Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 14, 2016 | Oct. 08, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Allegiance Bancshares, Inc. | ||
Trading Symbol | abtx | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 12,844,752 | ||
Entity Public Float | $ 255,300,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,642,081 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 63,380 | $ 57,314 | |
Interest-bearing deposits at other financial institutions | 85,051 | 110,226 | |
Total cash and cash equivalents | 148,431 | 167,540 | |
Available for sale securities, at fair value | 165,097 | $ 84,962 | |
Loans held for sale | [1] | 27,887 | |
Loans held for investment | 1,653,165 | $ 1,002,054 | |
Less: allowance for loan losses | (13,098) | (8,246) | |
Loans, net | 1,667,954 | 993,808 | |
Accrued interest receivable | 6,518 | 3,285 | |
Premises and equipment, net | 18,471 | 10,969 | |
Federal Home Loan Bank stock | 2,569 | 468 | |
Branch assets held for sale | 1,398 | ||
Bank owned life insurance | 21,211 | ||
Goodwill | 39,389 | 11,144 | |
Core deposit intangibles, net | 5,230 | ||
Other assets | 8,311 | 6,085 | |
TOTAL ASSETS | 2,084,579 | 1,280,008 | |
Deposits: | |||
Noninterest-bearing | 620,320 | 373,795 | |
Interest-bearing | |||
Demand | 97,826 | 87,806 | |
Money market and savings | 431,305 | 279,595 | |
Certificates and other time | 609,682 | 392,488 | |
Total interest-bearing deposits | 1,138,813 | 759,889 | |
Total deposits | 1,759,133 | 1,133,684 | |
Accrued interest payable | 124 | 43 | |
Short-term borrowings | 50,000 | ||
Other borrowed funds | 569 | 10,069 | |
Subordinated debentures | 9,089 | ||
Other liabilities | 7,174 | 4,434 | |
Total liabilities | $ 1,826,089 | $ 1,148,230 | |
COMMITMENTS AND CONTINGENCIES (See Note 15) | |||
STOCKHOLDERS’ EQUITY: | |||
Preferred stock, $1 par value; 1,000,000 shares authorized; there were no shares issued and outsanding of Series A or Series B, each has a $1,000 liquidation value | $ 0 | ||
Common stock, $1 par value; 40,000,000 shares authorized; 12,814,696 shares issued and 12,812,985 shares outstanding at December 31, 2015 and 7,477,309 shares issued and outstanding at December 31, 2014 | 12,815 | $ 7,477 | |
Capital surplus | 209,285 | 104,568 | |
Retained earnings | 34,411 | 19,184 | |
Accumulated other comprehensive income | 2,017 | 549 | |
Less: Treasury stock, at cost, 1,711 shares | (38) | ||
Total stockholders’ equity | 258,490 | 131,778 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 2,084,579 | 1,280,008 | |
Core Deposits [Member] | |||
ASSETS | |||
Core deposit intangibles, net | $ 5,230 | $ 1,747 | |
[1] | Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in Dollars per share) | $ 1 | |
Preferred stock, shares authorized | 1,000,000 | |
Common stock, par value (in Dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 12,814,696 | 7,477,309 |
Common stock, shares outstanding | 12,812,985 | 7,477,309 |
Treasury stock, shares | 1,711 | |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Preferred stock, liquidation value (in Dollars) | $ 1,000 | |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Preferred stock, liquidation value (in Dollars) | $ 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME: | |||
Loans, including fees | $ 85,443 | $ 50,243 | $ 36,960 |
Securities: | |||
Taxable | 1,122 | 1,435 | 957 |
Tax-exempt | 2,002 | 416 | 69 |
Deposits in other financial institutions | 239 | 311 | 352 |
Total interest income | 88,806 | 52,405 | 38,338 |
INTEREST EXPENSE: | |||
Demand, money market and savings deposits | 2,001 | 1,261 | 1,236 |
Certificates and other time deposits | 5,272 | 4,081 | 3,196 |
Short-term borrowings | 82 | ||
Subordinated debentures | 578 | ||
Other borrowed funds | 707 | 229 | 15 |
Total interest expense | 8,640 | 5,571 | 4,447 |
NET INTEREST INCOME | 80,166 | 46,834 | 33,891 |
Provision for loan losses | 5,792 | 2,150 | 240 |
Net interest income after provision for loan losses | 74,374 | 44,684 | 33,651 |
NONINTEREST INCOME: | |||
Nonsufficient funds fees | 703 | 455 | 331 |
Service charges on deposit accounts | 680 | 490 | 329 |
Gains (losses) on sales of securities | (37) | 82 | |
Gains (losses) on sales of other real estate | (5) | 188 | 201 |
Gains on sales of loans | 235 | ||
Bank owned life insurance income | 604 | ||
Other | 1,812 | 1,392 | 778 |
Total noninterest income | 3,992 | 2,607 | 1,639 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 35,324 | 20,179 | 15,371 |
Net occupancy and equipment | 4,826 | 3,316 | 2,420 |
Data processing and software amortization | 3,044 | 1,658 | 1,202 |
Professional fees | 1,671 | 2,294 | 1,681 |
Regulatory assessments and FDIC insurance | 1,346 | 848 | 602 |
Core deposit intangibles amortization | 830 | 298 | 37 |
Depreciation | 1,614 | 1,084 | 813 |
Communications | 1,290 | 684 | 432 |
Advertising | 781 | 601 | 582 |
Other | 4,079 | 2,496 | 1,458 |
Total noninterest expense | 54,805 | 33,458 | 24,598 |
INCOME BEFORE INCOME TAXES | 23,561 | 13,833 | 10,692 |
Provision for income taxes | 7,775 | 4,828 | 3,853 |
NET INCOME | 15,786 | 9,005 | 6,839 |
Preferred stock dividends | 559 | ||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 15,227 | $ 9,005 | $ 6,839 |
EARNINGS PER COMMON SHARE: | |||
Basic (in Dollars per share) | $ 1.45 | $ 1.29 | $ 1.25 |
Diluted (in Dollars per share) | $ 1.43 | $ 1.26 | $ 1.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 15,786 | $ 9,005 | $ 6,839 |
Unrealized gain (loss) on securities: | |||
Change in unrealized holding gains (losses) on available for sale securities during the period | 2,234 | 1,928 | (1,888) |
Reclassification of amount realized through the sale of securities | 37 | (82) | |
Total other comprehensive income (loss) | 2,271 | 1,846 | (1,888) |
Deferred tax (expense) benefit related to other comprehensive income | (803) | (628) | 642 |
Other comprehensive income (loss), net of tax | 1,468 | 1,218 | (1,246) |
Comprehensive income | $ 17,254 | $ 10,223 | $ 5,593 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member]Private Placement [Member] | Common Stock [Member]IPO [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Private Placement [Member] | Additional Paid-in Capital [Member]IPO [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member]Private Placement [Member] | Treasury Stock [Member] | Private Placement [Member] | IPO [Member] | Total |
Balance at Dec. 31, 2012 | $ 5,191 | $ 59,120 | $ 3,340 | $ 577 | $ (144) | $ 68,084 | ||||||||
Balance (in Shares) at Dec. 31, 2012 | 5,191,100 | |||||||||||||
Balance at Dec. 31, 2013 | $ 6,965 | 93,459 | 10,179 | (669) | (198) | 109,736 | ||||||||
Balance (in Shares) at Dec. 31, 2013 | 6,964,551 | |||||||||||||
Net income | 6,839 | 6,839 | ||||||||||||
Other comprehensive Income (loss) | (1,246) | (1,246) | ||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | $ 21 | 10 | 31 | |||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, shares (in Shares) | 21,084 | |||||||||||||
Issuance of common shares, value | $ 888 | 16,915 | 17,803 | |||||||||||
Issuance of common shares, shares (in Shares) | 887,644 | |||||||||||||
Common stock issued in connection with the acquisition, value | $ 865 | 17,039 | 17,904 | |||||||||||
Common stock issued in connection with the acquisition, shares (in Shares) | 864,723 | |||||||||||||
Repurchase of treasury stock | (54) | (54) | ||||||||||||
Stock based compensation expense | 375 | 375 | ||||||||||||
Balance at Dec. 31, 2014 | $ 7,477 | 104,568 | 19,184 | 549 | 131,778 | |||||||||
Balance (in Shares) at Dec. 31, 2014 | 7,477,309 | |||||||||||||
Net income | 9,005 | 9,005 | ||||||||||||
Other comprehensive Income (loss) | 1,218 | 1,218 | ||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | $ 36 | 378 | 198 | 612 | ||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, shares (in Shares) | 36,566 | |||||||||||||
Issuance of common shares, value | $ 476 | 10,000 | 10,476 | |||||||||||
Issuance of common shares, shares (in Shares) | 476,192 | |||||||||||||
Stock based compensation expense | 731 | 731 | ||||||||||||
Balance at Dec. 31, 2015 | $ 12,815 | 209,285 | 34,411 | 2,017 | (38) | 258,490 | ||||||||
Balance (in Shares) at Dec. 31, 2015 | 12,814,696 | |||||||||||||
Net income | 15,786 | 15,786 | ||||||||||||
Other comprehensive Income (loss) | $ 1,468 | 1,468 | ||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | $ 4 | 7 | 11 | |||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, shares (in Shares) | 3,983 | |||||||||||||
Issuance of common shares, value | $ 5 | $ 2,990 | $ 103 | $ 54,148 | $ 14 | $ 122 | $ 57,138 | |||||||
Issuance of common shares, shares (in Shares) | 4,884 | 2,990,000 | 2,990,000 | |||||||||||
Common stock issued in connection with the acquisition, value | $ 2,339 | 49,108 | 51,447 | |||||||||||
Common stock issued in connection with the acquisition, shares (in Shares) | 2,338,520 | |||||||||||||
Preferred stock issued in connection with the acquisition of F&M Bancshares, Inc. | $ 11,550 | 11,550 | ||||||||||||
Preferred stock issued in connection with the acquisition of F&M Bancshares, Inc. (in Shares) | 11,550 | |||||||||||||
Redemption of preferred stock | $ (11,550) | (11,550) | ||||||||||||
Redemption of preferred stock (in Shares) | (11,550) | |||||||||||||
Preferred stock dividends | $ (559) | (559) | ||||||||||||
Repurchase of treasury stock | $ (52) | (52) | ||||||||||||
Stock based compensation expense | $ 1,351 | $ 1,351 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 15,786 | $ 9,005 | $ 6,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and core deposit intangibles amortization | 2,444 | 1,382 | 916 |
Provision for loan losses | 5,792 | 2,150 | 240 |
Loss (gain) on the sale of securities | 37 | (82) | |
Deferred income tax expense (benefit) | (446) | 277 | (157) |
Net amortization of premium on investments | 1,209 | 710 | 643 |
Bank owned life insurance | (604) | ||
Net (accretion) amortization of (discount) premium on loans | (3,492) | 83 | |
Net amortization of discount on subordinated debentures | 218 | ||
Net amortization of discount on certificates of deposit | (739) | (515) | |
Net loss (gain) on sale or write down of premises, equipment and other real estate | 5 | (102) | (190) |
Net gain on sales of loans | (235) | ||
Stock based compensation expense | 1,351 | 731 | 375 |
(Increase) decrease in accrued interest receivable and other assets | (3,507) | 246 | (587) |
Increase (decrease) in accrued interest payable and other liabilities | 501 | (215) | 1,914 |
Net cash provided by operating activities | 18,320 | 13,670 | 9,993 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities and principal paydowns of available for sale securities | 2,226,000 | 1,400,243 | 1,002,640 |
Proceeds from sales of available for sale securities | 16,943 | 1,941 | |
Purchase of available for sale securities | (2,307,331) | (1,398,921) | (1,011,438) |
Net change in total loans | (271,574) | (165,919) | (130,208) |
Purchase of bank premises and equipment | (1,939) | (2,095) | (505) |
Proceeds from sale of bank premises, equipment and other real estate | 520 | 1,229 | |
Purchase of bank owned life insurance | (10,000) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in noninterest-bearing deposits | 60,996 | 48,385 | 65,489 |
Net increase in interest-bearing deposits | 75,380 | 40,483 | 75,455 |
Paydowns of long-term borrowings | (45,500) | (10,000) | |
Proceeds from long-term borrowings | 18,000 | 15,069 | 5,000 |
Proceeds from short-term borrowings | 50,000 | ||
Preferred stock dividends | (559) | ||
Redemption of preferred stock | (11,550) | ||
Proceeds from initial public offering | 57,138 | ||
Proceeds from the issuance of common stock, stock option exercises, restricted stock awards and the ESPP | 133 | 11,088 | 17,833 |
Repurchase of treasury stock | (52) | (54) | |
Net cash provided by financing activities | 203,986 | 105,025 | 163,723 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (19,109) | (45,536) | 61,385 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 167,540 | 213,076 | 151,691 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 148,431 | 167,540 | 213,076 |
NONCASH ACTIVITIES: | |||
Acquired loans transferred to loans held for sale | 33,409 | 2,792 | |
Acquired premises and equipment and accrued interest receivable transferred to branch assets held for sale | 1,662 | ||
SUPPLEMENTAL INFORMATION: | |||
Income taxes paid | 7,500 | 4,900 | 3,850 |
Interest paid | 7,820 | 6,039 | 4,447 |
F&M Bancshares. Inc. [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in acquisition | 106,486 | ||
Independence Bank [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in acquisition | 25,951 | ||
Net cash used in investing activities | $ (241,415) | $ (164,231) | $ (112,331) |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Nature of Operations and Principles of Consolidation- Use of Estimates— Initial Public Offering (IPO) Cash and cash equivalents Securities Interest earned on these assets is included in interest income. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates debt securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income, net of applicable taxes. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. The previous amortized cost bases less the OTTI recognized in earnings shall become the new amortized cost basis of the security. Loans held for Sale Loans Held for Investment Nonrefundable Fees and Costs Associated with Lending Activities Nonperforming and Past Due Loans Past due status is based on the contractual terms of the loan. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The Company generally classifies a loan as nonperforming, automatically places the loan on nonaccrual status, ceases accruing interest and reverses all unpaid accrued interest against interest income, when, in management’s opinion, the borrower may be unable to meet payment obligations, when the payment of principal or interest on a loan is delinquent for 90 days, as well as when required by regulatory provisions, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. Any payments received on nonaccrual loans are applied first to outstanding loan amounts. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Any excess is treated as recovery of lost interest. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. Nonaccrual loans and loans past due 90 days include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance. All loan types are considered delinquent after 30 days past due and are typically charged-off or charged-down no later than 120 days past due, with consideration of, but not limited to, the following criteria in determining the need and optional timing of the charge-off or charge-down: 1) the Bank is in the process of repossession or foreclosure and there appears to be a likely deficiency, 2) the collateral securing the loan has been sold and there is an actual deficiency, 3) the Bank is proceeding with lengthy legal action to collect its balance, 4) the borrower is unable to be located, or 5) the borrower has filed bankruptcy. Charge-offs occur when the Company deems a loan to be uncollectible. Troubled debt restructurings (TDRs) Impaired Loans Allowance for Loan Losses Throughout the year, management estimates the probable incurred losses in the loan portfolio to determine if the allowance for loan losses is adequate to absorb such losses. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The Company follows a loan review program to evaluate the credit risk in the loan portfolio. Loans that have been identified as impaired are generally reviewed on a quarterly basis in order to determine whether a specific reserve is required. The general component covers non-impaired loans and is based on industry and Company specific historical loan loss experience, volume, growth and composition of the loan portfolio, the evaluation of the Company’s loan portfolio through its internal loan review process, general current economic conditions both internal and external to the Company that may affect the borrower’s ability to pay, value of collateral and other qualitative relevant risk factors. Based on a review of these estimates, the allowance for loan losses is adjusted to a level determined to be adequate. Estimates of loan losses are inherently subjective as it involves an exercise of judgment. It is the judgment of management that the allowance for loan losses reflected in the consolidated balance sheets is adequate to absorb probable losses that exist in the loan portfolio as of the reporting date. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. We assesses the exposure for each modification, either by collateral discounting or by calculation of the present value of future cash flows, and determines if a specific allocation to the allowance for loan losses is needed. Once an obligation has been restructured because of such credit problems, it continues to be considered a troubled debt restructuring until paid in full. We return troubled debt restructurings to accrual status only if (1) all contractual amounts due can reasonably be expected to be repaid within a prudent period, and (2) repayment has been in accordance with the contract for a sustained period, typically at least twelve months. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of loan losses expected to be realized over the remaining lives of the loans. Therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans. However, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. Premises and Equipment Other Real Estate Owned Federal Home Loan Bank (“FHLB”) Stock— Bank Owned Life Insurance— Goodwill Goodwill is determined to have an indefinite useful life, is not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company performs its annual impairment test on October 1. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Core Deposit Intangibles Other Borrowed Funds Loan Commitments and Related Financial Instruments Stock Based Compensation The fair value of stock options granted and employee stock purchase plan awards are estimated at the date of grant using the Black-Scholes option-pricing model and the market price of the Company’s common stock on the date of grant is used to value restricted stock awards. Employee Stock Purchase Plan Income Taxes The Company records uncertain tax positions on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the related tax authority. For tax positions not meeting the more likely than not test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. The Company files a consolidated federal income tax return. Comprehensive income Fair Value of Financial Instruments Operating Segments— Reclassifications Earnings per Common Share Loss Contingencies Dividend Restrictions New Accounting Standards Adoption of New Accounting Standards On January 1, 2015, the Company adopted Accounting Standards Update (ASU) 2014-04 “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” Newly Issued But Not Yet Effective Accounting Standards ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. ACQUISITIONS Acquisitions are accounted for using the acquisition method of accounting. Accordingly, the assets and liabilities of an acquired entity are recorded at its fair value at the acquisition date. The excess of the purchase price over the estimated fair value of the net assets is recorded as goodwill. The results of operations for an acquisition have been included in the Company’s consolidated financial results beginning on the respective acquisition date. The measurement period for the Company to determine the fair values of acquired identifiable assets and assumed liabilities will end at the earlier of (i) twelve months from the date of the acquisition or (ii) as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. The following acquisitions were completed on the dates indicated below: 2013 Acquisition Acquisition of Independence Bank, N.A. A summary of the final purchase price allocation is as follows (dollars in thousands): Fair value of consideration paid: Common shares issued and options assumed (864,723 shares) $ 17,904 Cash consideration 17,336 Total consideration paid $ 35,240 Fair value of assets acquired: Cash and cash equivalents $ 43,287 Investment Securities 43,812 Loans, net 132,167 Premises and equipment 589 Core deposit intangibles 2,082 Other assets 3,053 Total assets acquired $ 224,990 Fair value of liabilities assumed: Deposits $ 200,309 Other liabilities 440 Total liabilities assumed 200,749 Fair value of net assets acquired $ 24,241 Goodwill resulting from acquisition $ 10,999 2015 Acquisition Acquisition of F&M Bancshares, Inc. Pursuant to the merger agreement, the Company issued 2,338,520 shares of Company common stock for all outstanding shares of F&M Bancshares capital stock and paid $642 thousand in cash for any fractional and out of state shares held by F&M Bancshares shareholders. The Company recognized goodwill of $28.2 million which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired, none of which is expected to be deductible for tax purposes. F&M Bancshares’ results of operations were included in the Company’s results beginning January 1, 2015. For the year ended December 31, 2015, net interest income associated with F&M Bancshares was $17.1 million. The Company does not track separately the noninterest income and noninterest expense of the F&M Bancshares branches. As of December 31, 2015, the Company finalized its valuation of all assets and liabilities acquired, resulting in no changes to preliminary acquisition accounting adjustments. A summary of the final purchase price allocation is as follows (dollars in thousands): Fair value of consideration paid: Common shares issued (2,338,520 shares) $ 51,447 Preferred shares issued (11,550 shares) 11,550 Cash consideration 642 Total consideration paid $ 63,639 Fair value of assets acquired: Cash and cash equivalents $ 107,128 Investment Securities 14,722 Loans, net 404,637 Premises and equipment 7,699 Core deposit intangibles 4,313 Other assets 15,896 Total assets acquired $ 554,395 Fair value of liabilities assumed: Deposits $ 489,556 Subordinated debt 8,871 Other borrowed funds 18,000 Other liabilities 2,574 Total liabilities assumed 519,001 Fair value of net assets acquired $ 35,394 Goodwill resulting from acquisition $ 28,245 Subsequent to the acquisition, the Company paid off the $18.0 million of borrowed funds from F&M Bancshares shareholders by drawing on its borrowing with another financial institution. Additionally, the securities acquired from F&M Bancshares were sold subsequent to the acquisition with no income statement impact. Additionally, on July 15, 2015, the Company redeemed all of the outstanding shares of Series A and Series B preferred stock for an aggregate redemption price of $11.7 million (which is the sum of the liquidation amount plus accrued and unpaid dividends up to, but excluding the redemption date). The Company issued the shares of Series A and Series B preferred stock in connection with the F&M Bancshares acquisition, which had preferred stock pursuant to the U.S. Treasury’s Troubled Asset Relief Program. The fair value of net assets acquired includes fair value adjustments to certain acquired loans that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. The following presents details of all loans acquired as of January 1, 2015: Contractual Balance Fair Value Discount (Dollars in thousands) Commercial and industrial $ 96,891 $ 95,256 $ (1,635 ) Real estate: Commercial real estate (including multi-family residential) 225,191 222,082 (3,109 ) Commercial real estate construction and land development 40,787 40,094 (693 ) 1-4 family residential (including home equity) 35,897 35,488 (409 ) Residential construction 6,467 6,395 (72 ) Consumer and other 5,421 5,322 (99 ) Total loans $ 410,654 $ 404,637 $ (6,017 ) The following table presents unaudited pro forma financial information as if the acquisition had occurred at the beginning of 2014. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. For the Years Ended December 31, 2015 2014 (Dollars in thousands, except per share data) Net interest income $ 77,598 $ 71,664 Net income attributable to common stockholders 14,170 14,999 Basic earnings per common share 1.35 1.53 Diluted earnings per common share 1.33 1.51 To determine pro forma information, the Company adjusted its year ended December 31, 2015 and 2014 historical results to include the historical results for F&M Bancshares for the year ended December 31, 2014. The pro forma information includes acquisition accounting adjustments to interest on loans, certificates of deposit and subordinated debt, difference in the rate of borrowed funds, amortization of intangibles arising from the transaction and the related income tax effects. The Company incurred approximately $941 thousand and $245 thousand of pre-tax merger related expenses during the years ended December 31, 2015 and 2014, respectively, related to the F&M Bancshares acquisition. The merger expenses are reflected on the Company’s income statement for the applicable periods and are reported primarily in the categories of salaries and benefits and professional fees but are excluded from the calculation of pro forma income above. As of December 31, 2015, the Company held the two Central Texas locations and their related assets for sale. The assets held for sale of these locations include loans, the related accrued interest receivable on those loans and premises and equipment. The loans are presented as loans held for sale on the balance sheet. The branch assets held for sale reported on the balance sheet include accrued interest receivable and premises and equipment for these two respective locations. See Note 20 – Subsequent Events regarding the completion of the sale of the two Central Texas banking locations in January 2016. |
Note 3 - Goodwill and Core Depo
Note 3 - Goodwill and Core Deposit Intangibles | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. GOODWILL AND CORE DEPOSIT INTANGIBLES Changes in the carrying amount of the Company’s goodwill and core deposit intangibles were as follows: Goodwill Core Deposit (Dollars in thousands) Balance as of January 1, 2013 $ - $ - Acquisition of Independence Bank 10,999 2,082 Amortization - (37 ) Balance as of December 31, 2013 10,999 2,045 Measurement period adjustment 145 - Amortization - (298 ) Balance as of December 31, 2014 11,144 1,747 Acquisition of F&M Bancshares 28,245 4,313 Amortization - (830 ) Balance as of December 31, 2015 $ 39,389 $ 5,230 Goodwill is recorded on the acquisition date of an entity. During the measurement period, the Company may record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date. There was a $145 thousand measurement period adjustment recorded during 2014 related to the Independence Bank acquisition. At October 1, 2015, the Company elected to perform a quantitative (Step 1) goodwill assessment. Step 1 assessment includes the determination of the carrying value of the reporting unit, including the existing goodwill and intangible assets, and estimating the fair value of the reporting unit. The quantitative assessment indicated that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. The estimated aggregate future amortization expense for core deposit intangibles remaining as of December 31, 2015 is as follows (dollars in thousands): 2016 $ 830 2017 830 2018 830 2019 830 2020 793 Thereafter 1,117 Total $ 5,230 |
Note 4 - Cash and Due from Bank
Note 4 - Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. CASH AND DUE FROM BANKS The Bank is required by the Federal Reserve Bank of Dallas to maintain average reserve balances. “Cash and due from banks” in the consolidated balance sheets includes restricted amounts of $50.3 million and $27.4 million at December 31, 2015 and 2014, respectively. |
Note 5 - Securities
Note 5 - Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. SECURITIES The amortized cost and fair value of investment securities were as follows: December 31, 2015 Amortized Gross Gross Fair (Dollars in thousands) Available for Sale U.S. Government and agency securities $ 8,674 $ 412 $ - $ 9,086 Municipal securities 123,809 2,575 (35 ) 126,349 Agency mortgage-backed pass-through securities 29,511 397 (246 ) 29,662 Agency collateralized mortgage obligations - - - - Total $ 161,994 $ 3,384 $ (281 ) $ 165,097 December 31, 2014 Amortized Gross Gross Fair (Dollars in thousands) Available for Sale U.S. Government and agency securities $ 14,080 $ 442 $ (45 ) $ 14,477 Municipal securities 35,272 283 (74 ) 35,481 Agency mortgage-backed pass-through securities 32,191 472 (188 ) 32,475 Agency collateralized mortgage obligations 2,587 21 (79 ) 2,529 Total $ 84,130 $ 1,218 $ (386 ) $ 84,962 As of December 31, 2015, the Company management does not expect to sell any securities classified as available for sale with material unrealized losses; and the Company believes that it more likely than not will not be required to sell any of these securities before their anticipated recovery at which time the Company will receive full value for the securities. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2015, management believes the unrealized losses in the previous table are temporary and no other than temporary impairment loss has been realized in the Company’s consolidated statements of income. The amortized cost and fair value of investment securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations at any time with or without call or prepayment penalties. Amortized Fair (Dollars in thousands) Due in one year or less $ 7,176 $ 7,185 Due after one year through five years 17,300 17,468 Due after five years through ten years 38,742 39,503 Due after ten years 69,265 71,279 Subtotal 132,483 135,435 Agency mortgage-backed pass through securities and agency collateralized mortgage obligations 29,511 29,662 Total $ 161,994 $ 165,097 Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position are as follows: December 31, 2015 Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale U.S. Government and agency securities $ - $ - $ - $ - $ - $ - Municipal securities 6,867 (30 ) 298 (5 ) 7,165 (35 ) Agency mortgage-backed pass-through securities 4,952 (36 ) 9,519 (210 ) 14,471 (246 ) Agency collateralized mortgage obligations - - - - - - Total $ 11,819 $ (66 ) $ 9,817 $ (215 ) $ 21,636 $ (281 ) December 31, 2014 Less than 12 Months More than 12 Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale U.S. Government and agency securities $ 2,842 $ (3 ) $ 1,748 $ (42 ) $ 4,590 $ (45 ) Municipal securities 14,102 (74 ) - - 14,102 (74 ) Agency mortgage-backed pass-through securities 498 (1 ) 14,058 (187 ) 14,556 (188 ) Agency collateralized mortgage obligations - - 1,607 (79 ) 1,607 (79 ) Total $ 17,442 $ (78 ) $ 17,413 $ (308 ) $ 34,855 $ (386 ) As of December 31, 2015, the Company’s security portfolio consisted of 236 securities, 16 of which were in an unrealized loss position for more than 12 months. There were no realized losses on these securities as the Company believes these securities are temporarily impaired due to changes in market interest rates. The majority of unrealized losses are related to the Company’s mortgage-backed securities. During the first quarter of 2015, the Company sold all securities acquired in the F&M Bancshares transaction resulting in gross proceeds of approximately $15.0 million. No gains or losses were recognized. Additionally, the Company sold $2.2 million in securities during 2015 and recorded a loss on the sale of $37 thousand. The Company sold $2.0 million in securities in 2014 and recorded a gain on the sale of $82 thousand. There was no gain or loss on the sale of securities for the year ended December 31, 2013. At December 31, 2015 and 2014, the Company did not own securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of the consolidated stockholders’ equity at such respective dates. The Company did not have pledged securities at December 31, 2015 and 2014, respectively. |
Note 6 - Loans and Allowance fo
Note 6 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. LOANS AND ALLOWANCE FOR LOAN LOSSES The loan portfolio balances, net of unearned income and fees, consist of various types of loans primarily all made to borrowers located within Texas and are classified by major type as follows: December 31, 2015 2014 (Dollars in thousands) Loans held for sale (1) $ 27,887 $ - Commercial and industrial 383,044 242,034 Mortgage warehouse (2) 59,071 28,329 Real estate: Commercial real estate (including multi-family residential) 745,595 429,986 Commercial real estate construction and land development 154,646 85,484 1-4 family residential (including home equity) 205,200 135,127 Residential construction 93,848 72,402 Consumer and other 11,761 8,692 Total loans held for investment 1,653,165 1,002,054 Total loans 1,681,052 1,002,054 Allowance for loan losses (13,098 ) (8,246 ) Loans, net $ 1,667,954 $ 993,808 (1) Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. (2) Mortgage warehouse was previously reported within the Commercial and Industrial loan portfolio. These loans are to unaffiliated mortgage loan originators collateralized by mortgage promissory notes which are segregated in the Company’s mortgage warehouse portfolio. These promissory notes originated by the Company’s mortgage warehouse customers carry terms and conditions as would be expected in the competitive permanent mortgage market and serve as collateral under a traditional mortgage warehouse arrangement whereby such promissory notes are warehoused under a revolving credit facility to allow for the end investor (or purchaser) of the note to receive a complete loan package and remit funds to the bank. The maturity of each revolving line of credit facility is normally less than 24 months, while the promissory notes that are warehoused under such facilities may have a much shorter length of time outstanding. For mortgage promissory notes secured by residential property, the warehouse time is normally 10 to 20 days. For mortgage promissory notes secured by commercial property, the warehouse time is normally 40 to 50 days. The funded balance of the mortgage warehouse portfolio can have significant fluctuation based upon market demand for the product, level of home sales and refinancing activity, market interest rates, and velocity of end investor processing times. Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. In addition, an independent third party loan review is performed on an annual basis. (i) Commercial and Industrial Loans. (ii) Commercial Real Estate. The Company’s nonowner-occupied and multi-family commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is dependent, in large part, on sufficient income from the properties securing the loans to cover operating expenses and debt service. The Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. In addition, these loans are generally guaranteed by individual owners of the borrower and have typically lower loan to value ratios. Loans secured by owner-occupied properties generally involve less risk and represented approximately 53% of the outstanding principal balance of the Company’s commercial real estate loans at December 31, 2015. The Company is dependent on the cash flows of the business occupying the property and its owners and requires these loans to be secured by property with adequate margins and to be guaranteed by the individual owners. The Company’s owner-occupied commercial real estate loans collateralized by first liens on real estate, typically have fixed interest rates and amortize over a 10 to 20 year period. (iii) Construction and Land Development Loans. (iv) Residential Real Estate Loans. (v) Consumer and Other Loans. Concentrations of Credit The vast majority of the Company’s lending activity occurs in and around the Houston, Texas area. The Company’s loans are primarily loans secured by real estate, including commercial and residential construction, owner-occupied and nonowner-occupied and multi-family commercial real estate, raw land and other real estate based loans. Related Party Loans As of December 31, 2015 and 2014, loans outstanding to directors, officers and their affiliates totaled $2.5 million and $1.3 million, respectively. An analysis of activity with respect to these related-party loans is as follows: 2015 (Dollars in thousands) Beginning balance on January 1 $ 1,329 New loans and reclassified related loans 1,450 Repayments (320 ) Ending balance on December 31 $ 2,459 Nonaccrual and Past Due Loans An aging analysis of the recorded investment in past due loans, segregated by class of loans, is as follows: December 31, 2015 Loans Past Due and Still Accruing 30-89 90 or More Total Past Nonaccrual Current Loans (Dollars in thousands) Loans held for sale $ 539 $ - $ 539 $ 209 $ 27,139 $ 27,887 Commercial and industrial 1,474 - 1,474 2,664 378,906 383,044 Mortgage warehouse - - - - 59,071 59,071 Real estate: Commercial real estate (including multi-family residential) 1,866 - 1,866 2,006 741,723 745,595 Commercial real estate construction and land development 77 - 77 - 154,569 154,646 1-4 family residential (including home equity) 1,904 - 1,.904 239 203,057 205,200 Residential construction - - - - 93,848 93,848 Consumer and other 36 - 36 66 11,659 11,761 Total loans held for investment 5,357 - 5,357 4,975 1,642,833 1,653,165 Total loans $ 5,896 $ - $ 5,896 $ 5,184 $ 1,669,972 $ 1,681,052 December 31, 2014 Loans Past Due and Still Accruing 30-89 Days 90 or More Total Past Nonaccrual Current Loans (Dollars in thousands) Commercial and industrial $ 274 $ - $ 274 $ 1,527 $ 240,233 $ 242,034 Mortgage warehouse - - - - 28,329 28,329 Real estate: Commercial real estate (including multi-family residential) - - - 1,653 428,333 429,986 Commercial real estate construction and land development - - - - 85,484 85,484 1-4 family residential (including home equity) - - - 135,127 135,127 Residential construction 413 - 413 - 71,989 72,402 Consumer and other 46 - 46 4 8,642 8,692 Total loans $ 733 $ - $ 733 $ 3,184 $ 998,137 $ 1,002,054 (3) Includes $1.3 million of loans acquired from F&M Bancshares. (4) Includes $676 thousand of loans acquired from F&M Bancshares. Nonaccrual loans at December 31, 2015 consisted of 31 separate credits. If interest on nonaccrual loans had been accrued under the original loan terms, approximately $404 thousand and $187 thousand would have been recorded as income for the years ended December 31, 2015 and 2014, respectively. Impaired Loans Impaired loans by class of loans are set forth in the following tables. The average recorded investment presented in the table below is reported on a year-to-date basis. December 31, 2015 Recorded Unpaid Related Average Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 3,842 $ 4,216 $ - $ 3,698 $ 222 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 4,700 4,700 - 4,833 285 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) 239 239 - 248 13 Residential construction - - - - - Consumer and other 82 97 - 102 8 Total 8,863 9,252 - 8,881 528 With an allowance recorded: Commercial and industrial 1,573 1,573 670 2,040 87 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 1,146 1,146 180 1,122 77 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - - - Residential construction - - - - - Consumer and other 19 19 9 21 1 Total 2,738 2,738 859 3,183 165 Total: Commercial and industrial 5,415 5,789 670 5,738 309 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 5,846 5,846 180 5,955 362 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) 239 239 - 248 13 Residential construction - - - - - Consumer and other 101 116 9 123 9 $ 11,601 $ 11,990 $ 859 $ 12,064 $ 693 December 31, 2014 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 999 $ 1,054 $ - $ 1,292 $ 83 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 2,894 2,894 - 1,641 182 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - 2 - Residential construction - - - - - Consumer and other - - - 1,084 - Total 3,893 3,948 - 4,019 265 With an allowance recorded: Commercial and industrial 1,802 1,802 501 2,247 128 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 180 180 10 715 12 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - 40 - Residential construction - - - - - Consumer and other 4 4 1 2,102 - Total 1,986 1,986 512 5,104 140 Total: Commercial and industrial 2,801 2,856 501 3,539 211 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 3,074 3,074 10 2,356 194 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - 42 - Residential construction - - - - - Consumer and other 4 4 1 3,186 - $ 5,879 $ 5,934 $ 512 $ 9,123 $ 405 The increase in impaired loans from December 31, 2014 to December 31, 2015 was primarily due to a single energy related relationship that was downgraded. The average recorded investment of impaired loans for the year ended December 31, 2013 was $7.1 million. Interest income recognized for the year ended December 31, 2013 was $450 thousand. Credit Quality Indicators The company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt including factors such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually by classifying the loans by credit risk. As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio and methodology for calculating the allowance for credit losses, management assigns and tracks risk ratings to be used as credit quality indicators. The following is a general description of the risk ratings used: Watch Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loan at December 31, 2015 is as follows: Pass Watch Special Mention Substandard Doubtful Total (Dollars in thousands) Loans held for sale $ 26,570 $ 477 $ 19 $ 821 $ - $ 27,887 Commercial and industrial 366,479 8,094 1,253 7,218 - 383,044 Mortgage warehouse 59,071 - - - - 59,071 Real estate: Commercial real estate (including multi-family residential) 721,781 7,186 790 15,838 - 745,595 Commercial real estate construction and land development 152,380 1,846 - 420 - 154,646 1-4 family residential (including home equity) 200,262 2,385 390 2,163 - 205,200 Residential construction 93,848 - - - - 93,848 Consumer and other 11,522 155 18 66 - 11,761 Total loans held for investment 1,605,343 19,666 2,451 25,705 - 1,653,165 Total loans $ 1,631,913 $ 20,143 $ 2,470 $ 26,526 $ - $ 1,681,052 The following table presents the risk category of loans by class of loan at December 31, 2014: Pass Watch Special Mention Substandard Doubtful Total (Dollars in thousands) Commercial and industrial $ 235,006 $ 1,817 $ 291 $ 4,920 $ - $ 242,034 Mortgage warehouse 28,329 - - - - 28,329 Real estate: Commercial real estate (including multi-family residential) 408,117 9,365 - 12,504 - 429,986 Commercial real estate construction and land development 82,643 2,841 - - - 85,484 1-4 family residential (including home equity) 132,979 1,677 83 388 - 135,127 Residential construction 71,025 - 1,200 177 - 72,402 Consumer and other 8,636 35 - 21 - 8,692 Total loans held for investment $ 966,735 $ 15,735 $ 1,574 $ 18,010 $ - $ 1,002,054 Allowance for Loan Losses At December 31, 2015, the allowance for loan losses totaled $13.1 million, or 0.78% of total loans. At December 31, 2014, the allowance aggregated $8.2 million or 0.82% of total loans. Commercial Mortgage Commercial real estate (including multi-family residential) Commercial real estate construction and land development 1-4 family residential (including home equity) Residential Construction Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Balance December 31, 2014 $ 2,334 $ - $ 3,799 $ 578 $ 1,008 $ 475 $ 52 $ 8,246 Provision for loan losses 2,193 - 2,115 625 464 321 74 5,792 Charge-offs (935 ) - - - (40 ) - (65 ) (1,040 ) Recoveries 52 - - 18 - 24 6 100 Net charge-offs (883 ) - - 18 (40 ) 24 (59 ) (940 ) Balance December 31, 2015 $ 3,644 $ - $ 5,914 $ 1,221 $ 1,432 $ 820 $ 67 $ 13,098 Allowance for loan losses: Balance December 31, 2013 $ 2,729 $ - $ 2,175 $ 357 $ 558 $ 598 $ 238 $ 6,655 Provision for loan losses 140 - 1,624 221 450 (123 ) (162 ) 2,150 Charge-offs (567 ) - - - - - (40 ) (607 ) Recoveries 32 - - - - - 16 48 Net charge-offs (535 ) - - - - - (24 ) (559 ) Balance December 31, 2014 $ 2,334 $ - $ 3,799 $ 578 $ 1,008 $ 475 $ 52 $ 8,246 Allowance for loan losses: Balance December 31, 2012 $ 2,713 $ - $ 2,127 $ 222 $ 608 $ 560 $ 309 $ 6,539 Provision for loan losses 352 - 48 135 (278 ) 37 (54 ) 240 Charge-offs (369 ) - - - - - (19 ) (388 ) Recoveries 33 - - - 228 1 2 264 Net charge-offs (336 ) - - - 228 1 (17 ) (124 ) Balance December 31, 2013 $ 2,729 $ - $ 2,175 $ 357 $ 558 $ 598 $ 238 $ 6,655 The following table presents the activity in the allowance for loan losses by portfolio type for the years ended December 31, 2015, 2014 and 2013: The following table presents the balance in the allowance for loan losses by portfolio type based on the impairment method as of December 31, 2015 and 2014: Commercial and Industrial Mortgage Warehouse Commercial real estate (including multi-family residential) Commercial real estate construction and land development 1-4 family residential (including home equity) Residential Construction Consumer and Other Total (Dollars in thousands) Allowance for loan losses related to: December 31, 2015 Individually evaluated for impairment $ 670 $ - $ 180 $ - $ - $ - $ 9 $ 859 Collectively evaluated for impairment 2,974 - 5,734 1,221 1,432 820 58 12,239 Total allowance for loan losses $ 3,644 $ - $ 5,914 $ 1,221 $ 1,432 $ 820 $ 67 $ 13,098 December 31, 2014 Individually evaluated for impairment $ 501 $ - $ 10 $ - $ - $ - $ 1 $ 512 Collectively evaluated for impairment 1,833 - 3,789 578 1,008 475 51 7,734 Total allowance for loan losses $ 2,334 $ - $ 3,799 $ 578 $ 1,008 $ 475 $ 52 $ 8,246 The following table presents the recorded investment in loans held for investment by portfolio type based on the impairment method as of December 31, 2015 and 2014: Commercial and Industrial Mortgage Warehouse Commercial real estate (including multi-family residential) Commercial real estate construction and land development 1-4 family residential (including home equity) Residential Construction Consumer and Other Total (Dollars in thousands) Recorded investment in loans: December 31, 2015 Individually evaluated for impairment $ 5,415 $ - $ 5,846 $ - $ 239 $ - $ 101 $ 11,601 Collectively evaluated for impairment 377,629 59,071 739,749 154,646 204,961 93,848 11,660 1,641,564 Total loans evaluated for impairment $ 383,044 $ 59,071 $ 745,595 $ 154,646 $ 205,200 $ 93,848 $ 11,761 $ 1,653,165 December 31, 2014 Individually evaluated for impairment $ 2,801 $ - $ 3,074 $ - $ - $ - $ 4 $ 5,879 Collectively evaluated for impairment 239,233 28,329 426,912 85,484 135,127 72,402 8,688 996,175 Total loans evaluated for impairment $ 242,034 $ 28,329 $ 429,986 $ 85,484 $ 135,127 $ 72,402 $ 8,692 $ 1,002,054 Troubled Debt Restructurings As of December 31, 2015 and 2014, the Company had a recorded investment in troubled debt restructurings of $3.1 million and $1.7 million, respectively. The Company allocated $681 thousand and $205 thousand of specific reserves for these loans at December 31, 2015 and 2014, respectively, and did not commit to lend additional amounts on these loans. The following table presents information regarding loans modified in a troubled debt restructuring during the years ended December 31, 2015, 2014 and 2013: As of December 31, 2015 2014 2013 Number of Contracts Pre-Modification of Outstanding Recorded Investment Post-Modification of Outstanding Recorded Investment Number of Contracts Pre-Modification of Outstanding Recorded Investment Post-Modification of Outstanding Recorded Investment Number of Contracts Pre-Modification of Outstanding Recorded Investment Post-Modification of Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Commercial and industrial 6 $ 2,959 $ 2,959 - $ - $ - 3 $ 2,106 $ 2,106 Mortgage warehouse Real estate: Commercial real estate (including multi-family residential) 1 63 63 1 161 161 - - - Commercial real estate construction and land development - - - - - - - - - 1-4 family residential (including home equity) - - - - - - - - - Residential construction - - - - - - - - - Consumer and other 2 20 20 - - - - - - Total 9 $ 3,042 $ 3,042 1 $ 161 $ 161 3 $ 2,106 $ 2,106 Troubled debt restructurings resulted in charge-offs of $45 thousand, $38 thousand and $19 thousand during the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding 12 months. Default is determined at 90 or more days past due. The modifications primarily related to extending the amortization periods of the loans. The Company did not grant principal reductions on any restructured loans. During the year ended December 31, 2015, the Company added $3.0 million in new troubled debt restructurings, of which $2.2 million were still outstanding on December 31, 2015. |
Note 7 - Fair Value
Note 7 - Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 7. FAIR VALUE The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value represents the estimated exchange price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price” in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. Fair Value Hierarchy • Level 1—Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2—Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Significant unobservable inputs that reflect management’s judgment and assumptions that market participants would use in pricing an asset or liability that are supported by little or no market activity. The following method to determine fair value of loans held for sale was adopted during the first quarter of 2015 as part of the F&M Bancshares transaction: Loans Held For Sale- The carrying amounts and estimated fair values of financial instruments that are reported on the balance sheet are as follows: As of December 31, 2015 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial assets (Dollars in thousands) Cash and cash equivalents $ 148,431 $ 148,431 $ - $ - $ 148,431 Available for sale securities 165,097 - 165,097 - 165,097 Loans held for sale 27,887 - - 27,887 27,887 Loans held for investment, net of allowance 1,640,067 - - 1,641,862 1,641,862 Accrued interest receivable 6,518 - 1,780 4,738 6,518 Financial liabilities Total deposits $ 1,759,133 $ - $ 1,759,728 $ - $ 1,759,728 Accrued interest payable 124 - 124 - 124 Short-term borrowings 50,000 - 50,000 - 50,000 Subordinated debentures 9,089 - 9,089 - 9,089 Other borrowed funds 569 - 569 - 569 As of December 31, 2014 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial assets (Dollars in thousands) Cash and cash equivalents $ 167,540 $ 167,540 $ - $ - $ 167,540 Available for sale securities 84,962 - 84,962 - 84,962 Loans held for investment, net of allowance 993,808 - - 998,575 998,575 Accrued interest receivable 3,285 - 473 2,812 3,285 Financial liabilities Total deposits $ 1,133,684 $ - $ 1,133,684 $ - $ 1,133,684 Accrued interest payable 43 - 43 - 43 Other borrowed funds 10,069 - 10,069 - 10,069 The fair value estimates presented herein are based on pertinent information available to management as of the dates indicated. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value, non-financial assets and non-financial liabilities and for estimating fair value for financial instruments not recorded at fair value: Cash and Cash Equivalents Available for Sale Securities Available for sale securities are recorded at fair value on a recurring basis. Loans Held for Investment Federal Home Loan Bank Stock Deposits Short-term Borrowings Subordinated Debentures Other Borrowed Funds Accrued Interest Off-balance sheet instruments The following tables present fair values for assets measured at fair value on a recurring basis: As of December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: U.S. Government and agency securities $ - $ 9,086 $ - $ 9,086 Municipal securities - 126,349 - 126,349 Agency mortgage-backed pass-through securities - 29,662 - 29,662 Agency collateralized mortgage obligations - - - - $ - $ 165,097 $ - $ 165,097 As of December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: U.S. Government and agency securities $ - $ 14,477 $ - $ 14,477 Municipal securities - 35,481 - 35,481 Agency mortgage-backed pass-through securities - 32,475 - 32,475 Agency collateralized mortgage obligations - 2,529 - 2,529 $ - $ 84,962 $ - $ 84,962 There were no liabilities measured at fair value on a recurring basis as of December 31, 2015 or 2014. There were no transfers between levels during 2015 or 2014. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances such as evidence of impairment. As of December 31, 2015 Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans: Commercial and industrial $ - $ - $ 903 Commercial real estate (including multi-family residential) - - 966 Consumer and other - - 10 $ - $ - $ 1,879 As of December 31, 2014 Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans: Commercial and industrial $ - $ - $ 1,301 Commercial real estate (including multi-family residential) - - 170 Consumer and other - - 3 $ - $ - $ 1,474 Historically, we measure fair value for certain loans and other real estate owned on a nonrecurring basis as described below. Other real estate owned Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans. Other real estate owned is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer. Any excess of the related loan balance over the fair value less expected selling costs is charged to the allowance. Subsequent declines in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The fair value of other real estate owned is determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. The Company did not have any other real estate owned at December 31, 2015 and 2014. Impaired Loans with Specific Allocation of Allowance Impaired loans are those loans the Company has measured at fair value, generally based on the fair value of the loan’s collateral. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. Fair value is generally determined based on appraisals of the properties which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral, or discounted cash flows based upon the expected proceeds. Estimated selling and closing costs range from 5% to 10% of the value of the underlying collateral. During the years ended December 31, 2015 and 2014, certain impaired loans were reevaluated and reported at fair value through a specific allocation of the allowance for loan losses. At December 31, 2015, the total reported fair value of impaired loans of $1.9 million based on collateral valuations utilizing Level 3 valuation inputs had a carrying value of $2.7 million that was reduced by specific allowance allocations totaling $859 thousand. At December 31, 2014, the total reported fair value of impaired loans of $1.5 million based on collateral valuations utilizing Level 3 valuation inputs had a carrying value of $2.0 million that was reduced by specific allowance allocations totaling $512 thousand. |
Note 8 - Premises and Equipment
Note 8 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 8. PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, 2015 2014 (Dollars in thousands) Land $ 4,703 $ 2,203 Buildings 7,994 3,558 Leasehold improvements 4,963 4,349 Furniture, fixtures and equipment 7,302 5,350 Construction in progress - 82 Total 24,962 15,542 Less: accumulated depreciation 6,491 4,573 Premises and equipment, net $ 18,471 $ 10,969 Depreciation expense was $1.6 million, $1.1 million and $813 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 9. DEPOSITS Time deposits that meet or exceed the Federal Deposit Insurance Corporation (the “FDIC”) Insurance limit of $250 thousand at December 31, 2015 and December 31, 2014 were $164.7 million and $140.8 million, respectively. Scheduled maturities of time deposits for the next five years are as follows (dollars in thousands): Within one year $ 429,399 After one but within two years 83,122 After two but within three years 66,814 After three but within four years 15,084 After four but within five years 15,263 Total $ 609,682 The Company has $56.5 million and $50.6 million of brokered deposits; and there are no major concentrations of deposits with any one depositor at December 31, 2015 and 2014, respectively. Included in these amounts are reciprocal deposits that the Company has placed through the Certificates of Deposits Account Registry Service (CDARS) Network of $55.5 million and $49.5 million, at December 31, 2015 and 2014, respectively. Related party deposits from principal officers, directors, and their affiliates at December 31, 2015 and 2014 were $12.0 million and $7.1 million, respectively. |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 10. BORROWINGS The Company has an available line of credit with the FHLB of Dallas, which allows the Company to borrow on a collateralized basis. FHLB advances are short-term borrowings and are used to manage liquidity as needed. Maturing advances are replaced by drawing on available cash, making additional borrowings or through increased customer deposits. At December 31, 2015, the Company had a total borrowing capacity of $677.3 million, of which $599.3 million was available and $78.0 million was outstanding. Short-term FHLB advances of $50.0 million were outstanding at December 31, 2015, at a weighted average rate of 0.31%. Letters of credit were $28.0 million at December 31, 2015, of which $500 thousand expired in January 2016, $2.5 million will expire in August 2016 and $25.0 million will expire in October 2016. In 2015, the Company borrowed an additional $18.0 million on a borrowing agreement with another financial institution in addition to the $10.1 million indebtedness incurred in 2014. The borrowing matures in December 2021. The Company used the funds borrowed in 2015 to repay debt that F&M Bancshares owed and used the borrowed funds in 2014 to pay off a previous borrowing with another financial institution entered into during 2013 in conjunction with the purchase of Independence Bank. In October 2015, the Company paid down $27.5 million of the borrowing agreement with a portion of the proceeds from the initial public offering. The note agreement requires the Company to meet certain restrictive covenants. At December 31, 2015, the Company believes it is in compliance with its debt covenants and had not been made aware of any noncompliance by the lender. The interest rate on the debt is the Prime Rate minus 25 basis points, or 3.25%, at December 31, 2015, and is paid quarterly. Scheduled principal maturities are as follows (dollars in thousands): 2016 $ - 2017 - 2018 - 2019 - 2020 and thereafter 569 Total $ 569 |
Note 11 - Subordinated Debentur
Note 11 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | 11. SUBORDINATED DEBENTURES On January 1, 2015, the Company acquired F&M Bancshares and assumed Farmers & Merchants Capital Trust II and Farmers & Merchants Capital Trust III. Each of the trusts is a capital or statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds in the Company’s junior subordinated debentures. The preferred trust securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust. The common securities of each trust are wholly owned by the Company. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated debentures. The debentures, which are the only assets of each trust, are subordinate and junior in right of payment to all of the Company’s present and future senior indebtedness. The Company has fully and unconditionally guaranteed each trust’s obligations under the trust securities issued by such trust to the extent not paid or made by each trust, provided such trust has funds available for such obligations. Under the provisions of each issue of the debentures, the Company has the right to defer payment of interest on the debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on either issue of the debentures are deferred, the distributions on the applicable trust preferred securities and common securities will also be deferred. The Company assumed the junior subordinated debentures with an aggregate original principal amount of $11.3 million and a current fair value of $9.1 million at December 31, 2015. At acquisition, the Company rewarded a discount of $2.5 million on the debentures. The difference between the carrying value and contractual balance will be recognized as a yield adjustment over the remaining term for the debentures. At December 31, 2015, the Company had $11.3 million outstanding in junior subordinated debentures issued to the Company’s unconsolidated subsidiary trusts. The junior subordinated debentures are included in Tier 1 capital under current regulatory guidelines and interpretations. A summary of pertinent information related to the Company’s issues of junior subordinated debentures outstanding at December 31, 2015 is set forth in the table below: Description Issuance Date Trust Preferred Securities Outstanding Interest Rate (1) Junior Subordinated Debt Owed to Trusts Maturity Date (2) (Dollars in thousands) Farmers & Merchants Capital Trust II November 13, 2003 $ 7,500 3 month LIBOR + 3.00% $ 7,732 November 8, 2033 Farmers & Merchants Capital Trust III June 30, 2005 3,500 3 month LIBOR + 1.80% 3,609 July 7, 2035 $ 11,341 _____________ (1) The 3-month LIBOR in effect as of December 31, 2015 was 0.5393%. (2) All debentures are currently callable. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The components of the provision for federal income taxes are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Current $ 8,221 $ 4,551 $ 4,002 Deferred (446 ) 277 (149 ) Total $ 7,775 $ 4,828 $ 3,853 Effective tax rates differ from the amount computed by applying the federal income tax statutory rate to income before income taxes due to the following: Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Taxes calculated at statutory rate $ 8,247 $ 4,685 $ 3,635 Increase (decrease) resulting from: Qualified stock options 393 180 63 Merger related expenses - 192 124 Tax exempt income (890 ) (154 ) (21 ) Other, net 25 (75 ) 52 Total $ 7,775 $ 4,828 $ 3,853 Deferred tax assets and liabilities are as follows: December 31, 2015 2014 (Dollars in thousands) Deferred tax assets: Allowance for credit losses $ 5,252 $ 3,460 Deferred compensation 210 170 Total deferred tax assets 5,462 3,630 Deferred tax liabilities: Core deposit intangible and other purchase accounting adjustments (1,713 ) (676 ) Net unrealized gain on available for sale securities (1,086 ) (283 ) Premises and equipment basis difference (798 ) (294 ) Total deferred tax liabilities (3,597 ) (1,253 ) Net deferred tax assets $ 1,865 $ 2,377 The amount of federal and state income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income and the amount of other nondeductible items. For the year ended December 31, 2015, income tax expense was $7.8 million compared with $4.8 million for the year ended December 31, 2014 and $3.9 million for the year ended December 31, 2013. The increase in income tax expense year over year was primarily attributable to higher pre-tax earnings. The effective income tax rate for the year ended December 31, 2015 was 33.0% compared to 34.9% for the year ended December 31, 2014 and 36.0% for the year ended December 31, 2013. The effective tax rate decreased for the year ended 2015 compared to the same period in 2014 and 2013 due to the increase in tax free income from the purchase of additional municipal securities and bank owned life insurance during 2015. Interest and penalties related to tax positions are recognized in the period in which they begin accruing or when the entity claims the position that does not meet the minimum statutory thresholds. The Company does not have any uncertain tax positions and does not have any interest and penalties recorded in the income statement for the years ended December 31, 2015, 2014 and 2013. The Company is no longer subject to examination by the US Federal Tax Jurisdiction for the years prior to 2012. |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. STOCK BASED COMPENSATION During 2008, the Company’s Board of Directors and shareholders approved the 2008 Stock Awards and Incentive Plan (the “Plan”) covering certain key employees to purchase shares of the Company’s stock. The Plan was amended in 2015 as the shareholders authorized a maximum aggregate number of shares of stock to be issued of 1,460,000, any or all of which may be issued through incentive stock options. The Company accounts for stock based employee compensation plans using the fair value-based method of accounting. The Company recognized total stock based compensation expense of $1.4 million, $731 thousand and $375 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. Stock Option Plan Options to purchase a total of 1,134,081 shares of Company stock have been granted as of December 31, 2015. Under the plan; options are exercisable up to 10 years from the date of the grant, unless otherwise provided by the Board of Directors and are fully vested 4 years after the date of grant. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Black-Scholes pricing model utilizes certain assumptions noted in the table below. Given minimal trading in the Company’s stock, it is not practicable for the Company to estimate volatility of its share price; therefore, the Company uses the volatility of an appropriate industry index (the NASDAQ Community Bank Index) as an input in the valuation model. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding and takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. 2015 2014 2013 Risk-free interest rate 1.99 % 2.70 % 2.35 % Expected term 10.00 10.00 10.00 Expected stock price volatility 18.06 % 17.72 % 17.20 % Dividend yield - - - A summary of the activity in the stock option plan during the years ended December 31, 2015 and 2014 is set forth below: Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Options outstanding, January 1, 2014 491 $ 13.29 6.23 $ 3,291 Options granted 239 20.33 Options exercised (28 ) 14.50 Options forfeited (8 ) 19.07 Options outstanding, December 31, 2014 694 15.60 6.57 $ 4,437 Options granted 299 22.09 Options exercised - N/A Options forfeited (24 ) 22.00 Options outstanding, December 31, 2015 969 $ 17.45 6.62 $ 6,006 Options vested and exercisable, December 31, 2015 481 $ 13.60 4.46 $ 4,832 The Company expects all outstanding options at December 31, 2015 to vest. Information related to the stock option plan during each year is as follows: 2015 2014 2013 (In thousands) Intrinsic value of options exercised $ - $ 202 $ 27 Cash received from option exercises 2 407 53 Weighted average fair value of options granted $ 6.78 $ 6.79 $ 6.25 As of December 31, 2015, there was $2.4 million of total unrecognized compensation cost related to nonvested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.37 years. Share Award Plan The Company has issued 60,955 restricted stock awards under the plan as of December 31, 2015. During 2014, the Company issued 8,385 shares of restricted stock with a grant date fair value of $20.34 per share. During 2015, the Company awarded 3,983 shares of restricted stock with a grant date fair value of $22.00. The restricted stock shares will vest over a period of 4 years but are considered outstanding at the date of issuance. The Company accounts for restricted stock grants by recording the fair value of the grant as compensation expense over the vesting period. A summary of the activity of the nonvested shares of restricted stock as of December 31, 2015 and 2014 including changes during the years then ended is as follows: Number of Weighted (Shares in thousands) Nonvested share awards outstanding, January 1, 2014 29 $ 16.64 Share awards granted 8 20.34 Share awards vested (10 ) 16.75 Unvested share awards forfeited - - Nonvested share awards outstanding, December 31, 2014 27 18.23 Share awards granted 4 22.00 Share awards vested (13 ) 17.34 Unvested share awards forfeited - - Nonvested share awards outstanding, December 31, 2015 18 $ 19.68 At December 31, 2015, there was $227 thousand of unrecognized compensation expense related to the restricted stock awards which is expected to be recognized over a remaining period of 2 years. The total fair value of restricted stock awards that fully vested during the years ended December 31, 2015, 2014 and 2013 was approximately $220 thousand, $200 thousand and $109 thousand, respectively. |
Note 14 - Other Employee Benefi
Note 14 - Other Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 14. OTHER EMPLOYEE BENEFITS 401(k) benefit plan The Company has a 401(k) benefit plan whereby participants may contribute a percentage of their compensation. The Company matches 50% of an employee contributions up to 6% of the employee’s compensation, for a maximum match of 3% of compensation. Matching contribution expense as of December 31, 2015, 2014 and 2013 was $551 thousand, $303 thousand and $212 thousand, respectively. Profit sharing plan The financial statements include an accrual for $1.2 million, $823 thousand and $583 thousand for a contribution to the plan as a profit sharing contribution for the years ended December 31, 2015, 2014 and 2013, respectively. Employee Stock Purchase Plan The Company offers its employees an opportunity to purchase shares of the Company’s common stock, pursuant to the terms of the Allegiance Bancshares, Inc. Amended and Restated Employee Stock Purchase Plan (“ESPP Plan”). The ESPP Plan was adopted by the Board of Directors to provide employees with an opportunity to purchase shares of the Company in order to provide employees a more direct opportunity to participate in the Company’s growth. The Company allows the employees to purchase shares at a discount and thus incurs stock based compensation expense for the fair value of the discount given. The Company recognized total stock based compensation expense of $96 thousand for the year ended December 31, 2015. |
Note 15 - Off-balance Sheet Arr
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Off Balance Sheet Arrangements Commitments And Contingencies Disclosure [Abstract] | |
Off Balance Sheet Arrangements Commitments And Contingencies Disclosure [Text Block] | 15. OFF-BALANCE SHEET ARRANGEMENTS, COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company enters into various transactions, which, in accordance with accounting principles generally accepted in the United States are not included in the Company’s consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby and commercial letters of credit, which involve to varying degrees elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments. Commitments to Extend Credit 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. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above does not necessarily represent future cash funding requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for credit losses. The amount and type of collateral, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. Standby Letters of Credit Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has the rights to the underlying collateral. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. The Company’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The contractual amounts of financial instruments with off-balance sheet risk are as follows: December 31, 2015 2014 Fixed Variable Fixed Variable (Dollars in thousands) Commitments to extend credit $ 252,662 $ 222,198 $ 178,803 $ 214,195 Standby letters of credit 9,456 - 4,006 - Total $ 262,118 $ 222,198 $ 182,809 $ 214,195 Commitments to make loans are generally made for periods of 120 days or less. As of December 31, 2015, the fixed rate loan commitments have interest rates ranging from 1.60% to 9.00% with a weighted average maturity and rate of 2.28 years and 5.10%, respectively. Leases The following table presents a summary of non-cancelable future operating lease commitments as of December 31, 2015 (dollars in thousands): 2016 $ 2,379 2017 2,412 2018 1,891 2019 1,228 2020 1,142 Thereafter 2,725 $ 11,777 It is expected that in the normal course of business, expiring leases will be renewed or replaced by leases on other property or equipment. Rent expense under all noncancelable operating lease obligations aggregated approximately $2.6 million, $2.0 million and $1.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 16 - Regulatory Capital Ma
Note 16 - Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 16. REGULATORY CAPITAL MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations and involve quantitative measures of assets, liabilities and certain off balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. Failure to meet minimum capital requirements can initiate actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. The final rules implementing Basel Committee on Banking Supervision’s capital guideline for U.S. Banks (Basel III Rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Management believes as of December 31, 2015 and 2014, the Company and the Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited as is asset growth and expansion, and capital restoration plans are required. At year end 2015 and 2014, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a summary of the Company’s and the Bank’s actual and required capital ratios at December 31, 2015 and 2014: Actual For Capital To Be Categorized As Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) ALLEGIANCE BANCSHARES, INC. (Consolidated) As of December 31, 2015 Total Capital (to Risk Weighted Assets) $ 237,178 12.92 % $ 146,811 8.00 % N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 214,991 11.72 % 82,581 4.50 % N/A N/A Tier I Capital (to Risk Weighted Assets) 224,080 12.21 % 110,109 6.00 % N/A N/A Tier I Capital (to Average Tangible Assets) 224,080 11.02 % 81,315 4.00 % N/A N/A As of December 31, 2014 Total Capital (to Risk Weighted Assets) $ 126,584 12.80 % $ 79,127 8.00 % N/A N/A Tier I Capital (to Risk Weighted Assets) 118,338 11.96 % 39,564 4.00 % N/A N/A Tier I Capital (to Average Tangible Assets) 118,338 9.55 % 49,549 4.00 % N/A N/A ALLEGIANCE BANK As of December 31, 2015 Total Capital (to Risk Weighted Assets) $ 219,487 11.96 % $ 146,779 8.00 % $ 183,474 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 206,389 11.25 % 82,563 4.50 % 119,258 6.50 % Tier I Capital (to Risk Weighted Assets) 206,389 11.25 % 110,084 6.00 % 146,779 8.00 % Tier I Capital (to Average Tangible Assets) 206,389 10.16 % 81,291 4.00 % 101,614 5.00 % As of December 31, 2014 Total Capital (to Risk Weighted Assets) $ 124,472 12.59 % $ 79,066 8.00 % $ 98,833 10.00 % Tier I Capital (to Risk Weighted Assets) 116,226 11.76 % 39,533 4.00 % 59,300 6.00 % Tier I Capital (to Average Tangible Assets) 116,226 9.38 % 49,549 4.00 % 61,936 5.00 % Dividend Restrictions The Company’s principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid by the Bank in any calendar year is limited to the current year’s net profits combined with the retained net profits of the preceding two years, subject to the capital requirements described above. |
Note 17 - Earnings Per Common S
Note 17 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 17. EARNINGS PER COMMON SHARE Diluted earnings per common share is computed using the weighted-average number of common shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. Restricted shares are considered outstanding at the date of grant, accounted for as participating securities, and are included in basic and diluted weighted average common shares outstanding. Year Ended December 31, 2015 2014 2013 (Amounts in thousands, except per share data) Amount Per Share Amount Per Share Amount Per Share Net income attributable to common stockholders $ 15,227 $ 9,005 $ 6,839 Basic: Weighted average common shares outstanding 10,470 $ 1.45 6,978 $ 1.29 5,450 $ 1.25 Diluted: Add incremental shares for: Dilutive effect of stock option exercises 184 164 171 Total 10,654 $ 1.43 7,142 $ 1.26 5,621 $ 1.22 Stock options for 39 thousand shares of common stock issued at $22.00 per share and 42 thousand share of common stock issued at $20.00 per share were not considered in computing diluted earnings per common share for 2014 and 2013, respectively, because they were antidilutive. All stock options as of December 31, 2015 were dilutive and considered in computing diluted earnings per share. |
Note 18 - Parent Company Only F
Note 18 - Parent Company Only Financial Statments | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 18. PARENT COMPANY ONLY FINANCIAL STATEMENTS ALLEGIANCE BANCSHARES, INC (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, 2015 2014 (Dollars in thousands) ASSETS Cash and due from banks $ 18,562 $ 11,769 Investment in subsidiary 250,228 129,667 Other assets 64 760 TOTAL $ 268,854 $ 142,196 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Other borrowed funds $ 569 $ 10,069 Subordinated debentures 9,089 - Accrued interest payable and other liabilities 706 349 Total liabilities 10,364 10,418 STOCKHOLDERS’ EQUITY: Common stock 12,815 7,477 Capital surplus 209,285 104,568 Retained earnings 34,411 19,184 Accumulated other comprehensive income 2,017 549 Less: treasury stock, at cost, 1,711 shares (38 ) - Total stockholders’ equity 258,490 131,778 TOTAL $ 268,854 $ 142,196 ALLEGIANCE BANCSHARES, INC (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) OPERATING INCOME: Other income $ 16 $ - $ - Total income 16 - - OPERATING EXPENSE: Interest expense on borrowed funds 707 229 15 Other expenses 771 810 409 Total operating expense 1,478 1,039 424 INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES (1,462 ) (1,039 ) (424 ) INCOME TAX BENEFIT 500 353 18 INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES (962 ) (686 ) (406 ) EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 16,748 9,691 7,245 NET INCOME $ 15,786 $ 9,005 $ 6,839 Preferred stock dividends 559 - - NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 15,227 $ 9,005 $ 6,839 For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 15,786 $ 9,005 $ 6,839 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed earnings of subsidiaries (16,748 ) (9,691 ) (7,245 ) Net amortization of discount on subordinated debentures 218 - - Decrease (increase) in other assets 220 28 (555 ) Decrease (increase) in accrued interest payable and other liabilities (462 ) (441 ) 578 Net cash used in operating activities (986 ) (1,099 ) (383 ) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash and cash equivalents acquired in the purchase of F&M Bancshares, Inc. 818 - - Capital investment in bank subsidiary (12,000 ) (9,000 ) (38,979 ) Net cash used in investing activities (11,182 ) (9,000 ) (38,979 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 133 11,088 35,738 Proceeds from initial public offering 57,138 - - Stock based compensation expense 1,351 - - Proceeds from long-term borrowings 18,000 15,069 5,000 Paydowns of long-term borrowings (45,500 ) (10,000 ) - Redemption of preferred stock (11,550 ) - - Preferred stock dividends (559 ) - - Repurchase of treasury stock (52 ) - (54 ) Other - - (220 ) Net cash provided by financing activities 18,961 16,157 40,464 NET CHANGE IN CASH AND CASH EQUIVALENTS 6,793 6,058 1,102 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 11,769 5,711 4,609 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 18,562 $ 11,769 $ 5,711 |
Note 19 - Quarterly Financial D
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 19. QUARTERLY FINANCIAL DATA (UNAUDITED) Interest Net Interest Net Income Earnings Per Share (1) Income Income Common Stockholders Basic Diluted (Dollars in thousands, except per share data) 2015 First quarter $ 20,819 $ 18,770 $ 3,345 $ 0.34 $ 0.33 Second quarter 21,850 19,734 3,623 0.37 0.36 Third quarter 22,645 20,407 4,047 0.41 0.40 Fourth quarter 23,492 21,255 4,212 0.34 0.33 2014 First quarter $ 11,940 $ 10,611 $ 2,353 $ 0.34 $ 0.33 Second quarter 12,860 11,489 2,331 0.33 0.33 Third quarter 13,553 12,144 2,021 0.29 0.28 Fourth quarter 14,052 12,590 2,300 0.33 0.32 (1) Earnings per share are computed independently for each of the quarters presented and therefore may not total earnings per share for the year. |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. SUBSEQUENT EVENTS On January 31, 2016, the Bank completed the sale of its two Central Texas banking locations, that were acquired as part of the F&M Bancshares acquisition, to Incommons Bank, N.A., a national banking association headquartered in Mexia, Texas. Under the terms of the purchase and assumption agreement, Incommons Bank, N.A. acquired certain assets and assume certain liabilities associated with the Mart banking location at 714 Texas Avenue in Mart, Texas and the Rosebud banking location at 339 Main Street in Rosebud, Texas. Allegiance sold $18.2 million and $26.6 million of loans and deposits, respectively, and recorded an after tax gain of approximately $1.4 million on the sale of these branches. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Nature of Operations and Principles of Consolidation- |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates— |
Inital Public Offering [Policy Text Block] | Initial Public Offering (IPO) |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Marketable Securities, Policy [Policy Text Block] | Securities Interest earned on these assets is included in interest income. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates debt securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income, net of applicable taxes. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. The previous amortized cost bases less the OTTI recognized in earnings shall become the new amortized cost basis of the security. |
Trade and Loan Receivables, Nonmortgage Loans Held-for-sale, Policy [Policy Text Block] | Loans held for Sale |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans Held for Investment |
Loans and Leases Receivable, Origination Fees, Discounts or Premiums, and Direct Costs to Acquire Loans Policy [Policy Text Block] | Nonrefundable Fees and Costs Associated with Lending Activities |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy [Policy Text Block] | Nonperforming and Past Due Loans Past due status is based on the contractual terms of the loan. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The Company generally classifies a loan as nonperforming, automatically places the loan on nonaccrual status, ceases accruing interest and reverses all unpaid accrued interest against interest income, when, in management’s opinion, the borrower may be unable to meet payment obligations, when the payment of principal or interest on a loan is delinquent for 90 days, as well as when required by regulatory provisions, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. Any payments received on nonaccrual loans are applied first to outstanding loan amounts. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Any excess is treated as recovery of lost interest. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. Nonaccrual loans and loans past due 90 days include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance. All loan types are considered delinquent after 30 days past due and are typically charged-off or charged-down no later than 120 days past due, with consideration of, but not limited to, the following criteria in determining the need and optional timing of the charge-off or charge-down: 1) the Bank is in the process of repossession or foreclosure and there appears to be a likely deficiency, 2) the collateral securing the loan has been sold and there is an actual deficiency, 3) the Bank is proceeding with lengthy legal action to collect its balance, 4) the borrower is unable to be located, or 5) the borrower has filed bankruptcy. Charge-offs occur when the Company deems a loan to be uncollectible. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled debt restructurings (TDRs) |
Impaired Financing Receivable, Policy [Policy Text Block] | Impaired Loans |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses Throughout the year, management estimates the probable incurred losses in the loan portfolio to determine if the allowance for loan losses is adequate to absorb such losses. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The Company follows a loan review program to evaluate the credit risk in the loan portfolio. Loans that have been identified as impaired are generally reviewed on a quarterly basis in order to determine whether a specific reserve is required. The general component covers non-impaired loans and is based on industry and Company specific historical loan loss experience, volume, growth and composition of the loan portfolio, the evaluation of the Company’s loan portfolio through its internal loan review process, general current economic conditions both internal and external to the Company that may affect the borrower’s ability to pay, value of collateral and other qualitative relevant risk factors. Based on a review of these estimates, the allowance for loan losses is adjusted to a level determined to be adequate. Estimates of loan losses are inherently subjective as it involves an exercise of judgment. It is the judgment of management that the allowance for loan losses reflected in the consolidated balance sheets is adequate to absorb probable losses that exist in the loan portfolio as of the reporting date. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. We assesses the exposure for each modification, either by collateral discounting or by calculation of the present value of future cash flows, and determines if a specific allocation to the allowance for loan losses is needed. Once an obligation has been restructured because of such credit problems, it continues to be considered a troubled debt restructuring until paid in full. We return troubled debt restructurings to accrual status only if (1) all contractual amounts due can reasonably be expected to be repaid within a prudent period, and (2) repayment has been in accordance with the contract for a sustained period, typically at least twelve months. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of loan losses expected to be realized over the remaining lives of the loans. Therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans. However, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank (“FHLB”) Stock— |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance— |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is determined to have an indefinite useful life, is not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company performs its annual impairment test on October 1. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Core Deposit Intangibles |
Debt, Policy [Policy Text Block] | Other Borrowed Funds |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments |
Compensation Related Costs, Policy [Policy Text Block] | Stock Based Compensation The fair value of stock options granted and employee stock purchase plan awards are estimated at the date of grant using the Black-Scholes option-pricing model and the market price of the Company’s common stock on the date of grant is used to value restricted stock awards. |
Employee Stock Purchase Plan, Policy [Policy Text Block] | Employee Stock Purchase Plan |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company records uncertain tax positions on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the related tax authority. For tax positions not meeting the more likely than not test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. The Company files a consolidated federal income tax return. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Segment Reporting, Policy [Policy Text Block] | Operating Segments— |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies |
Dividend Restrictions [Policy Text Block] | Dividend Restrictions |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Adoption of New Accounting Standards On January 1, 2015, the Company adopted Accounting Standards Update (ASU) 2014-04 “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” Newly Issued But Not Yet Effective Accounting Standards ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of consideration paid: Common shares issued and options assumed (864,723 shares) $ 17,904 Cash consideration 17,336 Total consideration paid $ 35,240 Fair value of assets acquired: Cash and cash equivalents $ 43,287 Investment Securities 43,812 Loans, net 132,167 Premises and equipment 589 Core deposit intangibles 2,082 Other assets 3,053 Total assets acquired $ 224,990 Fair value of liabilities assumed: Deposits $ 200,309 Other liabilities 440 Total liabilities assumed 200,749 Fair value of net assets acquired $ 24,241 Goodwill resulting from acquisition $ 10,999 Fair value of consideration paid: Common shares issued (2,338,520 shares) $ 51,447 Preferred shares issued (11,550 shares) 11,550 Cash consideration 642 Total consideration paid $ 63,639 Fair value of assets acquired: Cash and cash equivalents $ 107,128 Investment Securities 14,722 Loans, net 404,637 Premises and equipment 7,699 Core deposit intangibles 4,313 Other assets 15,896 Total assets acquired $ 554,395 Fair value of liabilities assumed: Deposits $ 489,556 Subordinated debt 8,871 Other borrowed funds 18,000 Other liabilities 2,574 Total liabilities assumed 519,001 Fair value of net assets acquired $ 35,394 Goodwill resulting from acquisition $ 28,245 |
Details of Loans Acquired [Table Text Block] | Contractual Balance Fair Value Discount (Dollars in thousands) Commercial and industrial $ 96,891 $ 95,256 $ (1,635 ) Real estate: Commercial real estate (including multi-family residential) 225,191 222,082 (3,109 ) Commercial real estate construction and land development 40,787 40,094 (693 ) 1-4 family residential (including home equity) 35,897 35,488 (409 ) Residential construction 6,467 6,395 (72 ) Consumer and other 5,421 5,322 (99 ) Total loans $ 410,654 $ 404,637 $ (6,017 ) |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Years Ended December 31, 2015 2014 (Dollars in thousands, except per share data) Net interest income $ 77,598 $ 71,664 Net income attributable to common stockholders 14,170 14,999 Basic earnings per common share 1.35 1.53 Diluted earnings per common share 1.33 1.51 |
Note 3 - Goodwill and Core De30
Note 3 - Goodwill and Core Deposit Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill Core Deposit (Dollars in thousands) Balance as of January 1, 2013 $ - $ - Acquisition of Independence Bank 10,999 2,082 Amortization - (37 ) Balance as of December 31, 2013 10,999 2,045 Measurement period adjustment 145 - Amortization - (298 ) Balance as of December 31, 2014 11,144 1,747 Acquisition of F&M Bancshares 28,245 4,313 Amortization - (830 ) Balance as of December 31, 2015 $ 39,389 $ 5,230 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 $ 830 2017 830 2018 830 2019 830 2020 793 Thereafter 1,117 Total $ 5,230 |
Note 5 - Securities (Tables)
Note 5 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | December 31, 2015 Amortized Gross Gross Fair (Dollars in thousands) Available for Sale U.S. Government and agency securities $ 8,674 $ 412 $ - $ 9,086 Municipal securities 123,809 2,575 (35 ) 126,349 Agency mortgage-backed pass-through securities 29,511 397 (246 ) 29,662 Agency collateralized mortgage obligations - - - - Total $ 161,994 $ 3,384 $ (281 ) $ 165,097 December 31, 2014 Amortized Gross Gross Fair (Dollars in thousands) Available for Sale U.S. Government and agency securities $ 14,080 $ 442 $ (45 ) $ 14,477 Municipal securities 35,272 283 (74 ) 35,481 Agency mortgage-backed pass-through securities 32,191 472 (188 ) 32,475 Agency collateralized mortgage obligations 2,587 21 (79 ) 2,529 Total $ 84,130 $ 1,218 $ (386 ) $ 84,962 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair (Dollars in thousands) Due in one year or less $ 7,176 $ 7,185 Due after one year through five years 17,300 17,468 Due after five years through ten years 38,742 39,503 Due after ten years 69,265 71,279 Subtotal 132,483 135,435 Agency mortgage-backed pass through securities and agency collateralized mortgage obligations 29,511 29,662 Total $ 161,994 $ 165,097 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2015 Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale U.S. Government and agency securities $ - $ - $ - $ - $ - $ - Municipal securities 6,867 (30 ) 298 (5 ) 7,165 (35 ) Agency mortgage-backed pass-through securities 4,952 (36 ) 9,519 (210 ) 14,471 (246 ) Agency collateralized mortgage obligations - - - - - - Total $ 11,819 $ (66 ) $ 9,817 $ (215 ) $ 21,636 $ (281 ) December 31, 2014 Less than 12 Months More than 12 Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale U.S. Government and agency securities $ 2,842 $ (3 ) $ 1,748 $ (42 ) $ 4,590 $ (45 ) Municipal securities 14,102 (74 ) - - 14,102 (74 ) Agency mortgage-backed pass-through securities 498 (1 ) 14,058 (187 ) 14,556 (188 ) Agency collateralized mortgage obligations - - 1,607 (79 ) 1,607 (79 ) Total $ 17,442 $ (78 ) $ 17,413 $ (308 ) $ 34,855 $ (386 ) |
Note 6 - Loans and Allowance 32
Note 6 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2015 2014 (Dollars in thousands) Loans held for sale (1) $ 27,887 $ - Commercial and industrial 383,044 242,034 Mortgage warehouse (2) 59,071 28,329 Real estate: Commercial real estate (including multi-family residential) 745,595 429,986 Commercial real estate construction and land development 154,646 85,484 1-4 family residential (including home equity) 205,200 135,127 Residential construction 93,848 72,402 Consumer and other 11,761 8,692 Total loans held for investment 1,653,165 1,002,054 Total loans 1,681,052 1,002,054 Allowance for loan losses (13,098 ) (8,246 ) Loans, net $ 1,667,954 $ 993,808 |
Schedule of Related Party Transactions [Table Text Block] | 2015 (Dollars in thousands) Beginning balance on January 1 $ 1,329 New loans and reclassified related loans 1,450 Repayments (320 ) Ending balance on December 31 $ 2,459 |
Past Due Financing Receivables [Table Text Block] | December 31, 2015 Loans Past Due and Still Accruing 30-89 90 or More Total Past Nonaccrual Current Loans (Dollars in thousands) Loans held for sale $ 539 $ - $ 539 $ 209 $ 27,139 $ 27,887 Commercial and industrial 1,474 - 1,474 2,664 378,906 383,044 Mortgage warehouse - - - - 59,071 59,071 Real estate: Commercial real estate (including multi-family residential) 1,866 - 1,866 2,006 741,723 745,595 Commercial real estate construction and land development 77 - 77 - 154,569 154,646 1-4 family residential (including home equity) 1,904 - 1,.904 239 203,057 205,200 Residential construction - - - - 93,848 93,848 Consumer and other 36 - 36 66 11,659 11,761 Total loans held for investment 5,357 - 5,357 4,975 1,642,833 1,653,165 Total loans $ 5,896 $ - $ 5,896 $ 5,184 $ 1,669,972 $ 1,681,052 December 31, 2014 Loans Past Due and Still Accruing 30-89 Days 90 or More Total Past Nonaccrual Current Loans (Dollars in thousands) Commercial and industrial $ 274 $ - $ 274 $ 1,527 $ 240,233 $ 242,034 Mortgage warehouse - - - - 28,329 28,329 Real estate: Commercial real estate (including multi-family residential) - - - 1,653 428,333 429,986 Commercial real estate construction and land development - - - - 85,484 85,484 1-4 family residential (including home equity) - - - 135,127 135,127 Residential construction 413 - 413 - 71,989 72,402 Consumer and other 46 - 46 4 8,642 8,692 Total loans $ 733 $ - $ 733 $ 3,184 $ 998,137 $ 1,002,054 |
Impaired Financing Receivables [Table Text Block] | December 31, 2015 Recorded Unpaid Related Average Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 3,842 $ 4,216 $ - $ 3,698 $ 222 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 4,700 4,700 - 4,833 285 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) 239 239 - 248 13 Residential construction - - - - - Consumer and other 82 97 - 102 8 Total 8,863 9,252 - 8,881 528 With an allowance recorded: Commercial and industrial 1,573 1,573 670 2,040 87 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 1,146 1,146 180 1,122 77 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - - - Residential construction - - - - - Consumer and other 19 19 9 21 1 Total 2,738 2,738 859 3,183 165 Total: Commercial and industrial 5,415 5,789 670 5,738 309 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 5,846 5,846 180 5,955 362 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) 239 239 - 248 13 Residential construction - - - - - Consumer and other 101 116 9 123 9 $ 11,601 $ 11,990 $ 859 $ 12,064 $ 693 December 31, 2014 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 999 $ 1,054 $ - $ 1,292 $ 83 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 2,894 2,894 - 1,641 182 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - 2 - Residential construction - - - - - Consumer and other - - - 1,084 - Total 3,893 3,948 - 4,019 265 With an allowance recorded: Commercial and industrial 1,802 1,802 501 2,247 128 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 180 180 10 715 12 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - 40 - Residential construction - - - - - Consumer and other 4 4 1 2,102 - Total 1,986 1,986 512 5,104 140 Total: Commercial and industrial 2,801 2,856 501 3,539 211 Mortgage warehouse - - - - - Real estate: Commercial real estate (including multi-family residential) 3,074 3,074 10 2,356 194 Commercial real estate construction and land development - - - - - 1-4 family residential (including home equity) - - - 42 - Residential construction - - - - - Consumer and other 4 4 1 3,186 - $ 5,879 $ 5,934 $ 512 $ 9,123 $ 405 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Doubtful Total (Dollars in thousands) Loans held for sale $ 26,570 $ 477 $ 19 $ 821 $ - $ 27,887 Commercial and industrial 366,479 8,094 1,253 7,218 - 383,044 Mortgage warehouse 59,071 - - - - 59,071 Real estate: Commercial real estate (including multi-family residential) 721,781 7,186 790 15,838 - 745,595 Commercial real estate construction and land development 152,380 1,846 - 420 - 154,646 1-4 family residential (including home equity) 200,262 2,385 390 2,163 - 205,200 Residential construction 93,848 - - - - 93,848 Consumer and other 11,522 155 18 66 - 11,761 Total loans held for investment 1,605,343 19,666 2,451 25,705 - 1,653,165 Total loans $ 1,631,913 $ 20,143 $ 2,470 $ 26,526 $ - $ 1,681,052 Pass Watch Special Mention Substandard Doubtful Total (Dollars in thousands) Commercial and industrial $ 235,006 $ 1,817 $ 291 $ 4,920 $ - $ 242,034 Mortgage warehouse 28,329 - - - - 28,329 Real estate: Commercial real estate (including multi-family residential) 408,117 9,365 - 12,504 - 429,986 Commercial real estate construction and land development 82,643 2,841 - - - 85,484 1-4 family residential (including home equity) 132,979 1,677 83 388 - 135,127 Residential construction 71,025 - 1,200 177 - 72,402 Consumer and other 8,636 35 - 21 - 8,692 Total loans held for investment $ 966,735 $ 15,735 $ 1,574 $ 18,010 $ - $ 1,002,054 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Commercial Mortgage Commercial real estate (including multi-family residential) Commercial real estate construction and land development 1-4 family residential (including home equity) Residential Construction Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Balance December 31, 2014 $ 2,334 $ - $ 3,799 $ 578 $ 1,008 $ 475 $ 52 $ 8,246 Provision for loan losses 2,193 - 2,115 625 464 321 74 5,792 Charge-offs (935 ) - - - (40 ) - (65 ) (1,040 ) Recoveries 52 - - 18 - 24 6 100 Net charge-offs (883 ) - - 18 (40 ) 24 (59 ) (940 ) Balance December 31, 2015 $ 3,644 $ - $ 5,914 $ 1,221 $ 1,432 $ 820 $ 67 $ 13,098 Allowance for loan losses: Balance December 31, 2013 $ 2,729 $ - $ 2,175 $ 357 $ 558 $ 598 $ 238 $ 6,655 Provision for loan losses 140 - 1,624 221 450 (123 ) (162 ) 2,150 Charge-offs (567 ) - - - - - (40 ) (607 ) Recoveries 32 - - - - - 16 48 Net charge-offs (535 ) - - - - - (24 ) (559 ) Balance December 31, 2014 $ 2,334 $ - $ 3,799 $ 578 $ 1,008 $ 475 $ 52 $ 8,246 Allowance for loan losses: Balance December 31, 2012 $ 2,713 $ - $ 2,127 $ 222 $ 608 $ 560 $ 309 $ 6,539 Provision for loan losses 352 - 48 135 (278 ) 37 (54 ) 240 Charge-offs (369 ) - - - - - (19 ) (388 ) Recoveries 33 - - - 228 1 2 264 Net charge-offs (336 ) - - - 228 1 (17 ) (124 ) Balance December 31, 2013 $ 2,729 $ - $ 2,175 $ 357 $ 558 $ 598 $ 238 $ 6,655 Commercial and Industrial Mortgage Warehouse Commercial real estate (including multi-family residential) Commercial real estate construction and land development 1-4 family residential (including home equity) Residential Construction Consumer and Other Total (Dollars in thousands) Allowance for loan losses related to: December 31, 2015 Individually evaluated for impairment $ 670 $ - $ 180 $ - $ - $ - $ 9 $ 859 Collectively evaluated for impairment 2,974 - 5,734 1,221 1,432 820 58 12,239 Total allowance for loan losses $ 3,644 $ - $ 5,914 $ 1,221 $ 1,432 $ 820 $ 67 $ 13,098 December 31, 2014 Individually evaluated for impairment $ 501 $ - $ 10 $ - $ - $ - $ 1 $ 512 Collectively evaluated for impairment 1,833 - 3,789 578 1,008 475 51 7,734 Total allowance for loan losses $ 2,334 $ - $ 3,799 $ 578 $ 1,008 $ 475 $ 52 $ 8,246 Commercial and Industrial Mortgage Warehouse Commercial real estate (including multi-family residential) Commercial real estate construction and land development 1-4 family residential (including home equity) Residential Construction Consumer and Other Total (Dollars in thousands) Recorded investment in loans: December 31, 2015 Individually evaluated for impairment $ 5,415 $ - $ 5,846 $ - $ 239 $ - $ 101 $ 11,601 Collectively evaluated for impairment 377,629 59,071 739,749 154,646 204,961 93,848 11,660 1,641,564 Total loans evaluated for impairment $ 383,044 $ 59,071 $ 745,595 $ 154,646 $ 205,200 $ 93,848 $ 11,761 $ 1,653,165 December 31, 2014 Individually evaluated for impairment $ 2,801 $ - $ 3,074 $ - $ - $ - $ 4 $ 5,879 Collectively evaluated for impairment 239,233 28,329 426,912 85,484 135,127 72,402 8,688 996,175 Total loans evaluated for impairment $ 242,034 $ 28,329 $ 429,986 $ 85,484 $ 135,127 $ 72,402 $ 8,692 $ 1,002,054 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | As of December 31, 2015 2014 2013 Number of Contracts Pre-Modification of Outstanding Recorded Investment Post-Modification of Outstanding Recorded Investment Number of Contracts Pre-Modification of Outstanding Recorded Investment Post-Modification of Outstanding Recorded Investment Number of Contracts Pre-Modification of Outstanding Recorded Investment Post-Modification of Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Commercial and industrial 6 $ 2,959 $ 2,959 - $ - $ - 3 $ 2,106 $ 2,106 Mortgage warehouse Real estate: Commercial real estate (including multi-family residential) 1 63 63 1 161 161 - - - Commercial real estate construction and land development - - - - - - - - - 1-4 family residential (including home equity) - - - - - - - - - Residential construction - - - - - - - - - Consumer and other 2 20 20 - - - - - - Total 9 $ 3,042 $ 3,042 1 $ 161 $ 161 3 $ 2,106 $ 2,106 |
Note 7 - Fair Value (Tables)
Note 7 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of December 31, 2015 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial assets (Dollars in thousands) Cash and cash equivalents $ 148,431 $ 148,431 $ - $ - $ 148,431 Available for sale securities 165,097 - 165,097 - 165,097 Loans held for sale 27,887 - - 27,887 27,887 Loans held for investment, net of allowance 1,640,067 - - 1,641,862 1,641,862 Accrued interest receivable 6,518 - 1,780 4,738 6,518 Financial liabilities Total deposits $ 1,759,133 $ - $ 1,759,728 $ - $ 1,759,728 Accrued interest payable 124 - 124 - 124 Short-term borrowings 50,000 - 50,000 - 50,000 Subordinated debentures 9,089 - 9,089 - 9,089 Other borrowed funds 569 - 569 - 569 As of December 31, 2014 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial assets (Dollars in thousands) Cash and cash equivalents $ 167,540 $ 167,540 $ - $ - $ 167,540 Available for sale securities 84,962 - 84,962 - 84,962 Loans held for investment, net of allowance 993,808 - - 998,575 998,575 Accrued interest receivable 3,285 - 473 2,812 3,285 Financial liabilities Total deposits $ 1,133,684 $ - $ 1,133,684 $ - $ 1,133,684 Accrued interest payable 43 - 43 - 43 Other borrowed funds 10,069 - 10,069 - 10,069 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: U.S. Government and agency securities $ - $ 9,086 $ - $ 9,086 Municipal securities - 126,349 - 126,349 Agency mortgage-backed pass-through securities - 29,662 - 29,662 Agency collateralized mortgage obligations - - - - $ - $ 165,097 $ - $ 165,097 As of December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: U.S. Government and agency securities $ - $ 14,477 $ - $ 14,477 Municipal securities - 35,481 - 35,481 Agency mortgage-backed pass-through securities - 32,475 - 32,475 Agency collateralized mortgage obligations - 2,529 - 2,529 $ - $ 84,962 $ - $ 84,962 |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2015 Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans: Commercial and industrial $ - $ - $ 903 Commercial real estate (including multi-family residential) - - 966 Consumer and other - - 10 $ - $ - $ 1,879 As of December 31, 2014 Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans: Commercial and industrial $ - $ - $ 1,301 Commercial real estate (including multi-family residential) - - 170 Consumer and other - - 3 $ - $ - $ 1,474 |
Note 8 - Premises and Equipme34
Note 8 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 (Dollars in thousands) Land $ 4,703 $ 2,203 Buildings 7,994 3,558 Leasehold improvements 4,963 4,349 Furniture, fixtures and equipment 7,302 5,350 Construction in progress - 82 Total 24,962 15,542 Less: accumulated depreciation 6,491 4,573 Premises and equipment, net $ 18,471 $ 10,969 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Maturities of Time Deposits [Table Text Block] | Within one year $ 429,399 After one but within two years 83,122 After two but within three years 66,814 After three but within four years 15,084 After four but within five years 15,263 Total $ 609,682 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ - 2017 - 2018 - 2019 - 2020 and thereafter 569 Total $ 569 |
Note 11 - Subordinated Debent37
Note 11 - Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Borrowing [Table Text Block] | Description Issuance Date Trust Preferred Securities Outstanding Interest Rate (1) Junior Subordinated Debt Owed to Trusts Maturity Date (2) (Dollars in thousands) Farmers & Merchants Capital Trust II November 13, 2003 $ 7,500 3 month LIBOR + 3.00% $ 7,732 November 8, 2033 Farmers & Merchants Capital Trust III June 30, 2005 3,500 3 month LIBOR + 1.80% 3,609 July 7, 2035 $ 11,341 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Current $ 8,221 $ 4,551 $ 4,002 Deferred (446 ) 277 (149 ) Total $ 7,775 $ 4,828 $ 3,853 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Taxes calculated at statutory rate $ 8,247 $ 4,685 $ 3,635 Increase (decrease) resulting from: Qualified stock options 393 180 63 Merger related expenses - 192 124 Tax exempt income (890 ) (154 ) (21 ) Other, net 25 (75 ) 52 Total $ 7,775 $ 4,828 $ 3,853 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 (Dollars in thousands) Deferred tax assets: Allowance for credit losses $ 5,252 $ 3,460 Deferred compensation 210 170 Total deferred tax assets 5,462 3,630 Deferred tax liabilities: Core deposit intangible and other purchase accounting adjustments (1,713 ) (676 ) Net unrealized gain on available for sale securities (1,086 ) (283 ) Premises and equipment basis difference (798 ) (294 ) Total deferred tax liabilities (3,597 ) (1,253 ) Net deferred tax assets $ 1,865 $ 2,377 |
Note 13 - Stock Based Compens39
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Risk-free interest rate 1.99 % 2.70 % 2.35 % Expected term 10.00 10.00 10.00 Expected stock price volatility 18.06 % 17.72 % 17.20 % Dividend yield - - - |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Options outstanding, January 1, 2014 491 $ 13.29 6.23 $ 3,291 Options granted 239 20.33 Options exercised (28 ) 14.50 Options forfeited (8 ) 19.07 Options outstanding, December 31, 2014 694 15.60 6.57 $ 4,437 Options granted 299 22.09 Options exercised - N/A Options forfeited (24 ) 22.00 Options outstanding, December 31, 2015 969 $ 17.45 6.62 $ 6,006 Options vested and exercisable, December 31, 2015 481 $ 13.60 4.46 $ 4,832 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | 2015 2014 2013 (In thousands) Intrinsic value of options exercised $ - $ 202 $ 27 Cash received from option exercises 2 407 53 Weighted average fair value of options granted $ 6.78 $ 6.79 $ 6.25 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Weighted (Shares in thousands) Nonvested share awards outstanding, January 1, 2014 29 $ 16.64 Share awards granted 8 20.34 Share awards vested (10 ) 16.75 Unvested share awards forfeited - - Nonvested share awards outstanding, December 31, 2014 27 18.23 Share awards granted 4 22.00 Share awards vested (13 ) 17.34 Unvested share awards forfeited - - Nonvested share awards outstanding, December 31, 2015 18 $ 19.68 |
Note 15 - Off-balance Sheet A40
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Off Balance Sheet Arrangements Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2015 2014 Fixed Variable Fixed Variable (Dollars in thousands) Commitments to extend credit $ 252,662 $ 222,198 $ 178,803 $ 214,195 Standby letters of credit 9,456 - 4,006 - Total $ 262,118 $ 222,198 $ 182,809 $ 214,195 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2016 $ 2,379 2017 2,412 2018 1,891 2019 1,228 2020 1,142 Thereafter 2,725 $ 11,777 |
Note 16 - Regulatory Capital 41
Note 16 - Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital To Be Categorized As Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) ALLEGIANCE BANCSHARES, INC. (Consolidated) As of December 31, 2015 Total Capital (to Risk Weighted Assets) $ 237,178 12.92 % $ 146,811 8.00 % N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 214,991 11.72 % 82,581 4.50 % N/A N/A Tier I Capital (to Risk Weighted Assets) 224,080 12.21 % 110,109 6.00 % N/A N/A Tier I Capital (to Average Tangible Assets) 224,080 11.02 % 81,315 4.00 % N/A N/A As of December 31, 2014 Total Capital (to Risk Weighted Assets) $ 126,584 12.80 % $ 79,127 8.00 % N/A N/A Tier I Capital (to Risk Weighted Assets) 118,338 11.96 % 39,564 4.00 % N/A N/A Tier I Capital (to Average Tangible Assets) 118,338 9.55 % 49,549 4.00 % N/A N/A ALLEGIANCE BANK As of December 31, 2015 Total Capital (to Risk Weighted Assets) $ 219,487 11.96 % $ 146,779 8.00 % $ 183,474 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 206,389 11.25 % 82,563 4.50 % 119,258 6.50 % Tier I Capital (to Risk Weighted Assets) 206,389 11.25 % 110,084 6.00 % 146,779 8.00 % Tier I Capital (to Average Tangible Assets) 206,389 10.16 % 81,291 4.00 % 101,614 5.00 % As of December 31, 2014 Total Capital (to Risk Weighted Assets) $ 124,472 12.59 % $ 79,066 8.00 % $ 98,833 10.00 % Tier I Capital (to Risk Weighted Assets) 116,226 11.76 % 39,533 4.00 % 59,300 6.00 % Tier I Capital (to Average Tangible Assets) 116,226 9.38 % 49,549 4.00 % 61,936 5.00 % |
Note 17 - Earnings Per Common42
Note 17 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2015 2014 2013 (Amounts in thousands, except per share data) Amount Per Share Amount Per Share Amount Per Share Net income attributable to common stockholders $ 15,227 $ 9,005 $ 6,839 Basic: Weighted average common shares outstanding 10,470 $ 1.45 6,978 $ 1.29 5,450 $ 1.25 Diluted: Add incremental shares for: Dilutive effect of stock option exercises 184 164 171 Total 10,654 $ 1.43 7,142 $ 1.26 5,621 $ 1.22 |
Note 18 - Parent Company Only43
Note 18 - Parent Company Only Financial Statments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | December 31, 2015 2014 (Dollars in thousands) ASSETS Cash and due from banks $ 18,562 $ 11,769 Investment in subsidiary 250,228 129,667 Other assets 64 760 TOTAL $ 268,854 $ 142,196 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Other borrowed funds $ 569 $ 10,069 Subordinated debentures 9,089 - Accrued interest payable and other liabilities 706 349 Total liabilities 10,364 10,418 STOCKHOLDERS’ EQUITY: Common stock 12,815 7,477 Capital surplus 209,285 104,568 Retained earnings 34,411 19,184 Accumulated other comprehensive income 2,017 549 Less: treasury stock, at cost, 1,711 shares (38 ) - Total stockholders’ equity 258,490 131,778 TOTAL $ 268,854 $ 142,196 |
Condensed Income Statement [Table Text Block] | For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) OPERATING INCOME: Other income $ 16 $ - $ - Total income 16 - - OPERATING EXPENSE: Interest expense on borrowed funds 707 229 15 Other expenses 771 810 409 Total operating expense 1,478 1,039 424 INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES (1,462 ) (1,039 ) (424 ) INCOME TAX BENEFIT 500 353 18 INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES (962 ) (686 ) (406 ) EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 16,748 9,691 7,245 NET INCOME $ 15,786 $ 9,005 $ 6,839 Preferred stock dividends 559 - - NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 15,227 $ 9,005 $ 6,839 |
Condensed Cash Flow Statement [Table Text Block] | For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 15,786 $ 9,005 $ 6,839 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed earnings of subsidiaries (16,748 ) (9,691 ) (7,245 ) Net amortization of discount on subordinated debentures 218 - - Decrease (increase) in other assets 220 28 (555 ) Decrease (increase) in accrued interest payable and other liabilities (462 ) (441 ) 578 Net cash used in operating activities (986 ) (1,099 ) (383 ) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash and cash equivalents acquired in the purchase of F&M Bancshares, Inc. 818 - - Capital investment in bank subsidiary (12,000 ) (9,000 ) (38,979 ) Net cash used in investing activities (11,182 ) (9,000 ) (38,979 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 133 11,088 35,738 Proceeds from initial public offering 57,138 - - Stock based compensation expense 1,351 - - Proceeds from long-term borrowings 18,000 15,069 5,000 Paydowns of long-term borrowings (45,500 ) (10,000 ) - Redemption of preferred stock (11,550 ) - - Preferred stock dividends (559 ) - - Repurchase of treasury stock (52 ) - (54 ) Other - - (220 ) Net cash provided by financing activities 18,961 16,157 40,464 NET CHANGE IN CASH AND CASH EQUIVALENTS 6,793 6,058 1,102 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 11,769 5,711 4,609 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 18,562 $ 11,769 $ 5,711 |
Note 19 - Quarterly Financial44
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Interest Net Interest Net Income Earnings Per Share (1) Income Income Common Stockholders Basic Diluted (Dollars in thousands, except per share data) 2015 First quarter $ 20,819 $ 18,770 $ 3,345 $ 0.34 $ 0.33 Second quarter 21,850 19,734 3,623 0.37 0.36 Third quarter 22,645 20,407 4,047 0.41 0.40 Fourth quarter 23,492 21,255 4,212 0.34 0.33 2014 First quarter $ 11,940 $ 10,611 $ 2,353 $ 0.34 $ 0.33 Second quarter 12,860 11,489 2,331 0.33 0.33 Third quarter 13,553 12,144 2,021 0.29 0.28 Fourth quarter 14,052 12,590 2,300 0.33 0.32 |
Note 1 - Nature of Operations45
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |
Number of Branches at Which Loans are Held for Sale | 2 |
Number of Reportable Segments | 1 |
IPO [Member] | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,990,000 |
Share Price (in Dollars per share) | $ / shares | $ 21 |
Payments of Stock Issuance Costs (in Dollars) | $ | $ 57.1 |
Minimum [Member] | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Core Deposits [Member] | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Maximum [Member] | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Core Deposits [Member] | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 9 years |
Note 2 - Acquisitions (Details)
Note 2 - Acquisitions (Details) $ in Thousands | Dec. 31, 2015USD ($) | Jul. 15, 2015USD ($) | Jan. 01, 2015USD ($)shares | Nov. 15, 2013USD ($)shares | Mar. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 31, 2016 |
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Goodwill | $ 39,389 | $ 39,389 | $ 11,144 | $ 10,999 | |||||
Number of Branches at Which Loans are Held for Sale | 2 | 2 | |||||||
Number of Branches Consolidated During the Period | 7 | ||||||||
Repayments of Long-term Debt | $ 45,500 | 10,000 | |||||||
Stock Redeemed or Called During Period, Value | 11,550 | ||||||||
Independence Bank [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 864,723 | ||||||||
Payments to Acquire Businesses, Gross | $ 17,300 | ||||||||
Business Combination, Acquisition Related Costs | 395 | 239 | |||||||
Goodwill | $ 11,100 | 11,100 | |||||||
Goodwill, Acquired During Period | $ 10,999 | ||||||||
Acquisition of F&M [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 2,338,520 | ||||||||
Payments to Acquire Businesses, Gross | 642 | $ 642 | |||||||
Business Combination, Acquisition Related Costs | 941 | $ 245 | |||||||
Goodwill | $ 28,245 | 28,245 | |||||||
Goodwill, Acquired During Period | $ 28,200 | 28,245 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 17,100 | ||||||||
Repayments of Long-term Debt | $ 18,000 | ||||||||
Incommons Bank N.A. [Member] | Subsequent Event [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Number of Branches Agreed to Be Sold | 2 | ||||||||
Houston, Texas [Member] | Acquisition of F&M [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Number of Branches Consolidated During the Period | 2 | ||||||||
Central Texas [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Number of Branches at Which Loans are Held for Sale | 2 | 2 | |||||||
Preferred Stock [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Stock Redeemed or Called During Period, Value | $ 11,550 | ||||||||
Preferred Stock [Member] | Acquisition of F&M [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Stock Redeemed or Called During Period, Value | $ 11,700 | ||||||||
Enterprise [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Number of Branches | 9 | ||||||||
Enterprise [Member] | Houston, Texas [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Number of Branches | 7 | ||||||||
Enterprise [Member] | Central Texas [Member] | |||||||||
Note 2 - Acquisitions (Details) [Line Items] | |||||||||
Number of Branches | 2 |
Note 2 - Acquisitions (Detail47
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 01, 2015 | Nov. 15, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities [Line Items] | |||||
Goodwill resulting from acquisition | $ 39,389 | $ 11,144 | $ 10,999 | ||
Acquisition of Independence Bank [Member] | |||||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities [Line Items] | |||||
Consideration paid, shares issued, value | $ 17,904 | ||||
Cash consideration | 17,336 | ||||
Total consideration paid | 35,240 | ||||
Cash and cash equivalents | 43,287 | ||||
Investment Securities | 43,812 | ||||
Loans, net | 132,167 | ||||
Premises and equipment | 589 | ||||
Core deposit intangibles | 2,082 | ||||
Other assets | 3,053 | ||||
Total assets acquired | 224,990 | ||||
Deposits | 200,309 | ||||
Other liabilities | 440 | ||||
Total liabilities assumed | 200,749 | ||||
Fair value of net assets acquired | 24,241 | ||||
Goodwill resulting from acquisition | $ 10,999 | ||||
Acquisition of F&M [Member] | |||||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities [Line Items] | |||||
Cash consideration | 642 | $ 642 | |||
Total consideration paid | 63,639 | ||||
Cash and cash equivalents | 107,128 | ||||
Investment Securities | 14,722 | ||||
Loans, net | 404,637 | ||||
Premises and equipment | 7,699 | ||||
Core deposit intangibles | 4,313 | ||||
Other assets | 15,896 | ||||
Total assets acquired | 554,395 | ||||
Deposits | 489,556 | ||||
Subordinated debt | 8,871 | ||||
Other borrowed funds | 18,000 | ||||
Other liabilities | 2,574 | ||||
Total liabilities assumed | 519,001 | ||||
Fair value of net assets acquired | 35,394 | ||||
Goodwill resulting from acquisition | 28,245 | ||||
Acquisition of F&M [Member] | Common Stock [Member] | |||||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities [Line Items] | |||||
Consideration paid, shares issued, value | 51,447 | ||||
Acquisition of F&M [Member] | Preferred Stock [Member] | |||||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities [Line Items] | |||||
Consideration paid, shares issued, value | $ 11,550 |
Note 2 - Acquisitions (Detail48
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities (Parentheticals) - shares | Dec. 31, 2015 | Jan. 01, 2015 | Nov. 15, 2013 |
Acquisition of Independence Bank [Member] | |||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities (Parentheticals) [Line Items] | |||
Consideration paid, shares issued | 864,723 | ||
Acquisition of F&M [Member] | |||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities (Parentheticals) [Line Items] | |||
Consideration paid, shares issued | 2,338,520 | ||
Acquisition of F&M [Member] | Common Stock [Member] | |||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities (Parentheticals) [Line Items] | |||
Consideration paid, shares issued | 2,338,520 | ||
Acquisition of F&M [Member] | Preferred Stock [Member] | |||
Note 2 - Acquisitions (Details) - Allocation of the Purchase Price to Assets and Liabilities (Parentheticals) [Line Items] | |||
Consideration paid, shares issued | 11,550 |
Note 2 - Acquisitions (Detail49
Note 2 - Acquisitions (Details) - Details of Loans Acquired - Acquisition of F&M [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 01, 2015 |
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | $ 404,637 | |
Discount on acquired loans receivable | $ (6,017) | |
Commercial Portfolio Segment [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Discount on acquired loans receivable | (1,635) | |
Commercial Real Estate Portfolio Segment [Member] | Includes Multi-family Residential but Excludes Construction and Land Development [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Discount on acquired loans receivable | (3,109) | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Discount on acquired loans receivable | (693) | |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Discount on acquired loans receivable | (72) | |
Residential Portfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Discount on acquired loans receivable | (409) | |
Consumer Portfolio Segment [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Discount on acquired loans receivable | (99) | |
Reported Value Measurement [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 410,654 | |
Reported Value Measurement [Member] | Commercial Portfolio Segment [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 96,891 | |
Reported Value Measurement [Member] | Commercial Real Estate Portfolio Segment [Member] | Includes Multi-family Residential but Excludes Construction and Land Development [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 225,191 | |
Reported Value Measurement [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 40,787 | |
Reported Value Measurement [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 6,467 | |
Reported Value Measurement [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 35,897 | |
Reported Value Measurement [Member] | Consumer Portfolio Segment [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 5,421 | |
Portion at Fair Value Measurement [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 404,637 | |
Portion at Fair Value Measurement [Member] | Commercial Portfolio Segment [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 95,256 | |
Portion at Fair Value Measurement [Member] | Commercial Real Estate Portfolio Segment [Member] | Includes Multi-family Residential but Excludes Construction and Land Development [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 222,082 | |
Portion at Fair Value Measurement [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 40,094 | |
Portion at Fair Value Measurement [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 6,395 | |
Portion at Fair Value Measurement [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | 35,488 | |
Portion at Fair Value Measurement [Member] | Consumer Portfolio Segment [Member] | ||
Note 2 - Acquisitions (Details) - Details of Loans Acquired [Line Items] | ||
Acquired loans receivable | $ 5,322 |
Note 2 - Acquisitions (Detail50
Note 2 - Acquisitions (Details) - Business Acquisition, Pro Forma Information - Acquisition of F&M [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 2 - Acquisitions (Details) - Business Acquisition, Pro Forma Information [Line Items] | ||
Net interest income | $ 77,598 | $ 71,664 |
Net income attributable to common stockholders | $ 14,170 | $ 14,999 |
Basic earnings per common share | $ 1.35 | $ 1.53 |
Diluted earnings per common share | $ 1.33 | $ 1.51 |
Note 3 - Goodwill and Core De51
Note 3 - Goodwill and Core Deposit Intangibles (Details) - USD ($) | Oct. 01, 2015 | Dec. 31, 2014 |
Note 3 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | ||
Goodwill, Purchase Accounting Adjustments | $ 145,000 | |
Goodwill, Impairment Loss | $ 0 | |
Independence Bank [Member] | ||
Note 3 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | ||
Goodwill, Purchase Accounting Adjustments | $ 145,000 |
Note 3 - Goodwill and Core De52
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles - USD ($) $ in Thousands | Jan. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles [Line Items] | ||||
Goodwill, balance | $ 11,144 | $ 11,144 | $ 10,999 | |
Goodwill, balance | 39,389 | 11,144 | $ 10,999 | |
Finite-lived intangibles, balance | 5,230 | |||
Measurement period adjustment | 145 | |||
Amortization | (830) | (298) | (37) | |
Independence Bank [Member] | ||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles [Line Items] | ||||
Goodwill, balance | 11,100 | |||
Acquisition, goodwill | 10,999 | |||
Measurement period adjustment | 145 | |||
Acquisition of F&M [Member] | ||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles [Line Items] | ||||
Goodwill, balance | 28,245 | |||
Acquisition, goodwill | 28,200 | 28,245 | ||
Core Deposits [Member] | ||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles [Line Items] | ||||
Finite-lived intangibles, balance | $ 1,747 | 1,747 | 2,045 | |
Finite-lived intangibles, balance | 5,230 | 1,747 | 2,045 | |
Amortization | (830) | $ (298) | (37) | |
Core Deposits [Member] | Independence Bank [Member] | ||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles [Line Items] | ||||
Acquisition, Finite-lived intangibles | $ 2,082 | |||
Core Deposits [Member] | Acquisition of F&M [Member] | ||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Changes in the Carrying Amount of the Company's Goodwill and Core Deposit Intangibles [Line Items] | ||||
Acquisition, Finite-lived intangibles | $ 4,313 |
Note 3 - Goodwill and Core De53
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles $ in Thousands | Dec. 31, 2015USD ($) |
Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles [Abstract] | |
2,016 | $ 830 |
2,017 | 830 |
2,018 | 830 |
2,019 | 830 |
2,020 | 793 |
Thereafter | 1,117 |
Total | $ 5,230 |
Note 4 - Cash and Due from Ba54
Note 4 - Cash and Due from Banks (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 50.3 | $ 27.4 |
Note 5 - Securities (Details)
Note 5 - Securities (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 5 - Securities (Details) [Line Items] | ||||
Number of Securities, Available for Sales | 236 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 16 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | |||
Proceeds from Sale of Available-for-sale Securities | 16,943,000 | $ 1,941,000 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 2,200,000 | |||
Available-for-sale Securities, Gross Realized Losses | 37,000 | |||
Available-for-sale Securities, Gross Realized Gains | 82,000 | |||
Security Owned and Pledged as Collateral, Fair Value | $ 0 | $ 0 | ||
Stockholders' Equity, Total [Member] | Securities Concentration Risk [Member] | ||||
Note 5 - Securities (Details) [Line Items] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||
Acquisition of F&M [Member] | ||||
Note 5 - Securities (Details) [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | $ 15,000,000 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 |
Note 5 - Securities (Details) -
Note 5 - Securities (Details) - Amortized Cost and Fair Value of Investment Securities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for Sale | ||
Available for sale securities, amortized cost | $ 161,994 | $ 84,130 |
Available for sale securities, gross unrealized gains | 3,384 | 1,218 |
Available for sale securities, gross unrealized losses | (281) | (386) |
Available for sale securities, fair value | 165,097 | 84,962 |
US Government Agencies Debt Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 8,674 | 14,080 |
Available for sale securities, gross unrealized gains | 412 | 442 |
Available for sale securities, gross unrealized losses | (45) | |
Available for sale securities, fair value | 9,086 | 14,477 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 123,809 | 35,272 |
Available for sale securities, gross unrealized gains | 2,575 | 283 |
Available for sale securities, gross unrealized losses | (35) | (74) |
Available for sale securities, fair value | 126,349 | 35,481 |
Agency Mortgage-backed Pass-through Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 29,511 | 32,191 |
Available for sale securities, gross unrealized gains | 397 | 472 |
Available for sale securities, gross unrealized losses | (246) | (188) |
Available for sale securities, fair value | $ 29,662 | 32,475 |
Collateralized Mortgage Obligations [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 2,587 | |
Available for sale securities, gross unrealized gains | 21 | |
Available for sale securities, gross unrealized losses | (79) | |
Available for sale securities, fair value | $ 2,529 |
Note 5 - Securities (Details)57
Note 5 - Securities (Details) - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity [Abstract] | ||
Due in one year or less | $ 7,176 | |
Due in one year or less | 7,185 | |
Due after one year through five years | 17,300 | |
Due after one year through five years | 17,468 | |
Due after five years through ten years | 38,742 | |
Due after five years through ten years | 39,503 | |
Due after ten years | 69,265 | |
Due after ten years | 71,279 | |
Subtotal | 132,483 | |
Subtotal | 135,435 | |
Agency mortgage-backed pass through securities and agency collateralized mortgage obligations | 29,511 | |
Agency mortgage-backed pass through securities and agency collateralized mortgage obligations | 29,662 | |
Total | 161,994 | |
Total | $ 165,097 | $ 84,962 |
Note 5 - Securities (Details)58
Note 5 - Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for Sale | ||
Securities in a continuous unrealized loss position, less than 12 months, estimated fair value | $ 11,819 | $ 17,442 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | (66) | (78) |
Securities in a continuous unrealized loss position, more than 12 months, estimated fair value | 9,817 | 17,413 |
Securities in a continuous unrealized loss position, more than 12 months, unrealized losses | (215) | (308) |
Securities in a continuous unrealized loss position, fair value | 21,636 | 34,855 |
Securities in a continuous unrealized loss position, unrealized losses | (281) | (386) |
US Government Agencies Debt Securities [Member] | ||
Available for Sale | ||
Securities in a continuous unrealized loss position, less than 12 months, estimated fair value | 2,842 | |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | (3) | |
Securities in a continuous unrealized loss position, more than 12 months, estimated fair value | 1,748 | |
Securities in a continuous unrealized loss position, more than 12 months, unrealized losses | (42) | |
Securities in a continuous unrealized loss position, fair value | 4,590 | |
Securities in a continuous unrealized loss position, unrealized losses | (45) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for Sale | ||
Securities in a continuous unrealized loss position, less than 12 months, estimated fair value | 6,867 | 14,102 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | (30) | (74) |
Securities in a continuous unrealized loss position, more than 12 months, estimated fair value | 298 | |
Securities in a continuous unrealized loss position, more than 12 months, unrealized losses | (5) | |
Securities in a continuous unrealized loss position, fair value | 7,165 | 14,102 |
Securities in a continuous unrealized loss position, unrealized losses | (35) | (74) |
Agency Mortgage-backed Pass-through Securities [Member] | ||
Available for Sale | ||
Securities in a continuous unrealized loss position, less than 12 months, estimated fair value | 4,952 | 498 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | (36) | (1) |
Securities in a continuous unrealized loss position, more than 12 months, estimated fair value | 9,519 | 14,058 |
Securities in a continuous unrealized loss position, more than 12 months, unrealized losses | (210) | (187) |
Securities in a continuous unrealized loss position, fair value | 14,471 | 14,556 |
Securities in a continuous unrealized loss position, unrealized losses | $ (246) | (188) |
Collateralized Mortgage Obligations [Member] | ||
Available for Sale | ||
Securities in a continuous unrealized loss position, more than 12 months, estimated fair value | 1,607 | |
Securities in a continuous unrealized loss position, more than 12 months, unrealized losses | (79) | |
Securities in a continuous unrealized loss position, fair value | 1,607 | |
Securities in a continuous unrealized loss position, unrealized losses | $ (79) |
Note 6 - Loans and Allowance 59
Note 6 - Loans and Allowance for Loan Losses (Details) | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 01, 2015 | Dec. 31, 2012USD ($) | ||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Number of Branches at Which Loans are Held for Sale | 2 | |||||
Loans Receivable Held-for-sale, Amount | [1] | $ 27,887,000 | ||||
Owner-occupied Loans to Commercial Real Estate Loans | 53.00% | |||||
Maximum Loans Amount to Appraised Value | 90.00% | |||||
Loans and Leases Receivable, Related Parties | $ 2,459,000 | $ 1,329,000 | ||||
Financing Receivable, Recorded Investment, Past Due | 5,357,000 | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | $ 4,975,000 | ||||
Number of Separate Credits in Nonaccrual Loans | 31 | |||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 404,000 | 187,000 | ||||
Impaired Financing Receivable, Average Recorded Investment | 12,064,000 | 9,123,000 | $ 7,100,000 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 693,000 | 405,000 | 450,000 | |||
Loans and Leases Receivable, Allowance | $ 13,098,000 | $ 8,246,000 | 6,655,000 | $ 6,539,000 | ||
Loans and Leases Receivable, Allowance, Percentage | 0.78% | 0.82% | ||||
Financing Receivable, Modifications, Recorded Investment | $ 3,100,000 | $ 1,700,000 | ||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | 681,000 | 205,000 | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 45,000 | 38,000 | 19,000 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |||||
Financing Receivables, Troubled Debt Restructuring, Addition | $ 3,000,000 | |||||
Financing Receivables, Troubled Debt Restructuring, Addition, Outstanding | 2,200,000 | |||||
Commercial Portfolio Segment [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | 1,474,000 | 274,000 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | 2,664,000 | 1,527,000 | |||
Impaired Financing Receivable, Average Recorded Investment | 5,738,000 | 3,539,000 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 309,000 | 211,000 | ||||
Loans and Leases Receivable, Allowance | 3,644,000 | 2,334,000 | 2,729,000 | 2,713,000 | ||
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | 1,866,000 | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | 2,006,000 | 1,653,000 | |||
Impaired Financing Receivable, Average Recorded Investment | 5,955,000 | 2,356,000 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 362,000 | $ 194,000 | ||||
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | 1,904 | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | 239,000 | ||||
Impaired Financing Receivable, Average Recorded Investment | 248,000 | $ 42,000 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 13,000 | |||||
Consumer Portfolio Segment [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | 36,000 | 46,000 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | 66,000 | 4,000 | |||
Impaired Financing Receivable, Average Recorded Investment | 123,000 | 3,186,000 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 9,000 | |||||
Loans and Leases Receivable, Allowance | 67,000 | 52,000 | $ 238,000 | $ 309,000 | ||
Former F&M Bancshares Locations [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 676,000 | |||||
Financing Receivables, 30 to 89 Days Past Due [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 5,357,000 | ||||
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 1,474,000 | $ 274,000 | |||
Financing Receivables, 30 to 89 Days Past Due [Member] | Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 1,866,000 | ||||
Financing Receivables, 30 to 89 Days Past Due [Member] | Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 1,904,000 | ||||
Financing Receivables, 30 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 36,000 | $ 46,000 | |||
Financing Receivables, 30 to 89 Days Past Due [Member] | Former F&M Bancshares Locations [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Recorded Investment, Past Due | $ 1,300,000 | |||||
Central Texas [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Number of Branches at Which Loans are Held for Sale | 2 | |||||
Former F&M Bancshares Locations [Member] | Central Texas [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Number of Branches at Which Loans are Held for Sale | 2 | |||||
Former F&M Bancshares Locations [Member] | Central Texas [Member] | Commercial Portfolio Segment [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Loans Receivable Held-for-sale, Amount | $ 13,200,000 | |||||
Former F&M Bancshares Locations [Member] | Central Texas [Member] | Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Loans Receivable Held-for-sale, Amount | 11,600,000 | |||||
Former F&M Bancshares Locations [Member] | Central Texas [Member] | Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Loans Receivable Held-for-sale, Amount | 2,300,000 | |||||
Former F&M Bancshares Locations [Member] | Central Texas [Member] | Consumer Portfolio Segment [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Loans Receivable Held-for-sale, Amount | $ 803,000 | |||||
Minimum [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Owner-occupied Commercial Real Estate Loans, Amortization Period | 10 years | |||||
Mortgage Loan, Term | 5 years | |||||
Mortgage Loan, Amortization Period | 10 years | |||||
Consumer and Other Loans, Term | 12 months | |||||
Maximum [Member] | ||||||
Note 6 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||||||
Owner-occupied Commercial Real Estate Loans, Amortization Period | 20 years | |||||
Mortgage Loan, Term | 7 years | |||||
Mortgage Loan, Amortization Period | 20 years | |||||
Consumer and Other Loans, Term | 60 months | |||||
[1] | Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. | |||||
[2] | Includes $676 thousand of loans acquired from F&M Bancshares. | |||||
[3] | Includes $1.3 million of loans acquired from F&M Bancshares. |
Note 6 - Loans and Allowance 60
Note 6 - Loans and Allowance for Loan Losses (Details) - Loan Portfolio - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale (1) | [1] | $ 27,887 | |||
Loans held for investment | 1,653,165 | $ 1,002,054 | |||
Total loans | 1,681,052 | 1,002,054 | |||
Allowance for loan losses | (13,098) | (8,246) | $ (6,655) | $ (6,539) | |
Loans, net | 1,667,954 | 993,808 | |||
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | 383,044 | 242,034 | |||
Allowance for loan losses | (3,644) | (2,334) | (2,729) | (2,713) | |
Mortgage Warehouse Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | [2] | 59,071 | 28,329 | ||
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | 745,595 | 429,986 | |||
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | 154,646 | 85,484 | |||
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | 205,200 | 135,127 | |||
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | 93,848 | 72,402 | |||
Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment | 11,761 | 8,692 | |||
Allowance for loan losses | $ (67) | $ (52) | $ (238) | $ (309) | |
[1] | Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. | ||||
[2] | Mortgage warehouse was previously reported within the Commercial and Industrial loan portfolio. These loans are to unaffiliated mortgage loan originators collateralized by mortgage promissory notes which are segregated in the Company's mortgage warehouse portfolio. These promissory notes originated by the Company's mortgage warehouse customers carry terms and conditions as would be expected in the competitive permanent mortgage market and serve as collateral under a traditional mortgage warehouse arrangement whereby such promissory notes are warehoused under a revolving credit facility to allow for the end investor (or purchaser) of the note to receive a complete loan package and remit funds to the bank. The maturity of each revolving line of credit facility is normally less than 24 months, while the promissory notes that are warehoused under such facilities may have a much shorter length of time outstanding. For mortgage promissory notes secured by residential property, the warehouse time is normally 10 to 20 days. For mortgage promissory notes secured by commercial property, the warehouse time is normally 40 to 50 days. The funded balance of the mortgage warehouse portfolio can have significant fluctuation based upon market demand for the product, level of home sales and refinancing activity, market interest rates, and velocity of end investor processing times. |
Note 6 - Loans and Allowance 61
Note 6 - Loans and Allowance for Loan Losses (Details) - Analysis Of Activity with Related-party Loans $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Analysis Of Activity with Related-party Loans [Abstract] | |
Beginning balance on January 1 | $ 1,329 |
New loans and reclassified related loans | 1,450 |
Repayments | (320) |
Ending balance on December 31 | $ 2,459 |
Note 6 - Loans and Allowance 62
Note 6 - Loans and Allowance for Loan Losses (Details) - Aging Analysis of the Recorded Investment in Past Due Loans - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for sale | $ 539,000 | ||
Loans held for sale | [1] | 209,000 | |
Loans held for sale | 27,139,000 | ||
Loans held for sale | [2] | 27,887,000 | |
Loans past due and still accruing, held for investment | 5,357,000 | ||
Nonaccrual loans held for investment | [1] | 4,975,000 | |
Current loans held for investment | 1,642,833,000 | ||
Total loans held for investment | 1,653,165,000 | $ 1,002,054,000 | |
Real estate: | |||
Loans past due and still accruing, including both held for sale and held for investment | 5,896,000 | 733,000 | |
Nonaccrual loans, including both held for sale and held for investment | [1] | 5,184,000 | 3,184,000 |
Current loans, including both held for sale and held for investment | 1,669,972,000 | 998,137,000 | |
Total loans, including both held for sale and held for investment | 1,681,052,000 | 1,002,054,000 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for sale | [3] | 539,000 | |
Loans past due and still accruing, held for investment | [3] | 5,357,000 | |
Real estate: | |||
Loans past due and still accruing, including both held for sale and held for investment | [3] | 5,896,000 | 733,000 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | 1,474,000 | 274,000 | |
Nonaccrual loans held for investment | [1] | 2,664,000 | 1,527,000 |
Current loans held for investment | 378,906,000 | 240,233,000 | |
Total loans held for investment | 383,044,000 | 242,034,000 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | $ 1,474,000 | $ 274,000 |
Mortgage Warehouse Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans held for investment | [1] | ||
Current loans held for investment | $ 59,071,000 | $ 28,329,000 | |
Total loans held for investment | [4] | $ 59,071,000 | $ 28,329,000 |
Mortgage Warehouse Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | ||
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | $ 1,866,000 | ||
Nonaccrual loans held for investment | [1] | 2,006,000 | $ 1,653,000 |
Current loans held for investment | 741,723,000 | 428,333,000 | |
Total loans held for investment | 745,595,000 | $ 429,986,000 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | 1,866,000 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | $ 77,000 | ||
Nonaccrual loans held for investment | [1] | ||
Current loans held for investment | $ 154,569,000 | $ 85,484,000 | |
Total loans held for investment | 154,646,000 | $ 85,484,000 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | 77,000 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | 1,904 | ||
Nonaccrual loans held for investment | [1] | 239,000 | |
Current loans held for investment | 203,057,000 | $ 135,127,000 | |
Total loans held for investment | 205,200,000 | $ 135,127,000 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | $ 1,904,000 | |
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | $ 413,000 | ||
Nonaccrual loans held for investment | [1] | ||
Current loans held for investment | $ 93,848,000 | $ 71,989,000 | |
Total loans held for investment | $ 93,848,000 | 72,402,000 | |
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | 413,000 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | $ 36,000 | 46,000 | |
Nonaccrual loans held for investment | [1] | 66,000 | 4,000 |
Current loans held for investment | 11,659,000 | 8,642,000 | |
Total loans held for investment | 11,761,000 | 8,692,000 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing, held for investment | [3] | $ 36,000 | $ 46,000 |
[1] | Includes $676 thousand of loans acquired from F&M Bancshares. | ||
[2] | Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. | ||
[3] | Includes $1.3 million of loans acquired from F&M Bancshares. | ||
[4] | Mortgage warehouse was previously reported within the Commercial and Industrial loan portfolio. These loans are to unaffiliated mortgage loan originators collateralized by mortgage promissory notes which are segregated in the Company's mortgage warehouse portfolio. These promissory notes originated by the Company's mortgage warehouse customers carry terms and conditions as would be expected in the competitive permanent mortgage market and serve as collateral under a traditional mortgage warehouse arrangement whereby such promissory notes are warehoused under a revolving credit facility to allow for the end investor (or purchaser) of the note to receive a complete loan package and remit funds to the bank. The maturity of each revolving line of credit facility is normally less than 24 months, while the promissory notes that are warehoused under such facilities may have a much shorter length of time outstanding. For mortgage promissory notes secured by residential property, the warehouse time is normally 10 to 20 days. For mortgage promissory notes secured by commercial property, the warehouse time is normally 40 to 50 days. The funded balance of the mortgage warehouse portfolio can have significant fluctuation based upon market demand for the product, level of home sales and refinancing activity, market interest rates, and velocity of end investor processing times. |
Note 6 - Loans and Allowance 63
Note 6 - Loans and Allowance for Loan Losses (Details) - Impaired Loans by Loan Class - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
With no related allowance recorded: | |||
Recorded investment with no related allowance recorded | $ 8,863 | $ 3,893 | |
Unpaid principal balance with no related allowance recorded | 9,252 | 3,948 | |
Average recorded investment with no related allowance recorded | 8,881 | 4,019 | |
Interest income recognized with no related allowance recorded | 528 | 265 | |
With an allowance recorded: | |||
Recorded investment with an allowance recorded | 2,738 | 1,986 | |
Unpaid principal balance with an allowance recorded | 2,738 | 1,986 | |
Related allowance | 859 | 512 | |
Average recorded investment with an allowance recorded | 3,183 | 5,104 | |
Interest income recognized with an allowance recorded | 165 | 140 | |
Total: | |||
Recorded investment | 11,601 | 5,879 | |
Unpaid principal balance | 11,990 | 5,934 | |
Related allowance | 859 | 512 | |
Average recorded investment | 12,064 | 9,123 | $ 7,100 |
Interest income recognized | 693 | 405 | $ 450 |
Commercial Portfolio Segment [Member] | |||
With no related allowance recorded: | |||
Recorded investment with no related allowance recorded | 3,842 | 999 | |
Unpaid principal balance with no related allowance recorded | 4,216 | 1,054 | |
Average recorded investment with no related allowance recorded | 3,698 | 1,292 | |
Interest income recognized with no related allowance recorded | 222 | 83 | |
With an allowance recorded: | |||
Recorded investment with an allowance recorded | 1,573 | 1,802 | |
Unpaid principal balance with an allowance recorded | 1,573 | 1,802 | |
Related allowance | 670 | 501 | |
Average recorded investment with an allowance recorded | 2,040 | 2,247 | |
Interest income recognized with an allowance recorded | 87 | 128 | |
Total: | |||
Recorded investment | 5,415 | 2,801 | |
Unpaid principal balance | 5,789 | 2,856 | |
Related allowance | 670 | 501 | |
Average recorded investment | 5,738 | 3,539 | |
Interest income recognized | 309 | 211 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | |||
With no related allowance recorded: | |||
Recorded investment with no related allowance recorded | 4,700 | 2,894 | |
Unpaid principal balance with no related allowance recorded | 4,700 | 2,894 | |
Average recorded investment with no related allowance recorded | 4,833 | 1,641 | |
Interest income recognized with no related allowance recorded | 285 | 182 | |
With an allowance recorded: | |||
Recorded investment with an allowance recorded | 1,146 | 180 | |
Unpaid principal balance with an allowance recorded | 1,146 | 180 | |
Related allowance | 180 | 10 | |
Average recorded investment with an allowance recorded | 1,122 | 715 | |
Interest income recognized with an allowance recorded | 77 | 12 | |
Total: | |||
Recorded investment | 5,846 | 3,074 | |
Unpaid principal balance | 5,846 | 3,074 | |
Related allowance | 180 | 10 | |
Average recorded investment | 5,955 | 2,356 | |
Interest income recognized | 362 | 194 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | |||
With no related allowance recorded: | |||
Recorded investment with no related allowance recorded | 239 | ||
Unpaid principal balance with no related allowance recorded | 239 | ||
Average recorded investment with no related allowance recorded | 248 | 2 | |
Interest income recognized with no related allowance recorded | 13 | ||
With an allowance recorded: | |||
Average recorded investment with an allowance recorded | 40 | ||
Total: | |||
Recorded investment | 239 | ||
Unpaid principal balance | 239 | ||
Average recorded investment | 248 | 42 | |
Interest income recognized | 13 | ||
Consumer Portfolio Segment [Member] | |||
With no related allowance recorded: | |||
Recorded investment with no related allowance recorded | 82 | ||
Unpaid principal balance with no related allowance recorded | 97 | ||
Average recorded investment with no related allowance recorded | 102 | 1,084 | |
Interest income recognized with no related allowance recorded | 8 | ||
With an allowance recorded: | |||
Recorded investment with an allowance recorded | 19 | 4 | |
Unpaid principal balance with an allowance recorded | 19 | 4 | |
Related allowance | 9 | 1 | |
Average recorded investment with an allowance recorded | 21 | 2,102 | |
Interest income recognized with an allowance recorded | 1 | ||
Total: | |||
Recorded investment | 101 | 4 | |
Unpaid principal balance | 116 | 4 | |
Related allowance | 9 | 1 | |
Average recorded investment | 123 | $ 3,186 | |
Interest income recognized | $ 9 |
Note 6 - Loans and Allowance 64
Note 6 - Loans and Allowance for Loan Losses (Details) - Risk Category of Loans by Class - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | [1] | $ 27,887 | |
Loans held for investment | 1,653,165 | $ 1,002,054 | |
Real estate: | |||
Total loans | 1,681,052 | 1,002,054 | |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 26,570 | ||
Loans held for investment | 1,605,343 | 966,735 | |
Real estate: | |||
Total loans | 1,631,913 | ||
Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 477 | ||
Loans held for investment | 19,666 | 15,735 | |
Real estate: | |||
Total loans | 20,143 | ||
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 19 | ||
Loans held for investment | 2,451 | 1,574 | |
Real estate: | |||
Total loans | 2,470 | ||
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 821 | ||
Loans held for investment | 25,705 | 18,010 | |
Real estate: | |||
Total loans | 26,526 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 383,044 | 242,034 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 366,479 | 235,006 | |
Commercial Portfolio Segment [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 8,094 | 1,817 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 1,253 | 291 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 7,218 | 4,920 | |
Mortgage Warehouse Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | [2] | 59,071 | 28,329 |
Mortgage Warehouse Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 59,071 | 28,329 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 745,595 | 429,986 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 721,781 | 408,117 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 7,186 | 9,365 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 790 | ||
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 15,838 | 12,504 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 154,646 | 85,484 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 152,380 | 82,643 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 1,846 | 2,841 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Construction and Land Development [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 420 | ||
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 205,200 | 135,127 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 200,262 | 132,979 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 2,385 | 1,677 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 390 | 83 | |
Real Estate Porfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 2,163 | 388 | |
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 93,848 | 72,402 | |
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 93,848 | 71,025 | |
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 1,200 | ||
Real Estate Porfolio Segment [Member] | Residential Construction [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 177 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 11,761 | 8,692 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 11,522 | 8,636 | |
Consumer Portfolio Segment [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 155 | 35 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 18 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | $ 66 | $ 21 | |
[1] | Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. | ||
[2] | Mortgage warehouse was previously reported within the Commercial and Industrial loan portfolio. These loans are to unaffiliated mortgage loan originators collateralized by mortgage promissory notes which are segregated in the Company's mortgage warehouse portfolio. These promissory notes originated by the Company's mortgage warehouse customers carry terms and conditions as would be expected in the competitive permanent mortgage market and serve as collateral under a traditional mortgage warehouse arrangement whereby such promissory notes are warehoused under a revolving credit facility to allow for the end investor (or purchaser) of the note to receive a complete loan package and remit funds to the bank. The maturity of each revolving line of credit facility is normally less than 24 months, while the promissory notes that are warehoused under such facilities may have a much shorter length of time outstanding. For mortgage promissory notes secured by residential property, the warehouse time is normally 10 to 20 days. For mortgage promissory notes secured by commercial property, the warehouse time is normally 40 to 50 days. The funded balance of the mortgage warehouse portfolio can have significant fluctuation based upon market demand for the product, level of home sales and refinancing activity, market interest rates, and velocity of end investor processing times. |
Note 6 - Loans and Allowance 65
Note 6 - Loans and Allowance for Loan Losses (Details) - Allowance for Loan Losses - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for loan losses: | ||||||
Balance, beginning of period | $ 8,246 | $ 6,655 | $ 6,539 | |||
Provision for loan losses | 5,792 | 2,150 | 240 | |||
Charge-offs | (1,040) | (607) | (388) | |||
Recoveries | 100 | 48 | 264 | |||
Net charge-offs | (940) | (559) | (124) | |||
Balance, end of period | 13,098 | 8,246 | 6,655 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | $ 859 | $ 512 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 12,239 | 7,734 | ||||
Total allowance for loan losses | 13,098 | 8,246 | 6,655 | 13,098 | 8,246 | |
Recorded investment in loans: | ||||||
Loans individually evaluated for impairment | 11,601 | 5,879 | ||||
Loans collectively evaluated for impairment | 1,641,564 | 996,175 | ||||
Total loans evaluated for impairment | 1,653,165 | 1,002,054 | ||||
Commercial Portfolio Segment [Member] | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of period | 2,334 | 2,729 | 2,713 | |||
Provision for loan losses | 2,193 | 140 | 352 | |||
Charge-offs | (935) | (567) | (369) | |||
Recoveries | 52 | 32 | 33 | |||
Net charge-offs | (883) | (535) | (336) | |||
Balance, end of period | 3,644 | 2,334 | 2,729 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | 670 | 501 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 2,974 | 1,833 | ||||
Total allowance for loan losses | 2,334 | 2,334 | 2,729 | 3,644 | 2,334 | |
Recorded investment in loans: | ||||||
Loans individually evaluated for impairment | 5,415 | 2,801 | ||||
Loans collectively evaluated for impairment | 377,629 | 239,233 | ||||
Total loans evaluated for impairment | 383,044 | 242,034 | ||||
Mortgage Warehouse Portfolio Segment [Member] | ||||||
Recorded investment in loans: | ||||||
Loans collectively evaluated for impairment | 59,071 | 28,329 | ||||
Total loans evaluated for impairment | [1] | 59,071 | 28,329 | |||
Commercial Real Estate Portfolio Segment [Member] | Includes Multi-family Residential but Excludes Construction and Land Development [Member] | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of period | 3,799 | 2,175 | 2,127 | |||
Provision for loan losses | 2,115 | 1,624 | 48 | |||
Balance, end of period | 5,914 | 3,799 | 2,175 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | 180 | 10 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 5,734 | 3,789 | ||||
Total allowance for loan losses | 3,799 | 3,799 | 2,175 | 5,914 | 3,799 | |
Recorded investment in loans: | ||||||
Loans individually evaluated for impairment | 5,846 | 3,074 | ||||
Loans collectively evaluated for impairment | 739,749 | 426,912 | ||||
Total loans evaluated for impairment | 745,595 | 429,986 | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of period | 578 | 357 | 222 | |||
Provision for loan losses | 625 | 221 | 135 | |||
Recoveries | 18 | |||||
Net charge-offs | 18 | |||||
Balance, end of period | 1,221 | 578 | 357 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 1,221 | 578 | ||||
Total allowance for loan losses | 578 | 578 | 357 | 1,221 | 578 | |
Recorded investment in loans: | ||||||
Loans collectively evaluated for impairment | 154,646 | 85,484 | ||||
Total loans evaluated for impairment | 154,646 | 85,484 | ||||
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of period | 475 | 598 | 560 | |||
Provision for loan losses | 321 | (123) | 37 | |||
Recoveries | 24 | 1 | ||||
Net charge-offs | 24 | 1 | ||||
Balance, end of period | 820 | 475 | 598 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 820 | 475 | ||||
Total allowance for loan losses | 475 | 475 | 598 | 820 | 475 | |
Recorded investment in loans: | ||||||
Loans collectively evaluated for impairment | 93,848 | 72,402 | ||||
Total loans evaluated for impairment | 93,848 | 72,402 | ||||
Residential Portfolio Segment [Member] | 1-4 Family Residential Including Home Equity [Member] | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of period | 1,008 | 558 | 608 | |||
Provision for loan losses | 464 | 450 | (278) | |||
Charge-offs | (40) | |||||
Recoveries | 228 | |||||
Net charge-offs | (40) | 228 | ||||
Balance, end of period | 1,432 | 1,008 | 558 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 1,432 | 1,008 | ||||
Total allowance for loan losses | 1,008 | 1,008 | 558 | 1,432 | 1,008 | |
Recorded investment in loans: | ||||||
Loans individually evaluated for impairment | 239 | |||||
Loans collectively evaluated for impairment | 204,961 | 135,127 | ||||
Total loans evaluated for impairment | 205,200 | 135,127 | ||||
Consumer Portfolio Segment [Member] | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of period | 52 | 238 | 309 | |||
Provision for loan losses | 74 | (162) | (54) | |||
Charge-offs | (65) | (40) | (19) | |||
Recoveries | 6 | 16 | 2 | |||
Net charge-offs | (59) | (24) | (17) | |||
Balance, end of period | 67 | 52 | 238 | |||
Allowance for loan losses related to: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | 9 | 1 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 58 | 51 | ||||
Total allowance for loan losses | $ 52 | $ 52 | $ 238 | 67 | 52 | |
Recorded investment in loans: | ||||||
Loans individually evaluated for impairment | 101 | 4 | ||||
Loans collectively evaluated for impairment | 11,660 | 8,688 | ||||
Total loans evaluated for impairment | $ 11,761 | $ 8,692 | ||||
[1] | Mortgage warehouse was previously reported within the Commercial and Industrial loan portfolio. These loans are to unaffiliated mortgage loan originators collateralized by mortgage promissory notes which are segregated in the Company's mortgage warehouse portfolio. These promissory notes originated by the Company's mortgage warehouse customers carry terms and conditions as would be expected in the competitive permanent mortgage market and serve as collateral under a traditional mortgage warehouse arrangement whereby such promissory notes are warehoused under a revolving credit facility to allow for the end investor (or purchaser) of the note to receive a complete loan package and remit funds to the bank. The maturity of each revolving line of credit facility is normally less than 24 months, while the promissory notes that are warehoused under such facilities may have a much shorter length of time outstanding. For mortgage promissory notes secured by residential property, the warehouse time is normally 10 to 20 days. For mortgage promissory notes secured by commercial property, the warehouse time is normally 40 to 50 days. The funded balance of the mortgage warehouse portfolio can have significant fluctuation based upon market demand for the product, level of home sales and refinancing activity, market interest rates, and velocity of end investor processing times. |
Note 6 - Loans and Allowance 66
Note 6 - Loans and Allowance for Loan Losses (Details) - Loans Modified in a Troubled Debt Restructuring $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Troubled Debt Restructurings | |||
Number of Contracts | 9 | 1 | 3 |
Pre-Modification of Outstanding Recorded Investment | $ 3,042 | $ 161 | $ 2,106 |
Post-Modification of Outstanding Recorded Investment | $ 3,042 | $ 161 | $ 2,106 |
Commercial Portfolio Segment [Member] | |||
Troubled Debt Restructurings | |||
Number of Contracts | 6 | 3 | |
Pre-Modification of Outstanding Recorded Investment | $ 2,959 | $ 2,106 | |
Post-Modification of Outstanding Recorded Investment | $ 2,959 | $ 2,106 | |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | |||
Troubled Debt Restructurings | |||
Number of Contracts | 1 | 1 | |
Pre-Modification of Outstanding Recorded Investment | $ 63 | $ 161 | |
Post-Modification of Outstanding Recorded Investment | $ 63 | $ 161 | |
Consumer Portfolio Segment [Member] | |||
Troubled Debt Restructurings | |||
Number of Contracts | 2 | ||
Pre-Modification of Outstanding Recorded Investment | $ 20 | ||
Post-Modification of Outstanding Recorded Investment | $ 20 |
Note 7 - Fair Value (Details)
Note 7 - Fair Value (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 7 - Fair Value (Details) [Line Items] | ||
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Repossessed Assets | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,738,000 | 1,986,000 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,738,000 | 1,986,000 |
Impaired Financing Receivable, Related Allowance | 859,000 | 512,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 7 - Fair Value (Details) [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,900,000 | 1,500,000 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,700,000 | 2,000,000 |
Impaired Financing Receivable, Related Allowance | $ 859,000 | $ 512,000 |
Minimum [Member] | ||
Note 7 - Fair Value (Details) [Line Items] | ||
Percentage of Estimated Selling and Closing Costs of Collateral | 5.00% | |
Maximum [Member] | ||
Note 7 - Fair Value (Details) [Line Items] | ||
Percentage of Estimated Selling and Closing Costs of Collateral | 10.00% |
Note 7 - Fair Value (Details) -
Note 7 - Fair Value (Details) - Carrying Amounts and Estimated Fair Values of Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | $ 148,431 | $ 167,540 | $ 213,076 | $ 151,691 | |
Cash and cash equivalents, fair value | 148,431 | 167,540 | |||
Available-for-sale securities | 165,097 | $ 84,962 | |||
Loans held for sale | [1] | 27,887 | |||
Loans held for sale | 27,887 | ||||
Loans held for investment, net of allowance | 1,640,067 | $ 993,808 | |||
Loans held for investment, net of allowance, fair value | 1,641,862 | 998,575 | |||
Accrued interest receivable | 6,518 | 3,285 | |||
Accrued interest receivable, fair value | 6,518 | 3,285 | |||
Financial liabilities | |||||
Deposits | 1,759,133 | 1,133,684 | |||
Deposits, fair value | 1,759,728 | 1,133,684 | |||
Accrued interest payable | 124 | 43 | |||
Accrued interest payable, fair value | 124 | 43 | |||
Short-term borrowings | 50,000 | ||||
Short-term borrowings | 50,000 | ||||
Subordinated debentures | 9,089 | ||||
Subordinated debentures | 9,089 | ||||
Other borrowed funds | 569 | 10,069 | |||
Other borrowed funds, fair value | 569 | 10,069 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents, fair value | 148,431 | 167,540 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Available-for-sale securities | 165,097 | 84,962 | |||
Accrued interest receivable, fair value | 1,780 | 473 | |||
Financial liabilities | |||||
Deposits, fair value | 1,759,728 | 1,133,684 | |||
Accrued interest payable, fair value | 124 | 43 | |||
Short-term borrowings | 50,000 | ||||
Subordinated debentures | 9,089 | ||||
Other borrowed funds, fair value | 569 | 10,069 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans held for sale | 27,887 | ||||
Loans held for investment, net of allowance, fair value | 1,641,862 | 998,575 | |||
Accrued interest receivable, fair value | $ 4,738 | $ 2,812 | |||
[1] | Consists of loans at two former F&M Bancshares locations acquired on January 1, 2015. As of December 31, 2015, loans held for sale consists of $13.2 million of commercial and industrial loans, $11.6 million of commercial real estate (including multi-family residential) loans, $2.3 million of 1-4 family residential (including home equity) loans and $803 thousand of consumer and other loans. Loans held for sale are carried at lower of aggregate cost or fair value. On January 31, 2016, the Company completed the sale of these former F&M Bancshares branches and their related assets located in Central Texas-see Note 20-Subsequent Events. |
Note 7 - Fair Value (Details)69
Note 7 - Fair Value (Details) - Fair Values for Assets Measured at Fair Value on a Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for sale securities: | ||
Available for sale securities | $ 165,097 | $ 84,962 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 9,086 | 14,477 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 126,349 | 35,481 |
Agency Mortgage-backed Pass-through Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 29,662 | 32,475 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 2,529 | |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities | 165,097 | 84,962 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 9,086 | 14,477 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 126,349 | 35,481 |
Fair Value, Inputs, Level 2 [Member] | Agency Mortgage-backed Pass-through Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | $ 29,662 | 32,475 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | $ 2,529 |
Note 7 - Fair Value (Details)70
Note 7 - Fair Value (Details) - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired loans: | ||
Impaired loans receivable, fair value | $ 1,879 | $ 1,474 |
Commercial Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans receivable, fair value | 903 | 1,301 |
Real Estate Porfolio Segment [Member] | Commercial Real Estate Including Multi-family Residential but Not Construction and Land Development [Member] | ||
Impaired loans: | ||
Impaired loans receivable, fair value | 966 | 170 |
Consumer Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans receivable, fair value | $ 10 | $ 3 |
Note 8 - Premises and Equipme71
Note 8 - Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1,600 | $ 1,100 | $ 813 |
Note 8 - Premises and Equipme72
Note 8 - Premises and Equipment (Details) - Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 24,962 | $ 15,542 |
Less: accumulated depreciation | 6,491 | 4,573 |
Premises and equipment, net | 18,471 | 10,969 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 4,703 | 2,203 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 7,994 | 3,558 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 4,963 | 4,349 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 7,302 | 5,350 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 82 |
Note 9 - Deposits (Details)
Note 9 - Deposits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 9 - Deposits (Details) [Line Items] | ||
Time Deposits, $250,000 or More | $ 164.7 | $ 140.8 |
Interest-bearing Domestic Deposit, Brokered | 56.5 | 50.6 |
Interest-bearing Domestic Deposit, Certificates of Deposits | 55.5 | 49.5 |
Related Party Deposit Liabilities | $ 12 | $ 7.1 |
Customer Concentration Risk [Member] | Deposits [Member] | ||
Note 9 - Deposits (Details) [Line Items] | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 9 - Deposits (Details) - T
Note 9 - Deposits (Details) - Time Deposits by Maturity - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
Within one year | $ 429,399 | |
After one but within two years | 83,122 | |
After two but within three years | 66,814 | |
After three but within four years | 15,084 | |
After four but within five years | 15,263 | |
Total | $ 609,682 | $ 392,488 |
Note 10 - Borrowings (Details)
Note 10 - Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Oct. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 10 - Borrowings (Details) [Line Items] | ||||
Increase (Decrease) in Other Borrowings | $ 18,000 | $ 10,100 | ||
Repayments of Debt | $ 27,500 | |||
Borrowing Agreement [Member] | Prime Rate [Member] | ||||
Note 10 - Borrowings (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | (0.25%) | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | |||
Federal Home Loan Bank of Dallas [Member] | ||||
Note 10 - Borrowings (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 677,300 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 599,300 | |||
Long-term Line of Credit | 78,000 | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 50,000 | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 0.31% | |||
Letters of Credit Outstanding, Amount | $ 28,000 | |||
Federal Home Loan Bank of Dallas [Member] | Expire in January 2016 [Member] | ||||
Note 10 - Borrowings (Details) [Line Items] | ||||
Letters of Credit Outstanding, Amount | 500 | |||
Federal Home Loan Bank of Dallas [Member] | Expire in August 2016 [Member] | ||||
Note 10 - Borrowings (Details) [Line Items] | ||||
Letters of Credit Outstanding, Amount | 2,500 | |||
Federal Home Loan Bank of Dallas [Member] | Expire in October 2016 [Member] | ||||
Note 10 - Borrowings (Details) [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 25,000 |
Note 10 - Borrowings (Details)
Note 10 - Borrowings (Details) - Scheduled Principal Maturities $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled Principal Maturities [Abstract] | |
2,016 | |
2,017 | |
2,018 | |
2,019 | |
2020 and thereafter | $ 569 |
Total | $ 569 |
Note 11 - Subordinated Debent77
Note 11 - Subordinated Debentures (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 11 - Subordinated Debentures (Details) [Line Items] | |
Debentures, Period Over Which the Company May Defer Interest Payments | 5 years |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 11,300 |
Junior Subordinated Debt [Member] | |
Note 11 - Subordinated Debentures (Details) [Line Items] | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 11,341 |
LIBOR Rate at Period End | 0.5393% |
F&M Bancshares. Inc. [Member] | Junior Subordinated Debt [Member] | |
Note 11 - Subordinated Debentures (Details) [Line Items] | |
Debt Instrument, Face Amount | $ 11,300 |
Debt Instrument, Fair Value Disclosure | 9,100 |
Debt Instrument, Unamortized Discount | $ 2,500 |
Note 11 - Subordinated Debent78
Note 11 - Subordinated Debentures (Details) - Summary of Pertinent Information Related to Junior Subordinated Debentures $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures, junior subordinated debt owed to trusts | $ 11,300 | |
Junior Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures, junior subordinated debt owed to trusts | $ 11,341 | |
Farmers & Merchants Capital Trust II [Member] | Junior Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures, issuance date | Nov. 13, 2003 | |
Junior subordinated debentures, trust preferred securities outstanding | $ 7,500 | |
Junior subordinated debentures, junior subordinated debt owed to trusts | $ 7,732 | |
Junior subordinated debentures, maturity date | Nov. 8, 2033 | [1] |
Farmers & Merchants Capital Trust II [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures, spread on variable interest rate | [2] | |
Farmers & Merchants Capital Trust III [Member] | Junior Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures, issuance date | Jun. 30, 2005 | |
Junior subordinated debentures, trust preferred securities outstanding | $ 3,500 | |
Junior subordinated debentures, junior subordinated debt owed to trusts | $ 3,609 | |
Junior subordinated debentures, maturity date | Jul. 7, 2035 | [1] |
Farmers & Merchants Capital Trust III [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures, spread on variable interest rate | [2] | |
[1] | All debentures are currently callable. | |
[2] | The 3-month LIBOR in effect as of December 31, 2015 was 0.5393%. |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Expense (Benefit) | $ 7,775,000 | $ 4,828,000 | $ 3,853,000 |
Effective Income Tax Rate Reconciliation, Percent | 33.00% | 34.90% | 36.00% |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 | $ 0 |
Note 12 - Income Taxes (Detai80
Note 12 - Income Taxes (Details) - Components of the Provision for Federal Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of the Provision for Federal Income Taxes [Abstract] | |||
Current | $ 8,221 | $ 4,551 | $ 4,002 |
Deferred | (446) | 277 | (149) |
Total | $ 7,775 | $ 4,828 | $ 3,853 |
Note 12 - Income Taxes (Detai81
Note 12 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Taxes calculated at statutory rate | $ 8,247 | $ 4,685 | $ 3,635 |
Increase (decrease) resulting from: | |||
Qualified stock options | 393 | 180 | 63 |
Merger related expenses | 192 | 124 | |
Tax exempt income | (890) | (154) | (21) |
Other, net | 25 | (75) | 52 |
Total | $ 7,775 | $ 4,828 | $ 3,853 |
Note 12 - Income Taxes (Detai82
Note 12 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for credit losses | $ 5,252 | $ 3,460 |
Deferred compensation | 210 | 170 |
Total deferred tax assets | 5,462 | 3,630 |
Deferred tax liabilities: | ||
Core deposit intangible and other purchase accounting adjustments | (1,713) | (676) |
Net unrealized gain on available for sale securities | (1,086) | (283) |
Premises and equipment basis difference | (798) | (294) |
Total deferred tax liabilities | (3,597) | (1,253) |
Net deferred tax assets | $ 1,865 | $ 2,377 |
Note 13 - Stock Based Compens83
Note 13 - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 13 - Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,460,000 | ||
Allocated Share-based Compensation Expense | $ 1,400 | $ 731 | $ 375 |
Share-based Compensation Arrangement by Share-based Payment Award, Option, Cumulative Options Granted Since Inception (in Shares) | 1,134,081 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 2,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 135 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 220 | $ 200 | $ 109 |
Employee Stock Option [Member] | |||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Restricted Stock [Member] | |||
Note 13 - Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Cumulative Awards Granted Since Inception (in Shares) | 60,955 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 3,983 | 8,385 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 22 | $ 20.34 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 227 |
Note 13 - Stock Based Compens84
Note 13 - Stock Based Compensation (Details) - Summary of Stock Option Valuation Assumptions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Stock Option Valuation Assumptions [Abstract] | |||
Risk-free interest rate | 1.99% | 2.70% | 2.35% |
Expected term | 10 years | 10 years | 10 years |
Expected stock price volatility | 18.06% | 17.72% | 17.20% |
Note 13 - Stock Based Compens85
Note 13 - Stock Based Compensation (Details) - Stock Option Plan Activity - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Plan Activity [Abstract] | |||
Number of Options, Options Outstanding | 969 | 694 | 491 |
Weighted Average Exercise Price, Options Outstanding | $ 17.45 | $ 15.60 | $ 13.29 |
Weighted Average Remaining Contractual Term, Options Outstanding | 6 years 226 days | 6 years 208 days | 6 years 83 days |
Aggregate Intrinsic Value, Options Outstanding | $ 6,006 | $ 4,437 | $ 3,291 |
Number of Options, Options Granted | 299 | 239 | |
Weighted Average Exercise Price, Options Granted | $ 22.09 | $ 20.33 | |
Number of Options, Options Exercised | (28) | ||
Weighted Average Exercise Price, Options Exercised | $ 14.50 | ||
Number of Options, Options Forfeited | (24) | (8) | |
Weighted Average Exercise Price, Options Forfeited | $ 22 | $ 19.07 | |
Options vested and exercisable, December 31, 2015 | 481 | ||
Options vested and exercisable, December 31, 2015 | $ 13.60 | ||
Options vested and exercisable, December 31, 2015 | 4 years 167 days | ||
Options vested and exercisable, December 31, 2015 | $ 4,832 |
Note 13 - Stock Based Compens86
Note 13 - Stock Based Compensation (Details) - Information Related to the Stock Option Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Information Related to the Stock Option Plan [Abstract] | |||
Intrinsic value of options exercised | $ 202 | $ 27 | |
Cash received from option exercises | $ 2 | $ 407 | $ 53 |
Weighted average fair value of options granted (in Dollars per share) | $ 6.78 | $ 6.79 | $ 6.25 |
Note 13 - Stock Based Compens87
Note 13 - Stock Based Compensation (Details) - Summary of Restricted Stock Activity - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 13 - Stock Based Compensation (Details) - Summary of Restricted Stock Activity [Line Items] | ||
Number of Shares, Nonvested Share Awards Outstanding | 27,000 | 29,000 |
Weighted Average Grant Date Fair Value, Nonvested Share Awards Outstanding | $ 18.23 | $ 16.64 |
Number of Shares, Share Awards Granted | 3,983 | 8,385 |
Weighted Average Grant Date Fair Value, Share Awards Granted | $ 22 | $ 20.34 |
Number of Shares, Share Awards Vested | (13,000) | (10,000) |
Weighted Average Grant Date Fair Value, Share Awards Vested | $ 17.34 | $ 16.75 |
Number of Shares, Nonvested Share Awards Outstanding | 18,000 | 27,000 |
Weighted Average Grant Date Fair Value, Nonvested Share Awards Outstanding | $ 19.68 | $ 18.23 |
Note 14 - Other Employee Bene88
Note 14 - Other Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 14 - Other Employee Benefits (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,400 | $ 731 | $ 375 |
Employee Stock Purchase Plan [Member] | |||
Note 14 - Other Employee Benefits (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $ 96 | ||
401 (k) Benefit Plan [Member] | |||
Note 14 - Other Employee Benefits (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 551 | 303 | 212 |
Profit Sharing Plan [Member] | |||
Note 14 - Other Employee Benefits (Details) [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,200 | $ 823 | $ 583 |
Note 15 - Off-balance Sheet A89
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | |||
Commitments to Make Loans, Period | 120 days | ||
Off-balance-sheet Fixed Rate Loan Commitments, Weighted Average Maturity | 2 years 102 days | ||
Operating Leases, Rent Expense | $ 2.6 | $ 2 | $ 1.5 |
Minimum [Member] | |||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | |||
Off-balance-sheet Fixed Rate Loan Commitments, Interest Rate | 1.60% | ||
Maximum [Member] | |||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | |||
Off-balance-sheet Fixed Rate Loan Commitments, Interest Rate | 9.00% | ||
Weighted Average [Member] | |||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | |||
Off-balance-sheet Fixed Rate Loan Commitments, Interest Rate | 5.10% |
Note 15 - Off-balance Sheet A90
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Amounts of Financial Instruments With Off-balance Sheet Risk - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instrument, fixed rate, contractual amount | $ 262,118 | $ 182,809 |
Off-balance sheet financial instrument, variable rate, contractual amount | 222,198 | 214,195 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instrument, fixed rate, contractual amount | 252,662 | 178,803 |
Off-balance sheet financial instrument, variable rate, contractual amount | 222,198 | 214,195 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instrument, fixed rate, contractual amount | $ 9,456 | $ 4,006 |
Note 15 - Off-balance Sheet A91
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Summary of Non-cancelable Future Operating Lease Commitments $ in Thousands | Dec. 31, 2015USD ($) |
Summary of Non-cancelable Future Operating Lease Commitments [Abstract] | |
2,016 | $ 2,379 |
2,017 | 2,412 |
2,018 | 1,891 |
2,019 | 1,228 |
2,020 | 1,142 |
Thereafter | 2,725 |
$ 11,777 |
Note 16 - Regulatory Capital 92
Note 16 - Regulatory Capital Matters (Details) - Summary of the Company's and the Bank's Actual and Required Capital Ratios - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total Capital | ||
Capital | $ 237,178 | $ 126,584 |
Capital to Risk Weighted Assets | 12.92% | 12.80% |
Capital Required for Capital Adequacy | $ 146,811 | $ 79,127 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | ||
Capital Required to be Well Capitalized to Risk Weighted Assets | ||
Common Equity Tier 1 Capital | ||
Common Equity Tier One Risk Based Capital | $ 214,991 | |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 11.72% | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 82,581 | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | ||
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ||
Tier I Capital | ||
Tier One Risk Based Capital | $ 224,080 | $ 118,338 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.21% | 11.96% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 110,109 | $ 39,564 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ||
Tier I Capital | ||
Tier One Leverage Capital | $ 224,080 | $ 118,338 |
Tier One Leverage Capital to Average Assets | 11.02% | 9.55% |
Tier One Leverage Capital Required for Capital Adequacy | $ 81,315 | $ 49,549 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | ||
Allegiance Bank [Member] | ||
Total Capital | ||
Capital | $ 219,487 | $ 124,472 |
Capital to Risk Weighted Assets | 11.96% | 12.59% |
Capital Required for Capital Adequacy | $ 146,779 | $ 79,066 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 183,474 | $ 98,833 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Common Equity Tier 1 Capital | ||
Common Equity Tier One Risk Based Capital | $ 206,389 | |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 11.25% | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 82,563 | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 119,258 | |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier I Capital | ||
Tier One Risk Based Capital | $ 206,389 | $ 116,226 |
Tier One Risk Based Capital to Risk Weighted Assets | 11.25% | 11.76% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 110,084 | $ 39,533 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 146,779 | $ 59,300 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier I Capital | ||
Tier One Leverage Capital | $ 206,389 | $ 116,226 |
Tier One Leverage Capital to Average Assets | 10.16% | 9.38% |
Tier One Leverage Capital Required for Capital Adequacy | $ 81,291 | $ 49,549 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 101,614 | $ 61,936 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 17 - Earnings Per Common93
Note 17 - Earnings Per Common Share (Details) - Employee Stock Option [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 17 - Earnings Per Common Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 39 | 42 |
Share Price | $ 22 | $ 20 |
Note 17 - Earnings Per Common94
Note 17 - Earnings Per Common Share (Details) - Summary of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Summary of Basic and Diluted Earnings Per Share [Abstract] | |||||||||||||||||||
Net income attributable to common stockholders (in Dollars) | $ 4,212 | $ 4,047 | $ 3,623 | $ 3,345 | $ 2,300 | $ 2,021 | $ 2,331 | $ 2,353 | $ 15,227 | $ 9,005 | $ 6,839 | ||||||||
Basic: | |||||||||||||||||||
Weighted average common shares outstanding | 10,470 | 6,978 | 5,450 | ||||||||||||||||
Weighted average common shares outstanding (in Dollars per share) | $ 0.34 | [1] | $ 0.41 | [1] | $ 0.37 | [1] | $ 0.34 | [1] | $ 0.33 | [1] | $ 0.29 | [1] | $ 0.33 | [1] | $ 0.34 | [1] | $ 1.45 | $ 1.29 | $ 1.25 |
Add incremental shares for: | |||||||||||||||||||
Dilutive effect of stock option exercises | 184 | 164 | 171 | ||||||||||||||||
Total | 10,654 | 7,142 | 5,621 | ||||||||||||||||
Total (in Dollars per share) | $ 0.33 | [1] | $ 0.40 | [1] | $ 0.36 | [1] | $ 0.33 | [1] | $ 0.32 | [1] | $ 0.28 | [1] | $ 0.33 | [1] | $ 0.33 | [1] | $ 1.43 | $ 1.26 | $ 1.22 |
[1] | Earnings per share are computed independently for each of the quarters presented and therefore may not total earnings per share for the year. |
Note 18 - Parent Company Only95
Note 18 - Parent Company Only Financial Statments (Details) - Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and due from banks | $ 63,380 | $ 57,314 | ||
Other assets | 8,311 | 6,085 | ||
TOTAL | 2,084,579 | 1,280,008 | ||
LIABILITIES: | ||||
Other borrowed funds | 569 | 10,069 | ||
Subordinated debentures | 9,089 | |||
Total liabilities | 1,826,089 | 1,148,230 | ||
STOCKHOLDERS’ EQUITY: | ||||
Common stock | 12,815 | 7,477 | ||
Capital surplus | 209,285 | 104,568 | ||
Retained earnings | 34,411 | 19,184 | ||
Accumulated other comprehensive income | 2,017 | 549 | ||
Less: treasury stock, at cost, 1,711 shares | 38 | |||
Total stockholders’ equity | 258,490 | 131,778 | $ 109,736 | $ 68,084 |
TOTAL | 2,084,579 | 1,280,008 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 18,562 | 11,769 | ||
Investment in subsidiary | 250,228 | 129,667 | ||
Other assets | 64 | 760 | ||
TOTAL | 268,854 | 142,196 | ||
LIABILITIES: | ||||
Other borrowed funds | 569 | 10,069 | ||
Subordinated debentures | 9,089 | |||
Accrued interest payable and other liabilities | 706 | 349 | ||
Total liabilities | 10,364 | 10,418 | ||
STOCKHOLDERS’ EQUITY: | ||||
Common stock | 12,815 | 7,477 | ||
Capital surplus | 209,285 | 104,568 | ||
Retained earnings | 34,411 | 19,184 | ||
Accumulated other comprehensive income | 2,017 | 549 | ||
Less: treasury stock, at cost, 1,711 shares | (38) | |||
Total stockholders’ equity | 258,490 | 131,778 | ||
TOTAL | $ 268,854 | $ 142,196 |
Note 18 - Parent Company Only96
Note 18 - Parent Company Only Financial Statments (Details) - Condensed Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING EXPENSE: | |||||||||||
Interest expense on borrowed funds | $ 8,640 | $ 5,571 | $ 4,447 | ||||||||
INCOME TAX BENEFIT | 7,775 | 4,828 | 3,853 | ||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 23,561 | 13,833 | 10,692 | ||||||||
NET INCOME | 15,786 | 9,005 | 6,839 | ||||||||
Preferred stock dividends | 559 | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 4,212 | $ 4,047 | $ 3,623 | $ 3,345 | $ 2,300 | $ 2,021 | $ 2,331 | $ 2,353 | 15,227 | 9,005 | 6,839 |
Parent Company [Member] | |||||||||||
OPERATING INCOME: | |||||||||||
Other income | 16 | ||||||||||
Total income | 16 | ||||||||||
OPERATING EXPENSE: | |||||||||||
Interest expense on borrowed funds | 707 | 229 | 15 | ||||||||
Other expenses | 771 | 810 | 409 | ||||||||
Total operating expense | 1,478 | 1,039 | 424 | ||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | (1,462) | (1,039) | (424) | ||||||||
INCOME TAX BENEFIT | 500 | 353 | 18 | ||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | (962) | (686) | (406) | ||||||||
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 16,748 | 9,691 | 7,245 | ||||||||
NET INCOME | 15,786 | 9,005 | 6,839 | ||||||||
Preferred stock dividends | 559 | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 15,227 | $ 9,005 | $ 6,839 |
Note 18 - Parent Company Only97
Note 18 - Parent Company Only Financial Statments (Details) - Condensed Cash Flow Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 15,786 | $ 9,005 | $ 6,839 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Net amortization of discount on subordinated debentures | 218 | ||
Decrease (increase) in accrued interest payable and other liabilities | 501 | (215) | 1,914 |
Net cash used in operating activities | 18,320 | 13,670 | 9,993 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from initial public offering | 57,138 | ||
Stock based compensation expense | 133 | 11,088 | 17,833 |
Proceeds from long-term borrowings | 18,000 | 15,069 | 5,000 |
Paydowns of long-term borrowings | (45,500) | (10,000) | |
Redemption of preferred stock | (11,550) | ||
Preferred stock dividends | (559) | ||
Repurchase of treasury stock | (52) | (54) | |
Net cash provided by financing activities | 203,986 | 105,025 | 163,723 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (19,109) | (45,536) | 61,385 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 167,540 | 213,076 | 151,691 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 148,431 | 167,540 | 213,076 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 15,786 | 9,005 | 6,839 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Equity in undistributed earnings of subsidiaries | (16,748) | (9,691) | (7,245) |
Net amortization of discount on subordinated debentures | 218 | ||
Decrease (increase) in other assets | 220 | 28 | (555) |
Decrease (increase) in accrued interest payable and other liabilities | (462) | (441) | 578 |
Net cash used in operating activities | (986) | (1,099) | (383) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in the purchase of F&M Bancshares, Inc. | 818 | ||
Capital investment in bank subsidiary | (12,000) | (9,000) | (38,979) |
Net cash used in investing activities | (11,182) | (9,000) | (38,979) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock | 133 | 11,088 | 35,738 |
Proceeds from initial public offering | 57,138 | ||
Stock based compensation expense | 1,351 | ||
Proceeds from long-term borrowings | 18,000 | 15,069 | 5,000 |
Paydowns of long-term borrowings | (45,500) | (10,000) | |
Redemption of preferred stock | (11,550) | ||
Preferred stock dividends | (559) | ||
Repurchase of treasury stock | (52) | (54) | |
Other | (220) | ||
Net cash provided by financing activities | 18,961 | 16,157 | 40,464 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 6,793 | 6,058 | 1,102 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 11,769 | 5,711 | 4,609 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 18,562 | $ 11,769 | $ 5,711 |
Note 19 - Quarterly Financial98
Note 19 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
2,015 | |||||||||||||||||||
Interest Income | $ 23,492 | $ 22,645 | $ 21,850 | $ 20,819 | $ 14,052 | $ 13,553 | $ 12,860 | $ 11,940 | $ 88,806 | $ 52,405 | $ 38,338 | ||||||||
Net Interest Income | 21,255 | 20,407 | 19,734 | 18,770 | 12,590 | 12,144 | 11,489 | 10,611 | 80,166 | 46,834 | 33,891 | ||||||||
Net Income Attributable to Common Stockholders | $ 4,212 | $ 4,047 | $ 3,623 | $ 3,345 | $ 2,300 | $ 2,021 | $ 2,331 | $ 2,353 | $ 15,227 | $ 9,005 | $ 6,839 | ||||||||
Earnings Per Share, Basic (in Dollars per share) | $ 0.34 | [1] | $ 0.41 | [1] | $ 0.37 | [1] | $ 0.34 | [1] | $ 0.33 | [1] | $ 0.29 | [1] | $ 0.33 | [1] | $ 0.34 | [1] | $ 1.45 | $ 1.29 | $ 1.25 |
Earnings Per Share, Diluted (in Dollars per share) | $ 0.33 | [1] | $ 0.40 | [1] | $ 0.36 | [1] | $ 0.33 | [1] | $ 0.32 | [1] | $ 0.28 | [1] | $ 0.33 | [1] | $ 0.33 | [1] | $ 1.43 | $ 1.26 | $ 1.22 |
[1] | Earnings per share are computed independently for each of the quarters presented and therefore may not total earnings per share for the year. |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details) - Subsequent Event [Member] $ in Millions | Jan. 31, 2016USD ($) |
Note 20 - Subsequent Events (Details) [Line Items] | |
Gain (Loss) on Disposition of Assets for Financial Service Operations | $ 1.4 |
Incommons Bank N.A. [Member] | |
Note 20 - Subsequent Events (Details) [Line Items] | |
Number of Branches Sold | 2 |
Proceeds from Sale of Loans Held-for-sale | $ 18.2 |
Proceeds from Sale of Deposits | $ 26.6 |