Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FSB | |
Entity Registrant Name | FRANKLIN FINANCIAL NETWORK INC. | |
Entity Central Index Key | 0001407067 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity File Number | 001-36895 | |
Entity Tax Identification Number | 208839445 | |
Entity Address, Address Line One | 722 Columbia Avenue | |
Entity Address, City or Town | Franklin | |
Entity Address, State or Province | Tennessee | |
Entity Address, Postal Zip Code | 37064 | |
City Area Code | 615 | |
Local Phone Number | 236-2265 | |
Entity Common Stock, Shares Outstanding | 14,624,960 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from financial institutions | $ 150,721 | $ 280,212 |
Certificates of deposit at other financial institutions | 3,840 | 3,594 |
Securities available for sale | 715,132 | 1,030,668 |
Securities held to maturity (fair value 2019—$120,809 and 2018—$118,955) | 118,963 | 121,617 |
Loans held for sale, at fair value | 27,093 | 11,103 |
Loans held for investment | 2,880,433 | 2,665,399 |
Allowance for loan losses | (27,443) | (23,451) |
Net loans | 2,852,990 | 2,641,948 |
Restricted equity securities, at cost | 24,842 | 21,831 |
Premises and equipment, net | 12,948 | 12,371 |
Accrued interest receivable | 14,281 | 13,337 |
Bank owned life insurance | 55,989 | 55,239 |
Deferred tax asset | 10,451 | 13,189 |
Servicing rights, net | 3,299 | 3,403 |
Goodwill | 18,176 | 18,176 |
Core deposit intangible, net | 675 | 952 |
Other assets | 62,571 | 21,799 |
Total assets | 4,071,971 | 4,249,439 |
Deposits | ||
Non-interest bearing | 334,802 | 290,580 |
Interest bearing | 2,811,843 | 3,141,227 |
Total deposits | 3,146,645 | 3,431,807 |
Federal Home Loan Bank advances | 396,500 | 368,500 |
Subordinated notes, net | 58,782 | 58,693 |
Accrued interest payable | 4,312 | 4,700 |
Other liabilities | 72,123 | 12,906 |
Total liabilities | 3,678,362 | 3,876,606 |
Commitments and Contingencies (Note 9) | ||
Equity | ||
Preferred stock, no par value: 1.0 million shares authorized; no shares outstanding at June 30, 2019 and December 31, 2018 | ||
Common stock, no par value: 30.0 million authorized; 14.6 million and 14.5 million issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 268,505 | 264,905 |
Retained earnings | 127,840 | 123,176 |
Accumulated other comprehensive loss | (2,829) | (15,341) |
Total shareholders’ equity | 393,516 | 372,740 |
Non-controlling interest in consolidated subsidiary | 93 | 93 |
Total equity | 393,609 | 372,833 |
Total liabilities and equity | $ 4,071,971 | $ 4,249,439 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 120,809 | $ 118,955 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock shares authorized | 30,000,000 | 30,000,000 |
Common stock shares issued | 14,600,000 | 14,500,000 |
Common stock shares outstanding | 14,600,000 | 14,500,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income and dividends | ||||
Loans, including fees | $ 40,202 | $ 32,312 | $ 78,540 | $ 61,105 |
Securities: | ||||
Taxable | 4,614 | 6,905 | 11,008 | 13,016 |
Tax-Exempt | 1,410 | 1,929 | 2,880 | 3,844 |
Dividends on restricted equity securities | 350 | 329 | 684 | 603 |
Federal funds sold and other | 877 | 661 | 1,864 | 1,615 |
Total interest income | 47,453 | 42,136 | 94,976 | 80,183 |
Interest expense | ||||
Deposits | 16,679 | 12,604 | 33,669 | 23,247 |
Federal funds purchased and repurchase agreements | 90 | 131 | 162 | 227 |
Federal Home Loan Bank advances and other borrowings | 2,237 | 1,414 | 4,196 | 2,524 |
Subordinated notes | 1,082 | 1,082 | 2,164 | 2,164 |
Total interest expense | 20,088 | 15,231 | 40,191 | 28,162 |
Net interest income | 27,365 | 26,905 | 54,785 | 52,021 |
Provision for loan losses | 7,031 | 570 | 12,086 | 1,143 |
Net interest income after provision for loan losses | 20,334 | 26,335 | 42,699 | 50,878 |
Noninterest income | ||||
Gain on sale or call of securities | 367 | 1 | 517 | 1 |
Net (loss) gain on sale of loans | 3 | (214) | ||
Total noninterest income | 4,923 | 4,147 | 8,410 | 7,603 |
Noninterest expense | ||||
Salaries and employee benefits | 11,365 | 10,268 | 26,108 | 19,456 |
Occupancy and equipment | 3,283 | 2,885 | 6,396 | 5,479 |
FDIC assessment expense | 660 | 778 | 1,650 | 1,438 |
Marketing | 301 | 269 | 620 | 549 |
Professional fees | 1,073 | 1,362 | 1,996 | 2,231 |
Amortization of core deposit intangible | 132 | 182 | 277 | 286 |
Other | 2,556 | 2,306 | 4,939 | 4,099 |
Total noninterest expense | 19,370 | 18,050 | 41,986 | 33,538 |
Income before income tax expense | 5,887 | 12,432 | 9,123 | 24,943 |
Income tax expense | 706 | 2,263 | 1,040 | 4,722 |
Net income | 5,181 | 10,169 | 8,083 | 20,221 |
Earnings attributable to noncontrolling interest | (8) | (8) | (8) | (8) |
Net income available to common shareholders | $ 5,173 | $ 10,161 | $ 8,075 | $ 20,213 |
Earnings per share: | ||||
Basic | $ 0.35 | $ 0.71 | $ 0.55 | $ 1.46 |
Diluted | $ 0.34 | $ 0.68 | $ 0.54 | $ 1.41 |
Service charges on deposit accounts [Member] | ||||
Noninterest income | ||||
Total noninterest income | $ 77 | $ 51 | $ 151 | $ 93 |
Other Service Charges and Fees [Member] | ||||
Noninterest income | ||||
Total noninterest income | 903 | 823 | 1,660 | 1,574 |
Mortgage Banking Revenue [Member] | ||||
Noninterest income | ||||
Total noninterest income | 2,473 | 2,044 | 4,145 | 3,602 |
Wealth Management [Member] | ||||
Noninterest income | ||||
Total noninterest income | 673 | 789 | 1,300 | 1,493 |
Net gain on sale of foreclosed assets [Member] | ||||
Noninterest income | ||||
Total noninterest income | 3 | 3 | 7 | 6 |
Other [Member] | ||||
Noninterest income | ||||
Total noninterest income | $ 424 | $ 436 | $ 844 | $ 834 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 5,181 | $ 10,169 | $ 8,083 | $ 20,221 |
Unrealized gains/losses on securities: | ||||
Unrealized holding gain (loss) arising during the period | 7,116 | (3,774) | 19,109 | (18,351) |
Reclassification adjustment for losses (gains) included in net income | (367) | (1) | (517) | (1) |
Tax effect | (1,760) | 988 | (4,849) | 4,796 |
Net of tax | 4,989 | (2,787) | 13,743 | (13,556) |
Unrealized gain/loss on cash flow hedge: | ||||
Unrealized holding gain (loss) | (1,667) | (1,667) | ||
Tax effect | 436 | 436 | ||
Net of tax | (1,231) | (1,231) | ||
Total other comprehensive income (loss) | 3,758 | (2,787) | 12,512 | (13,556) |
Comprehensive income | $ 8,939 | $ 7,382 | $ 20,595 | $ 6,665 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2017 | $ 304,653 | $ 222,665 | $ 88,671 | $ (6,786) | $ 103 |
Beginning balance, shares at Dec. 31, 2017 | 13,237,128 | ||||
Exercise of common stock options, includes net settlement of shares | 1,937 | $ 1,937 | |||
Exercise of common stock options, includes net settlement of shares, number of shares | 157,231 | ||||
Stock based compensation expense, net of restricted share forfeitures | 2,078 | $ 2,078 | |||
Stock issued in conjunction with 401(k) employer match, net of distributions | (95) | $ (95) | |||
Stock issued in conjunction with 401(k) employer match, net of distributions, shares | (2,815) | ||||
Issuance of restricted stock, net of forfeitures, shares | 118,306 | ||||
Stock issued for acquisition (net of issuance costs) | 32,932 | $ 32,932 | |||
Stock issued for acquisition, net of issuance costs, shares | 970,390 | ||||
Noncontrolling interest distributions | (8) | (8) | |||
Net income | 20,221 | 20,221 | |||
Other comprehensive income (loss) | (13,556) | (13,556) | |||
Ending balance at Jun. 30, 2018 | 348,162 | $ 259,517 | 108,884 | (20,342) | 103 |
Ending balance, shares at Jun. 30, 2018 | 14,480,240 | ||||
Beginning balance at Mar. 31, 2018 | 304,865 | $ 223,594 | 98,723 | (17,555) | 103 |
Beginning balance, shares at Mar. 31, 2018 | 13,258,142 | ||||
Exercise of common stock options, includes net settlement of shares | 1,717 | $ 1,717 | |||
Exercise of common stock options, includes net settlement of shares, number of shares | 135,883 | ||||
Stock based compensation expense, net of restricted share forfeitures | 1,319 | $ 1,319 | |||
Stock issued in conjunction with 401(k) employer match, net of distributions | (45) | $ (45) | |||
Stock issued in conjunction with 401(k) employer match, net of distributions, shares | (2,481) | ||||
Issuance of restricted stock, net of forfeitures, shares | 118,306 | ||||
Stock issued for acquisition (net of issuance costs) | 32,932 | $ 32,932 | |||
Stock issued for acquisition, net of issuance costs, shares | 970,390 | ||||
Noncontrolling interest distributions | (8) | (8) | |||
Net income | 10,169 | 10,169 | |||
Other comprehensive income (loss) | (2,787) | (2,787) | |||
Ending balance at Jun. 30, 2018 | 348,162 | $ 259,517 | 108,884 | (20,342) | 103 |
Ending balance, shares at Jun. 30, 2018 | 14,480,240 | ||||
Cumulative-effect of accounting change | (2,244) | (2,244) | |||
Balance at January 1, 2019, adjusted | 370,589 | $ 264,905 | 120,932 | (15,341) | 93 |
Adjusted balance, shares | 14,538,085 | ||||
Beginning balance at Dec. 31, 2018 | 372,833 | $ 264,905 | 123,176 | (15,341) | 93 |
Beginning balance, shares at Dec. 31, 2018 | 14,538,085 | ||||
Exercise of common stock options, includes net settlement of shares | 1,277 | $ 1,277 | |||
Exercise of common stock options, includes net settlement of shares, number of shares | 109,162 | ||||
Stock based compensation expense, net of restricted share forfeitures | 2,842 | $ 2,842 | |||
Issuance of restricted stock, net of forfeitures, shares | 220 | ||||
Purchase of treasury stock | (519) | $ (519) | |||
Purchase of treasury stock, shares | (19,180) | ||||
Cash dividends - common stock($0.04 and $0.08 per share) | (1,167) | (1,167) | |||
Noncontrolling interest distributions | (8) | (8) | |||
Net income | 8,083 | 8,083 | |||
Other comprehensive income (loss) | 12,512 | 12,512 | |||
Ending balance at Jun. 30, 2019 | 393,609 | $ 268,505 | 127,840 | (2,829) | 93 |
Ending balance, shares at Jun. 30, 2019 | 14,628,287 | ||||
Beginning balance at Mar. 31, 2019 | 383,514 | $ 266,758 | 123,250 | (6,587) | 93 |
Beginning balance, shares at Mar. 31, 2019 | 14,574,339 | ||||
Exercise of common stock options, includes net settlement of shares | 753 | $ 753 | |||
Exercise of common stock options, includes net settlement of shares, number of shares | 74,116 | ||||
Stock based compensation expense, net of restricted share forfeitures | 1,513 | $ 1,513 | |||
Issuance of restricted stock, net of forfeitures, shares | (988) | ||||
Purchase of treasury stock | (519) | $ (519) | |||
Purchase of treasury stock, shares | (19,180) | ||||
Cash dividends - common stock($0.04 and $0.08 per share) | (583) | (583) | |||
Noncontrolling interest distributions | (8) | (8) | |||
Net income | 5,181 | 5,181 | |||
Other comprehensive income (loss) | 3,758 | 3,758 | |||
Ending balance at Jun. 30, 2019 | $ 393,609 | $ 268,505 | $ 127,840 | $ (2,829) | $ 93 |
Ending balance, shares at Jun. 30, 2019 | 14,628,287 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends, Per share | $ 0.04 | $ 0.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 8,083 | $ 20,221 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization on premises and equipment | 850 | 841 |
Accretion of purchase accounting adjustments | (346) | (610) |
Net amortization of securities | 3,078 | 4,073 |
Amortization of loan servicing right asset | 487 | 441 |
Amortization of core deposit intangible | 277 | 286 |
Amortization of debt issuance costs | 89 | 89 |
Provision for loan losses | 12,086 | 1,143 |
Deferred income tax benefit | (2,121) | (216) |
Excess tax benefit related to stock compensation | (205) | |
Origination of loans held for sale | (208,009) | (184,835) |
Proceeds from sale of loans held for sale | 197,230 | 183,113 |
Loss (gain) on sale of loans held for investment | 227 | |
Net gain on sale of loans held for sale | (5,594) | (3,380) |
Gain on sale of available for sale securities | (517) | (1) |
Income from bank owned life insurance | (750) | (762) |
Stock-based compensation | 2,842 | 2,078 |
Deferred gain on sale of loans | (7) | (8) |
Deferred gain on sale of foreclosed assets | (7) | (6) |
Net change in: | ||
Accrued interest receivable and other assets | 4,478 | (2,153) |
Accrued interest payable and other liabilities | 6,875 | (3,327) |
Net cash from operating activities | 19,046 | 16,987 |
Securities available for sale : | ||
Sales and calls | 347,037 | 1 |
Purchases | (94,860) | (226,362) |
Maturities and prepayments | 82,556 | 87,779 |
Securities held to maturity : | ||
Purchases | (3,284) | (1,676) |
Maturities, prepayments and calls | 5,261 | 6,393 |
Net change in loans | (241,477) | (118,539) |
Proceeds from sale of loans held for investment | 18,468 | |
Purchase of restricted equity securities | (3,011) | (1,165) |
Purchases of premises and equipment, net | (1,427) | (885) |
Increase in certificates of deposits at other financial institutions | (246) | |
Purchase of bank owned life insurance | (119) | |
Net cash acquired from acquisition | 24,660 | |
Net cash from investing activities | 109,017 | (229,914) |
Cash flows from financing activities | ||
(Decrease) increase in deposits | (285,162) | 107,635 |
Increase (decrease) in federal funds purchased and repurchase agreements | (30,659) | |
Proceeds from Federal Home Loan Bank advances | 340,000 | 250,000 |
Repayment of Federal Home Loan Bank advances | (312,000) | (182,000) |
Proceeds from issuance of common stock, net of offering costs | (242) | |
Proceeds from exercise of common stock options | 1,277 | 1,937 |
Divestment of common stock issued to 401(k) plan | (95) | |
Purchase of treasury stock | (494) | |
Dividends paid on common stock | (1,167) | |
Noncontrolling interest distributions | (8) | (8) |
Net cash from financing activities | (257,554) | 146,568 |
Net change in cash and cash equivalents | (129,491) | (66,359) |
Cash and cash equivalents at beginning of period | 280,212 | 251,543 |
Cash and cash equivalents at end of period | 150,721 | 185,184 |
Supplemental information: | ||
Interest paid | 40,579 | 27,004 |
Income taxes paid | 6,043 | 6,632 |
Non-cash supplemental information: | ||
Fair value of stock and stock options issued related to Civic Bank acquisition | 33,174 | |
Transfers from loans to foreclosed assets | $ 350 | |
Establishment of lease liability and right-of use asset | 43,723 | |
Transfers from securities available for sale to securities held to maturity | $ 1,206 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1—BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a complete 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 19, 2019. These consolidated financial statements include the accounts of Franklin Financial Network, Inc. (“FFN”), and its wholly-owned subsidiaries, Franklin Synergy Bank (“Franklin Synergy” or the “Bank”) and Franklin Synergy Risk Management, Inc. (collectively, the “Company”). Franklin Synergy Investments of Tennessee, Inc., Franklin Synergy Investments of Nevada, Inc., and Franklin Synergy Preferred Capital, Inc. are direct or indirect subsidiaries of the Bank and are included in these consolidated financial statements. Significant intercompany transactions and accounts are eliminated in consolidation. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases The guidance requires that a lessee should now recognize lease assets and lease liabilities for operating leases. In July 2016, the FASB issued Accounting Standards Update 2018-10, Codification Improvements to Topic 842, Leases Accounting Standards Update 2018-11, Leases (Topic 842): Targeted Improvements In March 2019, the FASB issued ASU No. 2019-01, “Leases: Codification Improvements” which addresses lessors and clarifies the transition guidance related to certain interim disclosures provided in the year of adoption. right of use asset and lease liability of $43,723. See Note 5 - Leases for more information. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” Recent Accounting Pronouncements Not Yet Adopted In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 ASU No. 2018-19 Codification Improvements to Topic 326 Financial Instruments—Credit Losses ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief . In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract .” ASU 2018-15 clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU 2018-15 will be effective for the Company on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 2—SECURITIES The following table summarizes the amortized cost and fair value of the securities available for sale portfolio at June 30, 2019 and December 31, 2018 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 U.S. government sponsored entities and agencies $ 1,695 1 (8 ) $ 1,688 Mortgage-backed securities: residential 476,378 1,417 (3,744 ) 474,051 Mortgage-backed securities: commercial 18,544 275 (120 ) 18,699 Asset-backed securities 25,746 27 (565 ) 25,208 Corporate notes 22,360 356 — 22,716 State and political subdivisions 172,585 279 (94 ) 172,770 Total $ 717,308 $ 2,355 $ (4,531 ) $ 715,132 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2018 U.S. Treasury securities $ 253,015 $ 59 $ (60 ) $ 253,014 U.S. government sponsored entities and agencies 21,999 1 (112 ) 21,888 Mortgage-backed securities: residential 596,766 27 (16,094 ) 580,699 Asset-backed securities 25,744 — (900 ) 24,844 Corporate notes 12,480 21 (77 ) 12,424 State and political subdivisions 141,432 863 (4,496 ) 137,799 Total $ 1,051,436 $ 971 $ (21,739 ) $ 1,030,668 The amortized cost and fair value of the securities held to maturity portfolio at June 30, 2019 and December 31, 2018 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value June 30, 2019 Mortgage backed securities: residential $ 74,163 $ 198 $ (1,029 ) $ 73,332 State and political subdivisions 44,800 2,677 — 47,477 Total $ 118,963 $ 2,875 $ (1,029 ) $ 120,809 December 31, 2018 Mortgage backed securities: residential $ 75,944 $ 34 $ (3,072 ) $ 72,906 State and political subdivisions 45,673 466 (90 ) 46,049 Total $ 121,617 $ 500 $ (3,162 ) $ 118,955 The proceeds from sales and calls of securities available for sale and the associated gains and losses were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Proceeds $ 87,424 $ 1 $ 347,037 $ 1 Gross gains 367 1 2,168 1 Gross losses — — (1,651 ) — 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. June 30, 2019 Amortized Cost Fair Value Available for sale One year or less $ 10,502 $ 10,498 Over one year through five years 697 697 Over five years through ten years 27,586 28,033 Over ten years 157,855 157,946 Asset-backed securities 25,746 25,208 Mortgage-backed securities: residential 476,378 474,051 Mortgage-backed securities: commercial 18,544 18,699 Total $ 717,308 $ 715,132 Held to maturity Over one year through five years 1,106 1,138 Over five years through ten years 1,034 1,076 Over ten years 42,660 45,263 Mortgage-backed securities: residential 74,163 73,332 Total $ 118,963 $ 120,809 Securities pledged at June 30, 2019 and December 31, 2018 had a carrying amount of $468,429 and $939,440, respectively, and were pledged to secure public deposits. At June 30, 2019 and December 31, 2018, 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 June 30, 2019 and December 31, 2018, 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 Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019 Available for sale U.S. government sponsored entities and agencies $ 48 $ — $ 483 $ (8 ) $ 531 $ (8 ) Mortgage-backed securities: residential 8,385 (44 ) 329,225 (3,700 ) 337,610 (3,744 ) Mortgage-backed securities: commercial — — 7,532 (120 ) 7,532 (120 ) Asset-backed securities 22,713 (565 ) — — 22,713 (565 ) State and political subdivisions 9,996 (4 ) 30,152 (90 ) 40,148 (94 ) Total available for sale $ 41,142 $ (613 ) $ 367,392 $ (3,918 ) $ 408,534 $ (4,531 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 1,639 $ (6 ) $ 59,548 $ (1,023 ) $ 61,187 $ (1,029 ) Total held to maturity $ 1,639 $ (6 ) $ 59,548 $ (1,023 ) $ 61,187 $ (1,029 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018 Available for sale U.S. Treasury securities $ 163,722 $ (60 ) $ — $ — $ 163,722 $ (60 ) U.S. government sponsored entities and agencies 1,355 (12 ) 19,937 (100 ) 21,292 (112 ) Mortgage-backed securities: residential 83,203 (755 ) 490,752 (15,339 ) 573,955 (16,094 ) Asset-backed securities 24,845 (900 ) — — 24,845 (900 ) Corporate 9,839 (77 ) — — 9,839 (77 ) State and political subdivisions 10,446 (106 ) 69,238 (4,390 ) 79,684 (4,496 ) Total available for sale $ 293,410 $ (1,910 ) $ 579,927 $ (19,829 ) $ 873,337 $ (21,739 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 2,239 $ (40 ) $ 68,067 $ (3,032 ) $ 70,306 $ (3,072 ) State and political subdivisions 8,362 (39 ) 3,675 (51 ) 12,037 (90 ) Total held to maturity $ 10,601 $ (79 ) $ 71,742 $ (3,083 ) $ 82,343 $ (3,162 ) Unrealized losses on debt securities have not been recognized into income because the issuers’ bonds are of high credit quality (rated AA or higher). As of June 30, 2019, management does not intend to sell and it is more likely than not 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 | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | NOTE 3—LOANS Loans at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Loans Construction and land development $ 584,599 $ 584,440 Commercial real estate: Nonfarm, nonresidential 894,910 754,243 Other 37,845 48,017 Residential real estate: Closed-end 1-4 family 496,597 493,065 Other 197,549 189,817 Commercial and industrial 668,065 592,793 Consumer and other 4,945 5,568 Loans before net deferred loan fees 2,884,510 2,667,943 Deferred loan fees, net (4,077 ) (2,544 ) Total loans 2,880,433 2,665,399 Allowance for loan losses (27,443 ) (23,451 ) Total loans, net of allowance for loan losses $ 2,852,990 $ 2,641,948 The following table presents the activity in the allowance for loan losses by portfolio segment for the three-month periods ended June 30, 2019 and 2018: Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Three Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 4,742 $ 7,027 $ 4,810 $ 11,229 $ 49 $ 27,857 Provision for loan losses 42 614 18 6,382 (25 ) 7,031 Loans charged-off — — — (7,563 ) (29 ) (7,592 ) Recoveries — — 16 70 61 147 Total ending allowance balance $ 4,784 $ 7,641 $ 4,844 $ 10,118 $ 56 $ 27,443 Three Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 4,345 $ 5,875 $ 3,605 $ 7,866 $ 47 $ 21,738 Provision for loan losses 267 288 909 (900 ) 6 570 Loans charged-off — — — — (5 ) (5 ) Recoveries 1 — 19 10 8 38 Total ending allowance balance $ 4,613 $ 6,163 $ 4,533 $ 6,976 $ 56 $ 22,341 The following table presents the activity in the allowance for loan losses by portfolio segment for the six-month periods ended June 30, 2019 and 2018. Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Six Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 4,743 $ 6,725 $ 4,743 $ 7,166 $ 74 $ 23,451 Provision for loan losses 41 916 101 11,012 16 12,086 Loans charged-off — — (15 ) (8,131 ) (99 ) (8,245 ) Recoveries — — 15 71 65 151 Total ending allowance balance $ 4,784 $ 7,641 $ 4,844 $ 10,118 $ 56 $ 27,443 Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 3,802 $ 5,981 $ 3,834 $ 7,587 $ 43 $ 21,247 Provision for loan losses 848 182 668 (572 ) 17 1,143 Loans charged-off (38 ) — (7 ) (49 ) (17 ) (111 ) Recoveries 1 — 38 10 13 62 Total ending allowance balance $ 4,613 $ 6,163 $ 4,533 $ 6,976 $ 56 $ 22,341 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 June 30, 2019 and December 31, 2018. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and net deferred loan fees due to immateriality. Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total June 30, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 2,193 $ — $ 2,193 Collectively evaluated for impairment 4,784 7,641 4,844 7,925 56 25,250 Total ending allowance balance $ 4,784 $ 7,641 $ 4,844 $ 10,118 $ 56 $ 27,443 Loans: Individually evaluated for impairment $ — $ — $ 1,837 $ 2,193 $ — $ 4,030 Collectively evaluated for impairment 584,599 932,755 692,309 665,872 4,945 2,880,480 Total ending loans balance $ 584,599 $ 932,755 $ 694,146 $ 668,065 $ 4,945 $ 2,884,510 December 31, 2018 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 17 $ — $ 17 Collectively evaluated for impairment 4,743 6,725 4,743 7,149 74 23,434 Total ending allowance balance $ 4,743 $ 6,725 $ 4,743 $ 7,166 $ 74 $ 23,451 Loans: Individually evaluated for impairment $ 2,298 $ — $ 3,189 $ 167 $ — $ 5,654 Collectively evaluated for impairment 582,142 802,260 679,693 592,626 5,568 2,662,289 Total ending loans balance $ 584,440 $ 802,260 $ 682,882 $ 592,793 $ 5,568 $ 2,667,943 Loans collectively evaluated for impairment reported at June 30, 2019 include certain acquired loans. At June 30, 2019, these non-PCI loans had a carrying value of $72,774, comprised of contractually unpaid principal totaling $73,717 and discounts totaling $943. Management evaluated these loans for credit deterioration since acquisition and determined that an allowance for loan losses of $115 was necessary at June 30, 2019. The following table presents information related to impaired loans by class of loans as of June 30, 2019 and December 31, 2018: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated June 30, 2019 With no allowance recorded: Residential real estate: Closed-end 1-4 family $ 491 484 $ — Other 1,353 1,353 — Commercial and industrial — — — Subtotal 1,844 1,837 — With an allowance recorded: Commercial and industrial 5,722 2,193 2,193 Subtotal 5,722 2,193 2,193 Total $ 7,566 $ 4,030 $ 2,193 December 31, 2018 With no allowance recorded: Construction and land development $ 2,298 $ 2,298 $ — Residential real estate: Closed-end 1-4 family 1,280 1,272 — Other 1,917 1,917 — Subtotal 5,495 5,487 — With an allowance recorded: Commercial and industrial 167 167 17 Subtotal 167 167 17 Total $ 5,662 $ 5,654 $ 17 The following table presents the average recorded investment of impaired loans by class of loans for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, Average Recorded Investment 2019 2018 2019 2018 With no allowance recorded: Construction and land development $ — $ — $ 384 $ 100 Commercial real estate: Nonfarm, nonresidential — — 25 — Residential real estate: Closed-end 1-4 family 681 496 744 432 Other 1,086 112 1,174 192 Commercial and industrial 2,638 883 1,319 867 Subtotal 4,405 1,491 3,646 1,591 With an allowance recorded: Construction and land development $ — $ — $ 91 $ — Commercial and industrial 4,404 1,638 3,787 1,785 Subtotal 4,404 1,638 3,878 1,785 Total average recorded investment $ 8,809 $ 3,129 $ 7,524 $ 3,376 The impact on net interest income for these loans was not material to the Company’s results of operations for the three and six months ended June 30, 2019 and 2018. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of June 30, 2019 and December 31, 2018: Nonaccrual Loans Past Due Over 90 Days And Still Accruing Interest June 30, 2019 Residential real estate: Closed-end 1-4 family $ 484 $ — Other 1,353 250 Commercial and industrial 2,193 426 Total $ 4,030 $ 676 December 31, 2018 Construction and land development $ 2,298 $ — Residential real estate: Closed-end 1-4 family 1,273 — Other 1,917 — Commercial and industrial — 208 Total $ 5,488 $ 208 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 June 30, 2019 and December 31, 2018 by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Loans Not Past Due Total June 30, 2019 Construction and land development $ — $ 380 $ — $ 380 $ 584,219 $ 584,599 Commercial real estate: Nonfarm, nonresidential — — — — 894,910 894,910 Other — — — — 37,845 37,845 Residential real estate: Closed-end 1-4 family 350 — 159 509 496,088 496,597 Other 218 404 609 1,231 196,318 197,549 Commercial and industrial 601 289 2,619 3,509 664,556 668,065 Consumer and other 33 — — 33 4,912 4,945 $ 1,202 $ 1,073 $ 3,387 $ 5,662 $ 2,878,848 $ 2,884,510 December 31, 2018 Construction and land development $ 294 $ 1,986 $ 548 $ 2,828 $ 581,612 $ 584,440 Commercial real estate: Nonfarm, nonresidential 515 — — 515 753,728 754,243 Other — — — — 48,017 48,017 Residential real estate: Closed-end 1-4 family 2,390 404 228 3,022 490,043 493,065 Other 142 — 1,810 1,952 187,865 189,817 Commercial and industrial 241 252 208 701 592,092 592,793 Consumer and other — — — — 5,568 5,568 $ 3,582 $ 2,642 $ 2,794 $ 9,018 $ 2,658,925 $ 2,667,943 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans as well as non-homogeneous residential real estate loans. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. 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 excludes deferred loan fees and 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 June 30, 2019 and December 31, 2018: Pass Special Mention Substandard Total June 30, 2019 Construction and land development $ 584,251 113 235 $ 584,599 Commercial real estate: Nonfarm, nonresidential 894,430 480 — 894,910 Other 37,229 616 — 37,845 Residential real estate: Closed-end 1-4 family 494,306 — 2,291 496,597 Other 195,207 — 2,342 197,549 Commercial and industrial 642,120 2,662 23,283 668,065 Consumer and other 4,945 — — 4,945 $ 2,852,488 $ 3,871 $ 28,151 $ 2,884,510 Pass Special Mention Substandard Total December 31, 2018 Construction and land development $ 580,468 $ 1,416 $ 2,556 $ 584,440 Commercial real estate: Nonfarm, nonresidential 739,469 14,774 — 754,243 Other 48,017 — — 48,017 Residential real estate: Closed-end 1-4 family 489,781 948 2,336 493,065 Other 186,485 404 2,928 189,817 Commercial and industrial 553,589 8,313 30,891 592,793 Consumer and other 5,567 1 — 5,568 $ 2,603,376 $ 25,856 $ 38,711 $ 2,667,943 Troubled Debt Restructurings As of June 30, 2019, the Company’s loan portfolio contains one loan that has been modified in a troubled debt restructuring with a balance of $316. As of December 31, 2018, the Company’s loan portfolio contained one loan that had been modified in a troubled debt restructuring with a balance of $167. |
Loan Servicing
Loan Servicing | 6 Months Ended |
Jun. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Loan Servicing | NOTE 4—LOAN SERVICING Loans serviced for others are not reported as assets. The principal balances of these loans at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 491,388 $ 492,761 Other 3,614 3,689 The related loan servicing rights activity for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Servicing rights: Beginning of period $ 3,366 $ 3,602 $ 3,403 $ 3,620 Additions 196 161 383 357 Amortized to expense (263 ) (227 ) (487 ) (441 ) Decrease in impairment — — — — End of period $ 3,299 $ 3,536 $ 3,299 $ 3,536 The components of net loan servicing fees for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Loan servicing fees, net: Loan servicing fees $ 312 $ 330 $ 618 $ 663 Amortization of loan servicing fees (263 ) (227 ) (487 ) (441 ) Total $ 49 $ 103 $ 131 $ 222 The fair value of servicing rights was estimated by management to be approximately $3,905 at June 30, 2019. Fair value for June 30, 2019 was determined using a weighted average discount rate of 9.5% and a weighted average prepayment speed of 16.4%. At December 31, 2018, the fair value of servicing rights was estimated by management to be approximately $4,836. Fair value for December 31, 2018 was determined using a weighted average discount rate of 9.5% and a weighted average prepayment speed of 11.9%. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 5—LEASES A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) Lessee Accounting Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space with terms extending through 2033. Substantially all of our leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated statements of condition. Upon adoption of FASB ASU 2016-02 Leases one additional lease agreement has been executed and is scheduled to commence in 2020 relocating one branch in Williamson County, Tennessee. The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. Lease right-of-use assets Classification June 30, 2019 Operating lease right-of-use assets Other Assets $ 40,967 Finance lease right-of-use assets Other Assets 2,919 Total lease right-of-use assets $ 43,886 Lease liabilities Classification June 30, 2019 Operating lease right-of-use assets Other Liabilities $ 42,556 Finance lease right-of-use assets Other Liabilities 2,996 Total lease liabilities $ 45,552 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion, which will be determined within the timeframe of the lease agreement, and not included within the calculated ROU. The Company utilizes the discount rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company calculated a blended rate consisting of the Federal Home Loan Bank’s rate matching to the duration of the lease (over-collateralized borrowing rate) and the offering rate of the Company’s most recent subordinated debt offering in June of 2016. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019, was used. For the Company’s only finance lease that commenced December 2018, the Company utilized its blended rate calculation based on the term of the lease. Weighted-average remaining lease term (in years) June 30, 2019 Operating leases 12.1 Finance lease 14.9 Weighted-average discount rate Operating leases 5.48% Finance lease 5.49% The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Lease costs Operating lease costs $ 2,527 Variable lease costs 181 Short-term lease costs 94 Finance lease costs Interest on lease liabilities ( 1) 82 Amortization of right-of-use asset 101 Total lease costs $ 2,985 (1) Included in interest expense on Federal Home Loan Advances and other borrowings in the Company's consolidated statement of income. All other lease costs in this table are included in occupancy and equipment expense. Rent expense related to leases during the three and six months ended June 30, 2018, was $1,319 and $2,547, respectively. Other supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,342 Operating cash flows from finance leases 82 Financing cash flows from finance leases 54 Future minimum payments for a finance lease and operating leases with initial or remaining terms of one year of more as of June 30, 2019 are as follows: Twelve Months Ended: Finance Operating 2020 $ 274 $ 4,812 2021 278 4,869 2022 282 4,876 2023 286 4,850 2024 291 4,921 Thereafter 2,986 33,713 Total future minimum lease payments $ 4,397 $ 58,041 Less: Imputed interest (1,401 ) (15,485 ) Total lease liabilities $ 2,996 $ 42,556 Future minimum payments for a finance lease and operating leases with initial or remaining terms of one year of more as of December 31, 2018 are as follows: Twelve Months Ended: Finance Operating 2019 $ 272 $ 4,841 2020 276 4,849 2021 280 4,871 2022 284 4,856 2023 288 4,885 Thereafter 3,133 36,178 Total future minimum lease payments $ 4,533 $ 60,480 |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Share-Based Payments | NOTE 6—SHARE-BASED PAYMENTS The Company has two share based compensation plans as described below. Total compensation cost that has been charged against income for those plans was $1,513 and $1,318, and $2,842 and $2,078 for the three and six months ended June 30, 2019 and 2018, respectively. The total income tax benefit, which is shown on the Consolidated Statements of Income as a reduction of income tax expense, was $92 and $205 for the three and six months ended June 30, 2019 and was $220 and $283 for the three and six months ended June 30, 2018, respectively. Stock Options Employee, organizer and director stock option awards are generally 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 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 the Company. 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. June 30, 2019 June 30, 2018 Risk-free interest rate 2.47 % 2.96 % Expected term 7 years 7.5 years Expected stock price volatility 30.64 % 32.09 % Dividend yield 0.57 % 0.00 % The weighted average fair value of options granted for the six months ended June 30, 2019 and 2018 were $9.78 and $12.03, respectively. A summary of the activity in the plans for the six months ended June 30, 2019 follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2018 1,807,922 $ 24.68 6.41 $ 9,581 Granted 91,823 27.83 Exercised (128,125 ) 14.14 Forfeited, expired, or cancelled (18,883 ) 32.74 Outstanding at period end 1,752,737 $ 18.47 6.87 $ 4,113 Vested or expected to vest 1,666,525 $ 25.52 6.13 $ 3,908 Exercisable at period end 839,675 $ 17.32 6.13 $ 8,847 For the Six Months Ended June 30, 2019 2018 Stock options exercised: Intrinsic value of options exercised $ 1,869 $ 3,745 Cash received from options exercised 1,277 1,937 Tax benefit realized from option exercises 205 283 As of June 30, 2019, there was $4,786 of total unrecognized compensation cost related to non-vested stock options granted under the plans. The cost is expected to be recognized over a weighted-average period of 1.97 years. Restricted Stock and Restricted Stock Units A summary of activity for non-vested restricted share awards for the six months ended June 30, 2019 is as follows: Non-vested Shares Shares Weighted- Average Grant- Date Fair Value Non-vested at December 31, 2018 176,516 $ 31.07 Granted 1,255 31.87 Vested (70,069 ) 30.33 Forfeited (1,035 ) 32.95 Non-vested at June 30, 2019 106,667 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 June 30, 2019, there was $1,713 of total unrecognized compensation cost related to non-vested shares granted under the 2007 Plan and Amended and Restated 2017 Plan. The cost is expected to be recognized over a weighted-average period of 1.30 years. |
Regulatory Capital Matters
Regulatory Capital Matters | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Matters | NOTE 7—REGULATORY CAPITAL MATTERS Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Company on January 1, 2016 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in January 1, 2019. The Basel III rules additionally provide for countercyclical capital requirements so that the required amount of capital increases in times of economic expansion and decreases in times of economic contraction, consistent with safety and soundness. Under the Basel III rules, banks must maintain a capital conservation buffer consisting of additional Common Equity Tier 1 Capital equal to 2.5% of risk-weighted assets above each of the required minimum capital levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying certain discretionary bonuses. This new capital conservation buffer requirement was phased in beginning January 2016 at 0.625% of risk-weighted assets and increased each year until fully implemented at 2.5% in January 2019. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At June 30, 2019, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. Management believes that, as of June 30, 2019, the Company and Bank met all capital adequacy requirements to which they are subject. There are no conditions or events since that notification that management believes have changed the institution’s category. Actual and required capital amounts and ratios are presented below as of June 30, 2019 and December 31, 2018 for the Company and Bank: Actual Required For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio June 30, 2019 Company-Level Company common equity Tier 1 capital to RWA $ 375,710 11.2 % $ 151,266 4.5 % N/A N/A Company Total Capital to RWA $ 462,020 13.7 % $ 268,918 8.0 % N/A N/A Company Tier 1 (Core) Capital to RWA $ 375,710 11.2 % $ 201,689 6.0 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 375,710 9.2 % $ 134,459 4.0 % N/A N/A Bank-Level Bank common equity Tier 1 capital to RWA $ 433,574 12.9 % $ 151,253 4.5 % $ 218,476 6.5 % Bank Total Capital to RWA $ 461,102 13.7 % $ 268,894 8.0 % $ 336,117 10.0 % Bank Tier 1 (Core) Capital to RWA $ 433,574 12.9 % $ 201,670 6.0 % $ 268,894 8.0 % Bank Tier 1 (Core) Capital to average assets $ 433,574 10.6 % $ 163,420 4.0 % $ 204,274 5.0 % December 31, 2018 Company-Level Company common equity Tier 1 capital to RWA $ 367,096 12.2 % $ 135,598 4.5 % N/A N/A Company Total Capital to RWA $ 449,325 14.9 % $ 241,064 8.0 % N/A N/A Company Tier 1 (Core) Capital to RWA $ 367,096 12.2 % $ 180,798 6.0 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 367,096 8.8 % $ 167,553 4.0 % N/A N/A Bank-Level Bank common equity Tier 1 capital to RWA $ 421,335 14.0 % $ 135,613 4.5 % $ 195,886 6.5 % Bank Total Capital to RWA $ 444,871 14.8 % $ 241,090 8.0 % $ 301,363 10.0 % Bank Tier 1 (Core) Capital to RWA $ 421,335 14.0 % $ 180,818 6.0 % $ 241,090 8.0 % Bank Tier 1 (Core) Capital to average assets $ 421,335 10.1 % $ 167,420 4.0 % $ 209,275 5.0 % Note: Minimum ratios presented exclude the capital conservation buffer Dividend Restrictions |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 8—DERIVATIVE INSTRUMENTS Financial derivatives are reported at fair value in other assets or other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For derivatives not designated as hedges, the gain or loss is recognized in current earnings. Derivatives designated as fair value hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. The Company utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable securities available-for-sale. The hedging strategy on securities converts the fixed interest rates to LIBOR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the call dates of the hedged securities. During A summary of the Company's fair value hedge relationships as of June 30, 2019 are as follows (in thousands): June 30, 2019 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivative Interest rate swap agreements - securities Other liabilities 7.23 2.527% 3 month LIBOR $ 101,205 $ 4,733 There were no fair value hedge relationships as of December 31, 2018. The effects of fair value hedge relationships reported in interest income on securities on the consolidated statements of income for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Gain (loss) on fair value hedging relationship 2019 2018 2019 2018 Interest rate swap agreements - securities: Hedged items $ 3,615 $ — $ 4,733 $ — Derivative designated as hedging instruments (3,615 ) — (4,733 ) — The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at June 30, 2019: Carrying Amount of the Hedged Assets (in thousands) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Line item on the balance sheet June 30, 2019 June 30, 2019 Securities available-for-sale $ 101,205 $ 4,733 Derivatives designated as cash flow hedges For derivative instruments that are designated and qualify as a cash flow hedge, the aggregate fair value of the derivative instrument is recorded in other assets or other liabilities with any gain or loss related to changes in fair value recorded in accumulated other comprehensive income, net of tax. The gain or loss is reclassified into earnings in the same period during which the hedged asset or liability affects earnings and is presented in the same income statement line item as the earnings effect of the hedged asset or liability. The Company uses cash flow hedge relationships in an effort to manage future interest rate exposure. The hedging strategy converts the LIBOR-based variable interest rate on forecasted borrowings to a fixed interest rate and is used in an effort to protect the Company from floating interest rate variability. A summary of the Company's cash flow hedge relationships as of June 30, 2019 are as follows (in thousands): June 30, 2019 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements Other liabilities 2 2.232% 3 month LIBOR $ 100,000 $ 1,667 There were no cash flow hedge relationships as of December 31, 2018. The effects of the Company's cash flow hedge relationships on the statement of comprehensive income (loss) during the three and six months ended June 30, 2019 and 2018 were as follows: Amount of Gain Recognized in Other Comprehensive Income (Loss) Amount of Gain Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Liability derivatives Interest rate swap agreements $ (1,231 ) $ — $ (1,231 ) $ — The cash flow hedges were determined to be highly effective during the periods presented and as a result qualify for hedge accounting treatment. The Company expects the hedges to continue to be highly effective and qualify for hedge accounting during the remaining terms of the swaps. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9—COMMITMENTS AND CONTINGENCIES We Those agreements involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. Commitments to make loans, credit lines and standby letters of credit involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. The contractual amounts of financial instruments with off-balance sheet risk were as follows: June 30, 2019 December 31, 2018 Unused lines of credit $ 801,049 $ 654,584 Standby letters of credit 52,064 40,024 Unfunded loan commitments 63,707 28,731 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 10—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. Securities Other Assets Impaired Loans Foreclosed Assets Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Loans Held For Sale Other Liabilities 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 June 30, 2019 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — 1,688 $ — Mortgage-backed securities-residential — 474,051 — Mortgage-backed securities-commercial — 18,699 — Asset-backed securities — 25,208 — Corporate notes — 22,716 — State and political subdivisions — 172,770 — Total securities available for sale $ — $ 715,132 $ — Loans held for sale $ — $ 27,093 $ — Other assets $ — $ 278 $ — Financial Liabilities Other liabilities $ — $ 6,580 $ — Fair Value Measurements at December 31, 2018 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. Treasury securities $ 253,014 $ — $ — U.S. government sponsored entities and agencies — 21,888 — Mortgage-backed securities-residential — 580,699 — Asset-backed securities — 24,844 — Corporate notes 12,424 State and political subdivisions — 137,799 — Total securities available for sale $ 253,014 $ 777,654 $ — Loans held for sale $ — $ 11,103 $ — Other assets $ — $ 206 $ — Financial Liabilities Other liabilities $ — $ 129 $ — As of June 30, 2019, the unpaid principal balance of loans held for sale was $26,118 resulting in an unrealized gain of $975 included in mortgage banking revenue. As of December 31, 2018, the unpaid principal balance of loans held for sale was $10,722, resulting in an unrealized gain of $381 included in mortgage banking revenue. For the three months ended June 30, 2019 and 2018, the change in fair value related to loans held for sale, which is included in mortgage banking revenue, was $324 and $220, respectively. For the six months ended June 30, 2019 and 2018, the change in fair value related to loans held for sale, which is included in mortgage banking revenue, was $594 and $194, respectively. None of these loans were 90 days or more past due or on nonaccrual as of June 30, 2019 and December 31, 2018. There were no transfers between Level 1 and 2 during 2019 or 2018. Assets measured at fair value on a non-recurring basis are summarized below: There was one collateral-dependent impaired loan carried at fair value of $0 as of June 30, 2019. For the three and six months ended June 30, 2019, an additional provision for loan losses of $6,304 and $9,759 was recorded related to impaired loans recorded at fair value of collateral. There was one collateral-dependent impaired loan carried at fair value of $150 as of December 31, 2018. For the three and six months ended June 30, 2018, an additional provision for loan losses of $16 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 $0 as of June 30, 2019 and December 31, 2018. There were no properties at June 30, 2019 or 2018 that had required write-downs to fair value. The carrying amounts and estimated fair values of financial instruments at June 30, 2019 and December 31, 2018 are as follows: Fair Value Measurements at June 30, 2019 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 150,721 $ 150,721 $ — $ — $ 150,721 Certificates of deposit held at other financial institutions 3,840 — 3,840 — 3,840 Securities available for sale 715,132 — 715,132 — 715,132 Securities held to maturity 118,963 — 120,809 — 120,809 Loans held for sale 27,093 — 27,093 — 27,093 Net loans 2,852,990 — — 2,886,557 2,886,557 Servicing rights, net 3,299 — — 3,905 3,905 Other assets 278 — 278 — 278 Accrued interest receivable 14,281 136 5,196 8,950 14,282 Financial liabilities Deposits $ 3,146,645 $ 2,182,888 $ 965,228 $ — $ 3,148,116 Federal Home Loan Bank advances 396,500 — 396,624 — 396,624 Subordinated notes, net 58,782 — — 61,438 61,438 Other liabilities 6,580 — 6,580 — 6,580 Accrued interest payable 4,312 179 687 3,446 4,312 Fair Value Measurements at December 31, 2018 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 280,212 $ 280,212 $ — $ — $ 280,212 Certificates of deposit held at other financial institutions 3,594 — 3,594 — 3,594 Securities available for sale 1,030,668 253,014 777,654 — 1,030,668 Securities held to maturity 121,617 — 118,955 — 118,955 Loans held for sale 11,103 — 11,103 — 11,103 Net loans 2,641,948 — — 2,622,386 2,622,386 Servicing rights, net 3,403 — — 4,836 4,836 Other assets 206 — 206 — 206 Accrued interest receivable 13,337 71 5,539 7,727 13,337 Financial liabilities Deposits $ 3,431,807 $ 2,105,951 $ 1,319,326 $ — $ 3,425,277 Federal Home Loan Bank advances 368,500 — 366,786 — 366,786 Subordinated notes, net 58,693 — — 59,852 59,852 Other liabilities 129 — 129 — 129 Accrued interest payable 4,700 146 3,866 688 4,700 The methods and assumptions not previously described used to estimate fair values are described as follows: (a) Cash and Cash Equivalents: The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. (b) Loans: Fair values of loans, excluding loans held for sale, are estimated as follows: In accordance with ASU 2016-01, the fair value of loans held for investment, excluding previously presented impaired loans measured at fair value on a non-recurring basis, is estimated using a cash flow projection methodology that relies on three primary assumptions: (1) the expected prepayment rate of loans; (2) the magnitude of future net losses based on expected default rate and severity of loss; and (3) the discount rate applicable to the expected cash flows of the loan portfolio. Loans are considered a Level 3 classification. (c) Mortgage Servicing Rights: Fair value of mortgage servicing rights is based on valuation models that calculate the present value of estimated net cash flows based on industry market data. The valuation model incorporates assumptions that market participants would use in estimating future net cash flows resulting in a Level 3 classification. (d) Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of fixed-term money market accounts approximate their fair values at the reporting date resulting in a Level 1 classification. Fair values for certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. (e) Federal Funds Purchased and Repurchase Agreements: The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, approximate their fair values resulting in a Level 2 classification. (f) Federal Home Loan Bank Advances: The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. (g) Subordinated Notes: The fair values of the Company’s subordinated notes are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. (h) Accrued Interest Receivable/Payable: The carrying amounts of accrued interest approximate fair value resulting in a Level 1, Level 2 or Level 3 classification based on the asset/liability with which they are associated. (i) Off-balance Sheet Instruments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 11—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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic Net income available to common shareholders $ 5,173 $ 10,161 $ 8,075 $ 20,213 Less: earnings allocated to participating securities (41 ) (118 ) (79 ) (192 ) Net income allocated to common shareholders $ 5,132 $ 10,043 $ 7,996 $ 20,021 Weighted average common shares outstanding including participating securities 14,599,407 14,383,493 14,580,370 13,819,742 Less: Participating securities (117,063 ) (167,381 ) (143,043 ) (130,898 ) Average shares 14,482,344 14,216,112 14,437,327 13,688,844 Basic earnings per common share $ 0.35 $ 0.71 $ 0.55 $ 1.46 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Diluted Net income allocated to common shareholders $ 5,132 $ 10,043 $ 7,996 $ 20,021 Weighted average common shares outstanding for basic earnings per common share 14,482,344 14,216,112 14,437,327 13,688,844 Add: Dilutive effects of assumed exercises of stock options 341,777 597,947 376,762 557,307 Add: Dilutive effects of assumed restricted stock units 70,019 — 35,203 — Average shares and dilutive potential common shares 14,894,140 14,814,059 14,849,292 14,246,151 Dilutive earnings per common share $ 0.34 $ 0.68 $ 0.54 $ 1.41 For three months ended June 30, 2019 and 2018, stock options for 980,099 and 659,291 shares of common stock, respectively, were not considered in computing diluted earnings per common share because they were antidilutive. Stock options for 874,279 and 535,285 shares of common stock were not considered in computing diluted earnings per common share for the six months ended June 30, 2019 and 2018, respectively, because they were antidilutive. |
Subordinated Debt Issuance
Subordinated Debt Issuance | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Subordinated Debt Issuance | NOTE 12—SUBORDINATED DEBT ISSUANCE The Company’s subordinated notes, net of issuance costs, totaled $58,782 and $58,693 at June 30, 2019 and at December 31, 2018, respectively. For regulatory capital purposes, the subordinated notes are treated as Tier 2 capital, subject to certain limitations, and are included in total regulatory capital when calculating the Company’s total capital to risk weighted assets ratio as indicated in Note 7 of these consolidated financial statements. The Company completed the issuance of $60,000 in principal amount of subordinated notes in two separate offerings. In March 2016, $40,000 of 6.875% fixed-to-floating rate subordinated notes (the “March 2016 Subordinated Notes”) were issued in a public offering to accredited institutional investors, and in June 2016, $20,000 of 7.00% fixed-to-floating rate subordinated notes (the “June 2016 Subordinated Notes”) were issued to certain accredited institutional investors in a private offering. The subordinated notes are unsecured and will rank at least equally with all of the Company’s other unsecured subordinated indebtedness and will be effectively subordinated to all of our secured debt to the extent of the value of the collateral securing such debt. The subordinated notes will be subordinated in right of payment to all of our existing and future senior indebtedness, and will rank structurally junior to all existing and future liabilities of our subsidiaries including, in the case of the Company’s bank subsidiary, its depositors, and any preferred equity holders of our subsidiaries. The holders of the subordinated notes may be fully subordinated to interests held by the U.S. government in the event that we enter into a receivership, insolvency, liquidation, or similar proceeding. The issuance costs related to the March 2016 Subordinated Notes amounted to $1,382 and are being amortized as interest expense over the ten-year term of the March 2016 Subordinated Notes. The issuance costs related to the June 2016 Subordinated Notes were $404 and are being amortized as interest expense over the ten-year term of the June 2016 Subordinated Notes. For the six months ended June 30, 2019 and 2018, amortization of issuance costs remained consistent at $89. The following table summarizes the terms of each subordinated note offering: March 2016 Subordinated Notes June 2016 Subordinated Notes Principal amount issued $40,000 $20,000 Maturity date March 30, 2026 July 1, 2026 Initial fixed interest rate 6.875% 7.00% Initial interest rate period 5 years 5 years First interest rate change date March 30, 2021 July 1, 2021 Interest payment frequency through year five* Semiannually Semiannually Interest payment frequency after five years* Quarterly Quarterly Interest repricing index and margin 3-month LIBOR plus 5.636% 3-month LIBOR plus 6.04% Repricing frequency after five years Quarterly Quarterly |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases The guidance requires that a lessee should now recognize lease assets and lease liabilities for operating leases. In July 2016, the FASB issued Accounting Standards Update 2018-10, Codification Improvements to Topic 842, Leases Accounting Standards Update 2018-11, Leases (Topic 842): Targeted Improvements In March 2019, the FASB issued ASU No. 2019-01, “Leases: Codification Improvements” which addresses lessors and clarifies the transition guidance related to certain interim disclosures provided in the year of adoption. right of use asset and lease liability of $43,723. See Note 5 - Leases for more information. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 ASU No. 2018-19 Codification Improvements to Topic 326 Financial Instruments—Credit Losses ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief . In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract .” ASU 2018-15 clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU 2018-15 will be effective for the Company on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements. |
Leases | A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Available for Sale Securities | The following table summarizes the amortized cost and fair value of the securities available for sale portfolio at June 30, 2019 and December 31, 2018 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 U.S. government sponsored entities and agencies $ 1,695 1 (8 ) $ 1,688 Mortgage-backed securities: residential 476,378 1,417 (3,744 ) 474,051 Mortgage-backed securities: commercial 18,544 275 (120 ) 18,699 Asset-backed securities 25,746 27 (565 ) 25,208 Corporate notes 22,360 356 — 22,716 State and political subdivisions 172,585 279 (94 ) 172,770 Total $ 717,308 $ 2,355 $ (4,531 ) $ 715,132 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2018 U.S. Treasury securities $ 253,015 $ 59 $ (60 ) $ 253,014 U.S. government sponsored entities and agencies 21,999 1 (112 ) 21,888 Mortgage-backed securities: residential 596,766 27 (16,094 ) 580,699 Asset-backed securities 25,744 — (900 ) 24,844 Corporate notes 12,480 21 (77 ) 12,424 State and political subdivisions 141,432 863 (4,496 ) 137,799 Total $ 1,051,436 $ 971 $ (21,739 ) $ 1,030,668 |
Schedule of Amortized Cost and Fair Value of Held to Maturity Securities Portfolio | The amortized cost and fair value of the securities held to maturity portfolio at June 30, 2019 and December 31, 2018 and the corresponding amounts of gross unrecognized gains and losses were as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value June 30, 2019 Mortgage backed securities: residential $ 74,163 $ 198 $ (1,029 ) $ 73,332 State and political subdivisions 44,800 2,677 — 47,477 Total $ 118,963 $ 2,875 $ (1,029 ) $ 120,809 December 31, 2018 Mortgage backed securities: residential $ 75,944 $ 34 $ (3,072 ) $ 72,906 State and political subdivisions 45,673 466 (90 ) 46,049 Total $ 121,617 $ 500 $ (3,162 ) $ 118,955 |
Summary of Proceeds from Sales and Calls of Securities Available for Sale and Associated Gains and Losses | The proceeds from sales and calls of securities available for sale and the associated gains and losses were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Proceeds $ 87,424 $ 1 $ 347,037 $ 1 Gross gains 367 1 2,168 1 Gross losses — — (1,651 ) — |
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. June 30, 2019 Amortized Cost Fair Value Available for sale One year or less $ 10,502 $ 10,498 Over one year through five years 697 697 Over five years through ten years 27,586 28,033 Over ten years 157,855 157,946 Asset-backed securities 25,746 25,208 Mortgage-backed securities: residential 476,378 474,051 Mortgage-backed securities: commercial 18,544 18,699 Total $ 717,308 $ 715,132 Held to maturity Over one year through five years 1,106 1,138 Over five years through ten years 1,034 1,076 Over ten years 42,660 45,263 Mortgage-backed securities: residential 74,163 73,332 Total $ 118,963 $ 120,809 |
Schedule of Unrealized Losses and Fair Value by Major Security Type | The following table summarizes the securities with unrealized and unrecognized losses at June 30, 2019 and December 31, 2018, 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 Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019 Available for sale U.S. government sponsored entities and agencies $ 48 $ — $ 483 $ (8 ) $ 531 $ (8 ) Mortgage-backed securities: residential 8,385 (44 ) 329,225 (3,700 ) 337,610 (3,744 ) Mortgage-backed securities: commercial — — 7,532 (120 ) 7,532 (120 ) Asset-backed securities 22,713 (565 ) — — 22,713 (565 ) State and political subdivisions 9,996 (4 ) 30,152 (90 ) 40,148 (94 ) Total available for sale $ 41,142 $ (613 ) $ 367,392 $ (3,918 ) $ 408,534 $ (4,531 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 1,639 $ (6 ) $ 59,548 $ (1,023 ) $ 61,187 $ (1,029 ) Total held to maturity $ 1,639 $ (6 ) $ 59,548 $ (1,023 ) $ 61,187 $ (1,029 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018 Available for sale U.S. Treasury securities $ 163,722 $ (60 ) $ — $ — $ 163,722 $ (60 ) U.S. government sponsored entities and agencies 1,355 (12 ) 19,937 (100 ) 21,292 (112 ) Mortgage-backed securities: residential 83,203 (755 ) 490,752 (15,339 ) 573,955 (16,094 ) Asset-backed securities 24,845 (900 ) — — 24,845 (900 ) Corporate 9,839 (77 ) — — 9,839 (77 ) State and political subdivisions 10,446 (106 ) 69,238 (4,390 ) 79,684 (4,496 ) Total available for sale $ 293,410 $ (1,910 ) $ 579,927 $ (19,829 ) $ 873,337 $ (21,739 ) Less Than 12 Months 12 Months or Longer Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses Held to maturity Mortgage-backed securities: residential $ 2,239 $ (40 ) $ 68,067 $ (3,032 ) $ 70,306 $ (3,072 ) State and political subdivisions 8,362 (39 ) 3,675 (51 ) 12,037 (90 ) Total held to maturity $ 10,601 $ (79 ) $ 71,742 $ (3,083 ) $ 82,343 $ (3,162 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans | Loans at June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 December 31, 2018 Loans Construction and land development $ 584,599 $ 584,440 Commercial real estate: Nonfarm, nonresidential 894,910 754,243 Other 37,845 48,017 Residential real estate: Closed-end 1-4 family 496,597 493,065 Other 197,549 189,817 Commercial and industrial 668,065 592,793 Consumer and other 4,945 5,568 Loans before net deferred loan fees 2,884,510 2,667,943 Deferred loan fees, net (4,077 ) (2,544 ) Total loans 2,880,433 2,665,399 Allowance for loan losses (27,443 ) (23,451 ) Total loans, net of allowance for loan losses $ 2,852,990 $ 2,641,948 |
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 June 30, 2019 and 2018: Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Three Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 4,742 $ 7,027 $ 4,810 $ 11,229 $ 49 $ 27,857 Provision for loan losses 42 614 18 6,382 (25 ) 7,031 Loans charged-off — — — (7,563 ) (29 ) (7,592 ) Recoveries — — 16 70 61 147 Total ending allowance balance $ 4,784 $ 7,641 $ 4,844 $ 10,118 $ 56 $ 27,443 Three Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 4,345 $ 5,875 $ 3,605 $ 7,866 $ 47 $ 21,738 Provision for loan losses 267 288 909 (900 ) 6 570 Loans charged-off — — — — (5 ) (5 ) Recoveries 1 — 19 10 8 38 Total ending allowance balance $ 4,613 $ 6,163 $ 4,533 $ 6,976 $ 56 $ 22,341 The following table presents the activity in the allowance for loan losses by portfolio segment for the six-month periods ended June 30, 2019 and 2018. Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total Six Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 4,743 $ 6,725 $ 4,743 $ 7,166 $ 74 $ 23,451 Provision for loan losses 41 916 101 11,012 16 12,086 Loans charged-off — — (15 ) (8,131 ) (99 ) (8,245 ) Recoveries — — 15 71 65 151 Total ending allowance balance $ 4,784 $ 7,641 $ 4,844 $ 10,118 $ 56 $ 27,443 Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 3,802 $ 5,981 $ 3,834 $ 7,587 $ 43 $ 21,247 Provision for loan losses 848 182 668 (572 ) 17 1,143 Loans charged-off (38 ) — (7 ) (49 ) (17 ) (111 ) Recoveries 1 — 38 10 13 62 Total ending allowance balance $ 4,613 $ 6,163 $ 4,533 $ 6,976 $ 56 $ 22,341 |
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 June 30, 2019 and December 31, 2018. For purposes of this disclosure, recorded investment in loans excludes accrued interest receivable and net deferred loan fees due to immateriality. Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Total June 30, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 2,193 $ — $ 2,193 Collectively evaluated for impairment 4,784 7,641 4,844 7,925 56 25,250 Total ending allowance balance $ 4,784 $ 7,641 $ 4,844 $ 10,118 $ 56 $ 27,443 Loans: Individually evaluated for impairment $ — $ — $ 1,837 $ 2,193 $ — $ 4,030 Collectively evaluated for impairment 584,599 932,755 692,309 665,872 4,945 2,880,480 Total ending loans balance $ 584,599 $ 932,755 $ 694,146 $ 668,065 $ 4,945 $ 2,884,510 December 31, 2018 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ 17 $ — $ 17 Collectively evaluated for impairment 4,743 6,725 4,743 7,149 74 23,434 Total ending allowance balance $ 4,743 $ 6,725 $ 4,743 $ 7,166 $ 74 $ 23,451 Loans: Individually evaluated for impairment $ 2,298 $ — $ 3,189 $ 167 $ — $ 5,654 Collectively evaluated for impairment 582,142 802,260 679,693 592,626 5,568 2,662,289 Total ending loans balance $ 584,440 $ 802,260 $ 682,882 $ 592,793 $ 5,568 $ 2,667,943 |
Summary of Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of June 30, 2019 and December 31, 2018: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated June 30, 2019 With no allowance recorded: Residential real estate: Closed-end 1-4 family $ 491 484 $ — Other 1,353 1,353 — Commercial and industrial — — — Subtotal 1,844 1,837 — With an allowance recorded: Commercial and industrial 5,722 2,193 2,193 Subtotal 5,722 2,193 2,193 Total $ 7,566 $ 4,030 $ 2,193 December 31, 2018 With no allowance recorded: Construction and land development $ 2,298 $ 2,298 $ — Residential real estate: Closed-end 1-4 family 1,280 1,272 — Other 1,917 1,917 — Subtotal 5,495 5,487 — With an allowance recorded: Commercial and industrial 167 167 17 Subtotal 167 167 17 Total $ 5,662 $ 5,654 $ 17 The following table presents the average recorded investment of impaired loans by class of loans for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, Average Recorded Investment 2019 2018 2019 2018 With no allowance recorded: Construction and land development $ — $ — $ 384 $ 100 Commercial real estate: Nonfarm, nonresidential — — 25 — Residential real estate: Closed-end 1-4 family 681 496 744 432 Other 1,086 112 1,174 192 Commercial and industrial 2,638 883 1,319 867 Subtotal 4,405 1,491 3,646 1,591 With an allowance recorded: Construction and land development $ — $ — $ 91 $ — Commercial and industrial 4,404 1,638 3,787 1,785 Subtotal 4,404 1,638 3,878 1,785 Total average recorded investment $ 8,809 $ 3,129 $ 7,524 $ 3,376 |
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 loans and loans past due over 90 days still on accrual by class of loans as of June 30, 2019 and December 31, 2018: Nonaccrual Loans Past Due Over 90 Days And Still Accruing Interest June 30, 2019 Residential real estate: Closed-end 1-4 family $ 484 $ — Other 1,353 250 Commercial and industrial 2,193 426 Total $ 4,030 $ 676 December 31, 2018 Construction and land development $ 2,298 $ — Residential real estate: Closed-end 1-4 family 1,273 — Other 1,917 — Commercial and industrial — 208 Total $ 5,488 $ 208 |
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 June 30, 2019 and December 31, 2018 by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Loans Not Past Due Total June 30, 2019 Construction and land development $ — $ 380 $ — $ 380 $ 584,219 $ 584,599 Commercial real estate: Nonfarm, nonresidential — — — — 894,910 894,910 Other — — — — 37,845 37,845 Residential real estate: Closed-end 1-4 family 350 — 159 509 496,088 496,597 Other 218 404 609 1,231 196,318 197,549 Commercial and industrial 601 289 2,619 3,509 664,556 668,065 Consumer and other 33 — — 33 4,912 4,945 $ 1,202 $ 1,073 $ 3,387 $ 5,662 $ 2,878,848 $ 2,884,510 December 31, 2018 Construction and land development $ 294 $ 1,986 $ 548 $ 2,828 $ 581,612 $ 584,440 Commercial real estate: Nonfarm, nonresidential 515 — — 515 753,728 754,243 Other — — — — 48,017 48,017 Residential real estate: Closed-end 1-4 family 2,390 404 228 3,022 490,043 493,065 Other 142 — 1,810 1,952 187,865 189,817 Commercial and industrial 241 252 208 701 592,092 592,793 Consumer and other — — — — 5,568 5,568 $ 3,582 $ 2,642 $ 2,794 $ 9,018 $ 2,658,925 $ 2,667,943 |
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 June 30, 2019 and December 31, 2018: Pass Special Mention Substandard Total June 30, 2019 Construction and land development $ 584,251 113 235 $ 584,599 Commercial real estate: Nonfarm, nonresidential 894,430 480 — 894,910 Other 37,229 616 — 37,845 Residential real estate: Closed-end 1-4 family 494,306 — 2,291 496,597 Other 195,207 — 2,342 197,549 Commercial and industrial 642,120 2,662 23,283 668,065 Consumer and other 4,945 — — 4,945 $ 2,852,488 $ 3,871 $ 28,151 $ 2,884,510 Pass Special Mention Substandard Total December 31, 2018 Construction and land development $ 580,468 $ 1,416 $ 2,556 $ 584,440 Commercial real estate: Nonfarm, nonresidential 739,469 14,774 — 754,243 Other 48,017 — — 48,017 Residential real estate: Closed-end 1-4 family 489,781 948 2,336 493,065 Other 186,485 404 2,928 189,817 Commercial and industrial 553,589 8,313 30,891 592,793 Consumer and other 5,567 1 — 5,568 $ 2,603,376 $ 25,856 $ 38,711 $ 2,667,943 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Transfers And Servicing [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 June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 Loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 491,388 $ 492,761 Other 3,614 3,689 |
Related Loan Servicing Rights Activity | The related loan servicing rights activity for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Servicing rights: Beginning of period $ 3,366 $ 3,602 $ 3,403 $ 3,620 Additions 196 161 383 357 Amortized to expense (263 ) (227 ) (487 ) (441 ) Decrease in impairment — — — — End of period $ 3,299 $ 3,536 $ 3,299 $ 3,536 |
Components of Net Loan Servicing Fees | The components of net loan servicing fees for the three and six months ended June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Loan servicing fees, net: Loan servicing fees $ 312 $ 330 $ 618 $ 663 Amortization of loan servicing fees (263 ) (227 ) (487 ) (441 ) Total $ 49 $ 103 $ 131 $ 222 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Consolidated Statements of Condition Classification of ROU Assets And Lease Liabilities | The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. Lease right-of-use assets Classification June 30, 2019 Operating lease right-of-use assets Other Assets $ 40,967 Finance lease right-of-use assets Other Assets 2,919 Total lease right-of-use assets $ 43,886 Lease liabilities Classification June 30, 2019 Operating lease right-of-use assets Other Liabilities $ 42,556 Finance lease right-of-use assets Other Liabilities 2,996 Total lease liabilities $ 45,552 |
Schedule of Weighted Average Remaining Term and Discount Rates | The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion, which will be determined within the timeframe of the lease agreement, and not included within the calculated ROU. The Company utilizes the discount rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company calculated a blended rate consisting of the Federal Home Loan Bank’s rate matching to the duration of the lease (over-collateralized borrowing rate) and the offering rate of the Company’s most recent subordinated debt offering in June of 2016. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019, was used. For the Company’s only finance lease that commenced December 2018, the Company utilized its blended rate calculation based on the term of the lease. Weighted-average remaining lease term (in years) June 30, 2019 Operating leases 12.1 Finance lease 14.9 Weighted-average discount rate Operating leases 5.48% Finance lease 5.49% |
Schedule of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Lease costs Operating lease costs $ 2,527 Variable lease costs 181 Short-term lease costs 94 Finance lease costs Interest on lease liabilities ( 1) 82 Amortization of right-of-use asset 101 Total lease costs $ 2,985 (1) Included in interest expense on Federal Home Loan Advances and other borrowings in the Company's consolidated statement of income. All other lease costs in this table are included in occupancy and equipment expense. |
Supplemental Cash Flow Information Related to Leases | Other supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,342 Operating cash flows from finance leases 82 Financing cash flows from finance leases 54 |
Future Minimum Payments for Finance and Operating Leases | Future minimum payments for a finance lease and operating leases with initial or remaining terms of one year of more as of June 30, 2019 are as follows: Twelve Months Ended: Finance Operating 2020 $ 274 $ 4,812 2021 278 4,869 2022 282 4,876 2023 286 4,850 2024 291 4,921 Thereafter 2,986 33,713 Total future minimum lease payments $ 4,397 $ 58,041 Less: Imputed interest (1,401 ) (15,485 ) Total lease liabilities $ 2,996 $ 42,556 Future minimum payments for a finance lease and operating leases with initial or remaining terms of one year of more as of December 31, 2018 are as follows: Twelve Months Ended: Finance Operating 2019 $ 272 $ 4,841 2020 276 4,849 2021 280 4,871 2022 284 4,856 2023 288 4,885 Thereafter 3,133 36,178 Total future minimum lease payments $ 4,533 $ 60,480 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [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. June 30, 2019 June 30, 2018 Risk-free interest rate 2.47 % 2.96 % Expected term 7 years 7.5 years Expected stock price volatility 30.64 % 32.09 % Dividend yield 0.57 % 0.00 % |
Summary of Company's Stock Option Activities | A summary of the activity in the plans for the six months ended June 30, 2019 follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2018 1,807,922 $ 24.68 6.41 $ 9,581 Granted 91,823 27.83 Exercised (128,125 ) 14.14 Forfeited, expired, or cancelled (18,883 ) 32.74 Outstanding at period end 1,752,737 $ 18.47 6.87 $ 4,113 Vested or expected to vest 1,666,525 $ 25.52 6.13 $ 3,908 Exercisable at period end 839,675 $ 17.32 6.13 $ 8,847 |
Summary of Stock Options Exercised | For the Six Months Ended June 30, 2019 2018 Stock options exercised: Intrinsic value of options exercised $ 1,869 $ 3,745 Cash received from options exercised 1,277 1,937 Tax benefit realized from option exercises 205 283 |
Summary of Activity for Nonvested Restricted Share Awards | A summary of activity for non-vested restricted share awards for the six months ended June 30, 2019 is as follows: Non-vested Shares Shares Weighted- Average Grant- Date Fair Value Non-vested at December 31, 2018 176,516 $ 31.07 Granted 1,255 31.87 Vested (70,069 ) 30.33 Forfeited (1,035 ) 32.95 Non-vested at June 30, 2019 106,667 |
Summary of Vesting Criteria for Restricted Stock Units | The Company began granting restricted stock units in 2019. The following table outlines restricted stock units that were granted, grouped by similar vesting criteria, during the six months ended June 30, 2019. Grant year Units Awarded Service period Period in which units to be settled into shares of common stock 2019 124,661 3.00 2022 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below as of June 30, 2019 and December 31, 2018 for the Company and Bank: Actual Required For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio June 30, 2019 Company-Level Company common equity Tier 1 capital to RWA $ 375,710 11.2 % $ 151,266 4.5 % N/A N/A Company Total Capital to RWA $ 462,020 13.7 % $ 268,918 8.0 % N/A N/A Company Tier 1 (Core) Capital to RWA $ 375,710 11.2 % $ 201,689 6.0 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 375,710 9.2 % $ 134,459 4.0 % N/A N/A Bank-Level Bank common equity Tier 1 capital to RWA $ 433,574 12.9 % $ 151,253 4.5 % $ 218,476 6.5 % Bank Total Capital to RWA $ 461,102 13.7 % $ 268,894 8.0 % $ 336,117 10.0 % Bank Tier 1 (Core) Capital to RWA $ 433,574 12.9 % $ 201,670 6.0 % $ 268,894 8.0 % Bank Tier 1 (Core) Capital to average assets $ 433,574 10.6 % $ 163,420 4.0 % $ 204,274 5.0 % December 31, 2018 Company-Level Company common equity Tier 1 capital to RWA $ 367,096 12.2 % $ 135,598 4.5 % N/A N/A Company Total Capital to RWA $ 449,325 14.9 % $ 241,064 8.0 % N/A N/A Company Tier 1 (Core) Capital to RWA $ 367,096 12.2 % $ 180,798 6.0 % N/A N/A Company Tier 1 (Core) Capital to average assets $ 367,096 8.8 % $ 167,553 4.0 % N/A N/A Bank-Level Bank common equity Tier 1 capital to RWA $ 421,335 14.0 % $ 135,613 4.5 % $ 195,886 6.5 % Bank Total Capital to RWA $ 444,871 14.8 % $ 241,090 8.0 % $ 301,363 10.0 % Bank Tier 1 (Core) Capital to RWA $ 421,335 14.0 % $ 180,818 6.0 % $ 241,090 8.0 % Bank Tier 1 (Core) Capital to average assets $ 421,335 10.1 % $ 167,420 4.0 % $ 209,275 5.0 % Note: Minimum ratios presented exclude the capital conservation buffer |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Effects of Fair Value Hedge Relationships Reported in Interest Income on Securities on Consolidated Statements of Income | The effects of fair value hedge relationships reported in interest income on securities on the consolidated statements of income for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Gain (loss) on fair value hedging relationship 2019 2018 2019 2018 Interest rate swap agreements - securities: Hedged items $ 3,615 $ — $ 4,733 $ — Derivative designated as hedging instruments (3,615 ) — (4,733 ) — |
Schedule of Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at June 30, 2019: Carrying Amount of the Hedged Assets (in thousands) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Line item on the balance sheet June 30, 2019 June 30, 2019 Securities available-for-sale $ 101,205 $ 4,733 |
Schedule of Effects of Cash Flow Hedge Relationships on Statements of Comprehensive Income (Loss) | The effects of the Company's cash flow hedge relationships on the statement of comprehensive income (loss) during the three and six months ended June 30, 2019 and 2018 were as follows: Amount of Gain Recognized in Other Comprehensive Income (Loss) Amount of Gain Recognized in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Liability derivatives Interest rate swap agreements $ (1,231 ) $ — $ (1,231 ) $ — |
Fair Value Hedge [Member] | |
Schedule of Derivatives Designated Hedge Relationships | A summary of the Company's fair value hedge relationships as of June 30, 2019 are as follows (in thousands): June 30, 2019 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivative Interest rate swap agreements - securities Other liabilities 7.23 2.527% 3 month LIBOR $ 101,205 $ 4,733 |
Cash Flow Hedge [Member] | |
Schedule of Derivatives Designated Hedge Relationships | A summary of the Company's cash flow hedge relationships as of June 30, 2019 are as follows (in thousands): June 30, 2019 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements Other liabilities 2 2.232% 3 month LIBOR $ 100,000 $ 1,667 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk | The contractual amounts of financial instruments with off-balance sheet risk were as follows: June 30, 2019 December 31, 2018 Unused lines of credit $ 801,049 $ 654,584 Standby letters of credit 52,064 40,024 Unfunded loan commitments 63,707 28,731 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. government sponsored entities and agencies $ — 1,688 $ — Mortgage-backed securities-residential — 474,051 — Mortgage-backed securities-commercial — 18,699 — Asset-backed securities — 25,208 — Corporate notes — 22,716 — State and political subdivisions — 172,770 — Total securities available for sale $ — $ 715,132 $ — Loans held for sale $ — $ 27,093 $ — Other assets $ — $ 278 $ — Financial Liabilities Other liabilities $ — $ 6,580 $ — Fair Value Measurements at December 31, 2018 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Securities available for sale U.S. Treasury securities $ 253,014 $ — $ — U.S. government sponsored entities and agencies — 21,888 — Mortgage-backed securities-residential — 580,699 — Asset-backed securities — 24,844 — Corporate notes 12,424 State and political subdivisions — 137,799 — Total securities available for sale $ 253,014 $ 777,654 $ — Loans held for sale $ — $ 11,103 $ — Other assets $ — $ 206 $ — Financial Liabilities Other liabilities $ — $ 129 $ — |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at June 30, 2019 and December 31, 2018 are as follows: Fair Value Measurements at June 30, 2019 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 150,721 $ 150,721 $ — $ — $ 150,721 Certificates of deposit held at other financial institutions 3,840 — 3,840 — 3,840 Securities available for sale 715,132 — 715,132 — 715,132 Securities held to maturity 118,963 — 120,809 — 120,809 Loans held for sale 27,093 — 27,093 — 27,093 Net loans 2,852,990 — — 2,886,557 2,886,557 Servicing rights, net 3,299 — — 3,905 3,905 Other assets 278 — 278 — 278 Accrued interest receivable 14,281 136 5,196 8,950 14,282 Financial liabilities Deposits $ 3,146,645 $ 2,182,888 $ 965,228 $ — $ 3,148,116 Federal Home Loan Bank advances 396,500 — 396,624 — 396,624 Subordinated notes, net 58,782 — — 61,438 61,438 Other liabilities 6,580 — 6,580 — 6,580 Accrued interest payable 4,312 179 687 3,446 4,312 Fair Value Measurements at December 31, 2018 Using: Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 280,212 $ 280,212 $ — $ — $ 280,212 Certificates of deposit held at other financial institutions 3,594 — 3,594 — 3,594 Securities available for sale 1,030,668 253,014 777,654 — 1,030,668 Securities held to maturity 121,617 — 118,955 — 118,955 Loans held for sale 11,103 — 11,103 — 11,103 Net loans 2,641,948 — — 2,622,386 2,622,386 Servicing rights, net 3,403 — — 4,836 4,836 Other assets 206 — 206 — 206 Accrued interest receivable 13,337 71 5,539 7,727 13,337 Financial liabilities Deposits $ 3,431,807 $ 2,105,951 $ 1,319,326 $ — $ 3,425,277 Federal Home Loan Bank advances 368,500 — 366,786 — 366,786 Subordinated notes, net 58,693 — — 59,852 59,852 Other liabilities 129 — 129 — 129 Accrued interest payable 4,700 146 3,866 688 4,700 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The factors used in the earnings per share computation follow: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic Net income available to common shareholders $ 5,173 $ 10,161 $ 8,075 $ 20,213 Less: earnings allocated to participating securities (41 ) (118 ) (79 ) (192 ) Net income allocated to common shareholders $ 5,132 $ 10,043 $ 7,996 $ 20,021 Weighted average common shares outstanding including participating securities 14,599,407 14,383,493 14,580,370 13,819,742 Less: Participating securities (117,063 ) (167,381 ) (143,043 ) (130,898 ) Average shares 14,482,344 14,216,112 14,437,327 13,688,844 Basic earnings per common share $ 0.35 $ 0.71 $ 0.55 $ 1.46 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Diluted Net income allocated to common shareholders $ 5,132 $ 10,043 $ 7,996 $ 20,021 Weighted average common shares outstanding for basic earnings per common share 14,482,344 14,216,112 14,437,327 13,688,844 Add: Dilutive effects of assumed exercises of stock options 341,777 597,947 376,762 557,307 Add: Dilutive effects of assumed restricted stock units 70,019 — 35,203 — Average shares and dilutive potential common shares 14,894,140 14,814,059 14,849,292 14,246,151 Dilutive earnings per common share $ 0.34 $ 0.68 $ 0.54 $ 1.41 |
Subordinated Debt Issuance (Tab
Subordinated Debt Issuance (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Terms of Each Subordinated Note offering | The following table summarizes the terms of each subordinated note offering: March 2016 Subordinated Notes June 2016 Subordinated Notes Principal amount issued $40,000 $20,000 Maturity date March 30, 2026 July 1, 2026 Initial fixed interest rate 6.875% 7.00% Initial interest rate period 5 years 5 years First interest rate change date March 30, 2021 July 1, 2021 Interest payment frequency through year five* Semiannually Semiannually Interest payment frequency after five years* Quarterly Quarterly Interest repricing index and margin 3-month LIBOR plus 5.636% 3-month LIBOR plus 6.04% Repricing frequency after five years Quarterly Quarterly |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Right of use asset | $ 40,967 | $ 43,723 |
Lease liability | 42,556 | $ 43,723 |
ASU 2017-08 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Recognized cumulative effect reduction to retained earnings | $ 2,244 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | $ 717,308 | $ 1,051,436 |
Gross Unrealized Gains | 2,355 | 971 |
Gross Unrealized Losses | (4,531) | (21,739) |
Fair Value | 715,132 | 1,030,668 |
U.S. Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 253,015 | |
Gross Unrealized Gains | 59 | |
Gross Unrealized Losses | (60) | |
Fair Value | 253,014 | |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 1,695 | 21,999 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (8) | (112) |
Fair Value | 1,688 | 21,888 |
Mortgage-Backed Securities: Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 476,378 | 596,766 |
Gross Unrealized Gains | 1,417 | 27 |
Gross Unrealized Losses | (3,744) | (16,094) |
Fair Value | 474,051 | 580,699 |
Mortgage-Backed Securities: Commercial [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 18,544 | |
Gross Unrealized Gains | 275 | |
Gross Unrealized Losses | (120) | |
Fair Value | 18,699 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 25,746 | 25,744 |
Gross Unrealized Gains | 27 | |
Gross Unrealized Losses | (565) | (900) |
Fair Value | 25,208 | 24,844 |
Corporate Notes [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 22,360 | 12,480 |
Gross Unrealized Gains | 356 | 21 |
Gross Unrealized Losses | (77) | |
Fair Value | 22,716 | 12,424 |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Total | 172,585 | 141,432 |
Gross Unrealized Gains | 279 | 863 |
Gross Unrealized Losses | (94) | (4,496) |
Fair Value | $ 172,770 | $ 137,799 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 118,963 | $ 121,617 |
Gross Unrecognized Gains | 2,875 | 500 |
Gross Unrecognized Losses | (1,029) | (3,162) |
Fair Value | 120,809 | 118,955 |
Mortgage-Backed Securities: Residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 74,163 | 75,944 |
Gross Unrecognized Gains | 198 | 34 |
Gross Unrecognized Losses | (1,029) | (3,072) |
Fair Value | 73,332 | 72,906 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 44,800 | 45,673 |
Gross Unrecognized Gains | 2,677 | 466 |
Gross Unrecognized Losses | (90) | |
Fair Value | $ 47,477 | $ 46,049 |
Securities - Summary of Proceed
Securities - Summary of Proceeds from Sales and Calls of Securities Available for Sale and Associated Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Available For Sale Securities [Abstract] | ||||
Proceeds | $ 87,424 | $ 1 | $ 347,037 | $ 1 |
Gross gains | $ 367 | $ 1 | 2,168 | $ 1 |
Gross losses | $ (1,651) |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for sale | ||
Amortized Cost, One year or less | $ 10,502 | |
Amortized Cost, Over one year through five years | 697 | |
Amortized Cost, Over five years through ten years | 27,586 | |
Amortized Cost, Over ten years | 157,855 | |
Amortized Cost, Total | 717,308 | $ 1,051,436 |
Held to maturity | ||
Amortized Cost, Over one year through five years | 1,106 | |
Amortized Cost, Over five years through ten years | 1,034 | |
Amortized Cost, Over ten years | 42,660 | |
Amortized Cost | 118,963 | 121,617 |
Available for sale | ||
Fair Value, One year or less | 10,498 | |
Fair Value, Over one year through five years | 697 | |
Fair Value, Over five years through ten years | 28,033 | |
Fair Value, Over ten years | 157,946 | |
Fair Value, Total | 715,132 | 1,030,668 |
Held to maturity | ||
Fair Value, Over one year through five years | 1,138 | |
Fair Value, Over five years through ten years | 1,076 | |
Fair Value, Over ten years | 45,263 | |
Fair Value, Total | 120,809 | 118,955 |
Asset-backed Securities [Member] | ||
Available for sale | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 25,746 | |
Amortized Cost, Total | 25,746 | 25,744 |
Available for sale | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 25,208 | |
Fair Value, Total | 25,208 | 24,844 |
Mortgage-Backed Securities: Residential [Member] | ||
Available for sale | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 476,378 | |
Amortized Cost, Total | 476,378 | 596,766 |
Held to maturity | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 74,163 | |
Amortized Cost | 74,163 | 75,944 |
Available for sale | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 474,051 | |
Fair Value, Total | 474,051 | 580,699 |
Held to maturity | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 73,332 | |
Fair Value, Total | 73,332 | $ 72,906 |
Mortgage-Backed Securities: Commercial [Member] | ||
Available for sale | ||
Amortized Cost, Mortgage-backed securities not due at a single maturity date | 18,544 | |
Amortized Cost, Total | 18,544 | |
Available for sale | ||
Fair Value, Mortgage-backed securities not due at a single maturity date | 18,699 | |
Fair Value, Total | $ 18,699 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Jun. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Marketable Securities [Line Items] | ||
Carrying value of pledged securities | $ | $ 468,429 | $ 939,440 |
Other than US Government Sponsored Entities and Agencies [Member] | ||
Marketable Securities [Line Items] | ||
Amount of holdings of securities of any one issuer | Security | 0 | 0 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses and Fair Value by Major Security Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | $ 41,142 | $ 293,410 |
Less Than 12 Months Available for sale Unrealized Losses | (613) | (1,910) |
12 Months or Longer Available for sale Fair Value | 367,392 | 579,927 |
12 Months or Longer Available for sale Unrealized Losses | (3,918) | (19,829) |
Available for sale Fair Value, Total | 408,534 | 873,337 |
Available for sale Unrealized Losses, Total | (4,531) | (21,739) |
Less Than 12 Months Held to maturity Fair Value | 1,639 | 10,601 |
Less Than 12 Months Held to maturity Unrealized Losses | (6) | (79) |
12 Months or Longer Held to maturity Fair Value | 59,548 | 71,742 |
12 Months or Longer Held to maturity Unrealized Losses | (1,023) | (3,083) |
Held to maturity Fair Value, Total | 61,187 | 82,343 |
Held to maturity Unrealized Losses, Total | (1,029) | (3,162) |
U.S. Treasury Securities [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 163,722 | |
Less Than 12 Months Available for sale Unrealized Losses | (60) | |
Available for sale Fair Value, Total | 163,722 | |
Available for sale Unrealized Losses, Total | (60) | |
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 | 48 | 1,355 |
Less Than 12 Months Available for sale Unrealized Losses | (12) | |
12 Months or Longer Available for sale Fair Value | 483 | 19,937 |
12 Months or Longer Available for sale Unrealized Losses | (8) | (100) |
Available for sale Fair Value, Total | 531 | 21,292 |
Available for sale Unrealized Losses, Total | (8) | (112) |
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 | 8,385 | 83,203 |
Less Than 12 Months Available for sale Unrealized Losses | (44) | (755) |
12 Months or Longer Available for sale Fair Value | 329,225 | 490,752 |
12 Months or Longer Available for sale Unrealized Losses | (3,700) | (15,339) |
Available for sale Fair Value, Total | 337,610 | 573,955 |
Available for sale Unrealized Losses, Total | (3,744) | (16,094) |
Less Than 12 Months Held to maturity Fair Value | 1,639 | 2,239 |
Less Than 12 Months Held to maturity Unrealized Losses | (6) | (40) |
12 Months or Longer Held to maturity Fair Value | 59,548 | 68,067 |
12 Months or Longer Held to maturity Unrealized Losses | (1,023) | (3,032) |
Held to maturity Fair Value, Total | 61,187 | 70,306 |
Held to maturity Unrealized Losses, Total | (1,029) | (3,072) |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
12 Months or Longer Available for sale Fair Value | 7,532 | |
12 Months or Longer Available for sale Unrealized Losses | (120) | |
Available for sale Fair Value, Total | 7,532 | |
Available for sale Unrealized Losses, Total | (120) | |
Asset-backed Securities [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 22,713 | 24,845 |
Less Than 12 Months Available for sale Unrealized Losses | (565) | (900) |
Available for sale Fair Value, Total | 22,713 | 24,845 |
Available for sale Unrealized Losses, Total | (565) | (900) |
Corporate Notes [Member] | ||
Schedule Of Held To Maturity And Available For Sale Securities [Line Items] | ||
Less Than 12 Months Available for Sale Fair Value | 9,839 | |
Less Than 12 Months Available for sale Unrealized Losses | (77) | |
Available for sale Fair Value, Total | 9,839 | |
Available for sale Unrealized Losses, Total | (77) | |
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 | 9,996 | 10,446 |
Less Than 12 Months Available for sale Unrealized Losses | (4) | (106) |
12 Months or Longer Available for sale Fair Value | 30,152 | 69,238 |
12 Months or Longer Available for sale Unrealized Losses | (90) | (4,390) |
Available for sale Fair Value, Total | 40,148 | 79,684 |
Available for sale Unrealized Losses, Total | $ (94) | (4,496) |
Less Than 12 Months Held to maturity Fair Value | 8,362 | |
Less Than 12 Months Held to maturity Unrealized Losses | (39) | |
12 Months or Longer Held to maturity Fair Value | 3,675 | |
12 Months or Longer Held to maturity Unrealized Losses | (51) | |
Held to maturity Fair Value, Total | 12,037 | |
Held to maturity Unrealized Losses, Total | $ (90) |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 2,884,510 | $ 2,667,943 | ||||
Deferred loan fees, net | (4,077) | (2,544) | ||||
Total loans | 2,880,433 | 2,665,399 | ||||
Allowance for loan losses | (27,443) | $ (27,857) | (23,451) | $ (22,341) | $ (21,738) | $ (21,247) |
Net loans | 2,852,990 | 2,641,948 | ||||
Commercial Real Estate Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonfarm, nonresidential | 894,910 | 754,243 | ||||
Commercial Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 37,845 | 48,017 | ||||
Real Estate Residential Closed-end 1-4 Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Closed-end 1-4 family | 496,597 | 493,065 | ||||
Residential Real Estate, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other | 197,549 | 189,817 | ||||
Construction and Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction and land development | 584,599 | 584,440 | ||||
Allowance for loan losses | (4,784) | (4,742) | (4,743) | (4,613) | (4,345) | (3,802) |
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 668,065 | 592,793 | ||||
Allowance for loan losses | (10,118) | (11,229) | (7,166) | (6,976) | (7,866) | (7,587) |
Consumer and Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer and other | 4,945 | 5,568 | ||||
Allowance for loan losses | $ (56) | $ (49) | $ (74) | $ (56) | $ (47) | $ (43) |
Loans - Activity in Allowance f
Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 27,857 | $ 21,738 | $ 23,451 | $ 21,247 |
Provision for loan losses | 7,031 | 570 | 12,086 | 1,143 |
Loans charged-off | (7,592) | (5) | (8,245) | (111) |
Recoveries | 147 | 38 | 151 | 62 |
Total ending allowance balance | 27,443 | 22,341 | 27,443 | 22,341 |
Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,742 | 4,345 | 4,743 | 3,802 |
Provision for loan losses | 42 | 267 | 41 | 848 |
Loans charged-off | (38) | |||
Recoveries | 1 | 1 | ||
Total ending allowance balance | 4,784 | 4,613 | 4,784 | 4,613 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 7,027 | 5,875 | 6,725 | 5,981 |
Provision for loan losses | 614 | 288 | 916 | 182 |
Total ending allowance balance | 7,641 | 6,163 | 7,641 | 6,163 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,810 | 3,605 | 4,743 | 3,834 |
Provision for loan losses | 18 | 909 | 101 | 668 |
Loans charged-off | (15) | (7) | ||
Recoveries | 16 | 19 | 15 | 38 |
Total ending allowance balance | 4,844 | 4,533 | 4,844 | 4,533 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 11,229 | 7,866 | 7,166 | 7,587 |
Provision for loan losses | 6,382 | (900) | 11,012 | (572) |
Loans charged-off | (7,563) | (8,131) | (49) | |
Recoveries | 70 | 10 | 71 | 10 |
Total ending allowance balance | 10,118 | 6,976 | 10,118 | 6,976 |
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 49 | 47 | 74 | 43 |
Provision for loan losses | (25) | 6 | 16 | 17 |
Loans charged-off | (29) | (5) | (99) | (17) |
Recoveries | 61 | 8 | 65 | 13 |
Total ending allowance balance | $ 56 | $ 56 | $ 56 | $ 56 |
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 ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | $ 2,193 | $ 17 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 25,250 | 23,434 | ||||
Total ending allowance balance | 27,443 | $ 27,857 | 23,451 | $ 22,341 | $ 21,738 | $ 21,247 |
Loans, Individually evaluated for impairment | 4,030 | 5,654 | ||||
Loans, Collectively evaluated for impairment | 2,880,480 | 2,662,289 | ||||
Total ending loans balance | 2,884,510 | 2,667,943 | ||||
Construction and Land Development [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 4,784 | 4,743 | ||||
Total ending allowance balance | 4,784 | 4,742 | 4,743 | 4,613 | 4,345 | 3,802 |
Loans, Individually evaluated for impairment | 2,298 | |||||
Loans, Collectively evaluated for impairment | 584,599 | 582,142 | ||||
Total ending loans balance | 584,599 | 584,440 | ||||
Commercial Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 7,641 | 6,725 | ||||
Total ending allowance balance | 7,641 | 7,027 | 6,725 | 6,163 | 5,875 | 5,981 |
Loans, Collectively evaluated for impairment | 932,755 | 802,260 | ||||
Total ending loans balance | 932,755 | 802,260 | ||||
Residential Real Estate [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 4,844 | 4,743 | ||||
Total ending allowance balance | 4,844 | 4,810 | 4,743 | 4,533 | 3,605 | 3,834 |
Loans, Individually evaluated for impairment | 1,837 | 3,189 | ||||
Loans, Collectively evaluated for impairment | 692,309 | 679,693 | ||||
Total ending loans balance | 694,146 | 682,882 | ||||
Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Individually evaluated for impairment | 2,193 | 17 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 7,925 | 7,149 | ||||
Total ending allowance balance | 10,118 | 11,229 | 7,166 | 6,976 | 7,866 | 7,587 |
Loans, Individually evaluated for impairment | 2,193 | 167 | ||||
Loans, Collectively evaluated for impairment | 665,872 | 592,626 | ||||
Total ending loans balance | 668,065 | 592,793 | ||||
Consumer and Other [Member] | ||||||
Allowance For Loan Losses And Recorded Investment In Loans [Line Items] | ||||||
Allowance for loan losses, Collectively evaluated for impairment | 56 | 74 | ||||
Total ending allowance balance | 56 | $ 49 | 74 | $ 56 | $ 47 | $ 43 |
Loans, Collectively evaluated for impairment | 4,945 | 5,568 | ||||
Total ending loans balance | $ 4,945 | $ 5,568 |
Loans - Additional Information
Loans - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable carrying amount | $ 2,884,510 | $ 2,667,943 | ||||
Unpaid principal amount | 7,566 | 5,662 | ||||
Allowance for loan losses | $ 27,443 | $ 23,451 | $ 27,857 | $ 22,341 | $ 21,738 | $ 21,247 |
Number of loans modified as troubled debt restructuring | 1 | 1 | ||||
Loans modified as troubled debt restructuring, Amount | $ 316 | $ 167 | ||||
Non PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable carrying amount | 72,774 | |||||
Unpaid principal amount | 73,717 | |||||
Estimated credit discount | 943 | |||||
Allowance for loan losses | $ 115 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | $ 1,844 | $ 1,844 | $ 5,495 | ||
Unpaid Principal Balance, With an allowance recorded | 5,722 | 5,722 | 167 | ||
Unpaid Principal Balance | 7,566 | 7,566 | 5,662 | ||
Recorded Investment, With no allowance recorded | 1,837 | 1,837 | 5,487 | ||
Recorded Investment, With an allowance recorded | 2,193 | 2,193 | 167 | ||
Recorded Investment | 4,030 | 4,030 | 5,654 | ||
Allowance for Loan Losses Allocated | 2,193 | 2,193 | 17 | ||
Average Recorded Investment, With no allowance recorded | 4,405 | $ 1,491 | 3,646 | $ 1,591 | |
Average Recorded Investment, With an allowance recorded | 4,404 | 1,638 | 3,878 | 1,785 | |
Total average recorded investment | 8,809 | 3,129 | 7,524 | 3,376 | |
Real Estate Residential Closed-end 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 491 | 491 | 1,280 | ||
Recorded Investment, With no allowance recorded | 484 | 484 | 1,272 | ||
Average Recorded Investment, With no allowance recorded | 681 | 496 | 744 | 432 | |
Residential Real Estate, Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 1,353 | 1,353 | 1,917 | ||
Recorded Investment, With no allowance recorded | 1,353 | 1,353 | 1,917 | ||
Average Recorded Investment, With no allowance recorded | 1,086 | 112 | 1,174 | 192 | |
Commercial Real Estate Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment, With no allowance recorded | 25 | ||||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With an allowance recorded | 5,722 | 5,722 | 167 | ||
Recorded Investment, With an allowance recorded | 2,193 | 2,193 | 167 | ||
Allowance for Loan Losses Allocated | 2,193 | 2,193 | 17 | ||
Average Recorded Investment, With no allowance recorded | 2,638 | 883 | 1,319 | 867 | |
Average Recorded Investment, With an allowance recorded | $ 4,404 | $ 1,638 | 3,787 | 1,785 | |
Construction and Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no allowance recorded | 2,298 | ||||
Recorded Investment, With no allowance recorded | $ 2,298 | ||||
Average Recorded Investment, With no allowance recorded | 384 | $ 100 | |||
Average Recorded Investment, With an allowance recorded | $ 91 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | $ 4,030 | $ 5,488 |
Recorded Investment, Loans Past Due Over 90 Days and Still Accruing Interest | 676 | 208 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 2,298 | |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 484 | 1,273 |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 1,353 | 1,917 |
Recorded Investment, Loans Past Due Over 90 Days and Still Accruing Interest | 250 | |
Commercial and Industrial Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment, Nonaccrual | 2,193 | |
Recorded Investment, Loans Past Due Over 90 Days and Still Accruing Interest | $ 426 | $ 208 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 5,662 | $ 9,018 |
Aging of Recorded Investment, Loans Not Past Due | 2,878,848 | 2,658,925 |
Total ending loans balance | 2,884,510 | 2,667,943 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 380 | 2,828 |
Aging of Recorded Investment, Loans Not Past Due | 584,219 | 581,612 |
Total ending loans balance | 584,599 | 584,440 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 3,509 | 701 |
Aging of Recorded Investment, Loans Not Past Due | 664,556 | 592,092 |
Total ending loans balance | 668,065 | 592,793 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 33 | |
Aging of Recorded Investment, Loans Not Past Due | 4,912 | 5,568 |
Total ending loans balance | 4,945 | 5,568 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,202 | 3,582 |
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 | 294 | |
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 | 601 | 241 |
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 | 33 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,073 | 2,642 |
60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 380 | 1,986 |
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 | 289 | 252 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 3,387 | 2,794 |
Greater Than 90 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 548 | |
Greater Than 90 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 2,619 | 208 |
Commercial Real Estate Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 515 | |
Aging of Recorded Investment, Loans Not Past Due | 894,910 | 753,728 |
Total ending loans balance | 894,910 | 754,243 |
Commercial Real Estate Financing Receivable [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 515 | |
Commercial Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Loans Not Past Due | 37,845 | 48,017 |
Total ending loans balance | 37,845 | 48,017 |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 509 | 3,022 |
Aging of Recorded Investment, Loans Not Past Due | 496,088 | 490,043 |
Total ending loans balance | 496,597 | 493,065 |
Real Estate Residential Closed-end 1-4 Family [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 350 | 2,390 |
Real Estate Residential Closed-end 1-4 Family [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 404 | |
Real Estate Residential Closed-end 1-4 Family [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 159 | 228 |
Residential Real Estate, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 1,231 | 1,952 |
Aging of Recorded Investment, Loans Not Past Due | 196,318 | 187,865 |
Total ending loans balance | 197,549 | 189,817 |
Residential Real Estate, Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 218 | 142 |
Residential Real Estate, Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | 404 | |
Residential Real Estate, Other [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Aging of Recorded Investment, Total Past Due | $ 609 | $ 1,810 |
Loans - Summary of Risk Categor
Loans - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 2,884,510 | $ 2,667,943 |
Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 584,599 | 584,440 |
Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 668,065 | 592,793 |
Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 4,945 | 5,568 |
Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,852,488 | 2,603,376 |
Pass [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 584,251 | 580,468 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 642,120 | 553,589 |
Pass [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 4,945 | 5,567 |
Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 3,871 | 25,856 |
Special Mention [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 113 | 1,416 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,662 | 8,313 |
Special Mention [Member] | Consumer and Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 1 | |
Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 28,151 | 38,711 |
Substandard [Member] | Construction and Land Development [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 235 | 2,556 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 23,283 | 30,891 |
Commercial Real Estate Financing Receivable [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 894,910 | 754,243 |
Commercial Real Estate Financing Receivable [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 894,430 | 739,469 |
Commercial Real Estate Financing Receivable [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 480 | 14,774 |
Commercial Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 37,845 | 48,017 |
Commercial Real Estate, Other [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 37,229 | 48,017 |
Commercial Real Estate, Other [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 616 | |
Real Estate Residential Closed-end 1-4 Family [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 496,597 | 493,065 |
Real Estate Residential Closed-end 1-4 Family [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 494,306 | 489,781 |
Real Estate Residential Closed-end 1-4 Family [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 948 | |
Real Estate Residential Closed-end 1-4 Family [Member] | Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 2,291 | 2,336 |
Residential Real Estate, Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 197,549 | 189,817 |
Residential Real Estate, Other [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 195,207 | 186,485 |
Residential Real Estate, Other [Member] | Special Mention [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | 404 | |
Residential Real Estate, Other [Member] | Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total Loans | $ 2,342 | $ 2,928 |
Loan Servicing - Schedule of Lo
Loan Servicing - Schedule of Loans Serviced Not Reported as Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Mortgage Corporation [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loans serviced for others | $ 491,388 | $ 492,761 |
Other Serviced Loans [Member] | ||
Loans Servicing For Institutional Investors [Line Items] | ||
Loans serviced for others | $ 3,614 | $ 3,689 |
Loan Servicing - Related Loan S
Loan Servicing - Related Loan Servicing Rights Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Servicing Asset At Amortized Value Additional Disclosures [Abstract] | ||||
Beginning of period | $ 3,366 | $ 3,602 | $ 3,403 | $ 3,620 |
Additions | 196 | 161 | 383 | 357 |
Amortized to expense | (263) | (227) | (487) | (441) |
End of period | $ 3,299 | $ 3,536 | $ 3,299 | $ 3,536 |
Loan Servicing - Components of
Loan Servicing - Components of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Transfers And Servicing [Abstract] | ||||
Loan servicing fees | $ 312 | $ 330 | $ 618 | $ 663 |
Amortization of loan servicing fees | (263) | (227) | (487) | (441) |
Total | $ 49 | $ 103 | $ 131 | $ 222 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Transfers And Servicing [Abstract] | ||
Fair value of servicing rights | $ 3,905 | $ 4,836 |
Weighted average discount rate | 9.50% | 9.50% |
Weighted average prepayment speed | 16.40% | 11.90% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | |||
Operating lease term extending year | 2033 | ||
Operating lease,extending description | Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space with terms extending through 2033. | ||
Option to extend, operating lease | true | ||
Finanacing lease term extending year | 2033 | ||
Financing lease,extending description | The Company has one existing finance lease for additional office space with a lease term through 2033. | ||
Option to extend, finance lease | true | ||
Rent expense | $ 1,319 | $ 2,547 |
Leases - Summary of Consolidate
Leases - Summary of Consolidated Statements of Condition Classification of ROU Assets And Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Lease right-of-use assets | ||
Operating lease right-of-use assets | $ 40,967 | $ 43,723 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | |
Finance lease right-of-use assets | $ 2,919 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | |
Total lease right-of-use assets | $ 43,886 | |
Lease liabilities | ||
Operating lease right-of-use assets | $ 42,556 | $ 43,723 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
Finance lease right-of-use assets | $ 2,996 | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
Total lease liabilities | $ 45,552 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Term and Discount Rates (Detail) | Jun. 30, 2019 |
Weighted-average remaining lease term (in years) | |
Operating leases | 12 years 1 month 6 days |
Finance lease | 14 years 10 months 24 days |
Weighted-average discount rate | |
Operating leases | 5.48% |
Finance lease | 5.49% |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs And Other Lease Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Lease costs | |
Operating lease costs | $ 2,527 |
Variable lease costs | 181 |
Short-term lease costs | 94 |
Finance lease costs | |
Interest on lease liabilities | 82 |
Amortization of right-of-use asset | 101 |
Total lease costs | $ 2,985 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 2,342 |
Operating cash flows from finance leases | 82 |
Financing cash flows from finance leases | $ 54 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments For Finance Lease And Operating Leases With Initial Or Remaining Terms (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Finance | |||
2020 | $ 274 | ||
2021 | 278 | ||
2022 | 282 | ||
2023 | 286 | ||
2024 | 291 | ||
Thereafter | 2,986 | ||
Total future minimum lease payments | 4,397 | ||
Less: Imputed interest | (1,401) | ||
Total lease liabilities | 2,996 | ||
Operating | |||
2020 | 4,812 | ||
2021 | 4,869 | ||
2022 | 4,876 | ||
2023 | 4,850 | ||
2024 | 4,921 | ||
Thereafter | 33,713 | ||
Total future minimum lease payments | 58,041 | ||
Less: Imputed interest | (15,485) | ||
Total lease liabilities | $ 42,556 | $ 43,723 | |
Finance | |||
2019 | $ 272 | ||
2020 | 276 | ||
2021 | 280 | ||
2022 | 284 | ||
2023 | 288 | ||
Thereafter | 3,133 | ||
Total future minimum lease payments | 4,533 | ||
Operating | |||
2019 | 4,841 | ||
2020 | 4,849 | ||
2021 | 4,871 | ||
2022 | 4,856 | ||
2023 | 4,885 | ||
Thereafter | 36,178 | ||
Total future minimum lease payments | $ 60,480 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Plan$ / sharesshares | Jun. 30, 2018USD ($)$ / shares | Apr. 12, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans | Plan | 2 | ||||
Compensation cost charged against income | $ 1,513,000 | $ 2,842,000 | $ 1,318,000 | $ 2,078,000 | |
Excess tax benefit related to vesting of restricted stock and exercise of stock options | $ 92,000 | 220,000 | $ 205,000 | $ 283,000 | |
Stock Option [Member] | Amended and Restated 2017 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 3,500,000 | ||||
Number of shares authorized for issuance | shares | 2,421,000 | 2,421,000 | |||
Stock Option [Member] | 2007 Omnibus Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 4,000,000 | 4,000,000 | |||
Options contractual term | 10 years | ||||
Weighted average fair value of options | $ / shares | $ 9.78 | $ 12.03 | |||
Unrecognized compensation cost, nonvested stock options | $ 4,786,000 | $ 4,786,000 | |||
Unrecognized compensation cost, period of recognition | 1 year 11 months 19 days | ||||
Stock Option [Member] | 2017 Omnibus Equity Incentive Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 3 years | ||||
Stock Option [Member] | 2017 Omnibus Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 5 years | ||||
Restricted Stock [Member] | 2007 Omnibus Equity Incentive Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 3 years | ||||
Restricted Stock [Member] | 2007 Omnibus Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 5 years | ||||
Restricted Stock [Member] | 2017 Omnibus Equity Incentive Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 3 years | ||||
Restricted Stock [Member] | 2017 Omnibus Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares | 5 years | ||||
Restricted Stock [Member] | 2007 Omnibus Equity Incentive Plan and Amended and Restated 2017 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, nonvested stock options | 1,713,000 | $ 1,713,000 | |||
Unrecognized compensation cost, period of recognition | 1 year 3 months 18 days | ||||
Restricted Stock Units [Member] | 2017 Omnibus Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost charged against income | 483,000 | $ 0 | $ 579,000 | $ 0 | |
Restricted Stock Units [Member] | 2007 Omnibus Equity Incentive Plan and Amended and Restated 2017 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, nonvested stock options | $ 3,814,000 | $ 3,814,000 | |||
Unrecognized compensation cost, period of recognition | 2 years 9 months |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions of Stock Options (Detail) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 2.47% | 2.96% |
Expected term | 7 years | 7 years 6 months |
Expected stock price volatility | 30.64% | 32.09% |
Dividend yield | 0.57% | 0.00% |
Share-Based Payments - Summary
Share-Based Payments - Summary of Company's Stock Options Activities (Detail) - Stock Option [Member] - 2007 and 2017 Omnibus Equity Incentive Plan [Member] $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at period beginning | shares | 1,807,922 | |
Shares, Granted | shares | 91,823 | |
Shares, Exercised | shares | (128,125) | |
Shares, Forfeited, expired, or cancelled | shares | (18,883) | |
Shares, Outstanding at period end | shares | 1,752,737 | 1,807,922 |
Shares, Vested or expected to vest | shares | 1,666,525 | |
Shares, Exercisable at period end | shares | 839,675 | |
Weighted Average Exercise Price, Outstanding at period beginning | $ / shares | $ 24.68 | |
Weighted Average Exercise Price, Granted | $ / shares | 27.83 | |
Weighted Average Exercise Price, Exercised | $ / shares | 14.14 | |
Weighted Average Exercise Price, Forfeited, expired, or cancelled | $ / shares | 32.74 | |
Weighted Average Exercise Price, Outstanding at period end | $ / shares | 18.47 | $ 24.68 |
Weighted Average Exercise Price, Vested or expected to vest | $ / shares | 25.52 | |
Weighted Average Exercise Price, Exercisable at period end | $ / shares | $ 17.32 | |
Weighted Average Remaining Contractual Term, Outstanding Balance | 6 years 10 months 13 days | 6 years 4 months 28 days |
Weighted Average Remaining Contractual Term, Vested or expected to vest | 6 years 1 month 17 days | |
Weighted Average Remaining Contractual Term, Exercisable at period end | 6 years 1 month 17 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 4,113 | $ 9,581 |
Aggregate Intrinsic Value, Vested or expected to vest | $ | 3,908 | |
Aggregate Intrinsic Value, Exercisable at period end | $ | $ 8,847 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Stock Options Exercised (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stock options exercised: | ||
Cash received from options exercised | $ 1,277 | $ 1,937 |
Stock Option [Member] | 2007 and 2017 Omnibus Equity Incentive Plan [Member] | ||
Stock options exercised: | ||
Intrinsic value of options exercised | 1,869 | 3,745 |
Cash received from options exercised | 1,277 | 1,937 |
Tax benefit realized from option exercises | $ 205 | $ 283 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Activity for Nonvested Restricted Share Awards (Detail) - Restricted Stock [Member] - 2007 and 2017 Omnibus Equity Incentive Plan [Member] | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Non-vested, Beginning Balance | 176,516 |
Shares, Granted | 1,255 |
Shares, Vested | (70,069) |
Shares, Forfeited | (1,035) |
Shares, Non-vested, Ending Balance | 106,667 |
Weighted-Average Grant-Date Fair Value, Non-vested, Beginning Balance | $ / shares | $ 31.07 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 31.87 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 30.33 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | $ 32.95 |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Vesting Criteria for Restricted Stock Units (Detail) - Restricted Stock Units [Member] - 2007 and 2017 Omnibus Equity Incentive Plan [Member] | 6 Months Ended |
Jun. 30, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant year | 2019 |
Units Awarded | 124,661 |
Service period | 3 years |
Period in which units to be settled into shares of common stock | 2022 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Capital conservation buffer | 2.50% |
Capital conservation buffer ratio to be phased in at beginning | 0.625% |
Capital conservation buffer phase in year | 2016 |
Capital conservation buffer period final year | 2019 |
Regulatory Capital Matters - Ac
Regulatory Capital Matters - Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital to RWA, Actual Amount | $ 375,710 | $ 367,096 |
Total Capital to RWA, Actual Amount | 462,020 | 449,325 |
Tier 1 (Core) Capital to RWA, Actual Amount | 375,710 | 367,096 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 375,710 | $ 367,096 |
Common equity Tier 1 capital to RWA | 11.20% | 12.20% |
Total Capital to RWA, Actual Ratio | 13.70% | 14.90% |
Tier 1 (Core) Capital to RWA, Actual Ratio | 11.20% | 12.20% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 9.20% | 8.80% |
Common equity Tier 1 capital to RWA | $ 151,266 | $ 135,598 |
Total Capital to RWA, Required For Capital Adequacy Purposes Amount | 268,918 | 241,064 |
Tier 1 (Core) Capital to RWA, Required For Capital Adequacy Purposes Amount | 201,689 | 180,798 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 134,459 | $ 167,553 |
Common equity Tier 1 capital to RWA | 4.50% | 4.50% |
Total Capital to RWA, Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to RWA, Required For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital to RWA, Actual Amount | $ 433,574 | $ 421,335 |
Total Capital to RWA, Actual Amount | 461,102 | 444,871 |
Tier 1 (Core) Capital to RWA, Actual Amount | 433,574 | 421,335 |
Tier 1 (Core) Capital to average assets, Actual Amount | $ 433,574 | $ 421,335 |
Common equity Tier 1 capital to RWA | 12.90% | 14.00% |
Total Capital to RWA, Actual Ratio | 13.70% | 14.80% |
Tier 1 (Core) Capital to RWA, Actual Ratio | 12.90% | 14.00% |
Tier 1 (Core) Capital to average assets, Actual Ratio | 10.60% | 10.10% |
Common equity Tier 1 capital to RWA | $ 151,253 | $ 135,613 |
Total Capital to RWA, Required For Capital Adequacy Purposes Amount | 268,894 | 241,090 |
Tier 1 (Core) Capital to RWA, Required For Capital Adequacy Purposes Amount | 201,670 | 180,818 |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Amount | $ 163,420 | $ 167,420 |
Common equity Tier 1 capital to RWA | 4.50% | 4.50% |
Total Capital to RWA, Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to RWA, Required For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 (Core) Capital to average assets, Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Common equity Tier 1 capital to RWA | $ 218,476 | $ 195,886 |
Total Capital to RWA, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 336,117 | 301,363 |
Tier 1 (Core) Capital to RWA, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 268,894 | 241,090 |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 204,274 | $ 209,275 |
Common equity Tier 1 capital to RWA | 6.50% | 6.50% |
Total Capital to RWA, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 10.00% | 10.00% |
Tier 1 (Core) Capital to RWA, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 8.00% | 8.00% |
Tier 1 (Core) Capital to average assets, To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | 5.00% |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2019USD ($)Swap | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | ||
Number of swap transaction | Swap | 16 | |
Derivative liability, notional amount | $ 101,205,000 | |
Derivatives designated as Hedging Instruments [Member] | Fair Value Hedge [Member] | ||
Derivative [Line Items] | ||
Derivative liability, Estimated Fair Value | $ 0 | |
Derivatives designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Derivative liability, Estimated Fair Value | $ 0 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value Hedge Relationships (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Derivative liability, Notional Amount | $ 101,205,000 | |
Derivatives designated as Hedging Instruments [Member] | Fair Value Hedge [Member] | ||
Derivative [Line Items] | ||
Derivative liability, Estimated Fair Value | $ 0 | |
Derivatives designated as Hedging Instruments [Member] | Interest Rate Swap Aagreements - Securities [Member] | Fair Value Hedge [Member] | ||
Derivative [Line Items] | ||
Weighted Average Remaining Maturity (In Years) | 7 years 2 months 23 days | |
Weighted Average Pay Rate | 2.527% | |
Receive Rate | 3 month LIBOR | |
Derivative liability, Notional Amount | $ 101,205,000 | |
Derivatives designated as Hedging Instruments [Member] | Interest Rate Swap Aagreements - Securities [Member] | Fair Value Hedge [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative liability, Estimated Fair Value | $ 4,733,000 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Effects of Fair Value Hedge Relationships Reported in Interest Income on Securities on Consolidated Statements of Income (Detail) - Interest Rate Swap Aagreements - Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on fair value hedging relationship - Hedged items | $ 3,615 | $ 4,733 |
Gain (loss) on fair value hedging relationship - Derivative designated as hedging instrument | $ (3,615) | $ (4,733) |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges (Detail) - Securities Available-for-sale [Member] $ in Thousands | Jun. 30, 2019USD ($) |
Derivative [Line Items] | |
Carrying Amount of the Hedged Assets | $ 101,205 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | $ 4,733 |
Derivative Instruments - Sche_4
Derivative Instruments - Schedule of Cash Flow Hedge Relationships (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Derivative liability, Notional Amount | $ 101,205,000 | |
Derivatives designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Derivative liability, Estimated Fair Value | $ 0 | |
Derivatives designated as Hedging Instruments [Member] | Interest Rate Swap Aagreements [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Weighted Average Remaining Maturity (In Years) | 2 years | |
Weighted Average Pay Rate | 2.232% | |
Receive Rate | 3 month LIBOR | |
Derivative liability, Notional Amount | $ 100,000,000 | |
Derivatives designated as Hedging Instruments [Member] | Interest Rate Swap Aagreements [Member] | Cash Flow Hedge [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative liability, Estimated Fair Value | $ 1,667,000 |
Derivative Instruments - Sche_5
Derivative Instruments - Schedule of Effects of Cash Flow Hedge Relationships on Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Interest Rate Swap Aagreements [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain Recognized in Other Comprehensive Income (Loss) | $ (1,231) | $ (1,231) |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Unfunded Loan Commitments [Member] | ||
Financial Instruments With Off Balance Sheet Risk [Line Items] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 63,707 | $ 28,731 |
Standby Letters of Credit [Member] | ||
Financial Instruments With Off Balance Sheet Risk [Line Items] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 52,064 | 40,024 |
Unused Lines of Credit [Member] | ||
Financial Instruments With Off Balance Sheet Risk [Line Items] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 801,049 | $ 654,584 |
Fair Value - Additional informa
Fair Value - Additional information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Loan | |
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Fair value measurements, valuation techniques | For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities that are not actively traded and values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Included in securities is interest rate swap agreements. The carrying amount of the interest rate swap agreements is based on pricing models that utilize observable market inputs (Level 2). | ||||
Transfers of assets between level 1 and level 2 | $ 0 | $ 0 | $ 0 | ||
Transfers of assets between level 2 and level 1 | 0 | 0 | 0 | ||
Transfers of liabilities between level 1 and level 2 | 0 | 0 | 0 | ||
Transfers of liabilities between level 2 and level | 0 | 0 | 0 | ||
Carrying amount of impaired loans with specific allocations | 4,030,000 | 4,030,000 | 5,654,000 | ||
Additional provision for loan losses | 7,031,000 | $ 570,000 | 12,086,000 | $ 1,143,000 | |
Foreclosed assets | 0 | $ 0 | $ 0 | ||
Fair Value [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Number of Collateral Dependent Impaired Loan | Loan | 1 | 1 | |||
Carrying amount of impaired loans with specific allocations | 0 | $ 0 | $ 150,000 | ||
Changes Measurement [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Additional provision for loan losses | 6,304,000 | 16,000 | 9,759,000 | 16,000 | |
Mortgage Banking Revenue [Member] | Loans Held for Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Unpaid principal balance of loans held for sale | 26,118,000 | 26,118,000 | 10,722,000 | ||
Unrealized gain (loss) on loan held for sale | 975,000 | $ 381,000 | |||
Change in fair value of loans held for sale | $ 324,000 | $ 220,000 | $ 594,000 | $ 194,000 | |
Maximum [Member] | Mortgage Banking Revenue [Member] | Loans Held for Sale [Member] | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Term of loan | 90 days | 90 days |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 715,132 | $ 1,030,668 |
Loans held for sale | 27,093 | 11,103 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 253,014 | |
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 | 1,688 | 21,888 |
Mortgage-Backed Securities: Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 474,051 | 580,699 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 18,699 | |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 25,208 | 24,844 |
Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 22,716 | 12,424 |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 172,770 | 137,799 |
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 | 253,014 | |
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 | 715,132 | 777,654 |
Loans held for sale | 27,093 | 11,103 |
Other assets | 278 | 206 |
Other liabilities | 6,580 | 129 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [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 | 253,014 | |
Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Entities and Agencies [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 | 1,688 | 21,888 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities: Residential [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 | 474,051 | 580,699 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities: Commercial [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 | 18,699 | |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [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 | 25,208 | 24,844 |
Fair Value, Measurements, Recurring [Member] | Corporate Notes [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 | 22,716 | 12,424 |
Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [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 | $ 172,770 | $ 137,799 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets | ||
Securities available for sale | $ 715,132 | $ 1,030,668 |
Securities held to maturity | 120,809 | 118,955 |
Loans held for sale | 27,093 | 11,103 |
Servicing rights, net | 3,905 | 4,836 |
Reported Value Measurement [Member] | ||
Financial assets | ||
Cash and cash equivalents | 150,721 | 280,212 |
Certificates of deposit held at other financial institutions | 3,840 | 3,594 |
Securities available for sale | 715,132 | 1,030,668 |
Securities held to maturity | 118,963 | 121,617 |
Loans held for sale | 27,093 | 11,103 |
Net loans | 2,852,990 | 2,641,948 |
Servicing rights, net | 3,299 | 3,403 |
Other assets | 278 | 206 |
Accrued interest receivable | 14,281 | 13,337 |
Financial liabilities | ||
Deposits | 3,146,645 | 3,431,807 |
Federal Home Loan Bank advances | 396,500 | 368,500 |
Subordinated notes, net | 58,782 | 58,693 |
Other liabilities | 6,580 | 129 |
Accrued interest payable | 4,312 | 4,700 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 150,721 | 280,212 |
Certificates of deposit held at other financial institutions | 3,840 | 3,594 |
Securities available for sale | 715,132 | 1,030,668 |
Securities held to maturity | 120,809 | 118,955 |
Loans held for sale | 27,093 | 11,103 |
Net loans | 2,886,557 | 2,622,386 |
Servicing rights, net | 3,905 | 4,836 |
Other assets | 278 | 206 |
Accrued interest receivable | 14,282 | 13,337 |
Financial liabilities | ||
Deposits | 3,148,116 | 3,425,277 |
Federal Home Loan Bank advances | 396,624 | 366,786 |
Subordinated notes, net | 61,438 | 59,852 |
Other liabilities | 6,580 | 129 |
Accrued interest payable | 4,312 | 4,700 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 150,721 | 280,212 |
Securities available for sale | 253,014 | |
Accrued interest receivable | 136 | 71 |
Financial liabilities | ||
Deposits | 2,182,888 | 2,105,951 |
Accrued interest payable | 179 | 146 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | ||
Financial assets | ||
Certificates of deposit held at other financial institutions | 3,840 | 3,594 |
Securities available for sale | 715,132 | 777,654 |
Securities held to maturity | 120,809 | 118,955 |
Loans held for sale | 27,093 | 11,103 |
Other assets | 278 | 206 |
Accrued interest receivable | 5,196 | 5,539 |
Financial liabilities | ||
Deposits | 965,228 | 1,319,326 |
Federal Home Loan Bank advances | 396,624 | 366,786 |
Other liabilities | 6,580 | 129 |
Accrued interest payable | 687 | 3,866 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | ||
Financial assets | ||
Net loans | 2,886,557 | 2,622,386 |
Servicing rights, net | 3,905 | 4,836 |
Accrued interest receivable | 8,950 | 7,727 |
Financial liabilities | ||
Subordinated notes, net | 61,438 | 59,852 |
Accrued interest payable | $ 3,446 | $ 688 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic | ||||
Net income available to common shareholders | $ 5,173 | $ 10,161 | $ 8,075 | $ 20,213 |
Less: earnings allocated to participating securities | (41) | (118) | (79) | (192) |
Net income allocated to common shareholders | $ 5,132 | $ 10,043 | $ 7,996 | $ 20,021 |
Weighted average common shares outstanding including participating securities | 14,599,407 | 14,383,493 | 14,580,370 | 13,819,742 |
Less: Participating securities | (117,063) | (167,381) | (143,043) | (130,898) |
Average shares | 14,482,344 | 14,216,112 | 14,437,327 | 13,688,844 |
Basic earnings per common share | $ 0.35 | $ 0.71 | $ 0.55 | $ 1.46 |
Diluted | ||||
Net income allocated to common shareholders | $ 5,132 | $ 10,043 | $ 7,996 | $ 20,021 |
Weighted average common shares outstanding for basic earnings per common share | 14,482,344 | 14,216,112 | 14,437,327 | 13,688,844 |
Average shares and dilutive potential common shares | 14,894,140 | 14,814,059 | 14,849,292 | 14,246,151 |
Dilutive earnings per common share | $ 0.34 | $ 0.68 | $ 0.54 | $ 1.41 |
Stock Option [Member] | ||||
Diluted | ||||
Add: Dilutive effects of assumed exercises of stock options and restricted stock units | 341,777 | 597,947 | 376,762 | 557,307 |
Restricted Stock Units [Member] | ||||
Diluted | ||||
Add: Dilutive effects of assumed exercises of stock options and restricted stock units | 70,019 | 35,203 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Stock options to purchase shares of the Company's common stock | 980,099 | 659,291 | 874,279 | 535,285 |
Subordinated Debt Issuance - Ad
Subordinated Debt Issuance - Additional Information (Detail) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2016 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Subordinated notes, net of issuance costs | $ 58,782,000 | $ 58,693,000 | |||
Amortization of debt issuance costs | 89,000 | $ 89,000 | |||
Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes, Aggregate principal amount | 60,000,000 | ||||
Amortization of debt issuance costs | 89,000 | $ 89,000 | |||
Subordinated Debt [Member] | March 2016 Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes, Aggregate principal amount | $ 40,000,000 | ||||
Notes, Interest rate | 6.875% | ||||
Notes, Issuance cost | $ 1,382,000 | ||||
Term of notes | 10 years | ||||
Subordinated Debt [Member] | June 2016 Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes, Aggregate principal amount | $ 20,000,000 | ||||
Notes, Interest rate | 7.00% | ||||
Notes, Issuance cost | $ 404,000 | ||||
Term of notes | 10 years |
Subordinated Debt Issuance - Su
Subordinated Debt Issuance - Summary of Terms of Each Subordinated Note offering (Detail) - Subordinated Debt [Member] - USD ($) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | |||
Principal amount issued | $ 60,000,000 | ||
March 2016 Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount issued | $ 40,000,000 | ||
Maturity date | Mar. 30, 2026 | ||
Initial fixed interest rate | 6.875% | ||
Initial interest rate period | 10 years | ||
First interest rate change date | Mar. 30, 2021 | ||
Interest payment frequency through year five | Semiannually | ||
Interest payment frequency after five years | Quarterly | ||
March 2016 Subordinated Notes [Member] | Initial Term [Member] | |||
Debt Instrument [Line Items] | |||
Initial interest rate period | 5 years | ||
March 2016 Subordinated Notes [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest payment frequency through year five | Quarterly | ||
Interest repricing index and margin | 3-month LIBOR plus 5.636% | ||
June 2016 Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount issued | $ 20,000,000 | ||
Maturity date | Jul. 1, 2026 | ||
Initial fixed interest rate | 7.00% | ||
Initial interest rate period | 10 years | ||
First interest rate change date | Jul. 1, 2021 | ||
Interest payment frequency through year five | Semiannually | ||
Interest payment frequency after five years | Quarterly | ||
June 2016 Subordinated Notes [Member] | Initial Term [Member] | |||
Debt Instrument [Line Items] | |||
Initial interest rate period | 5 years | ||
June 2016 Subordinated Notes [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest payment frequency through year five | Quarterly | ||
Interest repricing index and margin | 3-month LIBOR plus 6.04% |