Cash and Due From Bank - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Reserve requirements with federal reserve | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 212,053 | $ 75,477 |
Gross Unrealized Gains | 956 | 644 |
Gross Unrealized Losses | 2,152 | 1,618 |
Fair Value | 210,857 | 74,503 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,656 | 9,260 |
Gross Unrealized Gains | 43 | 31 |
Gross Unrealized Losses | 32 | 149 |
Fair Value | 13,667 | 9,142 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,177 | |
Gross Unrealized Losses | 105 | |
Fair Value | 11,072 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 120,599 | 34,591 |
Gross Unrealized Gains | 39 | 51 |
Gross Unrealized Losses | 1,568 | 616 |
Fair Value | 119,070 | 34,026 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 65,679 | 30,324 |
Gross Unrealized Gains | 874 | 562 |
Gross Unrealized Losses | 112 | 226 |
Fair Value | 66,441 | 30,660 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 942 | 1,302 |
Gross Unrealized Losses | 335 | 627 |
Fair Value | $ 607 | $ 675 |
Securities - Summary of Securit
Securities - Summary of Securities with Gross Unrealized Losses and Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 125,279 | $ 4,703 |
Gross Unrealized Losses, Less Than 12 Months | 1,209 | 20 |
Fair Value, 12 Months or Greater | 26,491 | 51,079 |
Gross Unrealized Losses, 12 Months or Greater | 943 | 1,598 |
Fair Value | 151,770 | 55,782 |
Gross Unrealized Losses | 2,152 | 1,618 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 8,840 | |
Gross Unrealized Losses, Less Than 12 Months | 32 | |
Fair Value, 12 Months or Greater | 8,003 | |
Gross Unrealized Losses, 12 Months or Greater | 149 | |
Fair Value | 8,840 | 8,003 |
Gross Unrealized Losses | 32 | 149 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 11,072 | |
Gross Unrealized Losses, Less Than 12 Months | 105 | |
Fair Value | 11,072 | |
Gross Unrealized Losses | 105 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 91,384 | |
Gross Unrealized Losses, Less Than 12 Months | 1,029 | |
Fair Value, 12 Months or Greater | 23,386 | 32,714 |
Gross Unrealized Losses, 12 Months or Greater | 539 | 616 |
Fair Value | 114,770 | 32,714 |
Gross Unrealized Losses | 1,568 | 616 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 13,983 | 4,703 |
Gross Unrealized Losses, Less Than 12 Months | 43 | 20 |
Fair Value, 12 Months or Greater | 2,498 | 9,687 |
Gross Unrealized Losses, 12 Months or Greater | 69 | 206 |
Fair Value | 16,481 | 14,390 |
Gross Unrealized Losses | 112 | 226 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, 12 Months or Greater | 607 | 675 |
Gross Unrealized Losses, 12 Months or Greater | 335 | 627 |
Fair Value | 607 | 675 |
Gross Unrealized Losses | $ 335 | $ 627 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available for Sale by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Less Than One Year, Amortized cost | $ 2,040 |
One to Five Years, Amortized cost | 41,353 |
Over Five to Ten Years, Amortized cost | 57,727 |
Over Ten Years, Amortized cost | 110,933 |
Total, Amortized cost | 212,053 |
Less Than One Year, Fair Value | 2,041 |
One to Five Years, Fair Value | 41,525 |
Over Five to Ten Years, Fair Value | 57,664 |
Over Ten Years, Fair Value | 109,627 |
Total, Fair Value | $ 210,857 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securities [Line Items] | |||
Securities available for sale pledged as collateral | $ 107,900 | $ 31,500 | |
Gain on Sales of Securities | 3 | 530 | $ 1,200 |
Loss on Sales of Securities | 18 | 517 | $ 279 |
Investment in other securities | 5,350 | 1,799 | |
Independent Banker's Bank [Member] | |||
Securities [Line Items] | |||
Investment in other securities | 100 | 100 | |
Mc Larty Capital Partners SBIC L.P [Member] | |||
Securities [Line Items] | |||
Investment in other securities | 1,300 | 647 | |
Bluehenge Capital Secured Debt SBIC L.P [Member] | |||
Securities [Line Items] | |||
Investment in other securities | 254 | 136 | |
Bankers Insurance LLC [Member] | |||
Securities [Line Items] | |||
Investment in other securities | 243 | ||
Federal Home Loan Bank of Dallas [Member] | |||
Securities [Line Items] | |||
Investment in other securities | $ 3,500 | $ 916 |
Loans and the Allowance for L62
Loans and the Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | $ 772,392 | $ 558,386 | |
Allowance for loan losses | (7,244) | (6,632) | $ (6,043) |
Net loans | 765,148 | 551,754 | |
Construction and Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 97,872 | 61,062 | |
Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 8,897 | 16,097 | |
1-4 Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 112,954 | 41,552 | |
Multi-family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 26,058 | 11,369 | |
Nonfarm Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 312,207 | 215,797 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 185,276 | 185,291 | |
Allowance for loan losses | (3,618) | (3,813) | (3,647) |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 29,128 | 27,218 | |
Allowance for loan losses | $ (458) | $ (325) | $ (271) |
Loans and the Allowance for L63
Loans and the Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Apr. 01, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Net deferred loan origination fees | $ 740 | $ 529 | |
Loans and leases receivable reclassified from overdraft | 150 | 10 | |
Unpaid principal balances of mortgages and other loans serviced | 44,700 | 37,800 | |
Recorded Investment Over 90 Days Past Due and Still Accruing | 0 | 5 | |
Loans receivable on nonaccrual status | 7,957 | 3,028 | |
Interest income recognized for impaired loans | 386 | 533 | |
Troubled debt restructurings subsequently defaulted | 54 | $ 0 | |
American Gateway Financial Corporation [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Performing loans | 93,100 | $ 142,800 | |
Performing loans estimated fair value | 138,100 | ||
Unaccreted purchase discount | $ 3,200 |
Loans and the Allowance for L64
Loans and the Allowance for Loan Losses - Summary of Allowance for Credit Losses and Recorded Investment in Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | $ 6,632 | $ 6,043 | |
Allowance for credit losses, Charge-offs | (985) | (184) | |
Allowance for credit losses, Recoveries | 397 | 73 | |
Allowance for credit losses, Provision | 1,200 | 700 | $ 751 |
Allowance for credit losses, Ending Balance | 7,244 | 6,632 | 6,043 |
Allowance for credit losses, Individually evaluated for impairment | 1,108 | 546 | |
Allowance for credit losses, Collectively evaluated for impairment | 6,038 | 6,086 | |
Allowance for credit losses, Purchased Credit Impaired | 98 | ||
Loans receivable, Ending Balance | 772,392 | 558,386 | |
Loans receivable, Individually evaluated for impairment | 11,796 | 11,868 | |
Loans receivable, Collectively evaluated for impairment | 756,962 | 546,518 | |
Loans receivable, Purchased Credit Impaired | 3,634 | ||
Real Estate Construction And Land [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 525 | 315 | |
Allowance for credit losses, Charge-offs | (102) | ||
Allowance for credit losses, Recoveries | 34 | ||
Allowance for credit losses, Provision | 143 | 210 | |
Allowance for credit losses, Ending Balance | 600 | 525 | 315 |
Allowance for credit losses, Individually evaluated for impairment | 504 | 505 | |
Allowance for credit losses, Collectively evaluated for impairment | 96 | 20 | |
Loans receivable, Ending Balance | 97,872 | 61,062 | |
Loans receivable, Individually evaluated for impairment | 1,732 | 2,772 | |
Loans receivable, Collectively evaluated for impairment | 96,046 | 58,290 | |
Loans receivable, Purchased Credit Impaired | 94 | ||
Real Estate Farmland [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 19 | 6 | |
Allowance for credit losses, Provision | 11 | 13 | |
Allowance for credit losses, Ending Balance | 30 | 19 | 6 |
Allowance for credit losses, Collectively evaluated for impairment | 30 | 19 | |
Loans receivable, Ending Balance | 8,897 | 16,097 | |
Loans receivable, Collectively evaluated for impairment | 8,897 | 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 | |
Allowance for credit losses, Charge-offs | (144) | (174) | |
Allowance for credit losses, Recoveries | 94 | 29 | |
Allowance for credit losses, Provision | 296 | 84 | |
Allowance for credit losses, Ending Balance | 1,021 | 775 | 836 |
Allowance for credit losses, Individually evaluated for impairment | 129 | ||
Allowance for credit losses, Collectively evaluated for impairment | 838 | 775 | |
Allowance for credit losses, Purchased Credit Impaired | 54 | ||
Loans receivable, Ending Balance | 112,954 | 41,552 | |
Loans receivable, Individually evaluated for impairment | 3,666 | 977 | |
Loans receivable, Collectively evaluated for impairment | 108,778 | 40,575 | |
Loans receivable, Purchased Credit Impaired | 510 | ||
Real Estate Multi-family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 35 | 22 | |
Allowance for credit losses, Provision | 66 | 13 | |
Allowance for credit losses, Ending Balance | 101 | 35 | 22 |
Allowance for credit losses, Collectively evaluated for impairment | 57 | 35 | |
Allowance for credit losses, Purchased Credit Impaired | 44 | ||
Loans receivable, Ending Balance | 26,058 | 11,369 | |
Loans receivable, Collectively evaluated for impairment | 25,829 | 11,369 | |
Loans receivable, Purchased Credit Impaired | 229 | ||
Real Estate Nonfarm Nonresidential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 1,140 | 946 | |
Allowance for credit losses, Charge-offs | (44) | ||
Allowance for credit losses, Recoveries | 13 | ||
Allowance for credit losses, Provision | 307 | 194 | |
Allowance for credit losses, Ending Balance | 1,416 | 1,140 | 946 |
Allowance for credit losses, Collectively evaluated for impairment | 1,416 | 1,140 | |
Loans receivable, Ending Balance | 312,207 | 215,797 | |
Loans receivable, Individually evaluated for impairment | 4,172 | 4,358 | |
Loans receivable, Collectively evaluated for impairment | 305,234 | 211,439 | |
Loans receivable, Purchased Credit Impaired | 2,801 | ||
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 3,813 | 3,647 | |
Allowance for credit losses, Charge-offs | (695) | (10) | |
Allowance for credit losses, Recoveries | 164 | 16 | |
Allowance for credit losses, Provision | 336 | 160 | |
Allowance for credit losses, Ending Balance | 3,618 | 3,813 | 3,647 |
Allowance for credit losses, Individually evaluated for impairment | 475 | 41 | |
Allowance for credit losses, Collectively evaluated for impairment | 3,143 | 3,772 | |
Loans receivable, Ending Balance | 185,276 | 185,291 | |
Loans receivable, Individually evaluated for impairment | 2,226 | 3,714 | |
Loans receivable, Collectively evaluated for impairment | 183,050 | 181,577 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 325 | 271 | |
Allowance for credit losses, Recoveries | 92 | 28 | |
Allowance for credit losses, Provision | 41 | 26 | |
Allowance for credit losses, Ending Balance | 458 | 325 | $ 271 |
Allowance for credit losses, Collectively evaluated for impairment | 458 | 325 | |
Loans receivable, Ending Balance | 29,128 | 27,218 | |
Loans receivable, Individually evaluated for impairment | 47 | ||
Loans receivable, Collectively evaluated for impairment | $ 29,128 | $ 27,171 |
Loans and the Allowance for L65
Loans and the Allowance for Loan Losses - Summary of Credit Quality Indicators, Disaggregated by Class of Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | $ 772,392 | $ 558,386 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 97,872 | 61,062 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 8,897 | 16,097 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 112,954 | 41,552 |
Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 26,058 | 11,369 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 312,207 | 215,797 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 185,276 | 185,291 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 29,128 | 27,218 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 700,180 | 501,916 |
Pass [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 93,740 | 56,740 |
Pass [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 8,897 | 16,097 |
Pass [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 104,720 | 39,702 |
Pass [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 24,884 | 10,463 |
Pass [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 281,503 | 190,356 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 157,734 | 161,904 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 28,702 | 26,654 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 39,414 | 32,901 |
Special Mention [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,300 | 2,069 |
Special Mention [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,824 | 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 | 12,727 | 16,410 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 22,222 | 12,087 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 396 | 517 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 24,841 | 20,541 |
Substandard [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,094 | 642 |
Substandard [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 3,205 | 786 |
Substandard [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 16,171 | 7,812 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 4,341 | 11,254 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 30 | 47 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 7,957 | 3,028 |
Doubtful [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,738 | 1,611 |
Doubtful [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 3,205 | 152 |
Doubtful [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 229 | |
Doubtful [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,806 | 1,219 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | $ 979 | $ 46 |
Loans and the Allowance for L66
Loans and the Allowance for Loan Losses - Summary of Aged Analysis of Past Due Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,664 | $ 597 |
Current | 768,728 | 557,789 |
Total Loans Receivables | 772,392 | 558,386 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 0 | 5 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 394 | 182 |
Current | 97,478 | 60,880 |
Total Loans Receivables | 97,872 | 61,062 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,897 | 16,097 |
Total Loans Receivables | 8,897 | 16,097 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,507 | 63 |
Current | 111,447 | 41,489 |
Total Loans Receivables | 112,954 | 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 | 26,058 | 11,369 |
Total Loans Receivables | 26,058 | 11,369 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,672 | 311 |
Current | 310,535 | 215,486 |
Total Loans Receivables | 312,207 | 215,797 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 91 | 41 |
Current | 185,185 | 185,250 |
Total Loans Receivables | 185,276 | 185,291 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 29,128 | 27,218 |
Total Loans Receivables | 29,128 | 27,218 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,552 | 41 |
30-59 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 289 | |
30-59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,185 | |
30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 78 | 41 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 333 | |
60-89 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10 | |
60-89 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 132 | |
60-89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 178 | |
60-89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13 | |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,779 | 556 |
Greater Than 90 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 384 | 182 |
Greater Than 90 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,086 | 63 |
Greater Than 90 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 309 | $ 311 |
Loan Receivables on Nonaccrual
Loan Receivables on Nonaccrual Status (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable on nonaccrual status | $ 7,957 | $ 3,028 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable on nonaccrual status | 1,738 | 1,611 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable on nonaccrual status | 3,205 | 152 |
Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable on nonaccrual status | 229 | |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable on nonaccrual status | 1,806 | 1,219 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable on nonaccrual status | $ 979 | $ 46 |
Loans and the Allowance for L68
Loans and the Allowance for Loan Losses - Summary of Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | $ 2,616 | $ 1,469 |
Unpaid Principal Balance, with an allowance recorded | 3,480 | 1,469 |
Related Allowance | 1,108 | 546 |
Average Recorded Investment, with an allowance recorded | 2,378 | 1,431 |
Recorded Investment, with no allowance recorded | 9,180 | 10,399 |
Unpaid Principal Balance, with no allowance recorded | 11,142 | 11,348 |
Average Recorded Investment, with no allowance recorded | 10,907 | 12,022 |
Recorded Investment | 11,796 | 11,868 |
Unpaid Principal Balance | 14,622 | 12,817 |
Related Allowance | 1,108 | 546 |
Average Recorded Investment | 13,285 | 13,453 |
Construction and Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 1,336 | 1,428 |
Unpaid Principal Balance, with an allowance recorded | 1,514 | 1,428 |
Related Allowance | 504 | 505 |
Average Recorded Investment, with an allowance recorded | 1,392 | 1,345 |
Recorded Investment, with no allowance recorded | 396 | 1,344 |
Unpaid Principal Balance, with no allowance recorded | 401 | 1,344 |
Average Recorded Investment, with no allowance recorded | 1,530 | 1,905 |
Recorded Investment | 1,732 | 2,772 |
Unpaid Principal Balance | 1,915 | 2,772 |
Related Allowance | 504 | 505 |
Average Recorded Investment | 2,922 | 3,250 |
1-4 Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 305 | |
Unpaid Principal Balance, with an allowance recorded | 313 | |
Related Allowance | 129 | |
Average Recorded Investment, with an allowance recorded | 78 | 83 |
Recorded Investment, with no allowance recorded | 3,361 | 977 |
Unpaid Principal Balance, with no allowance recorded | 3,898 | 1,020 |
Average Recorded Investment, with no allowance recorded | 1,933 | 1,090 |
Recorded Investment | 3,666 | 977 |
Unpaid Principal Balance | 4,211 | 1,020 |
Related Allowance | 129 | |
Average Recorded Investment | 2,011 | 1,173 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 4,172 | 4,358 |
Unpaid Principal Balance, with no allowance recorded | 5,588 | 5,264 |
Average Recorded Investment, with no allowance recorded | 4,062 | 5,069 |
Recorded Investment | 4,172 | 4,358 |
Unpaid Principal Balance | 5,588 | 5,264 |
Average Recorded Investment | 4,062 | 5,069 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 975 | 41 |
Unpaid Principal Balance, with an allowance recorded | 1,653 | 41 |
Related Allowance | 475 | 41 |
Average Recorded Investment, with an allowance recorded | 908 | 3 |
Recorded Investment, with no allowance recorded | 1,251 | 3,673 |
Unpaid Principal Balance, with no allowance recorded | 1,255 | 3,673 |
Average Recorded Investment, with no allowance recorded | 3,368 | 3,753 |
Recorded Investment | 2,226 | 3,714 |
Unpaid Principal Balance | 2,908 | 3,714 |
Related Allowance | 475 | 41 |
Average Recorded Investment | 4,276 | 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 | 14 | 205 |
Recorded Investment | 47 | |
Unpaid Principal Balance | 47 | |
Average Recorded Investment | $ 14 | $ 205 |
Loans and the Allowance for L69
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 L70
Loans and the Allowance for Loan Losses - Summary of Changes in Carrying Amount of Purchased Impaired Credits (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Carrying amount, ending balance | $ 3,634 |
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 | (1,285) |
Carrying amount, ending balance | $ 3,634 |
Loans and the Allowance for L71
Loans and the Allowance for Loan Losses - Summary of Informative Data Regarding Loan Modifications (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Contracts | Dec. 31, 2014USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 11 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 8,447 | $ 14,333 |
Post-Modification Outstanding Recorded Investment | $ 5,865 | $ 9,887 |
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 | $ 1,008 | $ 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 | $ 3,623 | $ 4,047 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 3 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 1,736 | $ 3,888 |
Post-Modification Outstanding Recorded Investment | $ 1,234 | $ 3,658 |
Construction and Land [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,586 | |
Post-Modification Outstanding Recorded Investment | $ 1,162 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 139 | |
Post-Modification Outstanding Recorded Investment | $ 47 |
Premises and Equipment - Bank P
Premises and Equipment - Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property plant & equipment gross | $ 13,700 | $ 6,025 |
Less: Accumulated Depreciation | (4,466) | (3,845) |
Premises and Equipment, Net | 9,234 | 2,180 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant & equipment gross | 2,126 | |
Building and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant & equipment gross | 6,446 | 2,156 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant & equipment gross | $ 5,128 | $ 3,869 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Provision for depreciation and amortization charged to operating expenses | $ 1,192 | $ 810 | $ 848 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Goodwill And Other Intangible Asset [Line Items] | |
Goodwill | $ 3,376 |
Core Deposits [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Amortization expense on the core deposits | 207 |
American Gateway Financial Corporation [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Goodwill | $ 3,376 |
Unsettled appraisal rights shares | shares | 217,944 |
American Gateway Financial Corporation [Member] | Maximum [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Goodwill refinement period | 1 year |
American Gateway Financial Corporation [Member] | Unsettled Contracts [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Unsettled appraisal rights shares | shares | 53,094 |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets - Summary of Core Deposit Intangible Asset (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Balance, Beginning of Period | $ 0 |
Acquisition | 2,762 |
Total Core Deposit Intangible | 2,762 |
Less: Accumulated Amortization | (207) |
Balance, End of Period | $ 2,555 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 276 |
2,017 | 276 |
2,018 | 276 |
2,019 | 276 |
2,020 | 276 |
Thereafter | 1,175 |
Core Deposit Intangible | $ 2,555 |
Deposits - Summary of Deposit A
Deposits - Summary of Deposit Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Noninterest Bearing - DDA | $ 44,024 | $ 35,650 |
Noninterest Bearing - Money Market Account | 178,464 | 73,315 |
Noninterest Bearing Deposits | 222,488 | 108,965 |
Interest Bearing - DDA | 26,928 | 9,869 |
NOW and Super NOW Accounts | 15,405 | 3,229 |
Money Market Accounts | 329,955 | 241,087 |
Savings Accounts | 36,137 | |
Certificates of Deposit Over $100,000 | 184,136 | 166,771 |
Other Certificates of Deposit | 89,187 | 57,331 |
Interest Bearing Deposits | 681,748 | 478,287 |
Total Deposits | $ 904,236 | $ 587,252 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deposit Liabilities [Line Items] | |||
Percentage of certificates of deposit stated, mature in 2016 | 70.30% | ||
Percentage of certificates of deposit stated, mature in 2017 and beyond | 29.70% | ||
Interest expense on certificates of deposit over $100,000 | $ 1,700 | $ 1,800 | $ 1,600 |
Deposit | 904,236 | 587,252 | |
Brokered deposit | 74,600 | 86,800 | |
Public fund deposit | 20,800 | 20,900 | |
Other public fund deposits | 146,400 | 43,300 | |
Interest and Non Interest Bearing Deposits Liability [Member] | Top three customers [Member] | |||
Deposit Liabilities [Line Items] | |||
Deposit | $ 126,300 | $ 93,100 | |
Deposit percentage | 14.00% | 15.90% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Feb. 29, 2016 | Sep. 03, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Advance from Federal Home Bank | $ 49,144,000 | $ 15,000,000 | ||
Total blanket lien | 317,900,000 | |||
Unused availability for advances and letters of credit | 194,200,000 | |||
Market value adjustment on outstanding FHLB advances | 2,000,000 | |||
Unaccreted market value adjustment | 1,400,000 | |||
Amount available under federal funds purchased | 83,700,000 | 84,700,000 | ||
Short Term Borrowings | 3,000,000 | |||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount available under federal funds purchased | $ 22,500,000 | |||
American Gateway Financial Corporation [Member] | ||||
Debt Instrument [Line Items] | ||||
Advances recorded at fair value as of acquisition | 41,200,000 | |||
First Tennessee Bank National Association [Member] | ||||
Debt Instrument [Line Items] | ||||
Short Term Borrowings | 3,000,000 | $ 3,000,000 | ||
Current borrowing capacity | $ 0 | |||
First Tennessee Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.50% | |||
First Tennessee Bank National Association [Member] | Quarterly [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate at period end | 2.93% | |||
November 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Advance from Federal Home Bank | $ 30,000,000 | |||
FHLB minimum percentage of interest rate | 2.92% | |||
FHLB maximum percentage of interest rate | 3.07% | |||
Maturity of FHLB loan | Nov. 30, 2017 | |||
December 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Advance from Federal Home Bank | $ 2,700,000 | |||
Maturity of FHLB loan | Dec. 31, 2017 | |||
FHLB percentage of interest rate | 3.18% | |||
December 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Advance from Federal Home Bank | $ 15,000,000 | $ 15,000,000 | ||
Maturity of FHLB loan | Dec. 31, 2018 | |||
FHLB percentage of interest rate | 1.90% | 1.90% |
Securities Sold Under Agreeme80
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Investment securities sold under repurchase agreement, coupon rate | 2.00% | |
Investment securities sold under repurchase agreement, maturity date | 2,020 | |
Securities Sold Under Agreements to Repurchase | $ 2,435 | $ 0 |
Income Taxes - Provision (Credi
Income Taxes - Provision (Credit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Continuing Operations: | |||
Provision (Credit) for Current Taxes - Federal | $ 1,599 | $ 2,128 | $ 1,509 |
Provision (Credit) for Deferred Taxes | (74) | (764) | (493) |
Federal Income Tax Expense Benefit Continuing Operations | 1,525 | 1,364 | 1,016 |
Discontinued Operations: | |||
Provision (Credit) for Current Taxes - Federal | 270 | ||
Provision (Credit) for Current Taxes - Federal | 1,599 | 2,128 | 1,779 |
Provision (Credit) for Deferred Taxes | (74) | (764) | (493) |
Income Tax Expense Benefit from continuing and discontinued operations | $ 1,525 | $ 1,364 | $ 1,286 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal Statutory Income Tax | $ 1,911 | $ 1,835 | $ 2,064 |
Tax Exempt Income | (559) | (707) | (719) |
Other - Net | 173 | 236 | (59) |
Income Tax Expense Benefit from continuing and discontinued operations | $ 1,525 | $ 1,364 | $ 1,286 |
Income Taxes - Reconciliation83
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal Statutory Income Tax, percent | 34.00% | 34.00% | 34.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Allowance for Loan Losses | $ 2,463 | $ 2,255 |
Acquried Loans Fair Market Value Adjustment | 2,631 | |
Acquired Securities Difference in Basis | (826) | |
Amortization of Start-Up Costs | 69 | 82 |
Stock Warrants and Options | 1,063 | 1,055 |
Depreciation | (804) | (172) |
Interest on Acquired Nonaccrual Loans | 47 | |
Unrealized (Gain) Loss on Securities | 406 | 331 |
Other Real Estate | 147 | 73 |
Core Deposit Intangible | (869) | |
Acquired FHLB Debt Fair Market Value Adjustment | 476 | |
Deferred Compensation | 907 | 679 |
Alternative Minimum Tax Credit | 984 | |
Net Operating Loss Carryforward | 88 | |
Net Deferred Tax Asset | $ 6,782 | $ 4,303 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Tax [Line Items] | |
Net Operating Loss Carryforward | $ 259 |
Alternative Minimum Tax Credit | $ 984 |
Net operating loss (NOL) expiration date | Dec. 31, 2033 |
American Gateway Financial Corporation [Member] | |
Income Tax [Line Items] | |
Net Operating Loss Carryforward | $ 287 |
Alternative Minimum Tax Credit | $ 984 |
Accumulated Other Comprehensi86
Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Balance at Beginning of Year | $ (643) | $ (3,047) | |
Other Comprehensive Income (Loss) Before Reclassifications - Net of Tax | (136) | 2,395 | |
Reclassification Adjustment for (Gains) Losses Realized - Net of Tax | (10) | 9 | |
Other Comprehensive Income (Loss) | (146) | 2,404 | $ (4,485) |
Balance at End of Year | $ (789) | $ (643) | $ (3,047) |
Stockholders' Equity and Regu87
Stockholders' Equity and Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Regulatory Capital Requirements [Abstract] | ||
Dividends declared or paid | $ 0 | $ 0 |
Stockholders' Equity and Regu88
Stockholders' Equity and Regulatory Matters - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Regulatory Capital Requirements [Abstract] | ||
Total Capital, amount | $ 115,828 | $ 83,637 |
Tier I Capital, amount | 108,584 | 77,005 |
Common Equity Tier I Capital, amount | 108,584 | |
Tier I Leveraged Capital, amount | $ 108,584 | $ 77,005 |
Total Capital to Risk-Weighted Assets ratio | 12.17% | 12.96% |
Tier I Capital to Risk-Weighted Assets ratio | 11.41% | 11.94% |
Common Equity Tier I Capital to Risk-Weighted Assets ratio | 11.41% | |
Tier I Leveraged Capital to Average Assets ratio | 10.17% | 10.87% |
Total Capital required for capital adequacy, amount | $ 76,159 | $ 51,615 |
Tier I Capital required for capital adequacy, amount | 57,120 | 25,808 |
Common Equity Tier I Capital required for capital adequacy, amount | 42,840 | |
Tier I Leveraged required for capital adequacy, amount | $ 42,703 | $ 28,341 |
Total Capital required for capital adequacy, ratio | 8.00% | 8.00% |
Tier I Capital required for capital adequacy, ratio | 6.00% | 4.00% |
Common Equity Tier I Capital required for capital adequacy, ratio | 4.50% | |
Tier I Leveraged required for capital adequacy, ratio | 4.00% | 4.00% |
Total Capital to be well capitalized, amount | $ 95,199 | $ 64,519 |
Tier I Capital to be well capitalized, amount | 76,159 | 38,711 |
Common Equity Tier I Capital to be well capitalized, amount | 61,879 | |
Tier I Leveraged Capital to be well capitalized, amount | $ 53,379 | $ 35,426 |
Total Capital to be well capitalized, ratio | 10.00% | 10.00% |
Tier I Capital to be well capitalized, ratio | 8.00% | 6.00% |
Common Equity Tier I Capital to be well capitalized, ratio | 6.50% | |
Tier I Leveraged Capital to be well capitalized, ratio | 5.00% | 5.00% |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrants exercisable | 89,125 | ||
Warrants Exercise price | $ 10 | $ 10 | |
Warrant agreements vesting year | Feb. 1, 2011 | ||
Warrant agreements expiration date | Feb. 2, 2019 | ||
Recognized compensation expense | $ 198 | $ 485 | |
Warrants outstanding, shares | 89,125 | 89,125 | |
Expected dividends | 0.00% | 0.00% | |
Expected life | 5 years | 5 years | |
Risk-Free Interest Rate | 1.44% | ||
Expected Volatility | 29.39% | ||
Shares available to be granted | 1,500,000 | ||
Option granted | 42,800 | 45,900 | |
Stock options granted, exercise price | $ 17.11 | ||
Vesting period | 3 years | ||
Option Valuation Model | Black-Scholes option pricing model | ||
Options vested and exercisable | 814,530 | ||
Weighted average exercise price of vested and exercisable options | $ 12.26 | ||
Nonvested options | 138,750 | ||
Nonvested unrecognized compensation expense | $ 541 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 10 years | ||
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrants exercisable | 101,000 | ||
Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Calculated value per share | $ 2.50 | ||
Expected dividends | 1.00% | ||
Expected life | 6 years 6 months | ||
Risk-Free Interest Rate | 5.04% | ||
Expected Volatility | 13.19% | ||
Warrant [Member] | Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense | $ 48 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule Weighted-Average Assumptions for Each Year in Calculating the Fair Value Of the Options Granted (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk-Free Interest Rate | 1.44% | |
Risk-Free Interest Rate, Minimum | 1.66% | |
Risk-Free Interest Rate, Maximum | 1.76% | |
Expected Dividend Yield | 0.00% | 0.00% |
Expected Volatility | 29.39% | |
Expected Volatility, Minimum | 29.38% | |
Expected Volatility, Maximum | 31.10% | |
Expected Life in Years | 5 years | 5 years |
Weighted Average Calculated Value of Options Granted | $ 4.87 | $ 5.20 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary Of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Options | ||
Outstanding Options, December 31, 2014 | 952,120 | |
Granted | 42,800 | 45,900 |
Forfeited or Expired | (41,640) | |
Outstanding Options, December 31, 2015 | 953,280 | 952,120 |
Weighted Average Exercise Price | ||
Outstanding Options, December 31, 2014 | $ 12.50 | |
Granted | 17.11 | |
Forfeited or Expired | 15.21 | |
Outstanding Options, December 31, 2015 | $ 12.59 | $ 12.50 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined contribution plan employer matching percentage | 4.00% | ||
Defined contribution salaries and employees benefits | $ 351 | $ 274 | $ 283 |
Deferred compensation plan, accrued liability | 2,400 | 1,700 | |
Deferred compensation agreements expense | $ 336 | $ 300 | $ 250 |
Other Expenses - Schedule of Ot
Other Expenses - Schedule of Other Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Business Development | $ 805 | $ 526 | $ 499 |
Communications | 469 | 286 | 326 |
Ad Valorem Shares Tax | 669 | 540 | 551 |
Data Processing Fees | 1,141 | 699 | 601 |
Directors Fees | 325 | 366 | 235 |
Insurance | 284 | 168 | 183 |
Legal and Professional Fees | 1,980 | 1,193 | 1,034 |
Office Supplies and Printing | 437 | 147 | 260 |
Regulatory Assessments | 880 | 425 | 1,094 |
Taxes and Licenses | 10 | 21 | 28 |
Nonrecurring Merger and Conversion Costs | 1,149 | ||
Other | 2,274 | 1,119 | 1,925 |
Other Expenses | $ 10,423 | $ 5,490 | $ 6,736 |
Financial Instruments with Of94
Financial Instruments with Off-Balance-Sheet Risk - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments to Extend Credit [Member] | |
Other Commitments [Line Items] | |
Off balance sheet risk financial instruments | $ 176.8 |
Standby and commercial Letters of Credit [Member] | |
Other Commitments [Line Items] | |
Off balance sheet risk financial instruments | $ 9.2 |
Concentrations of Credit - Addi
Concentrations of Credit - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Nonfarm Nonresidential [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Total loans | $ 312.2 | $ 215.8 |
Nonfarm Nonresidential [Member] | Loan Secured By Real Estate [Member] | Credit Concentration Risk [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Loan percentage | 40.40% | 38.60% |
Land Development [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Total loans | $ 97.9 | $ 61.1 |
Land Development [Member] | Loan Secured By Real Estate [Member] | Credit Concentration Risk [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Loan percentage | 12.70% | 10.90% |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Commitments [Line Items] | |||
Rent expense | $ 1.4 | $ 1.2 | $ 1.2 |
Federal Home Loan Bank Advances [Member] | |||
Other Commitments [Line Items] | |||
Letters of credit outstanding, amount | 76 | $ 16 | |
Letter of Credit of $11 million expires in March 2016 [Member] | |||
Other Commitments [Line Items] | |||
Letters of credit outstanding, amount | $ 11 | ||
Letter of credit expiration date | 2016-03 | ||
Letter of Credit of $5.0 million expires in May 2016 [Member] | |||
Other Commitments [Line Items] | |||
Letters of credit outstanding, amount | $ 5 | ||
Letter of credit expiration date | 2016-05 | ||
Letter of Credit of $35 million expires in June 2016 [Member] | |||
Other Commitments [Line Items] | |||
Letters of credit outstanding, amount | $ 35 | ||
Letter of credit expiration date | 2016-06 | ||
Letter of Credit of $25 million expires in June 2016 [Member] | |||
Other Commitments [Line Items] | |||
Letters of credit outstanding, amount | $ 25 | ||
Letter of credit expiration date | 2016-06 | ||
Minimum [Member] | |||
Other Commitments [Line Items] | |||
Operating leases in terms of years | 4 years | ||
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Operating leases in terms of years | 10 years |
Commitments - Future Minimum Le
Commitments - Future Minimum Lease Payments under Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 1,344 |
2,017 | 1,157 |
2,018 | 1,063 |
2,019 | 948 |
2020 and Thereafter | 5,794 |
Total future minimum lease payments | $ 10,306 |
Commitments - Funds Lent to Sma
Commitments - Funds Lent to Small Business Borrowers (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mc Larty Capital Partners SBIC L.P [Member] | |
Line of Credit Facility [Line Items] | |
Total Capital Commitment | $ 2,000 |
Capital Called | 1,272 |
Remaining Unfunded Capital Commitment | 728 |
Bluehenge Capital Secured Debt SBIC L.P [Member] | |
Line of Credit Facility [Line Items] | |
Total Capital Commitment | 1,500 |
Capital Called | 254 |
Remaining Unfunded Capital Commitment | $ 1,246 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | |||
Loans granted to officers, directors and affiliates | $ 22,004 | $ 28,664 | $ 39,202 |
Related party deposits | $ 10,000 | $ 19,300 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Activity in Loans to Directors, Officers and Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Balance - Beginning of Year | $ 28,664 | $ 39,202 |
New Loans | 5,602 | 18,756 |
Repayments | (12,262) | (29,294) |
Balance - End of Year | $ 22,004 | $ 28,664 |
Fair Value of Financial Inst101
Fair Value of Financial Instruments - Additional Information (Detail) | Dec. 31, 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 Inst102
Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | $ 210,857 | $ 74,503 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 13,667 | 9,142 |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,072 | |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 119,070 | 34,026 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 66,441 | 30,660 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 607 | 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 | 210,857 | 74,503 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 210,857 | 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 | 13,667 | 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 | 11,072 | |
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 | 119,070 | 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 | 66,441 | 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 | 607 | 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 | 210,857 | 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 | 13,667 | 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 | 11,072 | |
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 | 119,070 | 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 | 66,441 | 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 | $ 607 | $ 675 |
Fair Value of Financial Inst103
Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 16,257 | $ 14,350 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 14,224 | 11,322 |
Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 2,033 | 3,028 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 16,257 | 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 | 14,224 | 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 | $ 2,033 | $ 3,028 |
Fair Value of Financial Inst104
Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Banks Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities | $ 210,857 | $ 74,503 |
Other Equity Securities | 5,350 | 1,799 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 43,407 | 26,832 |
Securities | 210,857 | 74,503 |
Loans - Net | 765,148 | 551,754 |
Cash Value of BOLI | 22,339 | 17,376 |
Other Equity Securities | 5,350 | 1,799 |
Total Assets | 1,047,101 | 672,264 |
Deposits | 904,236 | 587,252 |
Borrowings | 54,579 | 15,000 |
Total Liabilities | 958,815 | 602,252 |
Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 43,407 | 26,832 |
Securities | 210,857 | 74,503 |
Loans - Net | 761,241 | 551,037 |
Cash Value of BOLI | 22,339 | 17,376 |
Other Equity Securities | 5,350 | 1,799 |
Total Assets | 1,043,194 | 671,547 |
Deposits | 897,771 | 581,239 |
Borrowings | 54,561 | 14,986 |
Total Liabilities | 952,332 | 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 | 43,407 | 26,832 |
Total Assets | 43,407 | 26,832 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities | 210,857 | 74,503 |
Cash Value of BOLI | 22,339 | 17,376 |
Total Assets | 233,196 | 91,879 |
Borrowings | 54,561 | 14,986 |
Total Liabilities | 54,561 | 14,986 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans - Net | 761,241 | 551,037 |
Other Equity Securities | 5,350 | 1,799 |
Total Assets | 766,591 | 552,836 |
Deposits | 897,771 | 581,239 |
Total Liabilities | $ 897,771 | $ 581,239 |
Litigation and Contingencies -
Litigation and Contingencies - Additional Information (Detail) - American Gateway Financial Corporation [Member] | Dec. 31, 2015$ / sharesshares |
Other Commitments [Line Items] | |
Share price | $ 17.66 |
Unsettled appraisal rights shares | shares | 217,944 |
Requested cash merger consideration payment per share | $ 263 |
Unsettled Contracts [Member] | |
Other Commitments [Line Items] | |
Share price | $ 155 |
Unsettled appraisal rights shares | shares | 53,094 |
Contingent Consideration [Member] | |
Other Commitments [Line Items] | |
Calculated merger consideration per share | $ 219.94 |
Paid Out [Member] | |
Other Commitments [Line Items] | |
Share price | $ 10 |
Financial Statements - Paren106
Financial Statements - Parent Company Only - Balance Sheets for Business First Bancshares, Inc. (Parent Company) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Other Assets | $ 8,967 | $ 5,258 | ||
Total Assets | 1,076,089 | 684,502 | ||
Liabilities: | ||||
Short Term Borrowings | 3,000 | |||
Accrued Interest Payable | 566 | 416 | ||
Other Liabilities | 4,259 | 2,989 | ||
Total Liabilities | 963,640 | 605,657 | ||
Stockholders' Equity: | ||||
Common Stock | 7,036 | 5,315 | ||
Additional Paid-in Capital | 85,913 | 57,225 | ||
Retained Earnings | 20,289 | 16,948 | ||
Total Stockholders' Equity | 112,449 | 78,845 | $ 71,923 | $ 71,014 |
Total Liabilities and Stockholders' Equity | 1,076,089 | 684,502 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash | 359 | 950 | ||
Investment in Subsidiaries | 113,265 | 76,362 | ||
Other Assets | 1,906 | 1,533 | ||
Total Assets | 115,530 | 78,845 | ||
Liabilities: | ||||
Short Term Borrowings | 3,000 | |||
Accrued Interest Payable | 21 | |||
Other Liabilities | 60 | |||
Total Liabilities | 3,081 | |||
Stockholders' Equity: | ||||
Common Stock | 7,036 | 5,315 | ||
Additional Paid-in Capital | 85,913 | 57,225 | ||
Retained Earnings | 19,500 | 16,305 | ||
Total Stockholders' Equity | 112,449 | 78,845 | ||
Total Liabilities and Stockholders' Equity | $ 115,530 | $ 78,845 |
Financial Statements - Paren107
Financial Statements - Parent Company Only - Statements of Income for Business First Bancshares, Inc. (Parent Company) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income: | |||
Interest | $ 38,617 | $ 27,475 | $ 28,977 |
Expenses: | |||
Income Tax Expense (Benefit) | 1,525 | 1,364 | 1,016 |
Net Income | 4,096 | 4,033 | 4,785 |
Parent Company [Member] | |||
Income: | |||
Interest | 1 | 4 | 4 |
Expenses: | |||
Other Operating Expenses | 1,437 | 1,095 | 653 |
Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries | (1,436) | (1,091) | (649) |
Income Tax Expense (Benefit) | (474) | (371) | (221) |
Income (Loss) before Equity in Undistributed Net Income of Subsidiaries | (962) | (720) | (428) |
Equity in Undistributed Net Income of Subsidiaries | 5,058 | 4,753 | 5,213 |
Net Income | $ 4,096 | $ 4,033 | $ 4,785 |