Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | People's Utah Bancorp | |
Entity Central Index Key | 0001636286 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Trading Symbol | PUB | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 18,801,642 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 36,659 | $ 39,471 |
Interest bearing deposits | 106,467 | 7,456 |
Federal funds sold | 896 | 1,620 |
Total cash and cash equivalents | 144,022 | 48,547 |
Investment securities: | ||
Available for sale, at fair value | 347,123 | 280,964 |
Held to maturity, at historical cost | 65,462 | |
Total investment securities | 347,123 | 346,426 |
Non-marketable equity securities | 2,623 | 2,551 |
Loans held for sale | 7,184 | 10,267 |
Loans: | ||
Loans held for investment | 1,676,889 | 1,678,902 |
Allowance for loan losses | (25,923) | (25,245) |
Total loans held for investment, net | 1,650,966 | 1,653,657 |
Premises and equipment, net | 37,836 | 36,532 |
Goodwill | 25,673 | 25,673 |
Bank-owned life insurance | 26,581 | 26,433 |
Deferred income tax assets, net | 10,354 | 11,514 |
Accrued interest receivable | 8,593 | 8,282 |
Other intangibles | 3,301 | 3,412 |
Other assets | 6,551 | 11,000 |
Total assets | 2,270,807 | 2,184,294 |
Deposits: | ||
Non-interest bearing deposits | 655,866 | 642,594 |
Interest bearing deposits | 1,295,459 | 1,234,461 |
Total deposits | 1,951,325 | 1,877,055 |
Accrued interest payable | 521 | 483 |
Other liabilities | 17,634 | 16,594 |
Total liabilities | 1,969,480 | 1,894,132 |
Shareholders’ equity: | ||
Preferred shares, $0.01 par value: 3,000,000 shares authorized, no shares issued | ||
Common shares, $0.01 par value: 30,000,000 shares authorized; 18,797,280 and 18,728,823 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | 188 | 187 |
Additional paid-in capital | 86,892 | 86,308 |
Retained earnings | 216,216 | 207,779 |
Accumulated other comprehensive loss | (1,969) | (4,112) |
Total shareholders’ equity | 301,327 | 290,162 |
Total liabilities and shareholders’ equity | $ 2,270,807 | $ 2,184,294 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 3,000,000 | 3,000,000 |
Preferred shares, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 18,797,280 | 18,728,823 |
Common stock, shares outstanding | 18,797,280 | 18,728,823 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Interest and fees on loans | $ 26,980 | $ 25,783 |
Interest and dividends on investments | 2,172 | 1,656 |
Total interest income | 29,152 | 27,439 |
Interest expense | 2,245 | 1,495 |
Net interest income | 26,907 | 25,944 |
Provision for loan losses | 1,550 | 2,050 |
Net interest income after provision for loan losses | 25,357 | 23,894 |
Non-interest income | ||
Mortgage banking | 1,417 | 1,638 |
Card processing | 615 | 723 |
Service charges on deposit accounts | 657 | 673 |
Net gain on sale of investment securities | 2 | |
Other | 648 | 682 |
Total non-interest income | 3,337 | 3,718 |
Non-interest expense | ||
Salaries and employee benefits | 9,886 | 10,423 |
Occupancy, equipment and depreciation | 1,456 | 1,543 |
Data processing | 964 | 870 |
Marketing and advertising | 116 | 446 |
FDIC premiums | 90 | 329 |
Acquisition-related costs | 349 | |
Other | 2,404 | 2,088 |
Total non-interest expense | 14,916 | 16,048 |
Income before income tax expense | 13,778 | 11,564 |
Income tax expense | 3,273 | 2,560 |
Net income | $ 10,505 | $ 9,004 |
Earnings per common share: | ||
Basic | $ 0.56 | $ 0.48 |
Diluted | $ 0.55 | $ 0.48 |
Weighted average common shares outstanding: | ||
Basic | 18,781,210 | 18,598,436 |
Diluted | 18,989,565 | 18,937,637 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 10,505 | $ 9,004 |
Other comprehensive income | ||
Unrealized holding gains/(losses) on securities available for sale | 2,856 | (2,468) |
Income tax (expense)/benefit | (713) | 617 |
Unrealized holding gains/(losses) on securities available for sale, net of tax | 2,143 | (1,851) |
Total comprehensive income | $ 12,648 | $ 7,153 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance, beginning at Dec. 31, 2017 | $ 257,418 | $ 185 | $ 84,532 | $ 174,804 | $ (2,103) |
Balance, beginning, Shares at Dec. 31, 2017 | 18,511,797 | ||||
Net income | 9,004 | 9,004 | |||
Other comprehensive income (loss) | (1,851) | (1,851) | |||
Cash dividends | (1,672) | (1,672) | |||
Share-based compensation | 216 | 216 | |||
Issuance of shares under stock incentive plans | 684 | $ 2 | 682 | ||
Issuance of shares under stock incentive plans, Shares | 162,435 | ||||
Balance, ending at Mar. 31, 2018 | 263,799 | $ 187 | 85,430 | 182,136 | (3,954) |
Balance, ending, Shares at Mar. 31, 2018 | 18,674,232 | ||||
Balance, beginning at Dec. 31, 2018 | $ 290,162 | $ 187 | 86,308 | 207,779 | (4,112) |
Balance, beginning, Shares at Dec. 31, 2018 | 18,728,823 | 18,728,823 | |||
Net income | $ 10,505 | 10,505 | |||
Other comprehensive income (loss) | 2,143 | 2,143 | |||
Cash dividends | (2,068) | (2,068) | |||
Share-based compensation | 191 | 191 | |||
Issuance of shares under stock incentive plans | 394 | $ 1 | 393 | ||
Issuance of shares under stock incentive plans, Shares | 68,457 | ||||
Balance, ending at Mar. 31, 2019 | $ 301,327 | $ 188 | $ 86,892 | $ 216,216 | $ (1,969) |
Balance, ending, Shares at Mar. 31, 2019 | 18,797,280 | 18,797,280 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends per share | $ 0.11 | $ 0.09 |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 10,505 | $ 9,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,550 | 2,050 |
Depreciation and amortization | 974 | 738 |
Deferred income taxes | 446 | (561) |
Net amortization of securities discounts and premiums | 574 | 682 |
Increase in cash surrender value of bank-owned life insurance | (148) | (148) |
Share-based compensation | 191 | 216 |
Gain on sale of loans held for sale | (942) | (1,150) |
Originations of loans held for sale | (40,237) | (56,474) |
Proceeds from sale of loans held for sale | 44,262 | 57,877 |
Net changes in: | ||
Accrued interest receivable | (311) | (22) |
Other assets | 4,423 | (2,217) |
Accrued interest payable | 38 | 1 |
Other liabilities | (1,129) | 2,834 |
Net cash provided by operating activities | 20,196 | 12,830 |
Cash flows from investing activities: | ||
Net change in loans held for investment | 1,141 | (58,963) |
Purchase of available-for-sale securities | (10,260) | |
Proceeds from maturities/sales of available-for-sale securities | 10,475 | 10,566 |
Proceeds from maturities of held-to-maturity securities | 1,370 | 572 |
Purchase of bank-owned life insurance | (2,250) | |
Purchase of premises and equipment | (2,154) | (47) |
Proceeds from sale of other real estate owned, net of improvements | 2,183 | 438 |
Purchase of non-marketable equity securities | (4,032) | (7,115) |
Proceeds from sale of non-marketable equity securities | 3,960 | 5,110 |
Net cash (used in) provided by investing activities | 2,683 | (51,689) |
Cash flows from financing activities: | ||
Net increase in deposits | 74,270 | (8,307) |
Proceeds related to exercise of stock options | 394 | 684 |
Net change in short-term borrowings | 39,000 | |
Cash dividends paid | (2,068) | (1,672) |
Net cash provided by financing activities | 72,596 | 29,705 |
Net change in cash and cash equivalents | 95,475 | (9,154) |
Cash and cash equivalents, beginning of period | 48,547 | 51,027 |
Cash and cash equivalents, end of period | 144,022 | 41,873 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,207 | 1,494 |
Supplemental disclosures of non-cash investing transactions: | ||
Reclassifications from loans to other real estate owned | (745) | |
Unrealized gains / (losses) on securities available-for-sale | 2,856 | (2,468) |
Measurement period adjustment to goodwill | $ (664) | |
Transfer of HTM securities to AFS | $ 64,648 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Nature of operations and basis of consolidation — People’s Utah Bancorp, Inc. (“PUB” or the “Company”) is a Utah corporation headquartered in American Fork, Utah. The Company operates all business activities through its wholly-owned banking subsidiary, People’s Intermountain Bank (“PIB” or the “Bank”), which was organized in 1913. The Bank is a Utah state chartered bank. The Bank operates under the jurisdiction of the Utah Department of Financial Institutions, and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is not a member of the Federal Reserve System; however, PUB is operated as a bank holding company under the Federal Bank Holding Company Act of 1956 and is the sole shareholder of the Bank. Both PUB and the Bank are subject to periodic examination by applicable federal and state regulatory agencies and file periodic reports and other information with the agencies. The Company considers the Bank to be its sole operating segment. PIB is a community bank that provides highly personalized retail and commercial banking products and services to small and medium sized businesses and to individuals. Products and services are offered primarily through 26 retail branches located throughout Utah and southern Idaho. PIB has three banking divisions, Bank of American Fork, Lewiston State Bank, and People’s Town & Country Bank; and a mortgage division, People’s Intermountain Bank Mortgage. The Bank offers a full range of short-term to long-term commercial, personal and mortgage loans. Commercial loans include both secured and unsecured loans for working capital (including inventory and accounts receivable), business expansion (including acquisition of real estate and improvements), and purchase of equipment and machinery. Consumer loans include secured and unsecured loans to finance automobiles, home improvements, education, and personal investments. The Bank also offers mortgage loans secured by personal residences. The Bank offers a full range of deposit services typically available in most financial institutions, including checking accounts, savings accounts, and time deposits. The Bank solicits these accounts from individuals, businesses, associations and organizations, and governmental entities. The accompanying unaudited interim consolidated financial statements include the accounts of the Company together with its subsidiary Bank. All intercompany transactions and balances have been eliminated. These unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2019, for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. Certain reclassifications have been made to the 2018 Consolidated Financial Statements and/or schedules to conform to the 2019 presentation. These reclassifications may have affected certain ratios for the prior periods. The effect of these reclassifications is considered immaterial. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are significant to an understanding of the Company’s financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for loan losses, (iii) the valuation of financial assets and liabilities recorded at fair value, including other-than-temporary impairment (OTTI) losses, (iv) the valuation of intangibles, such as goodwill, core deposit intangibles (CDI) and mortgage servicing rights, (v) the valuation of real estate held for sale, (vi) the valuation of assets and liabilities acquired in business combinations and subsequent recognition of related income and expense, and (vii) the valuation or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC (2018 Form 10-K). There have been no significant changes in our application of these accounting policies during the first three months of 2019, except as described later in Note 1. The information included in this Form 10-Q should be read in conjunction with our 2018 Form 10-K. Interim results are not necessarily indicative of results for a full year or any other interim period. Note 1 — Basis of Presentation and Significant Accounting Policies – Continued Earnings per share — Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares include shares that may be issued by the Company for outstanding stock options determined using the treasury stock method and for all outstanding restricted stock units (“RSU”). Reclassifications — Certain amounts in the prior period’s financial statements have been reclassified to conform to the current period’s presentation. Impact of Recent Authoritative Accounting Guidance —The Accounting Standards Codification™ (“ASC”) is the Financial Accounting Standards Board’s (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Periodically, the FASB will issue Accounting Standard Updates (“ASU”) to its ASC. Rules and interpretive releases of the SEC under the authority of the federal securities laws are also sources of authoritative GAAP for us as an SEC registrant. All other accounting literature is non-authoritative. In August 2018, FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU broaden the scope of ASC Subtopic 350-40 to include costs incurred to implement a 104 hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for costs for internal-use software. The amendments in this ASU result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Adoption of ASU 2018-15 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In August 2018, FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The ASU removes, modifies and adds disclosure requirements in Topic 820. The following disclosure requirements were removed: 1) the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; 2) the policy for timing of transfers between levels; and 3) the valuation processes for Level 3 fair value measurements. This ASU modified disclosure requirements by requiring that the measurement uncertainty disclosure communicates information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added: 1) changes in unrealized gains and losses for the period included in other comprehensive income for the recurring Level 3 fair value measurements held at the end of the reporting period; and 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in this ASU are effective for all entities for fiscal years; and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. Adoption of ASU 2018-13 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Once adopted, we expect our allowance for loan losses to increase; however, until our evaluation is complete, the magnitude of the increase is not known. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU require lessees to recognize the following for all leases (with the exception of short-term) at the commencement date; a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendments in this ASU leave lessor accounting largely unchanged, although certain targeted improvements were made to align lessor accounting with the lessee accounting model. This ASU simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Note 1 — Basis of Presentation and Significant Accounting Policies – Continued Lessees will no longer be provided with a source of off-balance sheet financing. ASU No. 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018, and entities are required to use a modified retrospective approach for leases. The Company adopted the new guidance effective January 1, 2019. The Company elected the transition option provided in ASU No. 2018-11 and applied the modified retrospective approach. The Company also elected certain relief options for practical expedients: the option to not separate lease and non-lease components and instead to account for them as a single lease component, and the option to not recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e. leases terms of twelve months or less). The Company has eight real property leases under non-cancelable operating leases, three of which will be subject to this ASU that will result in the recognition of right-of-use assets and lease liabilities. All of the Company’s equipment is owned or on short-term leases. The Company compiled a complete inventory of arrangements containing leases and analyzed the lease data necessary to meet the new requirements. In connection with the adoption of this ASU, as of January 1, 2019, the Company recorded a $2.2 million right of use asset and a $2.2 million lease liability on its Consolidated Statements of Financial Condition. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 2 — Investment Securities Amortized cost and estimated fair value of investment securities available for sale are summarized as follows: Gross Unrealized Losses Less 12 Gross Than Months Amortized Unrealized 12 or Fair (Dollars in thousands) Cost Gains Months Longer Value As of March 31, 2019 U.S. Government-sponsored securities $ 48,955 $ 9 $ - $ (249 ) $ 48,715 Municipal securities 73,074 283 (1 ) (242 ) 73,114 Mortgage-backed securities 222,720 796 (55 ) (2,841 ) 220,620 Corporate securities 5,000 - - (326 ) 4,674 $ 349,749 $ 1,088 $ (56 ) $ (3,658 ) $ 347,123 As of December 31, 2018 U.S. Government-sponsored securities $ 48,954 $ - $ - $ (588 ) $ 48,366 Municipal securities 10,274 59 (12 ) (53 ) 10,268 Mortgage-backed securities 222,218 218 (156 ) (4,523 ) 217,757 Corporate securities 5,000 - (23 ) (404 ) 4,573 $ 286,446 $ 277 $ (191 ) $ (5,568 ) $ 280,964 Amortized cost and estimated fair value of investment securities held to maturity are as follows: Gross Unrealized Losses Less 12 Gross Than Months Amortized Unrealized 12 or Fair (Dollars in thousands) Cost Gains Months Longer Value As of December 31, 2018 Municipal securities $ 65,462 $ 28 $ (39 ) $ (685 ) $ 64,766 In August 2017, the FASB amended the Derivatives and Hedging topic of the FASB ASC. The primary focus of the amendment is to simplify hedge accounting and make the results of hedge transactions in the financial statements easier to understand. An ancillary result of the amendment is that an entity may make a one-time transfer of certain securities from the held to maturity classification to the available for sale classification. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As allowed under this accounting pronouncement, the Company has elected to makes a one-time transfer of $64.6 million of held to maturity securities to the available for sale classification as of January 1, 2019, and has recorded an unrecognized loss of $19,000, net of taxes, to other comprehensive income. Note 2 — Investment Securities – continued At March 31, 2019 and December 31, 2018, the gross unrealized losses and the fair value for securities available for sale and held to maturity were as follows: March 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available-for-Sale U.S. Government-sponsored securities $ - $ - $ 38,814 $ (249 ) $ 38,814 $ (249 ) Municipal securities 289 (1 ) 37,515 (242 ) 37,804 (243 ) Mortgage-backed securities 15,179 (55 ) 142,699 (2,841 ) 157,878 (2,896 ) Corporate securities - - 4,674 (326 ) 4,674 (326 ) $ 15,468 $ (56 ) $ 223,702 $ (3,658 ) $ 239,170 $ (3,714 ) December 31, 2018 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available-for-Sale U.S. Government-sponsored securities $ - $ - $ 48,366 $ (588 ) $ 48,366 $ (588 ) Municipal securities 1,701 (12 ) 4,095 (53 ) 5,796 (65 ) Mortgage-backed securities 35,155 (156 ) 150,569 (4,523 ) 185,724 (4,679 ) Corporate securities 1,977 (23 ) 2,596 (404 ) 4,573 (427 ) $ 38,833 $ (191 ) $ 205,626 $ (5,568 ) $ 244,459 $ (5,759 ) Held-to Maturity Municipal securities $ 9,163 $ (39 ) $ 46,996 $ (685 ) $ 56,159 $ (724 ) The amortized cost and estimated fair value of investment securities that are available for sale and held to maturity at March 31, 2019, by contractual maturity, are as follows: Available-For-Sale Amortized Fair (Dollars in thousands) Cost Value Securities maturing in: One year or less $ 44,381 $ 44,188 After one year through five years 76,850 76,384 After five years through ten years 57,797 56,866 After ten years 170,721 169,685 $ 349,749 $ 347,123 Actual maturities may differ from contractual maturities because issuers may have the right to call obligations with or without penalties and other securities may experience pre-payments. As of March 31, 2019, the Company held 259 available for sale investment securities with fair value less than amortized cost compared to 201 at December 31, 2018. In addition, the Company held 122 held to maturity securities with fair values less than amortized cost at December 31, 2018. The company had no held to maturity securities with fair values less than amortized cost at March 31, 2019. Management evaluated these investment securities and determined that the decline in value is temporary and related to the change in market interest rates since purchase. The decline in value is not related to any company or industry specific event. The Company anticipates full recovery of the amortized cost with respect to these securities at maturity, or sooner, in the event of a more favorable market interest rate environment. Note 2 — Investment Securities – continued The Company had no sales of available for sale securities during the three months ended March 31, 2019 and 2018, respectively. There were no available for sale securities in a nonaccrual status at March 31, 2019 or December 31, 2018. The Company had no sales of held to maturity securities during the three months ended March 31, 2019 and 2018, respectively. The company had no held to maturity securities in a nonaccrual status at March 31, 2019 or December 31, 2018. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 3 — Loans and Allowance for Loan Losses Loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Loans held for investment: Commercial real estate loans: Real estate term $ 899,509 $ 891,131 Construction and land development 322,132 324,506 Total commercial real estate loans 1,221,641 1,215,637 Commercial and industrial loans 293,895 295,569 Consumer loans: Residential and home equity 150,608 155,601 Consumer and other 15,087 16,621 Total consumer loans 165,695 172,222 Total gross loans 1,681,231 1,683,428 Net deferred loan fees (4,342 ) (4,526 ) Total loans held for investment 1,676,889 1,678,902 Allowance for loan losses (25,923 ) (25,245 ) Total loans held for investment, net $ 1,650,966 $ 1,653,657 Changes in the allowance for loan losses (“ALLL”) are as follows: Three Months Ended March 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Balance at beginning of period $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Additions: Provisions for loan losses 204 133 1,281 72 (140 ) 1,550 Deductions: Gross loan charge-offs - (5 ) (1,086 ) (19 ) (64 ) (1,174 ) Recoveries - 32 180 22 68 302 Net loan (charge-offs) / recoveries - 27 (906 ) 3 4 (872 ) Balance at end of period $ 10,172 $ 7,182 $ 7,602 $ 804 $ 163 $ 25,923 Three Months Ended March 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Balance at beginning of period $ 6,706 $ 6,309 $ 4,314 $ 815 $ 159 $ 18,303 Additions: Provisions for loan losses 531 474 1,325 (200 ) (80 ) 2,050 Deductions: Gross loan charge-offs - - (193 ) - (65 ) (258 ) Recoveries 12 25 516 27 56 636 Net loan (charge-offs) / recoveries 12 25 323 27 (9 ) 378 Balance at end of period $ 7,249 $ 6,808 $ 5,962 $ 642 $ 70 $ 20,731 Note 3 — Loans and Allowance for Loan Losses – Continued Non-accrual loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Non-accrual loans, not troubled debt restructured: Real estate term $ 355 $ 309 Construction and land development 429 - Commercial and industrial 216 347 Residential and home equity 51 - Consumer and other 17 - Total non-accrual loans, not troubled debt restructured 1,068 656 Troubled debt restructured loans, non-accrual: Real estate term 1,420 1,449 Construction and land development - - Commercial and industrial 130 150 Residential and home equity - - Consumer and other - - Total troubled debt restructured loans, non-accrual 1,550 1,599 Total non-accrual loans $ 2,618 $ 2,255 As of March 31, 2019, and December 31, 2018, there are $2.07 million and $ 2.24 million, respectively, in Purchased Credit Impaired (“PCI”) loans that are not performing to the original contractual terms. Including these PCI loans, total non-accrual loans are $4.7 million and $4.5 million at March 31, 2019, and December 31, 2018. Troubled debt restructured (“TDR”) loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Accruing troubled debt restructured loans $ 12,374 $ 5,912 Non-accrual troubled debt restructured loans 1,550 1,599 Total troubled debt restructured loans $ 13,924 $ 7,511 There were no PCI TDR non-performing loans as of March 31, 2019 and December 31, 2018. A restructured loan is considered a troubled debt restructured loan (“TDR”), if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession in terms or a below-market interest rate to the debtor that it would not otherwise consider. Each TDR loan is separately negotiated with the borrower and includes terms and conditions that reflect the borrower’s prospective ability to service the debt as modified. The following tables present TDRs that occurred during the periods presented and the TDRs for which the payment default occurred within twelve months of the restructure date. A default on a restructured loan results in a transfer to nonaccrual status, a charge-off or a combination of both. Note 3 — Loans and Allowance for Loan Losses – Continued March 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 4 - 7 1 - 12 Pre-modification balance $ 4,256 $ - $ 2,391 $ 18 $ - $ 6,665 Post-modification balance $ 4,256 $ - $ 2,391 $ 18 $ - $ 6,665 TDRs that subsequently defaulted Number of loans - - - - - - Recorded balance $ - $ - $ - $ - $ - $ - March 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 2 - 3 - - 5 Pre-modification balance $ 1,592 $ - $ 211 $ - $ - $ 1,803 Post-modification balance $ 1,592 $ - $ 211 $ - $ - $ 1,803 TDRs that subsequently defaulted Number of loans 2 - 3 - - 5 Recorded balance $ 1,449 $ - $ 150 $ - $ - $ 1,599 (1) Since most loans were already considered classified and/or on non-accrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for loan losses. (2) Generally, these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. Current and past due loans held for investment (accruing and non-accruing) are summarized as follows: March 31, 2019 Purchased 30-89 Days 90+ Days Non- Total Credit Total (Dollars in thousands) Current Past Due Past Due accrual Past Due Impaired Loans Commercial real estate: Real estate term $ 895,363 $ 1,453 $ - $ 1,775 $ 3,228 $ 918 $ 899,509 Construction and land development 320,160 1,314 - 429 1,743 229 322,132 Total commercial real estate 1,215,523 2,767 - 2,204 4,971 1,147 1,221,641 Commercial and industrial 287,012 3,039 - 346 3,385 3,498 293,895 Consumer: Residential and home equity 149,845 712 - 51 763 - 150,608 Consumer and other 14,825 229 16 17 262 - 15,087 Total consumer 164,670 941 16 68 1,025 - 165,695 Total gross loans $ 1,667,205 $ 6,747 $ 16 $ 2,618 $ 9,381 $ 4,645 $ 1,681,231 Note 3 — Loans and Allowance for Loan Losses – Continued December 31, 2018 Purchased 30-89 Days 90+ Days Non- Total Credit Total (Dollars in thousands) Current Past Due Past Due accrual Past Due Impaired Loans Commercial real estate: Real estate term $ 886,974 $ 1,467 $ - $ 1,758 $ 3,225 $ 932 $ 891,131 Construction and land development 321,389 2,833 - - 2,833 284 324,506 Total commercial real estate 1,208,363 4,300 - 1,758 6,058 1,216 1,215,637 Commercial and industrial 288,328 3,225 - 497 3,722 3,519 295,569 Consumer: Residential and home equity 154,368 1,233 - - 1,233 - 155,601 Consumer and other 16,180 424 17 - 441 - 16,621 Total consumer 170,548 1,657 17 - 1,674 - 172,222 Total gross loans $ 1,667,239 $ 9,182 $ 17 $ 2,255 $ 11,454 $ 4,735 $ 1,683,428 Credit Quality Indicators: In addition to past due and non-accrual criteria, the Company also analyzes loans using a loan grading system. Performance-based grading follows the Company’s definitions of Pass, Special Mention, Substandard and Doubtful, which are consistent with published definitions of regulatory risk classifications. Definitions of Pass, Special Mention, Substandard, and Doubtful are summarized as follows: Pass : A Pass asset is higher quality and does not fit any of the other categories described below. The likelihood of loss is considered remote. Special Mention : A Special Mention asset has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the Company is currently protected and loss is considered unlikely and not imminent. Substandard : A Substandard asset is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well defined weaknesses and are characterized by the distinct possibility that the Company may sustain some loss if deficiencies are not corrected. Doubtful : A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable. For Consumer loans, the Company generally assigns internal risk grades similar to those described above based on payment performance. Outstanding loan balances (accruing and non-accruing) categorized by these credit quality indicators are summarized as follows: March 31, 2019 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 874,115 $ 10,715 $ 14,679 $ - $ 899,509 $ 10,172 Construction and land development 313,427 6,288 2,417 - 322,132 7,182 Total commercial real estate 1,187,542 17,003 17,096 - 1,221,641 17,354 Commercial and industrial 260,642 20,014 13,239 - 293,895 7,602 Consumer loans: Residential and home equity 146,209 - 4,399 - 150,608 804 Consumer and other 15,081 - 6 - 15,087 163 Total consumer 161,290 - 4,405 - 165,695 967 Total $ 1,609,474 $ 37,017 $ 34,740 $ - $ 1,681,231 $ 25,923 Note 3 — Loans and Allowance for Loan Losses – Continued December 31, 2018 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 865,472 $ 14,339 $ 11,320 $ - $ 891,131 $ 9,968 Construction and land development 322,625 1,332 549 - 324,506 7,022 Total commercial real estate 1,188,097 15,671 11,869 - 1,215,637 16,990 Commercial and industrial 271,825 10,138 13,606 - 295,569 7,227 Consumer loans: Residential and home equity 150,590 620 4,391 - 155,601 729 Consumer and other 16,574 29 18 - 16,621 299 Total consumer 167,164 649 4,409 - 172,222 1,028 Total $ 1,627,086 $ 26,458 $ 29,884 $ - $ 1,683,428 $ 25,245 The ALLL and outstanding loan balances reviewed according to the Company’s impairment method are summarized as follows: March 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Allowance for loan losses: Individually evaluated for impairment $ 229 $ 133 $ 1,929 $ 130 $ - $ 2,421 Collectively evaluated for impairment 9,943 7,049 5,673 674 163 23,502 Purchased credit-impaired loans - - - - - - Total $ 10,172 $ 7,182 $ 7,602 $ 804 $ 163 $ 25,923 Outstanding loan balances: Individually evaluated for impairment $ 13,763 $ 1,882 $ 9,497 $ 4,483 $ - $ 29,625 Collectively evaluated for impairment 884,828 320,021 280,900 146,125 15,087 1,646,961 Purchased credit-impaired loans 918 229 3,498 - - 4,645 Total gross loans $ 899,509 $ 322,132 $ 293,895 $ 150,608 $ 15,087 $ 1,681,231 December 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Allowance for loan losses: Individually evaluated for impairment $ 324 $ - $ 1,781 $ 55 $ - $ 2,160 Collectively evaluated for impairment 9,644 7,022 5,446 674 299 23,085 Purchased credit-impaired loans - - - - - - Total $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Outstanding loan balances: Individually evaluated for impairment $ 9,689 $ 268 $ 9,581 $ 4,095 $ - $ 23,633 Collectively evaluated for impairment 880,510 323,954 282,469 151,506 16,621 1,655,060 Purchased credit-impaired loans 932 284 3,519 - - 4,735 Total gross loans $ 891,131 $ 324,506 $ 295,569 $ 155,601 $ 16,621 $ 1,683,428 Note 3 — Loans and Allowance for Loan Losses – Continued Information on impaired loans, excluding PCI loans, is summarized as follows: March 31, 2019 Recorded Investment Unpaid Total Principal With No With Recorded Related (Dollars in thousands) Balance Allowance Allowance Investment Allowance Commercial real estate: Real estate term $ 13,763 $ 11,317 $ 2,446 $ 13,763 $ 229 Construction and land development 2,585 - 1,882 1,882 133 Total commercial real estate 16,348 11,317 4,328 15,645 362 Commercial and industrial 10,012 3,236 6,261 9,497 1,929 Consumer loans: Residential and home equity 4,483 2,499 1,984 4,483 130 Consumer and other - - - - - Total consumer 4,483 2,499 1,984 4,483 130 Total $ 30,843 $ 17,052 $ 12,573 $ 29,625 $ 2,421 December 31, 2018 Recorded Investment Unpaid Total Principal With No With Recorded Related (Dollars in thousands) Balance Allowance Allowance Investment Allowance Commercial real estate: Real estate term $ 9,689 $ 3,823 $ 5,866 $ 9,689 $ 324 Construction and land development 997 268 - 268 - Total commercial real estate 10,686 4,091 5,866 9,957 324 Commercial and industrial 10,113 5,494 4,087 9,581 1,781 Consumer loans: Residential and home equity 4,095 3,046 1,049 4,095 55 Consumer and other - - - - - Total consumer 4,095 3,046 1,049 4,095 55 Total $ 24,894 $ 12,631 $ 11,002 $ 23,633 $ 2,160 The interest income recognized on impaired loans, excluding PCI loans, was as follows: Three Months Ended March 31, 2019 March 31, 2018 Average Interest Average Interest Recorded Income Recorded Income (Dollars in thousands) Investment Recognition Investment Recognition Commercial real estate: Real estate term $ 10,117 $ 123 $ 9,332 $ 108 Construction and land development 1,087 17 2,676 39 Total commercial real estate 11,204 140 12,008 147 Commercial and industrial 9,414 155 10,901 132 Consumer loans: Residential and home equity 3,172 47 1,700 21 Consumer and other - - - - Total consumer 3,172 47 1,700 21 Total $ 23,790 $ 342 $ 24,609 $ 300 Note 3 — Loans and Allowance for Loan Losses – Continued Purchased credit-impaired loans and purchased non-credit-impaired loans . Purchased loans, including loans acquired in business combinations, are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan and lease losses is not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-impaired (PCI) or purchased non-credit-impaired. PCI loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. The outstanding contractual unpaid principal balance of PCI loans, excluding acquisition accounting adjustments, was $7.4 million at March 31, 2019 and $7.7 million at December 31, 2018. The carrying balance of PCI loans was $4.6 million at March 31, 2019 and $4.7 million at December 31, 2018. The following table presents the changes in the accretable yield for PCI loans for the three months ended March 31, 2019, and 2018: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Balance, beginning of period $ 5,884 $ 8,536 Accretion to interest income (528 ) (1,166 ) Reclassification from non-accretable difference 95 - Balance, end of period $ 5,451 $ 7,370 As of March 31, 2019 and December 31, 2018, the non-accretable difference between the contractually required payments and cash flows expected to be collected were $2.8 million and $2.9 million, respectively. Loans and Deposits to affiliates — The Company has entered into loan transactions with certain directors, affiliated companies and executive committee members (“affiliates”). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers, and did not, in the opinion of management, involve more than normal credit risk or present other unfavorable features. Total outstanding loans with affiliates were approximately $5.8 million and $5.6 million as of March 31, 2019, and December 31, 2018, respectively. Available lines of credit for loans and credit cards to affiliates were approximately $712,000 and $951,000 as of March 31, 2019, and December 31, 2018, respectively. Deposits from affiliates were $7.8 million and $8.8 million as of March 31, 2019 and December 31, 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4 — Commitments and Contingencies Litigation contingencies — The Company is involved in various claims, legal actions and complaints which arise in the ordinary course of business. In the Company’s opinion, all such matters are adequately covered by insurance, are without merit or are of such kind, or involve such amounts, that unfavorable disposition would not have a material adverse effect on the financial condition or results of operations of the Company. Commitments to extend credit — In the normal course of business, the Company has outstanding commitments and contingent liabilities, such as commitments to extend credit and unused credit card lines, which are not included in the accompanying consolidated financial statements. The Company’s exposure to credit loss in the event of non-performance by other parties to the financial instruments for commitments to extend credit and unused credit card lines is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making such commitments as it does for instruments that are included in the consolidated balance sheets. Contractual amounts of off-balance sheet financial instruments were as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Commitments to extend credit, including unsecured commitments of $16,986 and $16,304 as of March 31, 2019 and December 31, 2018, respectively $ 567,636 $ 577,612 Stand-by letters of credit and bond commitments, including unsecured commitments of $695 and $730 as of March 31, 2019 and December 31, 2018, respectively 22,780 22,979 Unused credit card lines, all unsecured 25,020 24,885 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments to extend credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unused credit card lines are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 5 — Fair Value The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 • Level 2 • Level 3 Note 5 — Fair Value - Continued The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. The following methods were used to estimate the fair value of each class of financial instruments: Securities : The estimated fair values of investment securities are priced using current active market quotes, if available, which are considered Level 1 measurements. For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value. These measurements are considered Level 2. Level 3 measurements were determined using discounted cash flow analyses based on the net present value of each security’s projected cash flows using observable market data for similar securities. Non-marketable securities : The fair value is based upon the redemption value of the stock, which equates to its carrying value. Loans held for sale : The carrying amount of these items is a reasonable estimate of their fair value. Loans held for investment : The fair value is estimated by discounting the future cash flows and estimated prepayments using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. Some loan types fair value approximated carrying value because of their floating rate or expected maturity characteristics. Deposits : The carrying amount of deposits with no stated maturity, such as savings and checking accounts, is a reasonable estimate of their fair value. The market value of certificates of deposit is based upon the discounted value of contractual cash flows. The discount rate is determined using the rates currently offered on comparable instruments. The following table presents estimated fair values of the Company’s financial instruments as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated (Dollars in thousands) Level Value Fair Value Value Fair Value Financial Assets: Cash and cash equivalents 1 $ 144,022 $ 144,022 $ 48,547 $ 48,547 Investment securities available-for-sale 2 332,579 332,579 280,964 280,964 Investment securities available-for-sale 3 14,544 14,544 - - Investment securities held-to-maturity 2 - - 50,905 50,364 Investment securities held-to-maturity 3 - - 14,557 14,402 Non-marketable securities 2 2,623 2,623 2,551 2,551 Loans held for sale 2 7,184 7,184 10,267 10,267 Loans held for investment 3 1,650,966 1,634,952 1,653,657 1,637,617 Financial Liabilities: Total deposits 2 $ 1,951,325 $ 1,712,862 $ 1,877,055 $ 1,675,992 Note 5 — Fair Value - Continued Assets measured on a recurring and non-recurring basis are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total As of March 31, 2019 Fair valued on a recurring basis: Investment securities available for sale $ - $ 332,579 $ 14,544 $ 347,123 Fair valued on a non-recurring basis: Impaired loans - - 391 391 As of December 31, 2018 Fair valued on a recurring basis: Investment securities available for sale $ - $ 280,964 $ - $ 280,964 Fair valued on a non-recurring basis: Impaired loans - - 7,304 7,304 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 — Income Taxes Income tax expense was $3.3 million and $2.6 million for the three months ended March 31, 2019 and 2018, respectively. The Company’s effective tax rate for the first quarter of 2019 was 23.8% compared with 22.1% in the first quarter of 2018. The tax rate in the first quarter of 2019 is higher than the same quarter in 2018 due primarily to higher tax benefits related to tax-deductible stock compensation expense in 2018. |
Regulatory Capital Matters
Regulatory Capital Matters | 3 Months Ended |
Mar. 31, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Capital Matters | Note 7 — Regulatory Capital Matters The consolidated Tier 1 Leverage ratio increased to 12.70% as of March 31, 2019 from 12.27% at December 31, 2018. Federal Reserve Board Regulations require maintenance of certain minimum reserve balances based on certain average deposits, which, as of March 31, 2019 and December 31, 2018, were $3.4 million and $2.2 million, respectively. The Company’s Board of Directors may declare a cash or stock dividend out of retained earnings provided the regulatory minimum capital ratios are met. The Company plans to maintain capital ratios that meet the well-capitalized standards per the regulations and, therefore, plans to limit dividends to amounts that are appropriate to maintain those well-capitalized regulatory capital ratios. |
Incentive Share-Based Plan and
Incentive Share-Based Plan and Other Employee Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Share-Based Plan and Other Employee Benefits | Note 8 — Incentive Share-Based Plan and Other Employee Benefits In June 2014, the Board of Directors (“Board”) and shareholders of the Company approved a share-based incentive plan (“the Plan”). The Plan provides for various share-based incentive awards including incentive share-based options, non-qualified share-based options, restricted shares, and stock appreciation rights to be granted to officers, directors and other key employees. The maximum aggregate number of shares that may be issued under the Plan is 800,000 common shares. The share-based awards are granted to participants under the Plan at a price not less than the fair value on the date of grant and for terms of up to ten years. The Plan also allows for granting of share-based awards to directors and consultants who are not employees of the Company. During the three months ended March 31, 2019, the Company granted 30,205 restricted stock units (“RSU”) at a weighted-average fair value of $30.15 per unit. The RSU’s generally vest over periods from one to three years. The Company recorded share-based compensation expense of $191,000 and $216,000 for the three months ended March 31, 2019 and 2018, respectively. Additionally, the Company did not grant any options for the purchase of common shares during the three months ended March 31, 2019. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Consolidation | Nature of operations and basis of consolidation — People’s Utah Bancorp, Inc. (“PUB” or the “Company”) is a Utah corporation headquartered in American Fork, Utah. The Company operates all business activities through its wholly-owned banking subsidiary, People’s Intermountain Bank (“PIB” or the “Bank”), which was organized in 1913. The Bank is a Utah state chartered bank. The Bank operates under the jurisdiction of the Utah Department of Financial Institutions, and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is not a member of the Federal Reserve System; however, PUB is operated as a bank holding company under the Federal Bank Holding Company Act of 1956 and is the sole shareholder of the Bank. Both PUB and the Bank are subject to periodic examination by applicable federal and state regulatory agencies and file periodic reports and other information with the agencies. The Company considers the Bank to be its sole operating segment. PIB is a community bank that provides highly personalized retail and commercial banking products and services to small and medium sized businesses and to individuals. Products and services are offered primarily through 26 retail branches located throughout Utah and southern Idaho. PIB has three banking divisions, Bank of American Fork, Lewiston State Bank, and People’s Town & Country Bank; and a mortgage division, People’s Intermountain Bank Mortgage. The Bank offers a full range of short-term to long-term commercial, personal and mortgage loans. Commercial loans include both secured and unsecured loans for working capital (including inventory and accounts receivable), business expansion (including acquisition of real estate and improvements), and purchase of equipment and machinery. Consumer loans include secured and unsecured loans to finance automobiles, home improvements, education, and personal investments. The Bank also offers mortgage loans secured by personal residences. The Bank offers a full range of deposit services typically available in most financial institutions, including checking accounts, savings accounts, and time deposits. The Bank solicits these accounts from individuals, businesses, associations and organizations, and governmental entities. The accompanying unaudited interim consolidated financial statements include the accounts of the Company together with its subsidiary Bank. All intercompany transactions and balances have been eliminated. These unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2019, for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. Certain reclassifications have been made to the 2018 Consolidated Financial Statements and/or schedules to conform to the 2019 presentation. These reclassifications may have affected certain ratios for the prior periods. The effect of these reclassifications is considered immaterial. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are significant to an understanding of the Company’s financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for loan losses, (iii) the valuation of financial assets and liabilities recorded at fair value, including other-than-temporary impairment (OTTI) losses, (iv) the valuation of intangibles, such as goodwill, core deposit intangibles (CDI) and mortgage servicing rights, (v) the valuation of real estate held for sale, (vi) the valuation of assets and liabilities acquired in business combinations and subsequent recognition of related income and expense, and (vii) the valuation or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC (2018 Form 10-K). There have been no significant changes in our application of these accounting policies during the first three months of 2019, except as described later in Note 1. The information included in this Form 10-Q should be read in conjunction with our 2018 Form 10-K. Interim results are not necessarily indicative of results for a full year or any other interim period. |
Earnings Per Share | Earnings per share — Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares include shares that may be issued by the Company for outstanding stock options determined using the treasury stock method and for all outstanding restricted stock units (“RSU”). |
Reclassifications | Reclassifications — Certain amounts in the prior period’s financial statements have been reclassified to conform to the current period’s presentation. |
Impact of Recent Authoritative Accounting Guidance | Impact of Recent Authoritative Accounting Guidance —The Accounting Standards Codification™ (“ASC”) is the Financial Accounting Standards Board’s (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Periodically, the FASB will issue Accounting Standard Updates (“ASU”) to its ASC. Rules and interpretive releases of the SEC under the authority of the federal securities laws are also sources of authoritative GAAP for us as an SEC registrant. All other accounting literature is non-authoritative. In August 2018, FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU broaden the scope of ASC Subtopic 350-40 to include costs incurred to implement a 104 hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for costs for internal-use software. The amendments in this ASU result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Adoption of ASU 2018-15 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In August 2018, FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The ASU removes, modifies and adds disclosure requirements in Topic 820. The following disclosure requirements were removed: 1) the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; 2) the policy for timing of transfers between levels; and 3) the valuation processes for Level 3 fair value measurements. This ASU modified disclosure requirements by requiring that the measurement uncertainty disclosure communicates information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added: 1) changes in unrealized gains and losses for the period included in other comprehensive income for the recurring Level 3 fair value measurements held at the end of the reporting period; and 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in this ASU are effective for all entities for fiscal years; and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. Adoption of ASU 2018-13 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Once adopted, we expect our allowance for loan losses to increase; however, until our evaluation is complete, the magnitude of the increase is not known. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU require lessees to recognize the following for all leases (with the exception of short-term) at the commencement date; a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendments in this ASU leave lessor accounting largely unchanged, although certain targeted improvements were made to align lessor accounting with the lessee accounting model. This ASU simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Note 1 — Basis of Presentation and Significant Accounting Policies – Continued Lessees will no longer be provided with a source of off-balance sheet financing. ASU No. 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018, and entities are required to use a modified retrospective approach for leases. The Company adopted the new guidance effective January 1, 2019. The Company elected the transition option provided in ASU No. 2018-11 and applied the modified retrospective approach. The Company also elected certain relief options for practical expedients: the option to not separate lease and non-lease components and instead to account for them as a single lease component, and the option to not recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e. leases terms of twelve months or less). The Company has eight real property leases under non-cancelable operating leases, three of which will be subject to this ASU that will result in the recognition of right-of-use assets and lease liabilities. All of the Company’s equipment is owned or on short-term leases. The Company compiled a complete inventory of arrangements containing leases and analyzed the lease data necessary to meet the new requirements. In connection with the adoption of this ASU, as of January 1, 2019, the Company recorded a $2.2 million right of use asset and a $2.2 million lease liability on its Consolidated Statements of Financial Condition. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale | Amortized cost and estimated fair value of investment securities available for sale are summarized as follows: Gross Unrealized Losses Less 12 Gross Than Months Amortized Unrealized 12 or Fair (Dollars in thousands) Cost Gains Months Longer Value As of March 31, 2019 U.S. Government-sponsored securities $ 48,955 $ 9 $ - $ (249 ) $ 48,715 Municipal securities 73,074 283 (1 ) (242 ) 73,114 Mortgage-backed securities 222,720 796 (55 ) (2,841 ) 220,620 Corporate securities 5,000 - - (326 ) 4,674 $ 349,749 $ 1,088 $ (56 ) $ (3,658 ) $ 347,123 As of December 31, 2018 U.S. Government-sponsored securities $ 48,954 $ - $ - $ (588 ) $ 48,366 Municipal securities 10,274 59 (12 ) (53 ) 10,268 Mortgage-backed securities 222,218 218 (156 ) (4,523 ) 217,757 Corporate securities 5,000 - (23 ) (404 ) 4,573 $ 286,446 $ 277 $ (191 ) $ (5,568 ) $ 280,964 |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities Held-to-Maturity | Amortized cost and estimated fair value of investment securities held to maturity are as follows: Gross Unrealized Losses Less 12 Gross Than Months Amortized Unrealized 12 or Fair (Dollars in thousands) Cost Gains Months Longer Value As of December 31, 2018 Municipal securities $ 65,462 $ 28 $ (39 ) $ (685 ) $ 64,766 |
Summary of Gross Unrealized Losses and Fair Value for Securities Available-for-Sale and Held-to-Maturity | At March 31, 2019 and December 31, 2018, the gross unrealized losses and the fair value for securities available for sale and held to maturity were as follows: March 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available-for-Sale U.S. Government-sponsored securities $ - $ - $ 38,814 $ (249 ) $ 38,814 $ (249 ) Municipal securities 289 (1 ) 37,515 (242 ) 37,804 (243 ) Mortgage-backed securities 15,179 (55 ) 142,699 (2,841 ) 157,878 (2,896 ) Corporate securities - - 4,674 (326 ) 4,674 (326 ) $ 15,468 $ (56 ) $ 223,702 $ (3,658 ) $ 239,170 $ (3,714 ) December 31, 2018 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available-for-Sale U.S. Government-sponsored securities $ - $ - $ 48,366 $ (588 ) $ 48,366 $ (588 ) Municipal securities 1,701 (12 ) 4,095 (53 ) 5,796 (65 ) Mortgage-backed securities 35,155 (156 ) 150,569 (4,523 ) 185,724 (4,679 ) Corporate securities 1,977 (23 ) 2,596 (404 ) 4,573 (427 ) $ 38,833 $ (191 ) $ 205,626 $ (5,568 ) $ 244,459 $ (5,759 ) Held-to Maturity Municipal securities $ 9,163 $ (39 ) $ 46,996 $ (685 ) $ 56,159 $ (724 ) |
Amortized Cost and Estimated Fair Value of Investment Securities that are Available-for-Sale and Held-to-Maturity by Contractual Maturity | The amortized cost and estimated fair value of investment securities that are available for sale and held to maturity at March 31, 2019, by contractual maturity, are as follows: Available-For-Sale Amortized Fair (Dollars in thousands) Cost Value Securities maturing in: One year or less $ 44,381 $ 44,188 After one year through five years 76,850 76,384 After five years through ten years 57,797 56,866 After ten years 170,721 169,685 $ 349,749 $ 347,123 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Summary of Loans | Loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Loans held for investment: Commercial real estate loans: Real estate term $ 899,509 $ 891,131 Construction and land development 322,132 324,506 Total commercial real estate loans 1,221,641 1,215,637 Commercial and industrial loans 293,895 295,569 Consumer loans: Residential and home equity 150,608 155,601 Consumer and other 15,087 16,621 Total consumer loans 165,695 172,222 Total gross loans 1,681,231 1,683,428 Net deferred loan fees (4,342 ) (4,526 ) Total loans held for investment 1,676,889 1,678,902 Allowance for loan losses (25,923 ) (25,245 ) Total loans held for investment, net $ 1,650,966 $ 1,653,657 |
Summary of Changes in Allowance for Loan Losses | Changes in the allowance for loan losses (“ALLL”) are as follows: Three Months Ended March 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Balance at beginning of period $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Additions: Provisions for loan losses 204 133 1,281 72 (140 ) 1,550 Deductions: Gross loan charge-offs - (5 ) (1,086 ) (19 ) (64 ) (1,174 ) Recoveries - 32 180 22 68 302 Net loan (charge-offs) / recoveries - 27 (906 ) 3 4 (872 ) Balance at end of period $ 10,172 $ 7,182 $ 7,602 $ 804 $ 163 $ 25,923 Three Months Ended March 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Balance at beginning of period $ 6,706 $ 6,309 $ 4,314 $ 815 $ 159 $ 18,303 Additions: Provisions for loan losses 531 474 1,325 (200 ) (80 ) 2,050 Deductions: Gross loan charge-offs - - (193 ) - (65 ) (258 ) Recoveries 12 25 516 27 56 636 Net loan (charge-offs) / recoveries 12 25 323 27 (9 ) 378 Balance at end of period $ 7,249 $ 6,808 $ 5,962 $ 642 $ 70 $ 20,731 |
Summary of Nonaccrual Loans | Non-accrual loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Non-accrual loans, not troubled debt restructured: Real estate term $ 355 $ 309 Construction and land development 429 - Commercial and industrial 216 347 Residential and home equity 51 - Consumer and other 17 - Total non-accrual loans, not troubled debt restructured 1,068 656 Troubled debt restructured loans, non-accrual: Real estate term 1,420 1,449 Construction and land development - - Commercial and industrial 130 150 Residential and home equity - - Consumer and other - - Total troubled debt restructured loans, non-accrual 1,550 1,599 Total non-accrual loans $ 2,618 $ 2,255 |
Summary of Troubled Debt Restructured Loans | Troubled debt restructured (“TDR”) loans are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Accruing troubled debt restructured loans $ 12,374 $ 5,912 Non-accrual troubled debt restructured loans 1,550 1,599 Total troubled debt restructured loans $ 13,924 $ 7,511 |
Summary of Changes in Troubled Debt Restructured Loans | The following tables present TDRs that occurred during the periods presented and the TDRs for which the payment default occurred within twelve months of the restructure date. A default on a restructured loan results in a transfer to nonaccrual status, a charge-off or a combination of both. Note 3 — Loans and Allowance for Loan Losses – Continued March 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 4 - 7 1 - 12 Pre-modification balance $ 4,256 $ - $ 2,391 $ 18 $ - $ 6,665 Post-modification balance $ 4,256 $ - $ 2,391 $ 18 $ - $ 6,665 TDRs that subsequently defaulted Number of loans - - - - - - Recorded balance $ - $ - $ - $ - $ - $ - March 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 2 - 3 - - 5 Pre-modification balance $ 1,592 $ - $ 211 $ - $ - $ 1,803 Post-modification balance $ 1,592 $ - $ 211 $ - $ - $ 1,803 TDRs that subsequently defaulted Number of loans 2 - 3 - - 5 Recorded balance $ 1,449 $ - $ 150 $ - $ - $ 1,599 (1) Since most loans were already considered classified and/or on non-accrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for loan losses. (2) Generally, these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. |
Summary of Current and Past Due Loans Held For Investment (Accruing And Non-Accruing) | Current and past due loans held for investment (accruing and non-accruing) are summarized as follows: March 31, 2019 Purchased 30-89 Days 90+ Days Non- Total Credit Total (Dollars in thousands) Current Past Due Past Due accrual Past Due Impaired Loans Commercial real estate: Real estate term $ 895,363 $ 1,453 $ - $ 1,775 $ 3,228 $ 918 $ 899,509 Construction and land development 320,160 1,314 - 429 1,743 229 322,132 Total commercial real estate 1,215,523 2,767 - 2,204 4,971 1,147 1,221,641 Commercial and industrial 287,012 3,039 - 346 3,385 3,498 293,895 Consumer: Residential and home equity 149,845 712 - 51 763 - 150,608 Consumer and other 14,825 229 16 17 262 - 15,087 Total consumer 164,670 941 16 68 1,025 - 165,695 Total gross loans $ 1,667,205 $ 6,747 $ 16 $ 2,618 $ 9,381 $ 4,645 $ 1,681,231 Note 3 — Loans and Allowance for Loan Losses – Continued December 31, 2018 Purchased 30-89 Days 90+ Days Non- Total Credit Total (Dollars in thousands) Current Past Due Past Due accrual Past Due Impaired Loans Commercial real estate: Real estate term $ 886,974 $ 1,467 $ - $ 1,758 $ 3,225 $ 932 $ 891,131 Construction and land development 321,389 2,833 - - 2,833 284 324,506 Total commercial real estate 1,208,363 4,300 - 1,758 6,058 1,216 1,215,637 Commercial and industrial 288,328 3,225 - 497 3,722 3,519 295,569 Consumer: Residential and home equity 154,368 1,233 - - 1,233 - 155,601 Consumer and other 16,180 424 17 - 441 - 16,621 Total consumer 170,548 1,657 17 - 1,674 - 172,222 Total gross loans $ 1,667,239 $ 9,182 $ 17 $ 2,255 $ 11,454 $ 4,735 $ 1,683,428 |
Summary of Outstanding Loan Balances (Accruing and Non - Accruing) Categorized by Credit Quality Indicators | Outstanding loan balances (accruing and non-accruing) categorized by these credit quality indicators are summarized as follows: March 31, 2019 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 874,115 $ 10,715 $ 14,679 $ - $ 899,509 $ 10,172 Construction and land development 313,427 6,288 2,417 - 322,132 7,182 Total commercial real estate 1,187,542 17,003 17,096 - 1,221,641 17,354 Commercial and industrial 260,642 20,014 13,239 - 293,895 7,602 Consumer loans: Residential and home equity 146,209 - 4,399 - 150,608 804 Consumer and other 15,081 - 6 - 15,087 163 Total consumer 161,290 - 4,405 - 165,695 967 Total $ 1,609,474 $ 37,017 $ 34,740 $ - $ 1,681,231 $ 25,923 Note 3 — Loans and Allowance for Loan Losses – Continued December 31, 2018 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 865,472 $ 14,339 $ 11,320 $ - $ 891,131 $ 9,968 Construction and land development 322,625 1,332 549 - 324,506 7,022 Total commercial real estate 1,188,097 15,671 11,869 - 1,215,637 16,990 Commercial and industrial 271,825 10,138 13,606 - 295,569 7,227 Consumer loans: Residential and home equity 150,590 620 4,391 - 155,601 729 Consumer and other 16,574 29 18 - 16,621 299 Total consumer 167,164 649 4,409 - 172,222 1,028 Total $ 1,627,086 $ 26,458 $ 29,884 $ - $ 1,683,428 $ 25,245 |
Summary of Information On Impaired Loans, Excluding PCI Loans | The ALLL and outstanding loan balances reviewed according to the Company’s impairment method are summarized as follows: March 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Allowance for loan losses: Individually evaluated for impairment $ 229 $ 133 $ 1,929 $ 130 $ - $ 2,421 Collectively evaluated for impairment 9,943 7,049 5,673 674 163 23,502 Purchased credit-impaired loans - - - - - - Total $ 10,172 $ 7,182 $ 7,602 $ 804 $ 163 $ 25,923 Outstanding loan balances: Individually evaluated for impairment $ 13,763 $ 1,882 $ 9,497 $ 4,483 $ - $ 29,625 Collectively evaluated for impairment 884,828 320,021 280,900 146,125 15,087 1,646,961 Purchased credit-impaired loans 918 229 3,498 - - 4,645 Total gross loans $ 899,509 $ 322,132 $ 293,895 $ 150,608 $ 15,087 $ 1,681,231 December 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and and (Dollars in thousands) Term Development Industrial Home Equity Other Total Allowance for loan losses: Individually evaluated for impairment $ 324 $ - $ 1,781 $ 55 $ - $ 2,160 Collectively evaluated for impairment 9,644 7,022 5,446 674 299 23,085 Purchased credit-impaired loans - - - - - - Total $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Outstanding loan balances: Individually evaluated for impairment $ 9,689 $ 268 $ 9,581 $ 4,095 $ - $ 23,633 Collectively evaluated for impairment 880,510 323,954 282,469 151,506 16,621 1,655,060 Purchased credit-impaired loans 932 284 3,519 - - 4,735 Total gross loans $ 891,131 $ 324,506 $ 295,569 $ 155,601 $ 16,621 $ 1,683,428 Note 3 — Loans and Allowance for Loan Losses – Continued Information on impaired loans, excluding PCI loans, is summarized as follows: March 31, 2019 Recorded Investment Unpaid Total Principal With No With Recorded Related (Dollars in thousands) Balance Allowance Allowance Investment Allowance Commercial real estate: Real estate term $ 13,763 $ 11,317 $ 2,446 $ 13,763 $ 229 Construction and land development 2,585 - 1,882 1,882 133 Total commercial real estate 16,348 11,317 4,328 15,645 362 Commercial and industrial 10,012 3,236 6,261 9,497 1,929 Consumer loans: Residential and home equity 4,483 2,499 1,984 4,483 130 Consumer and other - - - - - Total consumer 4,483 2,499 1,984 4,483 130 Total $ 30,843 $ 17,052 $ 12,573 $ 29,625 $ 2,421 December 31, 2018 Recorded Investment Unpaid Total Principal With No With Recorded Related (Dollars in thousands) Balance Allowance Allowance Investment Allowance Commercial real estate: Real estate term $ 9,689 $ 3,823 $ 5,866 $ 9,689 $ 324 Construction and land development 997 268 - 268 - Total commercial real estate 10,686 4,091 5,866 9,957 324 Commercial and industrial 10,113 5,494 4,087 9,581 1,781 Consumer loans: Residential and home equity 4,095 3,046 1,049 4,095 55 Consumer and other - - - - - Total consumer 4,095 3,046 1,049 4,095 55 Total $ 24,894 $ 12,631 $ 11,002 $ 23,633 $ 2,160 The interest income recognized on impaired loans, excluding PCI loans, was as follows: Three Months Ended March 31, 2019 March 31, 2018 Average Interest Average Interest Recorded Income Recorded Income (Dollars in thousands) Investment Recognition Investment Recognition Commercial real estate: Real estate term $ 10,117 $ 123 $ 9,332 $ 108 Construction and land development 1,087 17 2,676 39 Total commercial real estate 11,204 140 12,008 147 Commercial and industrial 9,414 155 10,901 132 Consumer loans: Residential and home equity 3,172 47 1,700 21 Consumer and other - - - - Total consumer 3,172 47 1,700 21 Total $ 23,790 $ 342 $ 24,609 $ 300 Note 3 — Loans and Allowance for Loan Losses – Continued |
Changes in Accretable Yield for PCI Loans | The following table presents the changes in the accretable yield for PCI loans for the three months ended March 31, 2019, and 2018: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Balance, beginning of period $ 5,884 $ 8,536 Accretion to interest income (528 ) (1,166 ) Reclassification from non-accretable difference 95 - Balance, end of period $ 5,451 $ 7,370 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Off-balance Sheet Financial Instruments | Contractual amounts of off-balance sheet financial instruments were as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Commitments to extend credit, including unsecured commitments of $16,986 and $16,304 as of March 31, 2019 and December 31, 2018, respectively $ 567,636 $ 577,612 Stand-by letters of credit and bond commitments, including unsecured commitments of $695 and $730 as of March 31, 2019 and December 31, 2018, respectively 22,780 22,979 Unused credit card lines, all unsecured 25,020 24,885 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated (Dollars in thousands) Level Value Fair Value Value Fair Value Financial Assets: Cash and cash equivalents 1 $ 144,022 $ 144,022 $ 48,547 $ 48,547 Investment securities available-for-sale 2 332,579 332,579 280,964 280,964 Investment securities available-for-sale 3 14,544 14,544 - - Investment securities held-to-maturity 2 - - 50,905 50,364 Investment securities held-to-maturity 3 - - 14,557 14,402 Non-marketable securities 2 2,623 2,623 2,551 2,551 Loans held for sale 2 7,184 7,184 10,267 10,267 Loans held for investment 3 1,650,966 1,634,952 1,653,657 1,637,617 Financial Liabilities: Total deposits 2 $ 1,951,325 $ 1,712,862 $ 1,877,055 $ 1,675,992 |
Summary of Asset Measured on Recurring and Non-recurring Basic at Fair Value | Assets measured on a recurring and non-recurring basis are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total As of March 31, 2019 Fair valued on a recurring basis: Investment securities available for sale $ - $ 332,579 $ 14,544 $ 347,123 Fair valued on a non-recurring basis: Impaired loans - - 391 391 As of December 31, 2018 Fair valued on a recurring basis: Investment securities available for sale $ - $ 280,964 $ - $ 280,964 Fair valued on a non-recurring basis: Impaired loans - - 7,304 7,304 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions | Mar. 31, 2019BranchDivision | Jan. 01, 2019USD ($)Property |
ASU 2016-02 | ||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||
Number of real property leases under non-cancelable operating leases | Property | 8 | |
Operating lease, right of use asset | $ 2.2 | |
Operating lease liability | $ 2.2 | |
People's Intermountain Bank | ||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||
Number of retail branches | Branch | 26 | |
Number of banking divisions | Division | 3 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-For-Sale, Amortized Cost | $ 349,749 | $ 286,446 |
Available-For-Sale, Gross Unrealized Gains | 1,088 | 277 |
Available-For-Sale, Gross Unrealized Losses, Less Than 12 Months | (56) | (191) |
Available-For-Sale, Gross Unrealized Losses, 12 Months or Longer | (3,658) | (5,568) |
Available-For-Sale, Fair Value | 347,123 | 280,964 |
U.S. Government Sponsored Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-For-Sale, Amortized Cost | 48,955 | 48,954 |
Available-For-Sale, Gross Unrealized Gains | 9 | |
Available-For-Sale, Gross Unrealized Losses, 12 Months or Longer | (249) | (588) |
Available-For-Sale, Fair Value | 48,715 | 48,366 |
Mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-For-Sale, Amortized Cost | 222,720 | 222,218 |
Available-For-Sale, Gross Unrealized Gains | 796 | 218 |
Available-For-Sale, Gross Unrealized Losses, Less Than 12 Months | (55) | (156) |
Available-For-Sale, Gross Unrealized Losses, 12 Months or Longer | (2,841) | (4,523) |
Available-For-Sale, Fair Value | 220,620 | 217,757 |
Municipal Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-For-Sale, Amortized Cost | 73,074 | 10,274 |
Available-For-Sale, Gross Unrealized Gains | 283 | 59 |
Available-For-Sale, Gross Unrealized Losses, Less Than 12 Months | (1) | (12) |
Available-For-Sale, Gross Unrealized Losses, 12 Months or Longer | (242) | (53) |
Available-For-Sale, Fair Value | 73,114 | 10,268 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-For-Sale, Amortized Cost | 5,000 | 5,000 |
Available-For-Sale, Gross Unrealized Losses, Less Than 12 Months | (23) | |
Available-For-Sale, Gross Unrealized Losses, 12 Months or Longer | (326) | (404) |
Available-For-Sale, Fair Value | $ 4,674 | $ 4,573 |
Investment Securities - Summa_2
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities Held-to-Maturity (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Schedule Of Held To Maturity Securities [Line Items] | |
Held-To-Maturity, Amortized Cost | $ 65,462 |
Municipal Securities | |
Schedule Of Held To Maturity Securities [Line Items] | |
Held-To-Maturity, Amortized Cost | 65,462 |
Held-To-Maturity, Gross Unrealized Gains | 28 |
Held-To-Maturity, Gross Unrealized Losses, Less Than 12 Months | (39) |
Held-To-Maturity, Gross Unrealized Losses, 12 Months or Longer | (685) |
Held-To-Maturity, Fair Value | $ 64,766 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | Jan. 01, 2019USD ($) | Mar. 31, 2019USD ($)Securities | Mar. 31, 2018USD ($)Securities | Dec. 31, 2018Securities |
Investments Debt And Equity Securities [Abstract] | ||||
Held to maturity to available for sale transfer amount | $ | $ 64,600,000 | |||
Held to maturity to available for sale transfer, unrecognized loss | $ | $ 19,000 | |||
Number of available for sale investment securities with fair value less than amortized cost | Securities | 259 | 201 | ||
Number of maturity securities with fair values less than amortized cost | Securities | 0 | 122 | ||
Sales of available-for-sale securities | $ | $ 0 | $ 0 | ||
Available-for-sale securities in a nonaccrual status | Securities | 0 | 0 | ||
Sales of held-to-maturity securities | $ | $ 0 | $ 0 | ||
Held-to-maturity securities in a nonaccrual status | Securities | 0 | 0 |
Investment Securities - Summa_3
Investment Securities - Summary of Gross Unrealized Losses and Fair Value for Securities Available-for-Sale and Held-to-Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less Than 12 Months, Fair Value | $ 15,468 | $ 38,833 |
Available-for-Sale, 12 Months or More, Fair Value | 223,702 | 205,626 |
Available-for-Sale, Fair Value, Total | 239,170 | 244,459 |
Available-for-Sale, Less Than 12 Months, Unrealized Losses | (56) | (191) |
Available-for-Sale, 12 Months or More, Unrealized Losses | (3,658) | (5,568) |
Available-for-Sale, Unrealized Losses, Total | (3,714) | (5,759) |
Municipal Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less Than 12 Months, Fair Value | 289 | 1,701 |
Available-for-Sale, 12 Months or More, Fair Value | 37,515 | 4,095 |
Available-for-Sale, Fair Value, Total | 37,804 | 5,796 |
Available-for-Sale, Less Than 12 Months, Unrealized Losses | (1) | (12) |
Available-for-Sale, 12 Months or More, Unrealized Losses | (242) | (53) |
Available-for-Sale, Unrealized Losses, Total | (243) | (65) |
Held-to Maturity, Less Than 12 Months, Fair Value | 9,163 | |
Held-to Maturity, 12 Months or More, Fair Value | 46,996 | |
Held-to Maturity, Fair Value, Total | 56,159 | |
Held-To-Maturity, Gross Unrealized Losses, Less Than 12 Months | (39) | |
Held-To-Maturity, Gross Unrealized Losses, 12 Months or Longer | (685) | |
Held-to Maturity, Unrealized Losses, Total | (724) | |
Corporate Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less Than 12 Months, Fair Value | 1,977 | |
Available-for-Sale, 12 Months or More, Fair Value | 4,674 | 2,596 |
Available-for-Sale, Fair Value, Total | 4,674 | 4,573 |
Available-for-Sale, Less Than 12 Months, Unrealized Losses | (23) | |
Available-for-Sale, 12 Months or More, Unrealized Losses | (326) | (404) |
Available-for-Sale, Unrealized Losses, Total | (326) | (427) |
U.S. Government Sponsored Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-Sale, 12 Months or More, Fair Value | 38,814 | 48,366 |
Available-for-Sale, Fair Value, Total | 38,814 | 48,366 |
Available-for-Sale, 12 Months or More, Unrealized Losses | (249) | (588) |
Available-for-Sale, Unrealized Losses, Total | (249) | (588) |
Mortgage-backed Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less Than 12 Months, Fair Value | 15,179 | 35,155 |
Available-for-Sale, 12 Months or More, Fair Value | 142,699 | 150,569 |
Available-for-Sale, Fair Value, Total | 157,878 | 185,724 |
Available-for-Sale, Less Than 12 Months, Unrealized Losses | (55) | (156) |
Available-for-Sale, 12 Months or More, Unrealized Losses | (2,841) | (4,523) |
Available-for-Sale, Unrealized Losses, Total | $ (2,896) | $ (4,679) |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities that are Available-for-Sale and Held-to-Maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-For-Sale Securities by Maturity, Amortized Cost | ||
Available-For-Sale, Securities maturing in one year or less, Amortized cost | $ 44,381 | |
Available-For-Sale, Securities maturing in After one year through five years, Amortized cost | 76,850 | |
Available-For-Sale, Securities maturing in After five years through ten years, Amortized cost | 57,797 | |
Available-For-Sale, Securities maturing in After ten years, Amortized cost | 170,721 | |
Available-For-Sale, Amortized Cost | 349,749 | $ 286,446 |
Available-For-Sale Securities by Maturity, Fair Value | ||
Available-For-Sale, Securities maturing in one year or less, Fair Value | 44,188 | |
Available-For-Sale, Securities maturing in After one year through five years, Fair Value | 76,384 | |
Available-For-Sale, Securities maturing in After five years through ten years, Fair Value | 56,866 | |
Available-For-Sale, Securities maturing in After ten years, Fair Value | 169,685 | |
Available-For-Sale, Fair Value | $ 347,123 | $ 280,964 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 1,681,231 | $ 1,683,428 | ||
Net deferred loan fees | (4,342) | (4,526) | ||
Total loans held for investment | 1,676,889 | 1,678,902 | ||
Allowance for loan losses | (25,923) | (25,245) | $ (20,731) | $ (18,303) |
Total loans held for investment, net | 1,650,966 | 1,653,657 | ||
Real Estate Term | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 899,509 | 891,131 | ||
Allowance for loan losses | (10,172) | (9,968) | (7,249) | (6,706) |
Construction and Land Development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 322,132 | 324,506 | ||
Allowance for loan losses | (7,182) | (7,022) | (6,808) | (6,309) |
Residential and Home Equity | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 150,608 | 155,601 | ||
Allowance for loan losses | (804) | (729) | (642) | (815) |
Consumer and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 15,087 | 16,621 | ||
Allowance for loan losses | (163) | (299) | (70) | (159) |
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 1,221,641 | 1,215,637 | ||
Allowance for loan losses | (17,354) | (16,990) | ||
Commercial Real Estate | Real Estate Term | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 899,509 | 891,131 | ||
Allowance for loan losses | (10,172) | (9,968) | ||
Commercial Real Estate | Construction and Land Development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 322,132 | 324,506 | ||
Allowance for loan losses | (7,182) | (7,022) | ||
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 293,895 | 295,569 | ||
Allowance for loan losses | (7,602) | (7,227) | $ (5,962) | $ (4,314) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 165,695 | 172,222 | ||
Allowance for loan losses | (967) | (1,028) | ||
Consumer | Residential and Home Equity | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 150,608 | 155,601 | ||
Allowance for loan losses | (804) | (729) | ||
Consumer | Consumer and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | 15,087 | 16,621 | ||
Allowance for loan losses | $ (163) | $ (299) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | $ 25,245 | $ 18,303 |
Provision for loan losses | 1,550 | 2,050 |
Gross loan charge-offs | (1,174) | (258) |
Recoveries | 302 | 636 |
Net loan (charge-offs) / recoveries | (872) | 378 |
Balance at end of period | 25,923 | 20,731 |
Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 9,968 | 6,706 |
Provision for loan losses | 204 | 531 |
Recoveries | 12 | |
Net loan (charge-offs) / recoveries | 12 | |
Balance at end of period | 10,172 | 7,249 |
Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 7,022 | 6,309 |
Provision for loan losses | 133 | 474 |
Gross loan charge-offs | (5) | |
Recoveries | 32 | 25 |
Net loan (charge-offs) / recoveries | 27 | 25 |
Balance at end of period | 7,182 | 6,808 |
Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 729 | 815 |
Provision for loan losses | 72 | (200) |
Gross loan charge-offs | (19) | |
Recoveries | 22 | 27 |
Net loan (charge-offs) / recoveries | 3 | 27 |
Balance at end of period | 804 | 642 |
Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 299 | 159 |
Provision for loan losses | (140) | (80) |
Gross loan charge-offs | (64) | (65) |
Recoveries | 68 | 56 |
Net loan (charge-offs) / recoveries | 4 | (9) |
Balance at end of period | 163 | 70 |
Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 7,227 | 4,314 |
Provision for loan losses | 1,281 | 1,325 |
Gross loan charge-offs | (1,086) | (193) |
Recoveries | 180 | 516 |
Net loan (charge-offs) / recoveries | (906) | 323 |
Balance at end of period | $ 7,602 | $ 5,962 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Non Accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-accrual loans, not troubled debt restructured | $ 1,068 | $ 656 |
Troubled debt restructured loans, non-accrual | 1,550 | 1,599 |
Total non-accrual loans | 2,618 | 2,255 |
Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 355 | 309 |
Troubled debt restructured loans, non-accrual | 1,420 | 1,449 |
Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 429 | |
Commercial and Industrial Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 216 | 347 |
Troubled debt restructured loans, non-accrual | 130 | $ 150 |
Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 51 | |
Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Non-accrual loans, not troubled debt restructured | $ 17 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Additional Information (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||
Purchased credit impaired loans not performing contractual terms | $ 2,070,000 | $ 2,240,000 |
Total non-accrual loans | 2,618,000 | 2,255,000 |
Troubled debt restructured loans, non-accrual | 1,550,000 | 1,599,000 |
Non-accretable difference between the contractually required payments and cash flows expected to be collected | 2,800,000 | 2,900,000 |
Available lines of credit for loans and credit cards to affiliates | 712,000 | 951,000 |
Deposits from affiliates | 7,800,000 | 8,800,000 |
Affiliates | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding loans with affiliates | 5,800,000 | 5,600,000 |
PCI Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total non-accrual loans | 4,700,000 | 4,500,000 |
Troubled debt restructured loans, non-accrual | 0 | 0 |
Outstanding contractual unpaid principal balance, excluding acquisition accounting adjustments | 7,400,000 | 7,700,000 |
Carrying balance of PCI loans | $ 4,600,000 | $ 4,700,000 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Troubled Debt Restructured Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans And Leases Receivable Disclosure [Abstract] | ||
Accruing troubled debt restructured loans | $ 12,374 | $ 5,912 |
Non-accrual troubled debt restructured loans | 1,550 | 1,599 |
Total troubled debt restructured loans | $ 13,924 | $ 7,511 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Changes in Troubled Debt Restructured Loans (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Loan | Mar. 31, 2018USD ($)Loan | |
Loans And Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 12 | 5 |
Pre-modification balance | $ 6,665 | $ 1,803 |
Post-modification balance | $ 6,665 | $ 1,803 |
Number of loans, subsequently defaulted | Loan | 5 | |
Recorded balance, subsequently defaulted | $ 1,599 | |
Real Estate Term | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 4 | 2 |
Pre-modification balance | $ 4,256 | $ 1,592 |
Post-modification balance | $ 4,256 | $ 1,592 |
Number of loans, subsequently defaulted | Loan | 2 | |
Recorded balance, subsequently defaulted | $ 1,449 | |
Commercial and Industrial | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 7 | 3 |
Pre-modification balance | $ 2,391 | $ 211 |
Post-modification balance | $ 2,391 | $ 211 |
Number of loans, subsequently defaulted | Loan | 3 | |
Recorded balance, subsequently defaulted | $ 150 | |
Residential and Home Equity | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-modification balance | $ 18 | |
Post-modification balance | $ 18 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Current and Past Due Loans Held For Investment (Accruing And Non-Accruing) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 1,667,205 | $ 1,667,239 |
30-89 Days Past Due | 6,747 | 9,182 |
90+ Days Past Due | 16 | 17 |
Non-accrual | 2,618 | 2,255 |
Total Past-Due | 9,381 | 11,454 |
Purchased Credit Impaired | 4,645 | 4,735 |
Total loans | 1,681,231 | 1,683,428 |
Real Estate Term | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Purchased Credit Impaired | 918 | 932 |
Total loans | 899,509 | 891,131 |
Construction and Land Development | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Purchased Credit Impaired | 229 | 284 |
Total loans | 322,132 | 324,506 |
Residential and Home Equity | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans | 150,608 | 155,601 |
Consumer and Other | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans | 15,087 | 16,621 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,215,523 | 1,208,363 |
30-89 Days Past Due | 2,767 | 4,300 |
Non-accrual | 2,204 | 1,758 |
Total Past-Due | 4,971 | 6,058 |
Purchased Credit Impaired | 1,147 | 1,216 |
Total loans | 1,221,641 | 1,215,637 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 895,363 | 886,974 |
30-89 Days Past Due | 1,453 | 1,467 |
Non-accrual | 1,775 | 1,758 |
Total Past-Due | 3,228 | 3,225 |
Purchased Credit Impaired | 918 | 932 |
Total loans | 899,509 | 891,131 |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 320,160 | 321,389 |
30-89 Days Past Due | 1,314 | 2,833 |
Non-accrual | 429 | |
Total Past-Due | 1,743 | 2,833 |
Purchased Credit Impaired | 229 | 284 |
Total loans | 322,132 | 324,506 |
Commercial and Industrial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 287,012 | 288,328 |
30-89 Days Past Due | 3,039 | 3,225 |
Non-accrual | 346 | 497 |
Total Past-Due | 3,385 | 3,722 |
Purchased Credit Impaired | 3,498 | 3,519 |
Total loans | 293,895 | 295,569 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 164,670 | 170,548 |
30-89 Days Past Due | 941 | 1,657 |
90+ Days Past Due | 16 | 17 |
Non-accrual | 68 | |
Total Past-Due | 1,025 | 1,674 |
Total loans | 165,695 | 172,222 |
Consumer | Residential and Home Equity | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 149,845 | 154,368 |
30-89 Days Past Due | 712 | 1,233 |
Non-accrual | 51 | |
Total Past-Due | 763 | 1,233 |
Total loans | 150,608 | 155,601 |
Consumer | Consumer and Other | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 14,825 | 16,180 |
30-89 Days Past Due | 229 | 424 |
90+ Days Past Due | 16 | 17 |
Non-accrual | 17 | |
Total Past-Due | 262 | 441 |
Total loans | $ 15,087 | $ 16,621 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Outstanding Loan Balances (Accruing and Non - Accruing) Categorized by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | $ 1,681,231 | $ 1,683,428 | ||
Total Allowance | 25,923 | 25,245 | $ 20,731 | $ 18,303 |
Real Estate Term | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 899,509 | 891,131 | ||
Total Allowance | 10,172 | 9,968 | 7,249 | 6,706 |
Construction and Land Development | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 322,132 | 324,506 | ||
Total Allowance | 7,182 | 7,022 | 6,808 | 6,309 |
Residential and Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 150,608 | 155,601 | ||
Total Allowance | 804 | 729 | 642 | 815 |
Consumer and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 15,087 | 16,621 | ||
Total Allowance | 163 | 299 | 70 | 159 |
Commercial Real Estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 1,221,641 | 1,215,637 | ||
Total Allowance | 17,354 | 16,990 | ||
Commercial Real Estate | Real Estate Term | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 899,509 | 891,131 | ||
Total Allowance | 10,172 | 9,968 | ||
Commercial Real Estate | Construction and Land Development | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 322,132 | 324,506 | ||
Total Allowance | 7,182 | 7,022 | ||
Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 293,895 | 295,569 | ||
Total Allowance | 7,602 | 7,227 | $ 5,962 | $ 4,314 |
Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 165,695 | 172,222 | ||
Total Allowance | 967 | 1,028 | ||
Consumer | Residential and Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 150,608 | 155,601 | ||
Total Allowance | 804 | 729 | ||
Consumer | Consumer and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 15,087 | 16,621 | ||
Total Allowance | 163 | 299 | ||
Pass | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 1,609,474 | 1,627,086 | ||
Pass | Commercial Real Estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 1,187,542 | 1,188,097 | ||
Pass | Commercial Real Estate | Real Estate Term | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 874,115 | 865,472 | ||
Pass | Commercial Real Estate | Construction and Land Development | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 313,427 | 322,625 | ||
Pass | Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 260,642 | 271,825 | ||
Pass | Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 161,290 | 167,164 | ||
Pass | Consumer | Residential and Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 146,209 | 150,590 | ||
Pass | Consumer | Consumer and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 15,081 | 16,574 | ||
Special Mention | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 37,017 | 26,458 | ||
Special Mention | Commercial Real Estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 17,003 | 15,671 | ||
Special Mention | Commercial Real Estate | Real Estate Term | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 10,715 | 14,339 | ||
Special Mention | Commercial Real Estate | Construction and Land Development | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 6,288 | 1,332 | ||
Special Mention | Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 20,014 | 10,138 | ||
Special Mention | Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 649 | |||
Special Mention | Consumer | Residential and Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 620 | |||
Special Mention | Consumer | Consumer and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 29 | |||
Substandard | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 34,740 | 29,884 | ||
Substandard | Commercial Real Estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 17,096 | 11,869 | ||
Substandard | Commercial Real Estate | Real Estate Term | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 14,679 | 11,320 | ||
Substandard | Commercial Real Estate | Construction and Land Development | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 2,417 | 549 | ||
Substandard | Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 13,239 | 13,606 | ||
Substandard | Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 4,405 | 4,409 | ||
Substandard | Consumer | Residential and Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | 4,399 | 4,391 | ||
Substandard | Consumer | Consumer and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Total Loans | $ 6 | $ 18 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of ALLL And Outstanding Loan Balances According To The Company's Impairment Method (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | $ 2,421 | $ 2,160 | ||
Allowance for loan losses, Collectively evaluated for impairment | 23,502 | 23,085 | ||
Allowance for loan losses, Total | 25,923 | 25,245 | $ 20,731 | $ 18,303 |
Outstanding loan balances, Individually evaluated for impairment | 29,625 | 23,633 | ||
Outstanding loan balances, Collectively evaluated for impairment | 1,646,961 | 1,655,060 | ||
Outstanding loan balances, Purchased credit-impaired loans | 4,645 | 4,735 | ||
Total loans | 1,681,231 | 1,683,428 | ||
Real Estate Term | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | 229 | 324 | ||
Allowance for loan losses, Collectively evaluated for impairment | 9,943 | 9,644 | ||
Allowance for loan losses, Total | 10,172 | 9,968 | 7,249 | 6,706 |
Outstanding loan balances, Individually evaluated for impairment | 13,763 | 9,689 | ||
Outstanding loan balances, Collectively evaluated for impairment | 884,828 | 880,510 | ||
Outstanding loan balances, Purchased credit-impaired loans | 918 | 932 | ||
Total loans | 899,509 | 891,131 | ||
Construction and Land Development | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | 133 | |||
Allowance for loan losses, Collectively evaluated for impairment | 7,049 | 7,022 | ||
Allowance for loan losses, Total | 7,182 | 7,022 | 6,808 | 6,309 |
Outstanding loan balances, Individually evaluated for impairment | 1,882 | 268 | ||
Outstanding loan balances, Collectively evaluated for impairment | 320,021 | 323,954 | ||
Outstanding loan balances, Purchased credit-impaired loans | 229 | 284 | ||
Total loans | 322,132 | 324,506 | ||
Residential and Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | 130 | 55 | ||
Allowance for loan losses, Collectively evaluated for impairment | 674 | 674 | ||
Allowance for loan losses, Total | 804 | 729 | 642 | 815 |
Outstanding loan balances, Individually evaluated for impairment | 4,483 | 4,095 | ||
Outstanding loan balances, Collectively evaluated for impairment | 146,125 | 151,506 | ||
Total loans | 150,608 | 155,601 | ||
Consumer and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for loan losses, Collectively evaluated for impairment | 163 | 299 | ||
Allowance for loan losses, Total | 163 | 299 | 70 | 159 |
Outstanding loan balances, Collectively evaluated for impairment | 15,087 | 16,621 | ||
Total loans | 15,087 | 16,621 | ||
Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually evaluated for impairment | 1,929 | 1,781 | ||
Allowance for loan losses, Collectively evaluated for impairment | 5,673 | 5,446 | ||
Allowance for loan losses, Total | 7,602 | 7,227 | $ 5,962 | $ 4,314 |
Outstanding loan balances, Individually evaluated for impairment | 9,497 | 9,581 | ||
Outstanding loan balances, Collectively evaluated for impairment | 280,900 | 282,469 | ||
Outstanding loan balances, Purchased credit-impaired loans | 3,498 | 3,519 | ||
Total loans | $ 293,895 | $ 295,569 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Information On Impaired Loans, Excluding PCI Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | $ 30,843 | $ 24,894 |
Recorded investment With No Allowance | 17,052 | 12,631 |
Recorded investment With Allowance | 12,573 | 11,002 |
Total Recorded Investment | 29,625 | 23,633 |
Related Allowance | 2,421 | 2,160 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 16,348 | 10,686 |
Recorded investment With No Allowance | 11,317 | 4,091 |
Recorded investment With Allowance | 4,328 | 5,866 |
Total Recorded Investment | 15,645 | 9,957 |
Related Allowance | 362 | 324 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 13,763 | 9,689 |
Recorded investment With No Allowance | 11,317 | 3,823 |
Recorded investment With Allowance | 2,446 | 5,866 |
Total Recorded Investment | 13,763 | 9,689 |
Related Allowance | 229 | 324 |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 2,585 | 997 |
Recorded investment With No Allowance | 268 | |
Recorded investment With Allowance | 1,882 | |
Total Recorded Investment | 1,882 | 268 |
Related Allowance | 133 | |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 10,012 | 10,113 |
Recorded investment With No Allowance | 3,236 | 5,494 |
Recorded investment With Allowance | 6,261 | 4,087 |
Total Recorded Investment | 9,497 | 9,581 |
Related Allowance | 1,929 | 1,781 |
Consumer | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 4,483 | 4,095 |
Recorded investment With No Allowance | 2,499 | 3,046 |
Recorded investment With Allowance | 1,984 | 1,049 |
Total Recorded Investment | 4,483 | 4,095 |
Related Allowance | 130 | 55 |
Consumer | Residential and Home Equity | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 4,483 | 4,095 |
Recorded investment With No Allowance | 2,499 | 3,046 |
Recorded investment With Allowance | 1,984 | 1,049 |
Total Recorded Investment | 4,483 | 4,095 |
Related Allowance | $ 130 | $ 55 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 23,790 | $ 24,609 |
Interest Income Recognition | 342 | 300 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 11,204 | 12,008 |
Interest Income Recognition | 140 | 147 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 10,117 | 9,332 |
Interest Income Recognition | 123 | 108 |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 1,087 | 2,676 |
Interest Income Recognition | 17 | 39 |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 9,414 | 10,901 |
Interest Income Recognition | 155 | 132 |
Consumer | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 3,172 | 1,700 |
Interest Income Recognition | 47 | 21 |
Consumer | Residential and Home Equity | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 3,172 | 1,700 |
Interest Income Recognition | $ 47 | $ 21 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Changes in Accretable Yield for PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $ 5,884 | $ 8,536 |
Accretion to interest income | (528) | (1,166) |
Reclassification from non-accretable difference | 95 | |
Balance, end of period | $ 5,451 | $ 7,370 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments to Extend Credit | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 567,636 | $ 577,612 |
Stand-by Letters of Credit and Bond Commitments | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | 22,780 | 22,979 |
Unused Credit Card Lines, All Unsecured | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 25,020 | $ 24,885 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Financial Instruments (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Unsecured Commitments Included in Commitments to Extend Credit | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 16,986 | $ 16,304 |
Unsecured Commitments Included in Stand-by Letters of Credit and Bond Commitments | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 695 | $ 730 |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Investment securities available-for-sale | $ 347,123 | $ 280,964 |
Carrying Value | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 144,022 | 48,547 |
Carrying Value | Level 2 | ||
Financial Assets: | ||
Investment securities available-for-sale | 332,579 | 280,964 |
Investment securities held-to-maturity | 50,905 | |
Non-marketable securities | 2,623 | 2,551 |
Loans held for sale | 7,184 | 10,267 |
Financial Liabilities: | ||
Total deposits | 1,951,325 | 1,877,055 |
Carrying Value | Level 3 | ||
Financial Assets: | ||
Investment securities available-for-sale | 14,544 | |
Investment securities held-to-maturity | 14,557 | |
Loans held for investment | 1,650,966 | 1,653,657 |
Estimated Fair Value | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 144,022 | 48,547 |
Estimated Fair Value | Level 2 | ||
Financial Assets: | ||
Investment securities available-for-sale | 332,579 | 280,964 |
Investment securities held-to-maturity | 50,364 | |
Non-marketable securities | 2,623 | 2,551 |
Loans held for sale | 7,184 | 10,267 |
Financial Liabilities: | ||
Total deposits | 1,712,862 | 1,675,992 |
Estimated Fair Value | Level 3 | ||
Financial Assets: | ||
Investment securities available-for-sale | 14,544 | |
Investment securities held-to-maturity | 14,402 | |
Loans held for investment | $ 1,634,952 | $ 1,637,617 |
Fair Value - Summary of Asset M
Fair Value - Summary of Asset Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 347,123 | $ 280,964 |
Fair Valued on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 347,123 | 280,964 |
Fair Valued on a Non-Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | 391 | 7,304 |
Level 2 | Fair Valued on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 332,579 | 280,964 |
Level 3 | Fair Valued on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 14,544 | |
Level 3 | Fair Valued on a Non-Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 391 | $ 7,304 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 3,273 | $ 2,560 |
Effective tax rate | 23.80% | 22.10% |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Consolidated Tier 1 Leverage ratio | 12.70% | 12.27% |
Minimum reserve balances on average deposits | $ 3.4 | $ 2.2 |
Incentive Share-Based Plan an_2
Incentive Share-Based Plan and Other Employee Benefits - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options issued to purchase common shares | 0 | ||
Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 191 | $ 216 | |
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units granted | 30,205 | ||
Fair value of restricted stock units | $ 30.15 | ||
Share-Based Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of shares available for issuance under the plan | 800,000 | ||
Maximum | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Maximum | Share-Based Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based awards granted term | 10 years | ||
Minimum [Member] | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 1 year |