Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | FIRST BANCSHARES INC /MS/ |
Entity Central Index Key | 947,559 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Trading Symbol | FBMS |
Entity Common Stock, Shares Outstanding | 5,454,511 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 47,945 | $ 23,635 |
Interest-bearing deposits with banks | 19,774 | 17,303 |
Federal funds sold | 2,395 | 321 |
Total cash and cash equivalents | 70,114 | 41,259 |
Securities held-to-maturity, at amortized cost | 6,000 | 7,092 |
Securities available-for-sale, at fair value | 236,168 | 239,732 |
Other securities | 9,516 | 8,135 |
Total securities | 251,684 | 254,959 |
Loans held for sale | 9,437 | 3,974 |
Loans | 854,366 | 772,515 |
Allowance for loan losses | (7,481) | (6,747) |
Loans, net | 856,322 | 769,742 |
Premises and equipment | 33,427 | 33,623 |
Interest receivable | 4,014 | 3,953 |
Cash surrender value of life insurance | 21,106 | 14,872 |
Goodwill | 13,776 | 13,776 |
Other real estate owned | 4,670 | 3,083 |
Other assets | 11,525 | 9,864 |
TOTAL ASSETS | 1,266,638 | 1,145,131 |
Deposits: | ||
Noninterest-bearing | 196,786 | 189,445 |
Interest-bearing | 875,003 | 727,250 |
TOTAL DEPOSITS | 1,071,789 | 916,695 |
Interest payable | 275 | 246 |
Borrowed funds | 68,000 | 110,321 |
Subordinated debentures | 10,310 | 10,310 |
Other liabilities | 3,606 | 4,123 |
TOTAL LIABILITIES | 1,153,980 | 1,041,695 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, no par value, $1,000 per share liquidation, 10,000,000 shares authorized; 17,123 issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 17,123 | 17,123 |
Common stock, par value $1 per share, 20,000,000 shares authorized and 5,454,511 shares issued at September 30,2016; and 5,403,159 shares issued at December 31, 2015, respectively | 5,455 | 5,403 |
Additional paid-in capital | 44,996 | 44,650 |
Retained earnings | 42,543 | 35,625 |
Accumulated other comprehensive income | 3,005 | 1,099 |
Treasury stock, at cost, 26,494 shares at September 30, 2016 and at December 31, 2015 | (464) | (464) |
TOTAL STOCKHOLDERS’ EQUITY | 112,658 | 103,436 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,266,638 | $ 1,145,131 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, per share liquidation | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 17,123 | 17,123 |
Preferred stock, outstanding | 17,123 | 17,123 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 5,454,511 | 5,403,159 |
Treasury stock, shares | 26,494 | 26,494 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 9,798 | $ 8,629 | $ 28,146 | $ 25,309 |
Interest and dividends on securities: | ||||
Taxable interest and dividends | 982 | 1,001 | 3,110 | 3,022 |
Tax exempt interest | 464 | 437 | 1,398 | 1,402 |
Interest on federal funds sold | 25 | 13 | 82 | 52 |
TOTAL INTEREST INCOME | 11,269 | 10,080 | 32,736 | 29,785 |
INTEREST EXPENSE: | ||||
Interest on deposits | 962 | 646 | 2,476 | 1,936 |
Interest on borrowed funds | 240 | 147 | 663 | 467 |
TOTAL INTEREST EXPENSE | 1,202 | 793 | 3,139 | 2,403 |
NET INTEREST INCOME | 10,067 | 9,287 | 29,597 | 27,382 |
PROVISION FOR LOAN LOSSES | 143 | 250 | 538 | 400 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,924 | 9,037 | 29,059 | 26,982 |
OTHER INCOME: | ||||
Service charges on deposit accounts | 1,273 | 1,348 | 3,839 | 3,690 |
Other service charges and fees | 1,826 | 634 | 4,703 | 1,996 |
TOTAL OTHER INCOME | 3,099 | 1,982 | 8,542 | 5,686 |
OTHER EXPENSES: | ||||
Salaries and employee benefits | 5,645 | 4,628 | 16,194 | 13,867 |
Occupancy and equipment | 1,209 | 1,137 | 3,392 | 3,383 |
Other | 2,562 | 2,212 | 7,144 | 6,637 |
TOTAL OTHER EXPENSES | 9,416 | 7,977 | 26,730 | 23,887 |
INCOME BEFORE INCOME TAXES | 3,607 | 3,042 | 10,871 | 8,781 |
INCOME TAXES | 1,049 | 815 | 3,060 | 2,340 |
NET INCOME | 2,558 | 2,227 | 7,811 | 6,441 |
PREFERRED STOCK ACCRETION AND DIVIDENDS | 86 | 86 | 257 | 257 |
NET INCOME APPLICABLE TO COMMON STOCKHOLDERS | $ 2,472 | $ 2,141 | $ 7,554 | $ 6,184 |
NET INCOME APPLICABLE TO COMMON STOCKHOLDERS: | ||||
BASIC | $ 0.46 | $ 0.40 | $ 1.39 | $ 1.15 |
DILUTED | 0.45 | 0.39 | 1.38 | 1.14 |
DIVIDENDS PER SHARE - COMMON | $ 0.0375 | $ 0.0375 | $ 0.1125 | $ 0.1125 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income per consolidated statements of income | $ 2,558 | $ 2,227 | $ 7,811 | $ 6,441 |
Other Comprehensive Income: | ||||
Unrealized holding gains (losses) arising during period on available-for-sale securities | 189 | 1,579 | 3,016 | (431) |
Less reclassified adjustment for gains included in net income | (129) | 0 | (129) | 0 |
Unrealized holding gains (losses) arising during period on available-for-sale securities | 60 | 1,579 | 2,887 | (431) |
Unrealized holding gains (losses) on loans held for sale | (85) | 45 | 1 | 6 |
Income tax benefit(expense) | 13 | (554) | (982) | 144 |
Other comprehensive income (loss) | (12) | 1,070 | 1,906 | (281) |
Comprehensive Income | $ 2,546 | $ 3,297 | $ 9,717 | $ 6,160 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Stock Warrants | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance at Dec. 31, 2014 | $ 96,216 | $ 5,343 | $ 17,123 | $ 284 | $ 44,137 | $ 27,975 | $ 1,818 | $ (464) |
Net income | 6,441 | 0 | 0 | 0 | 0 | 6,441 | 0 | 0 |
Other comprehensive income | (281) | 0 | 0 | 0 | 0 | 0 | (281) | 0 |
Dividends on preferred stock | (257) | 0 | 0 | 0 | 0 | (257) | 0 | 0 |
Dividends on common stock | (605) | 0 | 0 | 0 | 0 | (605) | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (92) | (6) | 0 | 0 | (86) | 0 | 0 | 0 |
Restricted stock grant | 0 | 69 | 0 | 0 | (69) | 0 | 0 | 0 |
Compensation expense | 539 | 0 | 0 | 0 | 539 | 0 | 0 | 0 |
Reversal of 2,514 common shares for BCB Holdings | (36) | (3) | 0 | 0 | (33) | 0 | 0 | 0 |
Repurchase warrants | (303) | 0 | 0 | (284) | (19) | 0 | 0 | 0 |
Balance at Sep. 30, 2015 | 101,622 | 5,403 | 17,123 | 0 | 44,469 | 33,554 | 1,537 | (464) |
Balance at Dec. 31, 2015 | 103,436 | 5,403 | 17,123 | 0 | 44,650 | 35,625 | 1,099 | (464) |
Net income | 7,811 | 0 | 0 | 0 | 0 | 7,811 | 0 | 0 |
Other comprehensive income | 1,906 | 0 | 0 | 0 | 0 | 0 | 1,906 | 0 |
Dividends on preferred stock | (257) | 0 | 0 | 0 | 0 | (257) | 0 | 0 |
Dividends on common stock | (611) | 0 | 0 | 0 | 0 | (611) | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (176) | (9) | 0 | 0 | (167) | 0 | 0 | 0 |
Restricted stock grant | 0 | 61 | 0 | 0 | (61) | 0 | 0 | 0 |
Compensation expense | 574 | 0 | 0 | 0 | 574 | 0 | 0 | 0 |
Issuance of preferred shares | (25) | 0 | 0 | 0 | 0 | (25) | 0 | 0 |
Balance at Sep. 30, 2016 | $ 112,658 | $ 5,455 | $ 17,123 | $ 0 | $ 44,996 | $ 42,543 | $ 3,005 | $ (464) |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Dividends on common stock, per Share | $ 0.1125 | $ 0.1125 |
Reversal of common shares | 2,514 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 7,811 | $ 6,441 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of securities | (129) | 0 |
Depreciation, amortization and accretion | 2,520 | 2,416 |
Provision for loan losses | 538 | 400 |
Loss on sale/writedown of ORE | 111 | 142 |
Gain on sale of bank premises | 0 | (119) |
Restricted stock expense | 573 | 539 |
Increase in cash value of life insurance | (384) | (308) |
Federal Home Loan Bank stock dividends | (27) | (7) |
Changes in: | ||
Interest receivable | (61) | (150) |
Loans held for sale, net | (5,462) | 1,051 |
Interest payable | 29 | (84) |
Other, net | (2,882) | (2,884) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,637 | 7,437 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Maturities, calls and paydowns of available-for-sale and held-to-maturity securities | 37,141 | 35,135 |
Purchases of available-for-sale securities | (30,294) | (20,329) |
Net (purchases)/sales of other securities | (1,433) | 993 |
Net increase in loans | (84,019) | (42,179) |
Proceeds from sale of bank premises | 0 | 949 |
Net increase in premises and equipment | (1,055) | (860) |
Purchase of bank-owned life insurance | (5,850) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (85,510) | (26,291) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in deposits | 155,094 | 71,205 |
Net decrease in borrowed funds | (42,321) | (30,464) |
Dividends paid on common stock | (587) | (584) |
Dividends paid on preferred stock | (257) | (257) |
Repurchase of restricted stock for payment of taxes | (176) | (92) |
Issuance of preferred shares | (25) | 0 |
Repurchase of shares issued in BCB acquisition | 0 | (36) |
Repurchase of warrants | 0 | (303) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 111,728 | 39,469 |
NET INCREASE IN CASH | 28,855 | 20,615 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 41,259 | 44,618 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 70,114 | 65,233 |
SUPPLEMENTAL DISCLOSURES: | ||
CASH PAYMENTS FOR INTEREST | 3,110 | 2,627 |
CASH PAYMENTS FOR INCOME TAXES | 4,277 | 3,675 |
LOANS TRANSFERRED TO OTHER REAL ESTATE | 2,498 | 506 |
ISSUANCE OF RESTRICTED STOCK GRANTS | $ 61 | $ 69 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements and with the instructions to Form 10-Q of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company's Form 10-K for the year ended December 31, 2015. |
SUMMARY OF ORGANIZATION
SUMMARY OF ORGANIZATION | 9 Months Ended |
Sep. 30, 2016 | |
Summary Of Organization Abstract [Abstract] | |
SUMMARY OF ORGANIZATION | NOTE 2 SUMMARY OF ORGANIZATION The First Bancshares, Inc., Hattiesburg, Mississippi At September 30, 2016, the Company had approximately $ 1.3 856.3 1.1 112.7 7.8 7.6 In the first, second, and third quarters of 2016, the Company declared and paid a dividend of $.0375 per common share. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 RECENT ACCOUNTING PRONOUNCEMENTS In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments." In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, “ Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) NO. 2016-09 “ Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting.” In February 2016 the FASB issued ASU NO. 2016-02 “ Leases (Topic 842).” |
BUSINESS COMBINATION
BUSINESS COMBINATION | 9 Months Ended |
Sep. 30, 2016 | |
Business Combination, Description [Abstract] | |
BUSINESS COMBINATION | NOTE 4 BUSINESS COMBINATION The Mortgage Connection On December 14, 2015, the Company completed the acquisition of The Mortgage Connection, a Mississippi corporation, which included two loan production offices located in Madison and Brandon, Mississippi. In connection with the acquisition, the Company recorded $ 1.5 Purchase price: Cash $ 844 Payable 800 Total purchase price 1,644 Identifiable assets: Intangible 100 Personal property 44 Total assets 144 Liabilities and equity - Net assets acquired 144 Goodwill resulting from acquisition $ 1,500 |
PREFERRED STOCK AND WARRANT
PREFERRED STOCK AND WARRANT | 9 Months Ended |
Sep. 30, 2016 | |
Preferred Stock And Warrant [Abstract] | |
PREFERRED STOCK AND WARRANT | NOTE 5 PREFERRED STOCK AND WARRANT Pursuant to the terms of the letter agreement between the Company and the United States Department of the Treasury (“Treasury”), the Company issued 17,123 The Letter Agreement contains limitations on the payment of dividends on the common stock to no more than 100% of the aggregate per share dividend 0.15 2 8 Pursuant to the terms of the letter agreement between the Company and the United States Department of the Treasury, the Company redeemed the warrant to purchase up to 54,705 302,410 |
EARNINGS APPLICABLE TO COMMON S
EARNINGS APPLICABLE TO COMMON STOCKHOLDERS | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS APPLICABLE TO COMMON STOCKHOLDERS | NOTE 6 EARNINGS APPLICABLE TO COMMON STOCKHOLDERS Basic per share data is calculated based on the weighted-average number of common shares outstanding during the reporting period. For the Three Months Ended September 30, 2016 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 2,472,000 5,429,349 $ 0.46 Effect of dilutive shares: Restricted stock grants 50,218 Diluted per share $ 2,472,000 5,479,567 $ 0.45 For the Nine Months Ended September 30, 2016 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 7,554,000 5,425,567 $ 1.39 Effect of dilutive shares: Restricted stock grants 50,218 Diluted per share $ 7,554,000 5,475,785 $ 1.38 For the Three Months Ended September 30, 2015 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 2,141,000 5,374,790 $ 0.40 Effect of dilutive shares: Restricted stock grants 67,190 Diluted per share $ 2,141,000 5,441,980 $ 0.39 For the Nine Months Ended September 30, 2015 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 6,184,000 5,369,260 $ 1.15 Effect of dilutive shares: Restricted stock grants 67,190 Diluted per share $ 6,184,000 5,436,450 $ 1.14 The Company granted 61,247 0 |
COMPREHNSIVE INCOME
COMPREHNSIVE INCOME | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
COMPREHNSIVE INCOME | NOTE 7 COMPREHNSIVE INCOME As presented in the Consolidated Statements of Comprehensive Income, comprehensive income includes net income and other comprehensive income. The Company’s sources of other comprehensive income are unrealized gains and losses on available-for-sale investment securities and loans held for sale. Gains or losses on investment securities that were realized and reflected in net income of the current period, which had previously been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose, are considered to be reclassification adjustments that are excluded from other comprehensive income in the current period. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | NOTE 8 FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK ($ In Thousands) September 30, 2016 December 31, 2015 Commitments to extend credit $ 194,321 $ 144,086 Standby letters of credit $ 1,964 $ 1,135 |
FAIR VALUE DISCLOSURES AND REPO
FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS | NOTE 9 FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS FASB’s standards on financial instruments, and on fair value measurements and disclosures, require all entities to disclose in their financial statement footnotes the estimated fair values of financial instruments for which it is practicable to estimate fair values. In addition to disclosure requirements, FASB’s standard on investments requires that our debt securities which are classified as available for sale and our equity securities that have readily determinable fair values be measured and reported at fair value in our statement of financial position. Certain impaired loans are also reported at fair value, as explained in greater detail below, and foreclosed assets are carried at the lower of cost or fair value. FASB’s standard on financial instruments permits companies to report certain other financial assets and liabilities at fair value, but we have not elected the fair value option for any of those financial instruments. Fair value measurement and disclosure standards also establish a framework for measuring fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Further, the standards establish a fair value hierarchy that encourages an entity to maximize the use of observable inputs and limit the use of unobservable inputs when measuring fair values. The standards describe three levels of inputs that may be used to measure fair values: · Level 1 · Level 2 · Level 3 Fair value estimates are made at a specific point in time based on relevant market data and information about the financial instruments. The estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to realized gains and losses could have a significant effect on fair value estimates but have not been considered in those estimates. Because no active market exists for a significant portion of our financial instruments, fair value disclosures are based on judgments regarding current economic conditions, risk characteristics of various financial instruments and other factors. The estimates are subjective and involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly alter the fair values presented. The following methods and assumptions were used by the Company to estimate its financial instrument fair values disclosed at September 30, 2016 and December 31, 2015: · Cash and cash equivalents and fed funds sold · Securities (available-for-sale and held-to-maturity) · Loans and leases · Loans held for sale · Collateral-dependent impaired loans · Bank-owned life insurance · Other securities · Deposits (noninterest-bearing and interest-bearing) · FHLB and other borrowings · Long-term borrowings · Subordinated debentures · Off-Balance Sheet Instruments As of September 30, 2016 Fair Value Measurements ($ In Thousands) Carrying Estimated Quoted Prices Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 70,114 $ 70,114 $ 70,114 $ - $ - Securities available-for-sale 236,168 236,168 945 232,813 2,410 Securities held-to-maturity 6,000 7,824 - 7,824 - Other securities 9,516 9,516 - 9,516 - Loans, net 856,322 879,361 - - 879,361 Bank-owned life insurance 21,106 21,106 - 21,106 - Liabilities: Noninterest-bearing deposits $ 196,786 $ 196,786 $ - $ 196,786 $ - Interest-bearing deposits 875,003 874,872 $ - 874,872 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 68,000 68,000 - 68,000 - As of December 31, 2015 Fair Value Measurements ($ In Thousands) Carrying Estimated Quoted Prices Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 41,259 $ 41,259 $ 41,259 $ - $ - Securities available-for-sale 239,732 239,732 961 236,214 2,557 Securities held-to-maturity 7,092 8,548 - 8,548 - Other securities 8,135 8,135 - 8,135 - Loans, net 769,742 784,113 - - 784,113 Bank-owned life insurance 14,872 14,872 - 14,872 - Liabilities: Noninterest-bearing deposits $ 189,445 $ 189,445 $ - $ 189,445 $ - Interest-bearing deposits 727,250 726,441 - 726,441 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 110,321 110,321 - 110,321 - Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U. S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. September 30, 2016 ($ In Thousands) Fair Value Measurements Using Quoted Prices Significant Significant Fair Value (Level 1) (Level 2) (Level 3) Obligations of U. S. Government Agencies $ 9,109 $ - $ 9,109 $ - Municipal securities 97,870 - 97,870 - Mortgage-backed securities 108,752 - 108,752 - Corporate obligations 19,492 - 17,082 2,410 Other 945 945 - - Total $ 236,168 $ 945 $ 232,813 $ 2,410 December 31, 2015 ($ In Thousands) Fair Value Measurements Using Quoted Prices in in Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Obligations of U. S. Government Agencies $ 19,611 $ - $ 19,611 $ - Municipal securities 97,889 - 97,889 - Mortgage-backed securities 98,925 - 98,925 - Corporate obligations 22,346 - 19,789 2,557 Other 961 961 - - Total $ 239,732 $ 961 $ 236,214 $ 2,557 Bank-Issued Trust Preferred ($ In Thousands) Securities 2016 2015 Balance, January 1 $ 2,557 $ 2,801 Transfers into Level 3 - - Transfers out of Level 3 - - Other-than-temporary impairment loss included in earnings (loss) - - Unrealized loss included in comprehensive income (147) (244) Balance at September 30, 2016 and December 31, 2015 $ 2,410 $ 2,557 Trust Preferred Fair Valuation Significant Range of Securities Value Technique Inputs Inputs September 30, 2016 $ 2,410 Discounted cash flow Probability of default 1.41% - 3.30% December 31, 2015 $ 2,557 Discounted cash flow Probability of default 1.08% - 2.77% Following is a description of the valuation methodologies used for assets measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Impaired Loans Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for estimating fair value include using the fair value of the collateral for collateral dependent loans or, where a loan is determined not to be collateral dependent, using the discounted cash flow method. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the impaired loan is determined not to be collateral dependent, then the discounted cash flow method is used. This method requires the impaired loan to be recorded at the present value of expected future cash flows discounted at the loan’s effective interest rate. The effective interest rate of a loan is the contractual interest rate adjusted for any net deferred loan fees or costs, or premium or discount existing at origination or acquisition of the loan. Impaired loans are classified within Level 2 of the fair value hierarchy. Other Real Estate Owned Other real estate owned acquired through loan foreclosure is initially recorded at fair value less estimated costs to sell, establishing a new cost basis. The adjustment at the time of foreclosure is recorded through the allowance for loan losses. Due to the subjective nature of establishing the fair value, the actual fair value of the other real estate owned or foreclosed asset could differ from the original estimate. If it is determined the fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest expense. Operating costs associated with the assets are also recorded as non-interest expense. Gains and losses on the disposition of other real estate owned and foreclosed assets are netted and posted to other non-interest expense. Other real estate owned measured at fair value on a non-recurring basis at September 30, 2016, amounted to $ 4.7 ($ In Thousands) September 30, 2016 Fair Value Measurements Using Quoted Prices in Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans $ 8,702 $ - $ 8,702 $ - Other real estate owned 4,670 - 4,670 - December 31, 2015 Fair Value Measurements Using Quoted Prices in Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans $ 10,127 $ - $ 10,127 $ - Other real estate owned 3,083 - 3,083 - |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2016 | |
Securities [Abstract] | |
SECURITIES | NOTE 10 - SECURITIES The following disclosure of the estimated fair value of financial instruments is made in accordance with authoritative guidance. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. ($ In Thousands) September 30, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Obligations of U.S. Government agencies $ 9,040 $ 69 $ - $ 9,109 Tax-exempt and taxable obligations of states and municipal subdivisions 94,559 3,534 223 97,870 Mortgage-backed securities 106,174 2,593 15 108,752 Corporate obligations 20,604 144 1,256 19,492 Other 1,255 - 310 945 $ 231,632 $ 6,340 $ 1,804 $ 236,168 Held-to-maturity securities: Taxable obligations of states and municipal subdivisions 6,000 1,824 - 7,824 $ 6,000 $ 1,824 $ - $ 7,824 December 31, 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Obligations of U.S. Government agencies $ 19,479 $ 144 $ 13 $ 19,610 Tax-exempt and taxable obligations of states and municipal subdivisions 95,631 2,362 103 97,890 Mortgage-backed securities 98,223 1,127 425 98,925 Corporate obligations 23,495 62 1,211 22,346 Other 1,255 - 294 961 $ 238,083 $ 3,695 $ 2,046 $ 239,732 Held-to-maturity securities: Mortgage-backed Securities $ 1,092 $ 15 $ - $ 1,107 Taxable obligations of states and municipal subdivisions 6,000 1,440 - 7,440 |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2016 | |
Loans Receivable, Net [Abstract] | |
LOANS | NOTE 11 LOANS Loans typically provide higher yields than the other types of earning assets, and, thus, one of the Company's goals is for loans to be the largest category of the Company's earning assets. For the quarters ended September 30, 2016 and December 31, 2015, average loans accounted for 75.2 73.3 September 30, 2016 ($ In thousands) Past Due Past Due Non- Total Total Real Estate-construction $ 518 $ - $ 2,788 $ 3,306 $ 104,644 Real Estate-mortgage 1,220 259 1,969 3,448 296,587 Real Estate-non farm non-residential 269 161 934 1,364 307,963 Commercial - - 72 72 121,963 Lease Financing Rec. - - - - 2,211 Obligations of states and subdivisions - - - - 6,861 Consumer 55 - 36 91 14,137 Total $ 2,062 $ 420 $ 5,799 $ 8,281 $ 854,366 December 31, 2015 ($ In Thousands) Past Due Past Due Non- Total Total Real Estate-construction $ 311 $ - $ 2,956 $ 3,267 $ 99,161 Real Estate-mortgage 3,339 29 2,055 5,423 272,180 Real Estate-non farm non residential 736 - 2,225 2,961 253,309 Commercial 97 - 100 197 129,197 Lease Financing Rec. - - - - 2,650 Obligations of states and subdivisions - - - - 969 Consumer 70 - 32 102 15,049 Total $ 4,553 $ 29 $ 7,368 $ 11,950 $ 772,515 Loans acquired with deteriorated credit quality are those purchased in the BCB Holding Company, Inc. acquisition. These loans were recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. The acquired loans were segregated as of the acquisition date between those considered to be performing (acquired non-impaired loans) and those with evidence of credit deterioration (acquired impaired loans). Acquired loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, all contractually required payments will not be collected. ($ In Thousands) Commercial, Mortgage- Mortgage- Commercial Total Contractually required payments $ 1,519 $ 29,648 $ 7,933 $ 976 $ 40,076 Cash flows expected to be collected 1,570 37,869 9,697 1,032 50,168 Fair value of loans acquired 1,513 28,875 7,048 957 38,393 Total outstanding acquired impaired loans were $ 2,601,027 3,039,840 ($ In Thousands) September 30, 2016 December 31, 2015 Accretable Carrying Accretable Carrying Yield Loans Yield Loans Balance at beginning of period $ 1,219 $ 1,821 $ 1,417 $ 2,063 Accretion (130) 130 (198) 198 Payments received, net - (440) - (440) Balance at end of period $ 1,089 $ 1,511 $ 1,219 $ 1,821 September 30, 2016 ($ In Thousands) Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD ($ In thousands) Impaired loans with no related allowance: Commercial installment $ - $ - $ - $ - $ - Commercial real estate 4,581 4,620 - 4,879 20 Consumer real estate 353 352 - 281 1 Consumer installment 15 15 - 8 - Total $ 4,949 $ 4,987 $ - $ 5,168 $ 21 Impaired loans with a related allowance: Commercial installment $ 227 $ 227 $ 58 $ 267 $ 7 Commercial real estate 2,819 2,819 413 2,858 86 Consumer real estate 679 679 417 778 11 Consumer installment 28 28 22 33 - Total $ 3,753 $ 3,753 $ 910 $ 3,936 $ 104 Total Impaired Loans: Commercial installment $ 227 $ 227 $ 58 $ 267 $ 7 Commercial real estate 7,400 7,439 413 7,737 106 Consumer real estate 1,032 1,031 417 1,059 12 Consumer installment 43 43 22 41 - Total Impaired Loans $ 8,702 $ 8,740 $ 910 $ 9,104 $ 125 As of September 30, 2016, the Company had $ 1.4 4 ($ In Thousands) Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD ($ In thousands) Impaired loans with no related allowance: Commercial installment $ - $ - $ - $ 2 $ - Commercial real estate 5,790 5,828 - 5,099 50 Consumer real estate 223 223 - 205 - Consumer installment 7 7 - 8 - Total $ 6,020 $ 6,058 $ - $ 5,314 $ 50 Impaired loans with a related allowance: Commercial installment $ 306 $ 306 $ 50 $ 264 $ 14 Commercial real estate 2,927 2,927 444 2,891 132 Consumer real estate 842 842 438 1,152 15 Consumer installment 32 32 25 31 - Total $ 4,107 $ 4,107 $ 957 $ 4,338 $ 161 Total Impaired Loans: Commercial installment $ 306 $ 306 $ 50 $ 266 $ 14 Commercial real estate 8,717 8,755 444 7,990 182 Consumer real estate 1,065 1,065 438 1,357 15 Consumer installment 39 39 25 39 - Total Impaired Loans $ 10,127 $ 10,165 $ 957 $ 9,652 $ 211 Sept. 30, December 31, 2016 2015 ($ In Thousands) Impaired Loans: Impaired loans without a valuation allowance $ 4,949 $ 6,020 Impaired loans with a valuation allowance 3,753 4,107 Total impaired loans $ 8,702 $ 10,127 Allowance for loan losses on impaired loans at period end 910 957 Total nonaccrual loans 5,799 7,368 Past due 90 days or more and still accruing 420 29 Average investment in impaired loans 9,104 9,652 Three Months Nine Months Ended Ended Sept. 30, 2016 Sept. 30, 2016 ($ In Thousands) Interest income recognized during impairment $ - $ - Cash-basis interest income recognized 47 125 The gross interest income that would have been recorded in the period that ended if the nonaccrual loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination, if held for part of the three months and nine months ended September 30, 2016 was $ 99,000 123,000 322,000 The following tables provide detail of troubled debt restructurings (TDRs) at September 30, 2016. For the Three Months Ending September 30, 2016 ($ In Thousands Outstanding Outstanding Recorded Recorded Investment Interest Investment Post- Number of Income Pre-Modification Modification Loans Recognized Commercial installment $ - $ - - $ - Commercial real estate - - - - Consumer real estate - - - - Consumer installment - - - - Total $ - $ - - $ - For the Nine Months Ending September 30, 2016 ($ In Thousands Outstanding Outstanding Recorded Recorded Investment Interest Investment Post- Number of Income Pre-Modification Modification Loans Recognized Commercial installment $ - $ - - $ - Commercial real estate 296 276 1 10 Consumer real estate - - - - Consumer installment - - - - Total $ 296 $ 276 1 $ 10 There were no TDRs modified during the three month period ended September 30, 2016. The balance of troubled debt restructurings (TDRs)was $ 6.7 6.9 243,000 ($ In Thousands) September 30, 2016 Current Past Due Past Due Non- Total Commercial installment $ 155 $ - $ - $ 50 $ 205 Commercial real estate 2,494 - - 3,607 6,101 Consumer real estate 247 - - 126 373 Consumer installment 7 - - 25 32 Total $ 2,903 $ - $ - $ 3,808 $ 6,711 Allowance for loan losses $ 115 $ - $ - $ 128 $ 243 ($ In Thousands) December 31, 2015 Current Past Due Past Due Non- Total Commercial installment $ 206 $ - $ - $ 50 $ 256 Commercial real estate 1,823 - - 2,934 4,757 Consumer real estate 721 - - 1,135 1,856 Consumer installment 8 - - 29 37 Total $ 2,758 $ - $ - $ 4,148 $ 6,906 Allowance for loan losses $ 106 $ - $ - $ 197 $ 303 Internal Risk Ratings The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company uses the following definitions for risk ratings, which are consistent with the definitions used in supervisory guidance: Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. September 30, 2016 Commercial, Real Estate Real Installment Financial Total Pass $ 509,503 $ 174,547 $ 26,114 $ 126,799 $ 836,963 Special Mention 915 241 - 650 1,806 Substandard 14,263 1,517 85 111 15,976 Doubtful - 318 - 41 359 Subtotal 524,681 176,623 26,199 127,601 855,104 Less: Unearned discount 379 63 - 296 738 Loans, net of unearned discount $ 524,302 $ 176,560 $ 26,199 $ 127,305 $ 854,366 December 31, 2015 ($ In Thousands Real Estate Real Installment Commercial, Total Pass $ 434,638 $ 167,394 $ 19,556 $ 132,101 $ 753,689 Special Mention 681 153 - 168 1,002 Substandard 16,655 1,453 75 178 18,361 Doubtful - 327 - - 327 Subtotal 451,974 169,327 19,631 132,447 773,379 Less: Unearned discount 448 76 - 340 864 Loans, net of unearned discount $ 451,526 $ 169,251 $ 19,631 $ 132,107 $ 772,515 ($ In Thousands) Three Months Nine Months Ended Ended Sept. 30, 2016 Sept. 30, 2016 Balance at beginning of period $ 7,259 $ 6,747 Loans charged-off: Real Estate (130) (286) Installment and Other (26) (55) Commercial, Financial and Agriculture - (6) Total (156) (347) Recoveries on loans previously charged-off: Real Estate 217 408 Installment and Other 15 52 Commercial, Financial and Agriculture 3 83 Total 235 543 Net recoveries 79 196 Provision for Loan Losses 143 538 Balance at end of period $ 7,481 $ 7,481 Allocation of the Allowance for Loan Losses September 30, 2016 ($ In Thousands) Amount % of loans Commercial Non Real Estate $ 920 14.9 % Commercial Real Estate 3,364 61.4 Consumer Real Estate 1,475 20.6 Consumer 133 3.0 Unallocated 1,589 0.1 Total $ 7,481 100 % December 31, 2015 ($ In Thousands) Amount % of loans Commercial Non Real Estate $ 895 17.1 % Commercial Real Estate 3,018 58.4 Consumer Real Estate 1,477 21.9 Consumer 141 2.5 Unallocated 1,216 0.1 Total $ 6,747 100 % The following tables provide the ending balances in the Company's loans (excluding mortgage loans held for sale) and allowance for loan losses, broken down by portfolio segment as of September 30, 2016 and December 31, 2015. The tables also provide additional detail as to the amount of our loans and allowance that correspond to individual versus collective impairment evaluation. September 30, 2016 Real Installment Commercial, Total ($ In Thousands) Loans Individually evaluated $ 8,432 $ 43 $ 227 $ 8,702 Collectively evaluated 700,286 14,437 130,941 845,664 Total $ 708,718 $ 14,480 $ 131,168 $ 854,366 Allowance for Loan Losses Individually evaluated $ 830 $ 22 $ 58 $ 910 Collectively evaluated 4,009 1,700 862 6,571 Total $ 4,839 $ 1,722 $ 920 $ 7,481 December 31, 2015 Real Installment Commercial, Total (In thousands) Loans Individually evaluated $ 9,782 $ 39 $ 306 $ 10,127 Collectively evaluated 610,996 19,591 131,801 762,388 Total $ 620,778 $ 19,630 $ 132,107 $ 772,515 Allowance for Loan Losses Individually evaluated $ 882 $ 25 $ 50 $ 957 Collectively evaluated 3,613 1,332 845 5,790 Total $ 4,495 $ 1,357 $ 895 $ 6,747 |
SUBSEQUENT EVENTS_OTHER
SUBSEQUENT EVENTS/OTHER | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS/OTHER | NOTE 12 SUBSEQUENT EVENTS/OTHER Subsequent events have been evaluated by management through the date the financial statements were issued. The Company has experienced recoveries on a previously charged-off loan of $ 941,000 722,000 219,000 The First Bancshares, Inc. (the “Company”), which is the holding company of The First, A National Banking Association, (“The First”), entered into a Stock Purchase Agreement (the “Iberville Bank Acquisition Agreement”) with A. Wilbert’s Sons Lumber and Shingle Company (the “Iberville Bank Parent”), the parent company of Iberville Bank (“Iberville Bank”), dated October 12, 2016, under which the Company has agreed to acquire 100% of the common stock of Iberville Bank for a purchase price of $31.1 million in cash (the “Iberville Bank Acquisition”). Separately, the Company and The First entered into an Agreement and Plan of Merger (the “GCCB Merger Agreement,” and together with the Iberville Bank Acquisition Agreement, the “Bank Transaction Agreements”), dated October 12, 2016, pursuant to which it has agreed to acquire Gulf Coast Community Bank (“GCCB”), Pensacola, Florida, in an all-stock transaction (the “GCCB Merger,” and together with the Iberville Bank Acquisition, the “Bank Transactions”). The purchase price for the GCCB Merger of $2.3 million is based on a price of $0.50 per share of GCCB stock and will be paid in the form of Company common stock issued to GCCB shareholders with the number of Company shares issued based on a 30-day average of the Company’s common stock price as of five business days prior to closing. On October 12, 2016 the Company entered into Securities Purchase Agreements with a limited number of institutional and other accredited investors, including certain directors of the Company (collectively the “Purchasers”) to privately place a total of 3,563,380 shares of mandatorily convertible non-cumulative, non-voting, perpetual Preferred Stock, Series E, $1.00 par value (the “Series E Preferred Stock”) at a price of $17.75 per share, for aggregate gross proceeds of $63.25 million (the “Private Offering”) . |
RECLASSIFICATION
RECLASSIFICATION | 9 Months Ended |
Sep. 30, 2016 | |
Reclassification [Abstract] | |
RECLASSIFICATION | NOTE 13 RECLASSIFICATION Certain amounts in the 2015 financial statements have been reclassified for comparative purposes to conform to the current period financial statement presentation. |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The amounts of the acquired identifiable assets and liabilities as of the acquisition date were as follows (dollars in thousands): Purchase price: Cash $ 844 Payable 800 Total purchase price 1,644 Identifiable assets: Intangible 100 Personal property 44 Total assets 144 Liabilities and equity - Net assets acquired 144 Goodwill resulting from acquisition $ 1,500 |
EARNINGS APPLICABLE TO COMMON23
EARNINGS APPLICABLE TO COMMON STOCKHOLDERS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Weighted-Average Number of Common Shares Outstanding | Diluted per share data includes any dilution from potential common stock outstanding, such as stock options. For the Three Months Ended September 30, 2016 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 2,472,000 5,429,349 $ 0.46 Effect of dilutive shares: Restricted stock grants 50,218 Diluted per share $ 2,472,000 5,479,567 $ 0.45 For the Nine Months Ended September 30, 2016 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 7,554,000 5,425,567 $ 1.39 Effect of dilutive shares: Restricted stock grants 50,218 Diluted per share $ 7,554,000 5,475,785 $ 1.38 For the Three Months Ended September 30, 2015 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 2,141,000 5,374,790 $ 0.40 Effect of dilutive shares: Restricted stock grants 67,190 Diluted per share $ 2,141,000 5,441,980 $ 0.39 For the Nine Months Ended September 30, 2015 Net Income Shares Per (Numerator) (Denominator) Share Data Basic per share $ 6,184,000 5,369,260 $ 1.15 Effect of dilutive shares: Restricted stock grants 67,190 Diluted per share $ 6,184,000 5,436,450 $ 1.14 |
FINANCIAL INSTRUMENTS WITH OF24
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. At September 30, 2016, and December 31, 2015, these financial instruments consisted of the following: ($ In Thousands) September 30, 2016 December 31, 2015 Commitments to extend credit $ 194,321 $ 144,086 Standby letters of credit $ 1,964 $ 1,135 |
FAIR VALUE DISCLOSURES AND RE25
FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments with No Distinguishable Fair Value | Estimated fair values for the Company’s financial instruments are as follows, as of the dates noted: As of September 30, 2016 Fair Value Measurements ($ In Thousands) Carrying Estimated Quoted Prices Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 70,114 $ 70,114 $ 70,114 $ - $ - Securities available-for-sale 236,168 236,168 945 232,813 2,410 Securities held-to-maturity 6,000 7,824 - 7,824 - Other securities 9,516 9,516 - 9,516 - Loans, net 856,322 879,361 - - 879,361 Bank-owned life insurance 21,106 21,106 - 21,106 - Liabilities: Noninterest-bearing deposits $ 196,786 $ 196,786 $ - $ 196,786 $ - Interest-bearing deposits 875,003 874,872 $ - 874,872 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 68,000 68,000 - 68,000 - As of December 31, 2015 Fair Value Measurements ($ In Thousands) Carrying Estimated Quoted Prices Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 41,259 $ 41,259 $ 41,259 $ - $ - Securities available-for-sale 239,732 239,732 961 236,214 2,557 Securities held-to-maturity 7,092 8,548 - 8,548 - Other securities 8,135 8,135 - 8,135 - Loans, net 769,742 784,113 - - 784,113 Bank-owned life insurance 14,872 14,872 - 14,872 - Liabilities: Noninterest-bearing deposits $ 189,445 $ 189,445 $ - $ 189,445 $ - Interest-bearing deposits 727,250 726,441 - 726,441 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 110,321 110,321 - 110,321 - |
Fair Value Assets Measured on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: September 30, 2016 ($ In Thousands) Fair Value Measurements Using Quoted Prices Significant Significant Fair Value (Level 1) (Level 2) (Level 3) Obligations of U. S. Government Agencies $ 9,109 $ - $ 9,109 $ - Municipal securities 97,870 - 97,870 - Mortgage-backed securities 108,752 - 108,752 - Corporate obligations 19,492 - 17,082 2,410 Other 945 945 - - Total $ 236,168 $ 945 $ 232,813 $ 2,410 December 31, 2015 ($ In Thousands) Fair Value Measurements Using Quoted Prices in in Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Obligations of U. S. Government Agencies $ 19,611 $ - $ 19,611 $ - Municipal securities 97,889 - 97,889 - Mortgage-backed securities 98,925 - 98,925 - Corporate obligations 22,346 - 19,789 2,557 Other 961 961 - - Total $ 239,732 $ 961 $ 236,214 $ 2,557 |
Reconciliation of Activity for Assets Measured at Fair Value based on Significant Unobservable (Non-market) Information | The following is a reconciliation of activity for assets measured at fair value based on significant unobservable (non-market) information. Bank-Issued Trust Preferred ($ In Thousands) Securities 2016 2015 Balance, January 1 $ 2,557 $ 2,801 Transfers into Level 3 - - Transfers out of Level 3 - - Other-than-temporary impairment loss included in earnings (loss) - - Unrealized loss included in comprehensive income (147) (244) Balance at September 30, 2016 and December 31, 2015 $ 2,410 $ 2,557 |
Quantitative Information About Recurring Level 3 Fair Value Measurements | The following table presents quantitative information about recurring Level 3 fair value measurements (in thousands): Trust Preferred Fair Valuation Significant Range of Securities Value Technique Inputs Inputs September 30, 2016 $ 2,410 Discounted cash flow Probability of default 1.41% - 3.30% December 31, 2015 $ 2,557 Discounted cash flow Probability of default 1.08% - 2.77% |
Fair Value Assets Measured on Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2016 and December 31, 2015. ($ In Thousands) September 30, 2016 Fair Value Measurements Using Quoted Prices in Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans $ 8,702 $ - $ 8,702 $ - Other real estate owned 4,670 - 4,670 - December 31, 2015 Fair Value Measurements Using Quoted Prices in Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Impaired loans $ 10,127 $ - $ 10,127 $ - Other real estate owned 3,083 - 3,083 - |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities and Held-to-Maturity Securities | A summary of the amortized cost and estimated fair value of available-for-sale securities and held-to-maturity securities at September 30, 2016, follows: ($ In Thousands) September 30, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Obligations of U.S. Government agencies $ 9,040 $ 69 $ - $ 9,109 Tax-exempt and taxable obligations of states and municipal subdivisions 94,559 3,534 223 97,870 Mortgage-backed securities 106,174 2,593 15 108,752 Corporate obligations 20,604 144 1,256 19,492 Other 1,255 - 310 945 $ 231,632 $ 6,340 $ 1,804 $ 236,168 Held-to-maturity securities: Taxable obligations of states and municipal subdivisions 6,000 1,824 - 7,824 $ 6,000 $ 1,824 $ - $ 7,824 December 31, 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Obligations of U.S. Government agencies $ 19,479 $ 144 $ 13 $ 19,610 Tax-exempt and taxable obligations of states and municipal subdivisions 95,631 2,362 103 97,890 Mortgage-backed securities 98,223 1,127 425 98,925 Corporate obligations 23,495 62 1,211 22,346 Other 1,255 - 294 961 $ 238,083 $ 3,695 $ 2,046 $ 239,732 Held-to-maturity securities: Mortgage-backed Securities $ 1,092 $ 15 $ - $ 1,107 Taxable obligations of states and municipal subdivisions 6,000 1,440 - 7,440 $ 7,092 $ 1,455 $ - $ 8,547 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans Receivable, Net [Abstract] | |
Summary of Loans Classified as Past Due in Excess of Thirty Days or More and Loans Classified as Non-Accrual | The following tables summarize by class our loans classified as past due in excess of 30 days or more in addition to those loans classified as non-accrual: September 30, 2016 ($ In thousands) Past Due Past Due Non- Total Total Real Estate-construction $ 518 $ - $ 2,788 $ 3,306 $ 104,644 Real Estate-mortgage 1,220 259 1,969 3,448 296,587 Real Estate-non farm non-residential 269 161 934 1,364 307,963 Commercial - - 72 72 121,963 Lease Financing Rec. - - - - 2,211 Obligations of states and subdivisions - - - - 6,861 Consumer 55 - 36 91 14,137 Total $ 2,062 $ 420 $ 5,799 $ 8,281 $ 854,366 December 31, 2015 ($ In Thousands) Past Due Past Due Non- Total Total Real Estate-construction $ 311 $ - $ 2,956 $ 3,267 $ 99,161 Real Estate-mortgage 3,339 29 2,055 5,423 272,180 Real Estate-non farm non residential 736 - 2,225 2,961 253,309 Commercial 97 - 100 197 129,197 Lease Financing Rec. - - - - 2,650 Obligations of states and subdivisions - - - - 969 Consumer 70 - 32 102 15,049 Total $ 4,553 $ 29 $ 7,368 $ 11,950 $ 772,515 The following tables set forth the amounts and past due status for the Bank TDRs at September 30, 2016 and December 31, 2015: ($ In Thousands) September 30, 2016 Current Loans Past Due 30-89 Past Due 90 days and still Non-accrual Total Commercial installment $ 155 $ - $ - $ 50 $ 205 Commercial real estate 2,494 - - 3,607 6,101 Consumer real estate 247 - - 126 373 Consumer installment 7 - - 25 32 Total $ 2,903 $ - $ - $ 3,808 $ 6,711 Allowance for loan $ 115 $ - $ - $ 128 $ 243 ($ In Thousands) December 31, 2015 Current Loans Past Due 30-89 Past Due 90 days and still Non-accrual Total Commercial installment $ 206 $ - $ - $ 50 $ 256 Commercial real estate 1,823 - - 2,934 4,757 Consumer real estate 721 - - 1,135 1,856 Consumer installment 8 - - 29 37 Total $ 2,758 $ - $ - $ 4,148 $ 6,906 Allowance for loan $ 106 $ - $ - $ 197 $ 303 |
Certain loans acquired in transfer not accounted for as debt securities acquired | The following table presents information regarding the contractually required payments receivable, cash flows expected to be collected and the estimated fair value of loans acquired in the BCB acquisition as of July 1, 2014, the closing date of the transaction: ($ In Thousands) Commercial, Mortgage- Mortgage- Commercial Total Contractually required payments $ 1,519 $ 29,648 $ 7,933 $ 976 $ 40,076 Cash flows expected to be collected 1,570 37,869 9,697 1,032 50,168 Fair value of loans acquired 1,513 28,875 7,048 957 38,393 |
Schedule of certain loans acquired in transfer carrying amount and accretable yield for acquired impaired loans | Changes in the carrying amount and accretable yield for acquired impaired loans were as follows at September 30, 2016 and December 31, 2015: ($ In Thousands) September 30, 2016 December 31, 2015 Accretable Accretable Yield Carrying Amount of Loans Yield Carrying Amount of Loans Balance at beginning of period $ 1,219 $ 1,821 $ 1,417 $ 2,063 Accretion (130) 130 (198) 198 Payments received, net - (440) - (440) Balance at end of period $ 1,089 $ 1,511 $ 1,219 $ 1,821 |
Troubled Debt Restructurings | The following tables provide additional detail of impaired loans broken out according to class as of September 30, 2016 and December 31, 2015. The recorded investment included in the following tables represent customer balances net of any partial charge-offs recognized on the loans, net of any deferred fees and costs. As nearly all of our impaired loans at September 30, 2016 are on nonaccrual status, recorded investment excludes any insignificant amount of accrued interest receivable on loans 90-days or more past due and still accruing. The unpaid balance represents the recorded balance prior to any partial charge-offs. September 30, 2016 ($ In Thousands) Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD ($ In thousands) Impaired loans with no related allowance: Commercial installment $ - $ - $ - $ - $ - Commercial real estate 4,581 4,620 - 4,879 20 Consumer real estate 353 352 - 281 1 Consumer installment 15 15 - 8 - Total $ 4,949 $ 4,987 $ - $ 5,168 $ 21 Impaired loans with a related allowance: Commercial installment $ 227 $ 227 $ 58 $ 267 $ 7 Commercial real estate 2,819 2,819 413 2,858 86 Consumer real estate 679 679 417 778 11 Consumer installment 28 28 22 33 - Total $ 3,753 $ 3,753 $ 910 $ 3,936 $ 104 Total Impaired Loans: Commercial installment $ 227 $ 227 $ 58 $ 267 $ 7 Commercial real estate 7,400 7,439 413 7,737 106 Consumer real estate 1,032 1,031 417 1,059 12 Consumer installment 43 43 22 41 - Total Impaired Loans $ 8,702 $ 8,740 $ 910 $ 9,104 $ 125 December 31, 2015 ($ In Thousands) Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD ($ In thousands) Impaired loans with no related allowance: Commercial installment $ - $ - $ - $ 2 $ - Commercial real estate 5,790 5,828 - 5,099 50 Consumer real estate 223 223 - 205 - Consumer installment 7 7 - 8 - Total $ 6,020 $ 6,058 $ - $ 5,314 $ 50 Impaired loans with a related allowance: Commercial installment $ 306 $ 306 $ 50 $ 264 $ 14 Commercial real estate 2,927 2,927 444 2,891 132 Consumer real estate 842 842 438 1,152 15 Consumer installment 32 32 25 31 - Total $ 4,107 $ 4,107 $ 957 $ 4,338 $ 161 Total Impaired Loans: Commercial installment $ 306 $ 306 $ 50 $ 266 $ 14 Commercial real estate 8,717 8,755 444 7,990 182 Consumer real estate 1,065 1,065 438 1,357 15 Consumer installment 39 39 25 39 - Total Impaired Loans $ 10,127 $ 10,165 $ 957 $ 9,652 $ 211 |
Impaired Loans | The following table represents the Company’s impaired loans at September 30, 2016, and December 31, 2015. Sept. 30, December 31, 2016 2015 ($ In Thousands) Impaired Loans: Impaired loans without a valuation allowance $ 4,949 $ 6,020 Impaired loans with a valuation allowance 3,753 4,107 Total impaired loans $ 8,702 $ 10,127 Allowance for loan losses on impaired loans at period end 910 957 Total nonaccrual loans 5,799 7,368 Past due 90 days or more and still accruing 420 29 Average investment in impaired loans 9,104 9,652 |
Summary of Interest Recognized and Cash-Basis Interest Earned on Impaired Loans | The following table is a summary of interest recognized and cash-basis interest earned on impaired loans: Three Months Nine Months Ended Ended Sept. 30, 2016 Sept. 30, 2016 ($ In Thousands) Interest income recognized during impairment $ - $ - Cash-basis interest income recognized 47 125 |
Additional Detail of Troubled Debt Restructurings | For the Three Months Ending September 30, 2016 ($ In Thousands Outstanding Outstanding Recorded Recorded Investment Interest Investment Post- Number of Income Pre-Modification Modification Loans Recognized Commercial installment $ - $ - - $ - Commercial real estate - - - - Consumer real estate - - - - Consumer installment - - - - Total $ - $ - - $ - For the Nine Months Ending September 30, 2016 ($ In Thousands Outstanding Outstanding Recorded Recorded Investment Interest Investment Post- Number of Income Pre-Modification Modification Loans Recognized Commercial installment $ - $ - - $ - Commercial real estate 296 276 1 10 Consumer real estate - - - - Consumer installment - - - - Total $ 296 $ 276 1 $ 10 |
Risk Category of Loans by Class of Loans | As of September 30, 2016 and December 31, 2015, and based on the most recent analysis performed, the risk categories of loans by class of loans (excluding mortgage loans held for sale) were as follows: September 30, 2016 Commercial, Real Estate Real Installment Financial Total Pass $ 509,503 $ 174,547 $ 26,114 $ 126,799 $ 836,963 Special Mention 915 241 - 650 1,806 Substandard 14,263 1,517 85 111 15,976 Doubtful - 318 - 41 359 Subtotal 524,681 176,623 26,199 127,601 855,104 Less: Unearned discount 379 63 - 296 738 Loans, net of unearned discount $ 524,302 $ 176,560 $ 26,199 $ 127,305 $ 854,366 December 31, 2015 ($ In Thousands Real Estate Real Installment Commercial, Total Pass $ 434,638 $ 167,394 $ 19,556 $ 132,101 $ 753,689 Special Mention 681 153 - 168 1,002 Substandard 16,655 1,453 75 178 18,361 Doubtful - 327 - - 327 Subtotal 451,974 169,327 19,631 132,447 773,379 Less: Unearned discount 448 76 - 340 864 Loans, net of unearned discount $ 451,526 $ 169,251 $ 19,631 $ 132,107 $ 772,515 |
Activity in Allowance for Loan Losses | ($ In Thousands) Three Months Nine Months Ended Ended Sept. 30, 2016 Sept. 30, 2016 Balance at beginning of period $ 7,259 $ 6,747 Loans charged-off: Real Estate (130) (286) Installment and Other (26) (55) Commercial, Financial and Agriculture - (6) Total (156) (347) Recoveries on loans previously charged-off: Real Estate 217 408 Installment and Other 15 52 Commercial, Financial and Agriculture 3 83 Total 235 543 Net recoveries 79 196 Provision for Loan Losses 143 538 Balance at end of period $ 7,481 $ 7,481 |
Allocation of Allowance for Loan Losses | Allocation of the Allowance for Loan Losses September 30, 2016 ($ In Thousands) Amount % of loans Commercial Non Real Estate $ 920 14.9 % Commercial Real Estate 3,364 61.4 Consumer Real Estate 1,475 20.6 Consumer 133 3.0 Unallocated 1,589 0.1 Total $ 7,481 100 % December 31, 2015 ($ In Thousands) Amount % of loans Commercial Non Real Estate $ 895 17.1 % Commercial Real Estate 3,018 58.4 Consumer Real Estate 1,477 21.9 Consumer 141 2.5 Unallocated 1,216 0.1 Total $ 6,747 100 % |
Loans and Allowance for Loan Losses Evaluated Individually and Collectively | September 30, 2016 Real Installment Commercial, Total ($ In Thousands) Loans Individually evaluated $ 8,432 $ 43 $ 227 $ 8,702 Collectively evaluated 700,286 14,437 130,941 845,664 Total $ 708,718 $ 14,480 $ 131,168 $ 854,366 Allowance for Loan Losses Individually evaluated $ 830 $ 22 $ 58 $ 910 Collectively evaluated 4,009 1,700 862 6,571 Total $ 4,839 $ 1,722 $ 920 $ 7,481 December 31, 2015 Real Installment Commercial, Total (In thousands) Loans Individually evaluated $ 9,782 $ 39 $ 306 $ 10,127 Collectively evaluated 610,996 19,591 131,801 762,388 Total $ 620,778 $ 19,630 $ 132,107 $ 772,515 Allowance for Loan Losses Individually evaluated $ 882 $ 25 $ 50 $ 957 Collectively evaluated 3,613 1,332 845 5,790 Total $ 4,495 $ 1,357 $ 895 $ 6,747 |
Summary of Organization - Addit
Summary of Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization [Line Items] | ||||||||
Entity Incorporation, State Country Name | Hattiesburg, Mississippi | |||||||
Assets | $ 1,266,638 | $ 1,266,638 | $ 1,145,131 | |||||
Loans, including Loans held for sale | 856,300 | 856,300 | ||||||
Deposits | 1,071,789 | 1,071,789 | 916,695 | |||||
Stockholders' equity | 112,658 | $ 101,622 | 112,658 | $ 101,622 | $ 103,436 | $ 96,216 | ||
Net income | 2,558 | 2,227 | 7,811 | 6,441 | ||||
Net income applicable to common Stockholders | $ 2,472 | $ 2,141 | $ 7,554 | $ 6,184 | ||||
Dividends on common stock, per share | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.1125 | $ 0.1125 |
Business combination - Addition
Business combination - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Goodwill, Acquired During Period | $ 1.5 |
Summary of Acquired Identifiabl
Summary of Acquired Identifiable Assets and Liabilities (Detail) - The Mortgage Connection [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Purchase price: | |
Cash | $ 844 |
Payable | 800 |
Total purchase price | 1,644 |
Identifiable assets: | |
Intangible | 100 |
Personal property | 44 |
Total assets | 144 |
Liabilities and equity | |
Net assets acquired | 144 |
Goodwill resulting from acquisition | $ 1,500 |
Preferred Stock and Warrant - A
Preferred Stock and Warrant - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | May 13, 2015 | |
Class of Stock [Line Items] | |||||||
Limitations on payment of dividends on common stock | no more than 100% of the aggregate per share dividend | ||||||
Dividend declared and paid, common stock | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||
Preferred stock, issued | 17,123 | 17,123 | |||||
Warrant Issued To Purchase Of Common Stock | 54,705 | ||||||
Treasury Stock Redemption Amount | $ 302,410 | ||||||
Series CD Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, annual dividend rate | 2.00% | ||||||
Capital purchase liquidation dividend term | 8 years |
Earnings Applicable to Common32
Earnings Applicable to Common Stockholders - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Earnings Per Share Basic [Line Items] | ||
Shares of restricted stock granted | 0 | 61,247 |
Earnings Applicable to Common33
Earnings Applicable to Common Stockholders (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share Basic [Line Items] | ||||
Net income available to common stock holders, basic | $ 2,472,000 | $ 2,141,000 | $ 7,554,000 | $ 6,184,000 |
Net income available to common stock holders, diluted | $ 2,472,000 | $ 2,141,000 | $ 7,554,000 | $ 6,184,000 |
Effect of dilutive shares: | ||||
Weighted average number of shares outstanding, basic | 5,429,349 | 5,374,790 | 5,425,567 | 5,369,260 |
Restricted Stock | 50,218 | 67,190 | 50,218 | 67,190 |
Weighted average number of shares outstanding, diluted | 5,479,567 | 5,441,980 | 5,475,785 | 5,436,450 |
Basic per share | $ 0.46 | $ 0.4 | $ 1.39 | $ 1.15 |
Diluted per share | $ 0.45 | $ 0.39 | $ 1.38 | $ 1.14 |
Financial Instruments with Of34
Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 194,321 | $ 144,086 |
Standby letters of credit | $ 1,964 | $ 1,135 |
Fair Value Disclosures and Re35
Fair Value Disclosures and Reporting, the Fair Value Option and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non recurring basis | $ 4,670 | $ 3,083 |
Fair Values of off-Balance Shee
Fair Values of off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||||
Cash and cash equivalents | $ 70,114 | $ 41,259 | $ 65,233 | $ 44,618 |
Securities available-for-sale | 236,168 | 239,732 | ||
Securities held-to-maturity | 6,000 | 7,092 | ||
Other securities | 9,516 | 8,135 | ||
Loans, net | 856,322 | 769,742 | ||
Bank-owned life insurance | 21,106 | 14,872 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 196,786 | 189,445 | ||
Interest-bearing deposits | 875,003 | 727,250 | ||
Subordinated debentures | 10,310 | 10,310 | ||
FHLB and other borrowings | 68,000 | 110,321 | ||
Quoted Prices (Level 1) | ||||
Assets: | ||||
Cash and cash equivalents | 70,114 | 41,259 | ||
Securities available-for-sale | 945 | 961 | ||
Securities held-to-maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Bank-owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
FHLB and other borrowings | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available-for-sale | 232,813 | 236,214 | ||
Securities held-to-maturity | 7,824 | 8,548 | ||
Other securities | 9,516 | 8,135 | ||
Loans, net | 0 | 0 | ||
Bank-owned life insurance | 21,106 | 14,872 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 196,786 | 189,445 | ||
Interest-bearing deposits | 874,872 | 726,441 | ||
Subordinated debentures | 0 | 0 | ||
FHLB and other borrowings | 68,000 | 110,321 | ||
Significant Unobservable Inputs (Level 3) | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available-for-sale | 2,410 | 2,557 | ||
Securities held-to-maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans, net | 879,361 | 784,113 | ||
Bank-owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Subordinated debentures | 10,310 | 10,310 | ||
FHLB and other borrowings | 0 | 0 | ||
Estimated Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 70,114 | 41,259 | ||
Securities available-for-sale | 236,168 | 239,732 | ||
Securities held-to-maturity | 7,824 | 8,548 | ||
Other securities | 9,516 | 8,135 | ||
Loans, net | 879,361 | 784,113 | ||
Bank-owned life insurance | 21,106 | 14,872 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 196,786 | 189,445 | ||
Interest-bearing deposits | 874,872 | 726,441 | ||
Subordinated debentures | 10,310 | 10,310 | ||
FHLB and other borrowings | $ 68,000 | $ 110,321 |
Fair Value of Assets Measured o
Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 236,168 | $ 239,732 |
Obligations of U. S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 9,109 | 19,611 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 97,870 | 97,889 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 108,752 | 98,925 |
Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 19,492 | 22,346 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 945 | 961 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 945 | 961 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of U. S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 945 | 961 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 232,813 | 236,214 |
Significant Other Observable Inputs (Level 2) | Obligations of U. S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 9,109 | 19,611 |
Significant Other Observable Inputs (Level 2) | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 97,870 | 97,889 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 108,752 | 98,925 |
Significant Other Observable Inputs (Level 2) | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 17,082 | 19,789 |
Significant Other Observable Inputs (Level 2) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,410 | 2,557 |
Significant Unobservable Inputs (Level 3) | Obligations of U. S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,410 | 2,557 |
Significant Unobservable Inputs (Level 3) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 0 | $ 0 |
Reconciliation of Activity for
Reconciliation of Activity for Assets Measured at Fair Value based on Significant Unobservable (Non-market) Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, January 1 | $ 2,557 | $ 2,801 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Other-than-temporary impairment loss included in earnings (loss) | 0 | 0 |
Unrealized loss included in comprehensive income | (147) | (244) |
Balance at September 30, 2016 and December 31, 2015 | $ 2,410 | $ 2,557 |
Quantitative Information About
Quantitative Information About Recurring Level 3 Fair Value Measurements (Detail) - Fair Value Input Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Quantitative Information About Recurring Fair Value Measurements [Line Items] | ||
Fair Value | $ 2,410 | $ 2,557 |
Valuation Technique | Discounted cash flow | Discounted cash flow |
Significant Unobservable Inputs | Probability of default | Probability of default |
Range of Inputs, Minimum | 1.41% | 1.08% |
Range of Inputs, Maximum | 3.30% | 2.77% |
Fair Value of Assets Measured40
Fair Value of Assets Measured on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 8,702 | $ 10,127 |
Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 4,670 | 3,083 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 8,702 | 10,127 |
Significant Other Observable Inputs (Level 2) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 4,670 | 3,083 |
Significant Unobservable Inputs (Level 3) | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Summary of Amortized Cost and E
Summary of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities and Held-To-Maturity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 231,632 | $ 238,083 |
Available-for-sale securities, Gross Unrealized Gains | 6,340 | 3,695 |
Available-for-sale securities, Gross Unrealized Losses | 1,804 | 2,046 |
Available-for-sale securities, Estimated Fair Value | 236,168 | 239,732 |
Held-to-maturity securities, Amortized Cost | 6,000 | 7,092 |
Held-to-maturity securities, Gross Unrealized Gains | 1,824 | 1,455 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Estimated Fair Value | 7,824 | 8,547 |
Obligations of U.S. Government Agencies | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale securities, Amortized Cost | 9,040 | 19,479 |
Available-for-sale securities, Gross Unrealized Gains | 69 | 144 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 13 |
Available-for-sale securities, Estimated Fair Value | 9,109 | 19,610 |
Tax-exempt and taxable obligations of states and municipal subdivisions | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale securities, Amortized Cost | 94,559 | 95,631 |
Available-for-sale securities, Gross Unrealized Gains | 3,534 | 2,362 |
Available-for-sale securities, Gross Unrealized Losses | 223 | 103 |
Available-for-sale securities, Estimated Fair Value | 97,870 | 97,890 |
Held-to-maturity securities, Amortized Cost | 6,000 | 6,000 |
Held-to-maturity securities, Gross Unrealized Gains | 1,824 | 1,440 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Estimated Fair Value | 7,824 | 7,440 |
Mortgage-backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale securities, Amortized Cost | 106,174 | 98,223 |
Available-for-sale securities, Gross Unrealized Gains | 2,593 | 1,127 |
Available-for-sale securities, Gross Unrealized Losses | 15 | 425 |
Available-for-sale securities, Estimated Fair Value | 108,752 | 98,925 |
Held-to-maturity securities, Amortized Cost | 1,092 | |
Held-to-maturity securities, Gross Unrealized Gains | 15 | |
Held-to-maturity securities, Gross Unrealized Losses | 0 | |
Held-to-maturity securities, Estimated Fair Value | 1,107 | |
Corporate obligations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale securities, Amortized Cost | 20,604 | 23,495 |
Available-for-sale securities, Gross Unrealized Gains | 144 | 62 |
Available-for-sale securities, Gross Unrealized Losses | 1,256 | 1,211 |
Available-for-sale securities, Estimated Fair Value | 19,492 | 22,346 |
Other | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale securities, Amortized Cost | 1,255 | 1,255 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale securities, Gross Unrealized Losses | 310 | 294 |
Available-for-sale securities, Estimated Fair Value | $ 945 | $ 961 |
LOANS - Additional Information
LOANS - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | ||||||
Percentage of loan portfolio to earning assets | 75.20% | 73.30% | ||||
Troubled debt restructurings, balance | $ 6,700,000 | $ 6,700,000 | $ 6,900,000 | |||
Total nonaccrual loans | 5,799,000 | 5,799,000 | 7,368,000 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,601,027 | 2,601,027 | 3,039,840 | |||
Foreclosed Real Estate Expense | 1,400,000 | |||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 4,000,000 | 4,000,000 | ||||
Loans and Leases Receivable, Allowance | 7,481,000 | 7,481,000 | 6,747,000 | $ 7,259,000 | ||
Financing Receivable [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total nonaccrual loans | 0 | 0 | $ 0 | |||
Non- Accrual | $ 99,000 | $ 123,000 | $ 297,000 | $ 322,000 |
Summary of Loans Classified as
Summary of Loans Classified as Past Due in Excess of Thirty Days or More and Loans Classified as Non-Accrual (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | $ 2,062 | $ 4,553 |
Past Due 90 Days Or More and Still Accruing | 420 | 29 |
Non- Accrual | 5,799 | 7,368 |
Total Past Due and Non- Accrual | 8,281 | 11,950 |
Total Loans | 854,366 | 772,515 |
Lease Financing Rec. | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 0 | 0 |
Past Due 90 Days Or More and Still Accruing | 0 | 0 |
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 0 | 0 |
Total Loans | 2,211 | 2,650 |
Real Estate-construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 518 | 311 |
Past Due 90 Days Or More and Still Accruing | 0 | 0 |
Non- Accrual | 2,788 | 2,956 |
Total Past Due and Non- Accrual | 3,306 | 3,267 |
Total Loans | 104,644 | 99,161 |
Real Estate-mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 1,220 | 3,339 |
Past Due 90 Days Or More and Still Accruing | 259 | 29 |
Non- Accrual | 1,969 | 2,055 |
Total Past Due and Non- Accrual | 3,448 | 5,423 |
Total Loans | 296,587 | 272,180 |
Real Estate-non farm non residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 269 | 736 |
Past Due 90 Days Or More and Still Accruing | 161 | 0 |
Non- Accrual | 934 | 2,225 |
Total Past Due and Non- Accrual | 1,364 | 2,961 |
Total Loans | 307,963 | 253,309 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 0 | 97 |
Past Due 90 Days Or More and Still Accruing | 0 | 0 |
Non- Accrual | 72 | 100 |
Total Past Due and Non- Accrual | 72 | 197 |
Total Loans | 121,963 | 129,197 |
Obligations of states and subdivisions | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 0 | 0 |
Past Due 90 Days Or More and Still Accruing | 0 | 0 |
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 0 | 0 |
Total Loans | 6,861 | 969 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30 to 89 Days | 55 | 70 |
Past Due 90 Days Or More and Still Accruing | 0 | 0 |
Non- Accrual | 36 | 32 |
Total Past Due and Non- Accrual | 91 | 102 |
Total Loans | $ 14,137 | $ 15,049 |
Information Regarding Contractu
Information Regarding Contractually Payments Receivable, Cash Flows (Detail) $ in Thousands | Dec. 31, 2014USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | |
Contractually required payments | $ 40,076 |
Cash flows expected to be collected | 50,168 |
Fair value of loans acquired | 38,393 |
Commercial Financial And Agriculture | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | |
Contractually required payments | 1,519 |
Cash flows expected to be collected | 1,570 |
Fair value of loans acquired | 1,513 |
Mortgage-Commercial | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | |
Contractually required payments | 29,648 |
Cash flows expected to be collected | 37,869 |
Fair value of loans acquired | 28,875 |
Mortgage-Residential | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | |
Contractually required payments | 7,933 |
Cash flows expected to be collected | 9,697 |
Fair value of loans acquired | 7,048 |
Commercial and other | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | |
Contractually required payments | 976 |
Cash flows expected to be collected | 1,032 |
Fair value of loans acquired | $ 957 |
Changes in the Carrying Amount
Changes in the Carrying Amount and Accretable Yield for Acquired Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | ||
Balance at beginning of period, Accretable Yield | $ 1,219 | $ 1,417 |
Accretion, Accretable Yield | (130) | (198) |
Payments received, net, Accretable Yield | 0 | 0 |
Balance at end of period, Accretable Yield | 1,089 | 1,219 |
Balance at beginning of period, Carrying Amount of Loans | 1,821 | 2,063 |
Accretion, Carrying Amount of Loans | 130 | 198 |
Payments received, net, Carrying Amount of Loans | (440) | (440) |
Balance at end of period, Carrying Amount of Loans | $ 1,511 | $ 1,821 |
Additional Detail of Impaired L
Additional Detail of Impaired Loans Broken Out According to Class (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no a valuation allowance, recorded investment | $ 4,949 | $ 6,020 |
Impaired loans with no related allowance, unpaid balance | 4,987 | 6,058 |
Impaired loans with no related allowance | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 5,168 | 5,314 |
Impaired loans with no related allowance, interest income recognized YTD | 21 | 50 |
Impaired loans with a related allowance, recorded investment | 3,753 | 4,107 |
Impaired loans with a related allowance, unpaid balance | 3,753 | 4,107 |
Impaired loans with a related allowance | 910 | 957 |
Impaired loans with a related allowance, average recored investment YTD | 3,936 | 4,338 |
Impaired loans with a related allowance, interest income recognized YTD | 104 | 161 |
Recorded Investment | 8,702 | 10,127 |
Unpaid Balance | 8,740 | 10,165 |
Related Allowance | 910 | 957 |
Average Recorded Investment YTD | 9,104 | 9,652 |
Interest Income Recognized YTD | 125 | 211 |
Commercial installment | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no a valuation allowance, recorded investment | 0 | 0 |
Impaired loans with no related allowance, unpaid balance | 0 | 0 |
Impaired loans with no related allowance | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 0 | 2 |
Impaired loans with no related allowance, interest income recognized YTD | 0 | 0 |
Impaired loans with a related allowance, recorded investment | 227 | 306 |
Impaired loans with a related allowance, unpaid balance | 227 | 306 |
Impaired loans with a related allowance | 58 | 50 |
Impaired loans with a related allowance, average recored investment YTD | 267 | 264 |
Impaired loans with a related allowance, interest income recognized YTD | 7 | 14 |
Recorded Investment | 227 | 306 |
Unpaid Balance | 227 | 306 |
Related Allowance | 58 | 50 |
Average Recorded Investment YTD | 267 | 266 |
Interest Income Recognized YTD | 7 | 14 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no a valuation allowance, recorded investment | 4,581 | 5,790 |
Impaired loans with no related allowance, unpaid balance | 4,620 | 5,828 |
Impaired loans with no related allowance | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 4,879 | 5,099 |
Impaired loans with no related allowance, interest income recognized YTD | 20 | 50 |
Impaired loans with a related allowance, recorded investment | 2,819 | 2,927 |
Impaired loans with a related allowance, unpaid balance | 2,819 | 2,927 |
Impaired loans with a related allowance | 413 | 444 |
Impaired loans with a related allowance, average recored investment YTD | 2,858 | 2,891 |
Impaired loans with a related allowance, interest income recognized YTD | 86 | 132 |
Recorded Investment | 7,401 | 8,717 |
Unpaid Balance | 7,439 | 8,755 |
Related Allowance | 413 | 444 |
Average Recorded Investment YTD | 7,737 | 7,990 |
Interest Income Recognized YTD | 106 | 182 |
Consumer real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no a valuation allowance, recorded investment | 353 | 223 |
Impaired loans with no related allowance, unpaid balance | 352 | 223 |
Impaired loans with no related allowance | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 281 | 205 |
Impaired loans with no related allowance, interest income recognized YTD | 1 | 0 |
Impaired loans with a related allowance, recorded investment | 679 | 842 |
Impaired loans with a related allowance, unpaid balance | 679 | 842 |
Impaired loans with a related allowance | 417 | 438 |
Impaired loans with a related allowance, average recored investment YTD | 778 | 1,152 |
Impaired loans with a related allowance, interest income recognized YTD | 11 | 15 |
Recorded Investment | 1,031 | 1,065 |
Unpaid Balance | 1,031 | 1,065 |
Related Allowance | 417 | 438 |
Average Recorded Investment YTD | 1,059 | 1,357 |
Interest Income Recognized YTD | 12 | 15 |
Consumer installment | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no a valuation allowance, recorded investment | 15 | 7 |
Impaired loans with no related allowance, unpaid balance | 15 | 7 |
Impaired loans with no related allowance | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 8 | 8 |
Impaired loans with no related allowance, interest income recognized YTD | 0 | 0 |
Impaired loans with a related allowance, recorded investment | 28 | 32 |
Impaired loans with a related allowance, unpaid balance | 28 | 32 |
Impaired loans with a related allowance | 22 | 25 |
Impaired loans with a related allowance, average recored investment YTD | 33 | 31 |
Impaired loans with a related allowance, interest income recognized YTD | 0 | 0 |
Recorded Investment | 43 | 39 |
Unpaid Balance | 43 | 39 |
Related Allowance | 22 | 25 |
Average Recorded Investment YTD | 41 | 39 |
Interest Income Recognized YTD | $ 0 | $ 0 |
Impaired Loans (Detail)
Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Impaired Loans: | ||
Impaired loans without a valuation allowance | $ 4,949 | $ 6,020 |
Impaired loans with a valuation allowance | 3,753 | 4,107 |
Total impaired loans | 8,702 | 10,127 |
Allowance for loan losses on impaired loans at period end | 910 | 957 |
Total nonaccrual loans | 5,799 | 7,368 |
Past due 90 days or more and still accruing | 420 | 29 |
Average investment in impaired loans | $ 9,104 | $ 9,652 |
Summary of Interest Recognized
Summary of Interest Recognized and Cash-Basis Interest Earned on Impaired Loans (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Interest income recognized during impairment | $ 0 | $ 0 |
Cash-basis interest income recognized | $ 47 | $ 125 |
Detail of Troubled Debt Restruc
Detail of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($)Loans | Sep. 30, 2016USD ($)Loans | |
Financing Receivable, Modifications [Line Items] | ||
Outstanding Recorded Investment Pre-Modification | $ 0 | $ 296 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 276 |
Number of Loans | Loans | 0 | 1 |
Interest Income Recognized | $ 0 | $ 10 |
Commercial installment | ||
Financing Receivable, Modifications [Line Items] | ||
Outstanding Recorded Investment Pre-Modification | 0 | 0 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 0 |
Number of Loans | Loans | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Outstanding Recorded Investment Pre-Modification | 0 | 296 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 276 |
Number of Loans | Loans | 0 | 1 |
Interest Income Recognized | $ 0 | $ 10 |
Consumer real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Outstanding Recorded Investment Pre-Modification | 0 | 0 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 0 |
Number of Loans | Loans | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Consumer installment | ||
Financing Receivable, Modifications [Line Items] | ||
Outstanding Recorded Investment Pre-Modification | 0 | 0 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 0 |
Number of Loans | Loans | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Modifications of Loans Performi
Modifications of Loans Performing (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due 30-89 | $ 2,062 | $ 4,553 |
Past Due 90 days and still accruing | 420 | 29 |
Non-accrual | 5,799 | 7,368 |
Total | 854,366 | 772,515 |
Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 2,903 | 2,758 |
Past Due 30-89 | 0 | 0 |
Past Due 90 days and still accruing | 0 | 0 |
Non-accrual | 3,808 | 4,148 |
Total | 6,711 | 6,906 |
Allowance for loan losses, Current Loans | 115 | 106 |
Allowance for loan losses, Past Due 30-89 | 0 | 0 |
Allowance for loan losses, Past Due 90 days and still accruing | 0 | 0 |
Allowance for loan losses, Non-accrual | 128 | 197 |
Allowance for loan losses, Total | 243 | 303 |
Loans | Commercial installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 155 | 206 |
Past Due 30-89 | 0 | 0 |
Past Due 90 days and still accruing | 0 | 0 |
Non-accrual | 50 | 50 |
Total | 205 | 256 |
Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 2,494 | 1,823 |
Past Due 30-89 | 0 | 0 |
Past Due 90 days and still accruing | 0 | 0 |
Non-accrual | 3,607 | 2,934 |
Total | 6,101 | 4,757 |
Loans | Consumer real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 247 | 721 |
Past Due 30-89 | 0 | 0 |
Past Due 90 days and still accruing | 0 | 0 |
Non-accrual | 126 | 1,135 |
Total | 373 | 1,856 |
Loans | Consumer installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 7 | 8 |
Past Due 30-89 | 0 | 0 |
Past Due 90 days and still accruing | 0 | 0 |
Non-accrual | 25 | 29 |
Total | $ 32 | $ 37 |
Risk Category of Loans by Class
Risk Category of Loans by Class of Loans (Excluding Mortgage Loans Held for Sale) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 855,104 | $ 773,379 |
Less: Unearned discount | 738 | 864 |
Loans, net of unearned discount | 854,366 | 772,515 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 836,963 | 753,689 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,806 | 1,002 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 15,976 | 18,361 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 359 | 327 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 524,681 | 451,974 |
Less: Unearned discount | 379 | 448 |
Loans, net of unearned discount | 524,302 | 451,526 |
Commercial Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 509,503 | 434,638 |
Commercial Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 915 | 681 |
Commercial Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 14,263 | 16,655 |
Commercial Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 0 | 0 |
Real Estate Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 176,623 | 169,327 |
Less: Unearned discount | 63 | 76 |
Loans, net of unearned discount | 176,560 | 169,251 |
Real Estate Mortgage | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 174,547 | 167,394 |
Real Estate Mortgage | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 241 | 153 |
Real Estate Mortgage | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,517 | 1,453 |
Real Estate Mortgage | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 318 | 327 |
Installment and Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 26,199 | 19,631 |
Less: Unearned discount | 0 | 0 |
Loans, net of unearned discount | 26,199 | 19,631 |
Installment and Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 26,114 | 19,556 |
Installment and Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 0 | 0 |
Installment and Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 85 | 75 |
Installment and Other | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 0 | 0 |
Commercial,Financial and Agriculture | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 127,601 | 132,447 |
Less: Unearned discount | 296 | 340 |
Loans, net of unearned discount | 127,305 | 132,107 |
Commercial,Financial and Agriculture | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 126,799 | 132,101 |
Commercial,Financial and Agriculture | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 650 | 168 |
Commercial,Financial and Agriculture | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 111 | 178 |
Commercial,Financial and Agriculture | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 41 | $ 0 |
Activity in Allowance for Loan
Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 7,259 | $ 6,747 | ||
Loans charged-off: | (156) | (347) | ||
Recoveries on loans previously charged-off: | 235 | 543 | ||
Net recoveries | 79 | 196 | ||
Provision for Loan Losses | 143 | $ 250 | 538 | $ 400 |
Balance at end of period | 7,481 | 7,481 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans charged-off: | (130) | (286) | ||
Recoveries on loans previously charged-off: | 217 | 408 | ||
Installment and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans charged-off: | (26) | (55) | ||
Recoveries on loans previously charged-off: | 15 | 52 | ||
Commercial, Financial and Agriculture | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans charged-off: | 0 | (6) | ||
Recoveries on loans previously charged-off: | $ 3 | $ 83 |
Allocation of Allowance for Loa
Allocation of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 7,481 | $ 7,259 | $ 6,747 |
Allowance for loan losses, percentage of total | 100.00% | 100.00% | |
Commercial Non Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 920 | $ 895 | |
Allowance for loan losses, percentage of total | 14.90% | 17.10% | |
Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 3,364 | $ 3,018 | |
Allowance for loan losses, percentage of total | 61.40% | 58.40% | |
Consumer Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 1,475 | $ 1,477 | |
Allowance for loan losses, percentage of total | 20.60% | 21.90% | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 133 | $ 141 | |
Allowance for loan losses, percentage of total | 3.00% | 2.50% | |
Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 1,589 | $ 1,216 | |
Allowance for loan losses, percentage of total | 0.10% | 0.10% |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses, Broken Down by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Loans | |||
Individually evaluated | $ 8,702 | $ 10,127 | |
Collectively evaluated | 845,664 | 762,388 | |
Total | 854,366 | 772,515 | |
Allowance for Loan Losses | |||
Individually evaluated | 910 | 957 | |
Collectively evaluated | 6,571 | 5,790 | |
Total | 7,481 | $ 7,259 | 6,747 |
Real Estate | |||
Loans | |||
Individually evaluated | 8,432 | 9,782 | |
Collectively evaluated | 700,286 | 610,996 | |
Total | 708,718 | 620,778 | |
Allowance for Loan Losses | |||
Individually evaluated | 830 | 882 | |
Collectively evaluated | 4,009 | 3,613 | |
Total | 4,839 | 4,495 | |
Installment and Other | |||
Loans | |||
Individually evaluated | 43 | 39 | |
Collectively evaluated | 14,437 | 19,591 | |
Total | 14,480 | 19,630 | |
Allowance for Loan Losses | |||
Individually evaluated | 22 | 25 | |
Collectively evaluated | 1,700 | 1,332 | |
Total | 1,722 | 1,357 | |
Commercial Financial And Agriculture | |||
Loans | |||
Individually evaluated | 227 | 306 | |
Collectively evaluated | 130,941 | 131,801 | |
Total | 131,168 | 132,107 | |
Allowance for Loan Losses | |||
Individually evaluated | 58 | 50 | |
Collectively evaluated | 862 | 845 | |
Total | $ 920 | $ 895 |
Subsequent Events_Other - Addit
Subsequent Events/Other - Additional Information (Detail) - USD ($) | Oct. 12, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Proceeds from Recoveries of Loans Previously Charged off | $ 219,000 | $ 722,000 | |
Receivable From Recovery of Loan Previously Charged Off | $ 941,000 | ||
Subsequent Event [Member] | Purchaser [Member] | Series E Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 3,563,380 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||
Sale of Stock, Price Per Share | $ 17.75 | ||
Proceeds from Issuance of Private Placement | $ 63,250,000 | ||
Subsequent Event [Member] | Iberville Bank [Member] | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Business Combination, Consideration Transferred | $ 31,100,000 | ||
Subsequent Event [Member] | Gulf Coast Community Bank [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | $ 2,300,000 | ||
Business Acquisition, Share Price | $ 0.50 |