Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 13, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FIRST BANCSHARES INC /MS/ | ||
Entity Central Index Key | 947,559 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 232,771,583 | ||
Trading Symbol | FBMS | ||
Entity Common Stock, Shares Outstanding | 12,339,492 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 42,980,353 | $ 31,719,187 |
Interest-bearing deposits with banks | 48,466,424 | 29,974,698 |
Federal funds sold | 475,000 | 425,000 |
Total cash and cash equivalents | 91,921,777 | 62,118,885 |
Held-to-maturity securities (fair value of $7,397,966 in 2017 and $7,393,828 in 2016) | 6,000,000 | 6,000,000 |
Available-for-sale securities | 356,893,081 | 243,205,963 |
Other securities | 9,969,200 | 6,592,750 |
Total securities | 372,862,281 | 255,798,713 |
Loans held for sale | 4,790,049 | 5,879,884 |
Loans, net of allowance for loan losses of $8,288,009 in 2017 and $7,510,314 in 2016 | 1,217,017,663 | 859,543,789 |
Interest receivable | 6,704,915 | 4,358,098 |
Premises and equipment | 46,426,031 | 34,624,352 |
Cash surrender value of life insurance | 27,053,909 | 21,250,476 |
Goodwill | 19,959,849 | 13,776,040 |
Other real estate owned | 7,158,409 | 6,007,621 |
Other assets | 19,343,560 | 14,009,388 |
Total assets | 1,813,238,443 | 1,277,367,246 |
Deposits: | ||
Non-interest-bearing | 301,988,781 | 202,478,442 |
Interest-bearing | 1,168,575,736 | 836,712,820 |
Total deposits | 1,470,564,517 | 1,039,191,262 |
Interest payable | 353,143 | 306,080 |
Borrowed funds | 104,072,294 | 69,000,000 |
Subordinated debentures | 10,310,000 | 10,310,000 |
Other liabilities | 5,470,569 | 4,033,197 |
Total liabilities | 1,590,770,523 | 1,122,840,539 |
Stockholders’ Equity: | ||
Common stock, par value $1 per share: 20,000,000 shares authorized; 11,192,401 shares issued in 2017, and 9,017,891 shares issued in 2016, respectively | 11,192,401 | 9,017,891 |
Additional paid-in capital | 158,455,979 | 102,574,159 |
Retained earnings | 53,720,927 | 44,476,386 |
Accumulated other comprehensive income (loss) | (437,742) | (1,078,084) |
Treasury stock, at cost | (463,645) | (463,645) |
Total stockholders’ equity | 222,467,920 | 154,526,707 |
Total liabilities and stockholders’ equity | $ 1,813,238,443 | $ 1,277,367,246 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities, Fair Value | $ 7,397,966 | $ 7,393,828 |
Allowance for loan losses | $ (8,288,000) | $ (7,510,000) |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 11,192,401 | 9,017,891 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
INTEREST INCOME | |||
Interest and fees on loans | $ 56,826,566 | $ 38,495,909 | $ 34,242,067 |
Interest and dividends on securities: | |||
Taxable interest and dividends | 6,340,610 | 4,052,162 | 3,948,459 |
Tax-exempt interest | 2,349,889 | 1,869,644 | 1,854,213 |
Interest on federal funds sold | 389,881 | 126,833 | 63,841 |
Interest on deposits in banks | 162,467 | 59,449 | 93,276 |
Total interest income | 66,069,413 | 44,603,997 | 40,201,856 |
INTEREST EXPENSE | |||
Interest on deposits | 5,261,318 | 3,443,812 | 2,562,241 |
Interest on borrowed funds | 1,647,933 | 871,523 | 645,207 |
Total interest expense | 6,909,251 | 4,315,335 | 3,207,448 |
Net interest income | 59,160,162 | 40,288,662 | 36,994,408 |
Provision for loan losses | 505,653 | 625,271 | 410,069 |
Net interest income after provision for loan losses | 58,654,509 | 39,663,391 | 36,584,339 |
OTHER INCOME | |||
Service charges on deposit accounts | 7,358,531 | 5,125,846 | 5,013,983 |
Other service charges and fees | 623,706 | 531,162 | 470,842 |
Secondary market mortgage income | 4,501,618 | 4,432,705 | 1,075,118 |
Bank owned life insurance income | 738,659 | 528,734 | 408,535 |
Gain (Loss) on sale of premises | (22,123) | (51,838) | 133,339 |
Securities gains (losses) | (15,889) | 126,286 | 0 |
Loss on sale of other real estate | (198,296) | (113,755) | (246,859) |
Other | 1,376,906 | 668,194 | 733,574 |
Total other income | 14,363,112 | 11,247,334 | 7,588,532 |
OTHER EXPENSE | |||
Salaries | 25,828,269 | 17,880,844 | 15,089,136 |
Employee benefits | 4,719,821 | 4,255,690 | 3,447,367 |
Occupancy | 4,827,711 | 3,459,206 | 3,422,116 |
Furniture and equipment | 1,224,655 | 1,261,506 | 1,198,930 |
Supplies and printing | 640,171 | 286,880 | 300,022 |
Professional and consulting fees | 6,756,847 | 1,805,420 | 1,331,928 |
Marketing and public relations | 405,552 | 465,344 | 496,638 |
FDIC and OCC assessments | 1,252,434 | 1,019,668 | 965,642 |
ATM expense | 1,187,614 | 882,657 | 763,248 |
Bank communications | 1,295,932 | 782,024 | 631,261 |
Data processing | 1,039,210 | 534,648 | 150,394 |
Other | 6,268,117 | 4,227,812 | 4,364,440 |
Total other expense | 55,446,333 | 36,861,699 | 32,161,122 |
Income before income taxes | 17,571,288 | 14,049,026 | 12,011,749 |
Income taxes | 6,954,812 | 3,930,339 | 3,213,047 |
Net income | 10,616,476 | 10,118,687 | 8,798,702 |
Preferred dividends and stock accretion | 0 | 452,305 | 342,460 |
Net income applicable to common stockholders | $ 10,616,476 | $ 9,666,382 | $ 8,456,242 |
Net income per share: | |||
Basic | $ 1.12 | $ 1.86 | $ 1.64 |
Diluted | 1.11 | 1.64 | 1.62 |
Net income applicable to common stockholders: | |||
Basic | 1.12 | 1.78 | 1.57 |
Diluted | $ 1.11 | $ 1.57 | $ 1.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 10,616,476 | $ 10,118,687 | $ 8,798,702 |
Unrealized gains on securities: | |||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | 1,080,344 | (3,315,089) | (1,093,182) |
Reclassification adjustment for (gains) losses included net income | 15,889 | (126,286) | 0 |
Unrealized holding gains (losses) arising during the period on available-for-sale securities | 1,096,233 | (3,441,375) | (1,093,182) |
Unrealized holding gains (losses) on loans held for Sale | 79,759 | (99,283) | 2,753 |
Income tax benefit (expense) | (459,522) | 1,363,987 | 370,655 |
Other comprehensive income (loss) | 716,470 | (2,176,671) | (719,774) |
Comprehensive income | $ 11,332,946 | $ 7,942,016 | $ 8,078,928 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | 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 | $ 96,215,584 | $ 5,342,670 | $ 17,123,000 | $ 283,738 | $ 44,136,411 | $ 27,975,049 | $ 1,818,361 | $ (463,645) |
Net income | 8,798,702 | 0 | 0 | 0 | 0 | 8,798,702 | 0 | 0 |
Other comprehensive loss | (719,774) | 0 | 0 | 0 | 0 | 0 | (719,774) | 0 |
Dividends on preferred stock | (342,460) | 0 | 0 | 0 | 0 | (342,460) | 0 | 0 |
Cash dividend declared, $.15 per common share | (806,576) | 0 | 0 | 0 | 0 | (806,576) | 0 | 0 |
Grant of restricted stock | 0 | 69,327 | 0 | 0 | (69,327) | 0 | 0 | 0 |
Compensation cost on restricted stock | 721,124 | 0 | 0 | 0 | 721,124 | 0 | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (92,390) | (6,324) | 0 | 0 | (86,066) | 0 | 0 | 0 |
Adjustment to consideration issued in BCB Holding acquisition | (35,710) | (2,514) | 0 | 0 | (33,196) | 0 | 0 | 0 |
Repurchase warrants | (302,410) | 0 | 0 | (283,738) | (18,672) | 0 | 0 | 0 |
Balance at Dec. 31, 2015 | 103,436,090 | 5,403,159 | 17,123,000 | 0 | 44,650,274 | 35,624,715 | 1,098,587 | (463,645) |
Net income | 10,118,687 | 0 | 0 | 0 | 0 | 10,118,687 | 0 | 0 |
Other comprehensive loss | (2,176,671) | 0 | 0 | 0 | 0 | 0 | (2,176,671) | 0 |
Dividends on preferred stock | (452,305) | 0 | 0 | 0 | 0 | (452,305) | 0 | 0 |
Cash dividend declared, $.15 per common share | (814,711) | 0 | 0 | 0 | 0 | (814,711) | 0 | 0 |
Costs associated with capital raise | (3,505,578) | 0 | 0 | 0 | (3,505,578) | 0 | 0 | 0 |
Grant of restricted stock | 0 | 61,247 | 0 | 0 | (61,247) | 0 | 0 | 0 |
Compensation cost on restricted stock | 772,311 | 0 | 0 | 0 | 772,311 | 0 | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (176,112) | (9,895) | 0 | 0 | (166,217) | 0 | 0 | 0 |
Repayment of CDCI preferred shares | (15,925,000) | 0 | (17,123,000) | 0 | 1,198,000 | 0 | 0 | 0 |
Issuance of Preferred Stock, Series E | 63,249,996 | 0 | 63,249,996 | 0 | 0 | 0 | 0 | 0 |
Conversion of Preferred, Series E to common | 0 | 3,563,380 | (63,249,996) | 0 | 59,686,616 | 0 | 0 | 0 |
Balance at Dec. 31, 2016 | 154,526,707 | 9,017,891 | 0 | 0 | 102,574,159 | 44,476,386 | (1,078,084) | (463,645) |
Net income | 10,616,476 | 0 | 0 | 0 | 0 | 10,616,476 | 0 | 0 |
Other comprehensive loss | 716,470 | 0 | 0 | 0 | 0 | 0 | 716,470 | 0 |
Reclassification of accumulated other comprehensive income due to statutory tax changes | 0 | 0 | 0 | 0 | 0 | 76,128 | (76,128) | 0 |
Cash dividend declared, $.15 per common share | (1,448,063) | 0 | 0 | 0 | 0 | (1,448,063) | 0 | 0 |
Issuance of common shares | 58,362,500 | 2,012,500 | 0 | 0 | 56,350,000 | 0 | 0 | 0 |
Costs associated with capital raise | (3,091,875) | 0 | 0 | 0 | (3,091,875) | 0 | 0 | 0 |
Grant of restricted stock | 0 | 84,286 | 0 | 0 | (84,286) | 0 | 0 | 0 |
Compensation cost on restricted stock | 866,558 | 0 | 0 | 0 | 866,558 | 0 | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (329,587) | (11,867) | 0 | 0 | (317,720) | 0 | 0 | 0 |
Issuance of shares for GCCB acquisition | 2,248,734 | 89,591 | 0 | 0 | 2,159,143 | 0 | 0 | 0 |
Balance at Dec. 31, 2017 | $ 222,467,920 | $ 11,192,401 | $ 0 | $ 0 | $ 158,455,979 | $ 53,720,927 | $ (437,742) | $ (463,645) |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends on common stock, per Share | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.15 | $ 0.15 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 10,616,476 | $ 10,118,687 | $ 8,798,702 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,902,328 | 2,302,163 | 2,296,985 |
FHLB Stock dividends | (54,400) | (37,700) | (8,600) |
Provision for loan losses | 505,653 | 625,271 | 410,069 |
Deferred income taxes | 6,445,865 | (10,352) | 255,638 |
Restricted stock expense | 866,558 | 772,311 | 721,124 |
Increase in cash value of life insurance | (738,659) | (528,734) | (408,535) |
Amortization and accretion, net, related to acquisitions | 1,736,818 | 629,304 | 921,853 |
Loss/ (Gain) on sale of land/bank premises/ equipment | 22,123 | 51,838 | (133,339) |
Securities gains (losses) | 15,889 | (126,286) | 0 |
Loss on sale/write-down of other real estate | 891,617 | 244,466 | 386,590 |
Changes in: | |||
Loans held for sale | 1,169,594 | (2,005,402) | (1,867,661) |
Interest receivable | (714,501) | (404,760) | (294,332) |
Other assets | 1,837,728 | (3,553,728) | (2,055,005) |
Interest payable | 29,826 | 60,348 | (70,112) |
Other liabilities | (3,934,866) | (121,118) | (1,406,347) |
Net cash provided by operating activities | 21,598,049 | 8,016,308 | 7,547,030 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of available-for-sale securities | (89,196,412) | (53,403,251) | (29,571,287) |
Purchases of other securities | (2,890,850) | (1,433,100) | (4,079,400) |
Proceeds from maturities and calls of available- for-sale securities | 57,995,529 | 45,296,821 | 42,569,677 |
Proceeds from maturities and calls of held-to- maturity securities | 0 | 1,094,138 | 1,099,898 |
Proceeds from sales of securities available-for- sale | 7,731,444 | 250,000 | 0 |
Proceeds from redemption of other securities | 682,100 | 3,012,900 | 3,187,500 |
Increase in loans | (121,437,376) | (98,560,749) | (68,588,377) |
Net additions to premises and equipment | (4,675,400) | (2,706,842) | (1,230,531) |
Purchase of bank owned life insurance | (468,834) | (5,850,000) | 0 |
Proceeds from sale of land/bank premises | 0 | 0 | 949,516 |
Proceeds from sale of other real estate owned | 6,945,936 | 1,560,773 | 2,190,625 |
Cash received (paid) in excess of cash paid for acquisition | 3,910,489 | 0 | (843,895) |
Net cash used in investing activities | (141,403,374) | (110,739,310) | (54,316,274) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase in deposits | 75,916,176 | 122,496,150 | 24,090,591 |
Proceeds from borrowed funds | 198,800,000 | 252,000,000 | 194,340,000 |
Repayment of borrowed funds | (173,633,473) | (293,321,245) | (173,468,821) |
Dividends paid on common stock | (1,415,524) | (782,936) | (778,428) |
Dividends paid on preferred stock | 0 | (452,305) | (342,460) |
Repurchase of shares issued in BCB acquisition | 0 | 0 | (35,710) |
Net proceeds from issuance of stock | 55,270,625 | 59,744,418 | 0 |
Repayment of CDCI Preferred shares | 0 | (15,925,000) | 0 |
Repurchase of warrants | 0 | 0 | (302,410) |
Repurchase of restricted stock for payment of taxes | (329,587) | (176,112) | (92,390) |
Repayment of repurchase agreement | (5,000,000) | 0 | 0 |
Net cash provided by financing activities | 149,608,217 | 123,582,970 | 43,410,372 |
Net increase (decrease) in cash and cash equivalents | 29,802,892 | 20,859,968 | (3,358,872) |
Cash and cash equivalents at beginning of year | 62,118,885 | 41,258,917 | 44,617,789 |
Cash and cash equivalents at end of year | 91,921,777 | 62,118,885 | 41,258,917 |
Cash paid during the year for: | |||
Interest | 7,053,879 | 4,254,987 | 3,448,525 |
Income taxes, net of refunds | 354,200 | 4,725,814 | 4,152,050 |
Non-cash activities: | |||
Transfers of loans to other real estate | 999,502 | 4,722,529 | 1,050,342 |
Issuance of restricted stock grants | 84,286 | $ 61,247 | $ 69,327 |
Stock issued in connection with Gulf Coast Community Bank | $ 2,248,734 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2017 | |
Notes To Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE A - NATURE OF BUSINESS The First Bancshares, Inc. (the “Company”) is a bank holding company whose business is primarily conducted by its wholly-owned subsidiary, The First, A National Banking Association (the “Bank”). The Bank provides a full range of banking services in its primary market area of Mississippi, Louisiana, Alabama, and Florida. The Company is regulated by the Federal Reserve Bank. Its subsidiary bank is subject to the regulation of the Office of the Comptroller of the Currency (OCC). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | The Company and the Bank follow accounting principles generally accepted in the United States of America including, where applicable, general practices within the banking industry. 1. Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated. 2. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, acquisition accounting, intangible assets, and deferred tax assets. 3. Cash and Due From Banks Included in cash and due from banks are legal reserve requirements which must be maintained on an average basis in the form of cash and balances due from the Federal Reserve. The reserve balance varies depending upon the types and amounts of deposits. At December 31, 2017, the required reserve balance on deposit with the Federal Reserve Bank was approximately $ 29.7 Securities Investments in securities are accounted for as follows: Available-for-Sale Securities Securities classified as available-for-sale are those securities that are intended to be held for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including movements in interest rates, liquidity needs, security risk assessments, changes in the mix of assets and liabilities and other similar factors. These securities are carried at their estimated fair value, and the net unrealized gain or loss is reported net of tax, as a component of accumulated other comprehensive income (loss) in stockholders' equity, until realized. Premiums and discounts are recognized in interest income using the interest method. Gains and losses on the sale of available-for-sale securities are determined using the adjusted cost of the specific security sold. Securities to be Held-to-Maturity Securities classified as held-to-maturity are those securities for which there is a positive intent and ability to hold to maturity. These securities are carried at cost adjusted for amortization of premiums and accretion of discounts, computed by the interest method. Trading Account Securities Trading account securities are those securities which are held for the purpose of selling them at a profit. There were no trading account securities on hand at December 31, 2017 and 2016. Other Securities Other securities are carried at cost and are restricted in marketability. Other securities consist of investments in the Federal Home Loan Bank (FHLB), Federal Reserve Bank and First National Bankers’ Bankshares, Inc. Management reviews for impairment based on the ultimate recoverability of the cost basis. Other-than-Temporary Impairment Management evaluates investment securities for other-than-temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other-than-temporary is charged to earnings for a decline in value deemed to be credit related and a new cost basis for the security is established. The decline in value attributed to non-credit related factors is recognized in accumulated other comprehensive income (loss). 5. Loans held for sale The Bank originates fixed rate single family, residential first mortgage loans on a presold basis. The Bank issues a rate lock commitment to a customer and concurrently “locks in” with a secondary market investor under a best efforts delivery mechanism. Such loans are sold without the mortgage servicing rights being retained by the Bank. The terms of the loan are dictated by the secondary investors and are transferred within several weeks of the Bank initially funding the loan. The Bank recognizes certain origination fees and service release fees upon the sale, which are included in other income on loans in the consolidated statements of income. Between the initial funding of the loans by the Bank and the subsequent purchase by the investor, the Bank carries the loans held for sale at the lower of cost or fair value in the aggregate as determined by the outstanding commitments from investors. Loans Loans are carried at the principal amount outstanding, net of the allowance for loan losses. Interest income on loans is recognized based on the principal balance outstanding and the stated rate of the loan. Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment of the related loan yield using the interest method. A loan is considered impaired, in accordance with the impairment accounting guidance of Accounting Standards Codification (ASC) Section 310-10-35, Receivables, Subsequent Measurement Loans are generally placed on a non-accrual status when principal or interest is past due ninety days or when specifically determined to be impaired. When a loan is placed on non-accrual status, interest accrued but not received is generally reversed against interest income. If collectibility is in doubt, cash receipts on non-accrual loans are used to reduce principal rather than recorded in interest income. Past due status is determined based upon contractual terms. Allowance for Loan Losses For financial reporting purposes, the provision for loan losses charged to operations is based upon management's estimation of the amount necessary to maintain the allowance at an adequate level. Allowances for any impaired loans are generally determined based on collateral values. A charge is taken against the allowance for loan losses when management believes the collectibility of the loan principal is unlikely. Management evaluates the adequacy of the allowance for loan losses on a regular basis. These evaluations are based upon a periodic review of the collectibility considering historical experience, the nature and value of the loan portfolio, underlying collateral values, internal and independent loan reviews, and prevailing economic conditions. In addition, the OCC, as a part of the regulatory examination process, reviews the loan portfolio and the allowance for loan losses and may require changes in the allowance based upon information available at the time of the examination. The allowance consists of two components: allocated and unallocated. The components represent an estimation performed pursuant to either ASC Topic 450, Contingencies Receivables The unallocated portion of the allowance reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, changes in collateral values, unfavorable information about a borrower’s financial condition, and other risk factors that have not yet manifested themselves. In addition, the unallocated allowance includes a component that explicitly accounts for the inherent imprecision in the loan loss analysis. 8. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. The depreciation policy is to provide for depreciation over the estimated useful lives of the assets using the straight-line method. Repairs and maintenance expenditures are charged to operating expenses; major expenditures for renewals and betterments are capitalized and depreciated over their estimated useful lives. Upon retirement, sale, or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts, and any gains or losses are included in operations. 9. Other Real Estate Owned Other real estate owned consists of properties acquired through foreclosure and, as held for sale property, is recorded at the lower of the outstanding loan balance or current appraisal less estimated costs to sell. Any write-down to fair value required at the time of foreclosure is charged to the allowance for loan losses. Subsequent gains or losses on other real estate are reported in other operating income or expenses. At December 31, 2017 and 2016, other real estate owned totaled $ 7,158,409 6,007,621 Goodwill and Other Intangible Assets Goodwill totaled $ 19,959,849 13,776,040 Goodwill totaling $ 6,183,810 The Company performed the required annual impairment tests of goodwill and other intangibles as of December 1, 2017. The Company’s annual impairment test did not indicate impairment as of the testing date, and subsequent to that date, management is not aware of any events or changes in circumstances since the impairment test that would indicate that goodwill or other intangibles might be impaired. The Company’s acquisition method recognized intangible assets, which are subject to amortization, and included in other assets in the accompanying consolidated balance sheets, are core deposit intangibles, amortized on a straight-line basis, over a 10 2017 (In thousands) Gross Accumulated Net Core deposit intangibles $ 7,640 $ (2,930) $ 4,710 2016 (In thousands) Gross Accumulated Net Core deposit intangibles $ 4,000 $ (2,268) $ 1,732 (In thousands) Amount Aggregate amortization expense for the year ended December 31: 2015 $ 399 2016 383 2017 664 Estimated amortization expense for the year ending December 31: 2018 $ 695 2019 695 2020 695 2021 625 2022 455 Thereafter 1,545 $ 4,710 Other Assets and Cash Surrender Value Financing costs related to the issuance of junior subordinated debentures are being amortized over the life of the instruments and are included in other assets. The Company invests in bank owned life insurance (BOLI). BOLI involves the purchase of life insurance by the Company on a chosen group of employees. The Company is the owner of the policies and, accordingly, the cash surrender value of the policies is reported as an asset, and increases in cash surrender values are reported as income. 12. Restricted Stock The Company accounts for stock based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation 13. Income Taxes The Company and its subsidiary file consolidated income tax returns. The subsidiary provides for income taxes on a separate return basis and remits to the Company amounts determined to be payable. Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently payable plus deferred taxes related primarily to differences between the bases of assets and liabilities as measured by income tax laws and their bases as reported in the financial statements. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. ASC Topic 740, Income Taxes, Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense for the years ended December 31, 2017, 2016 and 2015, was $ 336,450 401,751 437,085 Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash, amounts due from banks, interest-bearing deposits with banks and federal funds sold. Generally, federal funds are sold for a one to seven day period. 16. Off-Balance Sheet Financial Instruments In the ordinary course of business, the subsidiary bank enters into off-balance sheet financial instruments consisting of commitments to extend credit, credit card lines and standby letters of credit. Such financial instruments are recorded in the financial statements when they are exercised. Earnings Applicable to Common Stockholders Per share amounts are presented in accordance with ASC Topic 260, Earnings Per Share. For the Year Ended December 31, 2017 Net Shares Per Share Basic per common Share $ 10,616,476 9,484,460 $ 1.12 Effect of dilutive shares: Restricted Stock 76,800 $ 10,616,476 9,561,260 $ 1.11 For the Year Ended December 31, 2016 Net Shares Per Share Basic per common Share $ 9,666,382 5,435,088 $ 1.78 Convertible Preferred Dividend 133,627 Effect of dilutive shares: Convertible Preferred, Series E 742,371 Restricted Stock 81,874 $ 9,800,009 6,259,333 $ 1.57 For the Year Ended December 31, 2015 Net Shares Per Share Basic per common share $ 8,456,242 5,371,111 $ 1.57 Effect of dilutive shares: Restricted Stock 70,939 $ 8,456,242 5,442,050 $ 1.55 The diluted per share amounts were computed by applying the treasury stock method. 18. Mergers and Acquisitions Business combinations are accounted for under ASC 805, “ Business Combinations 19. Investment in Limited Partnership The Company is a limited partner in a partnership that provides low-income housing. The carrying value of the Company’s investment in the limited partnership was $ 3,837,468 4,058,801 481,325 160,442 0 Reclassifications Certain reclassifications have been made to the 2016 and 2015 financial statements to conform with the classifications used in 2017. These reclassifications did not impact the Company's consolidated financial condition or results of operations. Accounting Pronouncements In February, 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 76 In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation, Scope of Modification Accounting In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. 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 FASB issued ASU 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, In February 2016, the FASB issued ASU NO. 2016-02 Leases (Topic 842). . In September of 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Business Combination, Description [Abstract] | |
BUSINESS COMBINATIONS | NOTE C BUSINESS COMBINATIONS The Company accounts for its business combinations using the acquisition method. Acquisition accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the acquisition method. Core deposit intangibles and other identified intangibles with finite useful lives are amortized using the straight-line method over their estimated useful lives of up to ten years. Loans that the Company acquires in connection with acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess or deficit of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount or amortizable premium and is recognized into interest income over the remaining life of the loan. Acquisitions Iberville Bank On January 1, 2017, the Company completed its acquisition of 100 31.1 2.5 498,207 In connection with the acquisition, the Company recorded approximately $ 5.1 2.7 10 The Company acquired Iberville’s $ 149.4 0.8 Expenses associated with the acquisition were $ 0 3.6 (In Thousands) Measurement As Initially Period Reported Adjustments As Adjusted Identifiable assets: Cash and due from banks $ 28,789 $ - $ 28,789 Investments 78,650 (37) 78,613 Loans 148,516 - 148,516 Core deposit intangible 3,186 (498) 2,688 Personal and real property 4,443 498 4,941 Other assets 9,330 1,140 10,470 Total assets 272,914 1,103 274,017 Liabilities and equity: Deposits 243,656 - 243,656 Borrowed funds 456 - 456 Other liabilities 2,928 1,478 4,406 Total liabilities 247,040 1,478 248,518 Net assets acquired 25,874 (375) 25,499 Consideration paid 31,100 (498) 30,602 Goodwill resulting from Acquisition $ 5,226 $ (123) $ 5,103 Valuation adjustments have been made to securities, personal and real property, and core deposit intangible since initially reported. Outstanding principal balance $ 123,325,609 Carrying amount 122,621,607 There were no purchased credit impaired loans at December 31, 2017. Gulf Coast Community Bank Also on January 1, 2017, the Company completed the merger of Gulf Coast Community Bank (“GCCB”), Pensacola, Florida, with and into The First. The Company issued to GCCB’s shareholders shares of the Company’s common stock which, for purposes of the GCCB acquisition, were valued through averaging the trading price of the Company’s common stock price over a 30 day trading period ending on the fifth business day prior to the closing of the acquisition. Fractional shares were acquired with cash. The consideration totaled approximately $ 2.3 In connection with the acquisition, the Company recorded approximately $ 1.1 1.0 10 The Company acquired GCCB’s $ 91.0 2.2 Expenses associated with the acquisition were $ 0 2.8 (In Thousands) Measurement As Initially Period Reported Adjustments As Adjusted Identifiable assets: Cash and due from banks $ 6,047 $ (314) $ 5,733 Investments 13,833 (28) 13,805 Loans 88,801 - 88,801 Core deposit intangible 787 166 953 Personal and real property 4,739 - 4,739 Other real estate 7,057 336 7,393 Deferred tax asset 6,693 (15) 6,678 Other assets 490 (22) 468 Total assets 128,447 123 128,570 Liabilities and equity: Deposits 111,993 - 111,993 Borrowed funds 14,450 - 14,450 Other liabilities 950 - 950 Total liabilities 127,393 - 127,393 Net assets acquired 1,054 123 1,177 Consideration paid 2,258 - 2,258 Goodwill resulting from Acquisition $ 1,204 $ (123) $ 1,081 Valuation adjustments have been made to securities, core deposit intangible, and other real estate since initially reported. Also, certain amounts have been reclassified to conform to the classifications of the Company. On March 3, 2017, $ 5.0 2.2 Outstanding principal balance $ 60,223,959 Carrying amount 60,320,605 Loans acquired in the two acquisitions were accounted for in accordance with ASC 310-20, Receivables- Nonrefundable Fees and Other Costs Recent Acquisitions See Note T Subsequent Events for more information on the acquisitions of Southwest Banc Shares, Inc. and Sunshine Financial, Inc. that are scheduled to close in 2018. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2017 | |
Securities [Abstract] | |
SECURITIES | NOTE D SECURITIES December 31, 2017 Amortized Gross Gross Estimated Available-for-sale securities: Obligations of U.S. Government Agencies $ 4,996,142 $ - $ 4,007 $ 4,992,135 Tax-exempt and taxable obligations of states and municipal subdivisions 137,281,213 2,027,575 724,750 138,584,038 Mortgage-backed securities 197,346,171 785,321 1,553,516 196,577,976 Corporate obligations 16,599,433 20,901 801,426 15,818,908 Other 1,255,483 - 335,459 920,024 $ 357,478,442 $ 2,833,797 $ 3,419,158 $ 356,893,081 Held-to-maturity securities: Taxable obligations of states and municipal subdivisions $ 6,000,000 $ 1,397,966 $ - $ 7,397,966 December 31, 2016 Amortized Gross Gross Estimated Available-for-sale securities: Obligations of U.S. Government Agencies $ 9,023,293 $ 27,718 $ 6,341 $ 9,044,670 Tax-exempt and taxable obligations of states and municipal subdivisions 98,327,829 1,677,764 1,183,186 98,822,407 Mortgage-backed securities 114,990,863 602,179 1,304,090 114,288,952 Corporate obligations 21,274,200 66,477 1,230,566 20,110,111 Other 1,255,483 - 315,660 939,823 $ 244,871,668 $ 2,374,138 $ 4,039,843 $ 243,205,963 Held-to-maturity securities: Taxable obligations of states and municipal subdivisions $ 6,000,000 $ 1,393,828 $ - $ 7,393,828 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated Due less than one year $ 14,048,332 $ 14,061,545 $ - $ - Due after one year through five years 49,518,696 49,775,588 - - Due after five years through ten years 57,713,034 58,588,594 6,000,000 7,397,966 Due greater than ten years 38,852,209 37,889,378 - - Mortgage-backed securities 197,346,171 196,577,976 - - $ 357,478,442 $ 356,893,081 $ 6,000,000 $ 7,397,966 Actual maturities can differ from contractual maturities because the obligations may be called or prepaid with or without penalties. In 2017, there was a net loss of $ 15,889 4,384 20,273 126,286 Securities with a carrying value of $ 289,001,490 170,593,273 2017 Losses < 12 Months Losses 12 Months or > Total Fair Gross Fair Gross Fair Gross Obligations of U.S. government agencies $ 4,992,134 $ 4,007 $ - $ - $ 4,992,134 $ 4,007 Tax-exempt and tax- able obligations of states and Municipal subdivisions 40,559,417 500,884 8,722,641 223,866 49,282,058 724,750 Mortgage-backed Securities 89,312,836 806,774 33,286,648 746,742 122,599,484 1,553,516 Corporate obligations 5,665,770 9,832 3,156,365 791,594 8,822,135 801,426 Other - - 920,024 335,459 920,024 335,459 $ 140,530,157 $ 1,321,497 $ 46,085,678 $ 2,097,661 $ 186,615,835 $ 3,419,158 2016 Losses < 12 Months Losses 12 Months or > Total Fair Gross Fair Gross Fair Gross Obligations of U.S. government Agencies $ 2,989,255 $ 6,341 $ - $ - $ 2,989,255 $ 6,341 Tax-exempt and tax- able obligations of states and municipal subdivisions 48,199,634 1,183,186 - - 48,199,634 1,183,186 Mortgage-backed Securities 78,467,029 1,294,942 1,905,698 9,148 80,372,727 1,304,090 Corporate obligations 5,075,850 17,932 2,828,766 1,212,634 7,904,616 1,230,566 Other - - 939,823 315,660 939,823 315,660 $ 134,731,768 $ 2,502,401 $ 5,674,287 $ 1,537,442 $ 140,406,055 $ 4,039,843 Approximately 38.0 |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2017 | |
Loans Receivable, Net [Abstract] | |
LOANS | NOTE E - 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. At December 31, 2017 and 2016, respectively, loans accounted for 74.5% and 75.3% of earning assets. The Company controls and mitigates the inherent credit and liquidity risks through the composition of its loan portfolio. (In thousands) December 31, 2017 December 31, 2016 Amount Percent of Total Amount Percent of Total Mortgage loans held for sale $ 4,790 0.3 % $ 5,880 0.6 % Commercial, financial and agricultural 165,780 13.5 129,423 14.8 Real Estate: Mortgage-commercial 467,484 38.0 314,359 36.0 Mortgage-residential 385,099 31.3 289,640 33.2 Construction 183,328 14.9 109,394 12.5 Lease financing receivable 2,450 0.2 2,204 0.3 Obligations of states and subdivisions 3,109 0.3 6,698 0.8 Consumer and other 18,056 1.5 15,336 1.8 Total loans 1,230,096 100 % 872,934 100 % Allowance for loan losses (8,288 ) (7,510 ) Net loans $ 1,221.808 $ 865,424 In the context of this discussion, a "real estate mortgage loan" is defined as any loan, other than a loan for construction purposes, secured by real estate, regardless of the purpose of the loan. The Company follows the common practice of financial institutions in the Company’s market area of obtaining a security interest in real estate whenever possible, in addition to any other available collateral. This collateral is taken to reinforce the likelihood of the ultimate repayment of the loan and tends to increase the magnitude of the real estate loan portfolio component. Generally, the Company limits its loan-to-value ratio to 80%. Management attempts to maintain a conservative philosophy regarding its underwriting guidelines and believes it will reduce the risk elements of its loan portfolio through strategies that diversify the lending mix. Loans held for sale consist of mortgage loans originated by the Bank and sold into the secondary market. Commitments from investors to purchase the loans are obtained upon origination. (In thousands) 2017 2016 2015 Balance at beginning of period $ 7,510 $ 6,747 $ 6,095 Loans charged-off: Real Estate (262 ) (627 ) (534 ) Installment and Other (81 ) (73 ) (126 ) Commercial, Financial and Agriculture (62 ) (71 ) (183 ) Total (405 ) (771 ) (843 ) Recoveries on loans previously charged-off: Real Estate 522 755 905 Installment and Other 105 70 81 Commercial, Financial and Agriculture 50 84 99 Total 677 909 1,085 Net (Charge-offs) Recoveries 272 138 242 Provision for Loan Losses 506 625 410 Balance at end of period $ 8,288 $ 7,510 $ 6,747 Allocation of the Allowance for Loan Losses December 31, 2017 (Dollars in thousands) Amount % of loans to total loans Commercial Non Real Estate $ 1,608 14.0 % Commercial Real Estate 4,644 64.8 Consumer Real Estate 1,499 18.9 Consumer 173 2.3 Unallocated 364 - Total $ 8,288 100 % December 31, 2016 (Dollars in thousands) Amount % of loans in each category to total loans Commercial Non Real Estate $ 1,118 15.6 % Commercial Real Estate 4,071 61.6 Consumer Real Estate 1,589 20.3 Consumer 155 2.4 Unallocated 577 0.1 Total $ 7,510 100 % December 31, December 31, 2017 2016 (In thousands) Impaired Loans: Impaired loans without a valuation allowance $ 6,559 $ 2,667 Impaired loans with a valuation allowance 4,015 3,461 Total impaired loans $ 10,574 $ 6,128 Allowance for loan losses on impaired loans at period End 661 682 Total non-accrual loans 5,674 3,264 Past due 90 days or more and still accruing 285 198 Average investment in impaired loans 9,041 8,509 2017 2016 2015 Interest income recognized during impairment - - - Cash-basis interest income recognized 326 188 211 The gross interest income that would have been recorded in the period that ended if the non-accrual 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 twelve months for the years ended December 31, 2017, 2016 and 2015, was $342,000, $389,000 and $437,000, respectively. The Company had no loan commitments to borrowers in non-accrual status at December 31, 2017 and 2016. December 31, 2017 Installment Commercial, Real Estate and Other Financial and Agriculture Total (In thousands) Loans Individually evaluated $ 9,402 $ 52 $ 1,120 $ 10,574 Collectively evaluated 1,015,934 28,511 170,287 1,214,732 Total $ 1,025,336 $ 28,563 $ 171,407 $ 1,225,306 Allowance for Loan Losses Individually evaluated $ 371 $ 23 $ 267 $ 661 Collectively evaluated 5,952 334 1,341 7,627 Total $ 6,323 $ 357 $ 1,608 $ 8,288 December 31, 2016 Installment Commercial, Real Estate and Other Financial and Agriculture Total (In thousands) Loans Individually evaluated $ 5,935 $ 40 $ 153 $ 6,128 Collectively evaluated 704,923 21,317 134,686 860,926 Total $ 710,858 $ 21,357 $ 134,839 $ 867,054 Allowance for Loan Losses Individually evaluated $ 651 $ 21 $ 10 $ 682 Collectively evaluated 5,009 711 1,108 6,828 Total $ 5,660 $ 732 $ 1,118 $ 7,510 The following tables provide additional detail of impaired loans broken out according to class as of December 31, 2017, 2016 and 2015. The recorded investment included in the following table represents customer balances net of any partial charge-offs recognized on the loans, net of any deferred fees and costs. Recorded investment excludes any insignificant amount of accrued interest receivable on loans 90-days or more past due and still accruing. December 31, 2017 Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD (In thousands) Impaired loans with no related allowance: Commercial installment $ 270 $ 270 $ - $ 90 $ 1 Commercial real estate 4,080 4,176 - 3,502 101 Consumer real estate 2,180 2,424 - 1,897 83 Consumer installment 29 29 - 17 - Total $ 6,559 $ 6,899 $ - $ 5,506 $ 185 Impaired loans with a related allowance: Commercial installment $ 850 $ 850 $ 267 $ 262 $ 14 Commercial real estate 2,638 2,638 234 2,756 112 Consumer real estate 504 504 137 493 15 Consumer installment 23 23 23 24 - Total $ 4,015 $ 4,015 $ 661 $ 3,535 $ 141 Total Impaired Loans: Commercial installment $ 1,120 $ 1,120 $ 267 $ 352 $ 15 Commercial real estate 6,718 6,814 234 6,258 213 Consumer real estate 2,684 2,928 137 2,390 98 Consumer installment 52 52 23 41 - Total Impaired Loans $ 10,574 $ 10,914 $ 661 $ 9,041 $ 326 December 31, 2016 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 2,324 2,570 - 4,368 37 Consumer real estate 329 329 - 291 1 Consumer installment 14 14 - 9 - Total $ 2,667 $ 2,913 $ - $ 4,668 $ 38 Continued: Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD Impaired loans with a related allowance: Commercial installment $ 153 $ 153 $ 10 $ 244 $ 9 Commercial real estate 2,726 2,726 343 2,832 127 Consumer real estate 556 669 308 733 14 Consumer installment 26 27 21 32 - Total $ 3,461 $ 3,575 $ 682 $ 3,841 $ 150 Total Impaired Loans: Commercial installment $ 153 $ 153 $ 10 $ 244 $ 9 Commercial real estate 5,050 5,296 343 7,200 164 Consumer real estate 885 998 308 1,024 15 Consumer installment 40 41 21 41 - Total Impaired Loans $ 6,128 $ 6,488 $ 682 $ 8,509 $ 188 December 31, 2015 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 We acquired loans with deteriorated credit quality in a 2014 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. July 1, 2014 (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 $2,020,769 as of December 31, 2017. The outstanding balance of these loans is the undiscounted sum of all amounts, including amounts deemed principal, interest, fees, penalties, and other under the loans, owed at the reporting date, whether or not currently due and whether or not any such amounts have been charged off. Accretable Carrying Amount Balance at beginning of period $ 894 $ 1,305 Accretion (58 ) 58 Payments received, net - (178 ) Balance at end of period $ 836 $ 1,185 December 31, 2017 Outstanding Outstanding Interest Investment Investment Number of Income (In thousands except number of loans) Commercial installment $ - $ - - $ - Commercial real estate 526 494 4 17 Consumer real estate 66 64 1 4 Consumer installment - - - - Total $ 592 $ 558 5 $ 21 December 31, 2016 Outstanding Outstanding Interest Investment Investment Number of Income (In thousands except number of loans) Commercial installment $ - $ - - $ - Commercial real estate 296 269 1 13 Consumer real estate - - - - Consumer installment - - - - Total $ 296 $ 269 1 $ 13 December 31, 2015 Outstanding Outstanding Interest Investment Investment Number of Income (In thousands except number of loans) Commercial installment $ - $ - - $ - Commercial real estate 499 492 2 10 Consumer real estate 45 40 1 - Consumer installment - - - - Total $ 544 $ 532 3 $ 10 The TDRs presented above increased the allowance for loan losses and resulted in charge-offs of $0, $208,000 and $0 for the years ended December 31, 2017, 2016 and 2015, respectively. The balance of troubled debt restructurings at December 31, 2017, 2016 and 2015, was $6.9 million, $4.1 million and $6.9 million, respectively, calculated for regulatory reporting purpose. As of December 31, 2017, the Company had no additional amount committed on any loan classified as troubled debt restructuring. During the twelve month periods ended December 31, 2017, 2016 and 2015, the terms of 5, 1 and 3 loans, respectively, were modified as TDRs. December 31, 2017 Current Past Due 30-89 Past Due 90 days and still accruing Non-Accrual Total Commercial installment $ - $ - $ - $ - $ - Commercial real estate 3,701,710 91,734 - 1,024,442 4,817,886 Consumer real estate 1,012,396 89,476 - 986,803 2,088,675 Consumer installment - - 5,188 18,319 23,507 Total $ 4,714,106 $ 181,210 $ 5,188 $ 2,029,564 $ 6,930,068 Allowance for loan losses $ 99,695 $ 21,610 $ 5,188 $ 27,241 $ 153,734 December 31, 2016 Current Loans Past Due 30-89 Past Due 90 days and still accruing Non-Accrual Total Commercial installment $ 150,509 $ - $ - $ - $ 150,509 Commercial real estate 2,463,484 - - 1,101,279 3,564,763 Consumer real estate 153,695 89,996 - 122,450 366,141 Consumer installment 5,898 - - 23,594 29,492 Total $ 2,773,586 $ 89,996 $ - $ 1,247,323 $ 4,110,905 Allowance for loan losses $ 124,484 $ - $ - $ 40,165 $ 164,649 December 31, 2015 Current Loans Past Due 30-89 Past Due 90 days and still accruing Non-Accrual Total Commercial installment $ 206,237 $ - $ - $ 50,221 $ 256,458 Commercial real estate 1,823,217 - - 2,933,287 4,756,504 Consumer real estate 721,110 - - 1,134,816 1,855,926 Consumer installment 7,894 - - 29,435 37,329 Total $ 2,758,458 $ - $ - $ 4,147,759 $ 6,906,217 Allowance for loan losses $ 106,028 $ - $ - $ 197,338 $ 303,366 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: December 31, 2017 (In thousands) Past Due Days Past Due 90 Days or Non-Accrual Total Past Due and Non-Accrual Total Loans Real Estate-construction $ 192 $ 27 $ 92 $ 311 $ 183,328 Real Estate-mortgage 2,656 176 2,692 5,524 385,099 Real Estate-nonfarm nonresidential 1,487 82 1,724 3,293 467,484 Commercial 393 - 1,120 1,513 165,780 Lease financing receivable - - - - 2,450 Obligations of states and subdivisions - - - - 3,109 Consumer 57 - 46 103 18,056 Total $ 4,785 $ 285 $ 5,674 $ 10,744 $ 1,225,306 December 31, 2016 (In thousands) Past Due 30 to 89 Days Past Due 90 Days or More and Still Accruing Non-Accrual Total Past Due and Non-Accrual Total Loans Real Estate-construction $ 204 $ 96 $ 658 $ 958 $ 109,394 Real Estate-mortgage 2,745 102 1,662 4,509 289,640 Real Estate- nonfarm nonresidential 269 - 909 1,178 314,359 Commercial 9 - 2 11 129,423 Lease finance receivable - - - - 2,204 Obligations of states and subdivisions - - - - 6,698 Consumer 22 - 33 55 15,336 Total $ 3,249 $ 198 $ 3,264 $ 6,711 $ 867,054 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 Company 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. (In thousands) December 31, 2017 Real Estate Commercial Real Estate Mortgage Installment and Other Commercial, Financial and Agriculture Total Pass $ 763,572 $ 226,178 $ 28,482 $ 166,819 $ 1,185,051 Special Mention 15,987 680 - 2,908 19,575 Substandard 14,979 4,622 80 1,905 21,586 Doubtful 94 - - 23 117 Subtotal 794,632 231,480 28,562 171,655 1,226,329 Less: Unearned Discount 710 65 - 248 1,023 Loans, net of unearned discount $ 793,922 $ 231,415 $ 28,562 $ 171,407 $ 1,225,306 Commercial, December 31, 2016 Real Estate Commercial Real Estate Mortgage Installment and Other Financial and Agriculture Total Pass $ 522,949 $ 174,325 $ 21,278 $ 134,235 $ 852,787 Special Mention 376 237 - 618 1,231 Substandard 11,873 1,336 79 208 13,496 Doubtful - 200 - 40 240 Subtotal 535,198 176,098 21,357 135,101 867,754 Less: Unearned Discount 378 60 - 262 700 Loans, net of unearned discount $ 534,820 $ 176,038 $ 21,357 $ 134,839 $ 867,054 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | NOTE F - PREMISES AND EQUIPMENT 2017 2016 Premises: Land $ 17,242,999 $ 10,566,139 Buildings and improvements 31,931,767 27,463,504 Equipment 12,546,553 10,436,712 Construction in progress 1,070,775 779,833 62,792,094 49,246,188 Less accumulated depreciation and amortization 16,366,063 14,621,836 $ 46,426,031 $ 34,624,352 The amounts charged to operating expense for depreciation were $ 2,046,005 1,653,663 1,645,081 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
DEPOSITS | NOTE G - DEPOSITS The aggregate amount of time deposits in denominations of $250,000 or more as of December 31, 2017, and as of December 31, 2016, was $ 71,596,093 60,219,749 Year Amount 2018 $ 152,550 2019 89,431 2020 15,667 2021 9,212 2022 16,416 Thereafter - $ 283,276 |
BORROWED FUNDS
BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | NOTE H - BORROWED FUNDS 2017 2016 Reverse Repurchase Agreement $ - $ 5,000,000 FHLB advances 88,072,294 48,000,000 First Tennessee Bank 16,000,000 16,000,000 $ 104,072,294 $ 69,000,000 Advances from the FHLB have maturity dates ranging from January 2018 through June 2019. Interest is payable monthly at rates ranging from .95% to 4.72 445,799,187 Year Amount 2018 $ 77,572,294 2019 10,500,000 2020 - 2021 - Total $ 88,072,294 As of December 31, 2016, reverse repurchase agreements consisted of one $ 5,000,000 5,470,105 The Company entered into a loan agreement with First Tennessee Bank for a $ 20 December 5, 2018 2.50 |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
LEASE OBLIGATIONS | NOTE I LEASE OBLIGATIONS The Company is committed under several long-term operating leases which provide for minimum lease payments. Certain leases contain options for renewal. Total rental expense under these operating leases amounted to $ 602,000 577,000 530,000 The Company is also committed under two long-term capital lease agreements. One capital lease agreement had an outstanding balance of $ 708,000 879,000 4 2,675,000 1,651,000 1,390,000 161,000 two 266,000 22,000 12,000 Operating Capital (In thousands) 2018 536 275 2019 440 275 2020 317 191 2021 197 175 2022 146 - Thereafter 312 - Total Minimum Lease Payments $ 1,948 $ 916 Less: Amount representing interest (47) Present value of minimum lease payments $ 869 |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | NOTE J - REGULATORY MATTERS The Company and its subsidiary bank are subject to regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its subsidiary bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgment by regulators about components, risk weightings, and other related factors. To ensure capital adequacy, quantitative measures have been established by regulators, and these require the Company and its subsidiary bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), Tier I capital to adjusted total assets (leverage) and common equity Tier 1. Management believes, as of December 31, 2017, that the Company and its subsidiary bank exceeded all capital adequacy requirements. In 2013, the Federal Reserve voted to adopt final capital rules implementing Basel III requirements for U.S. Banking organizations. Under the final rule, minimum requirements increased for both the quantity and quality of capital held by banking organizations. The final rule includes a new minimum ratio of common equity Tier 1 capital (Tier 1 Common) to risk-weighted assets and a Tier 1 Common capital conservation buffer of 2.5 4 At December 31, 2017 and 2016, the subsidiary bank was categorized by regulators as well-capitalized under the regulatory framework for prompt corrective action. Under Basel III requirements, a financial institution is considered to be well-capitalized if it has a total risk-based capital ratio of 10 8 5 (Dollars in thousands) Company Subsidiary (Consolidated) The First Amount Ratio Amount Ratio December 31, 2017 Total risk-based $ 217,157 15.5 % $ 211,338 15.1 % Common equity Tier 1 199,170 14.2 % 203,050 14.5 % Tier I risk-based 208,869 14.9 % 203,050 14.5 % Tier I leverage 208,869 11.7 % 203,050 11.4 % December 31, 2016 Total risk-based $ 157,557 15.5 % $ 172,572 17.0 % Common equity Tier 1 140,747 13.8 % 165,062 16.2 % Tier I risk-based 150,047 14.7 % 165,062 16.2 % Tier I leverage 150,047 11.9 % 165,062 13.1 % Company Subsidiary (Consolidated) The First Amount Ratio Amount Ratio December 31, 2017 Total risk-based $ 111,933 8.0 % $ 111,789 8.0 % Common equity Tier 1 62,962 4.5 % 62,882 4.5 % Tier I risk-based 83,949 6.0 % 83,842 6.0 % Tier I leverage 71,362 4.0 % 71,290 4.0 % December 31, 2016 Total risk-based $ 81,504 8.0 % $ 81,391 8.0 % Common equity Tier 1 45,846 4.5 % 45,782 4.5 % Tier I risk-based 61,128 6.0 % 61,043 6.0 % Tier I leverage 50,412 4.0 % 50,364 4.0 % The Company’s dividends, if any, are expected to be made from dividends received from its subsidiary bank. The OCC limits dividends of a national bank in any calendar year to the net profits of that year combined with the retained net profits for the two preceding years. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE K - INCOME TAXES Years Ended December 31, 2017 2016 2015 Current: Federal $ 408,086 $ 3,363,290 $ 2,484,372 State 100,861 577,401 473,037 Deferred (In 2017, includes $2,080,747 due to 6,445,865 (10,352) 255,638 Tax Cut and Jobs Act) $ 6,954,812 $ 3,930,339 $ 3,213,047 Years Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Income taxes at statutory rate $ 6,149,951 35 % $ 4,917,159 35 % $ 4,083,995 34 % Tax-exempt income (1,154,595) (6) % (927,506) (7) % (831,141) (7) % Nondeductible expenses 233,925 1 % 130,609 1 % 161,176 1 % State income tax, net of federal tax effect 65,560 - 375,311 3 % 307,951 3 % Tax credits, net (331,080) (2) % (308,684) (2) % (295,800) (2) % Deferred tax adjustment due to Tax Cuts and Job Act 2,080,747 12 % - - - - Other, net (89,696) - (256,550) (2) % (213,134) (2) % $ 6,954,812 40 % $ 3,930,339 28 % $ 3,213,047 27 % On December 22, 2017, the Tax Cuts and Jobs Act was enacted which permanently reduced the U.S. corporate income tax rate from a maximum of 35 21 2.1 December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 2,096,866 $ 2,897,479 Net operating loss carryover 1,500,867 2,315,140 Non-accrual loan interest 344,187 35,208 Other real estate 842,797 272,598 Unrealized loss on available-for-sale securities 150,298 642,629 Other 965,766 1,184,474 5,900,781 7,347,528 Deferred tax liabilities: Securities (43,400) (115,737) Premises and equipment (315,550) (449,136) Core deposit intangible (204,103) (231,845) Goodwill (989,011) (1,228,960) (1,552,064) (2,025,678) Net deferred tax asset, included in other assets $ 4,348,717 $ 5,321,850 With the acquisition of Wiggins in 2006, Baldwin in 2013, Bay in 2014 and Gulf Coast in 2017, the Company assumed federal tax net operating loss carryovers. Years Amounts 2018 $ 551,818 2019 396,985 2020-2032 4,464,304 2033 281,800 2034 147,617 2035-2036 92,114 $ 5,934,638 The Company follows the guidance of ASC Topic 740, Income Taxes, |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits Abstract [Abstract] | |
EMPLOYEE BENEFITS | NOTE L - EMPLOYEE BENEFITS The Company and the Bank provide a deferred compensation arrangement (401(k) plan) whereby employees contribute a percentage of their compensation. For employee contributions of six percent or less, the Company and its subsidiary bank provide a 50 512,800 339,200 287,055 The Company sponsors an Employee Stock Ownership Plan (ESOP) for employees who have completed one year of service for the Company and attained age 21. Employees become fully vested after five years of service. Contributions to the plan are at the discretion of the Board of Directors. At December 31, 2017, the ESOP held 5,728 3,675 5,346 25,506 In 2014, the Company established a Supplemental Executive Retirement Plan (“SERP”) for three active key executives. During 2016, the Company established a SERP for eight additional active key executives. Pursuant to the SERP, these officers are entitled to receive 180 equal monthly payments commencing at the later of obtaining age 65 or separation from service. The costs of such benefits, assuming a retirement date at age 65, will be accrued by the Company at such retirement date. The Company accrued to expense $ 241,937 194,164 88,992 Upon the acquisition of Iberville Bank, the Bank assumed deferred compensation agreements with directors and employees. At December 31, 2017, the total liability of the deferred compensation agreements was $ 1,189,456 31,309 |
STOCK PLANS
STOCK PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK PLANS | NOTE M - STOCK PLANS In 2007, the Company adopted the 2007 Stock Incentive Plan. The 2007 Plan provided for the issuance of up to 315,000 1.00 300,000 1.00 615,000 69,327 61,247 84,286 11,867 9,895 6,324 27.71 866,558 772,311 721,124 100 3,012,598 4 |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2017 | |
Subordinated Borrowings [Abstract] | |
SUBORDINATED DEBENTURES | NOTE N - SUBORDINATED DEBENTURES On June 30, 2006, the Company issued $ 4,124,000 4,000,000 2036 1.65% 6,186,000 6,000,000 2037 1.40% Consolidation, |
TREASURY STOCK
TREASURY STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
TREASURY STOCK | NOTE O - TREASURY STOCK Shares held in treasury totaled 26,494 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE P - RELATED PARTY TRANSACTIONS In the normal course of business, the Bank makes loans to its directors and executive officers and to companies in which they have a significant ownership interest. In the opinion of management, these loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other parties, are consistent with sound banking practices, and are within applicable regulatory and lending limitations. Such loans amounted to approximately $ 15,137,000 15,788,000 Loans outstanding at beginning of year $ 15,788 New loans 250 Repayments (901) Loans outstanding at end of year $ 15,137 |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES, AND CONCENTRATIONS OF CREDIT RISK | NOTE Q - COMMITMENTS, CONTINGENCIES, AND CONCENTRATIONS OF CREDIT RISK In the normal course of business, there are outstanding various commitments and contingent liabilities, such as guaranties, commitments to extend credit, etc., which are not reflected in the accompanying financial statements. The subsidiary bank had outstanding letters of credit of $ 8,207,000 1,742,000 281,381,000 220,252,000 Commitments to extend credit and letters of credit include some exposure to credit loss in the event of nonperformance of the customer. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit policies and procedures for such commitments are the same as those used for lending activities. Because these instruments have fixed maturity dates and because a number expire without being drawn upon, they generally do not present any significant liquidity risk. No significant losses on commitments were incurred during the two years ended December 31, 2017, nor are any significant losses as a result of these transactions anticipated. The primary market areas served by the Bank are Forrest, Lamar, Jones, Pearl River, Jackson, Hancock, Stone, Harrison Counties within South Mississippi, Madison County in Central Mississippi, as well as Washington Parish, St. Tammany Parish, Plaquemine Parish and East Baton Rouge Parish in Louisiana, Baldwin and Mobile Counties in South Alabama, and Escambia County in Northwestern Florida. Management closely monitors its credit concentrations and attempts to diversify the portfolio within its primary market area. As of December 31, 2017, management does not consider there to be any significant credit concentrations within the loan portfolio. Although the Bank’s loan portfolio, as well as existing commitments, reflects the diversity of its primary market area, a substantial portion of a borrower's ability to repay a loan is dependent upon the economic stability of the area. In the normal course of business, the Company and its subsidiary are subject to pending and threatened legal actions. Although the Company is not able to predict the outcome of such actions, after reviewing pending and threatened actions with counsel, management believes that based on the information currently available the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company’s consolidated financial statements. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | NOTE R - FAIR VALUES OF ASSETS AND LIABILITIES The Company follows the guidance of ASC Topic 820, Fair Value Measurements and Disclosures, The guidance defines the fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In accordance with the guidance, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1: Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities which use observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets. Available-for-Sale Securities The fair value of available-for-sale securities is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1. Level 1 securities include mutual funds. If quoted market prices are not available, then fair values are estimated by using pricing models or quoted prices of securities with similar characteristics. Level 2 securities include U.S. Treasury securities, obligations of U.S. government corporations and agencies, obligations of states and political subdivisions, mortgage-backed securities and collateralized mortgage obligations. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) December 31, 2017 Obligations of U.S. Government agencies $ 4,992 $ - $ 4,992 $ - Municipal securities 138,584 - 138,584 - Mortgage-backed securities 196,578 - 196,578 - Corporate obligations 15,819 - 13,250 2,569 Other 920 920 - - Total $ 356,893 $ 920 $ 353,404 $ 2,569 Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) December 31, 2016 Obligations of U.S. Government agencies $ 9,045 $ - $ 9,045 $ - Municipal securities 98,822 - 98,822 - Mortgage-backed securities 114,289 - 114,289 - Corporate obligations 20,110 - 17,869 2,241 Other 940 940 - - Total $ 243,206 $ 940 $ 240,025 $ 2,241 (In thousands) Bank-Issued Trust 2017 2016 2015 Balance of recurring Level 3 assets at January 1 $ 2,241 $ 2,557 $ 2,801 Transfers into Level 3 - - - Transfers out of Level 3 - - - Unrealized income (loss) included in comprehensive Income 328 (316) (244) Balance of recurring Level 3 assets at December 31 $ 2,569 $ 2,241 $ 2,557 Trust Preferred Fair Value Valuation Technique Significant Range of Inputs December 31, 2017 $ 2,569 Discounted cash flow Discount rate 2.07% - 3.77% December 31, 2016 $ 2,241 Discounted cash flow Discount rate 1.50% - 3.34% December 31, 2015 $ 2,557 Discounted cash flow Discount rate 1.08% - 2.77% Following is a description of the valuation methodologies used for assets and liabilities 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 and liabilities 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, premiums or discounts 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 consists of properties obtained through foreclosure. The adjustment at the time of foreclosure is recorded through the allowance for loan losses. Fair value of other real estate owned is based on current independent appraisals. Due to the subjective nature of establishing the fair value when the asset is acquired, 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 other income. Operating costs associated with the assets after acquisition are also recorded as non-interest expense. Gains and losses on the disposition of other real estate owned and foreclosed assets are netted and recorded in other income. Other real estate owned measured at fair value on a non-recurring basis at December 31, 2017, amounted to $ 7,158,409 Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) December 31, 2017 Impaired loans $ 10,574 $ - $ 10,574 $ - Other real estate owned 7,158 - 7,158 - December 31, 2016 Impaired loans $ 6,128 $ - $ 6,128 $ - Other real estate owned 6,007 - 6,007 - The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value: Cash and Cash Equivalents Investment in securities available-for-sale and held-to-maturity Loans Bank-owned Life Insurance Deposits Short-Term Borrowings FHLB and Other Borrowings Subordinated Debentures Off-Balance Sheet Instruments As of December 31, 2017 Fair Value Measurements (In thousands) Carrying Estimated Quoted Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 91,922 $ 91,922 $ 91,922 $ - $ - Securities available-for-sale 356,893 356,893 920 353,404 2,569 Securities held-to-maturity 6,000 7,398 - 7,398 - Other securities 9,969 9,969 - 9,969 - Loans, net 1,221,808 1,238,525 - - 1,238,525 Bank-owned life insurance 27,054 27,054 - 27,054 - Liabilities: Non-interest-bearing deposits $ 301,989 $ 301,989 $ - $ 301,989 $ - Interest-bearing deposits 1,168,576 1,165,682 - 1,165,682 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 104,072 104,072 - 104,072 - As of December 31, 2017 Fair Value Measurements (In thousands) Carrying Estimated Quoted Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 62,119 $ 62,119 $ 62,119 $ - $ - Securities available-for-sale 243,206 243,206 940 240,025 2,241 Securities held-to-maturity 6,000 7,394 - 7,394 - Other securities 6,593 6,593 - 6,593 - Loans, net 865,424 883,161 - - 883,161 Bank-owned life insurance 21,250 21,250 - 21,250 - Liabilities: Non-interest-bearing deposits $ 202,478 $ 202,478 $ - $ 202,478 $ - Interest-bearing deposits 836,713 835,658 - 835,658 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 69,000 69,000 - 69,000 - |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
SENIOR PREFERRED STOCK | NOTE S - PREFERRED STOCK Pursuant to the terms of a 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 and distributions for the immediate prior fiscal year (dividends were declared and paid in 2011 through 2016) and on the Company’s ability to repurchase its common stock in the event of a non-payment of our dividend, and continues to subject the Company to certain of the executive compensation limitations included in the Emergency Economic Stabilization Act of 2008 (EESA), as previously disclosed by the Company. The CDCI Preferred Shares entitle the holder to an annual dividend of 2 8 On May 13, 2015, The First Bancshares, Inc. (the “Company”) entered into a Letter Agreement (the “Letter Agreement”), with the United States Department of the Treasury (“Treasury”), pursuant to which the Company redeemed the Warrant to purchase up to 54,705 302,410 On December 6, 2016, the Company repurchased all 17,123 15,925,000 7 1,198,000 On October 14, 2016, the Company issued 3,563,380 17.75 59,744,000 3,506,000 3,563,380 3,563,380 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE T SUBSEQUENT EVENTS Subsequent events have been evaluated by management through the date the financial statements were issued. On March 1, 2018, the Company completed its acquisition of Southwest Banc Shares, Inc., (“Southwest”), and immediately thereafter merged First Community Bank with and into The First. The Company paid a total consideration of approximately $ 60.0 400.6 In connection with the acquisition, preliminarily, the Company expects to record approximately $ 26.3 3.3 10 The Company acquired the $ 278 4.4 Expenses associated with the acquisition were $ 3.6 The following unaudited pro-forma financial information for the year ended December 31, 2017, gives effect to the acquisition as if the acquisition had occurred on January 1, 2017. The pro-forma financial information is not necessarily indicative of the results of operations had the acquisition been effective as of this date. (In thousands) Pro-Forma December 31, 2017 (unaudited) Net interest income $ 73,250 Non-interest income 17,481 Total revenue 90,731 Income before income taxes $ 17,930 Supplemental pro-forma earnings for 2017 were adjusted to exclude acquisition costs incurred during 2017. To fund the cash portion of the purchase price for the Company’s announced acquisition of Southwest, to fund other potential future acquisitions, and for general corporate purposes, including the repayment of debt and to support organic growth, the Company completed a sale in October, 2017, of an aggregate of 2,012,500 55.2 On December 6, 2017, the Company entered into an Agreement and Plan of Merger with Sunshine Financial, Inc. (“Sunshine”), parent company of Sunshine Community Bank, whereby Sunshine will be merged with and into the Company (the “Sunshine Merger”). Sunshine’s wholly owned subsidiary bank, Sunshine Community Bank, (“Sunshine Community Bank”) will be merged with and into The First immediately following the Sunshine Merger. At December 31, 2017, Sunshine Community Bank had total assets of approximately $ 200.7 |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | NOTE U - PARENT COMPANY FINANCIAL INFORMATION December 31, 2017 2016 Assets: Cash and cash equivalents $ 20,435,721 $ 69,158 Investment in subsidiary bank 226,648,005 179,541,693 Investments in statutory trusts 310,000 310,000 Other 1,480,791 1,112,514 $ 248,874,517 $ 181,033,365 Liabilities and Stockholders’ Equity: Subordinated debentures $ 10,310,000 $ 10,310,000 Advances from First Tennessee Bank 16,000,000 16,000,000 Other 96,597 196,658 Stockholders’ equity 222,467,920 154,526,707 $ 248,874,517 $ 181,033,365 Years Ended December 31, 2017 2016 2015 Income: Interest and dividends $ 8,296 $ 6,680 $ 5,573 Dividend income 3,675,000 2,875,000 1,650,000 Other 51,030 - - 3,734,326 2,881,680 1,655,573 Expenses: Interest on borrowed funds 859,823 222,152 185,351 Legal and professional 1,097,590 910,214 295,637 Other 1,349,143 1,240,863 833,502 3,306,556 2,373,229 1,314,490 Income before income taxes and equity in undistributed income of subsidiary 427,770 508,451 341,083 Income tax benefit 1,222,012 835,757 487,853 Income before equity in undistributed income of Subsidiary 1,649,782 1,344,208 828,936 Equity in undistributed income of subsidiary 8,966,694 8,774,479 7,969,766 Net income $ 10,616,476 $ 10,118,687 $ 8,798,702 Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 10,616,476 $ 10,118,687 $ 8,798,702 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed income of Subsidiary (8,966,694) (8,774,479) (7,969,766) Restricted stock expense 866,558 772,311 721,124 Gain on disposition of CVR (51,030) - - Other, net (624,261) (669,047) 151,251 Net cash provided by operating activities 1,841,049 1,447,472 1,701,311 Cash flows from investing activities: Investment in subsidiary bank (35,000,000) (60,000,000) - Outlays for acquisitions - - (35,709) Net cash used in investing activities (35,000,000) (60,000,000) (35,709) Cash flows from financing activities: Dividends paid on common stock (1,415,524) (782,936) (778,428) Dividends paid on preferred stock - (452,305) (342,460) Repurchase of restricted stock for payment of Taxes (329,587) (176,112) (92,390) Repurchase of warrants - - (302,410) Net proceeds from issuance of 3,563,380 shares - 59,744,418 - Net proceeds from issuance of 2,012,500 shares 55,270,625 Repayment of CDCI Preferred Shares - (15,925,000) - Proceeds of borrowed funds - 16,000,000 - Net cash provided by (used in) financing Activities 53,525,514 58,408,065 (1,515,688) Net increase (decrease) in cash and cash Equivalents 20,366,563 (144,463) 149,914 Cash and cash equivalents at beginning of year 69,158 213,621 63,707 Cash and cash equivalents at end of year $ 20,435,721 $ 69,158 $ 213,621 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | NOTE V - OPERATING SEGMENTS Year Ended December 31, 2017 Commercial/ Mortgage Retail Banking Holding Bank Division Company Total Interest income $ 65,118 $ 943 $ 8 $ 66,069 Interest expense 6,048 1 860 6,909 Net interest income (loss) 59,070 942 (852) 59,160 Provision (credit) for loan losses 475 31 - 506 Net interest income (loss) after provision for loan losses 58,595 911 (852) 58,654 Non-interest income 9,807 4,505 51 14,363 Non-interest expense 49,143 3,857 2,446 55,446 Income (loss) before income taxes 19,259 1,559 (3,247) 17,571 Income tax (benefit) expense 7,740 437 (1,222) 6,955 Net income (loss) $ 11,519 $ 1,122 $ (2,025) $ 10,616 Total Assets $ 1,758,778 $ 32,234 $ 22,226 $ 1,813,238 Net Loans 1,196,365 25,443 - 1,221,808 Year Ended December 31, 2016 Commercial/ Mortgage Retail Banking Holding Bank Division Company Total Interest income $ 43,785 $ 812 $ 7 $ 44,604 Interest expense 3,679 414 222 4,315 Net interest income (loss) 40,106 398 (215) 40,289 Provision (credit) for loan losses 667 (42) - 625 Net interest income (loss) after provision for loan losses 39,439 440 (215) 39,664 Non-interest income 6,989 4,258 - 11,247 Non-interest expense 31,369 3,342 2,151 36,862 Income (loss) before income taxes 15,059 1,356 (2,366) 14,049 Income tax (benefit) expense 4,386 380 (836) 3,930 Net income (loss) $ 10,673 $ 976 $ (1,530) $ 10,119 Total Assets $ 1,254,476 $ 21,400 $ 1,491 $ 1,277,367 Net Loans 851,947 13,477 - 865,424 Year Ended December 31, 2015 Commercial/ Mortgage Retail Banking Holding Bank Division Company Total Interest income $ 39,422 $ 774 $ 6 $ 40,202 Interest expense 2,727 296 185 3,208 Net interest income (loss) 36,695 478 (179) 36,994 Provision for loan losses 410 - - 410 Net interest income (loss) after provision for loan losses 36,285 478 (179) 36,584 Non-interest income 6,513 1,075 - 7,588 Non-interest expense 29,786 1,245 1,129 32,160 Income (loss) before income taxes 13,012 308 (1,308) 12,012 Income tax (benefit) expense 3,618 82 (487) 3,213 Net income (loss) $ 9,394 $ 226 $ (821) $ 8,799 Total Assets $ 1,123,240 $ 20,681 $ 1,210 $ 1,145,131 Net Loans 755,077 14,665 - 769,742 |
SUMMARY OF QUARTERLY RESULTS OF
SUMMARY OF QUARTERLY RESULTS OF OPERATIONS AND PER SHARE AMOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS OF OPERATIONS AND PER SHARE AMOUNTS (UNAUDITED) | NOTE W - SUMMARY OF QUARTERLY RESULTS OF OPERATIONS AND PER SHARE AMOUNTS (UNAUDITED) Three Months Ended March 31 June 30 Sept. 30 Dec. 31 (In thousands, except per share amounts) 2017 Total interest income $ 15,753 $ 16,464 $ 16,708 $ 17,143 Total interest expense 1,585 1,629 1,773 1,922 Net interest income 14,168 14,835 14,935 15,221 Provision for loan losses 46 248 90 122 Net interest income after provision for loan losses 14,122 14,587 14,845 15,099 Total non-interest income 3,391 3,757 3,658 3,556 Total non-interest expense 16,095 15,070 11,888 12,390 Income tax expense 296 908 1,901 3,851 Net income applicable to common Stockholders $ 1,122 $ 2,366 $ 4,714 $ 2,414 Per common share: Net income, basic $ .12 $ .26 $ .52 $ .23 Net income, diluted .12 .26 .51 .23 Cash dividends declared .0375 .0375 .0375 .0375 2016 Total interest income $ 10,596 $ 10,871 $ 11,269 $ 11,868 Total interest expense 922 1,016 1,202 1,176 Net interest income 9,674 9,855 10,067 10,692 Provision for loan losses 190 204 143 88 Net interest income after provision for loan losses 9,484 9,651 9,924 10,604 Total non-interest income 2,484 2,961 3,099 2,705 Total non-interest expense 8,395 8,921 9,416 10,132 Income tax expense 969 1,042 1,049 870 Net income 2,604 2,649 2,558 2,307 Preferred dividends 85 86 86 195 Net income applicable to common Stockholders $ 2,519 $ 2,563 $ 2,472 $ 2,112 Per common share: Net income, basic $ .47 $ .47 $ .46 $ .39 Net income, diluted .46 .47 .45 .26 Cash dividends declared .0375 .0375 .0375 .0375 2015 Total interest income $ 9,683 $ 10,022 $ 10,080 $ 10,417 Total interest expense 804 806 793 804 Net interest income 8,879 9,216 9,287 9,613 Provision for loan losses 150 - 250 10 Net interest income after provision for loan losses 8,729 9,216 9,037 9,603 Total non-interest income 1,850 1,854 1,982 1,903 Total non-interest expense 7,818 8,092 7,977 8,275 Income tax expense 732 793 815 873 Net income 2,029 2,185 2,227 2,358 Preferred dividends and stock accretion 85 86 86 85 Net income applicable to common Stockholders $ 1,944 $ 2,099 $ 2,141 $ 2,273 Per common share: Net income, basic $ .36 $ .39 $ .40 $ .42 Net income, diluted .36 .39 .39 .42 Cash dividends declared .0375 .0375 .0375 .0375 |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated. |
Estimates | 2. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, acquisition accounting, intangible assets, and deferred tax assets. |
Cash and Due From Banks | 3. Cash and Due From Banks Included in cash and due from banks are legal reserve requirements which must be maintained on an average basis in the form of cash and balances due from the Federal Reserve. The reserve balance varies depending upon the types and amounts of deposits. At December 31, 2017, the required reserve balance on deposit with the Federal Reserve Bank was approximately $ 29.7 |
Securities | Securities Investments in securities are accounted for as follows: Available-for-Sale Securities Securities classified as available-for-sale are those securities that are intended to be held for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including movements in interest rates, liquidity needs, security risk assessments, changes in the mix of assets and liabilities and other similar factors. These securities are carried at their estimated fair value, and the net unrealized gain or loss is reported net of tax, as a component of accumulated other comprehensive income (loss) in stockholders' equity, until realized. Premiums and discounts are recognized in interest income using the interest method. Gains and losses on the sale of available-for-sale securities are determined using the adjusted cost of the specific security sold. Securities to be Held-to-Maturity Securities classified as held-to-maturity are those securities for which there is a positive intent and ability to hold to maturity. These securities are carried at cost adjusted for amortization of premiums and accretion of discounts, computed by the interest method. Trading Account Securities Trading account securities are those securities which are held for the purpose of selling them at a profit. There were no trading account securities on hand at December 31, 2017 and 2016. Other Securities Other securities are carried at cost and are restricted in marketability. Other securities consist of investments in the Federal Home Loan Bank (FHLB), Federal Reserve Bank and First National Bankers’ Bankshares, Inc. Management reviews for impairment based on the ultimate recoverability of the cost basis. Other-than-Temporary Impairment Management evaluates investment securities for other-than-temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other-than-temporary is charged to earnings for a decline in value deemed to be credit related and a new cost basis for the security is established. The decline in value attributed to non-credit related factors is recognized in accumulated other comprehensive income (loss). |
Loans held for sale | 5. Loans held for sale The Bank originates fixed rate single family, residential first mortgage loans on a presold basis. The Bank issues a rate lock commitment to a customer and concurrently “locks in” with a secondary market investor under a best efforts delivery mechanism. Such loans are sold without the mortgage servicing rights being retained by the Bank. The terms of the loan are dictated by the secondary investors and are transferred within several weeks of the Bank initially funding the loan. The Bank recognizes certain origination fees and service release fees upon the sale, which are included in other income on loans in the consolidated statements of income. Between the initial funding of the loans by the Bank and the subsequent purchase by the investor, the Bank carries the loans held for sale at the lower of cost or fair value in the aggregate as determined by the outstanding commitments from investors. |
Loans | Loans Loans are carried at the principal amount outstanding, net of the allowance for loan losses. Interest income on loans is recognized based on the principal balance outstanding and the stated rate of the loan. Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment of the related loan yield using the interest method. A loan is considered impaired, in accordance with the impairment accounting guidance of Accounting Standards Codification (ASC) Section 310-10-35, Receivables, Subsequent Measurement Loans are generally placed on a non-accrual status when principal or interest is past due ninety days or when specifically determined to be impaired. When a loan is placed on non-accrual status, interest accrued but not received is generally reversed against interest income. If collectibility is in doubt, cash receipts on non-accrual loans are used to reduce principal rather than recorded in interest income. Past due status is determined based upon contractual terms. |
Allowance for Loan Losses | Allowance for Loan Losses For financial reporting purposes, the provision for loan losses charged to operations is based upon management's estimation of the amount necessary to maintain the allowance at an adequate level. Allowances for any impaired loans are generally determined based on collateral values. A charge is taken against the allowance for loan losses when management believes the collectibility of the loan principal is unlikely. Management evaluates the adequacy of the allowance for loan losses on a regular basis. These evaluations are based upon a periodic review of the collectibility considering historical experience, the nature and value of the loan portfolio, underlying collateral values, internal and independent loan reviews, and prevailing economic conditions. In addition, the OCC, as a part of the regulatory examination process, reviews the loan portfolio and the allowance for loan losses and may require changes in the allowance based upon information available at the time of the examination. The allowance consists of two components: allocated and unallocated. The components represent an estimation performed pursuant to either ASC Topic 450, Contingencies Receivables The unallocated portion of the allowance reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, changes in collateral values, unfavorable information about a borrower’s financial condition, and other risk factors that have not yet manifested themselves. In addition, the unallocated allowance includes a component that explicitly accounts for the inherent imprecision in the loan loss analysis. |
Premises and Equipment | 8. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. The depreciation policy is to provide for depreciation over the estimated useful lives of the assets using the straight-line method. Repairs and maintenance expenditures are charged to operating expenses; major expenditures for renewals and betterments are capitalized and depreciated over their estimated useful lives. Upon retirement, sale, or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts, and any gains or losses are included in operations. |
Other Real Estate Owned | 9. Other Real Estate Owned Other real estate owned consists of properties acquired through foreclosure and, as held for sale property, is recorded at the lower of the outstanding loan balance or current appraisal less estimated costs to sell. Any write-down to fair value required at the time of foreclosure is charged to the allowance for loan losses. Subsequent gains or losses on other real estate are reported in other operating income or expenses. At December 31, 2017 and 2016, other real estate owned totaled $ 7,158,409 6,007,621 |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill totaled $ 19,959,849 13,776,040 Goodwill totaling $ 6,183,810 The Company performed the required annual impairment tests of goodwill and other intangibles as of December 1, 2017. The Company’s annual impairment test did not indicate impairment as of the testing date, and subsequent to that date, management is not aware of any events or changes in circumstances since the impairment test that would indicate that goodwill or other intangibles might be impaired. The Company’s acquisition method recognized intangible assets, which are subject to amortization, and included in other assets in the accompanying consolidated balance sheets, are core deposit intangibles, amortized on a straight-line basis, over a 10 2017 (In thousands) Gross Accumulated Net Core deposit intangibles $ 7,640 $ (2,930) $ 4,710 2016 (In thousands) Gross Accumulated Net Core deposit intangibles $ 4,000 $ (2,268) $ 1,732 (In thousands) Amount Aggregate amortization expense for the year ended December 31: 2015 $ 399 2016 383 2017 664 Estimated amortization expense for the year ending December 31: 2018 $ 695 2019 695 2020 695 2021 625 2022 455 Thereafter 1,545 $ 4,710 |
Other Assets and Cash Surrender Value | Other Assets and Cash Surrender Value Financing costs related to the issuance of junior subordinated debentures are being amortized over the life of the instruments and are included in other assets. The Company invests in bank owned life insurance (BOLI). BOLI involves the purchase of life insurance by the Company on a chosen group of employees. The Company is the owner of the policies and, accordingly, the cash surrender value of the policies is reported as an asset, and increases in cash surrender values are reported as income. |
Restricted Stock | 12. Restricted Stock The Company accounts for stock based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation |
Income Taxes | 13. Income Taxes The Company and its subsidiary file consolidated income tax returns. The subsidiary provides for income taxes on a separate return basis and remits to the Company amounts determined to be payable. Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently payable plus deferred taxes related primarily to differences between the bases of assets and liabilities as measured by income tax laws and their bases as reported in the financial statements. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. ASC Topic 740, Income Taxes, |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense for the years ended December 31, 2017, 2016 and 2015, was $ 336,450 401,751 437,085 |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash, amounts due from banks, interest-bearing deposits with banks and federal funds sold. Generally, federal funds are sold for a one to seven day period. |
Off-Balance Sheet Financial Instruments | 16. Off-Balance Sheet Financial Instruments In the ordinary course of business, the subsidiary bank enters into off-balance sheet financial instruments consisting of commitments to extend credit, credit card lines and standby letters of credit. Such financial instruments are recorded in the financial statements when they are exercised. |
Earnings Applicable to Common Stockholders | Earnings Applicable to Common Stockholders Per share amounts are presented in accordance with ASC Topic 260, Earnings Per Share. For the Year Ended December 31, 2017 Net Shares Per Share Basic per common Share $ 10,616,476 9,484,460 $ 1.12 Effect of dilutive shares: Restricted Stock 76,800 $ 10,616,476 9,561,260 $ 1.11 For the Year Ended December 31, 2016 Net Shares Per Share Basic per common Share $ 9,666,382 5,435,088 $ 1.78 Convertible Preferred Dividend 133,627 Effect of dilutive shares: Convertible Preferred, Series E 742,371 Restricted Stock 81,874 $ 9,800,009 6,259,333 $ 1.57 For the Year Ended December 31, 2015 Net Shares Per Share Basic per common share $ 8,456,242 5,371,111 $ 1.57 Effect of dilutive shares: Restricted Stock 70,939 $ 8,456,242 5,442,050 $ 1.55 The diluted per share amounts were computed by applying the treasury stock method. |
Mergers and Acquisitions | 18. Mergers and Acquisitions Business combinations are accounted for under ASC 805, “ Business Combinations |
Investment in Limited Partnership | 19. Investment in Limited Partnership The Company is a limited partner in a partnership that provides low-income housing. The carrying value of the Company’s investment in the limited partnership was $ 3,837,468 4,058,801 481,325 160,442 0 |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2016 and 2015 financial statements to conform with the classifications used in 2017. These reclassifications did not impact the Company's consolidated financial condition or results of operations. |
Accounting Pronouncements | Accounting Pronouncements In February, 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 76 In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation, Scope of Modification Accounting In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. 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 FASB issued ASU 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, In February 2016, the FASB issued ASU NO. 2016-02 Leases (Topic 842). . In September of 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606 |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Condensed Balance Sheets | The definite-lived intangible assets had the following carrying values at December 31, 2017 and 2016: 2017 (In thousands) Gross Accumulated Net Core deposit intangibles $ 7,640 $ (2,930) $ 4,710 2016 (In thousands) Gross Accumulated Net Core deposit intangibles $ 4,000 $ (2,268) $ 1,732 |
Amortization Expense of Purchase Accounting Intangible Assets | The related amortization expense of business combination related intangible assets is as follows: (In thousands) Amount Aggregate amortization expense for the year ended December 31: 2015 $ 399 2016 383 2017 664 Estimated amortization expense for the year ending December 31: 2018 $ 695 2019 695 2020 695 2021 625 2022 455 Thereafter 1,545 $ 4,710 |
Reconciliation of Numerators and Denominators of Basic and Diluted Computations Applicable to Common Stockholders | The following tables disclose the reconciliation of the numerators and denominators of the basic and diluted computations applicable to common stockholders: For the Year Ended December 31, 2017 Net Shares Per Share Basic per common Share $ 10,616,476 9,484,460 $ 1.12 Effect of dilutive shares: Restricted Stock 76,800 $ 10,616,476 9,561,260 $ 1.11 For the Year Ended December 31, 2016 Net Shares Per Share Basic per common Share $ 9,666,382 5,435,088 $ 1.78 Convertible Preferred Dividend 133,627 Effect of dilutive shares: Convertible Preferred, Series E 742,371 Restricted Stock 81,874 $ 9,800,009 6,259,333 $ 1.57 For the Year Ended December 31, 2015 Net Shares Per Share Basic per common share $ 8,456,242 5,371,111 $ 1.57 Effect of dilutive shares: Restricted Stock 70,939 $ 8,456,242 5,442,050 $ 1.55 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
The Mortgage Connection | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the finalized fair values of the assets acquired and liabilities assumed on January 1, 2017: (In Thousands) Measurement As Initially Period Reported Adjustments As Adjusted Identifiable assets: Cash and due from banks $ 28,789 $ - $ 28,789 Investments 78,650 (37) 78,613 Loans 148,516 - 148,516 Core deposit intangible 3,186 (498) 2,688 Personal and real property 4,443 498 4,941 Other assets 9,330 1,140 10,470 Total assets 272,914 1,103 274,017 Liabilities and equity: Deposits 243,656 - 243,656 Borrowed funds 456 - 456 Other liabilities 2,928 1,478 4,406 Total liabilities 247,040 1,478 248,518 Net assets acquired 25,874 (375) 25,499 Consideration paid 31,100 (498) 30,602 Goodwill resulting from Acquisition $ 5,226 $ (123) $ 5,103 |
Bcb Holding Company | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the finalized fair values of the assets acquired and liabilities assumed on January 1, 2017: (In Thousands) Measurement As Initially Period Reported Adjustments As Adjusted Identifiable assets: Cash and due from banks $ 6,047 $ (314) $ 5,733 Investments 13,833 (28) 13,805 Loans 88,801 - 88,801 Core deposit intangible 787 166 953 Personal and real property 4,739 - 4,739 Other real estate 7,057 336 7,393 Deferred tax asset 6,693 (15) 6,678 Other assets 490 (22) 468 Total assets 128,447 123 128,570 Liabilities and equity: Deposits 111,993 - 111,993 Borrowed funds 14,450 - 14,450 Other liabilities 950 - 950 Total liabilities 127,393 - 127,393 Net assets acquired 1,054 123 1,177 Consideration paid 2,258 - 2,258 Goodwill resulting from Acquisition $ 1,204 $ (123) $ 1,081 |
Gulf Coast Community [Member] | |
Business Combination, Separately Recognized Transactions | The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheet at December 31, 2017, are as follows: Outstanding principal balance $ 60,223,959 Carrying amount 60,320,605 |
Iberville Bank [Member] | |
Business Combination, Separately Recognized Transactions | The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheet at December 31, 2017, are as follows: Outstanding principal balance $ 123,325,609 Carrying amount 122,621,607 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 and 2016 follows: December 31, 2017 Amortized Gross Gross Estimated Available-for-sale securities: Obligations of U.S. Government Agencies $ 4,996,142 $ - $ 4,007 $ 4,992,135 Tax-exempt and taxable obligations of states and municipal subdivisions 137,281,213 2,027,575 724,750 138,584,038 Mortgage-backed securities 197,346,171 785,321 1,553,516 196,577,976 Corporate obligations 16,599,433 20,901 801,426 15,818,908 Other 1,255,483 - 335,459 920,024 $ 357,478,442 $ 2,833,797 $ 3,419,158 $ 356,893,081 Held-to-maturity securities: Taxable obligations of states and municipal subdivisions $ 6,000,000 $ 1,397,966 $ - $ 7,397,966 December 31, 2016 Amortized Gross Gross Estimated Available-for-sale securities: Obligations of U.S. Government Agencies $ 9,023,293 $ 27,718 $ 6,341 $ 9,044,670 Tax-exempt and taxable obligations of states and municipal subdivisions 98,327,829 1,677,764 1,183,186 98,822,407 Mortgage-backed securities 114,990,863 602,179 1,304,090 114,288,952 Corporate obligations 21,274,200 66,477 1,230,566 20,110,111 Other 1,255,483 - 315,660 939,823 $ 244,871,668 $ 2,374,138 $ 4,039,843 $ 243,205,963 Held-to-maturity securities: Taxable obligations of states and municipal subdivisions $ 6,000,000 $ 1,393,828 $ - $ 7,393,828 |
Maturities of Securities | The scheduled maturities of securities at December 31, 2017, were as follows: Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated Due less than one year $ 14,048,332 $ 14,061,545 $ - $ - Due after one year through five years 49,518,696 49,775,588 - - Due after five years through ten years 57,713,034 58,588,594 6,000,000 7,397,966 Due greater than ten years 38,852,209 37,889,378 - - Mortgage-backed securities 197,346,171 196,577,976 - - $ 357,478,442 $ 356,893,081 $ 6,000,000 $ 7,397,966 |
Securities Classified as Available-for-Sale with Unrealized Losses | The details concerning securities classified as available-for-sale with unrealized losses as of December 31, 2017 and 2016, were as follows: 2017 Losses < 12 Months Losses 12 Months or > Total Fair Gross Fair Gross Fair Gross Obligations of U.S. government agencies $ 4,992,134 $ 4,007 $ - $ - $ 4,992,134 $ 4,007 Tax-exempt and tax- able obligations of states and Municipal subdivisions 40,559,417 500,884 8,722,641 223,866 49,282,058 724,750 Mortgage-backed Securities 89,312,836 806,774 33,286,648 746,742 122,599,484 1,553,516 Corporate obligations 5,665,770 9,832 3,156,365 791,594 8,822,135 801,426 Other - - 920,024 335,459 920,024 335,459 $ 140,530,157 $ 1,321,497 $ 46,085,678 $ 2,097,661 $ 186,615,835 $ 3,419,158 2016 Losses < 12 Months Losses 12 Months or > Total Fair Gross Fair Gross Fair Gross Obligations of U.S. government Agencies $ 2,989,255 $ 6,341 $ - $ - $ 2,989,255 $ 6,341 Tax-exempt and tax- able obligations of states and municipal subdivisions 48,199,634 1,183,186 - - 48,199,634 1,183,186 Mortgage-backed Securities 78,467,029 1,294,942 1,905,698 9,148 80,372,727 1,304,090 Corporate obligations 5,075,850 17,932 2,828,766 1,212,634 7,904,616 1,230,566 Other - - 939,823 315,660 939,823 315,660 $ 134,731,768 $ 2,502,401 $ 5,674,287 $ 1,537,442 $ 140,406,055 $ 4,039,843 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans Receivable, Net [Abstract] | |
Composition of Loan Portfolio | The following table shows the composition of the loan portfolio by category: (In thousands) December 31, 2017 December 31, 2016 Amount Percent of Total Amount Percent of Total Mortgage loans held for sale $ 4,790 0.3 % $ 5,880 0.6 % Commercial, financial and agricultural 165,780 13.5 129,423 14.8 Real Estate: Mortgage-commercial 467,484 38.0 314,359 36.0 Mortgage-residential 385,099 31.3 289,640 33.2 Construction 183,328 14.9 109,394 12.5 Lease financing receivable 2,450 0.2 2,204 0.3 Obligations of states and subdivisions 3,109 0.3 6,698 0.8 Consumer and other 18,056 1.5 15,336 1.8 Total loans 1,230,096 100 % 872,934 100 % Allowance for loan losses (8,288 ) (7,510 ) Net loans $ 1,221.808 $ 865,424 |
Activity in Allowance for Loan Losses | Activity in the allowance for loan losses for December 31, 2017, 2016 and 2015 was as follows: (In thousands) 2017 2016 2015 Balance at beginning of period $ 7,510 $ 6,747 $ 6,095 Loans charged-off: Real Estate (262 ) (627 ) (534 ) Installment and Other (81 ) (73 ) (126 ) Commercial, Financial and Agriculture (62 ) (71 ) (183 ) Total (405 ) (771 ) (843 ) Recoveries on loans previously charged-off: Real Estate 522 755 905 Installment and Other 105 70 81 Commercial, Financial and Agriculture 50 84 99 Total 677 909 1,085 Net (Charge-offs) Recoveries 272 138 242 Provision for Loan Losses 506 625 410 Balance at end of period $ 8,288 $ 7,510 $ 6,747 |
Allocation of Allowance for Loan Losses | The following tables represent how the allowance for loan losses is allocated to a particular loan type as well as the percentage of the category to total loans at December 31, 2017 and 2016. Allocation of the Allowance for Loan Losses December 31, 2017 (Dollars in thousands) Amount % of loans to total loans Commercial Non Real Estate $ 1,608 14.0 % Commercial Real Estate 4,644 64.8 Consumer Real Estate 1,499 18.9 Consumer 173 2.3 Unallocated 364 - Total $ 8,288 100 % December 31, 2016 (Dollars in thousands) Amount % of loans in each category to total loans Commercial Non Real Estate $ 1,118 15.6 % Commercial Real Estate 4,071 61.6 Consumer Real Estate 1,589 20.3 Consumer 155 2.4 Unallocated 577 0.1 Total $ 7,510 100 % |
Impaired Loans | The following table represents the Company’s impaired loans at December 31, 2017 and 2016. This table includes performing troubled debt restructurings. December 31, December 31, 2017 2016 (In thousands) Impaired Loans: Impaired loans without a valuation allowance $ 6,559 $ 2,667 Impaired loans with a valuation allowance 4,015 3,461 Total impaired loans $ 10,574 $ 6,128 Allowance for loan losses on impaired loans at period End 661 682 Total non-accrual loans 5,674 3,264 Past due 90 days or more and still accruing 285 198 Average investment in impaired loans 9,041 8,509 |
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 for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 Interest income recognized during impairment - - - Cash-basis interest income recognized 326 188 211 |
Loans and Allowance for Loan Losses Evaluated Individually and Collectively | 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 December 31, 2017 and 2016. The tables also provide additional detail as to the amount of our loans and allowance that correspond to individual versus collective impairment evaluation. The impairment evaluation corresponds to the Company's systematic methodology for estimating its Allowance for Loan Losses. December 31, 2017 Installment Commercial, Real Estate and Other Financial and Agriculture Total (In thousands) Loans Individually evaluated $ 9,402 $ 52 $ 1,120 $ 10,574 Collectively evaluated 1,015,934 28,511 170,287 1,214,732 Total $ 1,025,336 $ 28,563 $ 171,407 $ 1,225,306 Allowance for Loan Losses Individually evaluated $ 371 $ 23 $ 267 $ 661 Collectively evaluated 5,952 334 1,341 7,627 Total $ 6,323 $ 357 $ 1,608 $ 8,288 December 31, 2016 Installment Commercial, Real Estate and Other Financial and Agriculture Total (In thousands) Loans Individually evaluated $ 5,935 $ 40 $ 153 $ 6,128 Collectively evaluated 704,923 21,317 134,686 860,926 Total $ 710,858 $ 21,357 $ 134,839 $ 867,054 Allowance for Loan Losses Individually evaluated $ 651 $ 21 $ 10 $ 682 Collectively evaluated 5,009 711 1,108 6,828 Total $ 5,660 $ 732 $ 1,118 $ 7,510 |
Troubled Debt Restructurings | The unpaid balance represents the recorded balance prior to any partial charge-offs. December 31, 2017 Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD (In thousands) Impaired loans with no related allowance: Commercial installment $ 270 $ 270 $ - $ 90 $ 1 Commercial real estate 4,080 4,176 - 3,502 101 Consumer real estate 2,180 2,424 - 1,897 83 Consumer installment 29 29 - 17 - Total $ 6,559 $ 6,899 $ - $ 5,506 $ 185 Impaired loans with a related allowance: Commercial installment $ 850 $ 850 $ 267 $ 262 $ 14 Commercial real estate 2,638 2,638 234 2,756 112 Consumer real estate 504 504 137 493 15 Consumer installment 23 23 23 24 - Total $ 4,015 $ 4,015 $ 661 $ 3,535 $ 141 Total Impaired Loans: Commercial installment $ 1,120 $ 1,120 $ 267 $ 352 $ 15 Commercial real estate 6,718 6,814 234 6,258 213 Consumer real estate 2,684 2,928 137 2,390 98 Consumer installment 52 52 23 41 - Total Impaired Loans $ 10,574 $ 10,914 $ 661 $ 9,041 $ 326 December 31, 2016 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 2,324 2,570 - 4,368 37 Consumer real estate 329 329 - 291 1 Consumer installment 14 14 - 9 - Total $ 2,667 $ 2,913 $ - $ 4,668 $ 38 Continued: Average Interest Recorded Income Recorded Unpaid Related Investment Recognized Investment Balance Allowance YTD YTD Impaired loans with a related allowance: Commercial installment $ 153 $ 153 $ 10 $ 244 $ 9 Commercial real estate 2,726 2,726 343 2,832 127 Consumer real estate 556 669 308 733 14 Consumer installment 26 27 21 32 - Total $ 3,461 $ 3,575 $ 682 $ 3,841 $ 150 Total Impaired Loans: Commercial installment $ 153 $ 153 $ 10 $ 244 $ 9 Commercial real estate 5,050 5,296 343 7,200 164 Consumer real estate 885 998 308 1,024 15 Consumer installment 40 41 21 41 - Total Impaired Loans $ 6,128 $ 6,488 $ 682 $ 8,509 $ 188 December 31, 2015 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 |
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 acquisition as of July 1, 2014, the closing date of the transaction: July 1, 2014 (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 for the year ended December 31, 2017 (In thousands): Accretable Carrying Amount Balance at beginning of period $ 894 $ 1,305 Accretion (58 ) 58 Payments received, net - (178 ) Balance at end of period $ 836 $ 1,185 |
Additional Detail of Troubled Debt Restructurings | The following tables provide additional detail of troubled debt restructurings (TDRs) during the twelve months ended December 31, 2017, 2016 and 2015. December 31, 2017 Outstanding Outstanding Interest Investment Investment Number of Income (In thousands except number of loans) Commercial installment $ - $ - - $ - Commercial real estate 526 494 4 17 Consumer real estate 66 64 1 4 Consumer installment - - - - Total $ 592 $ 558 5 $ 21 December 31, 2016 Outstanding Outstanding Interest Investment Investment Number of Income (In thousands except number of loans) Commercial installment $ - $ - - $ - Commercial real estate 296 269 1 13 Consumer real estate - - - - Consumer installment - - - - Total $ 296 $ 269 1 $ 13 December 31, 2015 Outstanding Outstanding Interest Investment Investment Number of Income (In thousands except number of loans) Commercial installment $ - $ - - $ - Commercial real estate 499 492 2 10 Consumer real estate 45 40 1 - Consumer installment - - - - Total $ 544 $ 532 3 $ 10 |
Summary of Loans Classified as Past Due in Excess of Thirty Days or More and Loans Classified as Non-Accrual | The modifications included one of the following or a combination of the following: maturity date extensions, interest only payments, amortizations were extended beyond what would be available on similar type loans, and payment waiver. No interest rate concessions were given on these nor were any of these loans written down. December 31, 2017 Current Past Due 30-89 Past Due 90 days and still accruing Non-Accrual Total Commercial installment $ - $ - $ - $ - $ - Commercial real estate 3,701,710 91,734 - 1,024,442 4,817,886 Consumer real estate 1,012,396 89,476 - 986,803 2,088,675 Consumer installment - - 5,188 18,319 23,507 Total $ 4,714,106 $ 181,210 $ 5,188 $ 2,029,564 $ 6,930,068 Allowance for loan losses $ 99,695 $ 21,610 $ 5,188 $ 27,241 $ 153,734 December 31, 2016 Current Loans Past Due 30-89 Past Due 90 days and still accruing Non-Accrual Total Commercial installment $ 150,509 $ - $ - $ - $ 150,509 Commercial real estate 2,463,484 - - 1,101,279 3,564,763 Consumer real estate 153,695 89,996 - 122,450 366,141 Consumer installment 5,898 - - 23,594 29,492 Total $ 2,773,586 $ 89,996 $ - $ 1,247,323 $ 4,110,905 Allowance for loan losses $ 124,484 $ - $ - $ 40,165 $ 164,649 December 31, 2015 Current Loans Past Due 30-89 Past Due 90 days and still accruing Non-Accrual Total Commercial installment $ 206,237 $ - $ - $ 50,221 $ 256,458 Commercial real estate 1,823,217 - - 2,933,287 4,756,504 Consumer real estate 721,110 - - 1,134,816 1,855,926 Consumer installment 7,894 - - 29,435 37,329 Total $ 2,758,458 $ - $ - $ 4,147,759 $ 6,906,217 Allowance for loan losses $ 106,028 $ - $ - $ 197,338 $ 303,366 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: December 31, 2017 (In thousands) Past Due Days Past Due 90 Days or Non-Accrual Total Past Due and Non-Accrual Total Loans Real Estate-construction $ 192 $ 27 $ 92 $ 311 $ 183,328 Real Estate-mortgage 2,656 176 2,692 5,524 385,099 Real Estate-nonfarm nonresidential 1,487 82 1,724 3,293 467,484 Commercial 393 - 1,120 1,513 165,780 Lease financing receivable - - - - 2,450 Obligations of states and subdivisions - - - - 3,109 Consumer 57 - 46 103 18,056 Total $ 4,785 $ 285 $ 5,674 $ 10,744 $ 1,225,306 December 31, 2016 (In thousands) Past Due 30 to 89 Days Past Due 90 Days or More and Still Accruing Non-Accrual Total Past Due and Non-Accrual Total Loans Real Estate-construction $ 204 $ 96 $ 658 $ 958 $ 109,394 Real Estate-mortgage 2,745 102 1,662 4,509 289,640 Real Estate- nonfarm nonresidential 269 - 909 1,178 314,359 Commercial 9 - 2 11 129,423 Lease finance receivable - - - - 2,204 Obligations of states and subdivisions - - - - 6,698 Consumer 22 - 33 55 15,336 Total $ 3,249 $ 198 $ 3,264 $ 6,711 $ 867,054 |
Risk Category of Loans by Class of Loans | As of December 31, 2017 and 2016, and based on the most recent analysis performed, the risk category of loans by class of loans (excluding mortgage loans held for sale) was as follows: (In thousands) December 31, 2017 Real Estate Commercial Real Estate Mortgage Installment and Other Commercial, Financial and Agriculture Total Pass $ 763,572 $ 226,178 $ 28,482 $ 166,819 $ 1,185,051 Special Mention 15,987 680 - 2,908 19,575 Substandard 14,979 4,622 80 1,905 21,586 Doubtful 94 - - 23 117 Subtotal 794,632 231,480 28,562 171,655 1,226,329 Less: Unearned Discount 710 65 - 248 1,023 Loans, net of unearned discount $ 793,922 $ 231,415 $ 28,562 $ 171,407 $ 1,225,306 Commercial, December 31, 2016 Real Estate Commercial Real Estate Mortgage Installment and Other Financial and Agriculture Total Pass $ 522,949 $ 174,325 $ 21,278 $ 134,235 $ 852,787 Special Mention 376 237 - 618 1,231 Substandard 11,873 1,336 79 208 13,496 Doubtful - 200 - 40 240 Subtotal 535,198 176,098 21,357 135,101 867,754 Less: Unearned Discount 378 60 - 262 700 Loans, net of unearned discount $ 534,820 $ 176,038 $ 21,357 $ 134,839 $ 867,054 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Premises and equipment are stated at cost, less accumulated depreciation and amortization as follows: 2017 2016 Premises: Land $ 17,242,999 $ 10,566,139 Buildings and improvements 31,931,767 27,463,504 Equipment 12,546,553 10,436,712 Construction in progress 1,070,775 779,833 62,792,094 49,246,188 Less accumulated depreciation and amortization 16,366,063 14,621,836 $ 46,426,031 $ 34,624,352 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule Of Maturities Of Time Deposits | At December 31, 2017, the scheduled maturities of time deposits included in interest-bearing deposits were as follows (In thousands): Year Amount 2018 $ 152,550 2019 89,431 2020 15,667 2021 9,212 2022 16,416 Thereafter - $ 283,276 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Borrowed funds consisted of the following: 2017 2016 Reverse Repurchase Agreement $ - $ 5,000,000 FHLB advances 88,072,294 48,000,000 First Tennessee Bank 16,000,000 16,000,000 $ 104,072,294 $ 69,000,000 |
Future Annual Principal Repayments Of Federal Home Loan Bank Advances | Future annual principal repayment requirements on the borrowings from the FHLB at December 31, 2017, were as follows: Year Amount 2018 $ 77,572,294 2019 10,500,000 2020 - 2021 - Total $ 88,072,294 |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule Of Future Minimum Lease Payments For Operating Leases and Capital Leases | Minimum future lease payments for the operating and capital leases at December 31, 2017, were as follows: Operating Capital (In thousands) 2018 536 275 2019 440 275 2020 317 191 2021 197 175 2022 146 - Thereafter 312 - Total Minimum Lease Payments $ 1,948 $ 916 Less: Amount representing interest (47) Present value of minimum lease payments $ 869 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule Of Capital Required To Be Well Capitalized Under Banking Regulations | The actual capital amounts and ratios at December 31, 2017 and 2016 are presented in the following table. No amount was deducted from capital for interest-rate risk exposure. (Dollars in thousands) Company Subsidiary (Consolidated) The First Amount Ratio Amount Ratio December 31, 2017 Total risk-based $ 217,157 15.5 % $ 211,338 15.1 % Common equity Tier 1 199,170 14.2 % 203,050 14.5 % Tier I risk-based 208,869 14.9 % 203,050 14.5 % Tier I leverage 208,869 11.7 % 203,050 11.4 % December 31, 2016 Total risk-based $ 157,557 15.5 % $ 172,572 17.0 % Common equity Tier 1 140,747 13.8 % 165,062 16.2 % Tier I risk-based 150,047 14.7 % 165,062 16.2 % Tier I leverage 150,047 11.9 % 165,062 13.1 % |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The minimum amounts of capital and ratios as established by banking regulators at December 31, 2017, and 2016, were as follows: (Dollars in thousands) Company Subsidiary (Consolidated) The First Amount Ratio Amount Ratio December 31, 2017 Total risk-based $ 111,933 8.0 % $ 111,789 8.0 % Common equity Tier 1 62,962 4.5 % 62,882 4.5 % Tier I risk-based 83,949 6.0 % 83,842 6.0 % Tier I leverage 71,362 4.0 % 71,290 4.0 % December 31, 2016 Total risk-based $ 81,504 8.0 % $ 81,391 8.0 % Common equity Tier 1 45,846 4.5 % 45,782 4.5 % Tier I risk-based 61,128 6.0 % 61,043 6.0 % Tier I leverage 50,412 4.0 % 50,364 4.0 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Years Ended December 31, 2017 2016 2015 Current: Federal $ 408,086 $ 3,363,290 $ 2,484,372 State 100,861 577,401 473,037 Deferred (In 2017, includes $2,080,747 due to 6,445,865 (10,352) 255,638 Tax Cut and Jobs Act) $ 6,954,812 $ 3,930,339 $ 3,213,047 |
Schedule of Effective Income Tax Rate Reconciliation | The Company's income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: Years Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Income taxes at statutory rate $ 6,149,951 35 % $ 4,917,159 35 % $ 4,083,995 34 % Tax-exempt income (1,154,595) (6) % (927,506) (7) % (831,141) (7) % Nondeductible expenses 233,925 1 % 130,609 1 % 161,176 1 % State income tax, net of federal tax effect 65,560 - 375,311 3 % 307,951 3 % Tax credits, net (331,080) (2) % (308,684) (2) % (295,800) (2) % Deferred tax adjustment due to Tax Cuts and Job Act 2,080,747 12 % - - - - Other, net (89,696) - (256,550) (2) % (213,134) (2) % $ 6,954,812 40 % $ 3,930,339 28 % $ 3,213,047 27 % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income taxes included in the consolidated financial statements were as follows: December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 2,096,866 $ 2,897,479 Net operating loss carryover 1,500,867 2,315,140 Non-accrual loan interest 344,187 35,208 Other real estate 842,797 272,598 Unrealized loss on available-for-sale securities 150,298 642,629 Other 965,766 1,184,474 5,900,781 7,347,528 Deferred tax liabilities: Securities (43,400) (115,737) Premises and equipment (315,550) (449,136) Core deposit intangible (204,103) (231,845) Goodwill (989,011) (1,228,960) (1,552,064) (2,025,678) Net deferred tax asset, included in other assets $ 4,348,717 $ 5,321,850 |
Summary of Operating Loss Carryforwards | These net operating losses are available to the Company and expire as follows : Years Amounts 2018 $ 551,818 2019 396,985 2020-2032 4,464,304 2033 281,800 2034 147,617 2035-2036 92,114 $ 5,934,638 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The activity in loans to current directors, executive officers, and their affiliates during the year ended December 31, 2017, is summarized as follows (in thousands): Loans outstanding at beginning of year $ 15,788 New loans 250 Repayments (901) Loans outstanding at end of year $ 15,137 |
FAIR VALUES OF ASSETS AND LIA44
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets Measured on Recurring Basis | Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) December 31, 2017 Obligations of U.S. Government agencies $ 4,992 $ - $ 4,992 $ - Municipal securities 138,584 - 138,584 - Mortgage-backed securities 196,578 - 196,578 - Corporate obligations 15,819 - 13,250 2,569 Other 920 920 - - Total $ 356,893 $ 920 $ 353,404 $ 2,569 Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) December 31, 2016 Obligations of U.S. Government agencies $ 9,045 $ - $ 9,045 $ - Municipal securities 98,822 - 98,822 - Mortgage-backed securities 114,289 - 114,289 - Corporate obligations 20,110 - 17,869 2,241 Other 940 940 - - Total $ 243,206 $ 940 $ 240,025 $ 2,241 |
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. (In thousands) Bank-Issued Trust 2017 2016 2015 Balance of recurring Level 3 assets at January 1 $ 2,241 $ 2,557 $ 2,801 Transfers into Level 3 - - - Transfers out of Level 3 - - - Unrealized income (loss) included in comprehensive Income 328 (316) (244) Balance of recurring Level 3 assets at December 31 $ 2,569 $ 2,241 $ 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 Value Valuation Technique Significant Range of Inputs December 31, 2017 $ 2,569 Discounted cash flow Discount rate 2.07% - 3.77% December 31, 2016 $ 2,241 Discounted cash flow Discount rate 1.50% - 3.34% December 31, 2015 $ 2,557 Discounted cash flow Discount rate 1.08% - 2.77% |
Fair Value Assets Measured on Nonrecurring Basis | The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at December 31, 2017 and 2016 (In thousands). Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) December 31, 2017 Impaired loans $ 10,574 $ - $ 10,574 $ - Other real estate owned 7,158 - 7,158 - December 31, 2016 Impaired loans $ 6,128 $ - $ 6,128 $ - Other real estate owned 6,007 - 6,007 - |
Financial Instruments with No Distinguishable Fair Value | As of December 31, 2017 Fair Value Measurements (In thousands) Carrying Estimated Quoted Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 91,922 $ 91,922 $ 91,922 $ - $ - Securities available-for-sale 356,893 356,893 920 353,404 2,569 Securities held-to-maturity 6,000 7,398 - 7,398 - Other securities 9,969 9,969 - 9,969 - Loans, net 1,221,808 1,238,525 - - 1,238,525 Bank-owned life insurance 27,054 27,054 - 27,054 - Liabilities: Non-interest-bearing deposits $ 301,989 $ 301,989 $ - $ 301,989 $ - Interest-bearing deposits 1,168,576 1,165,682 - 1,165,682 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 104,072 104,072 - 104,072 - As of December 31, 2017 Fair Value Measurements (In thousands) Carrying Estimated Quoted Significant Significant Financial Instruments: Assets: Cash and cash equivalents $ 62,119 $ 62,119 $ 62,119 $ - $ - Securities available-for-sale 243,206 243,206 940 240,025 2,241 Securities held-to-maturity 6,000 7,394 - 7,394 - Other securities 6,593 6,593 - 6,593 - Loans, net 865,424 883,161 - - 883,161 Bank-owned life insurance 21,250 21,250 - 21,250 - Liabilities: Non-interest-bearing deposits $ 202,478 $ 202,478 $ - $ 202,478 $ - Interest-bearing deposits 836,713 835,658 - 835,658 - Subordinated debentures 10,310 10,310 - - 10,310 FHLB and other borrowings 69,000 69,000 - 69,000 - |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro-forma financial information for the year ended December 31, 2017, gives effect to the acquisition as if the acquisition had occurred on January 1, 2017. The pro-forma financial information is not necessarily indicative of the results of operations had the acquisition been effective as of this date. (In thousands) Pro-Forma December 31, 2017 (unaudited) Net interest income $ 73,250 Non-interest income 17,481 Total revenue 90,731 Income before income taxes $ 17,930 |
PARENT COMPANY FINANCIAL INFO46
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, 2017 2016 Assets: Cash and cash equivalents $ 20,435,721 $ 69,158 Investment in subsidiary bank 226,648,005 179,541,693 Investments in statutory trusts 310,000 310,000 Other 1,480,791 1,112,514 $ 248,874,517 $ 181,033,365 Liabilities and Stockholders’ Equity: Subordinated debentures $ 10,310,000 $ 10,310,000 Advances from First Tennessee Bank 16,000,000 16,000,000 Other 96,597 196,658 Stockholders’ equity 222,467,920 154,526,707 $ 248,874,517 $ 181,033,365 |
Schedule of Condensed Income Statement | Condensed Statements of Income Years Ended December 31, 2017 2016 2015 Income: Interest and dividends $ 8,296 $ 6,680 $ 5,573 Dividend income 3,675,000 2,875,000 1,650,000 Other 51,030 - - 3,734,326 2,881,680 1,655,573 Expenses: Interest on borrowed funds 859,823 222,152 185,351 Legal and professional 1,097,590 910,214 295,637 Other 1,349,143 1,240,863 833,502 3,306,556 2,373,229 1,314,490 Income before income taxes and equity in undistributed income of subsidiary 427,770 508,451 341,083 Income tax benefit 1,222,012 835,757 487,853 Income before equity in undistributed income of Subsidiary 1,649,782 1,344,208 828,936 Equity in undistributed income of subsidiary 8,966,694 8,774,479 7,969,766 Net income $ 10,616,476 $ 10,118,687 $ 8,798,702 |
Schedule of Condensed Cash Flow Statement | Condensed Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 10,616,476 $ 10,118,687 $ 8,798,702 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed income of Subsidiary (8,966,694) (8,774,479) (7,969,766) Restricted stock expense 866,558 772,311 721,124 Gain on disposition of CVR (51,030) - - Other, net (624,261) (669,047) 151,251 Net cash provided by operating activities 1,841,049 1,447,472 1,701,311 Cash flows from investing activities: Investment in subsidiary bank (35,000,000) (60,000,000) - Outlays for acquisitions - - (35,709) Net cash used in investing activities (35,000,000) (60,000,000) (35,709) Cash flows from financing activities: Dividends paid on common stock (1,415,524) (782,936) (778,428) Dividends paid on preferred stock - (452,305) (342,460) Repurchase of restricted stock for payment of Taxes (329,587) (176,112) (92,390) Repurchase of warrants - - (302,410) Net proceeds from issuance of 3,563,380 shares - 59,744,418 - Net proceeds from issuance of 2,012,500 shares 55,270,625 Repayment of CDCI Preferred Shares - (15,925,000) - Proceeds of borrowed funds - 16,000,000 - Net cash provided by (used in) financing Activities 53,525,514 58,408,065 (1,515,688) Net increase (decrease) in cash and cash Equivalents 20,366,563 (144,463) 149,914 Cash and cash equivalents at beginning of year 69,158 213,621 63,707 Cash and cash equivalents at end of year $ 20,435,721 $ 69,158 $ 213,621 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2017 Commercial/ Mortgage Retail Banking Holding Bank Division Company Total Interest income $ 65,118 $ 943 $ 8 $ 66,069 Interest expense 6,048 1 860 6,909 Net interest income (loss) 59,070 942 (852) 59,160 Provision (credit) for loan losses 475 31 - 506 Net interest income (loss) after provision for loan losses 58,595 911 (852) 58,654 Non-interest income 9,807 4,505 51 14,363 Non-interest expense 49,143 3,857 2,446 55,446 Income (loss) before income taxes 19,259 1,559 (3,247) 17,571 Income tax (benefit) expense 7,740 437 (1,222) 6,955 Net income (loss) $ 11,519 $ 1,122 $ (2,025) $ 10,616 Total Assets $ 1,758,778 $ 32,234 $ 22,226 $ 1,813,238 Net Loans 1,196,365 25,443 - 1,221,808 Year Ended December 31, 2016 Commercial/ Mortgage Retail Banking Holding Bank Division Company Total Interest income $ 43,785 $ 812 $ 7 $ 44,604 Interest expense 3,679 414 222 4,315 Net interest income (loss) 40,106 398 (215) 40,289 Provision (credit) for loan losses 667 (42) - 625 Net interest income (loss) after provision for loan losses 39,439 440 (215) 39,664 Non-interest income 6,989 4,258 - 11,247 Non-interest expense 31,369 3,342 2,151 36,862 Income (loss) before income taxes 15,059 1,356 (2,366) 14,049 Income tax (benefit) expense 4,386 380 (836) 3,930 Net income (loss) $ 10,673 $ 976 $ (1,530) $ 10,119 Total Assets $ 1,254,476 $ 21,400 $ 1,491 $ 1,277,367 Net Loans 851,947 13,477 - 865,424 Year Ended December 31, 2015 Commercial/ Mortgage Retail Banking Holding Bank Division Company Total Interest income $ 39,422 $ 774 $ 6 $ 40,202 Interest expense 2,727 296 185 3,208 Net interest income (loss) 36,695 478 (179) 36,994 Provision for loan losses 410 - - 410 Net interest income (loss) after provision for loan losses 36,285 478 (179) 36,584 Non-interest income 6,513 1,075 - 7,588 Non-interest expense 29,786 1,245 1,129 32,160 Income (loss) before income taxes 13,012 308 (1,308) 12,012 Income tax (benefit) expense 3,618 82 (487) 3,213 Net income (loss) $ 9,394 $ 226 $ (821) $ 8,799 Total Assets $ 1,123,240 $ 20,681 $ 1,210 $ 1,145,131 Net Loans 755,077 14,665 - 769,742 |
SUMMARY OF QUARTERLY RESULTS 48
SUMMARY OF QUARTERLY RESULTS OF OPERATIONS AND PER SHARE AMOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Three Months Ended March 31 June 30 Sept. 30 Dec. 31 (In thousands, except per share amounts) 2017 Total interest income $ 15,753 $ 16,464 $ 16,708 $ 17,143 Total interest expense 1,585 1,629 1,773 1,922 Net interest income 14,168 14,835 14,935 15,221 Provision for loan losses 46 248 90 122 Net interest income after provision for loan losses 14,122 14,587 14,845 15,099 Total non-interest income 3,391 3,757 3,658 3,556 Total non-interest expense 16,095 15,070 11,888 12,390 Income tax expense 296 908 1,901 3,851 Net income applicable to common Stockholders $ 1,122 $ 2,366 $ 4,714 $ 2,414 Per common share: Net income, basic $ .12 $ .26 $ .52 $ .23 Net income, diluted .12 .26 .51 .23 Cash dividends declared .0375 .0375 .0375 .0375 2016 Total interest income $ 10,596 $ 10,871 $ 11,269 $ 11,868 Total interest expense 922 1,016 1,202 1,176 Net interest income 9,674 9,855 10,067 10,692 Provision for loan losses 190 204 143 88 Net interest income after provision for loan losses 9,484 9,651 9,924 10,604 Total non-interest income 2,484 2,961 3,099 2,705 Total non-interest expense 8,395 8,921 9,416 10,132 Income tax expense 969 1,042 1,049 870 Net income 2,604 2,649 2,558 2,307 Preferred dividends 85 86 86 195 Net income applicable to common Stockholders $ 2,519 $ 2,563 $ 2,472 $ 2,112 Per common share: Net income, basic $ .47 $ .47 $ .46 $ .39 Net income, diluted .46 .47 .45 .26 Cash dividends declared .0375 .0375 .0375 .0375 2015 Total interest income $ 9,683 $ 10,022 $ 10,080 $ 10,417 Total interest expense 804 806 793 804 Net interest income 8,879 9,216 9,287 9,613 Provision for loan losses 150 - 250 10 Net interest income after provision for loan losses 8,729 9,216 9,037 9,603 Total non-interest income 1,850 1,854 1,982 1,903 Total non-interest expense 7,818 8,092 7,977 8,275 Income tax expense 732 793 815 873 Net income 2,029 2,185 2,227 2,358 Preferred dividends and stock accretion 85 86 86 85 Net income applicable to common Stockholders $ 1,944 $ 2,099 $ 2,141 $ 2,273 Per common share: Net income, basic $ .36 $ .39 $ .40 $ .42 Net income, diluted .36 .39 .39 .42 Cash dividends declared .0375 .0375 .0375 .0375 |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Federal reserve bank required reserve | $ 29,700,000 | ||
Other real estate owned | $ 7,158,409 | $ 6,007,621 | |
Useful life of intangible assets | 10 years | ||
Advertising expense | $ 336,450 | 401,751 | $ 437,085 |
Goodwill | 19,959,849 | 13,776,040 | |
Goodwill, acquired during period | 6,183,810 | ||
Accounting Standards Update 2018-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Prior Period Reclassification Adjustment | 76,000 | ||
Limited Partner [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Real Estate Investments | 3,837,468 | 4,058,801 | |
Affordable Housing Tax Credits And Other Tax Benefits | $ 481,325 | $ 160,442 | $ 0 |
Definite-Lived Intangible Asset
Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount, Core deposits | $ 4,710 | |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Core deposits | 7,640 | $ 4,000 |
Accumulated Amortization, Core deposits | (2,930) | (2,268) |
Net Carrying Amount, Core deposits | $ 4,710 | $ 1,732 |
Related Amortization Expense of
Related Amortization Expense of Purchase Accounting Intangible Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Aggregate amortization expense for the year ended December 31: | |
2,015 | $ 399 |
2,016 | 383 |
2,017 | 664 |
Estimated amortization expense for the year ending December 31: | |
2,018 | 695 |
2,019 | 695 |
2,020 | 695 |
2,021 | 625 |
2,022 | 455 |
Thereafter | 1,545 |
Net Carrying Amount, Core deposits | $ 4,710 |
Reconciliation of Numerators an
Reconciliation of Numerators and Denominators of Basic and Diluted Computations (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share Basic [Line Items] | |||||||||||||||
Net income available to common stock holders, basic | $ 2,414,000 | $ 4,714,000 | $ 2,366,000 | $ 1,122,000 | $ 2,112,000 | $ 2,472,000 | $ 2,563,000 | $ 2,519,000 | $ 2,273,000 | $ 2,141,000 | $ 2,099,000 | $ 1,944,000 | $ 10,616,476 | $ 9,666,382 | $ 8,456,242 |
Convertible Preferred Dividend | 133,627 | ||||||||||||||
Net income available to common stock holders, diluted | $ 10,616,476 | $ 9,800,009 | $ 8,456,242 | ||||||||||||
Effect of dilutive shares: | |||||||||||||||
Weighted average number of shares outstanding, basic | 9,484,460 | 5,435,088 | 5,371,111 | ||||||||||||
Convertible Preferred, Series E | 742,371 | ||||||||||||||
Restricted Stock | 76,800 | 81,874 | 70,939 | ||||||||||||
Weighted average number of shares outstanding, diluted | 9,561,260 | 6,259,333 | 5,442,050 | ||||||||||||
Basic per share | $ 0.23 | $ 0.52 | $ 0.26 | $ 0.12 | $ 0.39 | $ 0.46 | $ 0.47 | $ 0.47 | $ 0.42 | $ 0.40 | $ 0.39 | $ 0.36 | $ 1.12 | $ 1.86 | $ 1.64 |
Diluted per share | $ 0.23 | $ 0.51 | $ 0.26 | $ 0.12 | $ 0.26 | $ 0.45 | $ 0.47 | $ 0.46 | $ 0.42 | $ 0.39 | $ 0.39 | $ 0.36 | $ 1.11 | $ 1.64 | $ 1.62 |
BUSINESS COMBINATIONS - Additio
BUSINESS COMBINATIONS - Additional Information (Detail) - USD ($) | Mar. 03, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 6,183,810 | ||||
The Mortgage Connection | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 5,100,000 | ||||
Iberville Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, gross | $ 31,100,000 | 30,602,000 | |||
Business Acquisition Purchase Price Allocation Loans Receivable | $ 149,400,000 | ||||
Business combination, acquisition related costs | $ 0 | 3,600,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Escrow Deposit | $ 2,500,000 | ||||
Escrow Deposit Receivable from Flood Loans | 498,207 | ||||
Business Combination Recognized Assets Acquired and Liabilities Assumed, Discount on Loans Acquired | 800,000 | ||||
Iberville Bank [Member] | Core Deposits | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 2,700,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||
Gulf Coast Community Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, gross | $ 2,300,000 | 2,258,000 | |||
Business Acquisition Purchase Price Allocation Loans Receivable | 91,000,000 | 91,000,000 | |||
Goodwill, Acquired During Period | 1,100,000 | ||||
Business combination, acquisition related costs | 0 | 2,800,000 | |||
Business Combination Recognized Assets Acquired and Liabilities Assumed, Discount on Loans Acquired | $ 2,200,000 | $ 2,200,000 | |||
Sale value of Loans Acquired in Business Combination | $ 5,000,000 | ||||
Decrease in Acquisition Credit Mark | $ 2,200,000 | ||||
Gulf Coast Community Bank [Member] | Core Deposits | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 1,000,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Summary of Acquired Identifiabl
Summary of Acquired Identifiable Assets and Liabilities for Iberville Bank (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Liabilities and equity: | |||
Goodwill resulting from Acquisition | $ 19,959,849 | $ 13,776,040 | |
Iberville Bank [Member] | |||
Identifiable assets: | |||
Cash and due from banks | 28,789,000 | ||
Investments | 78,613,000 | ||
Loans | 148,516,000 | ||
Core deposit intangible | 2,688,000 | ||
Personal and real property | 4,941,000 | ||
Other assets | 10,470,000 | ||
Total assets | 274,017,000 | ||
Liabilities and equity: | |||
Deposits | 243,656,000 | ||
Borrowed funds | 456,000 | ||
Other liabilities | 4,406,000 | ||
Total liabilities | 248,518,000 | ||
Net assets acquired | 25,499,000 | ||
Consideration paid | $ 31,100,000 | 30,602,000 | |
Goodwill resulting from Acquisition | 5,103,000 | ||
Iberville Bank [Member] | Reported Value Measurement [Member] | |||
Identifiable assets: | |||
Cash and due from banks | 28,789,000 | ||
Investments | 78,650,000 | ||
Loans | 148,516,000 | ||
Core deposit intangible | 3,186,000 | ||
Personal and real property | 4,443,000 | ||
Other assets | 9,330,000 | ||
Total assets | 272,914,000 | ||
Liabilities and equity: | |||
Deposits | 243,656,000 | ||
Borrowed funds | 456,000 | ||
Other liabilities | 2,928,000 | ||
Total liabilities | 247,040,000 | ||
Net assets acquired | 25,874,000 | ||
Consideration paid | 31,100,000 | ||
Goodwill resulting from Acquisition | 5,226,000 | ||
Iberville Bank [Member] | Changes Measurement [Member] | |||
Identifiable assets: | |||
Cash and due from banks | 0 | ||
Investments | (37,000) | ||
Loans | 0 | ||
Core deposit intangible | (498,000) | ||
Personal and real property | 498,000 | ||
Other assets | 1,140,000 | ||
Total assets | 1,103,000 | ||
Liabilities and equity: | |||
Deposits | 0 | ||
Borrowed funds | 0 | ||
Other liabilities | 1,478,000 | ||
Total liabilities | 1,478,000 | ||
Net assets acquired | (375,000) | ||
Consideration paid | (498,000) | ||
Goodwill resulting from Acquisition | $ (123,000) |
Outstanding Principal Balance a
Outstanding Principal Balance and Carrying Amount of Loans for Iberville Bank (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Outstanding principal balance | $ 2,020,769 | |
Carrying amount | 1,185,000 | $ 1,305,000 |
Iberville Bank [Member] | ||
Outstanding principal balance | 123,325,609,000 | |
Carrying amount | $ 122,621,607,000 |
Summary of Acquired Identifia56
Summary of Acquired Identifiable Assets and Liabilities for Gulf Coast Community Bank (Detail) - Gulf Coast Community Bank [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jan. 31, 2017 | Dec. 31, 2017 | |
Identifiable assets: | ||
Cash and due from banks | $ 5,733 | |
Investments | 13,805 | |
Loans | 88,801 | |
Core deposit intangible | 953 | |
Personal and real property | 4,739 | |
Other real estate | 7,393 | |
Deferred tax asset | 6,678 | |
Other assets | 468 | |
Total assets | 128,570 | |
Liabilities and equity: | ||
Deposits | 111,993 | |
Borrowed funds | 14,450 | |
Other liabilities | 950 | |
Total liabilities | 127,393 | |
Net assets acquired | 1,177 | |
Consideration paid | $ 2,300 | 2,258 |
Goodwill resulting from Acquisition | 1,081 | |
Reported Value Measurement [Member] | ||
Identifiable assets: | ||
Cash and due from banks | 6,047 | |
Investments | 13,833 | |
Loans | 88,801 | |
Core deposit intangible | 787 | |
Personal and real property | 4,739 | |
Other real estate | 7,057 | |
Deferred tax asset | 6,693 | |
Other assets | 490 | |
Total assets | 128,447 | |
Liabilities and equity: | ||
Deposits | 111,993 | |
Borrowed funds | 14,450 | |
Other liabilities | 950 | |
Total liabilities | 127,393 | |
Net assets acquired | 1,054 | |
Consideration paid | 2,258 | |
Goodwill resulting from Acquisition | 1,204 | |
Changes Measurement [Member] | ||
Identifiable assets: | ||
Cash and due from banks | (314) | |
Investments | (28) | |
Loans | 0 | |
Core deposit intangible | 166 | |
Personal and real property | 0 | |
Other real estate | 336 | |
Deferred tax asset | (15) | |
Other assets | (22) | |
Total assets | 123 | |
Liabilities and equity: | ||
Deposits | 0 | |
Borrowed funds | 0 | |
Other liabilities | 0 | |
Total liabilities | 0 | |
Net assets acquired | 123 | |
Consideration paid | 0 | |
Goodwill resulting from Acquisition | $ (123) |
Outstanding Principal Balance57
Outstanding Principal Balance and Carrying Amount of Loans for Gulf Coast Community Bank (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Outstanding principal balance | $ 2,020,769 | |
Carrying amount | 1,185,000 | $ 1,305,000 |
Gulf Coast Community Bank [Member] | ||
Outstanding principal balance | 60,223,959,000 | |
Carrying amount | $ 60,320,605,000 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Trading Securities and Other Trading Assets [Line Items] | |||
Loss (Gain) on sale/call of securities | $ (15,889) | $ 126,286 | $ 0 |
Marketable securities | $ 289,001,490 | $ 170,593,273 | |
Number of securities percent | 38.00% | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 15,889 | ||
Available-for-sale Securities, Gross Realized Gains | 4,384 | ||
Available-for-sale Securities, Gross Realized Losses | $ 20,273 |
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 ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 357,478,442 | $ 244,871,668 |
Available-for-sale Securities, Gross Unrealized Gains | 2,833,797 | 2,374,138 |
Available-for-sale Securities, Gross Unrealized Losses | 3,419,158 | 4,039,843 |
Available-for-sale securities, Estimated Fair Value | 356,893,081 | 243,205,963 |
Held-to-Maturity, Estimated Fair Value | 7,397,966 | 7,393,828 |
Obligations of U.S. Government Agencies | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-Sale, Amortized Cost | 4,996,142 | 9,023,293 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 27,718 |
Available-for-sale Securities, Gross Unrealized Losses | 4,007 | 6,341 |
Available-for-sale securities, Estimated Fair Value | 4,992,135 | 9,044,670 |
Tax-exempt and taxable obligations of states and municipal subdivisions | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-Sale, Amortized Cost | 137,281,213 | 98,327,829 |
Available-for-sale Securities, Gross Unrealized Gains | 2,027,575 | 1,677,764 |
Available-for-sale Securities, Gross Unrealized Losses | 724,750 | 1,183,186 |
Available-for-sale securities, Estimated Fair Value | 138,584,038 | 98,822,407 |
Held-to-Maturity, Amortized Cost | 6,000,000 | 6,000,000 |
Held-to-maturity Securities, Gross Unrealized Gains | 1,397,966 | 1,393,828 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-Maturity, Estimated Fair Value | 7,397,966 | 7,393,828 |
Mortgage-backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-Sale, Amortized Cost | 197,346,171 | 114,990,863 |
Available-for-sale Securities, Gross Unrealized Gains | 785,321 | 602,179 |
Available-for-sale Securities, Gross Unrealized Losses | 1,553,516 | 1,304,090 |
Available-for-sale securities, Estimated Fair Value | 196,577,976 | 114,288,952 |
Corporate obligations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-Sale, Amortized Cost | 16,599,433 | 21,274,200 |
Available-for-sale Securities, Gross Unrealized Gains | 20,901 | 66,477 |
Available-for-sale Securities, Gross Unrealized Losses | 801,426 | 1,230,566 |
Available-for-sale securities, Estimated Fair Value | 15,818,908 | 20,110,111 |
Other | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-Sale, Amortized Cost | 1,255,483 | 1,255,483 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 335,459 | 315,660 |
Available-for-sale securities, Estimated Fair Value | $ 920,024 | $ 939,823 |
Maturities of Securities (Detai
Maturities of Securities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-Sale, Amortized Cost | ||
Due less than one year | $ 14,048,332 | |
Due after one year through five years | 49,518,696 | |
Due after five years through ten years | 57,713,034 | |
Due greater than ten years | 38,852,209 | |
Mortgage-backed securities | 197,346,171 | |
Total | 357,478,442 | $ 244,871,668 |
Available-for-sale, Estimated Fair Value | ||
Due less than one year | 14,061,545 | |
Due after one year through five years | 49,775,588 | |
Due after five years through ten years | 58,588,594 | |
Due greater than ten years | 37,889,378 | |
Mortgage-backed securities | 196,577,976 | |
Total | 356,893,081 | 243,205,963 |
Held-to-maturity, Amortized Cost | ||
Due less than one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 6,000,000 | |
Due greater than ten years | 0 | |
Mortgage-backed securities | 0 | |
Total | 6,000,000 | 6,000,000 |
Held-to-maturity, Estimated Fair Value | ||
Due less than one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 7,397,966 | |
Due greater than ten years | 0 | |
Mortgage-backed securities | 0 | |
Total | $ 7,397,966 | $ 7,393,828 |
Securities Classified as Availa
Securities Classified as Available-for-Sale with Unrealized Losses (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value, Losses less than 12 Months | $ 140,530,157 | $ 134,731,768 |
Fair Value, Losses 12 Months or More | 46,085,678 | 5,674,287 |
Fair Value, Total | 186,615,835 | 140,406,055 |
Gross Unrealized Losses, Losses less than 12 Months | 1,321,497 | 2,502,401 |
Gross Unrealized Losses, Losses 12 Months or More | 2,097,661 | 1,537,442 |
Gross Unrealized Losses, Total | 3,419,158 | 4,039,843 |
Obligations of U.S. government agencies | ||
Schedule Of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value, Losses less than 12 Months | 4,992,134 | 2,989,255 |
Fair Value, Losses 12 Months or More | 0 | 0 |
Fair Value, Total | 4,992,134 | 2,989,255 |
Gross Unrealized Losses, Losses less than 12 Months | 4,007 | 6,341 |
Gross Unrealized Losses, Losses 12 Months or More | 0 | 0 |
Gross Unrealized Losses, Total | 4,007 | 6,341 |
Tax-exempt and taxable obligations of states and municipal subdivisions | ||
Schedule Of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value, Losses less than 12 Months | 40,559,417 | 48,199,634 |
Fair Value, Losses 12 Months or More | 8,722,641 | 0 |
Fair Value, Total | 49,282,058 | 48,199,634 |
Gross Unrealized Losses, Losses less than 12 Months | 500,884 | 1,183,186 |
Gross Unrealized Losses, Losses 12 Months or More | 223,866 | 0 |
Gross Unrealized Losses, Total | 724,750 | 1,183,186 |
Mortgage-backed securities | ||
Schedule Of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value, Losses less than 12 Months | 89,312,836 | 78,467,029 |
Fair Value, Losses 12 Months or More | 33,286,648 | 1,905,698 |
Fair Value, Total | 122,599,484 | 80,372,727 |
Gross Unrealized Losses, Losses less than 12 Months | 806,774 | 1,294,942 |
Gross Unrealized Losses, Losses 12 Months or More | 746,742 | 9,148 |
Gross Unrealized Losses, Total | 1,553,516 | 1,304,090 |
Corporate obligations | ||
Schedule Of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value, Losses less than 12 Months | 5,665,770 | 5,075,850 |
Fair Value, Losses 12 Months or More | 3,156,365 | 2,828,766 |
Fair Value, Total | 8,822,135 | 7,904,616 |
Gross Unrealized Losses, Losses less than 12 Months | 9,832 | 17,932 |
Gross Unrealized Losses, Losses 12 Months or More | 791,594 | 1,212,634 |
Gross Unrealized Losses, Total | 801,426 | 1,230,566 |
Other | ||
Schedule Of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value, Losses less than 12 Months | 0 | 0 |
Fair Value, Losses 12 Months or More | 920,024 | 939,823 |
Fair Value, Total | 920,024 | 939,823 |
Gross Unrealized Losses, Losses less than 12 Months | 0 | 0 |
Gross Unrealized Losses, Losses 12 Months or More | 335,459 | 315,660 |
Gross Unrealized Losses, Total | $ 335,459 | $ 315,660 |
LOANS - Additional Information
LOANS - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Percentage of loan portfolio to earning assets | 74.50% | 75.30% | ||
Loan to value ratio | 80.00% | |||
Troubled debt restructurings, balance | $ 6,900,000 | $ 4,100,000 | $ 6,900,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,020,769 | |||
Loans and Leases Receivable, Allowance | 8,288,000 | 7,510,000 | 6,747,000 | $ 6,095,000 |
trouble debt restructuring member [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Allowance | 0 | 208,000 | 0 | |
Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non- Accrual | $ 342,000 | $ 389,000 | $ 437,000 |
Composition of Loan Portfolio (
Composition of Loan Portfolio (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 1,221,808,000 | $ 865,424,000 | $ 769,742,000 | |
Total loans | 1,230,096,000 | 872,934,000 | ||
Allowance for loan losses | (8,288,000) | (7,510,000) | $ (6,747,000) | $ (6,095,000) |
Net loans | $ 1,221,808 | $ 865,424,000 | ||
Percent of loan to total loan portfolio | 100.00% | 100.00% | ||
Financing Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 2,450,000 | $ 2,204,000 | ||
Percent of loan to total loan portfolio | 0.20% | 0.30% | ||
Obligations Of States And Subdivisions [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 3,109,000 | $ 6,698,000 | ||
Percent of loan to total loan portfolio | 0.30% | 0.80% | ||
Mortgage loans held for sale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 4,790,000 | $ 5,880,000 | ||
Percent of loan to total loan portfolio | 0.30% | 0.60% | ||
Commercial, financial and agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 165,780,000 | $ 129,423,000 | ||
Percent of loan to total loan portfolio | 13.50% | 14.80% | ||
Mortgage-commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 467,484,000 | $ 314,359,000 | ||
Percent of loan to total loan portfolio | 38.00% | 36.00% | ||
Mortgage-residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 385,099,000 | $ 289,640,000 | ||
Percent of loan to total loan portfolio | 31.30% | 33.20% | ||
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 183,328,000 | $ 109,394,000 | ||
Percent of loan to total loan portfolio | 14.90% | 12.50% | ||
Consumer and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 18,056,000 | $ 15,336,000 | ||
Percent of loan to total loan portfolio | 1.50% | 1.80% |
Activity in Allowance for Loan
Activity in Allowance for Loan Losses (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Balance at beginning of period | $ 7,510,000 | $ 6,747,000 | $ 6,095,000 | $ 7,510,000 | $ 6,747,000 | $ 6,095,000 | |||||||||
Loans charged-off: | (405,000) | (771,000) | (843,000) | ||||||||||||
Recoveries on loans previously charged-off: | 677,000 | 909,000 | 1,085,000 | ||||||||||||
Net (Charge-offs) Recoveries | 272,000 | 138,000 | 242,000 | ||||||||||||
Provision for Loan Losses | $ 122,000 | $ 90,000 | $ 248,000 | $ 46,000 | $ 88,000 | $ 143,000 | $ 204,000 | $ 190,000 | $ 10,000 | $ 250,000 | $ 0 | $ 150,000 | 505,653 | 625,271 | 410,069 |
Balance at end of period | $ 8,288,000 | $ 7,510,000 | $ 6,747,000 | 8,288,000 | 7,510,000 | 6,747,000 | |||||||||
Real Estate | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Loans charged-off: | (262,000) | (627,000) | (534,000) | ||||||||||||
Recoveries on loans previously charged-off: | 522,000 | 755,000 | 905,000 | ||||||||||||
Installment and Other | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Loans charged-off: | (81,000) | (73,000) | (126,000) | ||||||||||||
Recoveries on loans previously charged-off: | 105,000 | 70,000 | 81,000 | ||||||||||||
Commercial Financial And Agricultural | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Loans charged-off: | (62,000) | (71,000) | (183,000) | ||||||||||||
Recoveries on loans previously charged-off: | $ 50,000 | $ 84,000 | $ 99,000 |
Allocation of Allowance for Loa
Allocation of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | $ 8,288 | $ 7,510 | $ 6,747 | $ 6,095 |
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 | $ 1,608 | $ 1,118 | ||
Allowance for loan losses, percentage of total | 14.00% | 15.60% | ||
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | $ 4,644 | $ 4,071 | ||
Allowance for loan losses, percentage of total | 64.80% | 61.60% | ||
Consumer Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | $ 1,499 | $ 1,589 | ||
Allowance for loan losses, percentage of total | 18.90% | 20.30% | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | $ 173 | $ 155 | ||
Allowance for loan losses, percentage of total | 2.30% | 2.40% | ||
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | $ 364 | $ 577 | ||
Allowance for loan losses, percentage of total | 0.00% | 0.10% |
Impaired Loans (Detail)
Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans: | |||
Impaired loans without a valuation allowance | $ 6,559 | $ 2,667 | $ 6,020 |
Impaired loans with a valuation allowance | 4,015 | 3,461 | 4,107 |
Total impaired loans | 10,574 | 6,128 | 10,127 |
Allowance for loan losses on impaired loans at period End | 661 | 682 | 957 |
Total nonaccrual loans | 5,674 | 3,264 | |
Past due 90 days or more and still accruing | 285 | 198 | |
Average investment in impaired loans | $ 9,041 | $ 8,509 | $ 9,652 |
Summary of Interest Recognized
Summary of Interest Recognized and Cash-Basis Interest Earned on Impaired Loans (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Interest income recognized during impairment | $ 0 | $ 0 | $ 0 |
Cash-basis interest income recognized | $ 326 | $ 188 | $ 211 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses, Broken Down by Portfolio Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans | ||||
Individually evaluated | $ 10,574 | $ 6,128 | ||
Collectively evaluated | 1,214,732 | 860,926 | ||
Total | 1,221,808 | 865,424 | $ 769,742 | |
Allowance for Loan Losses | ||||
Individually evaluated | 661 | 682 | ||
Collectively evaluated | 7,627 | 6,828 | ||
Total | 8,288 | 7,510 | $ 6,747 | $ 6,095 |
Real Estate | ||||
Loans | ||||
Individually evaluated | 9,402 | 5,935 | ||
Collectively evaluated | 1,015,934 | 704,923 | ||
Total | 1,025,336 | 710,858 | ||
Allowance for Loan Losses | ||||
Individually evaluated | 371 | 651 | ||
Collectively evaluated | 5,952 | 5,009 | ||
Total | 6,323 | 5,660 | ||
Installment and Other | ||||
Loans | ||||
Individually evaluated | 52 | 40 | ||
Collectively evaluated | 28,511 | 21,317 | ||
Total | 28,563 | 21,357 | ||
Allowance for Loan Losses | ||||
Individually evaluated | 23 | 21 | ||
Collectively evaluated | 334 | 711 | ||
Total | 357 | 732 | ||
Commercial Financial And Agriculture | ||||
Loans | ||||
Individually evaluated | 1,120 | 153 | ||
Collectively evaluated | 170,287 | 134,686 | ||
Total | 171,407 | 134,839 | ||
Allowance for Loan Losses | ||||
Individually evaluated | 267 | 10 | ||
Collectively evaluated | 1,341 | 1,108 | ||
Total | $ 1,608 | $ 1,118 |
Additional Detail of Impaired L
Additional Detail of Impaired Loans Broken Out According to Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no a valuation allowance, recorded investment | $ 6,559 | $ 2,667 | $ 6,020 |
Impaired loans with no related allowance, unpaid balance | 6,899 | 2,913 | 6,058 |
Impaired loans with no related allowance | 0 | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 5,506 | 4,668 | 5,314 |
Impaired loans with no related allowance, interest income recognized YTD | 185 | 38 | 50 |
Impaired loans with a related allowance, recorded investment | 4,015 | 3,461 | 4,107 |
Impaired loans with a related allowance, unpaid balance | 4,015 | 3,575 | 4,107 |
Impaired loans with a related allowance | 661 | 682 | 957 |
Impaired loans with a related allowance, average recored investment YTD | 3,535 | 3,841 | 4,338 |
Impaired loans with a related allowance, interest income recognized YTD | 141 | 150 | 161 |
Recorded Investment | 10,574 | 6,128 | 10,127 |
Unpaid Balance | 10,914 | 6,488 | 10,165 |
Related Allowance | 661 | 682 | 957 |
Average Recorded Investment YTD | 9,041 | 8,509 | 9,652 |
Interest Income Recognized YTD | 326 | 188 | 211 |
Commercial installment | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no a valuation allowance, recorded investment | 270 | 0 | 0 |
Impaired loans with no related allowance, unpaid balance | 270 | 0 | 0 |
Impaired loans with no related allowance | 0 | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 90 | 0 | 2 |
Impaired loans with no related allowance, interest income recognized YTD | 1 | 0 | 0 |
Impaired loans with a related allowance, recorded investment | 850 | 153 | 306 |
Impaired loans with a related allowance, unpaid balance | 850 | 153 | 306 |
Impaired loans with a related allowance | 267 | 10 | 50 |
Impaired loans with a related allowance, average recored investment YTD | 262 | 244 | 264 |
Impaired loans with a related allowance, interest income recognized YTD | 14 | 9 | 14 |
Recorded Investment | 1,120 | 153 | 306 |
Unpaid Balance | 1,120 | 153 | 306 |
Related Allowance | 267 | 10 | 50 |
Average Recorded Investment YTD | 352 | 244 | 266 |
Interest Income Recognized YTD | 15 | 9 | 14 |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no a valuation allowance, recorded investment | 4,080 | 2,324 | 5,790 |
Impaired loans with no related allowance, unpaid balance | 4,176 | 2,570 | 5,828 |
Impaired loans with no related allowance | 0 | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 3,502 | 4,368 | 5,099 |
Impaired loans with no related allowance, interest income recognized YTD | 101 | 37 | 50 |
Impaired loans with a related allowance, recorded investment | 2,638 | 2,726 | 2,927 |
Impaired loans with a related allowance, unpaid balance | 2,638 | 2,726 | 2,927 |
Impaired loans with a related allowance | 234 | 343 | 444 |
Impaired loans with a related allowance, average recored investment YTD | 2,756 | 2,832 | 2,891 |
Impaired loans with a related allowance, interest income recognized YTD | 112 | 127 | 132 |
Recorded Investment | 6,718 | 5,050 | 8,717 |
Unpaid Balance | 6,814 | 5,296 | 8,755 |
Related Allowance | 234 | 343 | 444 |
Average Recorded Investment YTD | 6,258 | 7,200 | 7,990 |
Interest Income Recognized YTD | 213 | 164 | 182 |
Consumer real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no a valuation allowance, recorded investment | 2,180 | 329 | 223 |
Impaired loans with no related allowance, unpaid balance | 2,424 | 329 | 223 |
Impaired loans with no related allowance | 0 | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 1,897 | 291 | 205 |
Impaired loans with no related allowance, interest income recognized YTD | 83 | 1 | 0 |
Impaired loans with a related allowance, recorded investment | 504 | 556 | 842 |
Impaired loans with a related allowance, unpaid balance | 504 | 669 | 842 |
Impaired loans with a related allowance | 137 | 308 | 438 |
Impaired loans with a related allowance, average recored investment YTD | 493 | 733 | 1,152 |
Impaired loans with a related allowance, interest income recognized YTD | 15 | 14 | 15 |
Recorded Investment | 2,684 | 885 | 1,065 |
Unpaid Balance | 2,928 | 998 | 1,065 |
Related Allowance | 137 | 308 | 438 |
Average Recorded Investment YTD | 2,390 | 1,024 | 1,357 |
Interest Income Recognized YTD | 98 | 15 | 15 |
Consumer installment | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no a valuation allowance, recorded investment | 29 | 14 | 7 |
Impaired loans with no related allowance, unpaid balance | 29 | 14 | 7 |
Impaired loans with no related allowance | 0 | 0 | 0 |
Impaired loans with no related allowance, average recorded investment YTD | 17 | 9 | 8 |
Impaired loans with no related allowance, interest income recognized YTD | 0 | 0 | 0 |
Impaired loans with a related allowance, recorded investment | 23 | 26 | 32 |
Impaired loans with a related allowance, unpaid balance | 23 | 27 | 32 |
Impaired loans with a related allowance | 23 | 21 | 25 |
Impaired loans with a related allowance, average recored investment YTD | 24 | 32 | 31 |
Impaired loans with a related allowance, interest income recognized YTD | 0 | 0 | 0 |
Recorded Investment | 52 | 40 | 39 |
Unpaid Balance | 52 | 41 | 39 |
Related Allowance | 23 | 21 | 25 |
Average Recorded Investment YTD | 41 | 41 | 39 |
Interest Income Recognized YTD | $ 0 | $ 0 | $ 0 |
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | |
Balance at beginning of period, Accretable Yield | $ 894 |
Accretion, Accretable Yield | (58) |
Payments received, net, Accretable Yield | 0 |
Balance at end of period, Accretable Yield | 836 |
Balance at beginning of period, Carrying Amount of Loans | 1,305 |
Accretion, Carrying Amount of Loans | 58 |
Payments received, net, Carrying Amount of Loans | (178) |
Balance at end of period, Carrying Amount of Loans | $ 1,185 |
Detail of Troubled Debt Restruc
Detail of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Loans | Dec. 31, 2016USD ($)Loans | Dec. 31, 2015USD ($)Loans | |
Financing Receivable, Modifications [Line Items] | |||
Outstanding Recorded Investment Pre-Modification | $ 592 | $ 296 | $ 544 |
Outstanding Recorded Investment Post-Modification | $ 558 | $ 269 | $ 532 |
Number of Loans | Loans | 5 | 1 | 3 |
Interest Income Recognized | $ 21 | $ 13 | $ 10 |
Commercial installment | |||
Financing Receivable, Modifications [Line Items] | |||
Outstanding Recorded Investment Pre-Modification | 0 | 0 | 0 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 0 | $ 0 |
Number of Loans | Loans | 0 | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 |
Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Outstanding Recorded Investment Pre-Modification | 526 | 296 | 499 |
Outstanding Recorded Investment Post-Modification | $ 494 | $ 269 | $ 492 |
Number of Loans | Loans | 4 | 1 | 2 |
Interest Income Recognized | $ 17 | $ 13 | $ 10 |
Consumer real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Outstanding Recorded Investment Pre-Modification | 66 | 0 | 45 |
Outstanding Recorded Investment Post-Modification | $ 64 | $ 0 | $ 40 |
Number of Loans | Loans | 1 | 0 | 1 |
Interest Income Recognized | $ 4 | $ 0 | $ 0 |
Consumer installment | |||
Financing Receivable, Modifications [Line Items] | |||
Outstanding Recorded Investment Pre-Modification | 0 | 0 | 0 |
Outstanding Recorded Investment Post-Modification | $ 0 | $ 0 | $ 0 |
Number of Loans | Loans | 0 | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 |
Modifications of Loans Performi
Modifications of Loans Performing (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30-89 | $ 4,785,000 | $ 3,249,000 | |
Past Due 90 days and still accuring | 285,000 | 198,000 | |
Non-Accural | 5,674,000 | 3,264,000 | |
Total | 1,221,808,000 | 865,424,000 | $ 769,742,000 |
Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current Loans | 4,714,106 | 2,773,586 | 2,758,458 |
Past Due 30-89 | 181,210 | 89,996 | 0 |
Past Due 90 days and still accuring | 5,188 | 0 | 0 |
Non-Accural | 2,029,564 | 1,247,323 | 4,147,759 |
Total | 6,930,068 | 4,110,905 | 6,906,217 |
Allowance for loan losses, Current Loans | 99,695 | 124,484 | 106,028 |
Allowance for loan losses, Past Due 30-89 | 21,610 | 0 | 0 |
Allowance for loan losses, Past Due 90 days and still accruing | 5,188 | 0 | 0 |
Allowance for loan losses, Non-Accrual | 27,241 | 40,165 | 197,338 |
Allowance for loan losses, Total | 153,734 | 164,649 | 303,366 |
Loans | Commercial installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current Loans | 0 | 150,509 | 206,237 |
Past Due 30-89 | 0 | 0 | 0 |
Past Due 90 days and still accuring | 0 | 0 | 0 |
Non-Accural | 0 | 0 | 50,221 |
Total | 0 | 150,509 | 256,458 |
Loans | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current Loans | 3,701,710 | 2,463,484 | 1,823,217 |
Past Due 30-89 | 91,734 | 0 | 0 |
Past Due 90 days and still accuring | 0 | 0 | 0 |
Non-Accural | 1,024,442 | 1,101,279 | 2,933,287 |
Total | 4,817,886 | 3,564,763 | 4,756,504 |
Loans | Consumer real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current Loans | 1,012,396 | 153,695 | 721,110 |
Past Due 30-89 | 89,476 | 89,996 | 0 |
Past Due 90 days and still accuring | 0 | 0 | 0 |
Non-Accural | 986,803 | 122,450 | 1,134,816 |
Total | 2,088,675 | 366,141 | 1,855,926 |
Loans | Consumer installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current Loans | 0 | 5,898 | 7,894 |
Past Due 30-89 | 0 | 0 | 0 |
Past Due 90 days and still accuring | 5,188 | 0 | 0 |
Non-Accural | 18,319 | 23,594 | 29,435 |
Total | $ 23,507 | $ 29,492 | $ 37,329 |
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 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30 to 89 Days | $ 4,785 | $ 3,249 | |
Past Due 90 Days Or More and Still Accruing | 285 | 198 | |
Non- Accrual | 5,674 | 3,264 | |
Total Past Due and Non- Accrual | 10,744 | 6,711 | |
Total Loans | 1,221,808 | 865,424 | $ 769,742 |
Lease financing receivable | |||
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 | 2,450 | 2,204 | |
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 | 3,109 | 6,698 | |
Real Estate-construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30 to 89 Days | 192 | 204 | |
Past Due 90 Days Or More and Still Accruing | 27 | 96 | |
Non- Accrual | 92 | 658 | |
Total Past Due and Non- Accrual | 311 | 958 | |
Total Loans | 183,328 | 109,394 | |
Real Estate-mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30 to 89 Days | 2,656 | 2,745 | |
Past Due 90 Days Or More and Still Accruing | 176 | 102 | |
Non- Accrual | 2,692 | 1,662 | |
Total Past Due and Non- Accrual | 5,524 | 4,509 | |
Total Loans | 385,099 | 289,640 | |
Real Estate-non farm non residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30 to 89 Days | 1,487 | 269 | |
Past Due 90 Days Or More and Still Accruing | 82 | 0 | |
Non- Accrual | 1,724 | 909 | |
Total Past Due and Non- Accrual | 3,293 | 1,178 | |
Total Loans | 467,484 | 314,359 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30 to 89 Days | 393 | 9 | |
Past Due 90 Days Or More and Still Accruing | 0 | 0 | |
Non- Accrual | 1,120 | 2 | |
Total Past Due and Non- Accrual | 1,513 | 11 | |
Total Loans | 165,780 | 129,423 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due 30 to 89 Days | 57 | 22 | |
Past Due 90 Days Or More and Still Accruing | 0 | 0 | |
Non- Accrual | 46 | 33 | |
Total Past Due and Non- Accrual | 103 | 55 | |
Total Loans | $ 18,056 | $ 15,336 |
Risk Category of Loans by Class
Risk Category of Loans by Class of Loans (Excluding Mortgage Loans Held for Sale) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | $ 1,226,329 | $ 867,754 | |
Less: Unearned discount | 1,023 | 700 | |
Loans | 1,221,808 | 865,424 | $ 769,742 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 1,185,051 | 852,787 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 19,575 | 1,231 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 21,586 | 13,496 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 117 | 240 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 794,632 | 535,198 | |
Less: Unearned discount | 710 | 378 | |
Loans | 793,922 | 534,820 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 763,572 | 522,949 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 15,987 | 376 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 14,979 | 11,873 | |
Commercial Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 94 | 0 | |
Mortgage Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 231,480 | 176,098 | |
Less: Unearned discount | 65 | 60 | |
Loans | 231,415 | 176,038 | |
Mortgage Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 226,178 | 174,325 | |
Mortgage Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 680 | 237 | |
Mortgage Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 4,622 | 1,336 | |
Mortgage Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 0 | 200 | |
Installment and Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 28,562 | 21,357 | |
Less: Unearned discount | 0 | 0 | |
Loans | 28,562 | 21,357 | |
Installment and Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 28,482 | 21,278 | |
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 | 80 | 79 | |
Installment and Other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 0 | 0 | |
Commercial,Financial and Agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 171,655 | 135,101 | |
Less: Unearned discount | 248 | 262 | |
Loans | 171,407 | 134,839 | |
Commercial,Financial and Agricultural | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 166,819 | 134,235 | |
Commercial,Financial and Agricultural | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 2,908 | 618 | |
Commercial,Financial and Agricultural | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | 1,905 | 208 | |
Commercial,Financial and Agricultural | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases receivable, gross | $ 23 | $ 40 |
PREMISES AND EQUIPMENT Addition
PREMISES AND EQUIPMENT Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 2,046,005 | $ 1,653,663 | $ 1,645,081 |
PREMISES AND EQUIPMENT (Detail)
PREMISES AND EQUIPMENT (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Premises: | ||
Property, Plant and Equipment, Gross | $ 62,792,094 | $ 49,246,188 |
Less accumulated depreciation and amortization | 16,366,063 | 14,621,836 |
Property, Plant and Equipment, Net | 46,426,031 | 34,624,352 |
Land | ||
Premises: | ||
Property, Plant and Equipment, Gross | 17,242,999 | 10,566,139 |
Buildings and Improvements | ||
Premises: | ||
Property, Plant and Equipment, Gross | 31,931,767 | 27,463,504 |
Equipment | ||
Premises: | ||
Property, Plant and Equipment, Gross | 12,546,553 | 10,436,712 |
Construction in Progress | ||
Premises: | ||
Property, Plant and Equipment, Gross | $ 1,070,775 | $ 779,833 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Line Items] | ||
Time deposits, $250,000 or more | $ 71,596,093 | $ 60,219,749 |
DEPOSITS (Detail)
DEPOSITS (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Scheduled Maturities Of Time Deposits [Line Items] | |
2,018 | $ 152,550 |
2,019 | 89,431 |
2,020 | 15,667 |
2,021 | 9,212 |
2,022 | 16,416 |
Thereafter | 0 |
Time Deposits | $ 283,276 |
BORROWED FUNDS - Additional Inf
BORROWED FUNDS - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 27, 2007 | Jun. 30, 2006 | Dec. 31, 2017 | Dec. 31, 2016 | |
Borrowed Funds [Line Items] | ||||
Amount of available, unused funds | $ 445,799,187 | |||
Reverse Repurchase Agreement | 0 | $ 5,000,000 | ||
Fair value of securities received as collateral that can be resold or repledged | $ 5,470,105 | |||
Debt Instrument, Description of Variable Rate Basis | 1.40% | 1.65% | ||
First Tennessee Bank [Member] | ||||
Borrowed Funds [Line Items] | ||||
Debt Instrument, Face Amount | $ 20,000,000 | |||
Debt Instrument, Maturity Date | Dec. 5, 2018 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Debt Instrument, Description of Variable Rate Basis | 2.50% over the LIBOR Rate | |||
Maximum [Member] | ||||
Borrowed Funds [Line Items] | ||||
Interest rate, range from | 4.72% | |||
Minimum [Member] | ||||
Borrowed Funds [Line Items] | ||||
Interest rate, range from | 0.95% |
BORROWED FUNDS (Details)
BORROWED FUNDS (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Borrowed Funds [Line Items] | ||
Reverse Repurchase Agreement | $ 0 | $ 5,000,000 |
FHLB advances | 88,072,294 | 48,000,000 |
First Tennessee Bank | 16,000,000 | 16,000,000 |
Debt and Capital Lease Obligations | $ 104,072,294 | $ 69,000,000 |
Future Annual Principal Repayme
Future Annual Principal Repayment Requirements On Borrowings (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Borrowed Funds [Line Items] | ||
2,018 | $ 77,572,294 | |
2,019 | 10,500,000 | |
2,020 | 0 | |
2,021 | 0 | |
Total | $ 88,072,294 | $ 48,000,000 |
LEASE OBLIGATIONS - Additional
LEASE OBLIGATIONS - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Lease Obligations [Line Items] | |||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total | $ 869,000 | ||
Capital Lease Obligations One [Member] | |||
Lease Obligations [Line Items] | |||
Operating Leases, Rent Expense | 602,000 | $ 577,000 | $ 530,000 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total | $ 708,000 | 879,000 | |
Lease Term | 4 years | ||
Capital Leased Assets, Gross | $ 2,675,000 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 1,651,000 | 1,390,000 | |
Capital Lease Obligations Two [Member] | |||
Lease Obligations [Line Items] | |||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total | $ 161,000 | ||
Lease Term | 2 years | ||
Capital Leased Assets, Gross | $ 266,000 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 22,000 | $ 12,000 |
Minimum future lease payments f
Minimum future lease payments for operating and capital leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Lease Obligations [Line Items] | |
2,018 | $ 536 |
2,019 | 440 |
2,020 | 317 |
2,021 | 197 |
2,022 | 146 |
Thereafter | 312 |
Total Minimum Lease Payments | 1,948 |
2,018 | 275 |
2,019 | 275 |
2,020 | 191 |
2,021 | 175 |
2,022 | 0 |
Thereafter | 0 |
Total Minimum Lease Payments | 916 |
Less: Amount representing interest | (47) |
Present value of minimum lease payments | $ 869 |
REGULATORY MATTERS - Additional
REGULATORY MATTERS - Additional Information (Detail) - Minimum [Member] | Dec. 31, 2017 |
Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier One Risk Based Capital to Risk Weighted Assets | 2.50% |
Risk based capital ratio | 10.00% |
Tier I risk-based capital ratio | 8.00% |
Tier I leverage capital ratio | 5.00% |
Tier One Leverage Capital to Average Assets | 4.00% |
Actual Capital Amounts and Rati
Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common equity Tier 1 (Ratio) | ||
Common equity Tier 1 | 14.50% | |
Parent Company [Member] | ||
Common equity Tier 1 (Ratio) | ||
Total risk-based | $ 211,338 | $ 172,572 |
Common equity Tier 1 | 203,050 | 165,062 |
Tier I risk-based | 203,050 | 165,062 |
Tier I leverage | $ 203,050 | $ 165,062 |
Total risk-based, Ratio | 15.50% | 15.50% |
Common equity Tier 1 | 14.20% | 13.80% |
Tier I risk-based, Ratio | 14.90% | 14.70% |
Tier I leverage, Ratio | 11.70% | 11.90% |
Subsidiary [Member] | ||
Common equity Tier 1 (Ratio) | ||
Total risk-based | $ 217,157 | $ 157,557 |
Common equity Tier 1 | 199,170 | 140,747 |
Tier I risk-based | 208,869 | 150,047 |
Tier I leverage | $ 208,869 | $ 150,047 |
Total risk-based, Ratio | 15.10% | 17.00% |
Common equity Tier 1 | 16.20% | |
Tier I risk-based, Ratio | 14.50% | 16.20% |
Tier I leverage, Ratio | 11.40% | 13.10% |
Minimum Amounts Of Capital and
Minimum Amounts Of Capital and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based | $ 111,933 | $ 81,504 |
Common equity Tier 1 | 62,962 | 45,846 |
Tier I risk-based | 83,949 | 61,128 |
Tier I leverage | $ 71,362 | $ 50,412 |
Total risk-based, Ratio | 8.00% | 8.00% |
Common equity Tier 1, Ratio | 4.50% | 4.50% |
Tier I risk-based, Ratio | 6.00% | 6.00% |
Tier I leverage, Ratio | 4.00% | 4.00% |
Subsidiary [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based | $ 111,789 | $ 81,391 |
Common equity Tier 1 | 62,882 | 45,782 |
Tier I risk-based | 83,842 | 61,043 |
Tier I leverage | $ 71,290 | $ 50,364 |
Total risk-based, Ratio | 8.00% | 8.00% |
Common equity Tier 1, Ratio | 4.50% | 4.50% |
Tier I risk-based, Ratio | 6.00% | 6.00% |
Tier I leverage, Ratio | 4.00% | 4.00% |
Components of Income Tax Expens
Components of Income Tax Expense (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||||||
Federal | $ 408,086 | $ 3,363,290 | $ 2,484,372 | ||||||||||||
State | 100,861 | 577,401 | 473,037 | ||||||||||||
Deferred (In 2017, includes $2,080,747 due to Tax Cut and Jobs Act) | 6,445,865 | (10,352) | 255,638 | ||||||||||||
Income Tax Expense (Benefit) | $ 3,851,000 | $ 1,901,000 | $ 908,000 | $ 296,000 | $ 870,000 | $ 1,049,000 | $ 1,042,000 | $ 969,000 | $ 873,000 | $ 815,000 | $ 793,000 | $ 732,000 | $ 6,954,812 | $ 3,930,339 | $ 3,213,047 |
Reconciliation of Federal Incom
Reconciliation of Federal Income Tax Statutory Rates (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
income Tax Reconciliation Tax Credits [Line Items] | |||||||||||||||
Income taxes at statutory rate | $ 6,149,951 | $ 4,917,159 | $ 4,083,995 | ||||||||||||
Tax-exempt income | (1,154,595) | (927,506) | (831,141) | ||||||||||||
Nondeductible expenses | 233,925 | 130,609 | 161,176 | ||||||||||||
State income tax, net of federal tax effect | 65,560 | 375,311 | 307,951 | ||||||||||||
Tax credits, net | (331,080) | (308,684) | (295,800) | ||||||||||||
Deferred tax adjustment due to Tax Cuts and Job Act | 2,080,747 | 0 | 0 | ||||||||||||
Other, net | (89,696) | (256,550) | (213,134) | ||||||||||||
Income Tax Expense (Benefit) | $ 3,851,000 | $ 1,901,000 | $ 908,000 | $ 296,000 | $ 870,000 | $ 1,049,000 | $ 1,042,000 | $ 969,000 | $ 873,000 | $ 815,000 | $ 793,000 | $ 732,000 | $ 6,954,812 | $ 3,930,339 | $ 3,213,047 |
Income taxes at statutory rate, Percent | 35.00% | 35.00% | 34.00% | ||||||||||||
Tax-exempt income, Percent | (6.00%) | (7.00%) | (7.00%) | ||||||||||||
Nondeductible expenses, Percent | 1.00% | 1.00% | 1.00% | ||||||||||||
State income tax, net of federal tax effect, Percent | 0.00% | 3.00% | 3.00% | ||||||||||||
Tax credits, Percent | (2.00%) | (2.00%) | (2.00%) | ||||||||||||
Deferred tax adjustment due to Tax Cuts and Job Act, Percent | 12.00% | 0.00% | 0.00% | ||||||||||||
Other, net, Percent | 0.00% | (2.00%) | (2.00%) | ||||||||||||
Effective Income Tax Rate Reconciliation, Percent | 40.00% | 28.00% | 27.00% |
Components of Deferred Income T
Components of Deferred Income Taxes Included in Consolidated Financial Statements (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,096,866 | $ 2,897,479 |
Net operating loss carryover | 1,500,867 | 2,315,140 |
Non-accrual loan interest | 344,187 | 35,208 |
Other real estate | 842,797 | 272,598 |
Unrealized loss on available-for-sale securities | 150,298 | 642,629 |
Other | 965,766 | 1,184,474 |
Deferred Tax Assets, Gross, Total | 5,900,781 | 7,347,528 |
Deferred tax liabilities: | ||
Securities | (43,400) | (115,737) |
Premises and equipment | (315,550) | (449,136) |
Core deposit intangible | (204,103) | (231,845) |
Goodwill | (989,011) | (1,228,960) |
Deferred Tax Liabilities, Gross | (1,552,064) | (2,025,678) |
Net deferred tax asset, included in other assets | $ 4,348,717 | $ 5,321,850 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Component of Income Tax Expenses [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 34.00% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 2,100,000 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,080,747 | $ 0 | $ 0 | |
Scenario, Plan [Member] | ||||
Component of Income Tax Expenses [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Company Assumed Federal Tax Net
Company Assumed Federal Tax Net Operating Loss Carryovers (Details) | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 5,934,638 |
2018 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 551,818 |
2019 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 396,985 |
2020-2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 4,464,304 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 281,800 |
2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 147,617 |
2035-2036 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 92,114 |
EMPLOYEE BENEFITS - Additional
EMPLOYEE BENEFITS - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefits [Line Items] | |||
Defined contribution plan, employer matching contribution, percent | 50.00% | ||
Employee stockownership plan ESOP deferred shares | 5,728 | ||
Deferred compensation arrangement with individual, employer contribution | $ 512,800 | $ 339,200 | $ 287,055 |
Employee Stock Ownership Plan (ESOP), compensation expense | 3,675 | 5,346 | 25,506 |
Accrued Employee Benefits | 241,937 | $ 194,164 | $ 88,992 |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 1,189,456 | ||
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense | $ 31,309 |
STOCK PLANS - Additional Inform
STOCK PLANS - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs Share Based Payments [Line Items] | |||
Common stock, par value | $ 1 | $ 1 | |
Share-based Compensation, Number of Shares Authorized | 615,000 | ||
Grant of restricted stock | $ 0 | $ 0 | $ 0 |
Stock Repurchased During Period, Shares | 11,867 | 9,895 | 6,324 |
Restricted stock expense | $ 866,558 | $ 772,311 | $ 721,124 |
Unrecognized compensation costs | $ 3,012,598 | ||
Restricted stock award vested percent | 100.00% | ||
Common Stock | |||
Compensation Related Costs Share Based Payments [Line Items] | |||
Grant of restricted stock | $ 84,286 | $ 61,247 | $ 69,327 |
2007 Plan | |||
Compensation Related Costs Share Based Payments [Line Items] | |||
Issuance of common stock | 315,000 | ||
Common stock, par value | $ 1 | ||
Restricted Stock | |||
Compensation Related Costs Share Based Payments [Line Items] | |||
Weighted average grant date fair value | $ 27.71 | ||
Vesting period for recognition of compensation costs | 4 years | ||
2007 Plan Amendment | |||
Compensation Related Costs Share Based Payments [Line Items] | |||
Issuance of common stock | 300,000 | ||
Common stock, par value | $ 1 |
SUBORDINATED DEBENTURES - Addit
SUBORDINATED DEBENTURES - Additional Information (Detail) - USD ($) | 1 Months Ended | |
Jul. 27, 2007 | Jun. 30, 2006 | |
Subordinated Debenture [Line Items] | ||
Trust Preferred Securities to investors | $ 6,000,000 | $ 4,000,000 |
Debentures, Maturity date | 2,037 | 2,036 |
London Interbank Offer Rate | 1.40% | 1.65% |
Junior Subordinated Debt | ||
Subordinated Debenture [Line Items] | ||
Junior subordinated deferrable interest debentures | $ 6,186,000 | $ 4,124,000 |
TREASURY STOCK - Additional Inf
TREASURY STOCK - Additional Information (Detail) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Shares | 26,494 | 26,494 | 26,494 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Loans and Leases Receivable, Related Parties | $ 15,137 | $ 15,788 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |
Loans outstanding at beginning of year | $ 15,788 |
New loans | 250 |
Repayments | (901) |
Loans outstanding at end of year | $ 15,137 |
COMMITMENTS, CONTINGENCIES, A99
COMMITMENTS, CONTINGENCIES, AND CONCENTRATIONS OF CREDIT RISK - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 8,207,000 | $ 1,742,000 |
Long-term Line of Credit | $ 281,381,000 | $ 220,252,000 |
FAIR VALUES OF ASSETS AND LI100
FAIR VALUES OF ASSETS AND LIABILITIES - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ 7,158 | $ 6,007 |
Fair Value of Assets Measured o
Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 356,893,081 | $ 243,205,963 |
Obligations of U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,992,000 | 9,045,000 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 138,584,000 | 98,822,000 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 196,578,000 | 114,289,000 |
Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 15,819,000 | 20,110,000 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 920,000 | 940,000 |
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 | 920,000 | 940,000 |
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 | 920,000 | 940,000 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 353,404,000 | 240,025,000 |
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 | 4,992,000 | 9,045,000 |
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 | 138,584,000 | 98,822,000 |
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 | 196,578,000 | 114,289,000 |
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 | 13,250,000 | 17,869,000 |
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 | 2,569,000 | 2,241,000 |
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 | 2,569,000 | 2,241,000 |
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) - Bank-Issued Trust Preferred Securities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Balance of recurring Level 3 assets at January 1 | $ 2,241 | $ 2,557 | $ 2,801 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Unrealized income (loss) included in comprehensive Income | 328 | (316) | (244) |
Balance of recurring Level 3 assets at December 31 | $ 2,569 | $ 2,241 | $ 2,557 |
Quantitative Information About
Quantitative Information About Recurring Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quantitative Information About Recurring Fair Value Measurements [Line Items] | |||
Fair Value | $ 2,569 | $ 2,241 | $ 2,557 |
Valuation Technique | Discounted cash flow | Discounted cash flow | Discounted cash flow |
Significant Unobservable Inputs | Discount rate | Discount rate | Discount rate |
Range of Inputs, Minimum | 2.07% | 1.50% | 1.08% |
Range of Inputs, Maximum | 3.77% | 3.34% | 2.77% |
Fair Value of Assets Measure104
Fair Value of Assets Measured on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 10,574 | $ 6,128 |
Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 7,158 | 6,007 |
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 | 10,574 | 6,128 |
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 | 7,158 | 6,007 |
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 |
Fair Values of off-Balance Shee
Fair Values of off-Balance Sheet Financial Instruments (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||||
Cash and cash equivalents | $ 91,921,777 | $ 62,118,885 | $ 41,258,917 | $ 44,617,789 |
Securities available-for-sale | 356,893,081 | 243,205,963 | ||
Securities held-to-maturity | 6,000,000 | 6,000,000 | ||
Other securities | 9,969,200 | 6,592,750 | ||
Loans, net | 1,221,808 | 865,424,000 | ||
Bank-owned life insurance | 27,054,000 | 21,250,000 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 301,988,781 | 202,478,442 | ||
Interest-bearing deposits | 1,168,575,736 | 836,712,820 | ||
Subordinated debentures | 10,310,000 | 10,310,000 | ||
FHLB and other borrowings | 104,072,294 | 69,000,000 | ||
Quoted Prices (Level 1) | ||||
Assets: | ||||
Cash and cash equivalents | 91,922,000 | 62,119,000 | ||
Securities available-for-sale | 920,000 | 940,000 | ||
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 | 353,404,000 | 240,025,000 | ||
Securities held-to-maturity | 7,398,000 | 7,394,000 | ||
Other securities | 9,969,000 | 6,593,000 | ||
Loans, net | 0 | 0 | ||
Bank-owned life insurance | 27,054,000 | 21,250,000 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 301,989,000 | 202,478,000 | ||
Interest-bearing deposits | 1,165,682,000 | 835,658,000 | ||
Subordinated debentures | 0 | 0 | ||
FHLB and other borrowings | 104,072,000 | 69,000,000 | ||
Significant Unobservable Inputs (Level 3) | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available-for-sale | 2,569,000 | 2,241,000 | ||
Securities held-to-maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans, net | 1,238,525,000 | 883,161,000 | ||
Bank-owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Subordinated debentures | 10,310,000 | 10,310,000 | ||
FHLB and other borrowings | 0 | 0 | ||
Estimated Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 91,922,000 | 62,119,000 | ||
Securities available-for-sale | 356,893,000 | 243,206,000 | ||
Securities held-to-maturity | 7,398,000 | 7,394,000 | ||
Other securities | 9,969,000 | 6,593,000 | ||
Loans, net | 1,238,525,000 | 883,161,000 | ||
Bank-owned life insurance | 27,054,000 | 21,250,000 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 301,989,000 | 202,478,000 | ||
Interest-bearing deposits | 1,165,682,000 | 835,658,000 | ||
Subordinated debentures | 10,310,000 | 10,310,000 | ||
FHLB and other borrowings | $ 104,072,000 | $ 69,000,000 |
PREFERRED STOCK - Additional In
PREFERRED STOCK - Additional Information (Detail) - USD ($) | Oct. 31, 2017 | Dec. 06, 2016 | Oct. 14, 2016 | May 13, 2015 | Dec. 30, 2016 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||
Limitations on payment of dividends on common stock | stock to no more than 100% of the aggregate per share dividend | |||||
Preferred stock, issued | 17,123 | |||||
Warrant Issued To Purchase Of Common Stock | 54,705 | |||||
Treasury Stock Redemption Amount | $ 302,410 | |||||
Stock Issued During Period, Shares, New Issues | 2,012,500 | |||||
Series CD Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, annual dividend rate | 2.00% | |||||
Capital purchase liquidation dividend term | 8 years | |||||
Series E Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares Issued, Price Per Share | $ 17.75 | |||||
Payments of Stock Issuance Costs | $ 3,506,000 | |||||
Conversion of Stock, Shares Converted | 3,563,380 | |||||
Conversion of Stock, Shares Issued | 3,563,380 | |||||
Stock Issued During Period, Shares, New Issues | 3,563,380 | |||||
Proceeds from Issuance of Private Placement | $ 59,744,000 | |||||
CDCI Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, issued | 17,123 | |||||
Treasury Stock, Value, Acquired, Par Value Method | $ 15,925,000 | |||||
Preferred Stock Redemption Discount | $ 1,198,000 | |||||
Preferred Stock Redemption Discount Percentage | 7.00% |
Pro-forma Financial Information
Pro-forma Financial Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | |
Net interest income | $ 73,250 |
Non-interest income | 17,481 |
Total revenue | 90,731 |
Income before income taxes | $ 17,930 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Detail) - USD ($) | Oct. 31, 2017 | Mar. 01, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||
Goodwill, Acquired During Period | $ 6,183,810 | ||
Stock Issued During Period, Shares, New Issues | 2,012,500 | ||
Proceeds from Issuance of Common Stock | $ 55,200,000 | ||
First Community Bank [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 400,600,000 | ||
Business Combination, Acquisition Related Costs | 3,600,000 | ||
Sunshine Financial, Inc [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 200,700,000 | ||
Subsequent Event [Member] | First Community Bank [Member] | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 60,000,000 | ||
Goodwill, Acquired During Period | 26,300,000 | ||
Business Acquisition Purchase Price Allocation Loans Receivable | 278,000,000 | ||
Business Combination Recognized Assets Acquired and Liabilities Assumed, Discount on Loans Acquired | 4,400,000 | ||
Subsequent Event [Member] | First Community Bank [Member] | Core Deposits [Member] | |||
Subsequent Event [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 3,300,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Condensed Balance Sheets (Detai
Condensed Balance Sheets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | |||
Cash and cash equivalents | $ 42,980,353 | $ 31,719,187 | |
Other | 19,343,560 | 14,009,388 | |
Assets, Total | 1,813,238,443 | 1,277,367,246 | $ 1,145,131,000 |
Liabilities and Stockholders’ Equity: | |||
Subordinated debentures | 10,310,000 | 10,310,000 | |
Advances from First Tennessee Bank | 16,000,000 | 16,000,000 | |
Other | 5,470,569 | 4,033,197 | |
Liabilities and Equity, Total | 1,813,238,443 | 1,277,367,246 | |
Parent Company [Member] | |||
Assets: | |||
Cash and cash equivalents | 20,435,721 | 69,158 | |
Investment in subsidiary bank | 226,648,005 | 179,541,693 | |
Investments in statutory trusts | 310,000 | 310,000 | |
Other | 1,480,791 | 1,112,514 | |
Assets, Total | 248,874,517 | 181,033,365 | |
Liabilities and Stockholders’ Equity: | |||
Subordinated debentures | 10,310,000 | 10,310,000 | |
Advances from First Tennessee Bank | 16,000,000 | 16,000,000 | |
Other | 96,597 | 196,658 | |
Stockholders’ equity | 222,467,920 | 154,526,707 | |
Liabilities and Equity, Total | $ 248,874,517 | $ 181,033,365 |
Condensed Statements of Income
Condensed Statements of Income (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income: | |||||||||||||||
Interest and Dividend Income, Operating, Total | $ 17,143,000 | $ 16,708,000 | $ 16,464,000 | $ 15,753,000 | $ 11,868,000 | $ 11,269,000 | $ 10,871,000 | $ 10,596,000 | $ 10,417,000 | $ 10,080,000 | $ 10,022,000 | $ 9,683,000 | $ 66,069,413 | $ 44,603,997 | $ 40,201,856 |
Expenses: | |||||||||||||||
Interest on borrowed funds | 1,647,933 | 871,523 | 645,207 | ||||||||||||
Income before income taxes and equity in undistributed income of subsidiary | 17,571,288 | 14,049,026 | 12,011,749 | ||||||||||||
Income tax benefit | $ 3,851,000 | $ 1,901,000 | $ 908,000 | $ 296,000 | 870,000 | 1,049,000 | 1,042,000 | 969,000 | 873,000 | 815,000 | 793,000 | 732,000 | 6,954,812 | 3,930,339 | 3,213,047 |
Net income | $ 2,307,000 | $ 2,558,000 | $ 2,649,000 | $ 2,604,000 | $ 2,358,000 | $ 2,227,000 | $ 2,185,000 | $ 2,029,000 | 10,616,476 | 10,118,687 | 8,798,702 | ||||
Parent Company [Member] | |||||||||||||||
Income: | |||||||||||||||
Interest and dividends | 8,296 | 6,680 | 5,573 | ||||||||||||
Dividend income | 3,675,000 | 2,875,000 | 1,650,000 | ||||||||||||
Other | 51,030 | 0 | 0 | ||||||||||||
Interest and Dividend Income, Operating, Total | 3,734,326 | 2,881,680 | 1,655,573 | ||||||||||||
Expenses: | |||||||||||||||
Interest on borrowed funds | 859,823 | 222,152 | 185,351 | ||||||||||||
Legal | 1,097,590 | 910,214 | 295,637 | ||||||||||||
Other | 1,349,143 | 1,240,863 | 833,502 | ||||||||||||
Operating Expenses, Total | 3,306,556 | 2,373,229 | 1,314,490 | ||||||||||||
Income before income taxes and equity in undistributed income of subsidiary | 427,770 | 508,451 | 341,083 | ||||||||||||
Income tax benefit | 1,222,012 | 835,757 | 487,853 | ||||||||||||
Income before equity in undistributed income of subsidiary | 1,649,782 | 1,344,208 | 828,936 | ||||||||||||
Equity in undistributed income of subsidiary | 8,966,694 | 8,774,479 | 7,969,766 | ||||||||||||
Net income | $ 10,616,476 | $ 10,118,687 | $ 8,798,702 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 2,307,000 | $ 2,558,000 | $ 2,649,000 | $ 2,604,000 | $ 2,358,000 | $ 2,227,000 | $ 2,185,000 | $ 2,029,000 | $ 10,616,476 | $ 10,118,687 | $ 8,798,702 |
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Restricted stock expense | 866,558 | 772,311 | 721,124 | ||||||||
Net cash provided by operating activities | 21,598,049 | 8,016,308 | 7,547,030 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (141,403,374) | (110,739,310) | (54,316,274) | ||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid on common stock | (1,415,524) | (782,936) | (778,428) | ||||||||
Dividends paid on preferred stock | 0 | (452,305) | (342,460) | ||||||||
Repurchase of warrants | 0 | 0 | (302,410) | ||||||||
Net proceeds from issuance of shares | 55,270,625 | 59,744,418 | 0 | ||||||||
Repayment of CDCI Preferred Shares | 0 | (15,925,000) | 0 | ||||||||
Proceeds of borrowed funds | 198,800,000 | 252,000,000 | 194,340,000 | ||||||||
Net cash provided by (used in) financing activities | 149,608,217 | 123,582,970 | 43,410,372 | ||||||||
Net increase (decrease) in cash and cash equivalents | 29,802,892 | 20,859,968 | (3,358,872) | ||||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 10,616,476 | 10,118,687 | 8,798,702 | ||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Equity in undistributed income of subsidiary | (8,966,694) | (8,774,479) | (7,969,766) | ||||||||
Restricted stock expense | 866,558 | 772,311 | 721,124 | ||||||||
Gain on sale of assets | (51,030) | 0 | 0 | ||||||||
Other, net | (624,261) | (669,047) | 151,251 | ||||||||
Net cash provided by operating activities | 1,841,049 | 1,447,472 | 1,701,311 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in subsidiary bank | (35,000,000) | (60,000,000) | 0 | ||||||||
Outlays for acquisitions | 0 | 0 | (35,709) | ||||||||
Net cash used in investing activities | (35,000,000) | (60,000,000) | (35,709) | ||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid on common stock | (1,415,524) | (782,936) | (778,428) | ||||||||
Dividends paid on preferred stock | 0 | (452,305) | (342,460) | ||||||||
Repurchase of restricted stock for payment of taxes | (329,587) | (176,112) | (92,390) | ||||||||
Repurchase of warrants | 0 | 0 | (302,410) | ||||||||
Net proceeds from issuance of shares | 55,270,625 | 59,744,418 | 0 | ||||||||
Repayment of CDCI Preferred Shares | 0 | (15,925,000) | 0 | ||||||||
Proceeds of borrowed funds | 0 | 16,000,000 | 0 | ||||||||
Net cash provided by (used in) financing activities | 53,525,514 | 58,408,065 | (1,515,688) | ||||||||
Net increase (decrease) in cash and cash equivalents | 20,366,563 | (144,463) | 149,914 | ||||||||
Cash and cash equivalents at beginning of year | $ 213,621 | $ 63,707 | 69,158 | 213,621 | 63,707 | ||||||
Cash and cash equivalents at end of year | $ 69,158 | $ 213,621 | $ 20,435,721 | $ 69,158 | $ 213,621 |
Summary Of Operating Segments (
Summary Of Operating Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | $ 17,143,000 | $ 16,708,000 | $ 16,464,000 | $ 15,753,000 | $ 11,868,000 | $ 11,269,000 | $ 10,871,000 | $ 10,596,000 | $ 10,417,000 | $ 10,080,000 | $ 10,022,000 | $ 9,683,000 | $ 66,069,413 | $ 44,603,997 | $ 40,201,856 |
Interest expense | 1,922,000 | 1,773,000 | 1,629,000 | 1,585,000 | 1,176,000 | 1,202,000 | 1,016,000 | 922,000 | 804,000 | 793,000 | 806,000 | 804,000 | 6,909,251 | 4,315,335 | 3,207,448 |
Net interest income (loss) | 15,221,000 | 14,935,000 | 14,835,000 | 14,168,000 | 10,692,000 | 10,067,000 | 9,855,000 | 9,674,000 | 9,613,000 | 9,287,000 | 9,216,000 | 8,879,000 | 59,160,162 | 40,288,662 | 36,994,408 |
Provision (credit) for loan losses | 122,000 | 90,000 | 248,000 | 46,000 | 88,000 | 143,000 | 204,000 | 190,000 | 10,000 | 250,000 | 0 | 150,000 | 505,653 | 625,271 | 410,069 |
Net interest income (loss) after provision for loan losses | 15,099,000 | 14,845,000 | 14,587,000 | 14,122,000 | 10,604,000 | 9,924,000 | 9,651,000 | 9,484,000 | 9,603,000 | 9,037,000 | 9,216,000 | 8,729,000 | 58,654,509 | 39,663,391 | 36,584,339 |
Non-interest income | 3,556,000 | 3,658,000 | 3,757,000 | 3,391,000 | 2,705,000 | 3,099,000 | 2,961,000 | 2,484,000 | 1,903,000 | 1,982,000 | 1,854,000 | 1,850,000 | 14,363,112 | 11,247,334 | 7,588,532 |
Non-interest expense | 12,390,000 | 11,888,000 | 15,070,000 | 16,095,000 | 10,132,000 | 9,416,000 | 8,921,000 | 8,395,000 | 8,275,000 | 7,977,000 | 8,092,000 | 7,818,000 | 55,446,333 | 36,861,699 | 32,161,122 |
Income (loss) before income taxes | 17,571,288 | 14,049,026 | 12,011,749 | ||||||||||||
Income tax (benefit) expense | 3,851,000 | $ 1,901,000 | $ 908,000 | $ 296,000 | 870,000 | 1,049,000 | 1,042,000 | 969,000 | 873,000 | 815,000 | 793,000 | 732,000 | 6,954,812 | 3,930,339 | 3,213,047 |
Net income (loss) | 2,307,000 | $ 2,558,000 | $ 2,649,000 | $ 2,604,000 | 2,358,000 | $ 2,227,000 | $ 2,185,000 | $ 2,029,000 | 10,616,476 | 10,118,687 | 8,798,702 | ||||
Total Assets | 1,813,238,443 | 1,277,367,246 | 1,145,131,000 | 1,813,238,443 | 1,277,367,246 | 1,145,131,000 | |||||||||
Net Loans | 1,221,808,000 | 865,424,000 | 769,742,000 | 1,221,808,000 | 865,424,000 | 769,742,000 | |||||||||
Commercial/Retail Bank | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | 65,118,000 | 43,785,000 | 39,422,000 | ||||||||||||
Interest expense | 6,048,000 | 3,679,000 | 2,727,000 | ||||||||||||
Net interest income (loss) | 59,070,000 | 40,106,000 | 36,695,000 | ||||||||||||
Provision (credit) for loan losses | 475,000 | 667,000 | 410,000 | ||||||||||||
Net interest income (loss) after provision for loan losses | 58,595,000 | 39,439,000 | 36,285,000 | ||||||||||||
Non-interest income | 9,807,000 | 6,989,000 | 6,513,000 | ||||||||||||
Non-interest expense | 49,143,000 | 31,369,000 | 29,786,000 | ||||||||||||
Income (loss) before income taxes | 19,259,000 | 15,059,000 | 13,012,000 | ||||||||||||
Income tax (benefit) expense | 7,740,000 | 4,386,000 | 3,618,000 | ||||||||||||
Net income (loss) | 11,519,000 | 10,673,000 | 9,394,000 | ||||||||||||
Total Assets | 1,758,778,000 | 1,254,476,000 | 1,123,240,000 | 1,758,778,000 | 1,254,476,000 | 1,123,240,000 | |||||||||
Net Loans | 1,196,365,000 | 851,947,000 | 755,077,000 | 1,196,365,000 | 851,947,000 | 755,077,000 | |||||||||
Mortgage Banking Division | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | 943,000 | 812,000 | 774,000 | ||||||||||||
Interest expense | 1,000 | 414,000 | 296,000 | ||||||||||||
Net interest income (loss) | 942,000 | 398,000 | 478,000 | ||||||||||||
Provision (credit) for loan losses | 31,000 | (42,000) | 0 | ||||||||||||
Net interest income (loss) after provision for loan losses | 911,000 | 440,000 | 478,000 | ||||||||||||
Non-interest income | 4,505,000 | 4,258,000 | 1,075,000 | ||||||||||||
Non-interest expense | 3,857,000 | 3,342,000 | 1,245,000 | ||||||||||||
Income (loss) before income taxes | 1,559,000 | 1,356,000 | 308,000 | ||||||||||||
Income tax (benefit) expense | 437,000 | 380,000 | 82,000 | ||||||||||||
Net income (loss) | 1,122,000 | 976,000 | 226,000 | ||||||||||||
Total Assets | 32,234,000 | 21,400,000 | 20,681,000 | 32,234,000 | 21,400,000 | 20,681,000 | |||||||||
Net Loans | 25,443,000 | 13,477,000 | 14,665,000 | 25,443,000 | 13,477,000 | 14,665,000 | |||||||||
Holding Company | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | 8,000 | 7,000 | 6,000 | ||||||||||||
Interest expense | 860,000 | 222,000 | 185,000 | ||||||||||||
Net interest income (loss) | (852,000) | (215,000) | (179,000) | ||||||||||||
Provision (credit) for loan losses | 0 | 0 | 0 | ||||||||||||
Net interest income (loss) after provision for loan losses | (852,000) | (215,000) | (179,000) | ||||||||||||
Non-interest income | 51,000 | 0 | 0 | ||||||||||||
Non-interest expense | 2,446,000 | 2,151,000 | 1,129,000 | ||||||||||||
Income (loss) before income taxes | (3,247,000) | (2,366,000) | (1,308,000) | ||||||||||||
Income tax (benefit) expense | (1,222,000) | (836,000) | (487,000) | ||||||||||||
Net income (loss) | (2,025,000) | (1,530,000) | (821,000) | ||||||||||||
Total Assets | 22,226,000 | 1,491,000 | 1,210,000 | 22,226,000 | 1,491,000 | 1,210,000 | |||||||||
Net Loans | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Summary of Quarterly Results113
Summary of Quarterly Results of Operations and Per Share Amounts (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total interest income | $ 17,143,000 | $ 16,708,000 | $ 16,464,000 | $ 15,753,000 | $ 11,868,000 | $ 11,269,000 | $ 10,871,000 | $ 10,596,000 | $ 10,417,000 | $ 10,080,000 | $ 10,022,000 | $ 9,683,000 | $ 66,069,413 | $ 44,603,997 | $ 40,201,856 |
Total interest expense | 1,922,000 | 1,773,000 | 1,629,000 | 1,585,000 | 1,176,000 | 1,202,000 | 1,016,000 | 922,000 | 804,000 | 793,000 | 806,000 | 804,000 | 6,909,251 | 4,315,335 | 3,207,448 |
Net interest income | 15,221,000 | 14,935,000 | 14,835,000 | 14,168,000 | 10,692,000 | 10,067,000 | 9,855,000 | 9,674,000 | 9,613,000 | 9,287,000 | 9,216,000 | 8,879,000 | 59,160,162 | 40,288,662 | 36,994,408 |
Provision for loan losses | 122,000 | 90,000 | 248,000 | 46,000 | 88,000 | 143,000 | 204,000 | 190,000 | 10,000 | 250,000 | 0 | 150,000 | 505,653 | 625,271 | 410,069 |
Net interest income after provision for loan losses | 15,099,000 | 14,845,000 | 14,587,000 | 14,122,000 | 10,604,000 | 9,924,000 | 9,651,000 | 9,484,000 | 9,603,000 | 9,037,000 | 9,216,000 | 8,729,000 | 58,654,509 | 39,663,391 | 36,584,339 |
Total non-interest income | 3,556,000 | 3,658,000 | 3,757,000 | 3,391,000 | 2,705,000 | 3,099,000 | 2,961,000 | 2,484,000 | 1,903,000 | 1,982,000 | 1,854,000 | 1,850,000 | 14,363,112 | 11,247,334 | 7,588,532 |
Total non-interest expense | 12,390,000 | 11,888,000 | 15,070,000 | 16,095,000 | 10,132,000 | 9,416,000 | 8,921,000 | 8,395,000 | 8,275,000 | 7,977,000 | 8,092,000 | 7,818,000 | 55,446,333 | 36,861,699 | 32,161,122 |
Income tax expense | 3,851,000 | 1,901,000 | 908,000 | 296,000 | 870,000 | 1,049,000 | 1,042,000 | 969,000 | 873,000 | 815,000 | 793,000 | 732,000 | 6,954,812 | 3,930,339 | 3,213,047 |
Net income | 2,307,000 | 2,558,000 | 2,649,000 | 2,604,000 | 2,358,000 | 2,227,000 | 2,185,000 | 2,029,000 | 10,616,476 | 10,118,687 | 8,798,702 | ||||
Preferred dividends | 195,000 | 86,000 | 86,000 | 85,000 | 85,000 | 86,000 | 86,000 | 85,000 | |||||||
Net income applicable to common stockholders | $ 2,414,000 | $ 4,714,000 | $ 2,366,000 | $ 1,122,000 | $ 2,112,000 | $ 2,472,000 | $ 2,563,000 | $ 2,519,000 | $ 2,273,000 | $ 2,141,000 | $ 2,099,000 | $ 1,944,000 | $ 10,616,476 | $ 9,666,382 | $ 8,456,242 |
Per common share: | |||||||||||||||
Net income, basic | $ 0.23 | $ 0.52 | $ 0.26 | $ 0.12 | $ 0.39 | $ 0.46 | $ 0.47 | $ 0.47 | $ 0.42 | $ 0.40 | $ 0.39 | $ 0.36 | $ 1.12 | $ 1.86 | $ 1.64 |
Net income, diluted | 0.23 | 0.51 | 0.26 | 0.12 | 0.26 | 0.45 | 0.47 | 0.46 | 0.42 | 0.39 | 0.39 | 0.36 | 1.11 | 1.64 | 1.62 |
Cash dividends declared | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.15 | $ 0.15 | $ 0.15 |