Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,037,413 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and Due from Banks | $ 73,349 | $ 40,911 |
Federal Funds Sold | 34,521 | 2,496 |
Securities Available for Sale, at Fair Values | 206,920 | 210,857 |
Loans and Lease Receivable, Net of Allowance for Loan Losses of $7,214 at March 31, 2016 and $7,244 at December 31, 2015 | 782,165 | 765,148 |
Premises and Equipment, Net | 9,176 | 9,234 |
Accrued Interest Receivable | 2,710 | 2,823 |
Other Equity Securities | 5,408 | 5,350 |
Other Real Estate Owned | 2,441 | 2,033 |
Cash Value of Life Insurance | 22,132 | 22,339 |
Goodwill | 6,824 | 3,376 |
Core Deposit Intangible | 2,486 | 2,555 |
Other Assets | 8,069 | 8,967 |
Total Assets | 1,156,201 | 1,076,089 |
Deposits: | ||
Noninterest Bearing | 205,185 | 222,488 |
Interest Bearing | 773,123 | 681,748 |
Total Deposits | 978,308 | 904,236 |
Securities Sold Under Agreements to Repurchase | 2,865 | 2,435 |
Short Term Borrowings | 3,000 | 3,000 |
Federal Home Loan Bank Borrowings | 48,628 | 49,144 |
Accrued Interest Payable | 609 | 566 |
Other Liabilities | 7,797 | 4,259 |
Total Liabilities | 1,041,207 | 963,640 |
STOCKHOLDERS' EQUITY | ||
Common Stock, $1 Par Value; 10,000,000 Shares Authorized; 7,037,413 and 7,035,913 Shares Issued and Outstanding at March 31, 2016 and December 31, 2015, respectively | 7,037 | 7,036 |
Additional Paid-in Capital | 86,033 | 85,913 |
Retained Earnings | 21,693 | 20,289 |
Accumulated Other Comprehensive Income (Loss) | 231 | (789) |
Total Stockholders' Equity | 114,994 | 112,449 |
Total Liabilities and Stockholders' Equity | $ 1,156,201 | $ 1,076,089 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for Loan Losses | $ 7,214 | $ 7,244 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,037,413 | 7,035,913 |
Common stock, shares outstanding | 7,037,413 | 7,035,913 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Income: | ||
Interest and Fees on Loans | $ 9,697 | $ 6,633 |
Interest and Dividends on Securities | 974 | 443 |
Interest on Federal Funds Sold and Due From Banks | 41 | 26 |
Total Interest Income | 10,712 | 7,102 |
Interest Expense: | ||
Interest on Deposits | 1,107 | 850 |
Interest on Borrowings | 174 | 86 |
Total Interest Expense | 1,281 | 936 |
Net Interest Income | 9,431 | 6,166 |
Provision for Loan Losses | 670 | 150 |
Net Interest Income after Provision for Loan Losses | 8,761 | 6,016 |
Other Income: | ||
Service Charges on Deposit Accounts | 494 | 149 |
Gain (Loss) on Sales of Securities | 175 | |
Other Income | 772 | 280 |
Total Other Income | 1,441 | 429 |
Other Expenses: | ||
Salaries and Employee Benefits | 4,696 | 2,938 |
Occupancy and Equipment Expense | 1,103 | 657 |
Other Expenses | 2,602 | 1,287 |
Total Other Expenses | 8,401 | 4,882 |
Income Before Income Taxes | 1,801 | 1,563 |
Provision for Income Taxes | 397 | 430 |
Net Income | $ 1,404 | $ 1,133 |
Earnings Per Share: | ||
Basic | $ 0.20 | $ 0.21 |
Diluted | $ 0.19 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Consolidated Net Income | $ 1,404 | $ 1,133 |
Other Comprehensive Income: | ||
Unrealized Gain on Investment Securities | 1,370 | 642 |
Reclassification Adjustment for Gains Included in Net Income | 175 | |
Income Tax Effect | (525) | (218) |
Other Comprehensive Income | 1,020 | 424 |
Consolidated Comprehensive Income | $ 2,424 | $ 1,557 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2014 | $ 78,845 | $ 5,315 | $ 57,225 | $ 16,948 | $ (643) |
Net Income | 1,133 | 1,133 | |||
Other Comprehensive Income (Loss) | 424 | 424 | |||
Stock Based Compensation Cost | 121 | 121 | |||
Ending balance at Mar. 31, 2015 | 80,523 | 5,315 | 57,346 | 18,081 | (219) |
Beginning Balance at Dec. 31, 2015 | 112,449 | 7,036 | 85,913 | 20,289 | (789) |
Net Income | 1,404 | 1,404 | |||
Other Comprehensive Income (Loss) | 1,020 | 1,020 | |||
Stock Based Compensation Cost | 106 | 106 | |||
Exercise of Stock Warrants | 15 | 1 | 14 | ||
Ending balance at Mar. 31, 2016 | $ 114,994 | $ 7,037 | $ 86,033 | $ 21,693 | $ 231 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Cash Flows From Operating Activities: | |||
Consolidated Net Income | $ 1,404 | $ 1,133 | |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||
Provision for Loan Losses | 670 | 150 | $ 1,200 |
Depreciation and Amortization | 319 | 202 | |
Amortization of Purchase Accounting Valuations | (568) | ||
Noncash Compensation Expense | 106 | 121 | |
Net Amortization of Securities | 459 | 87 | |
Gain on Sales of Securities | (175) | ||
(Gain) Loss on Sale of Other Real Estate Owned Net of Writedowns | 26 | (22) | |
Increase in Cash Value of Life Insurance | (353) | (137) | |
Provision (Credit) for Deferred Income Taxes | 106 | (30) | |
Changes in Assets and Liabilities: | |||
Decrease in Accrued Interest Receivable | 113 | 81 | |
Decrease in Other Assets | 267 | 221 | |
Increase (Decrease) in Accrued Interest Payable | 43 | (15) | |
Increase in Other Liabilities | 90 | 338 | |
Net Cash Provided by Operating Activities | 2,507 | 2,129 | |
Cash Flows From Investing Activities: | |||
Purchases of Securities Available for Sale | (11,992) | (15,820) | |
Proceeds from Maturities / Sales of Securities Available for Sale | 12,035 | ||
Proceeds from Paydowns of Securities Available for Sale | 5,155 | 1,451 | |
Purchases of Other Equity Securities | (60) | (1,894) | |
Redemption of Other Equity Securities | 2 | ||
Life Insurance Proceeds | 560 | ||
Net Increase in Loans | (17,598) | (21,151) | |
Purchases of Premises and Equipment | (261) | (72) | |
Proceeds from Sales of Other Real Estate | 33 | 93 | |
Improvements to Other Real Estate | (102) | ||
Net Increase in Federal Funds Sold | (32,025) | (7,662) | |
Net Cash Used in Investing Activities | (44,253) | (45,055) | |
Cash Flows From Financing Activities: | |||
Net Increase in Deposits | 74,072 | 38,394 | |
Net Increase in Securities Sold Under Agreements to Repurchase | 430 | ||
Net Advances (Repayments) on Federal Home Loan Bank Borrowings | (333) | 10,000 | |
Proceeds from Exercise of Stock Warrants | 15 | ||
Net Cash Provided by Financing Activities | 74,184 | 48,394 | |
Net Increase in Cash and Cash Equivalents | 32,438 | 5,468 | |
Cash and Cash Equivalents at Beginning of Period | 40,911 | 26,015 | 26,015 |
Cash and Cash Equivalents at End of Period | 73,349 | 31,483 | $ 40,911 |
Supplemental Disclosures for Cash Flow Information: | |||
Interest on Deposits | 1,042 | 865 | |
Interest | 196 | 86 | |
Income Tax Payments | 250 | ||
Supplemental Schedule for Noncash Investing and Financing Activities: | |||
Change in the Unrealized Gain on Securities Available for Sale | 1,545 | 643 | |
Change in Deferred Tax Effect on the Unrealized Gain on Securities Available for Sale | (525) | $ (219) | |
Transfer of Loans to Other Real Estate | $ 365 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation – The unaudited consolidated financial statements include the accounts of Business First Bancshares, Inc. (the Company or Bancshares) and its wholly-owned subsidiary, Business First Bank (the Bank), and its wholly-owned subsidiaries, Business First Insurance, LLC and American Gateway Insurance Agency, LLC. The Bank operates in sixteen full service banking centers, one loan production office, and one wealth solutions 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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company’s consolidated balance sheet, statement of income, comprehensive income, changes in stockholders’ equity and cash flows for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with accounting principles generally accepted in the United State of America (“U.S. GAAP”) have been omitted or abbreviated. Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for loan losses, useful lives for depreciation and amortization, fair value of financial instruments, deferred taxes, and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for loan losses and the assessment of deferred tax assets and liabilities and, therefore, are critical accounting policies. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in our markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Note 2 – Reclassifications – Certain reclassifications may have been made to conform to the classifications adopted for reporting in 2016. These reclassifications have no effect on previously reported net income. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
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 and liabilities assumed at their estimated fair values. The fair value measures were subject to refinement for up to one year after the merger date based on additional information that was obtained by us that existed as of the merger date. The purchase price calculation includes an accrual of the estimated additional cash consideration which will be required to be paid to the shareholders who have exercised their statutory rights of appraisal. The amount accrued at March 31, 2016 represents the Company’s estimate of the maximum additional consideration which could be paid to the shareholders exercising their statutory appraisal rights, and is based on the actual value of the AGFC merger consideration received by the former AGFC shareholders of $219.94 per AGFC share, which was comprised of $10 paid in cash and the remainder in shares of the Company’s common stock. This matter is currently in litigation, with a trial date set for late May 2016. See additional discussion at Note 8. 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 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 March 31, 2016 * 9,419 Accrual for Unsettled Appraisal Rights Shares * 3,448 Total Purchase Price $ 47,857 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 Liablilites 330,488 Net Assets Acquired 41,033 Goodwill Resulting from Merger $ 6,824 * - Unsettled Appraisal Rights Shares at March 31, 2016 was 53,094. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 4 – Earnings per Common Share – Basic earnings per share (EPS) represents income available to common stockholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock warrants and stock options. For The Three Months Ended March 31, 2016 2015 (Dollars in thousands) (except per share data) Numerator: Net Income Available to Common Shares $ 1,404 $ 1,133 Denominator: Weighted Average Common Shares Outstanding 7,037,001 5,314,925 Dilutive Effect of Stock Options and Warrants 288,357 293,600 Weighted Average Dilutive Common Shares 7,325,358 5,608,525 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.20 $ 0.21 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.19 $ 0.20 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 5 – Securities – The amortized cost and fair values of securities available for sale as of March 31, 2016 and December 31, 2015 are summarized as follows: March 31, 2016 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agencies $ 11,761 $ 111 $ 2 $ 11,870 Corporate Securities 11,170 — 188 10,982 Mortgage-Backed Securities 117,264 174 399 117,039 Municipal Securities 65,436 1,073 84 66,425 Other Securities 939 — 335 604 $ 206,570 $ 1,358 $ 1,008 $ 206,920 December 31, 2015 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 The following table is a summary of securities with gross unrealized losses and fair values at March 31, 2016 and December 31, 2015, 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. March 31, 2016 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government Agencies $ 4,053 $ 2 $ — $ — $ 4,053 $ 2 Corporate Securities 6,979 126 4,002 62 10,981 188 Mortgage-Backed Securities 58,996 199 21,747 200 80,743 399 Municipal Securities 7,429 42 770 42 8,199 84 Other Securities — — 604 335 604 335 $ 77,457 $ 369 $ 27,123 $ 639 $ 104,580 $ 1,008 December 31, 2015 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses 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 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 March 31, 2016 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 Cost Value (Dollars in thousands) Less Than One Year $ 2,447 $ 2,461 One to Five Years 46,805 47,238 Over Five to Ten Years 56,640 56,941 Over Ten Years 100,678 100,280 $ 206,570 $ 206,920 |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan Losses | Note 6 – Loans and the Allowance for Loan Losses – Loans receivable at March 31, 2016 and December 31, 2015 are summarized as follows: March 31, December 31, 2016 2015 (Dollars in thousands) Real estate loans: Construction and land $ 104,083 $ 97,872 Farmland 6,891 8,897 1-4 family residential 114,697 112,954 Multi-family residential 27,136 26,058 Nonfarm nonresidential 296,367 312,207 Commercial 198,737 185,276 Consumer 41,468 29,128 Total loans held for investment 789,379 772,392 Less: Allowance for loan losses (7,214 ) (7,244 ) Net loans $ 782,165 $ 765,148 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 March 31, 2016 and December 31, 2015. Net deferred loan origination fees were $776,000 and $740,000 at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015, overdrafts of $134,000 and $150,000, respectively, have been reclassified to loans. The Bank is the lead lender on participations sold, without recourse, to other financial institutions which are not included in the consolidated balance sheets. The unpaid principal balances of mortgages and other loans serviced for others were approximately $45.7 million and $44.7 million at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015, 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 March 31, 2016 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Multi-family Real Estate: Commercial Consumer Total Allowance for credit losses: Beginning Balance $ 600 $ 30 $ 1,021 $ 101 $ 1,416 $ 3,618 $ 458 $ 7,244 Charge-offs (2 ) — (98 ) — (256 ) (390 ) — (746 ) Recoveries 8 — 3 — 1 3 31 46 Provision 210 17 182 116 440 (12 ) (283 ) 670 Ending Balance $ 816 $ 47 $ 1,108 $ 217 $ 1,601 $ 3,219 $ 206 $ 7,214 Ending Balance: Individually evaluated for impairment $ 504 $ — $ 129 $ — $ — $ 5 $ — $ 638 Collectively evaluated for impairment $ 312 $ 47 $ 925 $ 173 $ 1,601 $ 3,214 $ 206 $ 6,478 Purchased Credit Impaired (1) $ — $ — $ 54 $ 44 $ — $ — $ — $ 98 Loans receivable: Ending Balance $ 104,083 $ 6,891 $ 114,697 $ 27,136 $ 296,367 $ 198,737 $ 41,468 $ 789,379 Ending Balance: Individually evaluated for impairment $ 1,480 $ — $ 3,795 $ — $ 4,437 $ 3,274 $ — $ 12,986 Collectively evaluated for impairment $ 102,517 $ 6,891 $ 110,415 $ 26,921 $ 289,995 $ 195,463 $ 41,468 $ 773,670 Purchased Credit Impaired (1) $ 86 $ — $ 487 $ 215 $ 1,935 $ — $ — $ 2,723 (1) Purchased credit impaired loans are evaluated for impairment on an individual basis. 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. 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 March 31, 2016 and December 31, 2015, the credit quality indicators, disaggregated by class of loan, are as follows: Credit Quality Indicators March 31, 2016 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 99,961 $ 1,524 $ 1,112 $ 1,486 $ 104,083 Farmland 6,891 — — — 6,891 1-4 family residential 106,158 2,319 2,897 3,323 114,697 Multi-family residential 25,975 — 945 216 27,136 Nonfarm nonresidential 273,256 9,067 12,112 1,932 296,367 Commercial 167,660 22,509 6,476 2,092 198,737 Consumer 41,039 399 30 — 41,468 Total $ 720,940 $ 35,818 $ 23,572 $ 9,049 $ 789,379 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 The above classifications follow regulatory guidelines and can generally be described as follows: • Pass loans are of satisfactory quality. • Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values. • Substandard loans have an existing specific and well defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. • Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. The following table reflects certain information with respect to the loan portfolio delinquencies by loan class and amount as of March 31, 2016 and December 31, 2015. All loans greater than 90 days past due are generally placed on non-accrual status. Aged Analysis of Past Due Loans Receivable March 31, 2016 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Construction and land $ 11 $ — $ 48 $ 59 $ 104,024 $ 104,083 $ — Farmland — — — — 6,891 6,891 — 1-4 family residential 176 231 746 1,153 113,544 114,697 41 Multi-family residential — — — — 27,136 27,136 — Nonfarm nonresidential 1,256 302 485 2,043 294,324 296,367 — Commercial — — — — 198,737 198,737 — Consumer — — — — 41,468 41,468 — Total $ 1,443 $ 533 $ 1,279 $ 3,255 $ 786,124 $ 789,379 $ 41 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 $ — The following is a summary of information pertaining to impaired loans as of March 31, 2016 and December 31, 2015. 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 $77,000 and $146,000 for the three months ending March 31, 2016 and 2015, respectively. March 31, 2016 (Dollars in thousands) Recorded Unpaid Related Average With an allowance recorded: Real Estate Loans: Construction and land $ 1,312 $ 1,514 $ 504 $ 1,320 Farmland — — — — 1-4 family residential 297 310 129 299 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 19 20 5 1,043 Consumer — — — — $ 1,628 $ 1,844 $ 638 $ 2,662 With no allowance recorded: Real Estate Loans: Construction and land $ 168 $ 199 $ — $ 197 Farmland — — — — 1-4 family residential 3,498 4,051 — 3,374 Multi-family residential — — — — Nonfarm nonresidential 4,437 5,889 — 4,255 Other Loans: Commercial 3,255 4,345 — 1,486 Consumer — — — — $ 11,358 $ 14,484 $ — $ 9,312 Total Impaired Loans: Real Estate Loans: Construction and land $ 1,480 $ 1,713 $ 504 $ 1,517 Farmland — — — — 1-4 family residential 3,795 4,361 129 3,673 Multi-family residential — — — — Nonfarm nonresidential 4,437 5,889 — 4,255 Other Loans: Commercial 3,274 4,365 5 2,529 Consumer — — — — $ 12,986 $ 16,328 $ 638 $ 11,974 December 31, 2015 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 1,336 $ 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 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 at Acquisition $ 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 March 31, 2016. Purchased Impaired Credits (Dollars in thousands) Carrying amount - April 1, 2015 (acquisition) $ 4,919 Payments received, net of discounts realized (469 ) Charge-offs (204 ) Transfer to Other Real Estate (612 ) Carrying amount - December 31, 2015 3,634 Payments received, net of discounts realized (498 ) Charge-offs (263 ) Transfer to Other Real Estate (150 ) Carrying amount - March 31, 2016 $ 2,723 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 March 31, 2016 and December 31, 2015, the AGFC performing loans totaled $85.7 million and $93.1 million, respectively, with a related purchase discount of $3.0 million and $3.2 million, respectively. 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 March 31, 2016 and December 31, 2015, the concessions granted to certain borrowers included extending the payment due dates, lowering the contractual interest rate, reducing accrued interest, and reducing the debt’s face or maturity amount. Once modified in a troubled debt restructuring, a loan is generally considered impaired until its contractual maturity. At the time of the restructuring, the loan is evaluated for an asset-specific allowance for credit losses. The Bank continues to specifically reevaluate the loan in subsequent periods, regardless of the borrower’s performance under the modified terms. If a borrower subsequently defaults on the loan after it is restructured the Bank provides an allowance for credit losses for the amount of the loan that exceeds the value of the related collateral. The following tables present informative data regarding loan modifications occurring as of March 31, 2016 and December 31, 2015. The Bank had $54,000 in troubled debt restructurings that had subsequently defaulted during the year ended December 31, 2015, and none that subsequently defaulted during the three months ended March 31, 2016. Modifications as of March 31, 2016: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: 1-4 family residential 5 $ 1,568 $ 998 Nonfarm nonresidential 3 5,143 3,563 Other Loans: Commercial 4 3,294 2,740 Total Loans 12 $ 10,005 $ 7,301 Modifications as of December 31, 2015: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (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 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 7 – Fair Value of Financial Instruments – Fair Value Disclosures The Company groups its financial assets and liabilities measured at fair value in three levels. Fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Includes the most reliable sources, and includes quoted prices in active markets for identical assets or liabilities. • Level 2 – Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). • Level 3 – Includes unobservable inputs and should be used only when observable inputs are unavailable. Recurring Basis Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. The following tables present the balance of assets and liabilities measured on a recurring basis as of March 31, 2016 and December 31, 2015. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) March 31, 2016 Available for Sale: U.S. Government Agency Securities $ 11,870 $ — $ 11,870 $ — Corporate Securities 10,982 — 10,982 — Mortgage-Backed Securities 117,039 — 117,039 — Municipal Securities 66,425 — 66,425 — Other Securities 604 — 604 — Total $ 206,920 $ — $ 206,920 $ — 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 $ — 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. Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) March 31, 2016 Assets: Impaired Loans $ 14,973 $ — $ 14,973 $ — Repossessed Assets 2,441 — 2,441 — Total $ 17,414 $ — $ 17,414 $ — December 31, 2015 Assets: Impaired Loans $ 14,224 $ — $ 14,224 $ — Repossessed Assets 2,033 — 2,033 — Total $ 16,257 $ — $ 16,257 $ — 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 March 31, 2016 and December 31, 2015 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) March 31, 2016 Financial Assets: Cash and Short-Term Investments $ 107,870 $ 107,870 $ 107,870 $ — $ — Securities 206,920 206,920 — 206,920 — Loans - Net 782,165 779,444 — — 779,444 Cash Value of BOLI 22,132 22,132 — 22,132 — Other Equity Securities 5,408 5,408 — — 5,408 $ 1,124,495 $ 1,121,774 $ 107,870 $ 229,052 $ 784,852 Financial Liabilities: Deposits $ 978,308 $ 971,077 $ — $ — $ 971,077 Borrowings 54,493 54,476 — 54,476 — $ 1,032,801 $ 1,025,553 $ — $ 54,476 $ 971,077 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 |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Note 8 – Litigation – In conjunction with the AGFC merger, certain shareholders exercised their statutory rights of appraisal. As of March 31, 2016, there were 53,094 unsettled AGFC shares, with the fair value amount per AGFC share in dispute. This litigation is ongoing, with a trial date set for late May 2016. In June 2015, the Company made a cash payment of $155 per AGFC share to the unsettled former AGFC shareholders, representing the amount the Company estimated to be the fair value of the former AGFC shareholders’ AGFC shares. A group of 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 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. The AGFC purchase price reflected in these financial statements includes the Company’s estimate of the maximum additional cash consideration which could be payable to the unsettled former AGFC shareholders upon settlement of the ongoing litigation. This estimate is based upon the $219.94 value per AGFC share as calculated in accordance with the merger agreement, less amounts already paid to said shareholders and totals $3.45 million, and is reflected in Other Liabilities as of March 31, 2016. The amount of the ultimate settlement is unknown as of the date of these financial statements. Any legal costs associated with defense of this litigation are being expensed as incurred. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 9 – Recently Issued Accounting Pronouncements – 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. |
Recently Issued Accounting Pr17
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements – 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) | 3 Months Ended |
Mar. 31, 2016 | |
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 and liabilities assumed at their estimated fair values. The fair value measures were subject to refinement for up to one year after the merger date based on additional information that was obtained by us that existed as of the merger date. The purchase price calculation includes an accrual of the estimated additional cash consideration which will be required to be paid to the shareholders who have exercised their statutory rights of appraisal. The amount accrued at March 31, 2016 represents the Company’s estimate of the maximum additional consideration which could be paid to the shareholders exercising their statutory appraisal rights, and is based on the actual value of the AGFC merger consideration received by the former AGFC shareholders of $219.94 per AGFC share, which was comprised of $10 paid in cash and the remainder in shares of the Company’s common stock. This matter is currently in litigation, with a trial date set for late May 2016. See additional discussion at Note 8. 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 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 March 31, 2016 * 9,419 Accrual for Unsettled Appraisal Rights Shares * 3,448 Total Purchase Price $ 47,857 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 Liablilites 330,488 Net Assets Acquired 41,033 Goodwill Resulting from Merger $ 6,824 * - Unsettled Appraisal Rights Shares at March 31, 2016 was 53,094. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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. For The Three Months Ended March 31, 2016 2015 (Dollars in thousands) (except per share data) Numerator: Net Income Available to Common Shares $ 1,404 $ 1,133 Denominator: Weighted Average Common Shares Outstanding 7,037,001 5,314,925 Dilutive Effect of Stock Options and Warrants 288,357 293,600 Weighted Average Dilutive Common Shares 7,325,358 5,608,525 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.20 $ 0.21 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.19 $ 0.20 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 are summarized as follows: March 31, 2016 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agencies $ 11,761 $ 111 $ 2 $ 11,870 Corporate Securities 11,170 — 188 10,982 Mortgage-Backed Securities 117,264 174 399 117,039 Municipal Securities 65,436 1,073 84 66,425 Other Securities 939 — 335 604 $ 206,570 $ 1,358 $ 1,008 $ 206,920 December 31, 2015 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 |
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 March 31, 2016 and December 31, 2015, 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. March 31, 2016 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government Agencies $ 4,053 $ 2 $ — $ — $ 4,053 $ 2 Corporate Securities 6,979 126 4,002 62 10,981 188 Mortgage-Backed Securities 58,996 199 21,747 200 80,743 399 Municipal Securities 7,429 42 770 42 8,199 84 Other Securities — — 604 335 604 335 $ 77,457 $ 369 $ 27,123 $ 639 $ 104,580 $ 1,008 December 31, 2015 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses 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 |
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 March 31, 2016 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 Cost Value (Dollars in thousands) Less Than One Year $ 2,447 $ 2,461 One to Five Years 46,805 47,238 Over Five to Ten Years 56,640 56,941 Over Ten Years 100,678 100,280 $ 206,570 $ 206,920 |
Loans and the Allowance for L21
Loans and the Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable at March 31, 2016 and December 31, 2015 are summarized as follows: March 31, December 31, 2016 2015 (Dollars in thousands) Real estate loans: Construction and land $ 104,083 $ 97,872 Farmland 6,891 8,897 1-4 family residential 114,697 112,954 Multi-family residential 27,136 26,058 Nonfarm nonresidential 296,367 312,207 Commercial 198,737 185,276 Consumer 41,468 29,128 Total loans held for investment 789,379 772,392 Less: Allowance for loan losses (7,214 ) (7,244 ) Net loans $ 782,165 $ 765,148 |
Summary of Allowance for Credit Losses and Recorded Investment in Loans Receivable | Allowance for Credit Losses and Recorded Investment in Loans Receivable March 31, 2016 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Multi-family Real Estate: Commercial Consumer Total Allowance for credit losses: Beginning Balance $ 600 $ 30 $ 1,021 $ 101 $ 1,416 $ 3,618 $ 458 $ 7,244 Charge-offs (2 ) — (98 ) — (256 ) (390 ) — (746 ) Recoveries 8 — 3 — 1 3 31 46 Provision 210 17 182 116 440 (12 ) (283 ) 670 Ending Balance $ 816 $ 47 $ 1,108 $ 217 $ 1,601 $ 3,219 $ 206 $ 7,214 Ending Balance: Individually evaluated for impairment $ 504 $ — $ 129 $ — $ — $ 5 $ — $ 638 Collectively evaluated for impairment $ 312 $ 47 $ 925 $ 173 $ 1,601 $ 3,214 $ 206 $ 6,478 Purchased Credit Impaired (1) $ — $ — $ 54 $ 44 $ — $ — $ — $ 98 Loans receivable: Ending Balance $ 104,083 $ 6,891 $ 114,697 $ 27,136 $ 296,367 $ 198,737 $ 41,468 $ 789,379 Ending Balance: Individually evaluated for impairment $ 1,480 $ — $ 3,795 $ — $ 4,437 $ 3,274 $ — $ 12,986 Collectively evaluated for impairment $ 102,517 $ 6,891 $ 110,415 $ 26,921 $ 289,995 $ 195,463 $ 41,468 $ 773,670 Purchased Credit Impaired (1) $ 86 $ — $ 487 $ 215 $ 1,935 $ — $ — $ 2,723 (1) Purchased credit impaired loans are evaluated for impairment on an individual basis. 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. |
Summary of Credit Quality Indicators, Disaggregated by Class of Loan | Credit Quality Indicators March 31, 2016 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 99,961 $ 1,524 $ 1,112 $ 1,486 $ 104,083 Farmland 6,891 — — — 6,891 1-4 family residential 106,158 2,319 2,897 3,323 114,697 Multi-family residential 25,975 — 945 216 27,136 Nonfarm nonresidential 273,256 9,067 12,112 1,932 296,367 Commercial 167,660 22,509 6,476 2,092 198,737 Consumer 41,039 399 30 — 41,468 Total $ 720,940 $ 35,818 $ 23,572 $ 9,049 $ 789,379 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 |
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 March 31, 2016 and December 31, 2015. All loans greater than 90 days past due are generally placed on non-accrual status. Aged Analysis of Past Due Loans Receivable March 31, 2016 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Construction and land $ 11 $ — $ 48 $ 59 $ 104,024 $ 104,083 $ — Farmland — — — — 6,891 6,891 — 1-4 family residential 176 231 746 1,153 113,544 114,697 41 Multi-family residential — — — — 27,136 27,136 — Nonfarm nonresidential 1,256 302 485 2,043 294,324 296,367 — Commercial — — — — 198,737 198,737 — Consumer — — — — 41,468 41,468 — Total $ 1,443 $ 533 $ 1,279 $ 3,255 $ 786,124 $ 789,379 $ 41 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 $ — |
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans as of March 31, 2016 and December 31, 2015. 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 $77,000 and $146,000 for the three months ending March 31, 2016 and 2015, respectively. March 31, 2016 (Dollars in thousands) Recorded Unpaid Related Average With an allowance recorded: Real Estate Loans: Construction and land $ 1,312 $ 1,514 $ 504 $ 1,320 Farmland — — — — 1-4 family residential 297 310 129 299 Multi-family residential — — — — Nonfarm nonresidential — — — — Other Loans: Commercial 19 20 5 1,043 Consumer — — — — $ 1,628 $ 1,844 $ 638 $ 2,662 With no allowance recorded: Real Estate Loans: Construction and land $ 168 $ 199 $ — $ 197 Farmland — — — — 1-4 family residential 3,498 4,051 — 3,374 Multi-family residential — — — — Nonfarm nonresidential 4,437 5,889 — 4,255 Other Loans: Commercial 3,255 4,345 — 1,486 Consumer — — — — $ 11,358 $ 14,484 $ — $ 9,312 Total Impaired Loans: Real Estate Loans: Construction and land $ 1,480 $ 1,713 $ 504 $ 1,517 Farmland — — — — 1-4 family residential 3,795 4,361 129 3,673 Multi-family residential — — — — Nonfarm nonresidential 4,437 5,889 — 4,255 Other Loans: Commercial 3,274 4,365 5 2,529 Consumer — — — — $ 12,986 $ 16,328 $ 638 $ 11,974 December 31, 2015 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 1,336 $ 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 |
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 at Acquisition $ 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 March 31, 2016. Purchased Impaired Credits (Dollars in thousands) Carrying amount - April 1, 2015 (acquisition) $ 4,919 Payments received, net of discounts realized (469 ) Charge-offs (204 ) Transfer to Other Real Estate (612 ) Carrying amount - December 31, 2015 3,634 Payments received, net of discounts realized (498 ) Charge-offs (263 ) Transfer to Other Real Estate (150 ) Carrying amount - March 31, 2016 $ 2,723 |
Summary of Informative Data Regarding Loan Modifications | The following tables present informative data regarding loan modifications occurring as of March 31, 2016 and December 31, 2015. The Bank had $54,000 in troubled debt restructurings that had subsequently defaulted during the year ended December 31, 2015, and none that subsequently defaulted during the three months ended March 31, 2016. Modifications as of March 31, 2016: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructing Real Estate Loans: 1-4 family residential 5 $ 1,568 $ 998 Nonfarm nonresidential 3 5,143 3,563 Other Loans: Commercial 4 3,294 2,740 Total Loans 12 $ 10,005 $ 7,301 Modifications as of December 31, 2015: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (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 |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) March 31, 2016 Available for Sale: U.S. Government Agency Securities $ 11,870 $ — $ 11,870 $ — Corporate Securities 10,982 — 10,982 — Mortgage-Backed Securities 117,039 — 117,039 — Municipal Securities 66,425 — 66,425 — Other Securities 604 — 604 — Total $ 206,920 $ — $ 206,920 $ — 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 $ — |
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. Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) March 31, 2016 Assets: Impaired Loans $ 14,973 $ — $ 14,973 $ — Repossessed Assets 2,441 — 2,441 — Total $ 17,414 $ — $ 17,414 $ — December 31, 2015 Assets: Impaired Loans $ 14,224 $ — $ 14,224 $ — Repossessed Assets 2,033 — 2,033 — Total $ 16,257 $ — $ 16,257 $ — |
Schedule of Estimated Fair Values of Banks Financial Instruments | The estimated approximate fair values of the Bank’s financial instruments as of March 31, 2016 and December 31, 2015 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) March 31, 2016 Financial Assets: Cash and Short-Term Investments $ 107,870 $ 107,870 $ 107,870 $ — $ — Securities 206,920 206,920 — 206,920 — Loans - Net 782,165 779,444 — — 779,444 Cash Value of BOLI 22,132 22,132 — 22,132 — Other Equity Securities 5,408 5,408 — — 5,408 $ 1,124,495 $ 1,121,774 $ 107,870 $ 229,052 $ 784,852 Financial Liabilities: Deposits $ 978,308 $ 971,077 $ — $ — $ 971,077 Borrowings 54,493 54,476 — 54,476 — $ 1,032,801 $ 1,025,553 $ — $ 54,476 $ 971,077 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 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016BankingCentersOffice | |
Basis Of Presentation [Abstract] | |
Number of banking centers the company provides services | BankingCenters | 16 |
Number of office | 1 |
Number of wealth solutions office | 1 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - American Gateway Financial Corporation [Member] | Mar. 31, 2016$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015Branches |
Business Acquisition [Line Items] | |||
Number of branches | Branches | 10 | ||
Share price | $ 17.66 | ||
Contingent Consideration [Member] | |||
Business Acquisition [Line Items] | |||
Calculated merger consideration per share | 219.94 | $ 219.94 | |
Paid Out [Member] | |||
Business Acquisition [Line Items] | |||
Share price | $ 10 | $ 10 |
Mergers and Acquisitions - Cost
Mergers and Acquisitions - Cost of Acquisition and Allocation of Purchase Price (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | |
Net Assets Acquired: | ||
Goodwill Resulting from Merger | $ 6,824 | $ 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 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 March 31, 2016 | 9,419 | |
Accrual for unsettled appraisal rights shares | 3,448 | |
Total Purchase Price | 47,857 | |
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 | $ 6,824 |
Mergers and Acquisitions - Co26
Mergers and Acquisitions - Cost of Acquisition and Allocation of Purchase Price (Parenthetical) (Detail) - American Gateway Financial Corporation [Member] | Mar. 31, 2016shares |
Business Acquisition [Line Items] | |
Unsettled appraisal rights shares | 217,944 |
Unsettled Contracts [Member] | |
Business Acquisition [Line Items] | |
Unsettled appraisal rights shares | 53,094 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net Income Available to Common Shares | $ 1,404 | $ 1,133 |
Weighted Average Common Shares Outstanding | 7,037,001 | 5,314,925 |
Dilutive Effect of Stock Options and Warrants | 288,357 | 293,600 |
Weighted Average Dilutive Common Shares | 7,325,358 | 5,608,525 |
Basic Earnings Per Common Share From Net Income Available to Common Shares | $ 0.20 | $ 0.21 |
Diluted Earnings Per Common Share From Net Income Available to Common Shares | $ 0.19 | $ 0.20 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 206,570 | $ 212,053 |
Gross Unrealized Gains | 1,358 | 956 |
Gross Unrealized Losses | 1,008 | 2,152 |
Fair Value | 206,920 | 210,857 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,761 | 13,656 |
Gross Unrealized Gains | 111 | 43 |
Gross Unrealized Losses | 2 | 32 |
Fair Value | 11,870 | 13,667 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,170 | 11,177 |
Gross Unrealized Losses | 188 | 105 |
Fair Value | 10,982 | 11,072 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 117,264 | 120,599 |
Gross Unrealized Gains | 174 | 39 |
Gross Unrealized Losses | 399 | 1,568 |
Fair Value | 117,039 | 119,070 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 65,436 | 65,679 |
Gross Unrealized Gains | 1,073 | 874 |
Gross Unrealized Losses | 84 | 112 |
Fair Value | 66,425 | 66,441 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 939 | 942 |
Gross Unrealized Losses | 335 | 335 |
Fair Value | $ 604 | $ 607 |
Securities - Summary of Securit
Securities - Summary of Securities with Gross Unrealized Losses and Fair Values (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 77,457 | $ 125,279 |
Gross Unrealized Losses, Less Than 12 Months | 369 | 1,209 |
Fair Value, 12 Months or Greater | 27,123 | 26,491 |
Gross Unrealized Losses, 12 Months or Greater | 639 | 943 |
Fair Value | 104,580 | 151,770 |
Gross Unrealized Losses | 1,008 | 2,152 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 4,053 | 8,840 |
Gross Unrealized Losses, Less Than 12 Months | 2 | 32 |
Fair Value | 4,053 | 8,840 |
Gross Unrealized Losses | 2 | 32 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 6,979 | 11,072 |
Gross Unrealized Losses, Less Than 12 Months | 126 | 105 |
Fair Value, 12 Months or Greater | 4,002 | |
Gross Unrealized Losses, 12 Months or Greater | 62 | |
Fair Value | 10,981 | 11,072 |
Gross Unrealized Losses | 188 | 105 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 58,996 | 91,384 |
Gross Unrealized Losses, Less Than 12 Months | 199 | 1,029 |
Fair Value, 12 Months or Greater | 21,747 | 23,386 |
Gross Unrealized Losses, 12 Months or Greater | 200 | 539 |
Fair Value | 80,743 | 114,770 |
Gross Unrealized Losses | 399 | 1,568 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 7,429 | 13,983 |
Gross Unrealized Losses, Less Than 12 Months | 42 | 43 |
Fair Value, 12 Months or Greater | 770 | 2,498 |
Gross Unrealized Losses, 12 Months or Greater | 42 | 69 |
Fair Value | 8,199 | 16,481 |
Gross Unrealized Losses | 84 | 112 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, 12 Months or Greater | 604 | 607 |
Gross Unrealized Losses, 12 Months or Greater | 335 | 335 |
Fair Value | 604 | 607 |
Gross Unrealized Losses | $ 335 | $ 335 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available for Sale by Contractual Maturity (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Less Than One Year, Amortized cost | $ 2,447 |
One to Five Years, Amortized cost | 46,805 |
Over Five to Ten Years, Amortized cost | 56,640 |
Over Ten Years, Amortized cost | 100,678 |
Total, Amortized cost | 206,570 |
Less Than One Year, Fair Value | 2,461 |
One to Five Years, Fair Value | 47,238 |
Over Five to Ten Years, Fair Value | 56,941 |
Over Ten Years, Fair Value | 100,280 |
Total, Fair Value | $ 206,920 |
Loans and the Allowance for L31
Loans and the Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | $ 789,379 | $ 772,392 | |
Allowance for loan losses | (7,214) | (7,244) | $ (6,632) |
Net loans | 782,165 | 765,148 | |
Construction and Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 104,083 | 97,872 | |
Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 6,891 | 8,897 | |
1-4 Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 114,697 | 112,954 | |
Multi-family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 27,136 | 26,058 | |
Nonfarm Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 296,367 | 312,207 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 198,737 | 185,276 | |
Allowance for loan losses | (3,219) | (3,618) | (3,813) |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for investment | 41,468 | 29,128 | |
Allowance for loan losses | $ (206) | $ (458) | $ (325) |
Loans and the Allowance for L32
Loans and the Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Apr. 01, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Net deferred loan origination fees | $ 776,000 | $ 740,000 | ||
Loans and leases receivable reclassified from overdraft | 134,000 | 150,000 | ||
Unpaid principal balances of mortgages and other loans serviced | 45,700,000 | 44,700,000 | ||
Interest income recognized for impaired loans | 77,000 | $ 146,000 | ||
Troubled debt restructurings subsequently defaulted | 0 | 54,000,000 | ||
American Gateway Financial Corporation [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Performing loans | 85,700,000 | 93,100,000 | $ 142,800,000 | |
Performing loans estimated fair value | $ 138,100,000 | |||
Unaccreted purchase discount | $ 3,000,000 | $ 3,200,000 |
Loans and the Allowance for L33
Loans and the Allowance for Loan Losses - Summary of Allowance for Credit Losses and Recorded Investment in Loans Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | $ 7,244 | $ 6,632 | $ 6,632 |
Allowance for credit losses, Charge-offs | (746) | (985) | |
Allowance for credit losses, Recoveries | 46 | 397 | |
Allowance for credit losses, Provision | 670 | 150 | 1,200 |
Allowance for credit losses, Ending Balance | 7,214 | 7,244 | |
Allowance for credit losses, Individually evaluated for impairment | 638 | 1,108 | |
Allowance for credit losses, Collectively evaluated for impairment | 6,478 | 6,038 | |
Allowance for credit losses, Purchased Credit Impaired | 98 | 98 | |
Loans receivable, Ending Balance | 789,379 | 772,392 | |
Loans receivable, Individually evaluated for impairment | 12,986 | 11,796 | |
Loans receivable, Collectively evaluated for impairment | 773,670 | 756,962 | |
Loans receivable, Purchased Credit Impaired | 2,723 | 3,634 | |
Real Estate Construction And Land [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 600 | 525 | 525 |
Allowance for credit losses, Charge-offs | (2) | (102) | |
Allowance for credit losses, Recoveries | 8 | 34 | |
Allowance for credit losses, Provision | 210 | 143 | |
Allowance for credit losses, Ending Balance | 816 | 600 | |
Allowance for credit losses, Individually evaluated for impairment | 504 | 504 | |
Allowance for credit losses, Collectively evaluated for impairment | 312 | 96 | |
Loans receivable, Ending Balance | 104,083 | 97,872 | |
Loans receivable, Individually evaluated for impairment | 1,480 | 1,732 | |
Loans receivable, Collectively evaluated for impairment | 102,517 | 96,046 | |
Loans receivable, Purchased Credit Impaired | 86 | 94 | |
Real Estate Farmland [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 30 | 19 | 19 |
Allowance for credit losses, Provision | 17 | 11 | |
Allowance for credit losses, Ending Balance | 47 | 30 | |
Allowance for credit losses, Collectively evaluated for impairment | 47 | 30 | |
Loans receivable, Ending Balance | 6,891 | 8,897 | |
Loans receivable, Collectively evaluated for impairment | 6,891 | 8,897 | |
Real Estate 1-4 Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 1,021 | 775 | 775 |
Allowance for credit losses, Charge-offs | (98) | (144) | |
Allowance for credit losses, Recoveries | 3 | 94 | |
Allowance for credit losses, Provision | 182 | 296 | |
Allowance for credit losses, Ending Balance | 1,108 | 1,021 | |
Allowance for credit losses, Individually evaluated for impairment | 129 | 129 | |
Allowance for credit losses, Collectively evaluated for impairment | 925 | 838 | |
Allowance for credit losses, Purchased Credit Impaired | 54 | 54 | |
Loans receivable, Ending Balance | 114,697 | 112,954 | |
Loans receivable, Individually evaluated for impairment | 3,795 | 3,666 | |
Loans receivable, Collectively evaluated for impairment | 110,415 | 108,778 | |
Loans receivable, Purchased Credit Impaired | 487 | 510 | |
Real Estate Multi-family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 101 | 35 | 35 |
Allowance for credit losses, Provision | 116 | 66 | |
Allowance for credit losses, Ending Balance | 217 | 101 | |
Allowance for credit losses, Collectively evaluated for impairment | 173 | 57 | |
Allowance for credit losses, Purchased Credit Impaired | 44 | 44 | |
Loans receivable, Ending Balance | 27,136 | 26,058 | |
Loans receivable, Collectively evaluated for impairment | 26,921 | 25,829 | |
Loans receivable, Purchased Credit Impaired | 215 | 229 | |
Real Estate Nonfarm Nonresidential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 1,416 | 1,140 | 1,140 |
Allowance for credit losses, Charge-offs | (256) | (44) | |
Allowance for credit losses, Recoveries | 1 | 13 | |
Allowance for credit losses, Provision | 440 | 307 | |
Allowance for credit losses, Ending Balance | 1,601 | 1,416 | |
Allowance for credit losses, Collectively evaluated for impairment | 1,601 | 1,416 | |
Loans receivable, Ending Balance | 296,367 | 312,207 | |
Loans receivable, Individually evaluated for impairment | 4,437 | 4,172 | |
Loans receivable, Collectively evaluated for impairment | 289,995 | 305,234 | |
Loans receivable, Purchased Credit Impaired | 1,935 | 2,801 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 3,618 | 3,813 | 3,813 |
Allowance for credit losses, Charge-offs | (390) | (695) | |
Allowance for credit losses, Recoveries | 3 | 164 | |
Allowance for credit losses, Provision | (12) | 336 | |
Allowance for credit losses, Ending Balance | 3,219 | 3,618 | |
Allowance for credit losses, Individually evaluated for impairment | 5 | 475 | |
Allowance for credit losses, Collectively evaluated for impairment | 3,214 | 3,143 | |
Loans receivable, Ending Balance | 198,737 | 185,276 | |
Loans receivable, Individually evaluated for impairment | 3,274 | 2,226 | |
Loans receivable, Collectively evaluated for impairment | 195,463 | 183,050 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses, Beginning balance | 458 | $ 325 | 325 |
Allowance for credit losses, Recoveries | 31 | 92 | |
Allowance for credit losses, Provision | (283) | 41 | |
Allowance for credit losses, Ending Balance | 206 | 458 | |
Allowance for credit losses, Collectively evaluated for impairment | 206 | 458 | |
Loans receivable, Ending Balance | 41,468 | 29,128 | |
Loans receivable, Collectively evaluated for impairment | $ 41,468 | $ 29,128 |
Loans and the Allowance for L34
Loans and the Allowance for Loan Losses - Summary of Credit Quality Indicators, Disaggregated by Class of Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | $ 789,379 | $ 772,392 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 104,083 | 97,872 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 6,891 | 8,897 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 114,697 | 112,954 |
Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 27,136 | 26,058 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 296,367 | 312,207 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 198,737 | 185,276 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 41,468 | 29,128 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 720,940 | 700,180 |
Pass [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 99,961 | 93,740 |
Pass [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 6,891 | 8,897 |
Pass [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 106,158 | 104,720 |
Pass [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 25,975 | 24,884 |
Pass [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 273,256 | 281,503 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 167,660 | 157,734 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 41,039 | 28,702 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 35,818 | 39,414 |
Special Mention [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,524 | 1,300 |
Special Mention [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 2,319 | 1,824 |
Special Mention [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 945 | |
Special Mention [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 9,067 | 12,727 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 22,509 | 22,222 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 399 | 396 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 23,572 | 24,841 |
Substandard [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,112 | 1,094 |
Substandard [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 2,897 | 3,205 |
Substandard [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 945 | |
Substandard [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 12,112 | 16,171 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 6,476 | 4,341 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 30 | 30 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 9,049 | 7,957 |
Doubtful [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,486 | 1,738 |
Doubtful [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 3,323 | 3,205 |
Doubtful [Member] | Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 216 | 229 |
Doubtful [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | 1,932 | 1,806 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit quality indicators | $ 2,092 | $ 979 |
Loans and the Allowance for L35
Loans and the Allowance for Loan Losses - Summary of Aged Analysis of Past Due Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,255 | $ 3,664 |
Current | 786,124 | 768,728 |
Total Loans Receivables | 789,379 | 772,392 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 41 | |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 59 | 394 |
Current | 104,024 | 97,478 |
Total Loans Receivables | 104,083 | 97,872 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,891 | 8,897 |
Total Loans Receivables | 6,891 | 8,897 |
1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,153 | 1,507 |
Current | 113,544 | 111,447 |
Total Loans Receivables | 114,697 | 112,954 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 41 | |
Multi-family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 27,136 | 26,058 |
Total Loans Receivables | 27,136 | 26,058 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,043 | 1,672 |
Current | 294,324 | 310,535 |
Total Loans Receivables | 296,367 | 312,207 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 91 | |
Current | 198,737 | 185,185 |
Total Loans Receivables | 198,737 | 185,276 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 41,468 | 29,128 |
Total Loans Receivables | 41,468 | 29,128 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,443 | 1,552 |
30-59 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11 | |
30-59 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 176 | 289 |
30-59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,256 | 1,185 |
30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 78 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 533 | 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 | 231 | 132 |
60-89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 302 | 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 | 1,279 | 1,779 |
Greater Than 90 Days Past Due [Member] | Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48 | 384 |
Greater Than 90 Days Past Due [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 746 | 1,086 |
Greater Than 90 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 485 | $ 309 |
Loans and the Allowance for L36
Loans and the Allowance for Loan Losses - Summary of Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | $ 1,628 | $ 2,616 |
Unpaid Principal Balance, with an allowance recorded | 1,844 | 3,480 |
Related Allowance | 638 | 1,108 |
Average Recorded Investment, with an allowance recorded | 2,662 | 2,378 |
Recorded Investment, with no allowance recorded | 11,358 | 9,180 |
Unpaid Principal Balance, with no allowance recorded | 14,484 | 11,142 |
Average Recorded Investment, with no allowance recorded | 9,312 | 10,907 |
Recorded Investment | 12,986 | 11,796 |
Unpaid Principal Balance | 16,328 | 14,622 |
Related Allowance | 638 | 1,108 |
Average Recorded Investment | 11,974 | 13,285 |
Construction and Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 1,312 | 1,336 |
Unpaid Principal Balance, with an allowance recorded | 1,514 | 1,514 |
Related Allowance | 504 | 504 |
Average Recorded Investment, with an allowance recorded | 1,320 | 1,392 |
Recorded Investment, with no allowance recorded | 168 | 396 |
Unpaid Principal Balance, with no allowance recorded | 199 | 401 |
Average Recorded Investment, with no allowance recorded | 197 | 1,530 |
Recorded Investment | 1,480 | 1,732 |
Unpaid Principal Balance | 1,713 | 1,915 |
Related Allowance | 504 | 504 |
Average Recorded Investment | 1,517 | 2,922 |
1-4 Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 297 | 305 |
Unpaid Principal Balance, with an allowance recorded | 310 | 313 |
Related Allowance | 129 | 129 |
Average Recorded Investment, with an allowance recorded | 299 | 78 |
Recorded Investment, with no allowance recorded | 3,498 | 3,361 |
Unpaid Principal Balance, with no allowance recorded | 4,051 | 3,898 |
Average Recorded Investment, with no allowance recorded | 3,374 | 1,933 |
Recorded Investment | 3,795 | 3,666 |
Unpaid Principal Balance | 4,361 | 4,211 |
Related Allowance | 129 | 129 |
Average Recorded Investment | 3,673 | 2,011 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 4,437 | 4,172 |
Unpaid Principal Balance, with no allowance recorded | 5,889 | 5,588 |
Average Recorded Investment, with no allowance recorded | 4,255 | 4,062 |
Recorded Investment | 4,437 | 4,172 |
Unpaid Principal Balance | 5,889 | 5,588 |
Average Recorded Investment | 4,255 | 4,062 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with an allowance recorded | 19 | 975 |
Unpaid Principal Balance, with an allowance recorded | 20 | 1,653 |
Related Allowance | 5 | 475 |
Average Recorded Investment, with an allowance recorded | 1,043 | 908 |
Recorded Investment, with no allowance recorded | 3,255 | 1,251 |
Unpaid Principal Balance, with no allowance recorded | 4,345 | 1,255 |
Average Recorded Investment, with no allowance recorded | 1,486 | 3,368 |
Recorded Investment | 3,274 | 2,226 |
Unpaid Principal Balance | 4,365 | 2,908 |
Related Allowance | 5 | 475 |
Average Recorded Investment | $ 2,529 | 4,276 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, with no allowance recorded | 14 | |
Average Recorded Investment | $ 14 |
Loans and the Allowance for L37
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 at Acquisition | $ 4,919 |
Loans and the Allowance for L38
Loans and the Allowance for Loan Losses - Summary of Changes in Carrying Amount of Purchased Impaired Credits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Carrying amount, beginning balance | $ 3,634 | |
Carrying amount, ending balance | 2,723 | $ 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 | 3,634 | 4,919 |
Payments received, net of discounts realized | (498) | (469) |
Charge-offs | (263) | (204) |
Transfer to Other Real Estate | (150) | (612) |
Carrying amount, ending balance | $ 2,723 | $ 3,634 |
Loans and the Allowance for L39
Loans and the Allowance for Loan Losses - Summary of Informative Data Regarding Loan Modifications (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Contracts | Dec. 31, 2015USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 12 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 10,005 | $ 8,447 |
Post-Modification Outstanding Recorded Investment | $ 7,301 | $ 5,865 |
1-4 Family Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,568 | $ 1,568 |
Post-Modification Outstanding Recorded Investment | $ 998 | $ 1,008 |
Nonfarm Nonresidential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 5,143 | $ 5,143 |
Post-Modification Outstanding Recorded Investment | $ 3,563 | $ 3,623 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 3,294 | $ 1,736 |
Post-Modification Outstanding Recorded Investment | $ 2,740 | $ 1,234 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments - Additional Information (Detail) | Mar. 31, 2016USD ($) |
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 Instr41
Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | $ 206,920 | $ 210,857 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,870 | 13,667 |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 10,982 | 11,072 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 117,039 | 119,070 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 66,425 | 66,441 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 604 | 607 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 206,920 | 210,857 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 206,920 | 210,857 |
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 | 11,870 | 13,667 |
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 | 10,982 | 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 | 117,039 | 119,070 |
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 | 66,425 | 66,441 |
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 | 604 | 607 |
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 | 206,920 | 210,857 |
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 | 11,870 | 13,667 |
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 | 10,982 | 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 | 117,039 | 119,070 |
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 | 66,425 | 66,441 |
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 | $ 604 | $ 607 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 17,414 | $ 16,257 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 14,973 | 14,224 |
Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 2,441 | 2,033 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 17,414 | 16,257 |
Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 14,973 | 14,224 |
Significant Other Observable Inputs (Level 2) [Member] | Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 2,441 | $ 2,033 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Banks Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities | $ 206,920 | $ 210,857 |
Other Equity Securities | 5,408 | 5,350 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 107,870 | 43,407 |
Securities | 206,920 | 210,857 |
Loans - Net | 782,165 | 765,148 |
Cash Value of BOLI | 22,132 | 22,339 |
Other Equity Securities | 5,408 | 5,350 |
Total Assets | 1,124,495 | 1,047,101 |
Deposits | 978,308 | 904,236 |
Borrowings | 54,493 | 54,579 |
Total Liabilities | 1,032,801 | 958,815 |
Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 107,870 | 43,407 |
Securities | 206,920 | 210,857 |
Loans - Net | 779,444 | 761,241 |
Cash Value of BOLI | 22,132 | 22,339 |
Other Equity Securities | 5,408 | 5,350 |
Total Assets | 1,121,774 | 1,043,194 |
Deposits | 971,077 | 897,771 |
Borrowings | 54,476 | 54,561 |
Total Liabilities | 1,025,553 | 952,332 |
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 | 107,870 | 43,407 |
Total Assets | 107,870 | 43,407 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities | 206,920 | 210,857 |
Cash Value of BOLI | 22,132 | 22,339 |
Total Assets | 229,052 | 233,196 |
Borrowings | 54,476 | 54,561 |
Total Liabilities | 54,476 | 54,561 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans - Net | 779,444 | 761,241 |
Other Equity Securities | 5,408 | 5,350 |
Total Assets | 784,852 | 766,591 |
Deposits | 971,077 | 897,771 |
Total Liabilities | $ 971,077 | $ 897,771 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - American Gateway Financial Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Other Commitments [Line Items] | ||
Unsettled appraisal rights shares | 217,944 | |
Share price | $ 17.66 | |
Requested cash merger consideration payment per share | $ 263 | |
Accrual for unsettled appraisal rights shares | $ 3,448 | |
Unsettled Contracts [Member] | ||
Other Commitments [Line Items] | ||
Unsettled appraisal rights shares | 53,094 | |
Share price | 155 | |
Contingent Consideration [Member] | ||
Other Commitments [Line Items] | ||
Calculated merger consideration per share | $ 219.94 | 219.94 |
Paid Out [Member] | ||
Other Commitments [Line Items] | ||
Share price | $ 10 | $ 10 |