Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BY | |
Entity Registrant Name | Byline Bancorp, Inc. | |
Entity Central Index Key | 1,702,750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,305,400 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 17,740 | $ 17,735 |
Interest bearing deposits with other banks | 62,081 | 28,798 |
Cash and cash equivalents | 79,821 | 46,533 |
Securities available-for-sale, at fair value | 591,933 | 608,560 |
Securities held-to-maturity, at amortized cost (fair value June 30, 2017—$127,752, December 31, 2016—$138,082) | 127,397 | 138,846 |
Restricted stock, at cost | 11,978 | 14,993 |
Loans held for sale | 6,835 | 23,976 |
Loans and leases: | ||
Loans and leases | 2,149,390 | 2,148,011 |
Allowance for loan and lease losses | (13,969) | (10,923) |
Net loans and leases | 2,135,421 | 2,137,088 |
Servicing assets, at fair value | 21,424 | 21,091 |
Accrued interest receivable | 6,961 | 6,866 |
Premises and equipment, net | 98,891 | 102,074 |
Assets held for sale | 13,666 | 14,748 |
Other real estate owned, net | 12,684 | 16,570 |
Goodwill | 51,975 | 51,975 |
Other intangible assets, net | 18,290 | 19,826 |
Bank-owned life insurance | 5,643 | 6,557 |
Deferred tax assets, net | 58,784 | 67,760 |
Due from broker | 82,699 | |
Due from counterparty | 19,257 | |
Other assets | 16,463 | 18,367 |
Total assets | 3,360,122 | 3,295,830 |
LIABILITIES | ||
Non-interest bearing demand deposits | 781,636 | 724,457 |
Interest bearing deposits: | ||
NOW, savings accounts, and money market accounts | 980,875 | 989,421 |
Time deposits | 778,087 | 776,516 |
Total deposits | 2,540,598 | 2,490,394 |
Accrued interest payable | 1,562 | 2,427 |
Line of credit | 16,150 | 20,650 |
Federal Home Loan Bank advances | 219,611 | 313,715 |
Securities sold under agreements to repurchase | 32,429 | 17,249 |
Junior subordinated debentures issued to capital trusts, net | 27,309 | 26,926 |
Accrued expenses and other liabilities | 74,732 | 41,811 |
Total liabilities | 2,912,391 | 2,913,172 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock | 10,438 | 25,441 |
Common stock, voting $0.01 par value at June 30, 2017 and no par value at December 31, 2016; 150,000,000 shares authorized at June 30, 2017 and December 31, 2016; 29,246,900 shares issued and outstanding at June 30, 2017 and 24,616,706 issued and outstanding at December 31, 2016 | 292 | |
Additional paid-in capital | 390,660 | 313,552 |
Retained earnings | 52,753 | 50,933 |
Accumulated other comprehensive loss, net of tax | (6,412) | (7,268) |
Total stockholders’ equity | 447,731 | 382,658 |
Total liabilities and stockholders’ equity | $ 3,360,122 | $ 3,295,830 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) $ in Thousands | Dec. 31, 2016USD ($)$ / sharesshares |
Statement Of Financial Position [Abstract] | |
Securities held-to-maturity, fair value | $ | $ 138,082 |
Common stock, voting no par value | $ / shares | $ 0 |
Common stock, voting shares authorized | 150,000,000 |
Common stock, voting shares issued | 24,616,706 |
Common stock, voting shares outstanding | 24,616,706 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
INTEREST AND DIVIDEND INCOME | ||||
Interest and fees on loans and leases | $ 29,181 | $ 18,254 | $ 57,577 | $ 37,253 |
Interest on taxable securities | 3,703 | 3,545 | 7,493 | 7,180 |
Interest on tax-exempt securities | 151 | 178 | 284 | 357 |
Other interest and dividend income | 280 | 78 | 449 | 142 |
Total interest and dividend income | 33,315 | 22,055 | 65,803 | 44,932 |
INTEREST EXPENSE | ||||
Deposits | 1,923 | 1,065 | 3,406 | 2,218 |
Federal Home Loan Bank advances | 772 | 93 | 1,432 | 171 |
Subordinated debentures and other borrowings | 809 | 516 | 1,616 | 1,042 |
Total interest expense | 3,504 | 1,674 | 6,454 | 3,431 |
Net interest income | 29,811 | 20,381 | 59,349 | 41,501 |
PROVISION FOR LOAN AND LEASE LOSSES | 3,515 | 1,152 | 5,406 | 3,665 |
Net interest income after provision for loan and lease losses | 26,296 | 19,229 | 53,943 | 37,836 |
NON-INTEREST INCOME | ||||
Fees and service charges on deposits | 1,348 | 1,373 | 2,567 | 2,762 |
Servicing fees | 1,076 | 1,995 | ||
ATM and interchange fees | 1,499 | 1,514 | 2,847 | 2,922 |
Net gains on sales of securities available-for-sale | 1,506 | 8 | 2,429 | |
Net gains on sales of loans | 8,445 | 21 | 16,527 | 21 |
Fees on mortgage loan sales, net | 35 | 2 | 55 | |
Other non-interest income | 825 | 1,749 | 1,555 | 2,297 |
Total non-interest income | 13,193 | 6,198 | 25,501 | 10,486 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 17,226 | 11,000 | 33,828 | 22,940 |
Occupancy expense, net | 3,485 | 3,759 | 7,224 | 7,561 |
Equipment expense | 616 | 468 | 1,179 | 1,003 |
Loan and lease related expenses | 801 | 186 | 1,678 | 647 |
Legal, audit and other professional fees | 1,090 | 1,727 | 2,761 | 2,720 |
Data processing | 2,447 | 1,950 | 4,856 | 3,770 |
Net (gain) loss recognized on other real estate owned and other related expenses | 141 | 195 | (429) | 1,094 |
Regulatory assessments | 384 | 578 | 568 | 1,428 |
Other intangible assets amortization expense | 769 | 748 | 1,538 | 1,495 |
Advertising and promotions | 318 | 63 | 607 | 298 |
Telecommunications | 396 | 456 | 814 | 914 |
Other non-interest expense | 1,576 | 1,687 | 3,476 | 3,434 |
Total non-interest expense | 29,249 | 22,817 | 58,100 | 47,304 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 10,240 | 2,610 | 21,344 | 1,018 |
PROVISION (BENEFIT) FOR INCOME TAXES | 4,094 | 9 | 8,638 | (231) |
NET INCOME | 6,146 | 2,601 | 12,706 | 1,249 |
Dividends on preferred shares | 10,697 | 10,886 | ||
INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON STOCKHOLDERS | $ (4,551) | $ 2,601 | $ 1,820 | $ 1,249 |
EARNINGS (LOSS) PER COMMON SHARE | ||||
Basic | $ (0.18) | $ 0.13 | $ 0.07 | $ 0.07 |
Diluted | $ (0.18) | $ 0.13 | $ 0.07 | $ 0.07 |
Weighted average common shares outstanding for basic earnings (loss) per common share | 24,667,587 | 19,487,778 | 24,642,287 | 18,505,002 |
Diluted weighted average common shares outstanding for diluted earnings (loss) per common share | 24,667,587 | 19,741,850 | 25,106,887 | 18,759,074 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 6,146 | $ 2,601 | $ 12,706 | $ 1,249 |
Securities available-for-sale | ||||
Unrealized holding gains arising during the period | 2,427 | 3,606 | 3,447 | 13,418 |
Reclassification adjustments for net gains included in net income | (1,506) | (8) | (2,429) | |
Tax effect | (1,264) | (1,890) | ||
Net of tax | 1,163 | 2,100 | 1,549 | 10,989 |
Cash flow hedges | ||||
Unrealized holding losses arising during the period | (1,343) | (191) | (1,425) | (191) |
Reclassification adjustments for losses included in net income | 214 | 267 | ||
Tax effect | 454 | 465 | ||
Net of tax | (675) | (191) | (693) | (191) |
Beginning balance | 382,658 | 188,274 | ||
Total other comprehensive income | 488 | 1,909 | 856 | 10,798 |
Ending balance | 447,731 | 235,700 | 447,731 | 235,700 |
Comprehensive income | 6,634 | 4,510 | 13,562 | 12,047 |
Gains (Losses) on Cash Flow Hedges | ||||
Cash flow hedges | ||||
Beginning balance | 2,233 | |||
Total other comprehensive income | (693) | (191) | ||
Ending balance | 1,540 | (191) | 1,540 | (191) |
Unrealized Gains (Losses) on Available-for-Sale Securities | ||||
Cash flow hedges | ||||
Beginning balance | (9,501) | (5,707) | ||
Total other comprehensive income | 1,549 | 10,989 | ||
Ending balance | (7,952) | 5,282 | (7,952) | 5,282 |
Total Accumulated Other Comprehensive Income (Loss) | ||||
Cash flow hedges | ||||
Beginning balance | (7,268) | (5,707) | ||
Total other comprehensive income | 856 | 10,798 | ||
Ending balance | $ (6,412) | $ 5,091 | $ (6,412) | $ 5,091 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2015 | $ 188,274 | $ 15,003 | $ 194,774 | $ (15,796) | $ (5,707) | |
Beginning balance, shares at Dec. 31, 2015 | 15,003 | 17,332,775 | ||||
Net income | 1,249 | 1,249 | ||||
Other comprehensive income, net of tax | 10,798 | 10,798 | ||||
Issuance of common stock, net of issuance cost | 35,018 | 35,018 | ||||
Issuance of common stock, net of issuance cost, shares | 2,155,003 | |||||
Share-based compensation expense | 361 | 361 | ||||
Ending balance at Jun. 30, 2016 | 235,700 | $ 15,003 | 230,153 | (14,547) | 5,091 | |
Ending balance, shares at Jun. 30, 2016 | 15,003 | 19,487,778 | ||||
Beginning balance at Dec. 31, 2016 | 382,658 | $ 25,441 | 313,552 | 50,933 | (7,268) | |
Beginning balance, shares at Dec. 31, 2016 | 25,441 | 24,616,706 | ||||
Net income | 12,706 | 12,706 | ||||
Other comprehensive income, net of tax | 856 | 856 | ||||
Issuance of common stock in connection with merger | $ 246 | (246) | ||||
Repurchase of preferred stock | (15,003) | $ (15,003) | ||||
Repurchase of preferred stock, shares | (15,003) | |||||
Issuance of common stock, net of issuance cost | 76,829 | $ 46 | 76,783 | |||
Issuance of common stock, net of issuance cost, shares | 4,630,194 | |||||
Cash dividends declared on preferred stock | (10,886) | (10,886) | ||||
Share-based compensation expense | 571 | 571 | ||||
Ending balance at Jun. 30, 2017 | $ 447,731 | $ 10,438 | $ 292 | $ 390,660 | $ 52,753 | $ (6,412) |
Ending balance, shares at Jun. 30, 2017 | 10,438 | 29,246,900 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 12,706 | $ 1,249 |
Adjustments to reconcile net income to net cash from operating activities: | ||
PROVISION FOR LOAN AND LEASE LOSSES | 5,406 | 3,665 |
Impairment loss on assets held for sale | 408 | |
Depreciation and amortization of premises and equipment | 2,608 | 2,638 |
Net amortization of securities | 2,361 | 3,998 |
Net gains on sales of securities available-for-sale | (8) | (2,429) |
Net gains on sales of assets held for sale | (162) | (733) |
Net gains on sales of loans | (16,527) | (21) |
Originations of mortgage loans held for sale | (2,348) | |
Proceeds from mortgage loans sold | 151 | 2,016 |
Originations of government guaranteed loans | (134,333) | |
Proceeds from government guaranteed loans sold | 150,688 | |
Accretion of premiums and discounts on acquired loans, net | (16,634) | (17,198) |
Net change in servicing assets | (333) | |
Net valuation adjustments on other real estate owned | 320 | 606 |
Net gains on sales of other real estate owned | (1,464) | (439) |
Other intangible assets amortization expense | 1,538 | 1,495 |
Amortization of time deposit premium | (680) | (46) |
Amortization of Federal Home Loan Bank advances premium | (52) | |
Accretion of junior subordinated debentures discount | 383 | 442 |
Share-based compensation expense | 571 | 361 |
Deferred tax provision | 7,547 | |
Increase in cash surrender value of bank owned life insurance | (172) | (155) |
Gain on death benefit of bank owned life insurance | (313) | |
Changes in assets and liabilities: | ||
Accrued interest receivable | (127) | (544) |
Other assets | 996 | (942) |
Accrued interest payable | (865) | (531) |
Accrued expenses and other liabilities | 755 | 6,392 |
Net cash provided by (used in) operating activities | 14,360 | (2,116) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of securities available-for-sale | (17,499) | (333,035) |
Proceeds from maturities and calls of securities available-for-sale | 1,182 | 29,215 |
Proceeds from paydowns of securities available-for-sale | 34,562 | 54,782 |
Proceeds from sales of securities available-for-sale | 8 | 399,356 |
Purchases of securities held-to-maturity | (53,784) | |
Proceeds from paydowns of securities held-to-maturity | 10,112 | 13,526 |
Purchases of Federal Home Loan Bank stock | (5,760) | (2,742) |
Federal Home Loan Bank stock repurchases | 8,775 | 1,000 |
Proceeds from other loans sold | 9,984 | |
Net change in loans and leases | 498 | (248,992) |
Purchases of premises and equipment | (1,435) | (3,213) |
Proceeds from sales of premises and equipment | 88 | |
Proceeds from sales of assets held for sale | 2,752 | 1,194 |
Proceeds from sales of other real estate owned | 7,520 | 9,399 |
Net cash provided by (used in) investing activities | 50,699 | (133,206) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 50,884 | (35,223) |
Proceeds from Federal Home Loan Bank advances | 1,290,000 | 3,875,000 |
Repayments of Federal Home Loan Bank advances | (1,384,000) | (3,723,000) |
Repayments of line of credit | (4,500) | |
Net increase (decrease) in other borrowings | 15,180 | (1,123) |
Dividends paid on preferred stock | (385) | |
Proceeds from issuance of common stock | 35,018 | |
Proceeds from issuance of preferred stock | 1,050 | |
Net cash provided by (used in) financing activities | (31,771) | 150,672 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 33,288 | 15,350 |
CASH AND CASH EQUIVALENTS, beginning of period | 46,533 | 44,884 |
CASH AND CASH EQUIVALENTS, end of period | 79,821 | 60,234 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 7,720 | 3,544 |
Cash payments (refunds) during the period for taxes | 1,100 | (250) |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Change in fair value of available-for-sale securities, net of tax | 1,549 | 10,989 |
Change in fair value of cash flow hedges, net of tax | (693) | (191) |
Delayed payments of mortgage-backed securities | 834 | |
Transfers of loans to loans held for sale | 10,061 | 1,477 |
Transfers of loans to other real estate owned | 2,490 | 2,442 |
Internally financed sale of other real estate owned | 697 | |
Transfers of land and premises to assets held for sale | 1,508 | $ 9,818 |
Transfers of premises and equipment to other assets | 502 | |
Due from carrier for payment of life insurance death benefit | 1,399 | |
Due from counterparty | 17,114 | |
Due from broker for issuance of common stock, net of underwriters' discount | 82,699 | |
Change in due to broker | 81 | |
Series A | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Due to preferred stockholders for repurchase of Series A preferred stock | $ (25,504) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1—Basis of Presentation These unaudited interim condensed consolidated financial statements include the accounts of Byline Illinois state chartered These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to June 30, 2017 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2016 and 2015. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these consolidated financial statements. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 2—Recently Issued Accounting Pronouncements The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Revenue from Contracts with Customers In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, deferred by ASU No. 2015-14 and clarifying standards, Revenue from Contracts with Customers , which creates Topic 606 and supersedes Topic 605, Revenue Recognition . The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Under the terms of ASU No. 2015-14 the standard is effective for interim and annual periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the standard will have on the Company’s Consolidated Financial Statements. As a financial institution, the Company’s largest component of revenue, interest income, is excluded from the scope of this ASU. The Company is currently evaluating which, if any, of its sources of non-interest income will be impacted by this ASU. The Company expects to adopt this new guidance on January 1, 2019, with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. In April 2016, FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing . The amendments in this ASU do not change the core principle of the guidance in Topic 606. Rather, the amendments in this ASU clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance, while retaining the related principles for those areas. The amendments in this ASU affect the guidance in ASU 2014-09, discussed above, which is not yet effective. The effective date and transition requirements for the amendments in this ASU are the same as the effective date and transition requirements in Topic 606, Revenues from Contracts with Customers . The Company is evaluating the provisions of this ASU in conjunction with ASU No. 2014-09 to determine the potential impact Topic 606 and its amendments will have on the Company’s Consolidated Financial Statements. In May 2016, FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients Revenue from Contracts with Customers Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASU require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value under certain circumstances and require enhanced disclosures about those investments. The amendments simplify the impairment assessment of equity investments without readily determinable fair values. The amendments also eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendments in this ASU require separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This amendment excludes from net income gains or losses that the entity may not realize because those financial liabilities are not usually transferred or settled at their fair values before maturity. The amendments in this ASU require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the provisions of ASU No. 2016-01 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019 and is not expected to have a significant impact on the Company’s Consolidated Financial Statements. Leases (Topic 842) In February 2016, FASB issued ASU No. 2016-02, Leases . The amendments in this ASU require lessees to recognize the following for all leases (with the exception of short-term) at the commencement date; a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendments in this ASU leave lessor accounting largely unchanged, although certain targeted improvements were made to align lessor accounting with the lessee accounting model. This ASU simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the new guidance and its impact on the Company’s Consolidated Statements of Operations and Consolidated Statements of Financial Condition. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2020. The Company expects an increase in assets and liabilities as a result of recording additional lease contracts where the Company is lessee. Derivatives and Hedging (Topic 815) In March 2016, FASB issued ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 (Derivatives and Hedging) does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. An entity has an option to apply the amendments in this ASU on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This ASU became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s Consolidated Financial Statements. In March 2016, FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments Compensation—Stock Compensation (Topic 718) In March 2016, FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting . FASB issued this ASU as part of its Simplification Initiative. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments in this ASU relate to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments in this ASU require recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments in this ASU related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. This ASU became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Financial Instruments—Credit Losses (Topic 326) In June 2016, FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2021. The Company is still evaluating the effects this ASU will have on the Company’s Consolidated Financial Statements. While the Company has not quantified the impact of this ASU, it does expect changing from the current incurred loss model to an expected loss model will result in an earlier recognition of losses. Statement of Cash Flows (Topic 230) In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments . There is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other Topics. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. Those eight issues are (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. Current GAAP either is unclear or does not include specific guidance on these eight cash flow classification issues. These amendments provide guidance for each of the eight issues, thereby reducing current and potential future diversity in practice. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company is currently evaluating the provisions of ASU No. 2016-15 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (230), Restricted Cash Income Taxes (Topic 740) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory . The ASU was issued to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party; this update clarifies that an entity should recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. The amendment is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption of the update is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company does not expect this ASU to have a material impact on the Company’s Consolidated Financial Statements. Consolidation (Topic 810) In October 2016, the FASB issued ASU No. 2016-17, Consolidation , Interests Held through Related Parties That Are under Common Control. The ASU was issued to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendment is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of the update is permitted. The Company adopted this new authoritative guidance on January 1, 2017 and it did not have an impact on the Company’s Consolidated Financial Statements. Business Combinations (Topic 805) In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business . The guidance clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This guidance is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company does not expect a material impact of this ASU on the Company’s Consolidated Financial Statements. Intangibles—Goodwill and Other (Topic 350) In January 2017, FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment . The amendments in this ASU are intended to reduce the cost and complexity of the goodwill impairment test by eliminating step two from the impairment test. The amendments modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. Under the amendments in this ASU, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. An impairment charge should be recognized for the amount which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for the Company’s annual or any interim goodwill impairment test in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is early adopting these amendments in 2017 and does not expect a material impact on the Company’s Consolidated Financial Statements. Other Income (Subtopic 610-20) In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . This ASU will clarify the scope of Subtopic 610-20 and add guidance for partial sales of nonfinancial assets. The amendments should be applied either on retrospectively to each period presented or with a modified retrospective approach. The amendment is effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The Company is currently evaluating the provisions of ASU No. 2017-05 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. Nonrefundable Fees and Other Costs (Subtopic 310-20) In March 2017, FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium at the earliest call date. Under current GAAP, the Company amortizes the premium as an adjustment of yield over the contractual life of the instrument. As a result, upon exercise of a call on a callable debt security held at a premium, the unamortized premium is charged to earnings. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective for annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption is permitted. The Company is required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2020. The Company is currently evaluating the provisions of ASU No. 2017-08 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Acquisition of a Business
Acquisition of a Business | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisition of a Business | Note 3—Acquisition On October 14, 2016, the Company acquired stock of Ridgestone Financial Services, Inc. (“Ridgestone”) and its subsidiaries under the terms of a definitive merger agreement (“Agreement”) dated June 9, 2016. Ridgestone operated two wholly-owned subsidiaries, Ridgestone Bank and RidgeStone Capital Trust I, and specialized in government guaranteed lending as a participant in the SBA and USDA lending programs. Ridgestone provided financial services through its two full-service banking offices in Brookfield, Wisconsin and Schaumburg, Illinois. In addition, Ridgestone had loan production offices located in Wisconsin (Green Bay and Wausau), Indiana (Indianapolis) and California (Newport Beach). Under the terms of the Agreement, each Ridgestone common share was converted into the right to receive, at the election of the stockholder (subject to proration as outlined in the Agreement), either cash or Company common stock, or the combination of both. Total consideration included aggregate cash in the amount of $36.8 million and the issuance of 4,199,791 shares of the Company’s common stock valued at $16.25 per common share. The transaction resulted in goodwill of $26.3 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations. Acquisition advisory expenses related to the Ridgestone acquisition of $440,000 are reflected in non-interest expense on the Consolidated Statements of Operations for the six months ended June 30, 2016. Stock issuance costs were not material. There were no contingent assets or liabilities arising from the acquisition. The acquisition of Ridgestone was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values become available. Fair values are preliminary estimates due to deferred tax assets and deferred tax liabilities. The following table presents a summary of the estimates of fair values of assets acquired and liabilities assumed as of the acquisition date: Assets Cash and cash equivalents $ 25,480 Securities available-for-sale 27,662 Restricted stock 931 Loans held for sale 15,363 Loans 351,820 Servicing assets 20,295 Premises and equipment 2,011 Other real estate owned 1,525 Other intangible assets 486 Bank-owned life insurance 2,352 Other assets 8,228 Total assets acquired 456,153 Liabilities Deposits 361,370 Federal Home Loan Bank advances 9,773 Junior subordinated debentures 1,339 Accrued expenses and other liabilities 4,958 Total liabilities assumed 377,440 Net assets acquired $ 78,713 Consideration paid Common stock (4,199,791 shares issued at $16.25 per share) 68,247 Cash paid 36,753 Total consideration paid 105,000 Goodwill $ 26,287 The following table presents the acquired non-impaired loans as of the acquisition date: Fair value $ 312,166 Gross contractual amounts receivable 450,292 Estimate of contractual cash flows not expected to be collected (1) 19,661 Estimate of contractual cash flows expected to be collected 430,631 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. The discount on the acquired non-impaired loans is being accreted into income over the life of the loans on an effective yield basis. The following table provides the pro forma information for the results of operations for the three and six months ended June 30, 2016, as if the acquisition had occurred on January 1, 2016. The pro forma results combine the historical results of Ridgestone into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion and borrowing net discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2016. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table. Three Months Ended Six Months Ended June 30, 2016 June 30, 2016 Total revenues (net interest income and non-interest income) $ 44,582 $ 85,941 Net income $ 7,016 $ 10,787 Earnings per share—basic $ 0.30 $ 0.48 Earnings per share—diluted $ 0.29 $ 0.47 The operating results of the Company include the operating results produced by the acquired assets and assumed liabilities of Ridgestone for period from January 1, 2017 through June 30, 2017. Revenues and earnings of the acquired company since the acquisition date have not been disclosed as it is not practicable as Ridgestone was merged into the Company and separate financial information is not readily available. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 4—Securities The following June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 14,996 $ — $ (72 ) $ 14,924 U.S. Government agencies 60,214 1 (1,026 ) 59,189 Obligations of states, municipalities, and political subdivisions 24,984 139 (193 ) 24,930 Residential mortgage-backed securities Agency 345,363 26 (6,865 ) 338,524 Non-agency 18,982 — (81 ) 18,901 Commercial mortgage-backed securities Agency 75,337 47 (1,415 ) 73,969 Non-agency 31,913 — (661 ) 31,252 Corporate securities 25,114 504 (49 ) 25,569 Other securities 3,625 1,111 (61 ) 4,675 Total $ 600,528 $ 1,828 $ (10,423 ) $ 591,933 June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 24,781 $ 297 $ (51 ) $ 25,027 Residential mortgage-backed securities Agency 59,814 213 (171 ) $ 59,856 Non-agency 42,802 161 (94 ) $ 42,869 Total $ 127,397 $ 671 $ (316 ) $ 127,752 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 14,995 $ 4 $ (79 ) $ 14,920 U.S. Government agencies 60,180 — (1,323 ) 58,857 Obligations of states, municipalities, and political subdivisions 16,271 60 (272 ) 16,059 Residential mortgage-backed securities Agency 376,800 — (8,640 ) 368,160 Non-agency 20,107 — (174 ) 19,933 Commercial mortgage-backed securities Agency 78,954 — (1,551 ) 77,403 Non-agency 32,061 — (1,009 ) 31,052 Corporate securities 17,065 350 (86 ) 17,329 Other securities 4,161 742 (56 ) 4,847 Total $ 620,594 $ 1,156 $ (13,190 ) $ 608,560 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 24,878 $ 105 $ (229 ) $ 24,754 Residential mortgage-backed securities Agency 67,692 35 (283 ) 67,444 Non-agency 46,276 50 (442 ) 45,884 Total $ 138,846 $ 190 $ (954 ) $ 138,082 The Company did not classify securities as trading during 2016 or during the six months ending June 30, 2017. Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2017 and December 31, 2016 are summarized as follows: Less than 12 Months 12 Months or Longer Total June 30, 2017 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Treasury Notes 5 $ 14,924 $ (72 ) $ — $ — $ 14,924 $ (72 ) U.S. Government agencies 9 58,189 (1,026 ) — — 58,189 (1,026 ) Obligations of states, municipalities and political subdivisions 18 11,522 (182 ) 118 (11 ) 11,640 (193 ) Residential mortgage-backed securities Agency 40 326,934 (6,731 ) 2,830 (134 ) 329,764 (6,865 ) Non-agency 2 18,901 (81 ) — — 18,901 (81 ) Commercial mortgage-backed securities Agency 7 56,534 (1,378 ) 5,481 (37 ) 62,015 (1,415 ) Non-agency 5 31,252 (661 ) — — 31,252 (661 ) Corporate securities 4 7,013 (49 ) — — 7,013 (49 ) Other securities 3 527 (5 ) 1,938 (56 ) 2,465 (61 ) Total 93 $ 525,796 $ (10,185 ) $ 10,367 $ (238 ) $ 536,163 $ (10,423 ) Less than 12 Months 12 Months or Longer Total June 30, 2017 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Held-to-maturity Obligations of states, municipalities, and political subdivisions 10 $ 6,837 $ (51 ) $ — $ — $ 6,837 $ (51 ) Residential mortgage-backed securities Agency 10 25,322 (171 ) — — 25,322 (171 ) Non-agency 3 16,115 (94 ) — — 16,115 (94 ) Total 23 $ 48,274 $ (316 ) $ — $ — $ 48,274 $ (316 ) Less than 12 Months 12 Months or Longer Total December 31, 2016 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Treasury Notes 3 $ 9,918 $ (79 ) $ — $ — $ 9,918 $ (79 ) U.S. Government agencies 10 58,857 (1,323 ) — — 58,857 (1,323 ) Obligations of states, municipalities and political subdivisions 14 7,799 (259 ) 115 (13 ) 7,914 (272 ) Residential mortgage-backed securities Agency 41 364,713 (8,483 ) 3,447 (157 ) 368,160 (8,640 ) Non-agency 2 19,933 (174 ) — — 19,933 (174 ) Commercial mortgage-backed securities Agency 8 70,762 (1,488 ) 6,641 (63 ) 77,403 (1,551 ) Non-agency 5 31,052 (1,009 ) — — 31,052 (1,009 ) Corporate securities 4 5,097 (78 ) 2,522 (8 ) 7,619 (86 ) Other securities 1 — — 1,994 (56 ) 1,994 (56 ) Total 88 $ 568,131 $ (12,893 ) $ 14,719 $ (297 ) $ 582,850 $ (13,190 ) Less than 12 Months 12 Months or Longer Total December 31, 2016 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Held-to-maturity Obligations of states, municipalities, and political subdivisions 22 $ 16,235 $ (229 ) $ — $ — $ 16,235 $ (229 ) Residential mortgage-backed securities Agency 15 52,156 (283 ) — — 52,156 (283 ) Non-agency 5 29,245 (442 ) — — 29,245 (442 ) Total 42 $ 97,636 $ (954 ) $ — $ — $ 97,636 $ (954 ) Certain o The proceeds For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Proceeds $ — $ 259,355 $ 8 $ 399,356 Gross gains — 1,506 8 2,429 Gross losses — — — — The amount Securities pledged at June 30, 2017 and December 31, 2016 had carrying amounts of $146.1 million and $178.6 million, securities pledged for At June 30, 2017, the Amortized Cost Fair Value Available-for-sale Due in one year or less $ 5,409 $ 5,403 Due from one to five years 69,574 69,358 Due from five to ten years 41,913 41,501 Due after ten years 9,113 8,877 Mortgage-backed securities 471,595 462,646 Other securities with no defined maturity 2,924 4,148 Total $ 600,528 $ 591,933 Held-to-maturity Due from one to five years $ 526 $ 529 Due from five to ten years 14,410 14,491 Due after ten years 9,845 10,007 Mortgage-backed securities 102,616 102,725 Total $ 127,397 $ 127,752 |
Loan and Lease Receivables
Loan and Lease Receivables | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loan and Lease Receivables | Note 5—Loan Outstanding loan and lease receivables as of the dates shown were categorized as follows: June 30, December 31, 2017 2016 Commercial real estate $ 829,845 $ 796,950 Residential real estate 584,589 610,699 Construction, land development, and other land 92,947 141,122 Commercial and industrial 469,528 439,476 Installment and other 3,476 2,917 Lease financing receivables 167,761 155,999 Total loans and leases 2,148,146 2,147,163 Net unamortized deferred fees and costs (2,156 ) (2,119 ) Initial direct costs 3,400 2,967 Allowance for loan and lease losses (13,969 ) (10,923 ) Net loans and leases $ 2,135,421 $ 2,137,088 June 30, December 31, 2017 2016 Lease financing receivables Net minimum lease payments $ 181,678 $ 168,345 Unguaranteed residual values 1,641 1,787 Unearned income (15,558 ) (14,133 ) Total lease financing receivables 167,761 155,999 Initial direct costs 3,400 2,967 Lease financial receivables before allowance for lease losses $ 171,161 $ 158,966 At June 30, 2017 and December 31, 2016, total loans and leases included U.S. Government guaranteed loans of $475.8 million and $332.9 million, respectively. At June 30, 2017 and December 31, 2016, installment and other loans included overdraft deposits of $735,000 and $1.0 million, respectively, which were reclassified as loans. At June 30, 2017 and December 31, 2016, loans and loans held for sale pledged as security for borrowings were $526.0 million and $507.2 million, respectively. Total loans and leases consist of originated loans and leases, acquired impaired loans and acquired non-impaired loans and leases. The minimum Minimum Lease Payments 2017 $ 32,206 2018 58,609 2019 44,203 2020 28,931 2021 14,475 Thereafter 3,254 Total $ 181,678 Originated Topic Topic June 30, 2017 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 407,173 $ 188,161 $ 233,855 $ 829,189 Residential real estate 384,545 162,349 37,822 584,716 Construction, land development, and other land 83,618 5,830 3,187 92,635 Commercial and industrial 348,341 12,400 107,433 468,174 Installment and other 2,595 555 365 3,515 Lease financing receivables 129,005 — 42,156 171,161 Total loans and leases $ 1,355,277 $ 369,295 $ 424,818 $ 2,149,390 December 31, 2016 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 338,752 $ 207,303 $ 250,289 $ 796,344 Residential real estate 394,168 175,717 40,853 610,738 Construction, land development, and other land 119,357 6,979 14,430 140,766 Commercial and industrial 309,097 13,464 115,677 438,238 Installment and other 2,021 574 364 2,959 Lease financing receivables 118,493 — 40,473 158,966 Total loans and leases $ 1,281,888 $ 404,037 $ 462,086 $ 2,148,011 The outstanding June 30, 2017 December 31, 2016 Outstanding Balance Carrying Value Outstanding Balance Carrying Value Commercial real estate $ 259,092 $ 188,161 $ 278,893 $ 207,303 Residential real estate 225,405 162,349 236,384 175,717 Construction, land development, and other land 13,836 5,830 15,292 6,979 Commercial and industrial 21,343 12,400 23,164 13,464 Installment and other 1,879 555 1,976 574 Total acquired impaired loans $ 521,555 $ 369,295 $ 555,709 $ 404,037 The following table summarizes the changes in accretable yield for acquired impaired loans for the three and six months ended June 30, 2017 and 2016: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Beginning balance $ 34,744 $ 40,720 $ 36,868 $ 43,915 Accretion to interest income (8,816 ) (6,465 ) (16,603 ) (14,212 ) Reclassification from nonaccretable difference 11,691 1,408 17,354 5,960 Ending balance $ 37,619 $ 35,663 $ 37,619 $ 35,663 Acquired non-impaired loans and leases —The unpaid principal balance and carrying value for acquired non-impaired loans and leases at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Commercial real estate $ 242,272 $ 233,855 $ 259,055 $ 250,289 Residential real estate 38,234 37,822 41,282 40,853 Construction, land development, and other land 3,253 3,187 14,619 14,430 Commercial and industrial 117,463 107,433 125,806 115,677 Installment and other 353 365 402 364 Lease financing receivables 42,732 42,156 40,205 40,473 Total acquired non-impaired loans and leases $ 444,307 $ 424,818 $ 481,369 $ 462,086 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | Note 6—Allowance for Loans and leases The following June 30, 2017 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 2,047 $ 2,417 $ 417 $ 4,836 $ 331 $ 1,769 $ 11,817 Provisions 1,674 (453 ) (90 ) 1,637 13 734 3,515 Charge-offs (53 ) (129 ) — (784 ) — (767 ) (1,733 ) Recoveries — — — — — 370 370 Ending balance $ 3,668 $ 1,835 $ 327 $ 5,689 $ 344 $ 2,106 $ 13,969 Six months ended Beginning balance $ 1,945 $ 2,483 $ 742 $ 4,196 $ 334 $ 1,223 $ 10,923 Provisions 2,014 (452 ) (415 ) 2,492 10 1,757 5,406 Charge-offs (291 ) (196 ) — (999 ) — (1,537 ) (3,023 ) Recoveries — — — — — 663 663 Ending balance $ 3,668 $ 1,835 $ 327 $ 5,689 $ 344 $ 2,106 $ 13,969 Ending balance: Individually evaluated for impairment $ 396 $ 275 $ — $ 1,638 $ 326 $ — $ 2,635 Collectively evaluated for impairment 1,550 1,219 302 2,898 5 2,106 8,080 Loans acquired with deteriorated credit quality 1,722 341 25 1,153 13 — 3,254 Total allowance for loan and lease losses $ 3,668 $ 1,835 $ 327 $ 5,689 $ 344 $ 2,106 $ 13,969 June 30, 2017 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 8,675 $ 1,271 $ 565 $ 3,081 $ 327 $ — $ 13,919 Collectively evaluated for impairment 632,353 421,096 86,240 452,693 2,633 171,161 1,766,176 Loans acquired with deteriorated credit quality 188,161 162,349 5,830 12,400 555 — 369,295 Total loans and leases $ 829,189 $ 584,716 $ 92,635 $ 468,174 $ 3,515 $ 171,161 $ 2,149,390 June 30, 2016 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 2,391 $ 2,950 $ 322 $ 1,349 $ 362 $ 529 $ 7,903 Provisions 1,759 (1,523 ) 167 195 6 548 1,152 Charge-offs (2,031 ) (124 ) — (72 ) (1 ) (581 ) (2,809 ) Recoveries — — — — — 244 244 Ending balance $ 2,119 $ 1,303 $ 489 $ 1,472 $ 367 $ 740 $ 6,490 Six months ended Beginning balance $ 2,280 $ 2,981 $ 232 $ 1,403 $ 357 $ 379 $ 7,632 Provisions 3,023 (1,021 ) 257 144 11 1,251 3,665 Charge-offs (3,184 ) (657 ) — (75 ) (1 ) (1,263 ) (5,180 ) Recoveries — — — — — 373 373 Ending balance $ 2,119 $ 1,303 $ 489 $ 1,472 $ 367 $ 740 $ 6,490 Ending balance: Individually evaluated for impairment $ 1,309 $ 352 $ 137 $ 157 $ 329 $ — $ 2,284 Collectively evaluated for impairment 503 393 304 665 3 740 2,608 Loans acquired with deteriorated credit quality 307 558 48 650 35 — 1,598 Total allowance for loan and lease losses $ 2,119 $ 1,303 $ 489 $ 1,472 $ 367 $ 740 $ 6,490 June 30, 2016 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 7,434 $ 3,277 $ 208 $ 157 $ 329 $ — $ 11,405 Collectively evaluated for impairment 333,580 431,915 68,858 215,155 631 139,297 1,189,436 Loans acquired with deteriorated credit quality 193,211 193,788 8,153 6,945 681 — 402,778 Total loans and leases $ 534,225 $ 628,980 $ 77,219 $ 222,257 $ 1,641 $ 139,297 $ 1,603,619 The Company increased the allowance for loan and lease losses by $2.2 million and $3.0 million for the three and six months ended June 30, 2017, respectively. The Company decreased the For acquired impaired loans, the Company increased the allowance for loan and lease losses by $1.5 million and $1.6 million for the three and six months ended June 30, 2017, respectively. The Company decreased the allowance for loan and lease losses for acquired impaired loans by $1.9 million and $1.7 million for the three and six months ended June 30, 2016, respectively. The following and June 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 4,672 $ 5,183 $ — Residential real estate 800 1,780 — Construction, land development and other land 565 565 — With an allowance recorded Commercial real estate 4,003 4,003 396 Residential real estate 471 468 275 Commercial and industrial 3,081 3,351 1,638 Installment and other 327 310 326 Total impaired loans $ 13,919 $ 15,660 $ 2,635 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 8,916 $ 9,502 $ — Residential real estate 804 1,999 — Commercial and Industrial 521 524 — With an allowance recorded Residential real estate 496 528 293 Commercial and industrial 861 869 396 Installment and other 328 361 328 Total impaired loans $ 11,926 $ 13,783 $ 1,017 The following table summarize the average recorded investment and interest income recognized for loans and leases considered impaired, which excludes acquired impaired loans, for the periods ended as follows: June 30, 2017 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 4,573 $ 199 Residential real estate 578 24 Construction, land development and other land 364 15 Commercial and Industrial 1,119 43 With an allowance recorded Commercial real estate 667 — Residential real estate 240 3 Construction, land development and other land 87 — Commercial and industrial 2,047 263 Installment and other 159 9 Total impaired loans $ 9,834 $ 556 June 30, 2016 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 2,283 $ 121 Residential real estate 1,478 56 With an allowance recorded Commercial real estate 3,356 — Residential real estate 379 5 Construction, land development and other land 249 — Commercial and industrial 196 1 Installment and other 396 9 Total impaired loans $ 8,337 $ 192 For purposes The following June 30, 2017 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 584,245 $ 408,626 $ 74,333 $ 382,294 $ 2,629 $ 169,351 $ 1,621,478 Watch 36,781 8,407 9,777 66,240 3 302 121,510 Special Mention 7,452 3,113 2,130 1,534 1 348 14,578 Substandard 12,550 2,221 565 5,706 327 927 22,296 Doubtful — — — — — 233 233 Loss — — — — — — — Total $ 641,028 $ 422,367 $ 86,805 $ 455,774 $ 2,960 $ 171,161 $ 1,780,095 December 31, 2016 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 536,499 $ 419,880 $ 129,732 $ 369,136 $ 2,052 $ 157,296 $ 1,614,595 Watch 38,707 10,885 2,897 52,872 4 324 105,689 Special Mention 5,377 3,116 1,158 1,258 1 512 11,422 Substandard 8,458 1,140 — 1,508 328 739 12,173 Doubtful — — — — — 95 95 Loss — — — — — — — Total $ 589,041 $ 435,021 $ 133,787 $ 424,774 $ 2,385 $ 158,966 $ 1,743,974 The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at June 30, 2017 and December 31, 2016: June 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 172 $ 3,456 $ — $ 8,701 $ 12,329 $ 628,699 $ 641,028 Residential real estate 1,215 11 — 2,156 3,382 418,985 422,367 Construction, land development, and other land — — — 565 565 86,240 86,805 Commercial and industrial 249 967 — 2,860 4,076 451,698 455,774 Installment and other — — — 327 327 2,633 2,960 Lease financing receivables 1,256 183 — 687 2,126 169,035 171,161 Total $ 2,892 $ 4,617 $ — $ 15,296 $ 22,805 $ 1,757,290 $ 1,780,095 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 2,944 $ 648 $ — $ 3,935 $ 7,527 $ 581,514 $ 589,041 Residential real estate 243 — — 1,118 1,361 433,660 435,021 Construction, land development, and other land 1,363 — — — 1,363 132,424 133,787 Commercial and industrial 6,066 374 — 958 7,398 417,376 424,774 Installment and other — — — 328 328 2,057 2,385 Lease financing receivables 2,070 390 — 445 2,905 156,061 158,966 Total $ 12,686 $ 1,412 $ — $ 6,784 $ 20,882 $ 1,723,092 $ 1,743,974 At June 30, 2017 and December 31, 2016, the June 30, 2017 and Loans modified three and six At June 30, 2017 and December 31, 2016, the six June |
Servicing Assets
Servicing Assets | 6 Months Ended |
Jun. 30, 2017 | |
Transfers And Servicing [Abstract] | |
Servicing Assets | Note 7—Servicing As part Loans serviced as of June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Loan portfolios serviced for: SBA $ 971,316 $ 911,803 USDA 88,654 106,125 Total $ 1,059,970 $ 1,017,928 Activity for the six months ended June 30, 2017 is June 30, 2017 Beginning balance $ 21,091 Additions, net 2,948 Changes in fair value (2,615 ) Ending balance $ 21,424 Loan servicing income totaled $1.1 million and $2.0 million for the three and six months ended June 30, 2017, respectively. The fair Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the condition existing and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 16—Fair Value Measurement for further details. |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2017 | |
Banking And Thrift [Abstract] | |
Other Real Estate Owned | Note 8—Other Real Estate Owned The following table presents the change in other real estate owned (“OREO”) for the six months ended June 30, 2017 and 2016. June 30, 2017 2016 Beginning balance $ 16,570 $ 26,715 Net additions to OREO 2,490 2,442 Proceeds from the sales of OREO (7,520 ) (10,096 ) Gains on sales of OREO 1,464 439 Valuation adjustments (320 ) (606 ) Ending balance $ 12,684 $ 18,894 The recorded investment in residential mortgage loans secured by residential real estate properties (including purchased credit-impaired loans) for which foreclosure proceedings are in process totaled $3.3 million and $2.7 million at June 30, 2017 and December 31, 2016, respectively. |
Goodwill, Core Deposit Intangib
Goodwill, Core Deposit Intangible and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 9—Goodwill, Core Deposit Intangible and Other Intangible Assets The following table summarizes the changes in the Company’s goodwill and core deposit intangible assets for the six months ended June 30, 2017 and 2016: June 30, 2017 2016 Goodwill Core Intangible Goodwill Core Deposit Intangible Beginning balance $ 51,975 $ 19,776 $ 25,688 $ 22,275 Amortization or accretion — (1,529 ) — (1,485 ) Ending balance $ 51,975 $ 18,247 $ 25,688 $ 20,790 Accumulated amortization or accretion N/A $ 11,939 N/A $ 8,910 Weighted average remaining amortization or accretion period N/A 6.1 Years N/A 7.0 Years The Company had other intangible assets of $43,000 and $50,000 as of June 30, 2017 and December 31, 2016, respectively, related to trademark-related transactions. The following table presents the estimated amortization expense for core deposit intangible and other intangible assets recognized at June 30, 2017: Estimated Amortization 2017 $ 1,535 2018 3,060 2019 3,050 2020 3,027 2021 3,017 Thereafter 4,601 Total $ 18,290 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10—Income The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual pre-tax income, permanent tax differences and statutory tax rates. The effective tax rates for the six months ended June 30, 2017 and 2016 were 40.5% and (22.8)%, respectively. The Company began to recognize income tax expense in the quarter ended December 31, 2016 after the reversal of $61.9 million of the Company’s previously established valuation allowance on its net deferred tax assets. Deferred tax assets decreased $9.0 million from $67.8 million at December 31, 2016 to $58.8 million at June 30, 2017. This decrease was primarily due to a reduction in the Company’s net operation loss carryforwards being applied to the current year tax liability. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
Deposits | Note 11—Deposits The composition of deposits was as follows as of June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Non-interest bearing demand deposits $ 781,636 $ 724,457 Interest bearing checking accounts 182,351 173,929 Money market demand accounts 353,304 369,074 Other savings 445,220 446,418 Time deposits (below $100,000) 395,385 392,854 Time deposits ($100,000 and above) 382,702 383,662 Total deposits $ 2,540,598 $ 2,490,394 Time deposits of $100,000 or more included $5.3 million and $30.8 million of brokered deposits at June 30, 2017 and December 31, 2016, respectively. Time deposits in denominations of $250,000 or more at June 30, 2017 and December 31, 2016 were $97.2 million and $117.4 million, respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2017 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Note 12—Federal The following June 30, December 31, 2017 2016 Federal Home Loan Bank advances $ 219,611 $ 313,715 Weighted average cost 1.31 % 0.73 % Scheduled Maturities 2017 $ 210,000 2018 9,611 Total $ 219,611 At June 30, 2017, advances had fixed terms July At June 30, 2017 and December 31, 2016, the Bank had additional borrowing capacity from the FHLB of $931.8 million and $647.9 million, respectively, subject to the availability of proper collateral. FHLB The Company hedges |
Other Borrowings
Other Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 13—Other Borrowings The following is a summary of the Company’s other borrowings as of June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Securities sold under agreements to repurchase $ 32,429 $ 17,249 Line of credit 16,150 20,650 Total $ 48,579 $ 37,899 Securities On R June 4.25 June The following June 30, December 31, 2017 2016 Federal Reserve Bank of Chicago discount window line $ 144,297 $ 110,600 Available federal funds lines 40,000 20,000 |
Junior Subordinated Debentures
Junior Subordinated Debentures | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Note 14—Junior Subordinated Debentures At June 30, 2017 and December Name of Trust Aggregate Principal Amount June 30, 2017 Aggregate Principal Amount December 31, 2016 Stated Maturity Contractual Rate at June 30, 2017 Interest Rate Spread Metropolitan $ 35,000 $ 35,000 March 4.06 % Three-month LIBOR + 2.79% RidgeStone Capital Trust I 1,500 1,500 June 30, 2033 5.09 % Five-year LIBOR + 3.50% Total liability, at par 36,500 36,500 Discount (9,191 ) (9,574 ) Total liability, at carrying value $ 27,309 $ 26,926 In 2004, the June As part of the Ridgestone acquisition, the Company assumed the obligations to RidgeStone Capital Trust I of $1.5 million in principal amount, which was formed for the issuance of trust preferred securities. Refer to Note 3—Acquisition of a Business for additional information. Beginning on June 30, 2008, the interest rate reset to the five-year LIBOR plus 3.50% (5.09% at June 30, 2017 and December 31, 2016), which is in effect until September 30, 2018 and updated every five years. Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after June 30, 2008. There was no accrued interest payable as of June 30, 2017 or December 31, 2016. The Trusts |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 15—Commitments Legal —I n th e ordinar y cours e o f business , th e Compan y an d Ban k hav e various outstandin g commitment s an d contingen t liabilitie s tha t ar e no t recognize d i n th e accompanyin g consolidated financia l statements . I n addition , th e Compan y ma y b e a defendan t i n certai n claim s an d lega l action s arisin g i n the ordinar y cours e o f business . I n th e opinio n o f management , afte r consultatio n wit h lega l counsel , th e ultimate dispositio n o f thes e matter s i s currentl y no t expecte d t o hav e a materia l advers e effec t o n th e Company’s Consolidated Statements of Financial Condition. Operating s —The Company has entered into various operating lease agreements primarily for facilities and land on which banking facilities are located. Certain lease agreements have renewal options at the end of the original lease term and certain lease agreements have escalation clauses in the rent payments. The minimum Minimum Commitments 2017 $ 1,500 2018 2,669 2019 2,315 2020 1,815 2021 1,568 Thereafter 2,799 Total $ 12,666 The Company’s Rental expenses for the three months ended June 30, 2017 and 2016 were $1.2 million and $891,000, respectively. C Commitments t —The Bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contractual or notional amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The Bank’s exposure The following June 30, 2017 and December 31, 2016 June 30, December 31, 2017 2016 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 44,068 $ 394,622 $ 37,731 $ 332,928 Standby letters of credit 855 3,810 1,060 4,135 Total $ 44,923 $ 398,432 $ 38,791 $ 337,063 Commitments Standby letters Commitments |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 16—Fair Value Measurement Fair These types Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available. The Company’s own data used to develop unobservable inputs may be adjusted for market considerations when reasonably available. A financial The Company used the Securities e —The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. The Company’s Servicing s —Fair value is based on a loan-by-loan basis taking into consideration the original term to maturity, the current age of the loan and the remaining term to maturity. The valuation methodology utilized for the servicing assets begins with generating future cash flows for each servicing asset, based on their unique characteristics and market-based assumptions for prepayment speeds. The present value of the future cash flows are then calculated utilizing market-based discount rate assumptions. Derivative s —Interest rate swaps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. Derivative financial instruments are included in other assets and other liabilities in the Consolidated Statements of Financial Condition. The following Fair Value Measurements Using June 30, 2017 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 14,924 $ 14,924 $ — $ — U.S. Government agencies 59,189 — 59,189 — Obligations of states, municipalities, and political subdivisions 24,930 — 24,380 550 Mortgage-backed securities; residential Agency 338,524 — 338,524 — Non-Agency 18,901 — 18,901 — Mortgage-backed securities; commercial Agency 73,969 — 73,969 — Non-Agency 31,252 — 31,252 — Corporate securities 25,569 — 25,569 — Other securities 4,675 1,938 2,210 527 Servicing assets 21,424 — — 21,424 Derivative assets 3,929 — 3,929 — Financial liabilities Derivative liabilities 1,373 — 1,373 — Fair Value Measurements Using December 31, 2016 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 14,920 $ 14,920 $ — $ — U.S. Government agencies 58,857 — 58,857 — Obligations of states, municipalities, and political subdivisions 16,059 — 15,509 550 Mortgage-backed securities; residential Agency 368,160 — 368,160 — Non-Agency 19,933 — 19,933 — Mortgage-backed securities; commercial Agency 77,403 — 77,403 — Non-Agency 31,052 — 31,052 — Corporate securities 17,329 — 17,329 — Other securities 4,847 1,938 2,379 530 Servicing assets 21,091 — — 21,091 Derivative assets 4,317 — 4,317 — Financial liabilities Derivative liabilities 559 — 559 — During 2016, the In addition, area The Company did not have any transfers six months ended June 30, 2017 and The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Six Months Ended June 30, 2017 2016 2017 2016 Investment Securities Servicing Assets Balance, beginning of period $ 1,080 $ — $ 21,091 $ — Additions, net — — 2,948 — Amortization 2 — — — Change in unrealized loss (5 ) — — — Change in fair value — — (2,615 ) — Balance, end of period $ 1,077 $ — $ 21,424 $ — The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Range Impact to Valuation from an Increased or Higher Input Value Obligations of states, municipalities, and political obligations Discounted Probability of default 2.0%—2.4% 2.2 % Decrease Single issuer trust preferred Discounted cash flow Probability of default 7.5%—9.9% 8.9 % Decrease Servicing assets Discounted cash flow Prepayment speeds 2.0%—9.0% 7.6 % Decrease Discount rate 8.9%—15.4% 12.5 % Decrease Expected weighted average loan life 0.1—11.1 years 6.1 years Increase The Company used the Impaired ) —Impaired loans, other than those existing on the date of a business acquisition, are primarily carried at the fair value of the underlying collateral, less estimated costs to sell, if the loan is collateral dependent. Valuations of impaired loans that are collateral dependent are supported by third party appraisals in accordance with the Bank’s credit policy. Impaired loans that are not collateral dependent are not material. Assets e —Assets held for sale consist of former branch locations, vacant land, and a house previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based on the lower of carrying value or its fair value, less estimated costs to sell. Other d —Certain assets held within other real estate owned represent real estate or other collateral that has been adjusted to its estimated fair value, less cost to sell, as a result of transferring from the loan portfolio at the time of foreclosure or repossession and based on management’s periodic impairment evaluation. From time to time, non-recurring fair value adjustments to other real estate owned are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Adjustments Fair Value Measurements Using June 30, 2017 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 8,279 $ — $ — $ 8,279 Residential real estate 996 — — 996 Construction, land development, and other land 565 — — 565 Commercial and industrial 1,443 — — 1,443 Installment and other 1 — — 1 Assets held for sale 13,666 — — 13,666 Other real estate owned 12,684 — — 12,684 Fair Value Measurements Using December 31, 2016 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 8,916 $ — $ — $ 8,916 Residential real estate 1,007 — — 1,007 Construction, land development, and other land — — — — Commercial and industrial 986 — — 986 Installment and other — — — — Assets held for sale 14,748 — — 14,748 Other real estate owned 16,570 — — 16,570 The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Impact to Valuation from an Increased or Higher Input Value Impaired loans (excluding acquired impaired loans) Appraisals Appraisal adjustments, sales costs and other discount adjustments for market conditions 6% - 10% Decrease Assets held for sale List price, contract price Sales costs and other discount adjustments for market conditions 7% Decrease Other real estate owned Appraisals Appraisal adjustments, sales costs and other discount adjustments for market conditions 7% - 20% Decrease The following Cash and cash equivalent s —For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The fair value for time certificates with other banks is based on the market values for comparable investments. Securities y —The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. Restricted k —The fair value has been determined to approximate cost. Loans held for — The fair value of loans held for sale are based on quoted market prices, where available, and determined by discounted estimated cash flows using interest rates approximating the Company’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Loan —For certain variable rate loans that reprice frequently and with no significant changes in credit risk, fair value is estimated at carrying value. The fair value of other types of loans is estimated by discounting future cash flows, using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposit s —The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting future cash flows, using rates currently offered for deposits of similar remaining maturities. Federal —The fair value of FHLB advances is estimated by discounting the agreements based on maturities using rates currently offered for FHLB advances of similar remaining maturities adjusted for prepayment penalties that would be incurred if the borrowings were paid off on the measurement date. Securities e —The carrying amount approximates fair value due to maturities of less than ninety days. Junior subordinated debenture s —The fair value of junior subordinated debentures, in the form of trust preferred securities, is determined using rates currently available to the Company for debt with similar terms and remaining maturities. Accrued interest —The carrying amount approximates fair value. Commitments t —The fair values of these off-balance sheet commitments to extend credit and commercial and standby letters of credit are not considered practicable to estimate because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. The estimated June 30, December 31, Fair Value 2017 2016 Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and due from banks 1 $ 17,740 $ 17,740 $ 17,735 $ 17,735 Interest bearing deposits with other banks 2 62,081 62,115 28,798 28,798 Securities held-to-maturity 2 127,397 127,752 138,846 138,082 Other restricted stock 2 11,978 11,978 14,993 14,993 Loans held for sale 3 6,835 7,607 23,976 26,487 Loans and lease receivables, net 3 2,135,421 2,066,673 2,137,088 2,068,157 Accrued interest receivable 3 6,961 6,961 6,866 6,866 Financial liabilities Non-interest bearing deposits 2 781,636 744,684 724,457 724,457 Interest bearing deposits 2 1,758,962 1,715,482 1,765,937 1,723,941 Accrued interest payable 2 1,562 1,562 2,427 2,427 Line of credit 2 16,150 16,150 20,650 20,650 Federal Home Loan Bank advances 2 219,611 219,579 313,715 313,646 Securities sold under repurchase agreement 2 32,429 32,429 17,249 17,249 Junior subordinated debentures 3 27,309 26,080 26,926 26,943 |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 17—Derivative Instruments and Hedge Activities The Company recognizes derivative financial instruments at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Fair Value Fair Value Notional Amount Other assets Other Liabilities Notional Amount Other assets Other Liabilities Derivatives designated as hedging instruments Interest rate swaps designated as cash flow hedges $ 250,000 $ 3,280 $ 734 $ 100,000 $ 3,719 $ — Derivatives not designated as hedging instruments Other interest rate swaps 79,622 649 639 51,213 598 559 Total derivatives $ 329,622 $ 3,929 $ 1,373 $ 151,213 $ 4,317 $ 559 Interest rate swaps designated as cash flow hedges —Cash flow hedges of interest payments associated with certain FHLB advances had notional amounts totaling $250.0 million as of June 30, 2017. The aggregate fair value of the swaps is recorded in other assets or other liabilities with changes in fair value recorded in other comprehensive income (loss), net of taxes, to the extent effective. The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings when the hedged FHLB advances affect earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value of the derivative hedging instrument with the changes in fair value of the designated hedged transactions. The Company expects the hedges to remain highly effective during the remaining terms of the swaps and did not recognize any hedge ineffectiveness in current earnings during the three or six months ended June 30, 2017. Interest expense recorded on these swap transactions totaled $213,000 and $267,000 during the three and six months ended June 30, 2017, respectively, and is reported as a component of interest expense on FHLB advances. At June 30, 2017, the Company estimates $448,000 of the unrealized gain to be reclassified as an increase to interest expense during the next twelve months. The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the six months ended June 30, 2017. Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Loss Reclassified from OCI to Income as an Increase to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) Interest rate swaps $ (1,425) $ (267 ) $ — Other interest rate swaps —The total combined notional amount was $79.6 million with maturities ranged from January 2020 to April 2027. The fair values of the interest rate swap agreements are reflected in other assets and other liabilities with corresponding gains or losses reflected in non-interest income. During the three and six months ended June 30, 2017, transaction fees related to these derivative instruments were $65,000 and $179,000, respectively. The following table reflects other interest rate swaps as of June 30, 2017: Notional amounts $ 79,622 Derivative assets fair value 649 Derivative liabilities fair value 639 Weighted average pay rates 4.23 % Weighted average receive rates 3.45 % Weighted average maturity 6.5 years Credit risk —Derivative instruments are inherently subject to market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the Company’s risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process. The credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s loan underwriting process. The Company’s loan underwriting process also approves the Bank’s swap counterparty used to mirror the borrowers’ swap. The Company has a bilateral agreement with each swap counterparty that provides that fluctuations in derivative values are to be fully collateralized with either cash or securities. The credit valuation adjustment (“CVA”) is a fair value adjustment to the derivative to account for this risk. During the three and six months ended June 30, 2017, the CVA resulted in a decrease to non-interest income of $17,000 and $30,000, respectively. The Company has agreements with its derivative counterparties that contain a cross-default provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations resulted in a net asset position. The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of June 30, 2017: Derivative Assets Fair Value Derivative Liabilities Fair Value Gross amounts recognized $ 3,929 $ 1,373 Less: Amounts offset in the Consolidated Statements of Financial Condition — — Net amount presented in the Consolidated Statements of Financial Condition $ 3,929 $ 1,373 Gross amounts not offset in the Consolidated Statements of Financial Condition Offsetting derivative positions (859 ) (859 ) Collateral posted (2,492 ) (507 ) Net credit exposure $ 578 $ 7 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 18—Earnings per Share A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,798,223 shares of common stock were outstanding as of June 30, 2017, but were not included in the computation of diluted earnings per share due to a loss attributable to common stockholders for the three months ended June 30, 2017 and, therefore, were anti-dilutive. The following represent the calculation of basic and diluted earnings per share: Three months ended June 30, Six Months Ended June 30 , 2017 2016 2017 2016 Net income $ 6,146 $ 2,601 $ 12,706 $ 1,249 Less: Dividends on preferred shares 10,697 — 10,886 — Net income (loss) available (attributable) to common stockholders $ (4,551 ) $ 2,601 $ 1,820 $ 1,249 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 24,667,587 19,487,778 24,642,287 18,505,002 Incremental shares — 254,072 464,600 254,072 Weighted-average common stock outstanding (dilutive) 24,667,587 19,741,850 25,106,887 18,759,074 Basic earnings (loss) per common share $ (0.18 ) $ 0.13 $ 0.07 $ 0.07 Diluted earnings (loss) per common share $ (0.18 ) $ 0.13 $ 0.07 $ 0.07 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Note 19—Stockholders’ Equity A summary of the Company’s preferred and common stock at June 30, 2017 and December 31, 2016 is as follows: June 30, December 31, 2017 2016 Series A non-cumulative perpetual preferred stock Par value $ 0.01 $ 0.01 Shares authorized 15,003 15,003 Shares issued 15,003 15,003 Shares outstanding 15,003 15,003 Series B 7.5% fixed non-cumulative perpetual preferred stock Par value $ 0.01 $ 0.01 Shares authorized 50,000 50,000 Shares issued 10,438 9,388 Subscription receivable — 1,050 Shares outstanding 10,438 9,388 Common stock, voting Par value $ 0.01 $ — Shares authorized 150,000,000 150,000,000 Shares issued 29,246,900 24,616,706 Shares outstanding 29,246,900 24,616,706 During 2016, the Company authorized and issued Series B 7.50% fixed-to-floating non-voting, noncumulative perpetual preferred stock with a liquidation preference of $1,000 per share, plus the amount of unpaid dividends, if any, which is redeemable at the Company’s option on or after March 31, 2022. Holders of either Series A or Series B preferred stock do not have any rights to convert such stock into shares of any other class of capital stock of the Company. On January 30, 2017, the Company issued an additional 1,050 shares of Series B preferred stock, which is reflected as a subscription receivable as of December 31, 2016. For the six months ended June 30, 2017, the Company declared and paid dividends on the Series B preferred stock of $385,000. On May 31, 2017, the Company filed a registration statement on Form S-1with the SEC in connection with its initial public offering (the ”Registration Statement”), which was subsequently amended on June 19, 2017. The Registration Statement was declared effective by the SEC on June 29, 2017. In connection with the IPO, the Company issued 4,630,194 shares of common stock, par value $0.01 per share, which included 855,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares. The securities were sold at a price to the public of $19.00 per share and began trading on the New York Stock Exchange on June 30, 2017. On July 6, 2017, the closing date of the IPO, the Company received net proceeds of $82.7 million. On June 14, 2017, the Company’s stockholders approved the reincorporation of the Company to a Delaware corporation. Under the terms of the merger agreement, the Company reincorporated from Illinois to Delaware by merging with and into Byline Bancorp, Inc. Delaware (“Byline Delaware”), with Byline Delaware surviving (such transaction, the “Merger”). Each share of Company common stock issued and outstanding immediately prior to the effective time of the Merger, was converted automatically into the right to receive one fifth (0.20) of a share of common stock of Byline Delaware. There were no fractional shares issued in connection with the Merger. The reincorporation and share conversion are retrospectively reflected in the consolidated financial statements. On June 16, 2017, after obtaining the necessary approval from the Federal Reserve, the Board of Directors of Byline Delaware unanimously approved the repurchase of all of the Company’s outstanding Series A preferred stock at a purchase price per share representing a liquidation value of $1,000 per share, equal to the cash value of (i) 89.469 shares of the Company’s common stock, multiplied by (ii) the initial public offering price of the common stock of $19.00 per share. On July 14, 2017, the Company completed the repurchase of all of the Series A Preferred Stock for $25.5 million. The $10.5 million excess of the purchase price over the carrying value of the Series A was recorded as a dividend, which is reflected in other liabilities in the Consolidated Statement of Financial Condition as of June 30, 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These unaudited interim condensed consolidated financial statements include the accounts of Byline Illinois state chartered These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to June 30, 2017 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2016 and 2015. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these consolidated financial statements. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Recently Issued Accounting Pronouncements | The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Revenue from Contracts with Customers In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, deferred by ASU No. 2015-14 and clarifying standards, Revenue from Contracts with Customers , which creates Topic 606 and supersedes Topic 605, Revenue Recognition . The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Under the terms of ASU No. 2015-14 the standard is effective for interim and annual periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the standard will have on the Company’s Consolidated Financial Statements. As a financial institution, the Company’s largest component of revenue, interest income, is excluded from the scope of this ASU. The Company is currently evaluating which, if any, of its sources of non-interest income will be impacted by this ASU. The Company expects to adopt this new guidance on January 1, 2019, with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. In April 2016, FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing . The amendments in this ASU do not change the core principle of the guidance in Topic 606. Rather, the amendments in this ASU clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance, while retaining the related principles for those areas. The amendments in this ASU affect the guidance in ASU 2014-09, discussed above, which is not yet effective. The effective date and transition requirements for the amendments in this ASU are the same as the effective date and transition requirements in Topic 606, Revenues from Contracts with Customers . The Company is evaluating the provisions of this ASU in conjunction with ASU No. 2014-09 to determine the potential impact Topic 606 and its amendments will have on the Company’s Consolidated Financial Statements. In May 2016, FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients Revenue from Contracts with Customers Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASU require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value under certain circumstances and require enhanced disclosures about those investments. The amendments simplify the impairment assessment of equity investments without readily determinable fair values. The amendments also eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendments in this ASU require separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This amendment excludes from net income gains or losses that the entity may not realize because those financial liabilities are not usually transferred or settled at their fair values before maturity. The amendments in this ASU require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the provisions of ASU No. 2016-01 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019 and is not expected to have a significant impact on the Company’s Consolidated Financial Statements. Leases (Topic 842) In February 2016, FASB issued ASU No. 2016-02, Leases . The amendments in this ASU require lessees to recognize the following for all leases (with the exception of short-term) at the commencement date; a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendments in this ASU leave lessor accounting largely unchanged, although certain targeted improvements were made to align lessor accounting with the lessee accounting model. This ASU simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the new guidance and its impact on the Company’s Consolidated Statements of Operations and Consolidated Statements of Financial Condition. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2020. The Company expects an increase in assets and liabilities as a result of recording additional lease contracts where the Company is lessee. Derivatives and Hedging (Topic 815) In March 2016, FASB issued ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 (Derivatives and Hedging) does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. An entity has an option to apply the amendments in this ASU on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This ASU became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s Consolidated Financial Statements. In March 2016, FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments Compensation—Stock Compensation (Topic 718) In March 2016, FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting . FASB issued this ASU as part of its Simplification Initiative. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments in this ASU relate to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments in this ASU require recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments in this ASU related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. This ASU became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Financial Instruments—Credit Losses (Topic 326) In June 2016, FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2021. The Company is still evaluating the effects this ASU will have on the Company’s Consolidated Financial Statements. While the Company has not quantified the impact of this ASU, it does expect changing from the current incurred loss model to an expected loss model will result in an earlier recognition of losses. Statement of Cash Flows (Topic 230) In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments . There is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other Topics. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. Those eight issues are (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. Current GAAP either is unclear or does not include specific guidance on these eight cash flow classification issues. These amendments provide guidance for each of the eight issues, thereby reducing current and potential future diversity in practice. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company is currently evaluating the provisions of ASU No. 2016-15 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (230), Restricted Cash Income Taxes (Topic 740) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory . The ASU was issued to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party; this update clarifies that an entity should recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. The amendment is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption of the update is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company does not expect this ASU to have a material impact on the Company’s Consolidated Financial Statements. Consolidation (Topic 810) In October 2016, the FASB issued ASU No. 2016-17, Consolidation , Interests Held through Related Parties That Are under Common Control. The ASU was issued to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendment is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of the update is permitted. The Company adopted this new authoritative guidance on January 1, 2017 and it did not have an impact on the Company’s Consolidated Financial Statements. Business Combinations (Topic 805) In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business . The guidance clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This guidance is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company does not expect a material impact of this ASU on the Company’s Consolidated Financial Statements. Intangibles—Goodwill and Other (Topic 350) In January 2017, FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment . The amendments in this ASU are intended to reduce the cost and complexity of the goodwill impairment test by eliminating step two from the impairment test. The amendments modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. Under the amendments in this ASU, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. An impairment charge should be recognized for the amount which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for the Company’s annual or any interim goodwill impairment test in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is early adopting these amendments in 2017 and does not expect a material impact on the Company’s Consolidated Financial Statements. Other Income (Subtopic 610-20) In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . This ASU will clarify the scope of Subtopic 610-20 and add guidance for partial sales of nonfinancial assets. The amendments should be applied either on retrospectively to each period presented or with a modified retrospective approach. The amendment is effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The Company is currently evaluating the provisions of ASU No. 2017-05 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. Nonrefundable Fees and Other Costs (Subtopic 310-20) In March 2017, FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium at the earliest call date. Under current GAAP, the Company amortizes the premium as an adjustment of yield over the contractual life of the instrument. As a result, upon exercise of a call on a callable debt security held at a premium, the unamortized premium is charged to earnings. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective for annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption is permitted. The Company is required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2020. The Company is currently evaluating the provisions of ASU No. 2017-08 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Acquisition of a Business (Tabl
Acquisition of a Business (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Summary of Estimates of fair Values of Assets and Liabilities Assumed as of Acquisition Date | The following table presents a summary of the estimates of fair values of assets acquired and liabilities assumed as of the acquisition date: Assets Cash and cash equivalents $ 25,480 Securities available-for-sale 27,662 Restricted stock 931 Loans held for sale 15,363 Loans 351,820 Servicing assets 20,295 Premises and equipment 2,011 Other real estate owned 1,525 Other intangible assets 486 Bank-owned life insurance 2,352 Other assets 8,228 Total assets acquired 456,153 Liabilities Deposits 361,370 Federal Home Loan Bank advances 9,773 Junior subordinated debentures 1,339 Accrued expenses and other liabilities 4,958 Total liabilities assumed 377,440 Net assets acquired $ 78,713 Consideration paid Common stock (4,199,791 shares issued at $16.25 per share) 68,247 Cash paid 36,753 Total consideration paid 105,000 Goodwill $ 26,287 |
Summary of Acquired Non-Impaired Loans as of Acquisition Date | The following table presents the acquired non-impaired loans as of the acquisition date: Fair value $ 312,166 Gross contractual amounts receivable 450,292 Estimate of contractual cash flows not expected to be collected (1) 19,661 Estimate of contractual cash flows expected to be collected 430,631 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Summary of Pro Forma Information for Results of Operations | The following table provides the pro forma information for the results of operations for the three and six months ended June 30, 2016, as if the acquisition had occurred on January 1, 2016. The pro forma results combine the historical results of Ridgestone into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion and borrowing net discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2016. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table. Three Months Ended Six Months Ended June 30, 2016 June 30, 2016 Total revenues (net interest income and non-interest income) $ 44,582 $ 85,941 Net income $ 7,016 $ 10,787 Earnings per share—basic $ 0.30 $ 0.48 Earnings per share—diluted $ 0.29 $ 0.47 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Values of Securities Available-for-sale and Held to Maturity | The following June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 14,996 $ — $ (72 ) $ 14,924 U.S. Government agencies 60,214 1 (1,026 ) 59,189 Obligations of states, municipalities, and political subdivisions 24,984 139 (193 ) 24,930 Residential mortgage-backed securities Agency 345,363 26 (6,865 ) 338,524 Non-agency 18,982 — (81 ) 18,901 Commercial mortgage-backed securities Agency 75,337 47 (1,415 ) 73,969 Non-agency 31,913 — (661 ) 31,252 Corporate securities 25,114 504 (49 ) 25,569 Other securities 3,625 1,111 (61 ) 4,675 Total $ 600,528 $ 1,828 $ (10,423 ) $ 591,933 June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 24,781 $ 297 $ (51 ) $ 25,027 Residential mortgage-backed securities Agency 59,814 213 (171 ) $ 59,856 Non-agency 42,802 161 (94 ) $ 42,869 Total $ 127,397 $ 671 $ (316 ) $ 127,752 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 14,995 $ 4 $ (79 ) $ 14,920 U.S. Government agencies 60,180 — (1,323 ) 58,857 Obligations of states, municipalities, and political subdivisions 16,271 60 (272 ) 16,059 Residential mortgage-backed securities Agency 376,800 — (8,640 ) 368,160 Non-agency 20,107 — (174 ) 19,933 Commercial mortgage-backed securities Agency 78,954 — (1,551 ) 77,403 Non-agency 32,061 — (1,009 ) 31,052 Corporate securities 17,065 350 (86 ) 17,329 Other securities 4,161 742 (56 ) 4,847 Total $ 620,594 $ 1,156 $ (13,190 ) $ 608,560 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 24,878 $ 105 $ (229 ) $ 24,754 Residential mortgage-backed securities Agency 67,692 35 (283 ) 67,444 Non-agency 46,276 50 (442 ) 45,884 Total $ 138,846 $ 190 $ (954 ) $ 138,082 |
Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity | Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2017 and December 31, 2016 are summarized as follows: Less than 12 Months 12 Months or Longer Total June 30, 2017 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Treasury Notes 5 $ 14,924 $ (72 ) $ — $ — $ 14,924 $ (72 ) U.S. Government agencies 9 58,189 (1,026 ) — — 58,189 (1,026 ) Obligations of states, municipalities and political subdivisions 18 11,522 (182 ) 118 (11 ) 11,640 (193 ) Residential mortgage-backed securities Agency 40 326,934 (6,731 ) 2,830 (134 ) 329,764 (6,865 ) Non-agency 2 18,901 (81 ) — — 18,901 (81 ) Commercial mortgage-backed securities Agency 7 56,534 (1,378 ) 5,481 (37 ) 62,015 (1,415 ) Non-agency 5 31,252 (661 ) — — 31,252 (661 ) Corporate securities 4 7,013 (49 ) — — 7,013 (49 ) Other securities 3 527 (5 ) 1,938 (56 ) 2,465 (61 ) Total 93 $ 525,796 $ (10,185 ) $ 10,367 $ (238 ) $ 536,163 $ (10,423 ) Less than 12 Months 12 Months or Longer Total June 30, 2017 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Held-to-maturity Obligations of states, municipalities, and political subdivisions 10 $ 6,837 $ (51 ) $ — $ — $ 6,837 $ (51 ) Residential mortgage-backed securities Agency 10 25,322 (171 ) — — 25,322 (171 ) Non-agency 3 16,115 (94 ) — — 16,115 (94 ) Total 23 $ 48,274 $ (316 ) $ — $ — $ 48,274 $ (316 ) Less than 12 Months 12 Months or Longer Total December 31, 2016 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Treasury Notes 3 $ 9,918 $ (79 ) $ — $ — $ 9,918 $ (79 ) U.S. Government agencies 10 58,857 (1,323 ) — — 58,857 (1,323 ) Obligations of states, municipalities and political subdivisions 14 7,799 (259 ) 115 (13 ) 7,914 (272 ) Residential mortgage-backed securities Agency 41 364,713 (8,483 ) 3,447 (157 ) 368,160 (8,640 ) Non-agency 2 19,933 (174 ) — — 19,933 (174 ) Commercial mortgage-backed securities Agency 8 70,762 (1,488 ) 6,641 (63 ) 77,403 (1,551 ) Non-agency 5 31,052 (1,009 ) — — 31,052 (1,009 ) Corporate securities 4 5,097 (78 ) 2,522 (8 ) 7,619 (86 ) Other securities 1 — — 1,994 (56 ) 1,994 (56 ) Total 88 $ 568,131 $ (12,893 ) $ 14,719 $ (297 ) $ 582,850 $ (13,190 ) Less than 12 Months 12 Months or Longer Total December 31, 2016 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Held-to-maturity Obligations of states, municipalities, and political subdivisions 22 $ 16,235 $ (229 ) $ — $ — $ 16,235 $ (229 ) Residential mortgage-backed securities Agency 15 52,156 (283 ) — — 52,156 (283 ) Non-agency 5 29,245 (442 ) — — 29,245 (442 ) Total 42 $ 97,636 $ (954 ) $ — $ — $ 97,636 $ (954 ) |
Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses | The proceeds For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Proceeds $ — $ 259,355 $ 8 $ 399,356 Gross gains — 1,506 8 2,429 Gross losses — — — — |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At June 30, 2017, the Amortized Cost Fair Value Available-for-sale Due in one year or less $ 5,409 $ 5,403 Due from one to five years 69,574 69,358 Due from five to ten years 41,913 41,501 Due after ten years 9,113 8,877 Mortgage-backed securities 471,595 462,646 Other securities with no defined maturity 2,924 4,148 Total $ 600,528 $ 591,933 Held-to-maturity Due from one to five years $ 526 $ 529 Due from five to ten years 14,410 14,491 Due after ten years 9,845 10,007 Mortgage-backed securities 102,616 102,725 Total $ 127,397 $ 127,752 |
Loan and Lease Receivables (Tab
Loan and Lease Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Outstanding Loan and Lease Receivables | Outstanding loan and lease receivables as of the dates shown were categorized as follows: June 30, December 31, 2017 2016 Commercial real estate $ 829,845 $ 796,950 Residential real estate 584,589 610,699 Construction, land development, and other land 92,947 141,122 Commercial and industrial 469,528 439,476 Installment and other 3,476 2,917 Lease financing receivables 167,761 155,999 Total loans and leases 2,148,146 2,147,163 Net unamortized deferred fees and costs (2,156 ) (2,119 ) Initial direct costs 3,400 2,967 Allowance for loan and lease losses (13,969 ) (10,923 ) Net loans and leases $ 2,135,421 $ 2,137,088 June 30, December 31, 2017 2016 Lease financing receivables Net minimum lease payments $ 181,678 $ 168,345 Unguaranteed residual values 1,641 1,787 Unearned income (15,558 ) (14,133 ) Total lease financing receivables 167,761 155,999 Initial direct costs 3,400 2,967 Lease financial receivables before allowance for lease losses $ 171,161 $ 158,966 |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum Minimum Lease Payments 2017 $ 32,206 2018 58,609 2019 44,203 2020 28,931 2021 14,475 Thereafter 3,254 Total $ 181,678 |
Summary of Balances for Each Respective Loan and Lease Category | The following June 30, 2017 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 407,173 $ 188,161 $ 233,855 $ 829,189 Residential real estate 384,545 162,349 37,822 584,716 Construction, land development, and other land 83,618 5,830 3,187 92,635 Commercial and industrial 348,341 12,400 107,433 468,174 Installment and other 2,595 555 365 3,515 Lease financing receivables 129,005 — 42,156 171,161 Total loans and leases $ 1,355,277 $ 369,295 $ 424,818 $ 2,149,390 December 31, 2016 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 338,752 $ 207,303 $ 250,289 $ 796,344 Residential real estate 394,168 175,717 40,853 610,738 Construction, land development, and other land 119,357 6,979 14,430 140,766 Commercial and industrial 309,097 13,464 115,677 438,238 Installment and other 2,021 574 364 2,959 Lease financing receivables 118,493 — 40,473 158,966 Total loans and leases $ 1,281,888 $ 404,037 $ 462,086 $ 2,148,011 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The outstanding June 30, 2017 December 31, 2016 Outstanding Balance Carrying Value Outstanding Balance Carrying Value Commercial real estate $ 259,092 $ 188,161 $ 278,893 $ 207,303 Residential real estate 225,405 162,349 236,384 175,717 Construction, land development, and other land 13,836 5,830 15,292 6,979 Commercial and industrial 21,343 12,400 23,164 13,464 Installment and other 1,879 555 1,976 574 Total acquired impaired loans $ 521,555 $ 369,295 $ 555,709 $ 404,037 |
Summary of Changes in Accretable Yield for Acquired Impaired Loans | The following table summarizes the changes in accretable yield for acquired impaired loans for the three and six months ended June 30, 2017 and 2016: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Beginning balance $ 34,744 $ 40,720 $ 36,868 $ 43,915 Accretion to interest income (8,816 ) (6,465 ) (16,603 ) (14,212 ) Reclassification from nonaccretable difference 11,691 1,408 17,354 5,960 Ending balance $ 37,619 $ 35,663 $ 37,619 $ 35,663 |
Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-Impaired Loans and Leases | Acquired non-impaired loans and leases —The unpaid principal balance and carrying value for acquired non-impaired loans and leases at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Commercial real estate $ 242,272 $ 233,855 $ 259,055 $ 250,289 Residential real estate 38,234 37,822 41,282 40,853 Construction, land development, and other land 3,253 3,187 14,619 14,430 Commercial and industrial 117,463 107,433 125,806 115,677 Installment and other 353 365 402 364 Lease financing receivables 42,732 42,156 40,205 40,473 Total acquired non-impaired loans and leases $ 444,307 $ 424,818 $ 481,369 $ 462,086 |
Allowance for Loan and Lease 31
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Summary of Allowance for Loan and Lease Losses and Corresponding Loan and Lease Balances | The following June 30, 2017 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 2,047 $ 2,417 $ 417 $ 4,836 $ 331 $ 1,769 $ 11,817 Provisions 1,674 (453 ) (90 ) 1,637 13 734 3,515 Charge-offs (53 ) (129 ) — (784 ) — (767 ) (1,733 ) Recoveries — — — — — 370 370 Ending balance $ 3,668 $ 1,835 $ 327 $ 5,689 $ 344 $ 2,106 $ 13,969 Six months ended Beginning balance $ 1,945 $ 2,483 $ 742 $ 4,196 $ 334 $ 1,223 $ 10,923 Provisions 2,014 (452 ) (415 ) 2,492 10 1,757 5,406 Charge-offs (291 ) (196 ) — (999 ) — (1,537 ) (3,023 ) Recoveries — — — — — 663 663 Ending balance $ 3,668 $ 1,835 $ 327 $ 5,689 $ 344 $ 2,106 $ 13,969 Ending balance: Individually evaluated for impairment $ 396 $ 275 $ — $ 1,638 $ 326 $ — $ 2,635 Collectively evaluated for impairment 1,550 1,219 302 2,898 5 2,106 8,080 Loans acquired with deteriorated credit quality 1,722 341 25 1,153 13 — 3,254 Total allowance for loan and lease losses $ 3,668 $ 1,835 $ 327 $ 5,689 $ 344 $ 2,106 $ 13,969 June 30, 2017 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 8,675 $ 1,271 $ 565 $ 3,081 $ 327 $ — $ 13,919 Collectively evaluated for impairment 632,353 421,096 86,240 452,693 2,633 171,161 1,766,176 Loans acquired with deteriorated credit quality 188,161 162,349 5,830 12,400 555 — 369,295 Total loans and leases $ 829,189 $ 584,716 $ 92,635 $ 468,174 $ 3,515 $ 171,161 $ 2,149,390 June 30, 2016 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 2,391 $ 2,950 $ 322 $ 1,349 $ 362 $ 529 $ 7,903 Provisions 1,759 (1,523 ) 167 195 6 548 1,152 Charge-offs (2,031 ) (124 ) — (72 ) (1 ) (581 ) (2,809 ) Recoveries — — — — — 244 244 Ending balance $ 2,119 $ 1,303 $ 489 $ 1,472 $ 367 $ 740 $ 6,490 Six months ended Beginning balance $ 2,280 $ 2,981 $ 232 $ 1,403 $ 357 $ 379 $ 7,632 Provisions 3,023 (1,021 ) 257 144 11 1,251 3,665 Charge-offs (3,184 ) (657 ) — (75 ) (1 ) (1,263 ) (5,180 ) Recoveries — — — — — 373 373 Ending balance $ 2,119 $ 1,303 $ 489 $ 1,472 $ 367 $ 740 $ 6,490 Ending balance: Individually evaluated for impairment $ 1,309 $ 352 $ 137 $ 157 $ 329 $ — $ 2,284 Collectively evaluated for impairment 503 393 304 665 3 740 2,608 Loans acquired with deteriorated credit quality 307 558 48 650 35 — 1,598 Total allowance for loan and lease losses $ 2,119 $ 1,303 $ 489 $ 1,472 $ 367 $ 740 $ 6,490 June 30, 2016 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 7,434 $ 3,277 $ 208 $ 157 $ 329 $ — $ 11,405 Collectively evaluated for impairment 333,580 431,915 68,858 215,155 631 139,297 1,189,436 Loans acquired with deteriorated credit quality 193,211 193,788 8,153 6,945 681 — 402,778 Total loans and leases $ 534,225 $ 628,980 $ 77,219 $ 222,257 $ 1,641 $ 139,297 $ 1,603,619 |
Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired | The following and June 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 4,672 $ 5,183 $ — Residential real estate 800 1,780 — Construction, land development and other land 565 565 — With an allowance recorded Commercial real estate 4,003 4,003 396 Residential real estate 471 468 275 Commercial and industrial 3,081 3,351 1,638 Installment and other 327 310 326 Total impaired loans $ 13,919 $ 15,660 $ 2,635 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 8,916 $ 9,502 $ — Residential real estate 804 1,999 — Commercial and Industrial 521 524 — With an allowance recorded Residential real estate 496 528 293 Commercial and industrial 861 869 396 Installment and other 328 361 328 Total impaired loans $ 11,926 $ 13,783 $ 1,017 |
Summary of Average Recorded Investment and Interest Income Recognized for Loans and Leases Considered Impaired | The following table summarize the average recorded investment and interest income recognized for loans and leases considered impaired, which excludes acquired impaired loans, for the periods ended as follows: June 30, 2017 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 4,573 $ 199 Residential real estate 578 24 Construction, land development and other land 364 15 Commercial and Industrial 1,119 43 With an allowance recorded Commercial real estate 667 — Residential real estate 240 3 Construction, land development and other land 87 — Commercial and industrial 2,047 263 Installment and other 159 9 Total impaired loans $ 9,834 $ 556 June 30, 2016 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 2,283 $ 121 Residential real estate 1,478 56 With an allowance recorded Commercial real estate 3,356 — Residential real estate 379 5 Construction, land development and other land 249 — Commercial and industrial 196 1 Installment and other 396 9 Total impaired loans $ 8,337 $ 192 |
Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation | The following June 30, 2017 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 584,245 $ 408,626 $ 74,333 $ 382,294 $ 2,629 $ 169,351 $ 1,621,478 Watch 36,781 8,407 9,777 66,240 3 302 121,510 Special Mention 7,452 3,113 2,130 1,534 1 348 14,578 Substandard 12,550 2,221 565 5,706 327 927 22,296 Doubtful — — — — — 233 233 Loss — — — — — — — Total $ 641,028 $ 422,367 $ 86,805 $ 455,774 $ 2,960 $ 171,161 $ 1,780,095 December 31, 2016 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 536,499 $ 419,880 $ 129,732 $ 369,136 $ 2,052 $ 157,296 $ 1,614,595 Watch 38,707 10,885 2,897 52,872 4 324 105,689 Special Mention 5,377 3,116 1,158 1,258 1 512 11,422 Substandard 8,458 1,140 — 1,508 328 739 12,173 Doubtful — — — — — 95 95 Loss — — — — — — — Total $ 589,041 $ 435,021 $ 133,787 $ 424,774 $ 2,385 $ 158,966 $ 1,743,974 |
Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at June 30, 2017 and December 31, 2016: June 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 172 $ 3,456 $ — $ 8,701 $ 12,329 $ 628,699 $ 641,028 Residential real estate 1,215 11 — 2,156 3,382 418,985 422,367 Construction, land development, and other land — — — 565 565 86,240 86,805 Commercial and industrial 249 967 — 2,860 4,076 451,698 455,774 Installment and other — — — 327 327 2,633 2,960 Lease financing receivables 1,256 183 — 687 2,126 169,035 171,161 Total $ 2,892 $ 4,617 $ — $ 15,296 $ 22,805 $ 1,757,290 $ 1,780,095 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 2,944 $ 648 $ — $ 3,935 $ 7,527 $ 581,514 $ 589,041 Residential real estate 243 — — 1,118 1,361 433,660 435,021 Construction, land development, and other land 1,363 — — — 1,363 132,424 133,787 Commercial and industrial 6,066 374 — 958 7,398 417,376 424,774 Installment and other — — — 328 328 2,057 2,385 Lease financing receivables 2,070 390 — 445 2,905 156,061 158,966 Total $ 12,686 $ 1,412 $ — $ 6,784 $ 20,882 $ 1,723,092 $ 1,743,974 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Transfers And Servicing [Abstract] | |
Unpaid Principal Balances of Loans Serviced for Others | The unpaid as of June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Loan portfolios serviced for: SBA $ 971,316 $ 911,803 USDA 88,654 106,125 Total $ 1,059,970 $ 1,017,928 |
Activity for Servicing Assets and Related Changes in Fair Value | Activity for the six months ended June 30, 2017 is June 30, 2017 Beginning balance $ 21,091 Additions, net 2,948 Changes in fair value (2,615 ) Ending balance $ 21,424 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking And Thrift [Abstract] | |
Change in Other Real Estate Owned | The following table presents the change in other real estate owned (“OREO”) for the six months ended June 30, 2017 and 2016. June 30, 2017 2016 Beginning balance $ 16,570 $ 26,715 Net additions to OREO 2,490 2,442 Proceeds from the sales of OREO (7,520 ) (10,096 ) Gains on sales of OREO 1,464 439 Valuation adjustments (320 ) (606 ) Ending balance $ 12,684 $ 18,894 |
Goodwill, Core Deposit Intang34
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill and Core Deposit Intangible Assets | The following table summarizes the changes in the Company’s goodwill and core deposit intangible assets for the six months ended June 30, 2017 and 2016: June 30, 2017 2016 Goodwill Core Intangible Goodwill Core Deposit Intangible Beginning balance $ 51,975 $ 19,776 $ 25,688 $ 22,275 Amortization or accretion — (1,529 ) — (1,485 ) Ending balance $ 51,975 $ 18,247 $ 25,688 $ 20,790 Accumulated amortization or accretion N/A $ 11,939 N/A $ 8,910 Weighted average remaining amortization or accretion period N/A 6.1 Years N/A 7.0 Years |
Estimated Amortization Expense for Core Deposit Intangible and Other Intangible Assets Recognized | The following table presents the estimated amortization expense for core deposit intangible and other intangible assets recognized at June 30, 2017: Estimated Amortization 2017 $ 1,535 2018 3,060 2019 3,050 2020 3,027 2021 3,017 Thereafter 4,601 Total $ 18,290 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
Schedule Of Deposits | The composition of deposits was as follows as of June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Non-interest bearing demand deposits $ 781,636 $ 724,457 Interest bearing checking accounts 182,351 173,929 Money market demand accounts 353,304 369,074 Other savings 445,220 446,418 Time deposits (below $100,000) 395,385 392,854 Time deposits ($100,000 and above) 382,702 383,662 Total deposits $ 2,540,598 $ 2,490,394 |
Federal Home Loan Bank Advanc36
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Federal Home Loan Banks [Abstract] | |
Summary of FHLB Advances Including Acquisition Accounting Adjustments Along with Weighted Average Costs and Scheduled Maturities | The following June 30, December 31, 2017 2016 Federal Home Loan Bank advances $ 219,611 $ 313,715 Weighted average cost 1.31 % 0.73 % Scheduled Maturities 2017 $ 210,000 2018 9,611 Total $ 219,611 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Securities sold under agreements to repurchase $ 32,429 $ 17,249 Line of credit 16,150 20,650 Total $ 48,579 $ 37,899 |
Summary of Short-term Credit Lines Available for Use | The following June 30, December 31, 2017 2016 Federal Reserve Bank of Chicago discount window line $ 144,297 $ 110,600 Available federal funds lines 40,000 20,000 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At June 30, 2017 and December Name of Trust Aggregate Principal Amount June 30, 2017 Aggregate Principal Amount December 31, 2016 Stated Maturity Contractual Rate at June 30, 2017 Interest Rate Spread Metropolitan $ 35,000 $ 35,000 March 4.06 % Three-month LIBOR + 2.79% RidgeStone Capital Trust I 1,500 1,500 June 30, 2033 5.09 % Five-year LIBOR + 3.50% Total liability, at par 36,500 36,500 Discount (9,191 ) (9,574 ) Total liability, at carrying value $ 27,309 $ 26,926 |
Commitments and Contingent Li39
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Minimum Annual Rental Commitments for Operating Leases | The minimum Minimum Commitments 2017 $ 1,500 2018 2,669 2019 2,315 2020 1,815 2021 1,568 Thereafter 2,799 Total $ 12,666 |
Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments | The following June 30, 2017 and December 31, 2016 June 30, December 31, 2017 2016 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 44,068 $ 394,622 $ 37,731 $ 332,928 Standby letters of credit 855 3,810 1,060 4,135 Total $ 44,923 $ 398,432 $ 38,791 $ 337,063 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following Fair Value Measurements Using June 30, 2017 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 14,924 $ 14,924 $ — $ — U.S. Government agencies 59,189 — 59,189 — Obligations of states, municipalities, and political subdivisions 24,930 — 24,380 550 Mortgage-backed securities; residential Agency 338,524 — 338,524 — Non-Agency 18,901 — 18,901 — Mortgage-backed securities; commercial Agency 73,969 — 73,969 — Non-Agency 31,252 — 31,252 — Corporate securities 25,569 — 25,569 — Other securities 4,675 1,938 2,210 527 Servicing assets 21,424 — — 21,424 Derivative assets 3,929 — 3,929 — Financial liabilities Derivative liabilities 1,373 — 1,373 — Fair Value Measurements Using December 31, 2016 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 14,920 $ 14,920 $ — $ — U.S. Government agencies 58,857 — 58,857 — Obligations of states, municipalities, and political subdivisions 16,059 — 15,509 550 Mortgage-backed securities; residential Agency 368,160 — 368,160 — Non-Agency 19,933 — 19,933 — Mortgage-backed securities; commercial Agency 77,403 — 77,403 — Non-Agency 31,052 — 31,052 — Corporate securities 17,329 — 17,329 — Other securities 4,847 1,938 2,379 530 Servicing assets 21,091 — — 21,091 Derivative assets 4,317 — 4,317 — Financial liabilities Derivative liabilities 559 — 559 — |
Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Six Months Ended June 30, 2017 2016 2017 2016 Investment Securities Servicing Assets Balance, beginning of period $ 1,080 $ — $ 21,091 $ — Additions, net — — 2,948 — Amortization 2 — — — Change in unrealized loss (5 ) — — — Change in fair value — — (2,615 ) — Balance, end of period $ 1,077 $ — $ 21,424 $ — |
Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis | The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Range Impact to Valuation from an Increased or Higher Input Value Obligations of states, municipalities, and political obligations Discounted Probability of default 2.0%—2.4% 2.2 % Decrease Single issuer trust preferred Discounted cash flow Probability of default 7.5%—9.9% 8.9 % Decrease Servicing assets Discounted cash flow Prepayment speeds 2.0%—9.0% 7.6 % Decrease Discount rate 8.9%—15.4% 12.5 % Decrease Expected weighted average loan life 0.1—11.1 years 6.1 years Increase |
Summary of Company's Assets Measured at Fair Value on a Non-Recurring Basis | The following tables Fair Value Measurements Using June 30, 2017 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 8,279 $ — $ — $ 8,279 Residential real estate 996 — — 996 Construction, land development, and other land 565 — — 565 Commercial and industrial 1,443 — — 1,443 Installment and other 1 — — 1 Assets held for sale 13,666 — — 13,666 Other real estate owned 12,684 — — 12,684 Fair Value Measurements Using December 31, 2016 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 8,916 $ — $ — $ 8,916 Residential real estate 1,007 — — 1,007 Construction, land development, and other land — — — — Commercial and industrial 986 — — 986 Installment and other — — — — Assets held for sale 14,748 — — 14,748 Other real estate owned 16,570 — — 16,570 |
Summary of the Valuation Technique, Unobservable Inputs and Qualitative Information About the Company’s Assets and Liabilities | The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Impact to Valuation from an Increased or Higher Input Value Impaired loans (excluding acquired impaired loans) Appraisals Appraisal adjustments, sales costs and other discount adjustments for market conditions 6% - 10% Decrease Assets held for sale List price, contract price Sales costs and other discount adjustments for market conditions 7% Decrease Other real estate owned Appraisals Appraisal adjustments, sales costs and other discount adjustments for market conditions 7% - 20% Decrease |
Estimated Fair Values of Financial Instruments | The estimated June 30, December 31, Fair Value 2017 2016 Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and due from banks 1 $ 17,740 $ 17,740 $ 17,735 $ 17,735 Interest bearing deposits with other banks 2 62,081 62,115 28,798 28,798 Securities held-to-maturity 2 127,397 127,752 138,846 138,082 Other restricted stock 2 11,978 11,978 14,993 14,993 Loans held for sale 3 6,835 7,607 23,976 26,487 Loans and lease receivables, net 3 2,135,421 2,066,673 2,137,088 2,068,157 Accrued interest receivable 3 6,961 6,961 6,866 6,866 Financial liabilities Non-interest bearing deposits 2 781,636 744,684 724,457 724,457 Interest bearing deposits 2 1,758,962 1,715,482 1,765,937 1,723,941 Accrued interest payable 2 1,562 1,562 2,427 2,427 Line of credit 2 16,150 16,150 20,650 20,650 Federal Home Loan Bank advances 2 219,611 219,579 313,715 313,646 Securities sold under repurchase agreement 2 32,429 32,429 17,249 17,249 Junior subordinated debentures 3 27,309 26,080 26,926 26,943 |
Derivative Instruments and He41
Derivative Instruments and Hedge Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Fair Value Fair Value Notional Amount Other assets Other Liabilities Notional Amount Other assets Other Liabilities Derivatives designated as hedging instruments Interest rate swaps designated as cash flow hedges $ 250,000 $ 3,280 $ 734 $ 100,000 $ 3,719 $ — Derivatives not designated as hedging instruments Other interest rate swaps 79,622 649 639 51,213 598 559 Total derivatives $ 329,622 $ 3,929 $ 1,373 $ 151,213 $ 4,317 $ 559 |
Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments | The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the six months ended June 30, 2017. Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Loss Reclassified from OCI to Income as an Increase to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) Interest rate swaps $ (1,425) $ (267 ) $ — |
Summary of Other Interest Rate Swaps | The following table reflects other interest rate swaps as of June 30, 2017: Notional amounts $ 79,622 Derivative assets fair value 649 Derivative liabilities fair value 639 Weighted average pay rates 4.23 % Weighted average receive rates 3.45 % Weighted average maturity 6.5 years |
Summary of Company's Interest Rate Derivative and Offsetting Positions | The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of June 30, 2017: Derivative Assets Fair Value Derivative Liabilities Fair Value Gross amounts recognized $ 3,929 $ 1,373 Less: Amounts offset in the Consolidated Statements of Financial Condition — — Net amount presented in the Consolidated Statements of Financial Condition $ 3,929 $ 1,373 Gross amounts not offset in the Consolidated Statements of Financial Condition Offsetting derivative positions (859 ) (859 ) Collateral posted (2,492 ) (507 ) Net credit exposure $ 578 $ 7 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings per Share | The following represent the calculation of basic and diluted earnings per share: Three months ended June 30, Six Months Ended June 30 , 2017 2016 2017 2016 Net income $ 6,146 $ 2,601 $ 12,706 $ 1,249 Less: Dividends on preferred shares 10,697 — 10,886 — Net income (loss) available (attributable) to common stockholders $ (4,551 ) $ 2,601 $ 1,820 $ 1,249 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 24,667,587 19,487,778 24,642,287 18,505,002 Incremental shares — 254,072 464,600 254,072 Weighted-average common stock outstanding (dilutive) 24,667,587 19,741,850 25,106,887 18,759,074 Basic earnings (loss) per common share $ (0.18 ) $ 0.13 $ 0.07 $ 0.07 Diluted earnings (loss) per common share $ (0.18 ) $ 0.13 $ 0.07 $ 0.07 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at June 30, 2017 and December 31, 2016 is as follows: June 30, December 31, 2017 2016 Series A non-cumulative perpetual preferred stock Par value $ 0.01 $ 0.01 Shares authorized 15,003 15,003 Shares issued 15,003 15,003 Shares outstanding 15,003 15,003 Series B 7.5% fixed non-cumulative perpetual preferred stock Par value $ 0.01 $ 0.01 Shares authorized 50,000 50,000 Shares issued 10,438 9,388 Subscription receivable — 1,050 Shares outstanding 10,438 9,388 Common stock, voting Par value $ 0.01 $ — Shares authorized 150,000,000 150,000,000 Shares issued 29,246,900 24,616,706 Shares outstanding 29,246,900 24,616,706 |
Acquisition of a Business - Add
Acquisition of a Business - Additional Information (Details) | Oct. 14, 2016USD ($)Subsidiary$ / sharesshares | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 51,975,000 | $ 51,975,000 | $ 25,688,000 | $ 25,688,000 | |
Ridgestone | |||||
Business Acquisition [Line Items] | |||||
Business acquisition date of agreement | Oct. 14, 2016 | ||||
Number of operated wholly owned subsidiaries | Subsidiary | 2 | ||||
Total consideration included aggregate cash | $ 36,753,000 | ||||
Issuance of common shares | shares | 4,199,791 | ||||
Common stock issued price per share | $ / shares | $ 16.25 | ||||
Goodwill | $ 26,287,000 | ||||
Acquisition advisory expenses | 440,000 | ||||
Contingent assets or liabilities arising from the acquisition | $ 0 |
Acquisition of a Business - Sum
Acquisition of a Business - Summary of Estimates of fair Values of Assets and Liabilities Assumed as of Acquisition Date (Details) - USD ($) $ in Thousands | Oct. 14, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Consideration paid | |||||
Goodwill | $ 51,975 | $ 51,975 | $ 25,688 | $ 25,688 | |
Ridgestone | |||||
Assets | |||||
Cash and cash equivalents | $ 25,480 | ||||
Securities available-for-sale | 27,662 | ||||
Restricted stock | 931 | ||||
Loans held for sale | 15,363 | ||||
Loans | 351,820 | ||||
Servicing assets | 20,295 | ||||
Premises and equipment | 2,011 | ||||
Other real estate owned | 1,525 | ||||
Other intangible assets | 486 | ||||
Bank-owned life insurance | 2,352 | ||||
Other assets | 8,228 | ||||
Total assets acquired | 456,153 | ||||
Liabilities | |||||
Deposits | 361,370 | ||||
Federal Home Loan Bank advances | 9,773 | ||||
Junior subordinated debentures | 1,339 | ||||
Accrued expenses and other liabilities | 4,958 | ||||
Total liabilities assumed | 377,440 | ||||
Net assets acquired | 78,713 | ||||
Consideration paid | |||||
Common stock (4,199,791 shares issued at $16.25 per share) | 68,247 | ||||
Cash paid | 36,753 | ||||
Total consideration paid | 105,000 | ||||
Goodwill | $ 26,287 |
Acquisition of a Business - S46
Acquisition of a Business - Summary of Estimates of fair Values of Assets and Liabilities Assumed as of Acquisition Date (Parenthetical) (Details) - Ridgestone | Oct. 14, 2016$ / sharesshares |
Business Acquisition [Line Items] | |
Stock issued (in shares) | shares | 4,199,791 |
Stock issued (in dollars per share) | $ / shares | $ 16.25 |
Acquisition of a Business - S47
Acquisition of a Business - Summary of Acquired Non-Impaired Loans as of Acquisition Date (Details) $ in Thousands | Oct. 14, 2016USD ($) | |
Business Combinations [Abstract] | ||
Fair value | $ 312,166 | |
Gross contractual amounts receivable | 450,292 | |
Estimate of contractual cash flows not expected to be collected | 19,661 | [1] |
Estimate of contractual cash flows expected to be collected | $ 430,631 | |
[1] | Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Acquisition of a Business - S48
Acquisition of a Business - Summary of Pro Forma Information for Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Business Combinations [Abstract] | ||
Total revenues (net interest income and non-interest income) | $ 44,582 | $ 85,941 |
Net income | $ 7,016 | $ 10,787 |
Earnings per share—basic | $ 0.30 | $ 0.48 |
Earnings per share—diluted | $ 0.29 | $ 0.47 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 600,528 | $ 620,594 |
Available-for-sale Securities, Gross Unrealized Gains | 1,828 | 1,156 |
Available-for-sale Securities, Gross Unrealized Losses | (10,423) | (13,190) |
Available-for-sale Securities, Fair Value | 591,933 | 608,560 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 14,996 | 14,995 |
Available-for-sale Securities, Gross Unrealized Gains | 4 | |
Available-for-sale Securities, Gross Unrealized Losses | (72) | (79) |
Available-for-sale Securities, Fair Value | 14,924 | 14,920 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 60,214 | 60,180 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | |
Available-for-sale Securities, Gross Unrealized Losses | (1,026) | (1,323) |
Available-for-sale Securities, Fair Value | 59,189 | 58,857 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 24,984 | 16,271 |
Available-for-sale Securities, Gross Unrealized Gains | 139 | 60 |
Available-for-sale Securities, Gross Unrealized Losses | (193) | (272) |
Available-for-sale Securities, Fair Value | 24,930 | 16,059 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 345,363 | 376,800 |
Available-for-sale Securities, Gross Unrealized Gains | 26 | |
Available-for-sale Securities, Gross Unrealized Losses | (6,865) | (8,640) |
Available-for-sale Securities, Fair Value | 338,524 | 368,160 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 18,982 | 20,107 |
Available-for-sale Securities, Gross Unrealized Losses | (81) | (174) |
Available-for-sale Securities, Fair Value | 18,901 | 19,933 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 75,337 | 78,954 |
Available-for-sale Securities, Gross Unrealized Gains | 47 | |
Available-for-sale Securities, Gross Unrealized Losses | (1,415) | (1,551) |
Available-for-sale Securities, Fair Value | 73,969 | 77,403 |
Non-Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 31,913 | 32,061 |
Available-for-sale Securities, Gross Unrealized Losses | (661) | (1,009) |
Available-for-sale Securities, Fair Value | 31,252 | 31,052 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 25,114 | 17,065 |
Available-for-sale Securities, Gross Unrealized Gains | 504 | 350 |
Available-for-sale Securities, Gross Unrealized Losses | (49) | (86) |
Available-for-sale Securities, Fair Value | 25,569 | 17,329 |
Other Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 3,625 | 4,161 |
Available-for-sale Securities, Gross Unrealized Gains | 1,111 | 742 |
Available-for-sale Securities, Gross Unrealized Losses | (61) | (56) |
Available-for-sale Securities, Fair Value | $ 4,675 | $ 4,847 |
Securities - Summary of Amort50
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 127,397 | $ 138,846 |
Held-to-maturity Securities, Gross Unrealized Gains | 671 | 190 |
Held-to-maturity Securities, Gross Unrealized Losses | (316) | (954) |
Securities held-to-maturity, fair value | 127,752 | 138,082 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 24,781 | 24,878 |
Held-to-maturity Securities, Gross Unrealized Gains | 297 | 105 |
Held-to-maturity Securities, Gross Unrealized Losses | (51) | (229) |
Securities held-to-maturity, fair value | 25,027 | 24,754 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 59,814 | 67,692 |
Held-to-maturity Securities, Gross Unrealized Gains | 213 | 35 |
Held-to-maturity Securities, Gross Unrealized Losses | (171) | (283) |
Securities held-to-maturity, fair value | 59,856 | 67,444 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 42,802 | 46,276 |
Held-to-maturity Securities, Gross Unrealized Gains | 161 | 50 |
Held-to-maturity Securities, Gross Unrealized Losses | (94) | (442) |
Securities held-to-maturity, fair value | $ 42,869 | $ 45,884 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)Security | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Security | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule Of Investments [Line Items] | |||||
Trading securities | $ 0 | $ 0 | $ 0 | ||
Investment securities with unrealized losses | Security | 116 | 116 | |||
Investment securities with continuous unrealized loss position for twelve consecutive months or longer | Security | 2 | 2 | |||
Net gains or (losses) reclassified from accumulated other comprehensive income (loss) into earnings | $ 0 | $ 1,500,000 | $ 8,000 | $ 2,400,000 | |
Carrying amount of securities pledged as collateral | 146,100,000 | 146,100,000 | 178,600,000 | ||
Federal Home Loan Bank Advances | |||||
Schedule Of Investments [Line Items] | |||||
Carrying amount of securities pledged as collateral | 0 | 0 | 58,700,000 | ||
Public Fund Deposits | |||||
Schedule Of Investments [Line Items] | |||||
Carrying amount of securities pledged as collateral | 101,800,000 | 101,800,000 | 93,200,000 | ||
Customer Repurchase Agreements | |||||
Schedule Of Investments [Line Items] | |||||
Carrying amount of securities pledged as collateral | $ 37,700,000 | $ 37,700,000 | $ 19,900,000 | ||
Minimum | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of amortized cost for which investments in unrealized loss position exceeds | 5.00% | 5.00% | |||
Percentage of shareholders equity for which securities holdings exceeds for no issuer other than U.S. Government and agencies | 10.00% | 10.00% |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)Security | Dec. 31, 2016USD ($)Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 93 | 88 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 525,796 | $ 568,131 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (10,185) | (12,893) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 10,367 | 14,719 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (238) | (297) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 536,163 | 582,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (10,423) | $ (13,190) |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 5 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 14,924 | $ 9,918 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (72) | (79) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 14,924 | 9,918 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (72) | $ (79) |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 9 | 10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 58,189 | $ 58,857 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,026) | (1,323) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 58,189 | 58,857 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,026) | $ (1,323) |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 18 | 14 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 11,522 | $ 7,799 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (182) | (259) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 118 | 115 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (11) | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 11,640 | 7,914 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (193) | $ (272) |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 40 | 41 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 326,934 | $ 364,713 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (6,731) | (8,483) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,830 | 3,447 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (134) | (157) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 329,764 | 368,160 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (6,865) | $ (8,640) |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 2 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 18,901 | $ 19,933 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (81) | (174) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 18,901 | 19,933 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (81) | $ (174) |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 7 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 56,534 | $ 70,762 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,378) | (1,488) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 5,481 | 6,641 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (37) | (63) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 62,015 | 77,403 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,415) | $ (1,551) |
Non-Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 5 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 31,252 | $ 31,052 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (661) | (1,009) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 31,252 | 31,052 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (661) | $ (1,009) |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 4 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 7,013 | $ 5,097 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (49) | (78) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,522 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (8) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 7,013 | 7,619 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (49) | $ (86) |
Other Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 3 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 527 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,938 | $ 1,994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (56) | (56) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 2,465 | 1,994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (61) | $ (56) |
Securities - Summary of Gross53
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Held-to-maturity (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)Security | Dec. 31, 2016USD ($)Security | |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 23 | 42 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 48,274 | $ 97,636 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (316) | (954) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 48,274 | 97,636 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (316) | $ (954) |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 10 | 22 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 6,837 | $ 16,235 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (51) | (229) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 6,837 | 16,235 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (51) | $ (229) |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 10 | 15 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 25,322 | $ 52,156 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (171) | (283) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 25,322 | 52,156 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (171) | $ (283) |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 3 | 5 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 16,115 | $ 29,245 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (94) | (442) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 16,115 | 29,245 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (94) | $ (442) |
Securities - Summary of Proceed
Securities - Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Available For Sale Securities Gross Realized Gain Loss [Abstract] | |||
Proceeds | $ 259,355 | $ 8 | $ 399,356 |
Gross gains | $ 1,506 | $ 8 | $ 2,429 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | $ 5,409 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 69,574 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 41,913 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 9,113 | |
Available-for-sale Securities, Amortized Cost | 600,528 | $ 620,594 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 526 | |
Held-to-maturity Securities, Due from five to ten years, Amortized Cost | 14,410 | |
Held-to-maturity Securities, Due after ten years, Amortized Cost | 9,845 | |
Held-to-maturity Securities, Amortized Cost | 127,397 | 138,846 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 5,403 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 69,358 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 41,501 | |
Available-for-sale Securities, Due after ten years, Fair Value | 8,877 | |
Total | 591,933 | 608,560 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due from one to five years, Fair Value | 529 | |
Held-to-maturity Securities, Due from five to ten years, Fair Value | 14,491 | |
Held-to-maturity Securities, Due after ten years, Fair Value | 10,007 | |
Total | 127,752 | 138,082 |
Mortgage-Backed Securities | ||
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 471,595 | |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Mortgage-backed securities, Amortized Cost | 102,616 | |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Fair Value | 462,646 | |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Mortgage-backed securities, Fair Value | 102,725 | |
Other Securities With No Defined Maturity | ||
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 2,924 | |
Available-for-sale Securities, Amortized Cost | 3,625 | 4,161 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Fair Value | 4,148 | |
Total | $ 4,675 | $ 4,847 |
Loan and Lease Receivables - Sc
Loan and Lease Receivables - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | $ 2,148,146 | $ 2,147,163 | ||||
Net unamortized deferred fees and costs | (2,156) | (2,119) | ||||
Initial direct costs | 3,400 | 2,967 | ||||
Allowance for loan and lease losses | (13,969) | $ (11,817) | (10,923) | $ (6,490) | $ (7,903) | $ (7,632) |
Net loans and leases | 2,135,421 | 2,137,088 | ||||
Lease financing receivables | ||||||
Net minimum lease payments | 181,678 | 168,345 | ||||
Unguaranteed residual values | 1,641 | 1,787 | ||||
Unearned income | (15,558) | (14,133) | ||||
Total lease financing receivables | 167,761 | 155,999 | ||||
Initial direct costs | 3,400 | 2,967 | ||||
Lease financial receivables before allowance for lease losses | 171,161 | 158,966 | ||||
Commercial Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 829,845 | 796,950 | ||||
Allowance for loan and lease losses | (3,668) | (2,047) | (1,945) | (2,119) | (2,391) | (2,280) |
Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 584,589 | 610,699 | ||||
Allowance for loan and lease losses | (1,835) | (2,417) | (2,483) | (1,303) | (2,950) | (2,981) |
Construction, Land Development, and Other Land | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 92,947 | 141,122 | ||||
Allowance for loan and lease losses | (327) | (417) | (742) | (489) | (322) | (232) |
Commercial and Industrial | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 469,528 | 439,476 | ||||
Allowance for loan and lease losses | (5,689) | (4,836) | (4,196) | (1,472) | (1,349) | (1,403) |
Installment and Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 3,476 | 2,917 | ||||
Allowance for loan and lease losses | (344) | (331) | (334) | (367) | (362) | (357) |
Lease Financing Receivables | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 167,761 | 155,999 | ||||
Allowance for loan and lease losses | $ (2,106) | $ (1,769) | $ (1,223) | $ (740) | $ (529) | $ (379) |
Loan and Lease Receivables - Ad
Loan and Lease Receivables - Additional Information (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | $ 2,148,146,000 | $ 2,147,163,000 | ||||
Loans held for sale pledged as security for borrowings | 526,000,000 | 507,200,000 | ||||
Allowance for loan and lease losses | 13,969,000 | $ 11,817,000 | 10,923,000 | $ 6,490,000 | $ 7,903,000 | $ 7,632,000 |
Acquired Impaired Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Allowance for loan and lease losses | 3,300,000 | 1,600,000 | ||||
Installment and Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 3,476,000 | 2,917,000 | ||||
Overdraft deposits reclassified as loans | 735,000 | 1,000,000 | ||||
Allowance for loan and lease losses | 344,000 | $ 331,000 | 334,000 | $ 367,000 | $ 362,000 | $ 357,000 |
U.S. Government Guaranteed Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | $ 475,800,000 | $ 332,900,000 |
Loan and Lease Receivables - Su
Loan and Lease Receivables - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Receivables [Abstract] | |
2,017 | $ 32,206 |
2,018 | 58,609 |
2,019 | 44,203 |
2,020 | 28,931 |
2,021 | 14,475 |
Thereafter | 3,254 |
Total | $ 181,678 |
Loan and Lease Receivables - 59
Loan and Lease Receivables - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 2,149,390 | $ 2,148,011 | $ 1,603,619 |
Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,355,277 | 1,281,888 | |
Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 369,295 | 404,037 | |
Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 424,818 | 462,086 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 829,189 | 796,344 | 534,225 |
Commercial Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 407,173 | 338,752 | |
Commercial Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 188,161 | 207,303 | |
Commercial Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 233,855 | 250,289 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 584,716 | 610,738 | 628,980 |
Residential Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 384,545 | 394,168 | |
Residential Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 162,349 | 175,717 | |
Residential Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 37,822 | 40,853 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 92,635 | 140,766 | 77,219 |
Construction, Land Development, and Other Land | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 83,618 | 119,357 | |
Construction, Land Development, and Other Land | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 5,830 | 6,979 | |
Construction, Land Development, and Other Land | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 3,187 | 14,430 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 468,174 | 438,238 | 222,257 |
Commercial and Industrial | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 348,341 | 309,097 | |
Commercial and Industrial | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 12,400 | 13,464 | |
Commercial and Industrial | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 107,433 | 115,677 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 3,515 | 2,959 | 1,641 |
Installment and Other | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,595 | 2,021 | |
Installment and Other | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 555 | 574 | |
Installment and Other | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 365 | 364 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 171,161 | 158,966 | $ 139,297 |
Lease Financing Receivables | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 129,005 | 118,493 | |
Lease Financing Receivables | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 42,156 | $ 40,473 |
Loan and Lease Receivables - 60
Loan and Lease Receivables - Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | $ 521,555 | $ 555,709 |
Carrying Value | 369,295 | 404,037 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 259,092 | 278,893 |
Carrying Value | 188,161 | 207,303 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 225,405 | 236,384 |
Carrying Value | 162,349 | 175,717 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 13,836 | 15,292 |
Carrying Value | 5,830 | 6,979 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 21,343 | 23,164 |
Carrying Value | 12,400 | 13,464 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 1,879 | 1,976 |
Carrying Value | $ 555 | $ 574 |
Loan and Lease Receivables - 61
Loan and Lease Receivables - Summary of Changes in Accretable Yield for Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Receivables [Abstract] | ||||
Beginning balance | $ 34,744 | $ 40,720 | $ 36,868 | $ 43,915 |
Accretion to interest income | (8,816) | (6,465) | (16,603) | (14,212) |
Reclassification from nonaccretable difference | 11,691 | 1,408 | 17,354 | 5,960 |
Ending balance | $ 37,619 | $ 35,663 | $ 37,619 | $ 35,663 |
Loan and Lease Receivables - 62
Loan and Lease Receivables - Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-impaired Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | $ 2,149,390 | $ 2,148,011 | $ 1,603,619 |
Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 444,307 | 481,369 | |
Loans and leases | 424,818 | 462,086 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 829,189 | 796,344 | 534,225 |
Commercial Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 242,272 | 259,055 | |
Loans and leases | 233,855 | 250,289 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 584,716 | 610,738 | 628,980 |
Residential Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 38,234 | 41,282 | |
Loans and leases | 37,822 | 40,853 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 92,635 | 140,766 | 77,219 |
Construction, Land Development, and Other Land | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 3,253 | 14,619 | |
Loans and leases | 3,187 | 14,430 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 468,174 | 438,238 | 222,257 |
Commercial and Industrial | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 117,463 | 125,806 | |
Loans and leases | 107,433 | 115,677 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 3,515 | 2,959 | 1,641 |
Installment and Other | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 353 | 402 | |
Loans and leases | 365 | 364 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 171,161 | 158,966 | $ 139,297 |
Lease Financing Receivables | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 42,732 | 40,205 | |
Loans and leases | $ 42,156 | $ 40,473 |
Allowance for Loan and Lease 63
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Allowance for Loan and Lease Losses and Corresponding Loan and Lease Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Allowance for loan and lease losses | |||||||
Beginning balance | $ 11,817 | $ 7,903 | $ 10,923 | $ 7,632 | |||
Provisions | 3,515 | 1,152 | 5,406 | 3,665 | |||
Charge-offs | (1,733) | (2,809) | (3,023) | (5,180) | |||
Recoveries | 370 | 244 | 663 | 373 | |||
Ending balance | 13,969 | 6,490 | 13,969 | 6,490 | |||
Ending balance: | |||||||
Individually evaluated for impairment | $ 2,635 | $ 2,284 | |||||
Collectively evaluated for impairment | 8,080 | 2,608 | |||||
Allowance for loan and lease losses | 13,969 | 7,903 | 13,969 | 6,490 | 13,969 | $ 10,923 | 6,490 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 13,919 | 11,405 | |||||
Collectively evaluated for impairment | 1,766,176 | 1,189,436 | |||||
Total loans and leases | 2,149,390 | 2,148,011 | 1,603,619 | ||||
Receivables Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 3,254 | 1,598 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 369,295 | 402,778 | |||||
Commercial Real Estate | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 2,047 | 2,391 | 1,945 | 2,280 | |||
Provisions | 1,674 | 1,759 | 2,014 | 3,023 | |||
Charge-offs | (53) | (2,031) | (291) | (3,184) | |||
Ending balance | 3,668 | 2,119 | 3,668 | 2,119 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 396 | 1,309 | |||||
Collectively evaluated for impairment | 1,550 | 503 | |||||
Allowance for loan and lease losses | 2,047 | 2,391 | 3,668 | 2,119 | 3,668 | 1,945 | 2,119 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 8,675 | 7,434 | |||||
Collectively evaluated for impairment | 632,353 | 333,580 | |||||
Total loans and leases | 829,189 | 796,344 | 534,225 | ||||
Commercial Real Estate | Receivables Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 1,722 | 307 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 188,161 | 193,211 | |||||
Residential Real Estate | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 2,417 | 2,950 | 2,483 | 2,981 | |||
Provisions | (453) | (1,523) | (452) | (1,021) | |||
Charge-offs | (129) | (124) | (196) | (657) | |||
Ending balance | 1,835 | 1,303 | 1,835 | 1,303 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 275 | 352 | |||||
Collectively evaluated for impairment | 1,219 | 393 | |||||
Allowance for loan and lease losses | 2,417 | 2,950 | 1,835 | 1,303 | 1,835 | 2,483 | 1,303 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 1,271 | 3,277 | |||||
Collectively evaluated for impairment | 421,096 | 431,915 | |||||
Total loans and leases | 584,716 | 610,738 | 628,980 | ||||
Residential Real Estate | Receivables Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 341 | 558 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 162,349 | 193,788 | |||||
Construction, Land Development, and Other Land | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 417 | 322 | 742 | 232 | |||
Provisions | (90) | 167 | (415) | 257 | |||
Ending balance | 327 | 489 | 327 | 489 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 137 | ||||||
Collectively evaluated for impairment | 302 | 304 | |||||
Allowance for loan and lease losses | 417 | 322 | 327 | 489 | 327 | 742 | 489 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 565 | 208 | |||||
Collectively evaluated for impairment | 86,240 | 68,858 | |||||
Total loans and leases | 92,635 | 140,766 | 77,219 | ||||
Construction, Land Development, and Other Land | Receivables Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 25 | 48 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 5,830 | 8,153 | |||||
Commercial and Industrial | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 4,836 | 1,349 | 4,196 | 1,403 | |||
Provisions | 1,637 | 195 | 2,492 | 144 | |||
Charge-offs | (784) | (72) | (999) | (75) | |||
Ending balance | 5,689 | 1,472 | 5,689 | 1,472 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 1,638 | 157 | |||||
Collectively evaluated for impairment | 2,898 | 665 | |||||
Allowance for loan and lease losses | 4,836 | 1,349 | 5,689 | 1,472 | 5,689 | 4,196 | 1,472 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 3,081 | 157 | |||||
Collectively evaluated for impairment | 452,693 | 215,155 | |||||
Total loans and leases | 468,174 | 438,238 | 222,257 | ||||
Commercial and Industrial | Receivables Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 1,153 | 650 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 12,400 | 6,945 | |||||
Installment and Other | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 331 | 362 | 334 | 357 | |||
Provisions | 13 | 6 | 10 | 11 | |||
Charge-offs | (1) | (1) | |||||
Ending balance | 344 | 367 | 344 | 367 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 326 | 329 | |||||
Collectively evaluated for impairment | 5 | 3 | |||||
Allowance for loan and lease losses | 331 | 362 | 344 | 367 | 344 | 334 | 367 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 327 | 329 | |||||
Collectively evaluated for impairment | 2,633 | 631 | |||||
Total loans and leases | 3,515 | 2,959 | 1,641 | ||||
Installment and Other | Receivables Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 13 | 35 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 555 | 681 | |||||
Lease Financing Receivables | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 1,769 | 529 | 1,223 | 379 | |||
Provisions | 734 | 548 | 1,757 | 1,251 | |||
Charge-offs | (767) | (581) | (1,537) | (1,263) | |||
Recoveries | 370 | 244 | 663 | 373 | |||
Ending balance | 2,106 | 740 | 2,106 | 740 | |||
Ending balance: | |||||||
Collectively evaluated for impairment | 2,106 | 740 | |||||
Allowance for loan and lease losses | $ 1,769 | $ 529 | $ 2,106 | $ 740 | 2,106 | 1,223 | 740 |
Loans and leases ending balance: | |||||||
Collectively evaluated for impairment | 171,161 | 139,297 | |||||
Total loans and leases | $ 171,161 | $ 158,966 | $ 139,297 |
Allowance for Loan and Lease 64
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Loans And Leases Receivable Disclosure [Line Items] | |||||
Increase (decrease) in allowance for loan and lease losses | $ 2,200,000 | $ (1,400,000) | $ 3,000,000 | $ (1,100,000) | |
Recorded investment in troubled debt restructurings | 1,500,000 | 1,500,000 | $ 1,200,000 | ||
Commitments outstanding on troubled debt restructurings | 0 | 0 | 0 | ||
Recorded investment in troubled debt restructurings that subsequently defaulted within twelve months | $ 0 | $ 0 | 477,000 | ||
Number of loans modified under troubled debt restructuring | Loan | 0 | 0 | |||
Reserve for unfunded commitments | $ 733,000 | $ 733,000 | 760,000 | ||
Provisions for unfunded commitments | (27,000) | 70,000 | |||
Charge-offs or recoveries related to reserve for unfunded commitments | 0 | $ 0 | |||
Acquired Impaired Loans | |||||
Loans And Leases Receivable Disclosure [Line Items] | |||||
Increase (decrease) in allowance for loan and lease losses | $ 1,500,000 | $ (1,900,000) | $ 1,600,000 | $ (1,700,000) |
Allowance for Loan and Lease 65
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired (Details) - Loans Excluding Acquired Impaired Loans - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment | $ 13,919 | $ 11,926 |
Unpaid Principal Balance | 15,660 | 13,783 |
Related Allowance | 2,635 | 1,017 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 4,672 | 8,916 |
Recorded Investment, With an allowance recorded | 4,003 | |
Unpaid Principal Balance, With no related allowance recorded | 5,183 | 9,502 |
Unpaid Principal Balance, With an allowance recorded | 4,003 | |
Related Allowance | 396 | |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 800 | 804 |
Recorded Investment, With an allowance recorded | 471 | 496 |
Unpaid Principal Balance, With no related allowance recorded | 1,780 | 1,999 |
Unpaid Principal Balance, With an allowance recorded | 468 | 528 |
Related Allowance | 275 | 293 |
Construction, Land Development, and Other Land | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 565 | |
Unpaid Principal Balance, With no related allowance recorded | 565 | |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 521 | |
Recorded Investment, With an allowance recorded | 3,081 | 861 |
Unpaid Principal Balance, With no related allowance recorded | 524 | |
Unpaid Principal Balance, With an allowance recorded | 3,351 | 869 |
Related Allowance | 1,638 | 396 |
Installment and Other | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With an allowance recorded | 327 | 328 |
Unpaid Principal Balance, With an allowance recorded | 310 | 361 |
Related Allowance | $ 326 | $ 328 |
Allowance for Loan and Lease 66
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Average Recorded Investment and Interest Income Recognized for Loans and Leases Considered Impaired (Details) - Loans Excluding Acquired Impaired Loans - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 9,834 | $ 8,337 |
Interest Income Recognized | 556 | 192 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 4,573 | 2,283 |
Average Recorded Investment, With an allowance recorded | 667 | 3,356 |
Interest Income Recognized, With no related allowance recorded | 199 | 121 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 578 | 1,478 |
Average Recorded Investment, With an allowance recorded | 240 | 379 |
Interest Income Recognized, With no related allowance recorded | 24 | 56 |
Interest Income Recognized, With an allowance recorded | 3 | 5 |
Construction, Land Development, and Other Land | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 364 | |
Average Recorded Investment, With an allowance recorded | 87 | 249 |
Interest Income Recognized, With no related allowance recorded | 15 | |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 1,119 | |
Average Recorded Investment, With an allowance recorded | 2,047 | 196 |
Interest Income Recognized, With no related allowance recorded | 43 | |
Interest Income Recognized, With an allowance recorded | 263 | 1 |
Installment and Other | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With an allowance recorded | 159 | 396 |
Interest Income Recognized, With an allowance recorded | $ 9 | $ 9 |
Allowance for Loan and Lease 67
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 2,149,390 | $ 2,148,011 | $ 1,603,619 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 829,189 | 796,344 | 534,225 |
Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 584,716 | 610,738 | 628,980 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 92,635 | 140,766 | 77,219 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 468,174 | 438,238 | 222,257 |
Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,515 | 2,959 | 1,641 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 171,161 | 158,966 | $ 139,297 |
Loans Excluding Acquired Impaired Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,780,095 | 1,743,974 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 641,028 | 589,041 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 422,367 | 435,021 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 86,805 | 133,787 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 455,774 | 424,774 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,960 | 2,385 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 171,161 | 158,966 | |
Loans Excluding Acquired Impaired Loans | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,621,478 | 1,614,595 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 584,245 | 536,499 | |
Loans Excluding Acquired Impaired Loans | Pass | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 408,626 | 419,880 | |
Loans Excluding Acquired Impaired Loans | Pass | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 74,333 | 129,732 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 382,294 | 369,136 | |
Loans Excluding Acquired Impaired Loans | Pass | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,629 | 2,052 | |
Loans Excluding Acquired Impaired Loans | Pass | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 169,351 | 157,296 | |
Loans Excluding Acquired Impaired Loans | Watch | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 121,510 | 105,689 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 36,781 | 38,707 | |
Loans Excluding Acquired Impaired Loans | Watch | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 8,407 | 10,885 | |
Loans Excluding Acquired Impaired Loans | Watch | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 9,777 | 2,897 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 66,240 | 52,872 | |
Loans Excluding Acquired Impaired Loans | Watch | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3 | 4 | |
Loans Excluding Acquired Impaired Loans | Watch | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 302 | 324 | |
Loans Excluding Acquired Impaired Loans | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 14,578 | 11,422 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 7,452 | 5,377 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,113 | 3,116 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,130 | 1,158 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,534 | 1,258 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1 | 1 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 348 | 512 | |
Loans Excluding Acquired Impaired Loans | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 22,296 | 12,173 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 12,550 | 8,458 | |
Loans Excluding Acquired Impaired Loans | Substandard | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,221 | 1,140 | |
Loans Excluding Acquired Impaired Loans | Substandard | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 565 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 5,706 | 1,508 | |
Loans Excluding Acquired Impaired Loans | Substandard | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 327 | 328 | |
Loans Excluding Acquired Impaired Loans | Substandard | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 927 | 739 | |
Loans Excluding Acquired Impaired Loans | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 233 | 95 | |
Loans Excluding Acquired Impaired Loans | Doubtful | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 233 | $ 95 |
Allowance for Loan and Lease 68
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Contractual Delinquency Information (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | $ 2,149,390 | $ 2,148,011 | $ 1,603,619 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 829,189 | 796,344 | 534,225 |
Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 584,716 | 610,738 | 628,980 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 92,635 | 140,766 | 77,219 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 468,174 | 438,238 | 222,257 |
Installment and Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 3,515 | 2,959 | 1,641 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 171,161 | 158,966 | $ 139,297 |
Acquired Non-Impaired and Originated Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 22,805 | 20,882 | |
Non-accrual | 15,296 | 6,784 | |
Current | 1,757,290 | 1,723,092 | |
Total loans and leases | 1,780,095 | 1,743,974 | |
Acquired Non-Impaired and Originated Loans | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,892 | 12,686 | |
Acquired Non-Impaired and Originated Loans | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 4,617 | 1,412 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 12,329 | 7,527 | |
Non-accrual | 8,701 | 3,935 | |
Current | 628,699 | 581,514 | |
Total loans and leases | 641,028 | 589,041 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 172 | 2,944 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,456 | 648 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,382 | 1,361 | |
Non-accrual | 2,156 | 1,118 | |
Current | 418,985 | 433,660 | |
Total loans and leases | 422,367 | 435,021 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,215 | 243 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 11 | ||
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 565 | 1,363 | |
Non-accrual | 565 | ||
Current | 86,240 | 132,424 | |
Total loans and leases | 86,805 | 133,787 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,363 | ||
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 4,076 | 7,398 | |
Non-accrual | 2,860 | 958 | |
Current | 451,698 | 417,376 | |
Total loans and leases | 455,774 | 424,774 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 249 | 6,066 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 967 | 374 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 327 | 328 | |
Non-accrual | 327 | 328 | |
Current | 2,633 | 2,057 | |
Total loans and leases | 2,960 | 2,385 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,126 | 2,905 | |
Non-accrual | 687 | 445 | |
Current | 169,035 | 156,061 | |
Total loans and leases | 171,161 | 158,966 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,256 | 2,070 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 183 | $ 390 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,059,970 | $ 1,017,928 |
SBA | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 971,316 | 911,803 |
USDA | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 88,654 | $ 106,125 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Transfers And Servicing [Abstract] | |
Beginning balance | $ 21,091 |
Additions, net | 2,948 |
Changes in fair value | (2,615) |
Ending balance | $ 21,424 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Transfers And Servicing [Abstract] | ||
Servicing fees | $ 1,076 | $ 1,995 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Banking And Thrift [Abstract] | ||
Other real estate owned, beginning balance | $ 16,570 | $ 26,715 |
Net additions to OREO | 2,490 | 2,442 |
Proceeds from the sales of OREO | (7,520) | (10,096) |
Gains on sales of OREO | 1,464 | 439 |
Valuation adjustments | (320) | (606) |
Other real estate owned, ending balance | $ 12,684 | $ 18,894 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Residential mortgage loans in process of foreclosure | $ 3.3 | $ 2.7 |
Goodwill, Core Deposit Intang74
Goodwill, Core Deposit Intangible and Other Intangible Assets - Summary of Changes in Goodwill and Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
Beginning balance, Goodwill | $ 51,975 | $ 25,688 | ||
Ending balance, Goodwill | $ 51,975 | $ 25,688 | 51,975 | 25,688 |
Amortization or accretion | (769) | (748) | (1,538) | (1,495) |
Core Deposit Intangible | ||||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
Beginning balance | 19,776 | 22,275 | ||
Amortization or accretion | (1,529) | (1,485) | ||
Ending balance | 18,247 | 20,790 | 18,247 | 20,790 |
Accumulated amortization or accretion | $ 11,939 | $ 8,910 | $ 11,939 | $ 8,910 |
Weighted average remaining amortization or accretion period | 6 years 1 month 6 days | 7 years |
Goodwill, Core Deposit Intang75
Goodwill, Core Deposit Intangible and Other Intangible Assets - Additional Information (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Other intangible assets, net | $ 18,290,000 | $ 19,826,000 |
Trademark | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Other intangible assets, net | $ 43,000 | $ 50,000 |
Goodwill, Core Deposit Intang76
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible and Other Intangible Assets Recognized (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,017 | $ 1,535 |
2,018 | 3,060 |
2,019 | 3,050 |
2,020 | 3,027 |
2,021 | 3,017 |
Thereafter | 4,601 |
Total | $ 18,290 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 40.50% | (22.80%) | ||
Reversal of valuation allowance on net deferred tax assets | $ 61.9 | |||
Increase (decrease) in deferred tax asset | $ (9) | |||
Deferred tax assets, net | $ 67.8 | $ 58.8 | $ 67.8 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Non-interest bearing demand deposits | $ 781,636 | $ 724,457 |
Interest bearing checking accounts | 182,351 | 173,929 |
Money market demand accounts | 353,304 | 369,074 |
Other savings | 445,220 | 446,418 |
Time deposits (below $100,000) | 395,385 | 392,854 |
Time deposits ($100,000 and above) | 382,702 | 383,662 |
Total deposits | $ 2,540,598 | $ 2,490,394 |
Deposits - Additional Informati
Deposits - Additional Information - (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Brokered deposits | $ 5.3 | $ 30.8 |
Time deposits 250000 or more | $ 97.2 | $ 117.4 |
Federal Home Loan Bank Advanc80
Federal Home Loan Bank Advances - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank advances, acquisition accounting adjustments | $ 124,000 | $ 228,000 |
Additional borrowing capacity from FHLB | $ 931,800,000 | 647,900,000 |
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35.00% | |
Federal home loan bank, advances, putable option | $ 219,611,000 | $ 313,715,000 |
Ridgestone | ||
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank, advances, putable option | $ 1,500,000 | |
Minimum | ||
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank advances, Interest rate | 1.20% | |
Federal home loan bank fixed fate advances, maturity date | 2017-07 | |
Maximum | ||
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank advances, Interest rate | 3.22% | |
Federal home loan bank fixed fate advances, maturity date | 2018-02 |
Federal Home Loan Bank Advanc81
Federal Home Loan Bank Advances - Summary of FHLB Advances Including Acquisition Accounting Adjustments Along with Weighted Average Costs and Scheduled Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank advances | $ 219,611 | $ 313,715 |
Weighted average cost | 1.31% | 0.73% |
2,017 | $ 210,000 | |
2,018 | 9,611 | |
Total | $ 219,611 | $ 313,715 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 32,429 | $ 17,249 |
Line of credit | 16,150 | 20,650 |
Total | $ 48,579 | $ 37,899 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 13, 2016 | |
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, amount | $ 16,150,000 | $ 20,650,000 | ||
Repayment of lines of credit | 4,500,000 | |||
Short-term credit lines available for use, outstanding | $ 0 | $ 0 | ||
Ridgestone | The PrivateBank and Trust Company | Credit agreement | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, amount | $ 30,000,000 | |||
Line of credit facility, commitment fee payable | $ 300,000 | |||
Line of credit facility, maturity date | Oct. 12, 2017 | |||
Line of credit facility, interest rate | 4.25% | 3.75% | ||
Subsequent Event | ||||
Line Of Credit Facility [Line Items] | ||||
Repayment of lines of credit | $ 16,150,000 |
Other Borrowings - Summary of S
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Federal Reserve Bank of Chicago Discount Window Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 144,297 | $ 110,600 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 40,000 | $ 20,000 |
Junior Subordinated Debenture85
Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | $ 36,500 | $ 36,500 |
Total liability, at carrying value | 27,309 | 26,926 |
Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 35,000 | 35,000 |
RidgeStone Capital Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 1,500 | 1,500 |
Junior Subordinated Debentures | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Discount | $ (9,191) | $ (9,574) |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 17, 2034 | |
Contractual Rate | 4.06% | 3.78% |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 2.79% | |
Junior Subordinated Debentures | RidgeStone Capital Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Jun. 30, 2033 | |
Contractual Rate | 5.09% | 5.09% |
Junior Subordinated Debentures | RidgeStone Capital Trust I | Five-year LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Five-year LIBOR | |
Interest Rate Spread | 3.50% |
Junior Subordinated Debenture86
Junior Subordinated Debentures - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 36,500,000 | $ 36,500,000 |
Accrued interest payable | 1,562,000 | 2,427,000 |
Metropolitan Statutory Trust 1 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 35,000,000 | $ 35,000,000 |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Contractual rate | 4.06% | 3.78% |
Accrued interest payable | $ 49,000 | $ 50,000 |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | Three-month LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate spread | 2.79% | |
RidgeStone Capital Trust I | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,500,000 | $ 1,500,000 |
RidgeStone Capital Trust I | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Contractual rate | 5.09% | 5.09% |
Accrued interest payable | $ 0 | $ 0 |
RidgeStone Capital Trust I | Junior Subordinated Debentures | Five-year LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate spread | 3.50% |
Commitments and Contingent Li87
Commitments and Contingent Liabilities - Summary of Minimum Annual Rental Commitments for Operating Leases (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 1,500 |
2,018 | 2,669 |
2,019 | 2,315 |
2,020 | 1,815 |
2,021 | 1,568 |
Thereafter | 2,799 |
Total | $ 12,666 |
Commitments and Contingent Li88
Commitments and Contingent Liabilities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Violation | Jun. 30, 2016USD ($) | |
Commitments And Contingencies Liabilities [Line Items] | ||||
Rental expenses | $ 1,200,000 | $ 891,000 | $ 2,300,000 | $ 1,800,000 |
Sublease income | $ 170,000 | $ 183,000 | $ 360,000 | $ 364,000 |
Number of violations of conditions established to extend credit commitments. | Violation | 0 | |||
Fixed rate loan commitments maturity year | 2,026 | |||
Variable rate loan commitments maturity year | 2,042 | |||
Maximum | ||||
Commitments And Contingencies Liabilities [Line Items] | ||||
Commitments to make loans period | 90 days | |||
Loan commitments fixed interest rate | 19.50% | 19.50% | ||
Loan commitments variable interest rate | 9.75% | 9.75% | ||
Minimum | ||||
Commitments And Contingencies Liabilities [Line Items] | ||||
Loan commitments fixed interest rate | 2.05% | 2.05% | ||
Loan commitments variable interest rate | 2.45% | 2.45% |
Commitments and Contingent Li89
Commitments and Contingent Liabilities - Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 44,923 | $ 38,791 |
Variable Rate | 398,432 | 337,063 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 44,068 | 37,731 |
Variable Rate | 394,622 | 332,928 |
Standby Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 855 | 1,060 |
Variable Rate | $ 3,810 | $ 4,135 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | $ 591,933 | $ 608,560 |
Servicing assets, at fair value | 21,424 | 21,091 |
Derivative assets | 3,929 | |
Derivative liabilities | 1,373 | |
U.S. Treasury Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 14,924 | 14,920 |
U.S. Government Agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 59,189 | 58,857 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 24,930 | 16,059 |
Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 25,569 | 17,329 |
Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 4,675 | 4,847 |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Servicing assets, at fair value | 21,424 | 21,091 |
Derivative assets | 3,929 | 4,317 |
Derivative liabilities | 1,373 | 559 |
Fair Value, Measurements, Recurring | U.S. Treasury Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 14,924 | 14,920 |
Fair Value, Measurements, Recurring | U.S. Government Agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 59,189 | 58,857 |
Fair Value, Measurements, Recurring | Obligations of States, Municipalities, and Political Subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 24,930 | 16,059 |
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 338,524 | 368,160 |
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Non-Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 18,901 | 19,933 |
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 73,969 | 77,403 |
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Non-Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 31,252 | 31,052 |
Fair Value, Measurements, Recurring | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 25,569 | 17,329 |
Fair Value, Measurements, Recurring | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 4,675 | 4,847 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 14,924 | 14,920 |
Fair Value, Measurements, Recurring | Level 1 | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 1,938 | 1,938 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,929 | 4,317 |
Derivative liabilities | 1,373 | 559 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government Agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 59,189 | 58,857 |
Fair Value, Measurements, Recurring | Level 2 | Obligations of States, Municipalities, and Political Subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 24,380 | 15,509 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 338,524 | 368,160 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Non-Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 18,901 | 19,933 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 73,969 | 77,403 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Non-Agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 31,252 | 31,052 |
Fair Value, Measurements, Recurring | Level 2 | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 25,569 | 17,329 |
Fair Value, Measurements, Recurring | Level 2 | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 2,210 | 2,379 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Servicing assets, at fair value | 21,424 | 21,091 |
Fair Value, Measurements, Recurring | Level 3 | Obligations of States, Municipalities, and Political Subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | 550 | 550 |
Fair Value, Measurements, Recurring | Level 3 | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value | $ 527 | $ 530 |
Fair Value Measurement - Summ91
Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Investment Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance, beginning of period | $ 1,080 |
Amortization | 2 |
Change in unrealized loss | (5) |
Balance, end of period | 1,077 |
Servicing Assets | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance, beginning of period | 21,091 |
Additions, net | 2,948 |
Change in fair value | (2,615) |
Balance, end of period | $ 21,424 |
Fair Value Measurement - Summ92
Fair Value Measurement - Summary of Unobservable Inputs Used in Fair Value Measurements on Recurring Basis Categorized Within Level 3 of Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring - Level 3 | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Obligations of States, Municipalities, and Political Subdivisions | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation Technique | Discounted cash flow |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Single Issuer Trust Preferred | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation Technique | Discounted cash flow |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Servicing Assets | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation Technique | Discounted cash flow |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Discount rate | 8.90% |
Expected weighted average loan life | 1 month 6 days |
Minimum | Obligations of States, Municipalities, and Political Subdivisions | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Probability of default | 2.00% |
Minimum | Single Issuer Trust Preferred | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Probability of default | 7.50% |
Minimum | Servicing Assets | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Prepayment speed | 2.00% |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Discount rate | 15.40% |
Expected weighted average loan life | 11 years 1 month 6 days |
Maximum | Obligations of States, Municipalities, and Political Subdivisions | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Probability of default | 2.40% |
Maximum | Single Issuer Trust Preferred | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Probability of default | 9.90% |
Maximum | Servicing Assets | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Prepayment speed | 9.00% |
Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Discount rate | 12.50% |
Expected weighted average loan life | 6 years 1 month 6 days |
Weighted Average | Obligations of States, Municipalities, and Political Subdivisions | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Probability of default | 2.20% |
Weighted Average | Single Issuer Trust Preferred | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Probability of default | 8.90% |
Weighted Average | Servicing Assets | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Prepayment speed | 7.60% |
Fair Value Measurement - Summ93
Fair Value Measurement - Summary of Assets Measured at Fair Value on Non-recurring Basis, Excluding Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 8,279 | $ 8,916 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 996 | 1,007 |
Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 565 | |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,443 | 986 |
Installment and Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1 | |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 12,684 | 16,570 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 13,666 | 14,748 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 8,279 | 8,916 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 996 | 1,007 |
Level 3 | Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 565 | |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,443 | 986 |
Level 3 | Installment and Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1 | |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 12,684 | 16,570 |
Level 3 | Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 13,666 | $ 14,748 |
Fair Value Measurement - Summ94
Fair Value Measurement - Summary of Valuation Technique, Unobservable Inputs and Qualitative Information of Assets and Liabilities Measured at Fair Value on Non-recurring Basis (Details) - Level 3 - Fair Value Measurements, Non-recurring | 6 Months Ended |
Jun. 30, 2017 | |
Impaired Loans | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Valuation Technique | Appraisals |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Impaired Loans | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Appraisal adjustments, sales costs and other discount adjsutments for market conditions | 6.00% |
Impaired Loans | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Appraisal adjustments, sales costs and other discount adjsutments for market conditions | 10.00% |
Asset Held For Sale | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Valuation Technique | List price, contract price |
Appraisal adjustments, sales costs and other discount adjsutments for market conditions | 7.00% |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Other Real Estate Owned | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Valuation Technique | Appraisals |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Other Real Estate Owned | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Appraisal adjustments, sales costs and other discount adjsutments for market conditions | 7.00% |
Other Real Estate Owned | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Appraisal adjustments, sales costs and other discount adjsutments for market conditions | 20.00% |
Fair Value Measurement - Summ95
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments and Levels Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Cash and due from banks | $ 17,740 | $ 17,735 |
Interest bearing deposits with other banks | 62,081 | 28,798 |
Securities held-to-maturity, fair value | 127,752 | 138,082 |
Restricted stock, at cost | 11,978 | 14,993 |
Loans held for sale | 6,835 | 23,976 |
Loans and lease receivables, net | 2,135,421 | 2,137,088 |
Accrued interest receivable | 6,961 | 6,866 |
Financial liabilities | ||
Line of credit | 16,150 | 20,650 |
Federal Home Loan Bank advances | 219,611 | 313,715 |
Securities sold under agreements to repurchase | 32,429 | 17,249 |
Junior subordinated debentures issued to capital trusts, net | 27,309 | 26,926 |
Carrying Amount | Level 1 | ||
Financial assets | ||
Cash and due from banks | 17,740 | 17,735 |
Carrying Amount | Level 2 | ||
Financial assets | ||
Interest bearing deposits with other banks | 62,081 | 28,798 |
Securities held-to-maturity, fair value | 127,397 | 138,846 |
Restricted stock, at cost | 11,978 | 14,993 |
Financial liabilities | ||
Non-interest bearing deposits | 781,636 | 724,457 |
Interest bearing deposits | 1,758,962 | 1,765,937 |
Accrued interest payable | 1,562 | 2,427 |
Line of credit | 16,150 | 20,650 |
Federal Home Loan Bank advances | 219,611 | 313,715 |
Securities sold under agreements to repurchase | 32,429 | 17,249 |
Carrying Amount | Level 3 | ||
Financial assets | ||
Loans held for sale | 6,835 | 23,976 |
Loans and lease receivables, net | 2,135,421 | 2,137,088 |
Accrued interest receivable | 6,961 | 6,866 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | 27,309 | 26,926 |
Estimated Fair Value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 17,740 | 17,735 |
Estimated Fair Value | Level 2 | ||
Financial assets | ||
Interest bearing deposits with other banks | 62,115 | 28,798 |
Securities held-to-maturity, fair value | 127,752 | 138,082 |
Restricted stock, at cost | 11,978 | 14,993 |
Financial liabilities | ||
Non-interest bearing deposits | 744,684 | 724,457 |
Interest bearing deposits | 1,715,482 | 1,723,941 |
Accrued interest payable | 1,562 | 2,427 |
Line of credit | 16,150 | 20,650 |
Federal Home Loan Bank advances | 219,579 | 313,646 |
Securities sold under agreements to repurchase | 32,429 | 17,249 |
Estimated Fair Value | Level 3 | ||
Financial assets | ||
Loans held for sale | 7,607 | 26,487 |
Loans and lease receivables, net | 2,066,673 | 2,068,157 |
Accrued interest receivable | 6,961 | 6,866 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | $ 26,080 | $ 26,943 |
Derivative Instruments and He96
Derivative Instruments and Hedge Activities - Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 329,622,000 | $ 151,213,000 |
Other assets | 3,929,000 | 4,317,000 |
Other Liabilities | 1,373,000 | 559,000 |
Other Interest Rate Swaps | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 79,622,000 | |
Other assets | 649,000 | |
Other Liabilities | 639,000 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 250,000,000 | 100,000,000 |
Other assets | 3,280,000 | 3,719,000 |
Other Liabilities | 734,000 | |
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Swaps | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 79,622,000 | 51,213,000 |
Other assets | 649,000 | 598,000 |
Other Liabilities | $ 639,000 | $ 559,000 |
Derivative Instruments and He97
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Derivative notional amount | $ 329,622,000 | $ 329,622,000 | $ 151,213,000 |
Unrealized gain (loss) to be reclassified as an increase to interest expense during the next twelve months | (448,000) | (448,000) | |
Credit valuation adjustment decrease to non-interest income | (17,000) | (30,000) | |
Other Interest Rate Swaps | |||
Derivative [Line Items] | |||
Derivative notional amount | 79,622,000 | $ 79,622,000 | |
Derivative maturity date, start year | Jan. 31, 2020 | ||
Derivative maturity date, end year | Apr. 30, 2027 | ||
Derivative instruments transaction fees | 65,000 | $ 179,000 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative notional amount | 250,000,000 | 250,000,000 | $ 100,000,000 |
Federal Home Loan Bank Advances | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Interest expense on swap transaction | 213,000 | 267,000 | |
Federal Home Loan Bank Advances | Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 250,000,000 | $ 250,000,000 |
Derivative Instruments and He98
Derivative Instruments and Hedge Activities - Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments (Details) - Interest Rate Swaps $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Derivative [Line Items] | |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $ (1,425) |
Amount of Loss Reclassified from OCI to Income as an Increase to Interest Expense | $ (267) |
Derivative Instruments and He99
Derivative Instruments and Hedge Activities - Summary of Other Interest Rate Swaps (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Amount | $ 329,622,000 | $ 151,213,000 |
Derivative assets fair value | 3,929,000 | 4,317,000 |
Derivative liabilities fair value | 1,373,000 | $ 559,000 |
Other Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 79,622,000 | |
Derivative assets fair value | 649,000 | |
Derivative liabilities fair value | $ 639,000 | |
Weighted average pay rates | 4.23% | |
Weighted average receive rates | 3.45% | |
Weighted average maturity | 6 years 6 months |
Derivative Instruments and H100
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Derivative assets fair value | $ 3,929 | $ 4,317 |
Net amount presented in the Consolidated Statements of Financial Condition | 3,929 | |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (859) | |
Collateral posted | (2,492) | |
Net credit exposure | 578 | |
Derivative liabilities fair value | 1,373 | $ 559 |
Net amount presented in the Consolidated Statements of Financial Condition | 1,373 | |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (859) | |
Collateral posted | (507) | |
Net credit exposure | $ 7 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
Stock Options | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 1,798,223 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 6,146 | $ 2,601 | $ 12,706 | $ 1,249 |
Dividends on preferred shares | 10,697 | 10,886 | ||
INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON STOCKHOLDERS | $ (4,551) | $ 2,601 | $ 1,820 | $ 1,249 |
Weighted-average common stock outstanding: | ||||
Weighted average common shares outstanding for basic earnings (loss) per common share | 24,667,587 | 19,487,778 | 24,642,287 | 18,505,002 |
Incremental shares | 254,072 | 464,600 | 254,072 | |
Weighted-average common stock outstanding (dilutive) | 24,667,587 | 19,741,850 | 25,106,887 | 18,759,074 |
Basic earnings (loss) per common share | $ (0.18) | $ 0.13 | $ 0.07 | $ 0.07 |
Diluted earnings (loss) per common share | $ (0.18) | $ 0.13 | $ 0.07 | $ 0.07 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Class Of Stock [Line Items] | ||
Common stock, voting par value | $ 0.01 | |
Common stock, voting shares authorized | 150,000,000 | 150,000,000 |
Common stock, voting shares issued | 29,246,900 | 24,616,706 |
Common stock, voting shares outstanding | 29,246,900 | 24,616,706 |
Series A Non-cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | $ 0.01 |
Shares authorized | 15,003 | 15,003 |
Shares issued | 15,003 | 15,003 |
Shares outstanding | 15,003 | 15,003 |
Series B 7.5% Fixed Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | $ 0.01 |
Shares authorized | 50,000 | 50,000 |
Shares issued | 10,438 | 9,388 |
Subscription receivable | 1,050 | |
Shares outstanding | 10,438 | 9,388 |
Stockholders' Equity - Summa104
Stockholders' Equity - Summary of Preferred and Common Stock (Parenthetical) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Series B 7.5% Fixed Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred stock, dividend rate, percentage | 7.50% | 7.50% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Jul. 14, 2017USD ($) | Jul. 06, 2017USD ($) | Jun. 16, 2017$ / sharesshares | Jun. 14, 2017shares | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares | Dec. 31, 2016$ / shares | Jan. 30, 2017shares |
Class Of Stock [Line Items] | ||||||||
Dividends declared and paid | $ 385,000 | |||||||
Common stock, par value | $ / shares | $ 0.01 | |||||||
Proceeds from issuance of common stock | $ 35,018,000 | |||||||
Merger transaction, the number of shares into which each share of common stock issued and outstanding prior to merger was converted | 0.20 | |||||||
Merger transaction, number of fractional shares issued | shares | 0 | |||||||
Repurchase of shares | $ 15,003,000 | |||||||
Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Issuance of common stock, net of issuance cost, shares | shares | 4,630,194 | 2,155,003 | ||||||
Issuance of common stock, price per share | $ / shares | $ 19 | |||||||
Under Writer | Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Issuance of common stock, net of issuance cost, shares | shares | 855,000 | |||||||
Issuance of common stock, price per share | $ / shares | $ 19 | |||||||
Subsequent Event | ||||||||
Class Of Stock [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 82,700,000 | |||||||
Series B Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Preferred stock, dividend rate, percentage | 7.50% | |||||||
Preferred stock, liquidation preference per share | $ / shares | $ 1,000 | |||||||
Preferred stock, shares issued | shares | 1,050 | |||||||
Dividends declared and paid | $ 385,000 | |||||||
Series A | ||||||||
Class Of Stock [Line Items] | ||||||||
Preferred stock, liquidation preference per share | $ / shares | $ 1,000 | |||||||
Shares of common stock used to determine cash value of repurchase | shares | 89.469 | |||||||
Dividends Payable | $ 10,500,000 | |||||||
Series A | Subsequent Event | ||||||||
Class Of Stock [Line Items] | ||||||||
Repurchase of shares | $ 25,500,000 |