Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FSB | |
Entity Registrant Name | FRANKLIN FINANCIAL NETWORK INC. | |
Entity Central Index Key | 1,407,067 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,525,680 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from financial institutions | $ 47,658 | $ 49,347 |
Certificates of deposit at other financial institutions | 250 | 250 |
Securities available for sale | 624,420 | 395,705 |
Securities held to maturity (fair value 2015-$134,028 and 2014-$53,741) | 132,134 | 53,332 |
Loans held for sale, at fair value | 14,666 | 18,462 |
Loans | 1,123,826 | 787,188 |
Allowance for loan losses | (9,744) | (6,680) |
Net loans | 1,114,082 | 780,508 |
Restricted equity securities, at cost | 7,691 | 5,349 |
Premises and equipment, net | 9,360 | 9,664 |
Accrued interest receivable | 6,108 | 3,545 |
Bank owned life insurance | 22,452 | 11,664 |
Deferred tax asset | 5,980 | 6,780 |
Buildings held for sale | 4,080 | |
Foreclosed assets | 206 | 715 |
Servicing rights, net | 3,415 | 3,053 |
Goodwill | 9,124 | 9,124 |
Core deposit intangible, net | 2,199 | 2,698 |
Other assets | 2,793 | 1,551 |
Total assets | 2,002,538 | 1,355,827 |
Deposits | ||
Non-interest bearing | 177,452 | 150,337 |
Interest bearing | 1,537,142 | 1,021,896 |
Total deposits | 1,714,594 | 1,172,233 |
Federal funds purchased and repurchase agreements | 37,618 | 39,078 |
Federal Home Loan Bank advances | 57,000 | 19,000 |
Accrued interest payable | 587 | 421 |
Other liabilities | 5,129 | 3,296 |
Total liabilities | 1,814,928 | 1,234,028 |
Shareholders' equity | ||
Senior non-cumulative preferred stock, no par value, $10,000 liquidation value: Series A, 1,000,000 shares authorized; 10,000 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 10,000 | 10,000 |
Common stock, no par value; 20,000,000 shares authorized; 10,524,630 and 7,756,411 shares issued and outstanding at September 30, 2015 and December 31 2014, respectively | 146,645 | 94,251 |
Retained earnings | 26,713 | 15,372 |
Accumulated other comprehensive income | 4,252 | 2,176 |
Total shareholders' equity | 187,610 | 121,799 |
Total liabilities and shareholders' equity | $ 2,002,538 | $ 1,355,827 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 134,028 | $ 53,741 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, liquidation value | $ 10,000 | $ 10,000 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 10,000 | 10,000 |
Preferred stock, shares outstanding | 10,000 | 10,000 |
Common stock, par value | $ 0 | $ 0 |
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 10,524,630 | 7,756,411 |
Common stock, share outstanding | 10,524,630 | 7,756,411 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income and dividends | ||||
Loans, including fees | $ 14,744 | $ 10,168 | $ 38,071 | $ 22,466 |
Securities: | ||||
Taxable | 3,462 | 2,395 | 9,084 | 6,932 |
Tax-exempt | 966 | 20 | 1,155 | 60 |
Dividends on restricted equity securities | 100 | 84 | 250 | 175 |
Federal funds sold and other | 29 | 25 | 80 | 57 |
Total interest income | 19,301 | 12,692 | 48,640 | 29,690 |
Interest expense | ||||
Deposits | 2,417 | 1,446 | 5,963 | 3,808 |
Federal funds purchased and repurchase agreements | 69 | 39 | 232 | 123 |
Federal Home Loan Bank advances | 79 | 80 | 225 | 189 |
Total interest expense | 2,565 | 1,565 | 6,420 | 4,120 |
Net interest income | 16,736 | 11,127 | 42,220 | 25,570 |
Provision for loan losses | 1,724 | 664 | 3,154 | 1,489 |
Net interest income after provision for loan losses | 15,012 | 10,463 | 39,066 | 24,081 |
Noninterest income | ||||
Service charges on deposit accounts | 44 | 13 | 78 | 37 |
Other service charges and fees | 679 | 600 | 1,987 | 1,149 |
Net gains on sale of loans | 2,463 | 1,875 | 5,573 | 4,226 |
Loan servicing fees, net of amortization of servicing assets | 84 | 73 | 187 | 173 |
Gain on sales and calls of securities | 5 | 22 | 529 | 93 |
Net gain (loss) on foreclosed assets | 3 | (3) | 30 | 28 |
Wealth management | 327 | 287 | 914 | 364 |
Other | 193 | 407 | 566 | 1,055 |
Total noninterest income | 3,798 | 3,274 | 9,864 | 7,125 |
Noninterest expense | ||||
Salaries and employee benefits | 6,208 | 6,144 | 17,960 | 13,494 |
Occupancy and equipment | 1,683 | 1,443 | 4,961 | 3,238 |
FDIC assessment expense | 362 | 181 | 792 | 420 |
Marketing | 277 | 224 | 695 | 470 |
Professional fees | 516 | 961 | 1,382 | 1,594 |
Amortization of core deposit intangible | 160 | 184 | 499 | 184 |
Indirect expenses related to public offering | 314 | |||
Other | 1,647 | 1,252 | 4,443 | 2,559 |
Total noninterest expense | 10,853 | 10,389 | 31,046 | 21,959 |
Income before income tax expense | 7,957 | 3,348 | 17,884 | 9,247 |
Income tax expense | 2,807 | 1,333 | 6,468 | 3,668 |
Net income | 5,150 | 2,015 | 11,416 | 5,579 |
Dividends paid on Series A preferred stock | (25) | (25) | (75) | (75) |
Net income available to common shareholders | $ 5,125 | $ 1,990 | $ 11,341 | $ 5,504 |
Earnings per share: | ||||
Basic | $ 0.49 | $ 0.26 | $ 1.17 | $ 0.94 |
Diluted | $ 0.46 | $ 0.25 | $ 1.12 | $ 0.91 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 5,150 | $ 2,015 | $ 11,416 | $ 5,579 |
Unrealized gains/losses on securities: | ||||
Unrealized holding gain (loss) arising during the period | 7,871 | (623) | 4,006 | 7,445 |
Reclassification adjustment for gains included in net income | (5) | (22) | (529) | (93) |
Net unrealized gains (losses) | 7,866 | (645) | 3,477 | 7,352 |
Tax effect | (3,090) | 247 | (1,401) | (2,815) |
Total other comprehensive income (loss) | 4,776 | (398) | 2,076 | 4,537 |
Comprehensive income | $ 9,926 | $ 1,617 | $ 13,492 | $ 10,116 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | MidSouth Bank [Member] | Common Stock [Member] | Common Stock [Member]Initial Public Offering [Member] | Common Stock [Member]MidSouth Bank [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series A Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2013 | $ 65,163 | $ 10,000 | $ 52,638 | $ 7,058 | $ (4,533) | ||||
Beginning balance,shares at Dec. 31, 2013 | 4,862,875 | ||||||||
Issuance of restricted stock, net of forfeitures | 83,725 | ||||||||
Exercise of common stock options | 56 | $ 56 | |||||||
Stock based compensation expense, net of forfeitures | 457 | $ 457 | |||||||
Exercise of common stock options, number of shares | 137,280 | 6,508 | 137,280 | ||||||
Dividends paid on Series A preferred stock | (75) | $ (75) | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 275 | $ 275 | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 20,345 | ||||||||
Stock and stock options (137,280 options) issued related to MidSouth Bank acquisition, net of stock issuance costs of $514 | 40,462 | $ 40,462 | |||||||
Common stock, shares | 2,766,191 | ||||||||
Net income | 5,579 | 5,579 | |||||||
Other comprehensive income | 4,537 | 4,537 | |||||||
Ending balance at Sep. 30, 2014 | 116,454 | 10,000 | $ 93,888 | 12,562 | 4 | ||||
Ending balance,shares at Sep. 30, 2014 | 7,739,644 | ||||||||
Beginning balance at Dec. 31, 2014 | 121,799 | 10,000 | $ 94,251 | 15,372 | 2,176 | ||||
Beginning balance,shares at Dec. 31, 2014 | 7,756,411 | ||||||||
Issuance of restricted stock, net of forfeitures | 28,229 | ||||||||
Exercise of common stock options | 780 | $ 780 | |||||||
Stock based compensation expense, net of forfeitures | $ 619 | $ 619 | |||||||
Exercise of common stock options, number of shares | 93,754 | 80,331 | |||||||
Exercise of common stock warrants | $ 60 | $ 60 | |||||||
Common stock warrants exercised, shares | 4,970 | ||||||||
Dividends paid on Series A preferred stock | (75) | $ (75) | |||||||
Common stock, shares | 2,640,000 | ||||||||
Stock issued in conjunction with 401(k) employer match, net of distributions | 365 | $ 365 | |||||||
Stock issued in conjunction with 401(k) employer match, net of distributions, number of shares | 14,689 | ||||||||
Excess tax benefit from exercise of stock options | 147 | $ 147 | |||||||
Net income | 11,416 | 11,416 | |||||||
Other comprehensive income | 2,076 | 2,076 | |||||||
Ending balance at Sep. 30, 2015 | 187,610 | $ 10,000 | $ 146,645 | $ 26,713 | $ 4,252 | ||||
Ending balance,shares at Sep. 30, 2015 | 10,524,630 | ||||||||
Stock issued related to initial public offering, net of stock issuance costs of $5,017 | $ 50,423 | $ 50,423 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Proceeds from issuance of Stock options | 93,754 | |
Proceeds from issuance of common stock, net of offering costs | $ 5,017 | |
MidSouth Bank [Member] | ||
Proceeds from issuance of Stock options | 137,280 | |
Proceeds from issuance of common stock, net of offering costs | $ 514 | |
Common Stock [Member] | ||
Proceeds from issuance of Stock options | 80,331 | 6,508 |
Common Stock [Member] | MidSouth Bank [Member] | ||
Proceeds from issuance of Stock options | 137,280 | |
Proceeds from issuance of common stock, net of offering costs | $ 514 | |
Initial Public Offering [Member] | ||
Stock issued related to initial public offering, stock issuance costs | $ 5,017 | |
Initial Public Offering [Member] | Common Stock [Member] | ||
Stock issued related to initial public offering, stock issuance costs | $ 5,017 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 11,416 | $ 5,579 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization on premises and equipment | 996 | 616 |
Accretion of purchase accounting adjustments | (1,551) | (831) |
Net amortization of securities | 3,426 | 1,928 |
Amortization of loan servicing right asset | 644 | 547 |
Amortization of core deposit intangible | 499 | 184 |
Provision for loan losses | 3,154 | 1,489 |
Excess tax benefit related to the exercise of stock options | (147) | |
Origination of loans held for sale | (236,831) | (191,142) |
Proceeds from sale of loans held for sale | 245,194 | 186,618 |
Net gain on sale of loans | (5,573) | (4,226) |
Gain on sale of available for sale securities | (380) | (93) |
Gain on call of held to maturity securities | (149) | |
Income from bank owned life insurance | (444) | (203) |
(Gain) loss on sale of foreclosed assets | (22) | (28) |
Stock-based compensation expense | 619 | 457 |
Compensation expense related to common stock issued to 401(k) plan | 356 | 294 |
Recognition of deferred gain on sale of loans | (27) | (31) |
Recognition of deferred gain on sale of foreclosed assets | (8) | (2) |
Net change in: | ||
Accrued interest receivable and other assets | (4,406) | 101 |
Accrued interest payable and other liabilities | 2,190 | (705) |
Net cash from operating activities | 18,956 | 552 |
Available for sale securities: | ||
Sales | 52,064 | 34,087 |
Purchases | (467,067) | (118,611) |
Maturities, prepayments and calls | 187,222 | 69,465 |
Held to maturity securities: | ||
Purchases | (88,550) | (8,601) |
Maturities, prepayments and calls | 9,394 | 8,655 |
Net change in loans | (335,238) | (114,676) |
Purchase of bank owned life insurance | (10,344) | |
Proceeds from sale of buildings held for sale | 4,080 | |
Purchase of restricted equity securities | (2,342) | (745) |
Proceeds from sale of foreclosed assets | 531 | 634 |
Purchases of premises and equipment, net | (692) | (2,941) |
Net cash received from acquisition | 12,197 | |
Net cash from investing activities | (650,942) | (120,536) |
Cash flows from financing activities | ||
Increase in deposits | 542,422 | 125,903 |
Increase (decrease) in federal funds purchased and repurchase agreements | (1,460) | 9,054 |
Proceeds from Federal Home Loan Bank advances | 157,000 | 15,000 |
Repayment of Federal Home Loan Bank advances | (119,000) | (11,000) |
Proceeds from exercise of common stock warrants | 60 | |
Proceeds from exercise of common stock options, including excess tax benefit | 927 | 56 |
Proceeds from issuance of common stock, net of offering costs | 50,423 | (514) |
Dividends paid on preferred stock | (75) | (75) |
Net cash from financing activities | 630,297 | 138,424 |
Net change in cash and cash equivalents | (1,689) | 18,440 |
Cash and cash equivalents at beginning of period | 49,347 | 18,217 |
Cash and cash equivalents at end of period | 47,658 | 36,657 |
Supplemental information: | ||
Interest paid | 6,254 | 3,905 |
Income taxes paid | $ 6,339 | 4,546 |
Non-cash supplemental information: | ||
Transfers from loans to foreclosed assets | $ 1,315 | |
Fair value of stock and stock options issued related to MidSouth Bank acquisition | 40,976 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1—BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Franklin Financial Network, Inc. (“FFN”), and its wholly owned subsidiaries, Franklin Synergy Bank and BCG Consulting Group, Inc. (“BCG”), together referred to as “the Company,” have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included as required by Regulation S-X, Rule 10-01. All such adjustments are of a normal recurring nature. It is suggested that these interim consolidated financial statements and notes be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2015. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 2—ACQUISITIONS Acquisition of MidSouth Bank On July 1, 2014 the Company completed the acquisition of MidSouth Bank (“MidSouth”), pursuant to the terms of the Agreement and Plan of Reorganization and Bank Merger (the “merger agreement”) dated November 19, 2013. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations At September 30, 2015, there were no circumstances or significant changes that have occurred since July 1, 2014 related to the acquisition of MidSouth that, in management’s assessment, would necessitate recording impairment of goodwill. In the acquisition, the Company purchased $184,345 of loans at fair value, net of $7,347, or 3.8%, estimated discount to the outstanding principal balance, representing 38.0% of the Company’s total loans at September 30, 2014. Of the total loans acquired, management identified loans totaling $5,527 as having credit deficiencies. All loans that were on non-accrual status and all loan relationships that were identified as substandard or impaired as of the acquisition date were considered by management to be credit-impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of July 1, 2014 for purchased credit-impaired (“PCI”) loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 8,510 Non-accretable difference (1,745 ) Cash flows expected to be collected 6,765 Accretable yield (1,238 ) Total purchased credit-impaired loans acquired $ 5,527 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition had an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $3,060, which is being amortized utilizing an accelerated amortization method over an estimated economic life of 8.2 years. Through September 30, 2015, the Company has recorded amortization of core deposit intangibles totaling $861. Pro forma information Pro forma data for the nine-month period ended September 30, 2014 listed in the table below presents pro forma information as if the MidSouth acquisition occurred at the beginning of 2014. Because the MidSouth transaction closed on July 1, 2014, and its actual results are included in the Company’s actual operating results for the three-month periods ended September 30, 2014 and 2015 and for the nine-month period ended September 30, 2015, there is no pro forma information for those periods. Nine Months Ended Net interest income $ 31,619 Net income available to common shareholders 6,353 Earnings per share—basic $ 0.82 Earnings per share—diluted $ 0.80 Supplemental pro forma earnings for the nine months ended September 30, 2014 were adjusted to exclude acquisition-related costs that were incurred during the nine months ended September 30, 2014 of $2,112. Supplemental pro forma earnings for the nine months ended September 30, 2014 were adjusted to include discount accretion and premium amortization related to the fair value adjustments to acquisition date assets and liabilities, as appropriate. During the nine months ended September 30, 2014, the acquisition of MidSouth increased pro forma net interest income by approximately $6,049 and net income available to common shareholders by approximately $849. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 3—SECURITIES The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at September 30, 2015 and December 31, 2014 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Gross Gross Fair September 30, 2015 U.S. government sponsored entities and agencies $ 14,211 $ 253 $ (46 ) $ 14,418 Mortgage-backed securities: residential 508,817 6,868 (1,086 ) 514,599 Mortgage-backed securities: commercial 20,169 161 — 20,330 State and political subdivisions 74,220 896 (43 ) 75,073 Total $ 617,417 $ 8,178 $ (1,175 ) $ 624,420 Amortized Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 30,070 $ 417 $ (314 ) $ 30,173 U.S. Treasury securities 20,000 — — 20,000 Mortgage-backed securities: residential 335,677 4,593 (1,203 ) 339,067 Mortgage-backed securities: commercial 6,432 33 — 6,465 Total $ 392,179 $ 5,043 $ (1,517 ) $ 395,705 The amortized cost and fair value of the held to maturity securities portfolio at September 30, 2015 and December 31, 2014 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair September 30, 2015 U.S. government sponsored entities and agencies $ 3,301 $ 13 $ (42 ) $ 3,272 Mortgage backed securities: residential 31,691 658 (318 ) 32,031 State and political subdivisions 97,142 1,605 (22 ) 98,725 Total $ 132,134 $ 2,276 $ (382 ) $ 134,028 Gross Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 5,550 $ 162 $ (87 ) $ 5,625 Mortgage backed securities: residential 38,587 555 (562 ) 38,580 State and political subdivisions 9,195 351 (10 ) 9,536 Total $ 53,332 $ 1,068 $ (659 ) $ 53,741 Sales and calls of available for sale securities were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Proceeds $ 19,776 $ 9,767 $ 54,064 $ 34,087 Gross gains 95 31 485 256 Gross losses (90 ) (9 ) (105 ) (163 ) Calls of held to maturity securities were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Proceeds $ — $ — $ 2,300 $ — Gross gains — — 149 — Gross losses — — — — The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. September 30, 2015 Amortized Fair Available for sale Three months or less $ — $ — Over three months through one year — — Over one year through five years — — Over five years through ten years 7,761 8,009 Over ten years 80,670 81,482 Mortgage-backed securities: residential 508,817 514,599 Mortgage-backed securities: commercial 20,169 20,330 Total $ 617,417 $ 624,420 Held to maturity Three months or less $ — $ — Over three months through one year — — Over one year through five years 1,307 1,366 Over five years through ten years 3,024 3,091 Over ten years 96,112 97,540 Mortgage-backed securities: residential 31,691 32,031 Total $ 132,134 $ 134,028 Securities pledged at September 30, 2015 and December 31, 2014 had a carrying amount of $467,080 and $366,764 and were pledged to secure public deposits and repurchase agreements. At September 30, 2015 and December 31, 2014, there were no holdings of securities of any one issuer, other than the U.S. government-sponsored entities and agencies, in an amount greater than 10% of shareholders’ equity. The following table summarizes the securities with unrealized and unrecognized losses at September 30, 2015 and December 31, 2014, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2015 Available for sale U.S. government sponsored entities and agencies $ — $ — $ 1,654 $ (46 ) $ 1,654 $ (46 ) Mortgage-backed securities: residential 77,224 (620 ) 26,253 (466 ) 103,477 (1,086 ) State and political subdivisions 2,981 (43 ) — — 2,981 (43 ) Total available for sale $ 80,205 $ (663 ) $ 27,907 $ (512 ) $ 108,112 $ (1,175 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ 1,979 $ (21 ) $ 979 $ (21 ) $ 2,958 $ (42 ) Mortgage-backed securities: residential 1,800 (6 ) 5,690 (312 ) 7,490 (318 ) State and political subdivisions 4,671 (22 ) — — 4,671 (22 ) Total held to maturity $ 8,450 $ (49 ) $ 6,669 $ (333 ) $ 15,119 $ (382 ) Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Available for sale U.S. government sponsored entities and agencies $ 9,999 $ (1 ) $ 8,232 $ (313 ) $ 18,231 $ (314 ) Mortgage-backed securities: residential 59,078 (323 ) 41,939 (880 ) 101,017 (1,203 ) Total available for sale $ 69,077 $ (324 ) $ 50,171 $ (1,193 ) $ 119,248 $ (1,517 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ — $ — $ 2,913 $ (87 ) $ 2,913 $ (87 ) Mortgage-backed securities: residential 5,246 (25 ) 13,001 (537 ) 18,247 (562 ) State and political subdivisions 507 (1 ) 592 (9 ) 1,099 (10 ) Total held to maturity $ 5,753 $ (26 ) $ 16,506 $ (633 ) $ 22,259 $ (659 ) Unrealized losses on debt securities have not been recognized into income because the issuers bonds are of high credit quality (rated AA or higher), management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the bonds approach maturity. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans | NOTE 4—LOANS Loans at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, Loans that are not PCI loans Construction and land development $ 334,208 $ 239,225 Commercial real estate: Nonfarm, nonresidential 303,657 240,975 Other 9,478 5,377 Residential real estate: Closed-end 1-4 family 144,080 130,631 Other 104,371 83,129 Commercial and industrial 219,341 76,570 Consumer and other 6,893 8,025 Loans before net deferred loan fees 1,122,028 783,932 Deferred loan fees, net (2,115 ) (1,059 ) Total loans that are not PCI loans 1,119,913 782,873 PCI loans Construction and land development $ 77 $ 77 Commercial real estate: Nonfarm, nonresidential 1,452 1,798 Other — — Residential real estate: Closed-end 1-4 family 707 706 Other 2 108 Commercial and industrial 1,675 1,624 Consumer and other — 2 Total PCI loans 3,913 4,315 Allowance for loan losses (9,744 ) (6,680 ) Total loans, net of allowance for loan losses $ 1,114,082 $ 780,508 The following table presents the activity in the allowance for loan losses by portfolio segment for the three month periods ended September 30, 2015 and 2014: Construction Commercial Residential Commercial Consumer Total Three Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,567 $ 2,321 $ 1,739 $ 1,324 $ 65 $ 8,016 Provision (credit) for loan losses 461 135 (71 ) 1,253 (54 ) 1,724 Loans charged-off — — (15 ) (15 ) (33 ) (63 ) Recoveries — — 6 — 61 67 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 Three Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 1,910 $ 1,740 $ 1,560 $ 508 $ 53 $ 5,771 Provision (credit) for loan losses 231 173 192 72 (4 ) 664 Loans charged-off — (540 ) (11 ) (4 ) — (555 ) Recoveries — — 3 — — 3 Total ending allowance balance $ 2,141 $ 1,373 $ 1,744 $ 576 $ 49 $ 5,883 There was $5 in allowance for loan losses for PCI loans for the three months ended September 30, 2015. There was no allowance for loan losses for the three months ended September 30, 2014. The following table presents the activity in the allowance for loan losses by portfolio segment for the nine-month periods ended September 30, 2015 and 2014: Construction Commercial Residential Commercial Consumer Total Nine Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision (credit) for loan losses 338 962 (114 ) 1,927 41 3,154 Loans charged-off — — (32 ) (15 ) (121 ) (168 ) Recoveries — — 14 — 64 78 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 Nine Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 Provision (credit) for loan losses 589 402 304 243 (49 ) 1,489 Loans charged-off — (540 ) (11 ) (4 ) — (555 ) Recoveries — — 49 — — 49 Total ending allowance balance $ 2,141 $ 1,373 $ 1,744 $ 576 $ 49 $ 5,883 There was $5 in allowance for loan losses for PCI loans for the nine months ended September 30, 2015. There was no allowance for loan losses for the nine months ended September 30, 2014. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2015 and December 31, 2014. For purposes of this table, recorded investment in loans excludes accrued interest receivable and loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total September 30, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 80 $ — $ 80 Collectively evaluated for impairment 3,028 2,451 1,659 2,482 39 9,659 Purchased credit-impaired loans — 5 — — — 5 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 Loans: Individually evaluated for impairment $ — $ 914 $ 709 $ 102 $ 25 $ 1,750 Collectively evaluated for impairment 334,208 312,221 247,742 219,239 6,868 1,120,278 Purchased credit-impaired loans 77 1,452 709 1,675 — 3,913 Total ending loans balance $ 334,285 $ 314,587 $ 249,160 $ 221,016 $ 6,893 $ 1,125,941 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 18 $ — $ 18 Collectively evaluated for impairment 2,690 1,494 1,791 632 55 6,662 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Loans: Individually evaluated for impairment $ — $ 835 $ 93 $ 18 $ — $ 946 Collectively evaluated for impairment 239,225 245,517 213,667 76,552 8,025 782,986 Purchased credit-impaired loans 77 1,798 814 1,624 2 4,315 Total ending loans balance $ 239,302 $ 248,150 $ 214,574 $ 78,194 $ 8,027 $ 788,247 Loans collectively evaluated for impairment reported at September 30, 2015 include certain loans acquired from MidSouth on July 1, 2014. The acquired loans were recorded at estimated fair value at date of acquisition, which included an estimated credit discount. On July 1, 2014, acquired non-PCI loans were recorded at an estimated fair value of $178,818, comprised of contractually unpaid principal totaling $183,832 net of estimated discounts totaling $5,014 which included both credit and interest rate discount components. At September 30, 2015, acquired non-PCI loans were recorded at $104,853, comprised of contractually unpaid principal totaling $107,563 net of discounts totaling $2,710. Management evaluated these loans for credit deterioration since acquisition and determined that no allowance for loan losses was necessary at September 30, 2015. The following table presents information related to impaired loans by class of loans as of September 30, 2015 and December 31, 2014: Unpaid Recorded Allowance for September 30, 2015 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,501 $ 914 $ — Residential real estate: Other 709 709 — Commercial and industrial 22 22 — Consumer and other 25 25 — Subtotal 3,257 1,670 — With an allowance recorded: Commercial and industrial 80 80 80 Subtotal 80 80 80 Total $ 3,337 $ 1,750 $ 80 December 31, 2014 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,422 $ 835 $ — Residential real estate: Closed-end 1-4 family 93 93 — Subtotal 2,515 928 — With an allowance recorded: Commercial and industrial 18 18 18 Subtotal 18 18 18 Total $ 2,533 $ 946 $ 18 The following table presents the average recorded investment of impaired loans by class of loans for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended Average Recorded Investment 2015 2014 2015 2014 With no allowance recorded: Construction and land development $ — $ — $ — $ — Commercial real estate: Nonfarm, nonresidential 918 211 873 71 Residential real estate: Closed-end 1-4 family 33 — 188 — Other 712 — 317 — Commercial and industrial 23 — 77 — Consumer and other 25 — 8 — Subtotal 1,711 211 1,463 71 With an allowance recorded: Construction and land development $ — $ — $ — $ — Commercial real estate: Nonfarm, nonresidential — 1,194 — 837 Residential real estate: 1-4 family — — — 476 Commercial and industrial 90 64 50 65 Consumer and other 16 — 10 — Subtotal 106 1,258 60 1,378 Total $ 1,817 $ 1,469 $ 1,523 $ 1,449 The impact on net interest income for these loans was not material to the Company’s results of operations for the three and nine months ended September 30, 2015 and 2014. The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2015 and December 31, 2014: Nonaccrual Loans Past Due September 30, 2015 Commercial real estate: Nonfarm, nonresidential $ 835 $ — Total $ 835 $ — December 31, 2014 Commercial real estate: Nonfarm, nonresidential $ 835 $ — Residential real estate: Closed-end 1-4 family — 316 Total $ 835 $ 316 Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014 by class of loans: 30-59 60-89 Greater Total Loans PCI Total September 30, 2015 Construction and land development $ 1,358 $ — $ — $ 1,358 $ 332,850 $ 77 $ 334,285 Commercial real estate: Nonfarm, nonresidential — — 835 835 302,822 1,452 305,109 Other — — — — 9,478 — 9,478 Residential real estate: Closed-end 1-4 family 839 — — 839 143,241 707 144,787 Other — — — — 104,371 2 104,373 Commercial and industrial 123 — — 123 219,218 1,675 221,016 Consumer and other 1 — — 1 6,892 — 6,893 $ 2,321 $ — $ 835 $ 3,156 $ 1,118,872 $ 3,913 $ 1,125,941 December 31, 2014 Construction and land development $ 354 $ — $ — $ 354 $ 238,871 $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential — — 835 835 240,140 1,798 242,773 Other — — — — 5,377 — 5,377 Residential real estate: Closed-end 1-4 family 299 165 316 780 129,851 706 131,337 Other 52 — — 52 83,077 108 83,237 Commercial and industrial — 212 — 212 76,358 1,624 78,194 Consumer and other — — — — 8,025 2 8,027 $ 705 $ 377 $ 1,151 $ 2,233 $ 781,699 $ 4,315 $ 788,247 Credit Quality Indicators: Special Mention. Substandard. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The following table includes PCI loans, which are included in the “Substandard” column. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of September 30, 2015 and December 31, 2014: Pass Special Substandard Total September 30, 2015 Construction and land development $ 334,208 $ — $ 77 $ 334,285 Commercial real estate: Nonfarm, nonresidential 302,387 — 2,722 305,109 Other 9,478 — — 9,478 Residential real estate: Closed-end 1-4 family 143,564 — 1,223 144,787 Other 103,663 — 710 104,373 Commercial and industrial 219,522 — 1,494 221,016 Consumer and other 6,868 — 25 6,893 $ 1,119,690 $ — $ 6,251 $ 1,125,941 December 31, 2014 Construction and land development $ 239,225 $ — $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential 239,584 — 3,189 242,773 Other 5,377 — — 5,377 Residential real estate: Closed-end 1-4 family 128,869 — 2,468 131,337 Other 83,129 — 108 83,237 Commercial and industrial 76,552 — 1,642 78,194 Consumer and other 8,025 — 2 8,027 $ 780,761 $ — $ 7,486 $ 788,247 Purchased Credit-Impaired (“PCI”) Loans Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount has been recognized as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of September 30, 2015 and December 31, 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept 30, 2015 Dec 31, 2014 Contractually required principal and interest $ 5,872 $ 6,532 Non-accretable difference (307 ) (1,270 ) Cash flows expected to be collected 5,565 5,262 Accretable yield (1,652 ) (947 ) Carrying value of acquired loans 3,913 4,315 Allowance for loan losses (5 ) — Carrying value less allowance for loan losses $ 3,908 $ 4,315 Management adjusted estimates of future expected losses, cash flows and renewal assumptions during the nine months ended September 30, 2015. These adjustments resulted in a decrease in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three- and nine-month periods ended September 30, 2015. Activity during the three-month period ended September 30, 2015 Jun 30, 2015 Effect of Income All other Sept 30, 2015 Contractually required principal and interest $ 6,000 $ — $ — $ (128 ) $ 5,872 Non-accretable difference (973 ) — 839 (173 ) (307 ) Cash flows expected to be collected 5,027 — 839 (301 ) 5,565 Accretable yield (749 ) — 447 (1,350 ) (1,652 ) Carrying value of acquired loans $ 4,278 $ — $ 1,286 $ (1,651 ) $ 3,913 Activity during the nine-month period ended September 30, 2015 Dec 31, 2014 Effect of Income All other Sept 30, 2015 Contractually required principal and interest $ 6,532 $ — $ — $ (660 ) $ 5,872 Non-accretable difference (1,270 ) — 839 124 (307 ) Cash flows expected to be collected 5,262 — 839 (536 ) 5,565 Accretable yield (947 ) — 637 (1,342 ) (1,652 ) Carrying value of acquired loans $ 4,315 $ — $ 1,476 $ (1,878 ) $ 3,913 Troubled Debt Restructurings The Company’s loan portfolio contains no loans that have been modified in a troubled debt restructuring. |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Loan Servicing | NOTE 5—LOAN SERVICING Loans serviced for others are not reported as assets. The principal balances of these loans at September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 461,121 $ 414,222 Other 3,613 3,986 The components of net loan servicing fees for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Loan servicing fees, net: Loan servicing fees $ 287 $ 253 $ 831 $ 720 Amortization of loan servicing fees (203 ) (180 ) (644 ) (547 ) Change in impairment — — — — Total $ 84 $ 73 $ 187 $ 173 The fair value of servicing rights was estimated by management to be approximately $4,264 at September 30, 2015. Fair value for September 30, 2015 was determined using a weighted average discount rate of 10.5% and a weighted average prepayment speed of 11.5%. At December 31, 2014, the fair value of servicing rights was estimated by management to be approximately $4,180. Fair value for December 31, 2014 was determined using weighted average discount rate of 10.5% and a weighted average prepayment speed of 10.8%. The weighted average amortization period is 6.77 years. Estimated amortization expense for each of the next three years is: 2015 $ 782 2016 552 2017 552 |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | NOTE 6—SHARE-BASED PAYMENTS In connection with the Company’s 2010 private offering, 32,425 warrants were issued to shareholders, one warrant for every twenty shares of common stock purchased. Each warrant allows the shareholders to purchase an additional share of common stock at $12.00 per share. The warrants were issued with an effective date of March 30, 2010 and will be exercisable in whole or in part up to seven years following the date of issuance. The warrants are detachable from the common stock. There were 4,970 warrants exercised during the nine months ended September 30, 2015, for which the Company received cash proceeds of $60. The exercised warrants had an aggregate intrinsic value of $46 at the date of exercise. No warrants were exercised during the nine months ended September 30, 2014. At September 30, 2015, there were 26,907 outstanding warrants associated with the 2010 offering. Since the common stock of the Company has been registered under the Securities Act and has been traded on a national securities exchange at $15.00 or more for forty-five (45) consecutive days, the Company may redeem the 2010 warrants at any time with not less than thirty (30) days’ written notice to the holder of such 2010 warrant, in whole or in part, at a redemption price of $1.00 per warrant; provided, however, that the holder of the 2010 warrant may exercise the 2010 warrant, in whole or in part, during such thirty (30) day period. Stock Option Plan Employee, organizer and director awards are granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have a vesting period of 3 to 5 years and have a 10-year contractual term. The Company assigns discretion to its Board of Directors to make grants either as qualified incentive stock options or as non-qualified stock options. All employee grants are intended to be treated as qualified incentive stock options, if allowable. All other grants are expected to be treated as non-qualified. On July 1, 2014, 322,300 MidSouth common stock options were converted into 137,280 options to purchase shares of FFN common stock with an exercise price of $8.57 per option pursuant to the terms of the merger agreement (see Note 2). Using the Black-Scholes option valuation model, the grant date fair value was estimated to be $6.31 per converted option based on the $14.50 fair value per share of FFN common stock at July 1, 2014. No compensation expense was required related to the converted options. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected stock price volatility is based on historical volatilities of a peer group. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of options granted was determined using the following weighted-average assumptions as of grant date. September 30, September 30, Risk-free interest rate 1.84 % 1.81 % Expected term 7.5 years 5.9 years Expected stock price volatility 25.00 % 10.85 % Dividend yield 0.22 % 0.23 % The weighted average fair value of options granted for the nine months ended September 30, 2015 and 2014 were $6.41 and $4.12, respectively. A summary of the activity in the stock option plans for the nine months ended September 30, 2015 follows: Shares Weighted Weighted Aggregate Outstanding at beginning of year 1,210,660 $ 11.32 6.53 $ 7,244 Granted 226,782 20.78 Exercised (93,754 ) 11.53 Forfeited, expired, or cancelled (4,417 ) 19.02 Outstanding at period end 1,339,271 $ 12.88 6.39 $ 12,685 Vested or expected to vest 1,272,307 $ 12.88 6.39 $ 12,051 Exercisable at period end 829,072 $ 10.76 5.06 $ 9,606 The Company received cash proceeds of $780 for the options exercised during the nine months ended September 30, 2015. The exercised options had an aggregate intrinsic value of $839 at the date of exercise. As of September 30, 2015, there was $1,733 of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.7 years. Restricted Share Award Plan A summary of activity for non-vested restricted share awards for the nine months ended September 30, 2015 is as follows: Non-vested Shares Shares Weighted- Grant-Date Non-vested at beginning of year 102,710 $ 13.93 Granted 31,938 20.69 Vested (25,075 ) 14.08 Forfeited (3,709 ) 15.99 Non-vested at period end 105,864 $ 15.89 Compensation expense associated with the restricted share awards is recognized on a straight-line basis over the time period that the restrictions associated with the awards lapse based on the total cost of the award at the grant date. As of September 30, 2015, there was $1,524 of total unrecognized compensation cost related to non-vested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 3.5 years. |
Regulatory Capital Matters
Regulatory Capital Matters | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Matters | NOTE 7—REGULATORY CAPITAL MATTERS In July 2013, the Federal Reserve Board and the FDIC approved final rules that substantially amended the regulatory risk-based capital rules applicable to the Company and Bank. The final rules implement the regulatory capital reforms of the Basel Committee on Banking Supervision reflected in “Basel III: A Global Framework for More Resilient Banks and Banking Systems” (“Basel III”) and changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under these rules, the leverage and risk-based capital ratios of financial holding companies may not be lower than the leverage and risk-based capital ratios for insured depository institutions. The final rules implementing the Basel III regulatory capital reforms became effective to the Company and Bank on January 1, 2015, and include new minimum risk-based capital and leverage ratios. Moreover, these rules refine the definition of what constitutes capital for purposes of calculating those ratios, including the definitions of Tier 1 capital and Tier 2 capital. In addition to the new minimum capital level requirements, the rules also establish a “capital conservation buffer” of 2.5% (to be phased in over three years) above the new regulatory minimum risk-based capital ratios, and result in the following minimum ratios once the capital conservation buffer is fully phased in: (i) a common Tier 1 risk-based capital ratio of 7.0%, (ii) a Tier 1 risk-based capital ratio of 8.5%, and (iii) a total risk-based capital ratio of 10.5%. The capital conservation buffer is to be phased in beginning in January 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented in January 2019. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if capital levels fall below minimum levels plus the buffer amounts. These limitations establish a maximum percentage of eligible retained income that could be utilized for such actions. The final rules allow banks and their holding companies with less than $250 billion in assets a one-time opportunity to opt-out of a requirement to include unrealized gains and losses in accumulated other comprehensive income in their capital calculation. The Company has opted out of this requirement. Management believes, as of September 30, 2015, that the Company and Bank met all capital adequacy requirements to which they are subject and met the requirements to be considered well-capitalized. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table (in thousands): Actual Required To Be Well Amount Ratio Amount Ratio Amount Ratio September 30, 2015 Company common equity Tier 1 capital to risk-weighted assets $ 161,721 11.03 % $ 65,479 4.50 % $ 87,937 6.00 % Company Total Capital to risk weighted assets $ 178,516 12.18 % $ 116,407 8.00 % $ 146,562 10.00 % Company Tier 1 (Core) Capital to risk weighted assets $ 168,771 11.52 % $ 58,204 6.00 % $ 117,249 8.00 % Company Tier 1 (Core) Capital to average assets $ 168,771 8.90 % $ 75,824 4.00 % $ 94,781 5.00 % Bank common equity Tier 1 capital to risk-weighted assets $ 166,116 11.34 % $ 65,947 4.50 % $ 87,930 6.00 % Bank Total Capital to risk weighted assets $ 175,860 12.00 % $ 117,239 8.00 % $ 146,549 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 166,116 11.34 % $ 87,930 6.00 % $ 117,239 8.00 % Bank Tier 1 (Core) Capital to average assets $ 166,116 8.76 % $ 75,824 4.00 % $ 94,781 5.00 % December 31, 2014 Company Total Capital to risk weighted assets $ 114,475 12.30 % $ 74,464 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 107,795 11.58 % $ 37,232 4.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 107,795 8.57 % $ 50,291 4.00 % N/A N/A Bank Total Capital to risk weighted assets $ 113,830 12.23 % $ 74,447 8.00 % $ 93,059 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 107,150 11.51 % $ 37,223 4.00 % $ 55,835 6.00 % Bank Tier 1 (Core) Capital to average assets $ 107,150 8.52 % $ 50,279 4.00 % $ 62,849 5.00 % Dividend Restrictions |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 8—FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of asset and liability: Securities Derivatives Impaired Loans Foreclosed Assets Loans Held For Sale: Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 14,418 $ — Mortgage-backed securities-residential — 514,599 — Mortgage-backed securities-commercial — 20,330 — State and political subdivisions — 75,073 — Total securities available for sale $ — $ 624,420 $ — Loans held for sale $ — $ 14,666 $ — Mortgage banking derivatives $ — $ 559 $ — Financial Liabilities Mortgage banking derivatives $ — $ 131 $ — Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 30,173 $ — U.S. Treasury Bills 20,000 — — Mortgage-backed securities-residential — 339,067 — Mortgage-backed securities-commercial — 6,465 — State and political subdivisions — — — Total securities available for sale $ 20,000 $ 375,705 $ — Loans held for sale $ — $ 18,462 $ — Mortgage banking derivatives $ — $ 285 $ — Financial Liabilities Mortgage banking derivatives $ — $ 132 $ — As of September 30, 2015, the unpaid principal balance of loans held for sale was $14,124 resulting in an unrealized gain of $542 included in gains on sale of loans. For the three months ended September 30, 2015 and 2014, the change in fair value related to loans held for sale, which is included in gain on sale of loans, was $248 and $217, respectively. For the nine months ended September 30, 2015 and 2014, the change in fair value related to loans held for sale, which is included in gain on sale of loans, was ($22) and $755, respectively. None of these loans are 90 days or more past due or on nonaccrual as of September 30, 2015. There were no transfers between level 1 and 2 during 2015 and 2014. Assets measured at fair value on a non-recurring basis are summarized below: There were no collateral dependent impaired loans carried at fair value as of September 30, 2015 or December 31, 2014. For the three months ended September 30, 2015 and 2014, $0 and ($7), respectively, in additional provision for loan losses was recorded related to impaired loans recorded at fair value of collateral. For the nine months ended September 30, 2015 and 2014, $0 and $39, respectively, in additional provision for loan losses was recorded related to impaired loans recorded at fair value of collateral. Foreclosed assets measured at fair value less costs to sell, had a net carrying amount of $206 and $715 as of September 30, 2015 and December 31, 2014, respectively. There were no properties at September 30, 2015 or 2014 that had required write-downs to fair value resulting in no write downs for the three or nine months ended September 30, 2015 and 2014. The carrying amounts and estimated fair values of financial instruments, at September 30, 2015 and December 31, 2014 are as follows: Carrying Fair Value Measurements at Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 47,658 $ 47,658 $ — $ — $ 47,658 Securities available for sale 624,420 — 624,420 — 624,420 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 132,134 — 134,028 — 134,028 Loans held for sale 14,666 — 14,666 — 14,666 Net loans 1,114,082 — — 1,112,007 1,112,007 Restricted equity securities 7,691 n/a n/a n/a n/a Servicing rights, net 3,415 — 4,264 — 4,264 Accrued interest receivable 6,108 7 3,032 3,069 6,108 Financial liabilities Deposits $ 1,714,594 $ 956,892 $ 764,467 $ — $ 1,721,359 Federal funds purchased and repurchase agreements 37,618 — 37,618 — 37,618 Federal Home Loan Bank advances 57,000 — 57,123 — 57,123 Accrued interest payable 587 79 508 — 587 Carrying Fair Value Measurements at Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 49,347 $ 49,347 $ — $ — $ 49,347 Securities available for sale 395,705 20,000 375,705 — 395,705 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 53,332 — 53,741 — 53,741 Loans held for sale 18,462 — 18,462 — 18,462 Net loans 780,508 — — 782,745 782,745 Restricted equity securities 5,349 n/a n/a n/a n/a Servicing rights, net 3,053 — 4,180 — 4,180 Accrued interest receivable 3,545 — 1,368 2,177 3,545 Financial liabilities Deposits $ 1,172,233 $ 848,158 $ 326,644 $ — $ 1,174,802 Federal funds purchased and repurchase agreements 39,078 — 39,078 — 39,078 Federal Home Loan Bank advances 19,000 — 19,146 — 19,146 Accrued interest payable 421 33 388 — 421 The methods and assumptions not previously described used to estimate fair value are described as follows: (a) Cash and Cash Equivalents: (b) Loans: The fair value of loans held for sale is estimated based upon binding contracts and quotes from third party investors resulting in a Level 2 classification. (c) Restricted Equity Securities: (d) Mortgage Servicing Rights: (e) Deposits: (f) Federal Funds Purchased and Repurchase Agreements: (g) Federal Home Loan Bank Advances: (h) Accrued Interest Receivable/Payable: (i) Off-balance Sheet Instruments: |
Securities Sold under Agreement
Securities Sold under Agreement to Repurchase | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Securities Sold under Agreement to Repurchase | NOTE 9—SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE Our subsidiary bank enters into borrowing arrangements with our retail business customers through agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these one-day borrowing arrangements. At September 30, 2015 and December 31, 2014, these short-term borrowings totaled $37,618 and $22,253, respectively. The following table provides additional details as of September 30, 2015: As of September 30, 2015 U.S. Mortgage- Mortgage- Total Market value of securities pledged $ 6,039 $ 33,542 $ 3,471 $ 43,052 Borrowings related to pledged amounts $ 4,734 $ 29,623 $ 3,261 $ 37,618 Market value pledged as a % of borrowings 128 % 113 % 106 % 114 % Any risks related to these arrangements, primarily from market value changes, are minimized due to the overnight (one day) maturity and the additional collateral pledged over the borrowed amounts. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 10—EARNINGS PER SHARE The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow: Three Months Ended 2015 2014 Basic Net income available to common shareholders $ 5,125 $ 1,990 Less: earnings allocated to participating securities (52 ) (27 ) Net income allocated to common shareholders $ 5,073 $ 1,963 Weighted average common shares outstanding including participating securities 10,516,290 7,737,710 Less: Participating securities (107,502 ) (105,129 ) Average shares 10,408,788 7,632,581 Basic earnings per common share $ 0.49 $ 0.26 Diluted Net income allocated to common shareholders $ 5,073 $ 1,963 Weighted average common shares outstanding for basic earnings per common share 10,408,788 7,632,581 Add: Dilutive effects of assumed exercises of stock options 534,148 272,634 Add: Dilutive effects of assumed exercises of stock warrants 13,265 7,559 Average shares and dilutive potential common shares 10,956,201 7,912,774 Dilutive earnings per common share $ 0.46 $ 0.25 Nine Months Ended 2015 2014 Basic Net income available to common shareholders $ 11,341 $ 5,504 Less: earnings allocated to participating securities (127 ) (57 ) Net income allocated to common shareholders $ 11,214 $ 5,447 Weighted average common shares outstanding including participating securities 9,668,497 5,840,620 Less: Participating securities (108,617 ) (60,840 ) Average shares 9,559,880 5,779,780 Basic earnings per common share $ 1.17 $ 0.94 Diluted Net income allocated to common shareholders $ 11,214 $ 5,447 Weighted average common shares outstanding for basic earnings per common share 9,559,880 5,779,780 Add: Dilutive effects of assumed exercises of stock options 466,955 170,470 Add: Dilutive effects of assumed exercises of stock warrants 13,257 5,033 Average shares and dilutive potential common shares 10,040,092 5,955,283 Dilutive earnings per common share $ 1.12 $ 0.91 For the three months ended September 30, 2015, stock options for 226,040 shares of common stock were not considered in computing diluted earnings per common share because they were antidilutive. Stock options for 228,691 and 274,132 shares of common stock were not considered in computing diluted earnings per common share for the nine months ended September 30, 2015 and 2014 because they were antidilutive. |
Capital Offering
Capital Offering | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Capital Offering | NOTE 11—CAPITAL OFFERING The Company commenced its initial public offering on March 26, 2015. The Company issued 2,640,000 shares of common stock at a price of $21.00 per share and began trading on the New York Stock Exchange on March 26, 2015, under the ticker symbol “FSB”. Net proceeds were as follows: Gross proceeds $ 55,440 Less: Stock offering costs (5,017 ) Net proceeds from issuance of common stock $ 50,423 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Contractually Required Principal and Interest Cash Payments, Management's Estimates of Expected Total Cash Payments | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of July 1, 2014 for purchased credit-impaired (“PCI”) loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 8,510 Non-accretable difference (1,745 ) Cash flows expected to be collected 6,765 Accretable yield (1,238 ) Total purchased credit-impaired loans acquired $ 5,527 |
Pro-Forma Financial Information and Actual Results of Acquisition | Pro forma data for the nine-month period ended September 30, 2014 listed in the table below presents pro forma information as if the MidSouth acquisition occurred at the beginning of 2014. Because the MidSouth transaction closed on July 1, 2014, and its actual results are included in the Company’s actual operating results for the three-month periods ended September 30, 2014 and 2015 and for the nine-month period ended September 30, 2015, there is no pro forma information for those periods. Nine Months Ended Net interest income $ 31,619 Net income available to common shareholders 6,353 Earnings per share—basic $ 0.82 Earnings per share—diluted $ 0.80 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Amortized Cost and Fair Value of Available for Sale Securities | The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at September 30, 2015 and December 31, 2014 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Gross Gross Fair September 30, 2015 U.S. government sponsored entities and agencies $ 14,211 $ 253 $ (46 ) $ 14,418 Mortgage-backed securities: residential 508,817 6,868 (1,086 ) 514,599 Mortgage-backed securities: commercial 20,169 161 — 20,330 State and political subdivisions 74,220 896 (43 ) 75,073 Total $ 617,417 $ 8,178 $ (1,175 ) $ 624,420 Amortized Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 30,070 $ 417 $ (314 ) $ 30,173 U.S. Treasury securities 20,000 — — 20,000 Mortgage-backed securities: residential 335,677 4,593 (1,203 ) 339,067 Mortgage-backed securities: commercial 6,432 33 — 6,465 Total $ 392,179 $ 5,043 $ (1,517 ) $ 395,705 |
Schedule of Amortized Cost and Fair Value of Held to Maturity Securities Portfolio | The amortized cost and fair value of the held to maturity securities portfolio at September 30, 2015 and December 31, 2014 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Gross Gross Fair September 30, 2015 U.S. government sponsored entities and agencies $ 3,301 $ 13 $ (42 ) $ 3,272 Mortgage backed securities: residential 31,691 658 (318 ) 32,031 State and political subdivisions 97,142 1,605 (22 ) 98,725 Total $ 132,134 $ 2,276 $ (382 ) $ 134,028 Gross Gross Gross Fair December 31, 2014 U.S. government sponsored entities and agencies $ 5,550 $ 162 $ (87 ) $ 5,625 Mortgage backed securities: residential 38,587 555 (562 ) 38,580 State and political subdivisions 9,195 351 (10 ) 9,536 Total $ 53,332 $ 1,068 $ (659 ) $ 53,741 |
Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity | The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. September 30, 2015 Amortized Fair Available for sale Three months or less $ — $ — Over three months through one year — — Over one year through five years — — Over five years through ten years 7,761 8,009 Over ten years 80,670 81,482 Mortgage-backed securities: residential 508,817 514,599 Mortgage-backed securities: commercial 20,169 20,330 Total $ 617,417 $ 624,420 Held to maturity Three months or less $ — $ — Over three months through one year — — Over one year through five years 1,307 1,366 Over five years through ten years 3,024 3,091 Over ten years 96,112 97,540 Mortgage-backed securities: residential 31,691 32,031 Total $ 132,134 $ 134,028 |
Schedule of Unrealized Losses and Fair Value by Major Security Type | The following table summarizes the securities with unrealized and unrecognized losses at September 30, 2015 and December 31, 2014, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2015 Available for sale U.S. government sponsored entities and agencies $ — $ — $ 1,654 $ (46 ) $ 1,654 $ (46 ) Mortgage-backed securities: residential 77,224 (620 ) 26,253 (466 ) 103,477 (1,086 ) State and political subdivisions 2,981 (43 ) — — 2,981 (43 ) Total available for sale $ 80,205 $ (663 ) $ 27,907 $ (512 ) $ 108,112 $ (1,175 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ 1,979 $ (21 ) $ 979 $ (21 ) $ 2,958 $ (42 ) Mortgage-backed securities: residential 1,800 (6 ) 5,690 (312 ) 7,490 (318 ) State and political subdivisions 4,671 (22 ) — — 4,671 (22 ) Total held to maturity $ 8,450 $ (49 ) $ 6,669 $ (333 ) $ 15,119 $ (382 ) Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Available for sale U.S. government sponsored entities and agencies $ 9,999 $ (1 ) $ 8,232 $ (313 ) $ 18,231 $ (314 ) Mortgage-backed securities: residential 59,078 (323 ) 41,939 (880 ) 101,017 (1,203 ) Total available for sale $ 69,077 $ (324 ) $ 50,171 $ (1,193 ) $ 119,248 $ (1,517 ) Less Than 12 Months 12 Months or Longer Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Held to maturity U.S. government sponsored entities and agencies $ — $ — $ 2,913 $ (87 ) $ 2,913 $ (87 ) Mortgage-backed securities: residential 5,246 (25 ) 13,001 (537 ) 18,247 (562 ) State and political subdivisions 507 (1 ) 592 (9 ) 1,099 (10 ) Total held to maturity $ 5,753 $ (26 ) $ 16,506 $ (633 ) $ 22,259 $ (659 ) |
Available-for-sale Securities [Member] | |
Summary of Sales and Calls of Securities | Sales and calls of available for sale securities were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Proceeds $ 19,776 $ 9,767 $ 54,064 $ 34,087 Gross gains 95 31 485 256 Gross losses (90 ) (9 ) (105 ) (163 ) |
Held-to-maturity Securities [Member] | |
Summary of Sales and Calls of Securities | Calls of held to maturity securities were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Proceeds $ — $ — $ 2,300 $ — Gross gains — — 149 — Gross losses — — — — |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of Loans | Loans at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, Loans that are not PCI loans Construction and land development $ 334,208 $ 239,225 Commercial real estate: Nonfarm, nonresidential 303,657 240,975 Other 9,478 5,377 Residential real estate: Closed-end 1-4 family 144,080 130,631 Other 104,371 83,129 Commercial and industrial 219,341 76,570 Consumer and other 6,893 8,025 Loans before net deferred loan fees 1,122,028 783,932 Deferred loan fees, net (2,115 ) (1,059 ) Total loans that are not PCI loans 1,119,913 782,873 PCI loans Construction and land development $ 77 $ 77 Commercial real estate: Nonfarm, nonresidential 1,452 1,798 Other — — Residential real estate: Closed-end 1-4 family 707 706 Other 2 108 Commercial and industrial 1,675 1,624 Consumer and other — 2 Total PCI loans 3,913 4,315 Allowance for loan losses (9,744 ) (6,680 ) Total loans, net of allowance for loan losses $ 1,114,082 $ 780,508 |
Activity in Allowance for Loan Losses by Portfolio Segment | The following table presents the activity in the allowance for loan losses by portfolio segment for the three month periods ended September 30, 2015 and 2014: Construction Commercial Residential Commercial Consumer Total Three Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,567 $ 2,321 $ 1,739 $ 1,324 $ 65 $ 8,016 Provision (credit) for loan losses 461 135 (71 ) 1,253 (54 ) 1,724 Loans charged-off — — (15 ) (15 ) (33 ) (63 ) Recoveries — — 6 — 61 67 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 Three Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 1,910 $ 1,740 $ 1,560 $ 508 $ 53 $ 5,771 Provision (credit) for loan losses 231 173 192 72 (4 ) 664 Loans charged-off — (540 ) (11 ) (4 ) — (555 ) Recoveries — — 3 — — 3 Total ending allowance balance $ 2,141 $ 1,373 $ 1,744 $ 576 $ 49 $ 5,883 There was $5 in allowance for loan losses for PCI loans for the three months ended September 30, 2015. There was no allowance for loan losses for the three months ended September 30, 2014. The following table presents the activity in the allowance for loan losses by portfolio segment for the nine-month periods ended September 30, 2015 and 2014: Construction Commercial Residential Commercial Consumer Total Nine Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Provision (credit) for loan losses 338 962 (114 ) 1,927 41 3,154 Loans charged-off — — (32 ) (15 ) (121 ) (168 ) Recoveries — — 14 — 64 78 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 Nine Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 1,552 $ 1,511 $ 1,402 $ 337 $ 98 $ 4,900 Provision (credit) for loan losses 589 402 304 243 (49 ) 1,489 Loans charged-off — (540 ) (11 ) (4 ) — (555 ) Recoveries — — 49 — — 49 Total ending allowance balance $ 2,141 $ 1,373 $ 1,744 $ 576 $ 49 $ 5,883 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2015 and December 31, 2014. For purposes of this table, recorded investment in loans excludes accrued interest receivable and loan fees, net due to immateriality. Construction Commercial Residential Commercial Consumer Total September 30, 2015 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 80 $ — $ 80 Collectively evaluated for impairment 3,028 2,451 1,659 2,482 39 9,659 Purchased credit-impaired loans — 5 — — — 5 Total ending allowance balance $ 3,028 $ 2,456 $ 1,659 $ 2,562 $ 39 $ 9,744 Loans: Individually evaluated for impairment $ — $ 914 $ 709 $ 102 $ 25 $ 1,750 Collectively evaluated for impairment 334,208 312,221 247,742 219,239 6,868 1,120,278 Purchased credit-impaired loans 77 1,452 709 1,675 — 3,913 Total ending loans balance $ 334,285 $ 314,587 $ 249,160 $ 221,016 $ 6,893 $ 1,125,941 Construction Commercial Residential Commercial Consumer Total December 31, 2014 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 18 $ — $ 18 Collectively evaluated for impairment 2,690 1,494 1,791 632 55 6,662 Purchased credit-impaired loans — — — — — — Total ending allowance balance $ 2,690 $ 1,494 $ 1,791 $ 650 $ 55 $ 6,680 Loans: Individually evaluated for impairment $ — $ 835 $ 93 $ 18 $ — $ 946 Collectively evaluated for impairment 239,225 245,517 213,667 76,552 8,025 782,986 Purchased credit-impaired loans 77 1,798 814 1,624 2 4,315 Total ending loans balance $ 239,302 $ 248,150 $ 214,574 $ 78,194 $ 8,027 $ 788,247 |
Summary of Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of September 30, 2015 and December 31, 2014: Unpaid Recorded Allowance for September 30, 2015 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,501 $ 914 $ — Residential real estate: Other 709 709 — Commercial and industrial 22 22 — Consumer and other 25 25 — Subtotal 3,257 1,670 — With an allowance recorded: Commercial and industrial 80 80 80 Subtotal 80 80 80 Total $ 3,337 $ 1,750 $ 80 December 31, 2014 With no allowance recorded: Commercial real estate: Nonfarm, nonresidential $ 2,422 $ 835 $ — Residential real estate: Closed-end 1-4 family 93 93 — Subtotal 2,515 928 — With an allowance recorded: Commercial and industrial 18 18 18 Subtotal 18 18 18 Total $ 2,533 $ 946 $ 18 The following table presents the average recorded investment of impaired loans by class of loans for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended Average Recorded Investment 2015 2014 2015 2014 With no allowance recorded: Construction and land development $ — $ — $ — $ — Commercial real estate: Nonfarm, nonresidential 918 211 873 71 Residential real estate: Closed-end 1-4 family 33 — 188 — Other 712 — 317 — Commercial and industrial 23 — 77 — Consumer and other 25 — 8 — Subtotal 1,711 211 1,463 71 With an allowance recorded: Construction and land development $ — $ — $ — $ — Commercial real estate: Nonfarm, nonresidential — 1,194 — 837 Residential real estate: 1-4 family — — — 476 Commercial and industrial 90 64 50 65 Consumer and other 16 — 10 — Subtotal 106 1,258 60 1,378 Total $ 1,817 $ 1,469 $ 1,523 $ 1,449 |
Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2015 and December 31, 2014: Nonaccrual Loans Past Due September 30, 2015 Commercial real estate: Nonfarm, nonresidential $ 835 $ — Total $ 835 $ — December 31, 2014 Commercial real estate: Nonfarm, nonresidential $ 835 $ — Residential real estate: Closed-end 1-4 family — 316 Total $ 835 $ 316 |
Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014 by class of loans: 30-59 60-89 Greater Total Loans PCI Total September 30, 2015 Construction and land development $ 1,358 $ — $ — $ 1,358 $ 332,850 $ 77 $ 334,285 Commercial real estate: Nonfarm, nonresidential — — 835 835 302,822 1,452 305,109 Other — — — — 9,478 — 9,478 Residential real estate: Closed-end 1-4 family 839 — — 839 143,241 707 144,787 Other — — — — 104,371 2 104,373 Commercial and industrial 123 — — 123 219,218 1,675 221,016 Consumer and other 1 — — 1 6,892 — 6,893 $ 2,321 $ — $ 835 $ 3,156 $ 1,118,872 $ 3,913 $ 1,125,941 December 31, 2014 Construction and land development $ 354 $ — $ — $ 354 $ 238,871 $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential — — 835 835 240,140 1,798 242,773 Other — — — — 5,377 — 5,377 Residential real estate: Closed-end 1-4 family 299 165 316 780 129,851 706 131,337 Other 52 — — 52 83,077 108 83,237 Commercial and industrial — 212 — 212 76,358 1,624 78,194 Consumer and other — — — — 8,025 2 8,027 $ 705 $ 377 $ 1,151 $ 2,233 $ 781,699 $ 4,315 $ 788,247 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of September 30, 2015 and December 31, 2014: Pass Special Substandard Total September 30, 2015 Construction and land development $ 334,208 $ — $ 77 $ 334,285 Commercial real estate: Nonfarm, nonresidential 302,387 — 2,722 305,109 Other 9,478 — — 9,478 Residential real estate: Closed-end 1-4 family 143,564 — 1,223 144,787 Other 103,663 — 710 104,373 Commercial and industrial 219,522 — 1,494 221,016 Consumer and other 6,868 — 25 6,893 $ 1,119,690 $ — $ 6,251 $ 1,125,941 December 31, 2014 Construction and land development $ 239,225 $ — $ 77 $ 239,302 Commercial real estate: Nonfarm, nonresidential 239,584 — 3,189 242,773 Other 5,377 — — 5,377 Residential real estate: Closed-end 1-4 family 128,869 — 2,468 131,337 Other 83,129 — 108 83,237 Commercial and industrial 76,552 — 1,642 78,194 Consumer and other 8,025 — 2 8,027 $ 780,761 $ — $ 7,486 $ 788,247 |
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Purchased Credit-Impaired ("PCI") Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of September 30, 2015 and December 31, 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept 30, 2015 Dec 31, 2014 Contractually required principal and interest $ 5,872 $ 6,532 Non-accretable difference (307 ) (1,270 ) Cash flows expected to be collected 5,565 5,262 Accretable yield (1,652 ) (947 ) Carrying value of acquired loans 3,913 4,315 Allowance for loan losses (5 ) — Carrying value less allowance for loan losses $ 3,908 $ 4,315 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments, Managements Estimate of Expected Total Cash Payments and Carrying Value of Loans | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three- and nine-month periods ended September 30, 2015. Activity during the three-month period ended September 30, 2015 Jun 30, 2015 Effect of Income All other Sept 30, 2015 Contractually required principal and interest $ 6,000 $ — $ — $ (128 ) $ 5,872 Non-accretable difference (973 ) — 839 (173 ) (307 ) Cash flows expected to be collected 5,027 — 839 (301 ) 5,565 Accretable yield (749 ) — 447 (1,350 ) (1,652 ) Carrying value of acquired loans $ 4,278 $ — $ 1,286 $ (1,651 ) $ 3,913 Activity during the nine-month period ended September 30, 2015 Dec 31, 2014 Effect of Income All other Sept 30, 2015 Contractually required principal and interest $ 6,532 $ — $ — $ (660 ) $ 5,872 Non-accretable difference (1,270 ) — 839 124 (307 ) Cash flows expected to be collected 5,262 — 839 (536 ) 5,565 Accretable yield (947 ) — 637 (1,342 ) (1,652 ) Carrying value of acquired loans $ 4,315 $ — $ 1,476 $ (1,878 ) $ 3,913 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Loans Serviced Not Reported as Assets | Loans serviced for others are not reported as assets. The principal balances of these loans at September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 461,121 $ 414,222 Other 3,613 3,986 |
Components of Net Loan Servicing Fees | The components of net loan servicing fees for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Loan servicing fees, net: Loan servicing fees $ 287 $ 253 $ 831 $ 720 Amortization of loan servicing fees (203 ) (180 ) (644 ) (547 ) Change in impairment — — — — Total $ 84 $ 73 $ 187 $ 173 |
Schedule of Estimated Amortization Expense | The weighted average amortization period is 6.77 years. Estimated amortization expense for each of the next three years is: 2015 $ 782 2016 552 2017 552 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value Assumptions of Stock Options | The fair value of options granted was determined using the following weighted-average assumptions as of grant date. September 30, September 30, Risk-free interest rate 1.84 % 1.81 % Expected term 7.5 years 5.9 years Expected stock price volatility 25.00 % 10.85 % Dividend yield 0.22 % 0.23 % |
Summary of Company's Stock Option Activities | A summary of the activity in the stock option plans for the nine months ended September 30, 2015 follows: Shares Weighted Weighted Aggregate Outstanding at beginning of year 1,210,660 $ 11.32 6.53 $ 7,244 Granted 226,782 20.78 Exercised (93,754 ) 11.53 Forfeited, expired, or cancelled (4,417 ) 19.02 Outstanding at period end 1,339,271 $ 12.88 6.39 $ 12,685 Vested or expected to vest 1,272,307 $ 12.88 6.39 $ 12,051 Exercisable at period end 829,072 $ 10.76 5.06 $ 9,606 |
Summary of Activity for Nonvested Restricted Share Awards | A summary of activity for non-vested restricted share awards for the nine months ended September 30, 2015 is as follows: Non-vested Shares Shares Weighted- Grant-Date Non-vested at beginning of year 102,710 $ 13.93 Granted 31,938 20.69 Vested (25,075 ) 14.08 Forfeited (3,709 ) 15.99 Non-vested at period end 105,864 $ 15.89 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Amounts and Ratios | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table (in thousands): Actual Required To Be Well Amount Ratio Amount Ratio Amount Ratio September 30, 2015 Company common equity Tier 1 capital to risk-weighted assets $ 161,721 11.03 % $ 65,479 4.50 % $ 87,937 6.00 % Company Total Capital to risk weighted assets $ 178,516 12.18 % $ 116,407 8.00 % $ 146,562 10.00 % Company Tier 1 (Core) Capital to risk weighted assets $ 168,771 11.52 % $ 58,204 6.00 % $ 117,249 8.00 % Company Tier 1 (Core) Capital to average assets $ 168,771 8.90 % $ 75,824 4.00 % $ 94,781 5.00 % Bank common equity Tier 1 capital to risk-weighted assets $ 166,116 11.34 % $ 65,947 4.50 % $ 87,930 6.00 % Bank Total Capital to risk weighted assets $ 175,860 12.00 % $ 117,239 8.00 % $ 146,549 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 166,116 11.34 % $ 87,930 6.00 % $ 117,239 8.00 % Bank Tier 1 (Core) Capital to average assets $ 166,116 8.76 % $ 75,824 4.00 % $ 94,781 5.00 % December 31, 2014 Company Total Capital to risk weighted assets $ 114,475 12.30 % $ 74,464 8.00 % N/A N/A Company Tier 1 (Core) Capital to risk weighted assets $ 107,795 11.58 % $ 37,232 4.00 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 107,795 8.57 % $ 50,291 4.00 % N/A N/A Bank Total Capital to risk weighted assets $ 113,830 12.23 % $ 74,447 8.00 % $ 93,059 10.00 % Bank Tier 1 (Core) Capital to risk weighted assets $ 107,150 11.51 % $ 37,223 4.00 % $ 55,835 6.00 % Bank Tier 1 (Core) Capital to average assets $ 107,150 8.52 % $ 50,279 4.00 % $ 62,849 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 14,418 $ — Mortgage-backed securities-residential — 514,599 — Mortgage-backed securities-commercial — 20,330 — State and political subdivisions — 75,073 — Total securities available for sale $ — $ 624,420 $ — Loans held for sale $ — $ 14,666 $ — Mortgage banking derivatives $ — $ 559 $ — Financial Liabilities Mortgage banking derivatives $ — $ 131 $ — Fair Value Measurements at Quoted Prices Significant Significant Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — $ 30,173 $ — U.S. Treasury Bills 20,000 — — Mortgage-backed securities-residential — 339,067 — Mortgage-backed securities-commercial — 6,465 — State and political subdivisions — — — Total securities available for sale $ 20,000 $ 375,705 $ — Loans held for sale $ — $ 18,462 $ — Mortgage banking derivatives $ — $ 285 $ — Financial Liabilities Mortgage banking derivatives $ — $ 132 $ — |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments, at September 30, 2015 and December 31, 2014 are as follows: Carrying Fair Value Measurements at Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 47,658 $ 47,658 $ — $ — $ 47,658 Securities available for sale 624,420 — 624,420 — 624,420 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 132,134 — 134,028 — 134,028 Loans held for sale 14,666 — 14,666 — 14,666 Net loans 1,114,082 — — 1,112,007 1,112,007 Restricted equity securities 7,691 n/a n/a n/a n/a Servicing rights, net 3,415 — 4,264 — 4,264 Accrued interest receivable 6,108 7 3,032 3,069 6,108 Financial liabilities Deposits $ 1,714,594 $ 956,892 $ 764,467 $ — $ 1,721,359 Federal funds purchased and repurchase agreements 37,618 — 37,618 — 37,618 Federal Home Loan Bank advances 57,000 — 57,123 — 57,123 Accrued interest payable 587 79 508 — 587 Carrying Fair Value Measurements at Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 49,347 $ 49,347 $ — $ — $ 49,347 Securities available for sale 395,705 20,000 375,705 — 395,705 Certificates of deposit held at other financial institutions 250 — 250 — 250 Securities held to maturity 53,332 — 53,741 — 53,741 Loans held for sale 18,462 — 18,462 — 18,462 Net loans 780,508 — — 782,745 782,745 Restricted equity securities 5,349 n/a n/a n/a n/a Servicing rights, net 3,053 — 4,180 — 4,180 Accrued interest receivable 3,545 — 1,368 2,177 3,545 Financial liabilities Deposits $ 1,172,233 $ 848,158 $ 326,644 $ — $ 1,174,802 Federal funds purchased and repurchase agreements 39,078 — 39,078 — 39,078 Federal Home Loan Bank advances 19,000 — 19,146 — 19,146 Accrued interest payable 421 33 388 — 421 |
Securities Sold under Agreeme27
Securities Sold under Agreement to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Additional Details of Securities Sold under Agreement to Repurchase | The following table provides additional details as of September 30, 2015: As of September 30, 2015 U.S. Mortgage- Mortgage- Total Market value of securities pledged $ 6,039 $ 33,542 $ 3,471 $ 43,052 Borrowings related to pledged amounts $ 4,734 $ 29,623 $ 3,261 $ 37,618 Market value pledged as a % of borrowings 128 % 113 % 106 % 114 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The factors used in the earnings per share computation follow: Three Months Ended 2015 2014 Basic Net income available to common shareholders $ 5,125 $ 1,990 Less: earnings allocated to participating securities (52 ) (27 ) Net income allocated to common shareholders $ 5,073 $ 1,963 Weighted average common shares outstanding including participating securities 10,516,290 7,737,710 Less: Participating securities (107,502 ) (105,129 ) Average shares 10,408,788 7,632,581 Basic earnings per common share $ 0.49 $ 0.26 Diluted Net income allocated to common shareholders $ 5,073 $ 1,963 Weighted average common shares outstanding for basic earnings per common share 10,408,788 7,632,581 Add: Dilutive effects of assumed exercises of stock options 534,148 272,634 Add: Dilutive effects of assumed exercises of stock warrants 13,265 7,559 Average shares and dilutive potential common shares 10,956,201 7,912,774 Dilutive earnings per common share $ 0.46 $ 0.25 Nine Months Ended 2015 2014 Basic Net income available to common shareholders $ 11,341 $ 5,504 Less: earnings allocated to participating securities (127 ) (57 ) Net income allocated to common shareholders $ 11,214 $ 5,447 Weighted average common shares outstanding including participating securities 9,668,497 5,840,620 Less: Participating securities (108,617 ) (60,840 ) Average shares 9,559,880 5,779,780 Basic earnings per common share $ 1.17 $ 0.94 Diluted Net income allocated to common shareholders $ 11,214 $ 5,447 Weighted average common shares outstanding for basic earnings per common share 9,559,880 5,779,780 Add: Dilutive effects of assumed exercises of stock options 466,955 170,470 Add: Dilutive effects of assumed exercises of stock warrants 13,257 5,033 Average shares and dilutive potential common shares 10,040,092 5,955,283 Dilutive earnings per common share $ 1.12 $ 0.91 |
Capital Offering (Tables)
Capital Offering (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Net Proceeds | Net proceeds were as follows: Gross proceeds $ 55,440 Less: Stock offering costs (5,017 ) Net proceeds from issuance of common stock $ 50,423 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jul. 01, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 9,124 | $ 9,124 | |||
Aggregate amortization expense | $ 861 | ||||
Acquisition related costs | $ 2,112 | ||||
MidSouth Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition completed date | Jul. 1, 2014 | ||||
Name of the acquired entity | MidSouth Bank | ||||
Acquisition agreement date | Nov. 19, 2013 | ||||
Goodwill | $ 9,124 | ||||
Loans acquired at fair value | $ 184,345 | $ 184,345 | |||
Estimated discount to outstanding principal loan balance, value | $ 7,347 | ||||
Estimated discount to outstanding principal loan balance, percentage | 3.80% | ||||
Loans acquired, percentage | 38.00% | 38.00% | |||
Increase in interest income | $ 6,049 | ||||
Increase in net income available to common shareholders | $ 849 | ||||
MidSouth Bank [Member] | Core Deposit Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Core deposit intangible | $ 3,060 | ||||
Estimated economic life | 8 years 2 months 12 days | ||||
PCI Loans [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired loans with credit impaired | $ 3,913 | $ 4,315 | |||
PCI Loans [Member] | MidSouth Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired loans with credit impaired | $ 5,527 |
Acquisitions - Contractually Re
Acquisitions - Contractually Required Principal and Interest Cash Payments, Management's Estimates of Expected Total Cash Payments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jul. 01, 2014 |
Business Acquisition [Line Items] | ||||
Contractually required principal and interest | $ 5,872 | $ 6,000 | $ 6,532 | |
Non-accretable difference | $ (307) | $ (973) | $ (1,270) | |
MidSouth Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Contractually required principal and interest | $ 8,510 | |||
Non-accretable difference | (1,745) | |||
Cash flows expected to be collected | 6,765 | |||
Accretable yield | (1,238) | |||
Total purchased credit-impaired loans acquired | $ 5,527 |
Acquisitions - Pro-Forma Financ
Acquisitions - Pro-Forma Financial Information and Actual Results of Acquisition (Detail) - MidSouth Bank [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Net interest income | $ 31,619 |
Net income available to common shareholders | $ 6,353 |
Earnings per share-basic | $ / shares | $ 0.82 |
Earnings per share-diluted | $ / shares | $ 0.80 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 617,417 | $ 392,179 |
Gross Unrealized Gains | 8,178 | 5,043 |
Gross Unrealized Losses | (1,175) | (1,517) |
Fair Value | 624,420 | 395,705 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,211 | 30,070 |
Gross Unrealized Gains | 253 | 417 |
Gross Unrealized Losses | (46) | (314) |
Fair Value | 14,418 | 30,173 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 508,817 | 335,677 |
Gross Unrealized Gains | 6,868 | 4,593 |
Gross Unrealized Losses | (1,086) | (1,203) |
Fair Value | 514,599 | 339,067 |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,169 | 6,432 |
Gross Unrealized Gains | 161 | 33 |
Fair Value | 20,330 | 6,465 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 74,220 | |
Gross Unrealized Gains | 896 | |
Gross Unrealized Losses | (43) | |
Fair Value | $ 75,073 | |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,000 | |
Fair Value | $ 20,000 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Held to Maturity Securities Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 132,134 | $ 53,332 |
Gross Unrecognized Gains | 2,276 | 1,068 |
Gross Unrecognized Losses | (382) | (659) |
Fair Value | 134,028 | 53,741 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,301 | 5,550 |
Gross Unrecognized Gains | 13 | 162 |
Gross Unrecognized Losses | (42) | (87) |
Fair Value | 3,272 | 5,625 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 31,691 | 38,587 |
Gross Unrecognized Gains | 658 | 555 |
Gross Unrecognized Losses | (318) | (562) |
Fair Value | 32,031 | 38,580 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 97,142 | 9,195 |
Gross Unrecognized Gains | 1,605 | 351 |
Gross Unrecognized Losses | (22) | (10) |
Fair Value | $ 98,725 | $ 9,536 |
Securities - Summary of Sales a
Securities - Summary of Sales and Calls of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Available-for-sale Securities [Abstract] | ||||
Proceeds | $ 19,776 | $ 9,767 | $ 54,064 | $ 34,087 |
Gross gains | 95 | 31 | 485 | 256 |
Gross losses | $ (90) | $ (9) | $ (105) | $ (163) |
Securities - Summary of Calls o
Securities - Summary of Calls of Held to Maturity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Held-to-maturity Securities [Abstract] | ||||
Proceeds | $ 2,300 | |||
Gross gains | 149 | |||
Gross losses | $ 0 | $ 0 | $ 0 | $ 0 |
Securities - Schedule of Amor37
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for sale | ||
Amortized Cost, Three months or less | $ 0 | |
Amortized Cost, Over three months through one year | 0 | |
Amortized Cost, Over one year through five years | 0 | |
Amortized Cost, Over five years through ten years | 7,761 | |
Amortized Cost, Over ten years | 80,670 | |
Amortized Cost | 617,417 | $ 392,179 |
Held to maturity | ||
Amortized Cost, Three months or less | 0 | |
Amortized Cost, Over three months through one year | 0 | |
Amortized Cost, Over one year through five years | 1,307 | |
Amortized Cost, Over five years through ten years | 3,024 | |
Amortized Cost, Over ten years | 96,112 | |
Amortized Cost, Mortgage-backed securities: residential | 31,691 | |
Amortized Cost | 132,134 | 53,332 |
Available for sale | ||
Fair Value, Three months or less | 0 | |
Fair Value, Over three months through one year | 0 | |
Fair Value, Over one year through five years | 0 | |
Fair Value, Over five years through ten years | 8,009 | |
Fair Value, Over ten years | 81,482 | |
Mortgage-backed securities: residential | 514,599 | |
Mortgage-backed securities: commercial | 20,330 | |
Fair Value, Total | 624,420 | 395,705 |
Held to maturity | ||
Fair Value, Three months or less | 0 | |
Over three months through one year | 0 | |
Fair Value, Over one year through five years | 1,366 | |
Fair Value, Over five years through ten years | 3,091 | |
Fair Value, Over ten years | 97,540 | |
Fair Value, Mortgage-backed securities: residential | 32,031 | |
Fair Value, Total | 134,028 | 53,741 |
Mortgage-Backed Securities: Residential [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 508,817 | |
Amortized Cost | 508,817 | 335,677 |
Held to maturity | ||
Amortized Cost | 31,691 | 38,587 |
Available for sale | ||
Fair Value, Total | 514,599 | 339,067 |
Held to maturity | ||
Fair Value, Total | 32,031 | 38,580 |
Mortgage-Backed Securities: Commercial [Member] | ||
Available for sale | ||
Mortgage-backed securities: | 20,169 | |
Amortized Cost | 20,169 | 6,432 |
Available for sale | ||
Fair Value, Total | $ 20,330 | $ 6,465 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Sep. 30, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities |
Marketable Securities [Line Items] | ||
Carrying value of pledged securities | $ 467,080 | $ 366,764 |
Other than US Government Sponsored Entities and Agencies [Member] | ||
Marketable Securities [Line Items] | ||
Amount of holdings of securities of any one issuer | Securities | 0 | 0 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses and Fair Value by Major Security Type (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | $ 80,205 | $ 69,077 |
Less Than 12 Months Available for sale Unrealized Losses | (663) | (324) |
12 Months or Longer Available for sale Fair Value | 27,907 | 50,171 |
12 Months or Longer Available for sale Unrealized Losses | (512) | (1,193) |
Available for sale Fair Value, Total | 108,112 | 119,248 |
Available for sale Unrealized Losses, Total | (1,175) | (1,517) |
Less Than 12 Months Held to maturity Fair Value | 8,450 | 5,753 |
Less Than 12 Months Held to maturity Unrealized Losses | (49) | (26) |
12 Months or Longer Held to maturity Fair Value | 6,669 | 16,506 |
12 Months or Longer Held to maturity Unrealized Losses | (333) | (633) |
Held to maturity Fair Value, Total | 15,119 | 22,259 |
Held to maturity Unrealized Losses, Total | (382) | (659) |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 9,999 | |
Less Than 12 Months Available for sale Unrealized Losses | (1) | |
12 Months or Longer Available for sale Fair Value | 1,654 | 8,232 |
12 Months or Longer Available for sale Unrealized Losses | (46) | (313) |
Available for sale Fair Value, Total | 1,654 | 18,231 |
Available for sale Unrealized Losses, Total | (46) | (314) |
Less Than 12 Months Held to maturity Fair Value | 1,979 | |
Less Than 12 Months Held to maturity Unrealized Losses | (21) | |
12 Months or Longer Held to maturity Fair Value | 979 | 2,913 |
12 Months or Longer Held to maturity Unrealized Losses | (21) | (87) |
Held to maturity Fair Value, Total | 2,958 | 2,913 |
Held to maturity Unrealized Losses, Total | (42) | (87) |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 77,224 | 59,078 |
Less Than 12 Months Available for sale Unrealized Losses | (620) | (323) |
12 Months or Longer Available for sale Fair Value | 26,253 | 41,939 |
12 Months or Longer Available for sale Unrealized Losses | (466) | (880) |
Available for sale Fair Value, Total | 103,477 | 101,017 |
Available for sale Unrealized Losses, Total | (1,086) | (1,203) |
Less Than 12 Months Held to maturity Fair Value | 1,800 | 5,246 |
Less Than 12 Months Held to maturity Unrealized Losses | (6) | (25) |
12 Months or Longer Held to maturity Fair Value | 5,690 | 13,001 |
12 Months or Longer Held to maturity Unrealized Losses | (312) | (537) |
Held to maturity Fair Value, Total | 7,490 | 18,247 |
Held to maturity Unrealized Losses, Total | (318) | (562) |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 2,981 | |
Less Than 12 Months Available for sale Unrealized Losses | (43) | |
Available for sale Fair Value, Total | 2,981 | |
Available for sale Unrealized Losses, Total | (43) | |
Less Than 12 Months Held to maturity Fair Value | 4,671 | 507 |
Less Than 12 Months Held to maturity Unrealized Losses | (22) | (1) |
12 Months or Longer Held to maturity Fair Value | 592 | |
12 Months or Longer Held to maturity Unrealized Losses | (9) | |
Held to maturity Fair Value, Total | 4,671 | 1,099 |
Held to maturity Unrealized Losses, Total | $ (22) | $ (10) |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 1,122,028 | $ 783,932 | ||||
Deferred loan fees, net | (2,115) | (1,059) | ||||
Total loans that are not PCI loans | 1,119,913 | 782,873 | ||||
Allowance for loan losses | (9,744) | $ (8,016) | (6,680) | $ (5,883) | $ (5,771) | $ (4,900) |
Net loans | 1,114,082 | 780,508 | ||||
Construction and Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction and land development | 334,208 | 239,225 | ||||
Allowance for loan losses | (3,028) | (2,567) | (2,690) | (2,141) | (1,910) | (1,552) |
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 219,341 | 76,570 | ||||
Allowance for loan losses | (2,562) | (1,324) | (650) | (576) | (508) | (337) |
Consumer and Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer and other | 6,893 | 8,025 | ||||
Allowance for loan losses | (39) | $ (65) | (55) | $ (49) | $ (53) | $ (98) |
PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 3,913 | 4,315 | ||||
PCI Loans [Member] | Construction and Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 77 | 77 | ||||
PCI Loans [Member] | Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,675 | 1,624 | ||||
PCI Loans [Member] | Consumer and Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 2 | |||||
Commercial Real Estate Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonfarm, nonresidential | 303,657 | 240,975 | ||||
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,452 | 1,798 | ||||
Commercial Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 9,478 | 5,377 | ||||
Real Estate Residential Closed-end 1-4 Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Closed-end 1-4 family | 144,080 | 130,631 | ||||
Real Estate Residential Closed-end 1-4 Family [Member] | PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 707 | 706 | ||||
Residential Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 104,371 | 83,129 | ||||
Residential Real Estate, Other [Member] | PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 2 | $ 108 |
Loans - Activity in Allowance f
Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 8,016 | $ 5,771 | $ 6,680 | $ 4,900 |
Provision (credit) for loan losses | 1,724 | 664 | 3,154 | 1,489 |
Loans charged-off | (63) | (555) | (168) | (555) |
Recoveries | 67 | 3 | 78 | 49 |
Total ending allowance balance | 9,744 | 5,883 | 9,744 | 5,883 |
Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,567 | 1,910 | 2,690 | 1,552 |
Provision (credit) for loan losses | 461 | 231 | 338 | 589 |
Total ending allowance balance | 3,028 | 2,141 | 3,028 | 2,141 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,321 | 1,740 | 1,494 | 1,511 |
Provision (credit) for loan losses | 135 | 173 | 962 | 402 |
Loans charged-off | (540) | (540) | ||
Total ending allowance balance | 2,456 | 1,373 | 2,456 | 1,373 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,739 | 1,560 | 1,791 | 1,402 |
Provision (credit) for loan losses | (71) | 192 | (114) | 304 |
Loans charged-off | (15) | (11) | (32) | (11) |
Recoveries | 6 | 3 | 14 | 49 |
Total ending allowance balance | 1,659 | 1,744 | 1,659 | 1,744 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,324 | 508 | 650 | 337 |
Provision (credit) for loan losses | 1,253 | 72 | 1,927 | 243 |
Loans charged-off | (15) | (4) | (15) | (4) |
Total ending allowance balance | 2,562 | 576 | 2,562 | 576 |
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 65 | 53 | 55 | 98 |
Provision (credit) for loan losses | (54) | (4) | 41 | (49) |
Loans charged-off | (33) | (121) | ||
Recoveries | 61 | 64 | ||
Total ending allowance balance | $ 39 | $ 49 | $ 39 | $ 49 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Unpaid principal amount | $ 3,337,000 | $ 2,533,000 | |||||
Allowance for loan losses | 9,744,000 | $ 8,016,000 | $ 6,680,000 | $ 5,883,000 | $ 5,771,000 | $ 4,900,000 | |
Non PCI Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Estimated credit discount | 2,710,000 | $ 5,014,000 | |||||
Estimated fair value | 104,853,000 | 178,818,000 | |||||
Unpaid principal amount | 107,563,000 | $ 183,832,000 | |||||
Allowance for loan losses | 0 | ||||||
PCI Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses for PCI loans | $ 5,000 | $ 0 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | $ 80,000 | $ 18,000 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 9,659,000 | 6,662,000 | ||||
Total ending allowance balance | 9,744,000 | $ 8,016,000 | 6,680,000 | $ 5,883,000 | $ 5,771,000 | $ 4,900,000 |
Loans, Individually evaluated for impairment | 1,750,000 | 946,000 | ||||
Loans, Collectively evaluated for impairment | 1,120,278,000 | 782,986,000 | ||||
Aging of Recorded Investment, Total | 1,125,941,000 | 788,247,000 | ||||
PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 5,000 | 0 | ||||
Purchased credit-impaired loans | 3,913,000 | 4,315,000 | ||||
Construction and Land Development [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 3,028,000 | 2,690,000 | ||||
Total ending allowance balance | 3,028,000 | 2,567,000 | 2,690,000 | 2,141,000 | 1,910,000 | 1,552,000 |
Loans, Collectively evaluated for impairment | 334,208,000 | 239,225,000 | ||||
Aging of Recorded Investment, Total | 334,285,000 | 239,302,000 | ||||
Construction and Land Development [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 77,000 | 77,000 | ||||
Commercial Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 2,451,000 | 1,494,000 | ||||
Total ending allowance balance | 2,456,000 | 2,321,000 | 1,494,000 | 1,373,000 | 1,740,000 | 1,511,000 |
Loans, Individually evaluated for impairment | 914,000 | 835,000 | ||||
Loans, Collectively evaluated for impairment | 312,221,000 | 245,517,000 | ||||
Aging of Recorded Investment, Total | 314,587,000 | 248,150,000 | ||||
Commercial Real Estate [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 5,000 | |||||
Purchased credit-impaired loans | 1,452,000 | 1,798,000 | ||||
Residential Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 1,659,000 | 1,791,000 | ||||
Total ending allowance balance | 1,659,000 | 1,739,000 | 1,791,000 | 1,744,000 | 1,560,000 | 1,402,000 |
Loans, Individually evaluated for impairment | 709,000 | 93,000 | ||||
Loans, Collectively evaluated for impairment | 247,742,000 | 213,667,000 | ||||
Aging of Recorded Investment, Total | 249,160,000 | 214,574,000 | ||||
Residential Real Estate [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 709,000 | 814,000 | ||||
Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | 80,000 | 18,000 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 2,482,000 | 632,000 | ||||
Total ending allowance balance | 2,562,000 | 1,324,000 | 650,000 | 576,000 | 508,000 | 337,000 |
Loans, Individually evaluated for impairment | 102,000 | 18,000 | ||||
Loans, Collectively evaluated for impairment | 219,239,000 | 76,552,000 | ||||
Aging of Recorded Investment, Total | 221,016,000 | 78,194,000 | ||||
Commercial and Industrial [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | 1,675,000 | 1,624,000 | ||||
Consumer and Other [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 39,000 | 55,000 | ||||
Total ending allowance balance | 39,000 | $ 65,000 | 55,000 | $ 49,000 | $ 53,000 | $ 98,000 |
Loans, Individually evaluated for impairment | 25,000 | |||||
Loans, Collectively evaluated for impairment | 6,868,000 | 8,025,000 | ||||
Aging of Recorded Investment, Total | $ 6,893,000 | 8,027,000 | ||||
Consumer and Other [Member] | PCI Loans [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Purchased credit-impaired loans | $ 2,000 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | $ 3,257 | $ 3,257 | $ 2,515 | ||
Unpaid Principal Balance | 3,337 | 3,337 | 2,533 | ||
Recorded Investment, With no allowance recorded | 1,670 | 1,670 | 928 | ||
Recorded Investment | 1,750 | 1,750 | 946 | ||
Unpaid Principal Balance, With an allowance recorded | 80 | 80 | 18 | ||
Recorded Investment, With an allowance recorded | 80 | 80 | 18 | ||
Allowance for Loan Losses Allocated | 80 | 80 | 18 | ||
Average Recorded Investment, With no allowance recorded | 1,711 | $ 211 | 1,463 | $ 71 | |
Average Recorded Investment, With an allowance recorded | 106 | 1,258 | 60 | 1,378 | |
Average Recorded Investment | 1,817 | 1,469 | 1,523 | 1,449 | |
Commercial Real Estate Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 2,501 | 2,501 | 2,422 | ||
Recorded Investment, With no allowance recorded | 914 | 914 | 835 | ||
Average Recorded Investment, With no allowance recorded | 918 | 211 | 873 | 71 | |
Average Recorded Investment, With an allowance recorded | 1,194 | 837 | |||
Residential Real Estate, Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 709 | 709 | |||
Recorded Investment, With no allowance recorded | 709 | 709 | |||
Average Recorded Investment, With no allowance recorded | 712 | 317 | |||
Real Estate Residential Closed-end 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 93 | ||||
Recorded Investment, With no allowance recorded | 93 | ||||
Average Recorded Investment, With no allowance recorded | 33 | 188 | |||
Average Recorded Investment, With an allowance recorded | 476 | ||||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 22 | 22 | |||
Recorded Investment, With no allowance recorded | 22 | 22 | |||
Unpaid Principal Balance, With an allowance recorded | 80 | 80 | 18 | ||
Recorded Investment, With an allowance recorded | 80 | 80 | 18 | ||
Allowance for Loan Losses Allocated | 80 | 80 | $ 18 | ||
Average Recorded Investment, With no allowance recorded | 23 | 77 | |||
Average Recorded Investment, With an allowance recorded | 90 | $ 64 | 50 | $ 65 | |
Consumer and Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 25 | 25 | |||
Recorded Investment, With no allowance recorded | 25 | 25 | |||
Average Recorded Investment, With no allowance recorded | 25 | 8 | |||
Average Recorded Investment, With an allowance recorded | $ 16 | $ 10 |
Loans - Schedule of Recorded In
Loans - Schedule of Recorded Investment in Nonaccrual and Loans Past Due Over 90 Days on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 835 | $ 835 |
Recorded Investment, Loans Past Due Over 90 Days | 316 | |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Nonaccrual | $ 835 | 835 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable Recorded Investment Nonaccrual Loans [Line Items] | ||
Recorded Investment, Loans Past Due Over 90 Days | $ 316 |
Loans - Schedule of Aging of Re
Loans - Schedule of Aging of Recorded Investment in Past Due Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 3,156 | $ 2,233 |
Aging of Recorded Investment, Loans Not Past Due | 1,118,872 | 781,699 |
Aging of Recorded Investment, Total | 1,125,941 | 788,247 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,358 | 354 |
Aging of Recorded Investment, Loans Not Past Due | 332,850 | 238,871 |
Aging of Recorded Investment, Total | 334,285 | 239,302 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 123 | 212 |
Aging of Recorded Investment, Loans Not Past Due | 219,218 | 76,358 |
Aging of Recorded Investment, Total | 221,016 | 78,194 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1 | |
Aging of Recorded Investment, Loans Not Past Due | 6,892 | 8,025 |
Aging of Recorded Investment, Total | 6,893 | 8,027 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 3,913 | 4,315 |
PCI Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 77 | 77 |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,675 | 1,624 |
PCI Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 2 | |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 835 | 835 |
Aging of Recorded Investment, Loans Not Past Due | 302,822 | 240,140 |
Aging of Recorded Investment, Total | 305,109 | 242,773 |
Commercial Real Estate Financing Receivable [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 1,452 | 1,798 |
Commercial Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 9,478 | 5,377 |
Aging of Recorded Investment, Total | 9,478 | 5,377 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 839 | 780 |
Aging of Recorded Investment, Loans Not Past Due | 143,241 | 129,851 |
Aging of Recorded Investment, Total | 144,787 | 131,337 |
Real Estate Residential Closed-end 1-4 Family [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 707 | 706 |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 52 | |
Aging of Recorded Investment, Loans Not Past Due | 104,371 | 83,077 |
Aging of Recorded Investment, Total | 104,373 | 83,237 |
Residential Real Estate, Other [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, PCI Loans | 2 | 108 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2,321 | 705 |
30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,358 | 354 |
30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 123 | |
30 to 59 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1 | |
30 to 59 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 839 | 299 |
30 to 59 Days Past Due [Member] | Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 52 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 377 | |
60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 212 | |
60 to 89 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 165 | |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 835 | 1,151 |
Greater Than 90 Days Past Due [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 835 | 835 |
Greater Than 90 Days Past Due [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 316 |
Loans - Summary of Risk Categor
Loans - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 1,125,941 | $ 788,247 |
Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 334,285 | 239,302 |
Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 221,016 | 78,194 |
Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,893 | 8,027 |
Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 305,109 | 242,773 |
Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 9,478 | 5,377 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 144,787 | 131,337 |
Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 104,373 | 83,237 |
Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,119,690 | 780,761 |
Pass [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 334,208 | 239,225 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 219,522 | 76,552 |
Pass [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,868 | 8,025 |
Pass [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 302,387 | 239,584 |
Pass [Member] | Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 9,478 | 5,377 |
Pass [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 143,564 | 128,869 |
Pass [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 103,663 | 83,129 |
Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 6,251 | 7,486 |
Substandard [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 77 | 77 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,494 | 1,642 |
Substandard [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 25 | 2 |
Substandard [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,722 | 3,189 |
Substandard [Member] | Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1,223 | 2,468 |
Substandard [Member] | Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 710 | $ 108 |
Loans -Summary of Total Contrac
Loans -Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Purchased Credit-Impaired ("PCI") Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | |||
Contractually required principal and interest | $ 5,872 | $ 6,000 | $ 6,532 |
Non-accretable difference | (307) | (973) | (1,270) |
Cash flows expected to be collected | 5,565 | 5,027 | 5,262 |
Accretable yield | (1,652) | (749) | (947) |
Carrying value of acquired loans | 3,913 | $ 4,278 | 4,315 |
Allowance for loan losses | (5) | ||
Carrying value less allowance for loan losses | $ 3,908 | $ 4,315 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments, Managements Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||||
Contractually required principal and interest | $ 5,872 | $ 5,872 | $ 6,000 | $ 6,532 |
Non-accretable difference | (307) | (307) | (973) | (1,270) |
Cash flows expected to be collected | 5,565 | 5,565 | 5,027 | 5,262 |
Accretable yield | (1,652) | (1,652) | (749) | (947) |
Carrying value of acquired loans | 3,913 | 3,913 | $ 4,278 | $ 4,315 |
Contractually required principal and interest, Effect of Acquisitions | 0 | 0 | ||
Non-accretable difference, Effect of Acquisitions | 0 | 0 | ||
Cash flows expected to be collected, Effect of Acquisitions | 0 | 0 | ||
Accretable yield, Effect of Acquisitions | 0 | 0 | ||
Carrying value of acquired loans, Effect of Acquisitions | 0 | 0 | ||
Contractually required principal and interest, Income Accretion | 0 | 0 | ||
Non-accretable difference, Income Accretion | 839 | 839 | ||
Cash flows expected to be collected, Income Accretion | 839 | 839 | ||
Accretable yield, Income Accretion | 447 | 637 | ||
Carrying value of acquired loans, Income Accretion | 1,286 | 1,476 | ||
Contractually required principal and interest, All other Adjustments | (128) | (660) | ||
Non-accretable difference, All other Adjustments | (173) | 124 | ||
Cash flows expected to be collected, All other Adjustments | (301) | (536) | ||
Accretable yield, All other Adjustments | (1,350) | (1,342) | ||
Carrying value of acquired loans, All other Adjustments | $ (1,651) | $ (1,878) |
Loan Servicing - Schedule of Lo
Loan Servicing - Schedule of Loans Serviced Not Reported as Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Federal Home Loan Mortgage Corporation [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 461,121 | $ 414,222 |
Other Serviced Loans [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loan servicing rights, at fair value | $ 3,613 | $ 3,986 |
Loan Servicing - Components of
Loan Servicing - Components of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Transfers and Servicing [Abstract] | ||||
Loan servicing fees | $ 287 | $ 253 | $ 831 | $ 720 |
Amortization of loan servicing fees | (203) | (180) | (644) | (547) |
Change in impairment | 0 | 0 | 0 | 0 |
Total | $ 84 | $ 73 | $ 187 | $ 173 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | ||
Fair value of servicing rights | $ 4,264 | $ 4,180 |
Weighted average discount rate | 10.50% | 10.50% |
Weighted average prepayment speed | 11.50% | 10.80% |
Weighted average amortization period | 6 years 9 months 7 days |
Loan Servicing - Schedule of Es
Loan Servicing - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,015 | $ 782 |
2,016 | 552 |
2,017 | $ 552 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) - USD ($) | Jul. 01, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2010 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 4,970 | 0 | ||||||
Cash proceeds on warrants exercised | $ 60,000 | |||||||
Aggregate intrinsic value of warrants exercised | $ 46,000 | |||||||
Trigger value of 2010 warrant, price per share | $ 15 | |||||||
Warrants, contingent redemption price | $ 1 | |||||||
Number of shares authorized for issuance | 2,364,492 | |||||||
Exercise price of options | $ 12.88 | |||||||
Share-based compensation arrangements by share-based payment award, estimated grant date fair value | $ 14.50 | $ 6.41 | $ 4.12 | |||||
Exercise of stock options | $ 780,000 | |||||||
Intrinsic value of shares exercised | 839,000 | |||||||
Unrecognized compensation cost, nonvested stock options | $ 1,733,000 | |||||||
Unrecognized compensation cost, period of recognition | 1 year 8 months 12 days | |||||||
2010 Offering [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Warrant shares issued | 32,425 | |||||||
Warrant exercise price per share | $ 12 | |||||||
Warrants exercisable period | 7 years | |||||||
Warrants outstanding | 26,907 | |||||||
2007 Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options authorized | 551,250 | |||||||
Increase in shares authorized | 1,500,000 | |||||||
Increased number of authorized shares | 4,000,000 | 2,000,000 | ||||||
Options contractual term | 10 years | |||||||
2007 Stock Option Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period of shares | 3 years | |||||||
2007 Stock Option Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period of shares | 5 years | |||||||
Two Thousand Ten Amended Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options authorized | 1,000,000 | |||||||
MidSouth Bank [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options to purchase shares of common stock | 137,280 | |||||||
Exercise price of options | $ 8.57 | |||||||
Share-based compensation arrangements by share-based payment award, estimated grant date fair value | $ 6.31 | |||||||
Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $ 0 | |||||||
Common Stock [Member] | MidSouth Bank [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock options converted | 322,300 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost, nonvested stock options | $ 1,524,000 | |||||||
Unrecognized compensation cost, period of recognition | 3 years 6 months | |||||||
Number of shares granted | 87,374 | |||||||
Restricted Stock [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period of shares | 3 years | |||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period of shares | 5 years |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions of Stock Options (Detail) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 1.84% | 1.81% |
Expected term | 7 years 6 months | 5 years 10 months 24 days |
Expected stock price volatility | 25.00% | 10.85% |
Dividend yield | 0.22% | 0.23% |
Share-Based Payments - Summary
Share-Based Payments - Summary of Company's Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares, Outstanding, Beginning Balance | 1,210,660 | |
Shares, Granted | 226,782 | |
Shares, Exercised | (93,754) | |
Shares, Forfeited, expired, or canceled | (4,417) | |
Shares, Outstanding, Ending Balance | 1,339,271 | 1,210,660 |
Shares, Vested or expected to vest | 1,272,307 | |
Shares, Exercisable at period end | 829,072 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 11.32 | |
Weighted Average Exercise Price, Granted | 20.78 | |
Weighted Average Exercise Price, Exercised | 11.53 | |
Weighted Average Exercise Price, Forfeited, expired, or cancelled | 19.02 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 12.88 | $ 11.32 |
Weighted Average Exercise Price, Vested or expected to vest | 12.88 | |
Weighted Average Exercise Price, Exercisable at period end | $ 10.76 | |
Weighted Average Remaining Contractual Term, beginning of year | 6 years 4 months 21 days | 6 years 6 months 11 days |
Weighted Average Remaining Contractual Term, Vested or expected to vest | 6 years 4 months 21 days | |
Weighted Average Remaining Contractual Term, Exercisable at period end | 5 years 22 days | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 12,685 | $ 7,244 |
Aggregate Intrinsic Value, Vested or expected to vest | 12,051 | |
Aggregate Intrinsic Value, Exercisable at period end | $ 9,606 |
Share-Based Payments - Summar57
Share-Based Payments - Summary of Activity for Nonvested Restricted Share Awards (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Nonvested, Beginning Balance | 102,710 |
Shares, Granted | 31,938 |
Shares, Vested | (25,075) |
Shares, Forfeited | (3,709) |
Shares, Nonvested, Ending Balance | 105,864 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning Balance | $ / shares | $ 13.93 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 20.69 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 14.08 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 15.99 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending Balance | $ / shares | $ 15.89 |
Regulatory Capital Matters - Ac
Regulatory Capital Matters - Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Bank common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 161,721 | |
Total Capital to risk weighted assets | 178,516 | $ 114,475 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 168,771 | 107,795 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 168,771 | $ 107,795 |
Bank common equity Tier 1 capital to risk weighted assets | 11.03% | |
Total Capital to risk weighted assets, Actual Ratio | 12.18% | 12.30% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 11.52% | 11.58% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 8.90% | 8.57% |
Bank common equity Tier 1 capital to risk weighted assets | $ 65,479 | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 116,407 | $ 74,464 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 58,204 | 37,232 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 75,824 | $ 50,291 |
Bank common equity Tier 1 capital to risk weighted assets | 4.50% | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank common equity Tier 1 capital to risk-weighted assets | $ 87,937 | |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 146,562 | |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 117,249 | |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 94,781 | |
Bank common equity Tier 1 capital to risk-weighted assets | 6.00% | |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 10.00% | |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 8.00% | |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Bank common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 166,116 | |
Total Capital to risk weighted assets | 175,860 | $ 113,830 |
Tier 1 (Core) Capital to risk weighted assets, Actual Amount | 166,116 | 107,150 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 166,116 | $ 107,150 |
Bank common equity Tier 1 capital to risk weighted assets | 11.34% | |
Total Capital to risk weighted assets, Actual Ratio | 12.00% | 12.23% |
Tier 1 (Core) Capital to risk weighted assets, Actual Ratio | 11.34% | 11.51% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 8.76% | 8.52% |
Bank common equity Tier 1 capital to risk weighted assets | $ 65,947 | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 117,239 | $ 74,447 |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Amount | 87,930 | 37,223 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 75,824 | $ 50,279 |
Bank common equity Tier 1 capital to risk weighted assets | 4.50% | |
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank common equity Tier 1 capital to risk-weighted assets | $ 87,930 | |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 146,549 | $ 93,059 |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 117,239 | 55,835 |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 94,781 | $ 62,849 |
Bank common equity Tier 1 capital to risk-weighted assets | 6.00% | |
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 10.00% | 10.00% |
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 8.00% | 6.00% |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | 5.00% |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Description of dividend restriction pertaining to the dividends that the company could declare | 13,836 plus any 2015 net profits retained to the date of declaration |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 624,420 | $ 395,705 |
Loans held for sale | 14,666 | 18,462 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 14,418 | 30,173 |
Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 514,599 | 339,067 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,330 | 6,465 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,000 | |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 75,073 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,000 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,000 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 624,420 | 375,705 |
Loans held for sale | 14,666 | 18,462 |
Mortgage banking derivatives | 559 | 285 |
Mortgage banking derivatives | 131 | 132 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 14,418 | 30,173 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 514,599 | 339,067 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 20,330 | $ 6,465 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 75,073 |
Fair Value - Additional informa
Fair Value - Additional information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Change in fair value related to loans held for sale | $ 2,463,000 | $ 1,875,000 | $ 5,573,000 | $ 4,226,000 | |
Change in fair value of loans held for sale | 248,000 | 217,000 | (22,000) | 755,000 | |
Carrying amount of impaired loans with specific allocations | 1,750,000 | 1,750,000 | $ 946,000 | ||
Additional provision for loan losses | 1,724,000 | 664,000 | 3,154,000 | 1,489,000 | |
Foreclosed assets | 206,000 | 206,000 | 715,000 | ||
Write-down value during period | 0 | 0 | 0 | 0 | |
Fair Value [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Carrying amount of impaired loans with specific allocations | 0 | 0 | $ 0 | ||
Changes Measurement [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Additional provision for loan losses | 0 | $ (7,000) | 0 | $ 39,000 | |
Loans Held For Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Unpaid principal balance of loans held for sale | $ 14,124,000 | 14,124,000 | |||
Change in fair value related to loans held for sale | $ 542,000 | ||||
Maximum [Member] | Loans Held For Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Term of loan | 90 days |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 47,658 | $ 49,347 | $ 36,657 | $ 18,217 |
Securities available for sale | 624,420 | 395,705 | ||
Certificates of deposit held at other financial institutions | 250 | 250 | ||
Securities held to maturity, Carrying Amount | 132,134 | 53,332 | ||
Securities held to maturity, Fair Value | 134,028 | 53,741 | ||
Loans held for sale, Fair Value | 14,666 | 18,462 | ||
Net loans, Carrying Amount | 1,114,082 | 780,508 | ||
Servicing rights, net, Carrying Amount | 3,415 | 3,053 | ||
Servicing rights, net, Fair Value | 4,264 | 4,180 | ||
Accrued interest receivable | 6,108 | 3,545 | ||
Deposits, Carrying Amount | 1,714,594 | 1,172,233 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 37,618 | 39,078 | ||
Federal Home Loan Bank advances, Carrying Amount | 57,000 | 19,000 | ||
Accrued interest payable | 587 | 421 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents , Fair Value | 47,658 | 49,347 | ||
Securities available for sale | 624,420 | 395,705 | ||
Certificates of deposit held at other financial institutions, Fair Value | 250 | 250 | ||
Securities held to maturity, Fair Value | 134,028 | 53,741 | ||
Loans held for sale, Fair Value | 14,666 | 18,462 | ||
Net loans, Fair Value | 1,112,007 | 782,745 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 4,264 | 4,180 | ||
Accrued interest receivable | 6,108 | 3,545 | ||
Deposits, Fair Value | 1,721,359 | 1,174,802 | ||
Federal funds purchased and repurchase agreements, Fair Value | 37,618 | 39,078 | ||
Federal Home Loan Bank advances, Fair Value | 57,123 | 19,146 | ||
Accrued interest payable | 587 | 421 | ||
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents , Fair Value | 47,658 | 49,347 | ||
Securities available for sale | 20,000 | |||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 7 | |||
Deposits, Fair Value | 956,892 | 848,158 | ||
Accrued interest payable | 79 | 33 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 624,420 | 375,705 | ||
Certificates of deposit held at other financial institutions, Fair Value | 250 | 250 | ||
Securities held to maturity, Fair Value | 134,028 | 53,741 | ||
Loans held for sale, Fair Value | 14,666 | 18,462 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Servicing rights, net, Fair Value | 4,264 | 4,180 | ||
Accrued interest receivable | 3,032 | 1,368 | ||
Deposits, Fair Value | 764,467 | 326,644 | ||
Federal funds purchased and repurchase agreements, Fair Value | 37,618 | 39,078 | ||
Federal Home Loan Bank advances, Fair Value | 57,123 | 19,146 | ||
Accrued interest payable | 508 | 388 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net loans, Fair Value | 1,112,007 | 782,745 | ||
Restricted equity securities, Fair Value | 0 | 0 | ||
Accrued interest receivable | 3,069 | 2,177 | ||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | 47,658 | 49,347 | ||
Securities available for sale | 624,420 | 395,705 | ||
Certificates of deposit held at other financial institutions | 250 | 250 | ||
Securities held to maturity, Carrying Amount | 132,134 | 53,332 | ||
Loans held for sale, Carrying Amount | 14,666 | 18,462 | ||
Net loans, Carrying Amount | 1,114,082 | 780,508 | ||
Restricted equity securities, Carrying Amount | 7,691 | 5,349 | ||
Servicing rights, net, Carrying Amount | 3,415 | 3,053 | ||
Accrued interest receivable | 6,108 | 3,545 | ||
Deposits, Carrying Amount | 1,714,594 | 1,172,233 | ||
Federal funds purchased and repurchase agreements, Carrying Amount | 37,618 | 39,078 | ||
Federal Home Loan Bank advances, Carrying Amount | 57,000 | 19,000 | ||
Accrued interest payable | $ 587 | $ 421 |
Securities Sold under Agreeme63
Securities Sold under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Repurchase Agreements [Abstract] | ||
Total short-term borrowings | $ 37,618 | $ 22,253 |
Securities sold under agreements to repurchase, maturity period | 1 day |
Securities Sold under Agreeme64
Securities Sold under Agreement to Repurchase - Additional Details of Securities Sold under Agreement to Repurchase (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 43,052 |
Borrowings related to pledged amounts | $ 37,618 |
Market value pledged as a % of borrowings | 114.00% |
U.S. Government Sponsored Entities and Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 6,039 |
Borrowings related to pledged amounts | $ 4,734 |
Market value pledged as a % of borrowings | 128.00% |
Mortgage-Backed Securities: Residential [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 33,542 |
Borrowings related to pledged amounts | $ 29,623 |
Market value pledged as a % of borrowings | 113.00% |
Mortgage-Backed Securities: Commercial [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Market value of securities pledged | $ 3,471 |
Borrowings related to pledged amounts | $ 3,261 |
Market value pledged as a % of borrowings | 106.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic | ||||
Net income available to common shareholders | $ 5,125 | $ 1,990 | $ 11,341 | $ 5,504 |
Less: earnings allocated to participating securities | (52) | (27) | (127) | (57) |
Net income allocated to common shareholders | $ 5,073 | $ 1,963 | $ 11,214 | $ 5,447 |
Weighted average common shares outstanding including participating securities | 10,516,290 | 7,737,710 | 9,668,497 | 5,840,620 |
Less: Participating securities | (107,502) | (105,129) | (108,617) | (60,840) |
Average shares | 10,408,788 | 7,632,581 | 9,559,880 | 5,779,780 |
Basic earnings per common share | $ 0.49 | $ 0.26 | $ 1.17 | $ 0.94 |
Diluted | ||||
Net income allocated to common shareholders | $ 5,073 | $ 1,963 | $ 11,214 | $ 5,447 |
Weighted average common shares outstanding for basic earnings per common share | 10,408,788 | 7,632,581 | 9,559,880 | 5,779,780 |
Add: Dilutive effects of assumed exercises of stock options | 534,148 | 272,634 | 466,955 | 170,470 |
Add: Dilutive effects of assumed exercises of stock warrants | 13,265 | 7,559 | 13,257 | 5,033 |
Average shares and dilutive potential common shares | 10,956,201 | 7,912,774 | 10,040,092 | 5,955,283 |
Dilutive earnings per common share | $ 0.46 | $ 0.25 | $ 1.12 | $ 0.91 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Stock options to purchase shares of the Company's common stock | 226,040 | 228,691 | 274,132 |
Capital Offering - Additional I
Capital Offering - Additional Information (Detail) | Mar. 26, 2015$ / sharesshares |
Equity [Abstract] | |
Offering price per share in private placement | $ / shares | $ 21 |
Common shares issued | 2,640,000 |
Capital Offering - Schedule of
Capital Offering - Schedule of Net Proceeds (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Proceeds from Issuance or Sale of Equity [Abstract] | ||
Gross proceeds | $ 55,440 | |
Less: Stock offering costs | (5,017) | |
Net proceeds from issuance of common stock | $ 50,423 | $ (514) |