Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TBK | ||
Entity Registrant Name | TRIUMPH BANCORP, INC. | ||
Entity Central Index Key | 1,539,638 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 18,018,089 | ||
Entity Public Float | $ 214,855,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 23,447 | $ 21,312 |
Interest bearing deposits with other banks | 81,830 | 139,576 |
Total cash and cash equivalents | 105,277 | 160,888 |
Securities - available for sale | 163,169 | 162,024 |
Securities - held to maturity, fair value of $0 and $750, respectively | 745 | |
Loans held for sale, at fair value | 1,341 | 3,288 |
Loans, net of allowance for loan and lease losses of $12,567 and $8,843, respectively | 1,279,318 | 997,035 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 3,818 | 4,903 |
Premises and equipment, net | 22,227 | 21,933 |
Other real estate owned, net | 5,177 | 8,423 |
Goodwill | 15,968 | 15,968 |
Intangible assets, net | 11,886 | 13,089 |
Bank-owned life insurance | 29,535 | 29,083 |
Deferred tax asset, net | 15,945 | 15,956 |
Other assets | 37,652 | 14,563 |
Total assets | 1,691,313 | 1,447,898 |
Liabilities | ||
Noninterest bearing | 168,264 | 179,848 |
Interest bearing | 1,080,686 | 985,381 |
Total deposits | 1,248,950 | 1,165,229 |
Customer repurchase agreements | 9,317 | 9,282 |
Federal Home Loan Bank advances | 130,000 | 3,000 |
Junior subordinated debentures | 24,687 | 24,423 |
Other liabilities | 10,321 | 8,455 |
Total liabilities | $ 1,423,275 | $ 1,210,389 |
Commitments and contingencies - See Notes 13 and 14 | ||
Stockholders' equity - See Note 18 | ||
Common stock | $ 181 | $ 180 |
Additional paid-in-capital | 194,297 | 191,049 |
Treasury stock, at cost | (560) | (161) |
Retained earnings | 64,097 | 35,744 |
Accumulated other comprehensive income | 277 | 951 |
Total stockholders’ equity | 268,038 | 237,509 |
Total liabilities and stockholders' equity | 1,691,313 | 1,447,898 |
Preferred Class A | ||
Stockholders' equity - See Note 18 | ||
Preferred Stock | 4,550 | 4,550 |
Preferred Class B | ||
Stockholders' equity - See Note 18 | ||
Preferred Stock | $ 5,196 | $ 5,196 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ||||
Securities - Held to maturity, Fair value | $ 0 | $ 750 | ||
Allowance for loan and lease losses | $ 12,567 | $ 8,843 | $ 3,645 | $ 1,926 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income: | |||
Loans, including fees | $ 61,637 | $ 56,080 | $ 23,262 |
Factored receivables, including fees | 33,944 | 28,158 | 17,938 |
Taxable securities | 2,655 | 2,630 | 1,225 |
Tax exempt securities | 59 | 60 | 39 |
Cash deposits | 465 | 302 | 166 |
Total interest income | 98,760 | 87,230 | 42,630 |
Interest expense: | |||
Deposits | 6,906 | 5,036 | 3,560 |
Senior secured note | 584 | 123 | |
Junior subordinated debentures | 1,121 | 1,095 | 247 |
Other borrowings | 82 | 55 | 17 |
Total interest expense | 8,109 | 6,770 | 3,947 |
Net interest income | 90,651 | 80,460 | 38,683 |
Provision for loan losses | 4,529 | 5,858 | 3,412 |
Net interest income after provision for loan losses | 86,122 | 74,602 | 35,271 |
Noninterest income: | |||
Service charges on deposits | 2,732 | 3,009 | 703 |
Card income | 2,234 | 2,098 | 405 |
Net OREO gains (losses) and valuation adjustments | (108) | (582) | 154 |
Net gains on sale of securities | 259 | 88 | |
Net gains on sale of loans | 1,630 | 1,495 | 846 |
Fee income | 1,931 | 1,820 | 1,189 |
Bargain purchase gain | 15,117 | 9,014 | |
Gain on branch sale | 12,619 | ||
Asset management fees | 5,646 | 989 | 0 |
Other | 3,856 | 3,231 | 702 |
Total noninterest income | 33,297 | 24,767 | 13,013 |
Noninterest expense: | |||
Salaries and employee benefits | 50,175 | 42,131 | 20,737 |
Occupancy, furniture and equipment | 6,259 | 5,474 | 2,465 |
FDIC insurance and other regulatory assessments | 1,086 | 1,042 | 499 |
Professional fees | 4,429 | 3,574 | 2,460 |
Amortization of intangible assets | 3,979 | 2,923 | 620 |
Advertising and promotion | 2,061 | 2,594 | 682 |
Communications and technology | 4,360 | 3,748 | 1,412 |
Other | 9,516 | 7,716 | 3,849 |
Total noninterest expense | 81,865 | 69,202 | 32,724 |
Net income before income tax | 37,554 | 30,167 | 15,560 |
Income tax expense | 8,421 | 10,378 | 2,133 |
Net income | 29,133 | 19,789 | 13,427 |
Income attributable to noncontrolling interests | (2,060) | (867) | |
Net income attributable to Triumph Bancorp, Inc. | 29,133 | 17,729 | 12,560 |
Dividends on preferred stock | (780) | (780) | (721) |
Net income available to common stockholders | $ 28,353 | $ 16,949 | $ 11,839 |
Earnings per common share | |||
Basic | $ 1.60 | $ 1.55 | $ 1.40 |
Diluted | $ 1.57 | $ 1.52 | $ 1.39 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 29,133 | $ 19,789 | $ 13,427 |
Unrealized gains (losses) on securities: | |||
Unrealized holding gains (losses) arising during the period | (787) | 1,384 | (502) |
Reclassification of amount realized through sale of securities | (259) | (88) | |
Tax effect | 372 | (478) | 179 |
Total other comprehensive income (loss) | (674) | 818 | (323) |
Comprehensive income | 28,459 | 20,607 | 13,104 |
Income attributable to noncontrolling interests | (2,060) | (867) | |
Comprehensive income attributable to Triumph Bancorp, Inc. | $ 28,459 | $ 18,547 | $ 12,237 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | IPO | Series T1 And T2 Dividends | Series A Preferred Dividends | Series B Preferred Dividends | Common Stock | Common StockIPO | Additional Paid-in-Capital | Additional Paid-in-CapitalIPO | Treasury Stock | Retained Earnings | Retained EarningsSeries T1 And T2 Dividends | Retained EarningsSeries A Preferred Dividends | Retained EarningsSeries B Preferred Dividends | Accumulated Other Comprehensive Income | Noncontrolling Interest | Preferred Stock - Series A | Preferred Stock - Series B | Class B UnitsNoncontrolling Interest | Class B UnitsTriumph Commercial Finance Llc | Class B UnitsTriumph Commercial Finance LlcRetained Earnings | Class B UnitsTriumph Commercial Finance LlcNoncontrolling Interest | Senior Preferred Stock Series T1 and T2 | Senior Preferred Stock Series T1 and T2Noncontrolling Interest |
Beginning Balance at Dec. 31, 2012 | $ 63,474 | $ 46 | $ 43,924 | $ 7,086 | $ 456 | $ 6,962 | $ 5,000 | |||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2012 | 4,586,356 | 50,000 | ||||||||||||||||||||||
Exchange offer | (461) | $ 5 | 6,307 | (461) | (5,862) | $ (450) | ||||||||||||||||||
Exchange offer (in shares) | 545,069 | (4,500) | 58,620 | |||||||||||||||||||||
Stock issuance, net of costs | 42,402 | $ 37 | 42,365 | |||||||||||||||||||||
Stock issuance, net of cost (in shares) | 3,672,115 | |||||||||||||||||||||||
Stock issued and assumed in NBI acquisition | 43,009 | $ 10 | 11,906 | 25,897 | $ 5,196 | |||||||||||||||||||
Stock issued and assumed in NBI acquisition (in shares) | 1,029,045 | 51,956 | ||||||||||||||||||||||
Stock based compensation | 129 | 129 | ||||||||||||||||||||||
Preferred dividends | $ (130) | $ (632) | $ (89) | $ (130) | $ (632) | $ (89) | $ (209) | $ (209) | ||||||||||||||||
Net income | 13,427 | 13,427 | ||||||||||||||||||||||
Other comprehensive income (loss) | (323) | (323) | ||||||||||||||||||||||
Ending Balance at Dec. 31, 2013 | 160,597 | $ 98 | 104,631 | 18,992 | 133 | $ 26,997 | $ 4,550 | $ 5,196 | $ 1,100 | |||||||||||||||
Ending Balance (in shares) at Dec. 31, 2013 | 9,832,585 | 45,500 | 51,956 | |||||||||||||||||||||
Stock issuance, net of costs | 6 | $ 83,767 | $ 77 | 6 | $ 83,690 | |||||||||||||||||||
Stock issuance, net of cost (in shares) | 444 | 7,705,000 | ||||||||||||||||||||||
Issuance of restricted stock | 37 | $ 5 | 32 | |||||||||||||||||||||
Issuance of restricted stock (in shares) | 436,738 | |||||||||||||||||||||||
Stock based compensation | 2,690 | 2,690 | ||||||||||||||||||||||
Purchase of treasury stock | (161) | $ (161) | ||||||||||||||||||||||
Purchase of treasury stock (in shares) | (10,984) | 10,984 | ||||||||||||||||||||||
Preferred dividends | $ (2,194) | (364) | (416) | $ (2,194) | (364) | (416) | (63) | $ (63) | ||||||||||||||||
Stock redemptions | $ (1,100) | $ (1,100) | $ (25,897) | $ (25,897) | ||||||||||||||||||||
Net income | 19,789 | 19,789 | ||||||||||||||||||||||
Other comprehensive income (loss) | 818 | 818 | ||||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | 237,509 | $ 180 | 191,049 | $ (161) | 35,744 | 951 | $ 4,550 | $ 5,196 | ||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 17,963,783 | 10,984 | 45,500 | 51,956 | ||||||||||||||||||||
Issuance of restricted stock | $ 1 | (1) | ||||||||||||||||||||||
Issuance of restricted stock (in shares) | 77,956 | |||||||||||||||||||||||
Forfeiture of restricted stock awards | 56 | $ (56) | ||||||||||||||||||||||
Forfeiture of restricted stock awards (in shares) | (3,632) | 3,632 | ||||||||||||||||||||||
Excess tax benefit on restricted stock vested | 116 | 116 | ||||||||||||||||||||||
Stock based compensation | 3,077 | 3,077 | ||||||||||||||||||||||
Purchase of treasury stock | (343) | $ (343) | ||||||||||||||||||||||
Purchase of treasury stock (in shares) | (19,907) | 19,907 | ||||||||||||||||||||||
Preferred dividends | $ (365) | $ (415) | $ (365) | $ (415) | ||||||||||||||||||||
Net income | 29,133 | 29,133 | ||||||||||||||||||||||
Other comprehensive income (loss) | (674) | (674) | ||||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | $ 268,038 | $ 181 | $ 194,297 | $ (560) | $ 64,097 | $ 277 | $ 4,550 | $ 5,196 | ||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 18,018,200 | 34,523 | 45,500 | 51,956 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 29,133 | $ 19,789 | $ 13,427 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation | 2,143 | 1,946 | 786 |
Net accretion on loans and deposits | (4,928) | (8,992) | (4,880) |
Amortization of junior subordinated debentures | 264 | 252 | 51 |
Net amortization on securities | 590 | 1,010 | 386 |
Amortization of intangible assets | 3,979 | 2,923 | 620 |
Deferred taxes | (280) | 4,373 | 1,891 |
Provision for loan losses | 4,529 | 5,858 | 3,412 |
Stock based compensation | 3,077 | 2,690 | 129 |
Origination of loans held for sale | (59,261) | (58,123) | (20,358) |
Proceeds from loan sales | 62,838 | 68,845 | 15,317 |
Net gains on sale of securities | (259) | (88) | |
Net gains on sale of loans | (1,630) | (1,495) | (846) |
Net OREO (gains) losses and valuation adjustments | 108 | 582 | (154) |
Bargain purchase gain | (15,117) | (9,014) | |
Gain on branch sale | (12,619) | ||
(Increase) decrease in other assets | (76) | (1,670) | 13,455 |
Increase (decrease) in other liabilities | 186 | (5,201) | (3,356) |
Net cash provided by (used in) operating activities | 25,296 | 20,080 | 10,866 |
Cash flows from investing activities: | |||
Purchases of securities available for sale | (30,544) | (27,970) | |
Proceeds from sales of securities available for sale | 17,635 | 24,424 | 0 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 11,132 | 26,548 | 17,810 |
Purchases of loans (shared national credits) | (28,619) | ||
Net change in loans | (252,390) | (156,946) | (98,114) |
Purchases of premises and equipment, net | (2,437) | (2,745) | (1,404) |
Net proceeds from sale of OREO | 3,881 | 5,321 | 3,937 |
Net proceeds from (cash paid for) CLO warehouse investments | (18,050) | 50 | (2,000) |
(Purchases) redemptions of FHLB and Federal Reserve Bank stock | 1,085 | 899 | (502) |
Cash (paid for) received in acquisitions | (127,591) | (49,482) | 74,713 |
Proceeds from sale of loans obtained through Doral Money Inc. acquisition | 36,765 | ||
Net proceeds from sale of branch | 57,409 | ||
Net cash provided by (used in) investing activities | (389,133) | (122,492) | (5,560) |
Cash flows from financing activities: | |||
Net increase in deposits | 83,998 | 156,509 | 26,211 |
Increase (decrease) in customer repurchase agreements | 35 | (2,048) | (8,597) |
Increase (decrease) in Federal Home Loan Bank advances | 127,000 | (18,000) | 5,497 |
Issuance of senior secured note | 12,573 | ||
Repayment of senior secured note | (12,573) | (11,858) | |
Proceeds from the issuance of other borrowings | 99,975 | ||
Repayment of other borrowings | (1,659) | ||
Exchange offer | (461) | ||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | ||
Issuance of common stock, net of costs | 43 | 42,402 | |
Purchase of Treasury Stock | (343) | (161) | |
Distributions on noncontrolling interest and preferred stock | (780) | (3,037) | (1,060) |
Redemption of Senior Preferred Stock Series T-1 and T-2 | (25,897) | ||
Redemption of TCF Class B units | (1,100) | ||
Net cash provided by (used in) financing activities | 308,226 | 177,503 | 64,707 |
Net increase (decrease) in cash and cash equivalents | (55,611) | 75,091 | 70,013 |
Cash and cash equivalents at beginning of period | 160,888 | 85,797 | 15,784 |
Cash and cash equivalents at end of period | 105,277 | 160,888 | 85,797 |
Supplemental cash flow information: | |||
Interest paid | 7,864 | 8,225 | 1,549 |
Income taxes paid | 5,878 | 5,093 | 966 |
Supplemental noncash disclosures: | |||
Loans transferred to OREO | 743 | 543 | 1,532 |
Securities transferred in satisfaction of other borrowings | 98,316 | ||
Loan purchases, not yet settled (shared national credits) | 995 | ||
Held to maturity securities transferred to available for sale | $ 747 | ||
Loans transferred to branch assets held for sale | 78,071 | ||
Premises and equipment transferred to branch assets held for sale | $ 2,260 | ||
Stock issued and assumed in NBI acquisition | $ 43,009 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph Capital Advisors, LLC (“TCA”), Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group (“TIG”). Effective October 1, 2015, the Company completed the merger of its subsidiary banks, Triumph Community Bank, N.A. and Triumph Savings Bank, SSB, into a single bank. The combined bank, TBK Bank, is a direct subsidiary of Triumph Bancorp, Inc., and conducts business under the Triumph Community Bank and Triumph Savings Bank names in the markets where the Company historically operated under such names. In addition, effective October 1, 2015, National Bancshares, Inc. (“NBI”) was merged into Triumph Bancorp, Inc. TBK Bank does business under the following names: (i) Triumph Community Bank (“TCB”) and Triumph Savings Bank (“TSB”) with respect to its community banking business in respective markets; (ii)Triumph Commercial Finance (“TCF”) with respect to its asset-based lending, equipment lending and general factoring commercial finance products; (iii) Triumph Healthcare Finance (“THF”) with respect to its healthcare asset-based lending business; and (iv) Triumph Premium Finance (“TPF”) with respect to its insurance premium financing business. Principles of Consolidation and Basis of Presentation The Company consolidates subsidiaries in which it holds, directly or indirectly, a controlling financial interest. In consolidation, all significant intercompany accounts and transactions are eliminated. Investments in unconsolidated entities are accounted for using the equity method of accounting when the Company has the ability to exercise significant influence over operating and financing decisions. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (“GAAP”) and general practice within the banking industry. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company uses the accrual basis of accounting for financial reporting purposes. Use of Estimates To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Cash and Cash Equivalents For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, other short-term investments and federal funds sold. All highly liquid investments with an initial maturity of less than 90 days are considered to be cash equivalents. Certain items, including loan and deposit transactions, customer repurchase agreements, and FHLB advances and repayments, are presented net in the statement of cash flows. Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held to maturity or trading, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at fair value. The fair value of mortgage loans held for sale is determined based on outstanding commitments from investors to purchase such loans and upon prevailing market rates. Increases or decreases in the fair value of these loans held for sale, if any, are charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the final selling price and the fair value of the related loan sold. Loans Originated Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the remaining life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. Generally, loans are placed in nonaccrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. The accrual of interest income on 1-4 family residential mortgage, commercial and commercial real estate loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection, or if full collection of interest or principal becomes uncertain. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual is charged against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Purchased Loans: Purchased loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Larger purchased loans are individually evaluated while smaller purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. The cash flows expected to be collected on purchased credit impaired (“PCI”) loans are estimated based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. Purchased loans are considered credit impaired if there is evidence of credit deterioration at the date of purchase and if it is probable that not all contractually required payments will be collected. Interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows is recognized on all PCI loans for which the timing and amount of future cash flows can be reasonably projected. Expected cash flows are re-estimated quarterly. A decline in the present value of current expected cash flows compared to the previously estimated expected cash flows, due in any part to change in credit, is referred to as credit impairment and recorded as provision for loan losses during the period. Declines in the present value of expected cash flows only from the expected timing of such cash flows are recognized prospectively as a decrease in yield on the loan. Improvement in expected cash flows is recognized prospectively as an adjustment to the yield on the loan once any previously recorded impairment is recaptured. Purchased loans that are not considered PCI at acquisition have premiums or discounts. Premiums and discounts recognized when the loans are recorded at their estimated fair values at acquisition are amortized or accreted over the remaining term of the loan as an adjustment to the related loan’s yield. The subsequent accounting for acquired non-PCI loans follows the accounting for originated loans. Factored Receivables: The Company purchases invoices from its factoring clients in schedules or batches. Cash is advanced to the client to the extent of the applicable advance rate, less fees, as set forth in the individual factoring agreements. The face value of the invoices purchased are recorded by the Company as factored receivables, and the unadvanced portions of the invoices purchased, less fees, are considered client reserves. The client reserves are held to settle any payment disputes or collection shortfalls, may be used to pay clients’ obligations to various third parties as directed by the client, are periodically released to or withdrawn by clients, and are reported as deposits. Unearned factoring fees, less unearned net origination fees, are deferred and recognized over the weighted average collection period for each client. Subsequent factoring fees are recognized in interest income as incurred by the client and deducted from the clients’ reserve balances. Other factoring-related fees, which include wire transfer fees, carrier payment fees, fuel advance fees, and other similar fees, are reported by the Company as non-interest income as incurred by the client. Allowance for Loan and Lease Losses The allowance for loan and lease losses (“ALLL”) is a valuation allowance for probable incurred credit losses. The determination of the ALLL is inherently subjective as it requires material estimates which may be susceptible to significant changes. Loan losses are charged against the ALLL when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the ALLL. Management estimates the ALLL balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the ALLL may be made for specific impaired loans, but the entire ALLL is available for any loan that, in management’s judgment, should be charged-off. The ALLL consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All loans are subject to being individually evaluated for impairment. If a loan is impaired, a portion of the ALLL may be allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the ALLL. The general component of the ALLL covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company since acquisition. This actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following loan portfolio categories have been identified: Commercial Real Estate — This category of loans consists of the following loan types: Non-farm Non-residential — This category includes real estate loans for a variety of commercial property types and purposes, including owner occupied commercial real estate loans primarily secured by commercial office or industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. Repayment terms vary considerably, interest rates are fixed or variable, and are structured for full, partial, or no amortization of principal. This category also includes investment real estate loans that are primarily secured by non-owner occupied apartment, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Multi-family residential — Investment real estate loans are primarily secured by non-owner occupied apartment or multifamily residential buildings. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Construction, land development, land —This category of loans consists of loans to finance the ground up construction, improvement and/or carrying for sale after the completion of construction of owner occupied and non-owner occupied residential and commercial properties, and loans secured by raw or improved land. The repayment of construction loans is generally dependent upon the successful completion of the improvements by the builder for the end user, or sale of the property to a third party. Repayment of land secured loans are dependent upon the successful development and sale of the property, the sale of the land as is, or the outside cash flow of the owners to support the retirement of the debt. 1-4 family residential properties — This category of loans includes both first and junior liens on residential real estate. Home equity revolving lines of credit and home equity term loans are included in this group of loans. Farmland — These loans are principally loans to purchase farmland. Commercial — Commercial loans are loans for commercial, corporate and business purposes not otherwise disclosed separately. The Company’s commercial business loan portfolio is comprised of loans for a variety of purposes and across a variety of industries. These loans include general commercial and industrial loans, loans to purchase capital equipment, and business loans for working capital and operational purposes. Commercial loans are generally secured by accounts receivable, inventory and other business assets. Commercial loans also include shared national credits purchased by the Company. A portion of the commercial loan portfolio consists of specialty commercial finance products as follows: Equipment — Equipment finance loans are commercial loans primarily secured by new or used revenue producing, essential-use equipment from major manufacturers that is movable, may be used in more than one type of business, and generally has broad resale markets. Core markets include construction, road, transportation, oil and gas, waste, forestry and machine tool. Loan terms do not exceed the economic life of the equipment and typically are 60 months or less. Asset-based Lending — These loans are originated to borrowers to support general working capital needs. The asset-based loan structure involves advances of loan proceeds against a borrowing base which typically consists of accounts receivable, identified readily marketable inventory, or other collateral of the borrower. The maximum amount a customer may borrow at any time is fixed as a percentage of the borrowing base outstanding. Healthcare — Asset-based loans to businesses dedicated exclusively to the healthcare industry. These loans are made to providers in the areas of skilled nursing, home healthcare, physical therapy, and healthcare product delivery. Premium Finance – Loans that provide customized premium financing solutions for the acquisition of property and casualty insurance coverage. These short-term premium finance loans allow insureds to pay their insurance premiums over the life of the underlying policy, instead of paying the entire premium at the outset. Factored Receivables — The Company operates as a factor by purchasing accounts receivable from its clients, then collecting the receivable from the account debtor. The Company’s smaller factoring relationships are typically structured as “non-recourse” relationships ( , the Company retains the credit risk associated with the ability of the account debtor on a purchased invoice to ultimately make payment) and the Company’s larger factoring relationships are typically structured as “recourse” relationships ( , the Company’s client agrees to repurchase any invoices for which payment is not ultimately received from the account debtor). Advances initially made to the client to acquire the receivables are typically at a discount to the invoice value. The discount balance is held in client reserves, net of the Company’s compensation, to settle any payment disputes or collection shortfalls. Upon collection of the invoice and subsequent settlement of any additional client obligations, outstanding client reserves are typically remitted to the client. Consumer — Loans used for personal use usually on an unsecured basis. Mortgage Warehouse — Mortgage Warehouse facilities are provided to independent mortgage origination companies and are collateralized by 1-4 family residential loans. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Company provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Company has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Company is repaid with the proceeds received from sale of the mortgage loan to the final investor. Federal Home Loan Bank (“FHLB”) Stock and Federal Reserve Bank (“FRB”) Stock The Company is a member of the FHLB system and was previously a member of the regional Federal Reserve Banks. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Effective October 1, 2015, the Company’s subsidiary banks, TCB and TSB, were merged into a single bank, TBK Bank. Upon this merger, the Company redeemed all of its stock in FHLB Des Moines and FRB Chicago as these investments were associated with TCB. The merged TBK Bank is not a member of the regional Federal Reserve Banks. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 30 years. Furniture, fixtures and equipment are depreciated using the straight-line method over five years. Other Real Estate Owned Assets acquired as part of a business acquisition or through loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of acquisition, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. At the time of acquisition of properties not acquired as part of an acquisition, losses are charged against the ALLL, and gains realized to the extent fair value exceeds the carrying amount of the foreclosed loan are recorded as income. Improvements to the value of the properties are capitalized, but not in excess of the net realizable value of the property. Goodwill and Other Intangible Assets Goodwill resulting from business combinations is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired as of the acquisition date. In the event the fair value of the net assets acquired exceeds the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, a bargain purchase gain is recognized. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Other intangible assets consist primarily of core deposit and customer relationship assets and acquired asset management contracts arising from whole bank and business acquisitions and are amortized on an accelerated method over their estimated useful lives. Bank Owned Life Insurance Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Income Taxes The Company files a consolidated tax return with its subsidiaries and is taxed as a C corporation. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and penalties related to income tax matters in income tax expense. No interest or tax penalties have been incurred for the years ended December 31, 2015, 2014 or 2013. Fair Values of Financial Instruments In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that may use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and/or the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Changes in assumptions or in market conditions could significantly affect these estimates. In the ordinary course of business, the Company generally does not sell or transfer non-impaired loans and deposits. As such, the disclosures that present the December 31, 2015 and 2014 estimated fair value for non-impaired loans and deposits are highly judgmental and may not represent amounts to be received if the Company were to sell or transfer such items. Asset Management Fees Asset management fee income is recognized through the Company’s collateralized loan obligation (“CLO”) asset management business operated by TCA and consists of senior (or base) asset management fees, subordinated management fees, and performance-based incentive fees. Senior and subordinated management fees are based upon a fixed fee rate applied to the amount of outstanding assets being managed by TCA and are accrued by the Company as earned. Performance-based incentive fees are variable in nature and dependent upon the performance of a managed CLO above a prescribed level. The Company does not accrue for performance-based incentive fees that are not finalized until the end of a specified contract period, but records such revenues only when final payment is confirmed and related services are completed. The Company has not recognized any revenue that is at risk due to future asset management performance contingencies. Operating Segments The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and our segment reporting is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. Our chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. The factoring segment includes the operations of TBC with revenue derived from factoring services. The banking segment includes the operations of TBK Bank. The banking segment derives its revenue principally from investments in interest earning assets as well as noninterest income typical for the banking industry. The banking segment also includes commercial factoring services which are originated through the commercial finance division of TBK Bank. The asset management segment includes the operations of TCA with revenue derived from fees for managing collateralized loan obligation funds. Corporate includes holding company financing and investment activities and management and administrative expenses to support the overall operations of the Company. Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Stock-Based Compensation Compensation cost for restricted stock awards is recognized over the required service period, generally defined as the vesting period. The fair value of the awards is based upon the market value of the Company’s common stock at the date of grant. Earnings Per Common Share Basic earnings per common share is net income less effects of noncontrolling interests and preferred shares divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock warrants, restricted stock awards, and preferred shares that are convertible to common shares. Adoption of New Accounting Standards Effective January 1, 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors” (“ASU 2014-04”). Issued in January 2014, ASU 2014-04 affects all creditors when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable has occurred. Adoption of this ASU did not have a material impact on the Company’s financial statements. Effective April 1, 2015, the Company adopted ASU No. 2014-11, “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure” (“ASU 2014-11”). Issued in June 2014, ASU 2014-11 aligns the accounting for repurchase-to-maturity transacti |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES Doral Money Acquisition On February 27, 2015, the Company entered into a Purchase and Sale Agreement with the Federal Deposit Insurance Corporation (“FDIC”), in its capacity as receiver of Doral Bank, to acquire 100% of the equity of Doral Money, Inc. (“DMI”), a subsidiary of Doral Bank, and the management contracts associated with two active CLOs with approximately $700,000,000 in assets under management. The consideration transferred in the acquisition consisted of cash paid of $135,864,000. The primary purpose of the acquisition was to expand the CLO assets under management at Triumph Capital Advisors, LLC. On February 26, 2015, the Company entered into a $99,975,000 secured term loan credit facility payable to a third party, with an interest rate equal to LIBOR plus 3.5%, and a maturity date of March 31, 2015. The proceeds from the loan were used by the Company to partially fund the DMI acquisition. The acquisition was completed on March 3, 2015, at which time the Company also repaid the $99,975,000 third party secured term loan credit facility in full by delivering the securities issued by the CLOs that were acquired from DMI with an acquisition date fair value of $98,316,000 and cash representing payments received on the CLO securities in the amount of $1,659,000. A summary of the fair values of assets acquired, liabilities assumed, net consideration transferred, and the resulting bargain purchase gain is as follows: Initial Values Measurement Recorded at Period Adjusted (Dollars in thousands) Acquisition Date Adjustments Values Assets acquired: Cash $ 8,273 $ — $ 8,273 CLO Securities 98,316 — 98,316 Intangible asset - CLO management contracts 1,918 — 1,918 Loans 36,765 900 37,665 Prepaid corporate income tax 3,014 1,688 4,702 Other assets 772 — 772 149,058 2,588 151,646 Liabilities assumed: Deferred tax liability 663 — 663 Other liabilities 22 (20 ) 2 685 (20 ) 665 Fair value of net assets acquired 148,373 2,608 150,981 Net consideration transferred 135,864 — 135,864 Bargain purchase gain $ (12,509 ) $ (2,608 ) $ (15,117 ) The Company completed the acquisition via an FDIC bid process for DMI as part of the Doral Bank failure and the resulting nontaxable bargain purchase gain represents the excess of the fair value of the net assets acquired over the fair value of the net consideration transferred. The Company subsequently recorded measurement period adjustments related to the finalization of income taxes associated with the transaction and the valuation of loans acquired in the transaction. As a result, the measurement period ended and the bargain purchase gain was increased by $2,608,000, which is reflected in the consolidated statement of income for the year ended December 31, 2015. The Company incurred pre-tax expenses related to the acquisition of approximately $243,000 which are included in professional fees in the consolidated statements of income in the period incurred. In addition, during March 2015 the Company sold certain loans acquired in the DMI acquisition to third parties for a sales price equal to their acquisition date fair value. No gains or losses were recognized on the sales. Sale of Pewaukee Branch On July 11, 2014, the Company sold its operating branch in Pewaukee, Wisconsin, which constituted its sole branch in the state, to a third party for net cash proceeds of $57,409,000. Under the terms of the agreement, the acquirer assumed branch deposits of $36,326,000, purchased selected loans in the local market with a carrying amount of $78,071,000, and acquired the premises and equipment associated with the branch. The transaction resulted in the Company recording a pre-tax gain of $12,619,000, net of transaction costs. Doral Healthcare Acquisition On June 13, 2014, the Company acquired the lending platform and certain assets of Doral Healthcare Finance (“DHF”), an asset-based lender focused exclusively on the healthcare industry. DHF was a division of Doral Money, Inc., which was a subsidiary of Doral Bank. The purpose of the acquisition was to enhance the Company’s commercial finance offerings. In conjunction with the acquisition, DHF was rebranded Triumph Healthcare Finance. The Company acquired loans with a fair value of $45,334,000 at the acquisition date in addition to other assets and liabilities. Under the terms of the agreement, the Company paid cash in the amount of $49,482,000 and recognized $1,921,000 in goodwill that was allocated to the Company’s Banking segment. Goodwill resulted from a combination of expected enhanced service offerings and cross-selling opportunities. Goodwill will be amortized for tax purposes, but not for financial reporting purposes. DHF’s results of operations are included in the Company’s results since the acquisition date. A summary of the fair values of assets acquired, liabilities assumed, consideration paid for DHF, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Loans $ 45,334 Customer relationship intangible 2,029 Premises and equipment 50 Other assets 276 47,689 Liabilities assumed: Customer deposits 128 Fair value of net assets acquired 47,561 Cash paid 49,482 Goodwill $ 1,921 Information about the acquired DHF loan portfolio subject to PCI loan accounting guidance as of the acquisition date is as follows: (Dollars in thousands) PCI Contractual balance at acquisition $ 5,009 Contractual cash flows not expected to be collected (nonaccretable difference) (873 ) Expected cash flows at acquisition $ 4,136 Accretable yield (482 ) Fair value of acquired PCI loans $ 3,654 Loans acquired and not otherwise classified as PCI are predominately short term in nature and had a gross contractual balance and fair value at acquisition of $41,680,000. NBI Acquisition Effective October 15, 2013, the Company acquired National Bancshares, Inc. and its wholly-owned subsidiary, THE National Bank, which was subsequently rebranded Triumph Community Bank. The primary benefits of the acquisition were to (i) provide the Company with increased access to low cost stable core deposit funding and (ii) create the opportunity to achieve improved operating efficiency through the scale provided by a larger consolidated balance sheet. The Company recorded the assets acquired and the liabilities assumed in the acquisition of NBI at their respective fair values as of the acquisition date. In conjunction with the acquisition, the Company recognized a bargain purchase gain of $9,014,000. The consideration paid was comprised of $15,277,000 of cash, $11,916,000 of the Company’s common stock, $5,196,000 of the Company’s preferred stock, and the assumption of NBI’s Senior Preferred Stock, Series T-1 and T-2, totaling $25,897,000, which was classified as noncontrolling interest in the consolidated statements of changes in equity. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3 — SECURITIES Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at December 31, 2015 and 2014 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 90,533 $ 518 $ (17 ) $ 91,034 Mortgage-backed securities, residential 28,006 361 (27 ) 28,340 Asset backed securities 17,957 24 (455 ) 17,526 State and municipal 1,509 17 — 1,526 Corporate bonds 24,542 74 (57 ) 24,559 SBA pooled securities 183 1 — 184 Total available for sale securities $ 162,730 $ 995 $ (556 ) $ 163,169 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2014 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 93,150 $ 691 $ — $ 93,841 Mortgage-backed securities, residential 28,298 580 — 28,878 Asset backed securities 18,559 129 (90 ) 18,598 State and municipal 6,833 28 — 6,861 Corporate bonds 13,492 144 — 13,636 SBA pooled securities 207 3 — 210 Total available for sale securities $ 160,539 $ 1,575 $ (90 ) $ 162,024 Held to maturity securities: Other debt securities $ 745 $ 5 $ — $ 750 The amortized cost and estimated fair value of securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 381 $ 382 Due from one year to five years 113,976 114,468 Due from five years to ten years 1,558 1,572 Due after ten years 669 697 116,584 117,119 Mortgage-backed securities, residential 28,006 28,340 Asset backed securities 17,957 17,526 SBA pooled securities 183 184 $ 162,730 $ 163,169 For the year ended December 31, 2015, securities were sold resulting in proceeds of $17,635,000, gross gains of $259,000, and no losses. For the year ended December 31, 2014, securities were sold resulting in proceeds of $24,424,000, gross gains of $98,000, and gross losses of $10,000. There were no sales of securities for the years ended December 31, 2013. Securities with a carrying amount of approximately $100,034,000 and $113,980,000 at December 31, 2015 and 2014, respectively, were pledged to secure customer repurchase agreements, Federal Home Loan Bank advances, and for other purposes required or permitted by law. Information pertaining to securities with gross unrealized losses at December 31, 2015 and 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses U.S. Government agency obligations $ 10,029 $ (17 ) $ — $ — $ 10,029 $ (17 ) Mortgage-backed securities, residential 4,948 (27 ) — — 4,948 (27 ) Asset backed securities 8,031 (416 ) 4,605 (39 ) 12,636 (455 ) State and municipal — — — — — — Corporate bonds 10,434 (57 ) — — 10,434 (57 ) SBA pooled securities — — — — — — $ 33,442 $ (517 ) $ 4,605 $ (39 ) $ 38,047 $ (556 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — — — — — Asset backed securities 8,703 (82 ) 4,959 (8 ) 13,662 (90 ) State and municipal — — — — — — Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 8,703 $ (82 ) $ 4,959 $ (8 ) $ 13,662 $ (90 ) At December 31, 2015, the Company had fifteen securities in an unrealized loss position. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of December 31, 2015, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2015, management believes the unrealized losses detailed in the previous table are temporary and no other than temporary impairment loss has been recognized in the Company’s consolidated statements of income. |
Loans and Allowance for Loan an
Loans and Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Loan and Lease Losses | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES Loans at December 31, 2015 and 2014 consisted of the following: December 31, December 31, (Dollars in thousands) 2015 2014 Commercial real estate $ 291,819 $ 249,164 Construction, land development, land 43,876 42,914 1-4 family residential properties 78,244 78,738 Farmland 33,573 22,496 Commercial 495,356 364,567 Factored receivables 215,088 180,910 Consumer 13,050 11,941 Mortgage warehouse 120,879 55,148 Total 1,291,885 1,005,878 Allowance for loan and lease losses (12,567 ) (8,843 ) $ 1,279,318 $ 997,035 Total loans include net deferred origination and factoring fees totaling $1,218,000 and $906,000 at December 31, 2015 and 2014, respectively. Loans with carrying amounts of $280,289,000 and $141,427,000 at December 31, 2015 and 2014, respectively, were pledged to secure Federal Home Loan Bank advance capacity. As of December 31, 2015, most of the Company’s non-factoring business activity is with customers located within certain states. The states of Texas (31%), Illinois (30%), and Iowa (14%), make up 75% of the Company’s gross loans, excluding factored receivables. Therefore, the Company’s exposure to credit risk is affected by changes in the economies in these states. A majority (82%) of the Company’s factored receivables, representing approximately 14% of the total loan portfolio as of December 31, 2015, are receivables purchased from trucking fleets and owner-operators in the transportation industry. Allowance for Loan and Lease Losses (Dollars in thousands) Beginning Ending Year ended December 31, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 533 $ 1,055 $ (152 ) $ 53 $ 1,489 Construction, land development, land 333 34 — — 367 1-4 family residential properties 215 60 (205 ) 204 274 Farmland 19 115 — — 134 Commercial 4,003 1,375 (145 ) 43 5,276 Factored receivables 3,462 1,508 (540 ) 79 4,509 Consumer 140 218 (347 ) 205 216 Mortgage warehouse 138 164 — — 302 $ 8,843 $ 4,529 $ (1,389 ) $ 584 $ 12,567 (Dollars in thousands) Beginning Ending Year ended December 31, 2014 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 348 $ 199 $ (18 ) $ 4 $ 533 Construction, land development, land 110 310 (100 ) 13 333 1-4 family residential properties 100 416 (409 ) 108 215 Farmland 7 12 — — 19 Commercial 1,145 2,652 (13 ) 219 4,003 Factored receivables 1,842 1,971 (419 ) 68 3,462 Consumer 49 204 (393 ) 280 140 Mortgage warehouse 44 94 — — 138 $ 3,645 $ 5,858 $ (1,352 ) $ 692 $ 8,843 (Dollars in thousands) Beginning Ending Year ended December 31, 2013 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 261 $ 114 $ (156 ) $ 129 $ 348 Construction, land development, land 40 58 — 12 110 1-4 family residential properties 227 (166 ) (94 ) 133 100 Farmland 5 2 — — 7 Commercial 172 2,474 (1,515 ) 14 1,145 Factored receivables 1,221 783 (226 ) 64 1,842 Consumer — 103 (113 ) 59 49 Mortgage warehouse — 44 — — 44 $ 1,926 $ 3,412 $ (2,104 ) $ 411 $ 3,645 The following table presents loans individually and collectively evaluated for impairment, as well as PCI loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2015 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 724 $ 286,006 $ 5,089 $ 291,819 $ 100 $ 1,034 $ 355 $ 1,489 Construction, land development, land — 42,499 1,377 43,876 — 367 — 367 1-4 family residential properties 618 74,714 2,912 78,244 1 273 — 274 Farmland — 33,573 — 33,573 — 134 — 134 Commercial 7,916 483,587 3,853 495,356 796 4,480 — 5,276 Factored receivables 3,422 211,666 — 215,088 1,694 2,815 — 4,509 Consumer — 13,050 — 13,050 — 216 — 216 Mortgage warehouse — 120,879 — 120,879 — 302 — 302 $ 12,680 $ 1,265,974 $ 13,231 $ 1,291,885 $ 2,591 $ 9,621 $ 355 $ 12,567 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2014 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,934 $ 238,640 $ 8,590 $ 249,164 $ — $ 533 $ — $ 533 Construction, land development, land — 41,431 1,483 42,914 — 333 — 333 1-4 family residential properties 627 76,041 2,070 78,738 — 215 — 215 Farmland — 22,496 — 22,496 — 19 — 19 Commercial 7,188 353,022 4,357 364,567 716 3,287 — 4,003 Factored receivables 1,271 179,639 — 180,910 1,033 2,429 — 3,462 Consumer — 11,941 — 11,941 — 140 — 140 Mortgage warehouse — 55,148 — 55,148 — 138 — 138 $ 11,020 $ 978,358 $ 16,500 $ 1,005,878 $ 1,749 $ 7,094 $ — $ 8,843 The following is a summary of information pertaining to impaired loans. Loans included in these tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an ALLL and are excluded from these tables. Impaired Loans and PCI Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid December 31, 2015 Investment Principal Allowance Investment Principal Commercial real estate $ 531 $ 532 $ 100 $ 193 $ 229 Construction, land development, land — — — — — 1-4 family residential properties 14 21 1 604 793 Farmland — — — — — Commercial 1,491 1,520 796 6,425 6,433 Factored receivables 2,850 2,850 1,694 572 572 Consumer — — — — — Mortgage warehouse — — — — — PCI 525 525 355 — — $ 5,411 $ 5,448 $ 2,946 $ 7,794 $ 8,027 Impaired Loans and PCI Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid December 31, 2014 Investment Principal Allowance Investment Principal Commercial real estate $ — $ — $ — $ 1,934 $ 1,960 Construction, land development, land — — — — — 1-4 family residential properties — — — 627 748 Farmland — — — — — Commercial 1,845 2,527 716 5,343 5,368 Factored receivables 1,271 1,271 1,033 — — Consumer — — — — — Mortgage warehouse — — — — — PCI — — — — — $ 3,116 $ 3,798 $ 1,749 $ 7,904 $ 8,076 The following table presents average impaired loans and interest recognized on impaired loans for the years ended December 31, 2015, 2014, and 2013: Years Ended December 31, 2015 December 31, 2014 December 31, 2013 Average Interest Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,329 $ — $ 1,023 $ 213 $ 201 $ 7 Construction, land development, land — — 4 1 — — 1-4 family residential properties 623 42 613 195 228 10 Farmland — — — — — — Commercial 7,552 187 6,653 290 2,740 14 Factored receivables 2,347 — 1,017 12 632 — Consumer — — — — — — Mortgage warehouse — — — — — — PCI 263 — 7 — 14 6 $ 12,114 $ 229 $ 9,317 $ 711 $ 3,815 $ 37 The following table presents the unpaid principal and recorded investment for loans at December 31, 2015 and 2014. The difference between the unpaid principal balance and recorded investment is principally associated with (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI), (2) net deferred origination costs and fees, and (3) previous charge-offs. (Dollars in thousands) Recorded Unpaid December 31, 2015 Investment Principal Difference Commercial real estate $ 291,819 $ 299,272 $ (7,453 ) Construction, land development, land 43,876 45,376 (1,500 ) 1-4 family residential properties 78,244 81,141 (2,897 ) Farmland 33,573 33,533 40 Commercial 495,356 496,719 (1,363 ) Factored receivables 215,088 216,201 (1,113 ) Consumer 13,050 13,072 (22 ) Mortgage warehouse 120,879 120,879 — $ 1,291,885 $ 1,306,193 $ (14,308 ) (Dollars in thousands) Recorded Unpaid December 31, 2014 Investment Principal Difference Commercial real estate $ 249,164 $ 263,060 $ (13,896 ) Construction, land development, land 42,914 44,609 (1,695 ) 1-4 family residential properties 78,738 82,263 (3,525 ) Farmland 22,496 22,400 96 Commercial 364,567 366,753 (2,186 ) Factored receivables 180,910 181,817 (907 ) Consumer 11,941 12,012 (71 ) Mortgage warehouse 55,148 55,148 — $ 1,005,878 $ 1,028,062 $ (22,184 ) At December 31, 2015 and 2014, the Company had $21,188,000 and $18,976,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. Past Due and Nonaccrual Loans Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2015 Past Due Still Accruing Non-accrual Total Commercial real estate $ 693 $ — $ 673 $ 1,366 Construction, land development, land — — — — 1-4 family residential properties 909 9 533 1,451 Farmland — — — — Commercial 3,704 — 2,021 5,725 Factored receivables 12,379 1,931 — 14,310 Consumer 286 — — 286 Mortgage warehouse — — — — PCI 1,092 — 6,867 7,959 $ 19,063 $ 1,940 $ 10,094 $ 31,097 Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2014 Past Due Still Accruing Non-accrual Total Commercial real estate $ 643 $ — $ 1,995 $ 2,638 Construction, land development, land — — — — 1-4 family residential properties 584 49 638 1,271 Farmland — — — — Commercial 114 — 7,188 7,302 Factored receivables 7,202 651 — 7,853 Consumer 296 — — 296 Mortgage warehouse — — — — PCI 260 — 6,206 6,466 $ 9,099 $ 700 $ 16,027 $ 25,826 The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) December 31, 2015 December 31, 2014 Nonaccrual loans (1) $ 10,094 $ 16,027 Factored receivables greater than 90 days past due 1,931 651 Troubled debt restructurings accruing interest 1,330 — $ 13,355 $ 16,678 (1) Credit Quality Information Pass: Loans classified as pass are loans with low to average risk and not otherwise classified as substandard or doubtful. 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 repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. PCI: At acquisition, PCI loans had the characteristics of substandard loans and it was probable, at acquisition, that all contractually required principal payments would not be collected. The Company evaluates these loans on a projected cash flow basis with this evaluation performed quarterly. As of December 31, 2015 and 2014 based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) December 31, 2015 Pass Substandard Doubtful PCI Total Commercial real estate $ 284,753 $ 1,977 $ — $ 5,089 $ 291,819 Construction, land development, land 42,499 — — 1,377 43,876 1-4 family residential 73,838 1,494 — 2,912 78,244 Farmland 33,573 — — — 33,573 Commercial 470,208 21,295 — 3,853 495,356 Factored receivables 212,588 1,019 1,481 — 215,088 Consumer 13,050 — — — 13,050 Mortgage warehouse 120,879 — — — 120,879 $ 1,251,388 $ 25,785 $ 1,481 $ 13,231 $ 1,291,885 (Dollars in thousands) December 31, 2014 Pass Substandard Doubtful PCI Total Commercial real estate $ 233,971 $ 6,603 $ — $ 8,590 $ 249,164 Construction, land development, land 41,431 — — 1,483 42,914 1-4 family residential 75,858 810 — 2,070 78,738 Farmland 22,496 — — — 22,496 Commercial 349,969 10,241 — 4,357 364,567 Factored receivables 179,639 350 921 — 180,910 Consumer 11,941 — — — 11,941 Mortgage warehouse 55,148 — — — 55,148 $ 970,453 $ 18,004 $ 921 $ 16,500 $ 1,005,878 Troubled Debt Restructurings As of December 31, 2015, the Company had a recorded investment in troubled debt restructurings of $1,383,000. The Company had not allocated any specific allowance for these loans at December 31, 2015, and had not committed to lend additional amounts. The following table presents loans modified as troubled debt restructurings that occurred during the year ended December 31, 2015: Recorded Investment Recorded (Dollars in thousands) Number of at Date of Investment December 31, 2015 Loans Restructure at Year-End Commercial 4 $ 1,544 $ 1,214 As of December 31, 2015, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding twelve months. Default is determined at 90 or more days past due. The modifications primarily related to extending the amortization periods of the loans. The Company did not grant principal reductions on any restructured loans. Purchased Credit Impaired Loans The Company has loans that were acquired for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans receivable at December 31, 2015 and 2014, are as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Contractually required principal and interest: Real estate loans $ 17,800 $ 23,457 Commercial loans 5,335 6,293 Outstanding contractually required principal and interest $ 23,135 $ 29,750 Gross carrying amount included in loans receivable $ 13,231 $ 16,500 The changes in accretable yield during the years ended December 31, 2015, 2014 and 2013 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Accretable yield, beginning balance $ 4,977 $ 4,587 $ 4,244 Additions — 482 1,717 Accretion (4,023 ) (4,276 ) (2,812 ) Reclassification from nonaccretable to accretable yield 1,805 4,677 1,461 Disposals (165 ) (493 ) (23 ) Accretable yield, ending balance $ 2,594 $ 4,977 $ 4,587 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | NOTE 5 — OTHER REAL ESTATE OWNED Other real estate owned activity was as follows: December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2013 Beginning balance $ 8,423 $ 13,783 $ 4,749 Acquired through business acquisition — — 11,285 Loans transferred to OREO 743 543 1,532 Net OREO gains (losses) and valuation adjustments (108 ) (582 ) 154 Sales of OREO (3,881 ) (5,321 ) (3,937 ) Ending balance $ 5,177 $ 8,423 $ 13,783 Operating expenses related to OREO include: (Dollars in thousands) 2015 2014 2013 Net OREO gains (losses) and valuation adjustments $ (108 ) $ (582 ) $ 154 Carrying costs for OREO (337 ) (373 ) (233 ) $ (445 ) $ (955 ) $ (79 ) Carrying costs for OREO properties are reported on the consolidated statements of income in the noninterest expense section as Other. Rental income on OREO properties of $73,000, $170,000 and $166,000, respectively, for years ended December 31, 2015, 2014 and 2013, is reported on the consolidated statements of income in the noninterest income section as Other. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | NOTE 6 — PREMISES AND EQUIPMENT Premises and equipment at December 31, 2015 and 2014 consisted of the following: December 31, December 31, (Dollars in thousands) 2015 2014 Land $ 4,866 $ 4,783 Buildings 12,084 11,041 Leasehold improvements 4,179 4,000 Furniture, fixtures and equipment 6,554 5,440 27,683 25,264 Accumulated depreciation (5,456 ) (3,331 ) $ 22,227 $ 21,933 Depreciation expense was $2,143,000, $1,946,000 and $786,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company leases certain properties and equipment under operating leases. Rent expense was $1,985,000, $1,771,000 and $963,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Rent commitments at December 31, 2015, before considering renewal options that generally are present, were as follows: (Dollars in thousands) 2016 $ 1,679 2017 1,560 2018 1,434 2019 1,098 2020 1,087 Thereafter 355 $ 7,213 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 7 - GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following: December 31 December 31, (Dollars in thousands) 2015 2014 Goodwill $ 15,968 $ 15,968 December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 14,586 $ (5,765 ) $ 8,821 $ 14,586 $ (3,368 ) $ 11,218 Other intangible assets 4,830 (1,765 ) 3,065 2,054 (183 ) 1,871 $ 19,416 $ (7,530 ) $ 11,886 $ 16,640 $ (3,551 ) $ 13,089 The changes in goodwill and intangible assets by operating segment during the year are as follows: (Dollars in thousands) Asset December 31, 2015 Factoring Banking Management Total Beginning balance $ 8,870 $ 20,187 $ — $ 29,057 Acquired goodwill — — — — Acquired intangibles 8 — 2,768 2,776 Divestiture — — — — Amortization of intangibles (3 ) (2,705 ) (1,271 ) (3,979 ) Ending balance $ 8,875 $ 17,482 $ 1,497 $ 27,854 (Dollars in thousands) Asset December 31, 2014 Factoring Banking Management Total Beginning balance $ 8,846 $ 19,672 $ — $ 28,518 Acquired goodwill — 1,921 — 1,921 Acquired intangibles 26 2,029 — 2,055 Divestiture — (514 ) — (514 ) Amortization of intangibles (2 ) (2,921 ) — (2,923 ) Ending balance $ 8,870 $ 20,187 $ — $ 29,057 (Dollars in thousands) Asset December 31, 2013 Factoring Banking Management Total Beginning balance $ 8,846 $ 5,201 $ — $ 14,047 Acquired goodwill — — — — Acquired intangibles — 15,091 — 15,091 Divestiture — — — — Amortization of intangibles — (620 ) — (620 ) Ending balance $ 8,846 $ 19,672 $ — $ 28,518 No goodwill or intangibles have been assigned to the Corporate operating segment. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company assesses goodwill for impairment at each reporting unit, Factoring and Banking. At the measurement date, these reporting units had positive equity and the Company elected to perform qualitative assessments to determine if it was more likely than not that the fair value of the reporting units exceeded their carrying values, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. Acquired intangible assets are being amortized utilizing an accelerated method over their estimated useful lives, which range from 1 to 12 years. The future amortization schedule for the Company’s intangible assets is as follows: (Dollars in thousands) 2016 $ 3,065 2017 2,486 2018 2,120 2019 1,500 2020 1,129 Thereafter 1,586 $ 11,886 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 8 — VARIABLE INTEREST ENTITIES Collateralized Loan Obligation Funds - Closed The Company, through its subsidiary TCA, acts as asset manager to various CLO funds. TCA earns asset management fees in accordance with the terms of its asset management agreements with the following CLO funds. Offering Offering (Dollars in thousands) Date Amount Trinitas CLO I, LTD (Trinitas I) May 1, 2014 $ 400,000 Trinitas CLO II, LTD (Trinitas II) August 4, 2014 $ 416,000 Doral CLO II, LTD (Doral II) (1) April 26, 2012 $ 416,460 Doral CLO III, LTD (Doral III) (1) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 (1) The securities sold in the CLO offerings were issued in a series of tranches ranging from an AAA rated debt tranche to an unrated tranche of subordinated notes. The Company does not hold any of the securities issued in these CLO offerings. A related party of the Company holds insignificant interests in Trinitas II and Trinitas III. TCA earned asset management fees totaling $5,646,000 and $989,000 for the years ended December 31, 2015 and 2014. There were no asset management fees earned during the year ended December 31, 2013. The Company performed a consolidation analysis to determine whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds are variable interest entities; however, the Company, through TCA, does not hold variable interests in the entities as the Company’s interest in the CLO funds is limited to the asset management fees payable to TCA under their asset management agreements and the interests of its related parties are insignificant. The Company concluded that the asset management fees were not variable interests in the CLO funds as (a) the asset management fees are commensurate with the services provided, (b) the asset management agreements include only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated on an arm’s-length basis, and (c) the Company does not hold other interests in the CLO funds (including interests held through related parties) that individually or in the aggregate absorb more than an insignificant amount of the CLO funds’ expected losses or receive more than an insignificant amount of the CLO funds’ expected residual returns. Consequently, the Company concluded that it was not required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. Collateralized Loan Obligation Funds – Warehouse Phase On July 22, 2015 and September 21, 2015, Trinitas CLO IV, Ltd. (“Trinitas IV”) and Trinitas CLO V, Ltd. (“Trinitas V”), respectively, were formed to be the issuers of CLO offerings. Trinitas IV was capitalized with initial third party equity investments in the form of preference shares of $36,000,000 in addition to the Company’s initial $4,000,000 preference share equity investment and Trinitas V was capitalized with initial subordinated debt issued to third parties of $9,000,000 in addition to the initial $1,000,000 of subordinated debt issued to the Company. Each entity entered into a warehouse credit agreement in order to begin acquiring senior secured loan assets that will comprise the initial collateral pool of the CLOs once issued. In October 2015, the Company made additional investments in Trinitas IV and Trinitas V of $10,000,000 and $5,500,000, respectively, and Trinitas V received additional third party investments of $4,500,000. When finalized, Trinitas IV and Trinitas V will use the proceeds of the debt and equity interests sold in the offering for the final CLO securitization structures to repay the initial warehouse phase debt and equity holders. In the final CLO securitization structures, interest and principal repayment of the leveraged loans held by Trinitas IV and Trinitas V will be used to repay debt holders with any excess cash flows used to provide a return on capital to equity investors. TCA was appointed as asset manager for these entities during their warehousing period. TCA does not earn management or other fees from Trinitas IV or Trinitas V during the warehouse phase At December 31, 2015, the Company’s loss exposure to Trinitas IV and Trinitas V is limited to its combined $21,255,000 equity investment in the entities which is classified as other assets within the Company’s consolidated balance sheets and accounted for under the equity method The Company performed a consolidation analysis of Trinitas IV and Trinitas V during the warehouse phase and concluded that Trinitas IV and Trinitas V are variable interest entities and that the Company and its related persons hold variable interests in the entities that could potentially be significant to the entities in the form of equity investments in the entities. However, the Company also concluded that due to certain approval and denial powers available to the lender under the warehouse credit facility for Trinitas IV and Trinitas V which provide for shared decision-making powers, the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company is not the primary beneficiary and therefore is not required to consolidate the assets, liabilities, equity, or operations of the entities in the Company’s financial statements . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | NOTE 9 - Deposits Deposits at December 31, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) December 31, 2015 December 31, 2014 Noninterest bearing demand $ 168,264 $ 179,848 Interest bearing demand 238,833 236,525 Individual retirement accounts 60,971 55,034 Money market 112,214 117,514 Savings 74,759 70,407 Certificates of deposit 543,909 455,901 Brokered deposits 50,000 50,000 Total deposits $ 1,248,950 $ 1,165,229 At December 31, 2015, scheduled maturities of time deposits, including certificates of deposits, individual retirement accounts and brokered deposits, are as follows: (Dollars in thousands) December 31, 2015 Within one year $ 490,335 After one but within two years 123,141 After two but within three years 20,837 After three but within four years 13,898 After four but within five years 6,669 Total $ 654,880 Time deposits, including individual retirement accounts, certificates of deposit, and brokered deposits, with individual balances of $250,000 and greater totaled $106,258,000 and $66,366,000 at December 31, 2015 and 2014, respectively. |
Borrowings and Borrowing Capaci
Borrowings and Borrowing Capacity | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings And Borrowing Capacity | NOTE 10 — BORROWINGS AND BORROWING CAPACITY Customer Repurchase Agreements Customer repurchase agreements are overnight customer sweep arrangements. Information concerning customer repurchase agreements is summarized as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Amount outstanding at end of period $ 9,317 $ 9,282 Weighted average interest rate at end of period 0.02 % 0.05 % Average daily balance during the year $ 13,158 $ 14,531 Weighted average interest rate during the year 0.02 % 0.04 % Maximum month-end balance during the year $ 16,033 $ 17,670 Customer repurchase agreements are secured by pledged U.S. Government agency and residential mortgage-backed securities with a carrying amount of $10,352,000 and $203,000, respectively, at December 31, 2015 and $14,598,000 and $302,000, respectively, at December 31, 2014. FHLB Advances FHLB advances are collateralized by assets, including a blanket pledge of certain loans. FHLB advances and weighted average interest rates at end of period by contractual maturity are summarized as follows: Fixed Rate Variable Rate (Dollars in thousands) Balance Outstanding Weighted Average Interest Rate Balance Outstanding Weighted Average Interest Rate 2016 $ 20,000 0.41 % $ — — 2017 — — 110,000 0.30 % $ 20,000 0.41 % $ 110,000 0.30 % Information concerning FHLB advances is summarized as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Amount outstanding at end of period $ 130,000 $ 3,000 Weighted average interest rate at end of period 0.32 % 0.05 % Average daily balance during the year $ 34,244 $ 24,987 Weighted average interest rate during the year 0.19 % 0.18 % Maximum month-end balance during the year $ 130,000 $ 70,000 The Company’s unused borrowing capacity with the FHLB is as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Borrowing capacity $ 280,289 $ 107,361 Borrowings outstanding 130,000 3,000 Unused borrowing capacity $ 150,289 $ 104,361 Federal Funds Purchased The Company had no federal funds purchased at December 31, 2015 or 2014. However, as of December 31, 2015 the Company had unsecured federal funds lines of credit with five unaffiliated banks totaling $107,500,000. Junior Subordinated Debentures and Capital Securities As of the date of the Company’s acquisition of NBI, NBI had junior subordinated debentures with a face value of $32,990,000 outstanding. The application of business combination accounting to the NBI acquisition resulted in an adjustment to cause the carrying value of these debt obligations to be adjusted to their fair value of $24,120,000 as of that date. The discount to face value is being amortized over the remaining life of these obligations as an adjustment increasing the interest cost of these instruments to market rates as of the acquisition date, and increasing their carrying amount to face value at their maturity. Effective October 1, 2015, NBI was merged into Triumph Bancorp, Inc. and the junior subordinated debentures were transferred to Triumph Bancorp, Inc. The debentures are included on the consolidated balance sheet as liabilities; however, for regulatory purposes, the related capital securities are eligible for inclusion in regulatory capital, subject to certain limitations. All of the carrying value of $24,687,000 was allowed in the calculation of Tier I capital as of December 31, 2015. The junior subordinated debentures are due to National Bancshares Capital Trusts II and III, 100% owned nonconsolidated subsidiaries of the Company. The debentures were issued in 2003 ($15,464,000 Capital Trust II) and 2006 ($17,526,000 Capital Trust III) in conjunction with the trusts’ issuances of obligated capital securities of $15,000,000 and $17,000,000, respectively. The trusts used the proceeds from the issuances of their capital securities to buy floating rate junior subordinated deferrable interest debentures. These debentures are the trusts’ only assets and the interest payments from the debentures finance the distributions paid on the capital securities. These debentures are unsecured, rank junior, and are subordinate in the right of payment to all senior debt of the Company. The debentures bear the same interest rate and terms as the capital securities, detailed as follows. Capital Trust II — The amount of interest for any period shall be computed at a variable per annum rate of interest, reset quarterly, equal to the three-month LIBOR, as determined on the LIBOR determination date immediately preceding each distribution payment date, plus 3.00%. As of December 31, 2015 and 2014, the rate was 3.51% and 3.24%, respectively. The debentures mature on September 15, 2033. The Company has the right to call the debentures at par. Capital Trust III — The amount of interest for any period shall be computed at a variable per annum rate of interest, reset quarterly, equal to the three-month LIBOR, as determined on the LIBOR determination date immediately preceding each distribution payment date, plus 1.64%. As of December 31, 2015 and 2014, the rate was 1.96% and 1.87%, respectively. The debentures mature on July 7, 2036. The Company has the right to call the debentures at par. The distribution rate payable on the capital securities is cumulative and payable quarterly in arrears. The Company has the right, subject to events in default, to defer payments on interest on the debentures at any time by extending the interest payment period for a period not exceeding 20 consecutive quarters with respect to each deferral period, provided that no extension period may extend beyond the redemption or maturity date of the debentures. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 11 — EMPLOYEE BENEFIT PLANS 401(k) Plan A 401(k) benefit plan allows employee contributions up to 15% of their compensation, which are matched equal to 100% of the first 4% of the compensation contributed. Expense for the years ended December 31, 2015, 2014 and 2013 was $1,100,000, $925,000 and $482,000, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 — INCOME TAXES Income tax expense for the years ended December 31, 2015, 2014, and 2013 consisted of the following: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Income tax expense: Current $ 8,701 $ 6,005 $ 242 Deferred 666 4,814 1,884 Change in valuation allowance for deferred tax asset (946 ) (441 ) 7 Income tax expense $ 8,421 $ 10,378 $ 2,133 Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Tax provision computed at federal statutory rate $ 13,144 $ 10,436 $ 5,290 Effect of: State taxes, net 1,444 1,160 148 Change in effective tax rate (142 ) (528 ) — Bargain purchase gain (5,291 ) — (3,065 ) Transaction costs — — 259 Noncontrolling interest in subsidiary — (22 ) (215 ) Bank-owned life insurance (158 ) (165 ) (40 ) Tax exempt interest (119 ) (189 ) (42 ) Change in valuation allowance for deferred tax asset (946 ) (441 ) 7 Other 489 127 (209 ) Income tax expense (benefit) $ 8,421 $ 10,378 $ 2,133 Deferred income taxes reflect the net tax effects of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: (Dollars in thousands) 2015 2014 Deferred tax assets Federal net operating loss carryforwards $ 10,873 $ 11,570 State net operating loss carryforwards 1,215 2,296 Acquired loan basis 3,563 5,422 Other real estate owned 1,698 1,543 AMT credit carryforward 1,634 1,634 Acquired deposit basis 44 158 Allowance for loan losses 3,802 3,081 Other 1,183 587 Total deferred tax assets 24,012 26,291 Deferred tax liabilities Goodwill and intangible assets 3,426 4,025 Fair value adjustment on junior subordinated debentures 3,232 3,182 Unrealized gain on securities available for sale 162 534 Other 1,035 1,436 Total deferred tax liabilities 7,855 9,177 Net deferred tax asset before valuation allowance 16,157 17,114 Valuation allowance (212 ) (1,158 ) Net deferred tax asset $ 15,945 $ 15,956 The Company’s federal net operating loss carryforwards as of December 31, 2015 and 2014 were $31,065,000 and $33,444,000, respectively. These net operating loss carryforwards begin to expire in 2029. At December 31, 2015, the Company had state net operating loss carryforwards in Illinois, Iowa and Wisconsin of $16,964,000, $5,686,000, and $2,651,000, respectively. At December 31, 2014, the Company had state net operating loss carryforwards in Illinois, Iowa and Wisconsin of $17,477,000, $32,812,000, and $2,645,000, respectively. These net operating loss carryforwards expire beginning in 2021 through 2030. The Company has a valuation allowance on the net operating loss carryforwards for certain states and certain other investments that are not expected to be realized before expiration. An Internal Revenue Code Section 382 (“Section 382”) ownership change was triggered during 2013. A significant portion of the deferred tax asset relating to the Company’s net operating loss and Alternative Minimum Tax credit carryforwards are subject to the annual limitation rules under Section 382 from the EJ Financial Corp. (“EJ”) and NBI acquisitions and the 2013 share exchange. The utilization of tax carryforward attributes acquired from the EJ acquisition is subject to an annual limitation of $341,000. The utilization of tax carryforward attributes acquired from the NBI acquisition is subject to an annual limitation of $2,040,000. Any remaining tax attribute carryforwards generated prior to the Section 382 ownership change in 2013 are subject to an annual limitation of $3,696,000. At December 31, 2015 and 2014, the Company had no amounts recorded for uncertain tax positions and does not expect any material changes in uncertain tax benefits during the next 12 months. The Company is subject to U.S. federal income tax as well as income tax in various states. The Company is not subject to examination by taxing authorities for years prior to 2012. |
Legal Contingencies
Legal Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 13 - Legal Contingencies Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. The Company does not anticipate any material losses as a result of commitments and contingent liabilities. Trademark Infringement Lawsuit On February 18, 2015, a trademark infringement suit was filed in the United States District Court for the Western District of Tennessee Western Division against the Company and certain subsidiaries by Triumph Bancshares, Inc. and Triumph Bank, N.A., asserting that the Company’s use of “Triumph” as part of the Company’s trademarks and domain names causes a likelihood of confusion, has caused actual confusion, and infringes plaintiffs’ trademarks. The suit seeks damages as well as an injunction to prevent the use of the name “Triumph” and certain other matters with respect to the Company and its subsidiaries. Discovery has commenced in the suit and a trial date is currently set for October 2016. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Loan Commitments | NOTE 14 - OFF-BALANCE SHEET LOAN COMMITMENTS From time to time, the Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The contractual amounts of financial instruments with off-balance-sheet risk were as follows: December 31, 2015 December 31, 2014 Fixed Variable Fixed Variable (Dollars in thousands) Rate Rate Rate Rate Commitments to make loans $ 6,571 $ 2,949 $ 5,192 $ 14,600 Unused lines of credit $ 35,514 $ 81,189 $ 30,369 $ 141,025 Standby letters of credit $ 1,030 $ 1,999 $ 1,840 $ 1,915 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | NOTE 15 - Fair Value Disclosures 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 company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at December 31, 2015 and 2014. (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 91,034 $ — $ 91,034 Mortgage-backed securities-residential — 28,340 — 28,340 Asset backed securities — 17,526 — 17,526 State and municipal — 1,526 — 1,526 Corporate bonds — 24,559 — 24,559 SBA pooled securities — 184 — 184 $ — $ 163,169 $ — $ 163,169 Loans held for sale $ — $ 1,341 $ — $ 1,341 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 93,841 $ — $ 93,841 Mortgage-backed securities-residential — 28,878 — 28,878 Asset backed securities — 18,598 — 18,598 State and municipal — 3,592 3,269 6,861 Corporate bonds — 13,636 — 13,636 SBA pooled securities — 210 — 210 $ — $ 158,755 $ 3,269 $ 162,024 Loans held for sale $ — $ 3,288 $ — $ 3,288 The Company used the following methods and assumptions to estimate fair value of financial instruments that are measured at fair value on a recurring basis: Securities available for sale Loans held for sale There were no transfers between levels for the years ended December 31, 2015 and 2014. At December 31, 2014, the Company classified $3,269,000 of municipal securities as Level 3. These securities were called during the year ended December 31, 2015. Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at December 31, 2015 and 2014. (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 431 $ 431 1-4 family residential properties — — 13 13 Commercial — — 695 695 Factored receivables — — 1,156 1,156 PCI — — 170 170 Other real estate owned (1) 1-4 family residential properties — — 128 128 Construction, land development, land — — 1,377 1,377 $ — $ — $ 3,970 $ 3,970 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial $ — $ — $ 1,129 $ 1,129 Factored receivables — — 238 238 Other real estate owned (1) Commercial — — 2,163 2,163 Construction, land development, land — — 1,487 1,487 1-4 family residential properties — — 97 97 $ — $ — $ 5,114 $ 5,114 (1) As of December 31, 2015 and 2014, the only Level 3 assets with material unobservable inputs are associated with impaired loans and OREO. Impaired Loans with Specific Allocation of ALLL A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. Fair value of the impaired loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. OREO OREO is comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the ALLL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value . The estimated fair values of the Company’s financial instruments not previously presented at December 31, 2015 and 2014 were as follows: December 31, 2015 Carrying Fair Value Measurements Using Total (Dollars in thousands) Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 105,277 $ 105,277 $ — $ — $ 105,277 Loans not previously presented, net 1,276,853 — — 1,281,408 1,281,408 FHLB and FRB stock 3,818 N/A N/A N/A N/A Accrued interest receivable 4,832 — 4,832 — 4,832 Financial liabilities: Deposits 1,248,950 — 1,249,751 — 1,249,751 Customer repurchase agreements 9,317 — 9,317 — 9,317 Federal Home Loan Bank advances 130,000 — 130,000 — 130,000 Junior subordinated debentures 24,687 — 23,153 — 23,153 Accrued interest payable 1,231 — 1,231 — 1,231 December 31, 2014 Carrying Fair Value Measurements Using Total (Dollars in thousands) Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 160,888 $ 160,888 $ — $ — $ 160,888 Securities - held to maturity 745 — 750 — 750 Loans not previously presented, net 995,668 — — 1,001,548 1,001,548 FHLB and FRB stock 4,903 N/A N/A N/A N/A Accrued interest receivable 3,727 — 3,727 — 3,727 Financial liabilities: Deposits 1,165,229 — 1,167,479 — 1,167,479 Customer repurchase agreements 9,282 — 9,282 — 9,282 Federal Home Loan Bank advances 3,000 — 3,000 — 3,000 Junior subordinated debentures 24,423 — 24,423 — 24,423 Accrued interest payable 971 — 971 — 971 For those assets not previously described, the following methods and assumptions were used by the Company in estimating the fair values of financial instruments as disclosed herein: Cash and Cash Equivalents For financial instruments with a shorter-term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value and are considered a Level 1 classification. Securities held to maturity The fair values of securities held to maturity are determined by third party matrix pricing, which is a mathematical technique widely used in the industry to value 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, resulting in a Level 2 classification. Loans Loans exclude impaired loans previously described above. For variable-rate loans that reprice frequently and have no significant changes in credit risk, excluding previously presented impaired loans measured at fair value on a non-recurring basis, fair values are based on carrying values. Fair values for fixed-rate loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loans are considered a Level 3 classification. FHLB and Federal Reserve Bank stock The fair value of FHLB and FRB stock was not practicable to determine due to restrictions placed on its transferability. Deposits The fair values disclosed for demand deposits and non-maturity transaction accounts are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts) and are considered a Level 2 classification. Fair values for fixed-rate time deposits are estimated using a discounted cash flow 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. Customer repurchase agreements The carrying amount of customer repurchase agreements approximates fair value due to their short-term nature. The customer repurchase agreement fair value is considered a Level 2 classification. Federal Home Loan Bank advances The Company’s short-term FHLB advances have a maturity of less than one month and therefore fair value materially approximates carrying value and is considered a Level 2 classification. The Company’s long-term FHLB advances have variable interest rates and therefore fair value materially approximates carrying value and is considered a Level 2 classification. Junior subordinated debentures The junior subordinated debentures were valued by discounting future cash flows using current interest rates for similar financial instruments, resulting in a Level 2 classification. Accrued Interest Receivable and Payable The carrying amounts of accrued interest receivable and payable approximate their fair values given the short-term nature of the receivables and are considered a Level 2 classification. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | NOTE 16 — RELATED-PARTY TRANSACTIONS Loans to related parties and their affiliates during 2015 and 2014 were as follows: (Dollars in thousands) 2015 2014 Beginning balance $ 36,647 $ 18,247 New loans and advances 77,327 79,429 Effect of changes in composition of related parties — 8,298 Repayments (78,209 ) (69,327 ) Ending balance $ 35,765 $ 36,647 Advances and repayments of related party loans include activity on revolving credit and asset-based lending arrangements. Related party deposits at December 31, 2015 and 2014 were $20,773,000 and $13,484,000, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | NOTE 17 — REGULATORY MATTERS The Company (on a consolidated basis) and TBK Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulations to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk weighted assets, common equity Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. In July 2013, the U.S. banking regulators adopted a final rule which implements the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision, and certain changes required by the Dodd-Frank Act. The final rule established an integrated regulatory capital framework and introduces the “Standardized Approach” for risk-weighted assets, which replaces the Basel I risk-based guidance for determining risk-weighted assets as of January 1, 2015, the date the Company became subject to the new rules. Based on the Company's current capital composition and levels, the Company believes it is in compliance with the requirements as set forth in the final rules. The rules include new risk-based capital and leverage ratios, which will be phased in from 2015 to 2019, and refine the definition of what constitutes “capital” for purposes of calculating those ratios. The new minimum capital level requirements applicable to the Company and TBK Bank are set forth in the table below. The final rules also establish a “capital conservation buffer” of 2.5% above the new regulatory minimum capital requirements. The capital conservation buffer will be phased-in over four years beginning on January 1, 2016 and becoming fully effective on January 1, 2019. Under the final rules, institutions are subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations establish a maximum percentage of eligible retained income that could be utilized for such actions. The final rules also contain revisions to the prompt corrective action framework, which is designed to place restrictions on insured depository institutions if their capital levels begin to show signs of weakness. Under the prompt corrective action requirements, which are designed to complement the capital conservation buffer, insured depository institutions are now required to meet the new capital level requirements set forth in the table below in order to qualify as “well capitalized.” As of December 31, 2015, TBK Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since December 31, 2015 that management believes would change the institution’s category. The actual capital amounts and ratios for the Company and TBK Bank as of December 31, 2015 and for the Company, Triumph Savings Bank, SSB, and Triumph Community Bank as of December 31, 2014 are presented in the following table: To Be Adequately To Be Well Capitalized Under Capitalized Under Prompt Corrective Prompt Corrective Actual Action Provisions Action Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 276,924 19.1% $ 115,929 8.0% N/A N/A TBK Bank, SSB $ 206,451 14.8% $ 111,903 8.0% $ 139,879 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 264,239 18.2% $ 86,968 6.0% N/A N/A TBK Bank, SSB $ 193,766 13.9% $ 83,927 6.0% $ 111,903 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 235,253 16.2% $ 65,227 4.5% N/A N/A TBK Bank, SSB $ 193,766 13.9% $ 62,946 4.5% $ 90,921 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 264,239 16.6% $ 63,824 4.0% N/A N/A TBK Bank, SSB $ 193,766 12.7% $ 61,066 4.0% $ 76,333 5.0% As of December 31, 2014 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 229,509 20.4% $ 90,213 8.0% N/A N/A Triumph Savings Bank, SSB $ 56,013 16.5% $ 27,118 8.0% $ 33,898 10.0% Triumph Community Bank $ 117,254 15.0% $ 62,547 8.0% $ 78,184 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 220,550 19.6% $ 45,107 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 15.3% $ 13,559 4.0% $ 20,339 6.0% Triumph Community Bank $ 112,289 14.4% $ 31,273 4.0% $ 46,910 6.0% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 220,550 15.9% $ 55,412 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 13.0% $ 15,982 4.0% $ 19,978 5.0% Triumph Community Bank $ 112,289 11.9% $ 37,812 4.0% $ 47,265 5.0% Dividends paid by the bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity and Noncontrolling Interests | NOTE 18 - EQUITY AND NONCONTROLLING INTERESTS The following summarizes the Company’s capital structure: Preferred Stock Preferred Stock Series A Series B Common Stock Treasury Stock December 31, December 31, December 31, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Number of shares authorized 50,000 50,000 115,000 115,000 50,000,000 50,000,000 Number of shares issued 45,500 45,500 51,956 51,956 18,052,723 17,974,767 Number of shares outstanding 45,500 45,500 51,956 51,956 18,018,200 17,963,783 34,523 10,984 Par value per share $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 Liquidation preference per share $ 100 $ 100 $ 100 $ 100 Common Stock On November 13, 2014, the Company completed an initial public offering issuing 6,700,000 shares of common stock, $0.01 par value, at $12.00 per share for gross proceeds of $80,400,000. In addition, on November 20, 2014, the underwriters exercised their option to purchase an additional 1,005,000 shares of common stock from the Company at the initial public offering price of $12.00 per share for additional gross proceeds of $12,060,000, resulting in total gross proceeds of $92,460,000. Net proceeds after underwriting discounts and offering expenses were $83,767,000. Common stock outstanding at December 31, 2015 and 2014 included 201,270 and 252,256 shares of nonvested restricted stock awards, respectively. Warrants During 2012, the Company issued a warrant to Triumph Consolidated Cos., LLC to purchase 259,067 shares of the Company’s common stock. The warrant has an exercise price of $11.58 per share, is immediately exercisable and has an expiration date of December 12, 2022. At December 31, 2015, the warrant remains outstanding and unexercised. Preferred Stock Series A The following summarizes the terms of the Company’s Series A Non-Cumulative Non-Voting Preferred Stock (the “Preferred Stock Series A”) as of December 31, 2015 and 2014. Series A holders are entitled to quarterly cash dividends accruing at the rate per annum of Prime + 2%, with an 8.00% floor, applied to the liquidation preference value of the stock. Any dividends not paid shall not accumulate but will be waived and not payable by the Company. Payments of dividends are subject to declaration by the board of the Company. Subject to regulatory approval, Series A holders have the right to receive a special, one-time dividend with respect to their respective shares within 30 days after the occurrence of any of the following events: (i) the sale of all of the limited liability company interests of TBK Bank (as successor in interest to TCF) in TBC, (ii) a merger of TBC resulting in TBK Bank (as successor in interest to TCF) no longer owning any limited liability company interests in TBC or (iii) the sale of all or substantially all of the assets of TBC, subject to certain organizational restructuring exceptions. The Company paid all dividends when due on these shares during the year ended December 31, 2015. The Preferred Stock Series A is not redeemable by the holder, ranks pari passu with the Company’s Preferred Stock Series B (as described below), and is senior to the Company’s common stock. The Preferred Stock Series A are redeemable at liquidation value by the Company subject to regulatory approval at any time on or after October 15, 2018. The Preferred Stock Series A shares are convertible to common stock at the option of the holder any time at a preferred to common stock conversion ratio of 6.94008. Preferred Stock Series B The following summarizes the terms of the Company’s Series B Non-Cumulative Non-Voting Preferred Stock (the “Preferred Stock Series B”) as of December 31, 2015 and 2014. Series B holders are entitled to quarterly cash dividends accruing at the rate per annum of 8.00% applied to the liquidation value of the stock. Any dividends not paid shall not accumulate but will be waived and not payable by the Company. Payments of dividends are subject to declaration by the board of the Company. The Company paid all dividends when due on these shares during the year ended December 31, 2015. The Preferred Stock Series B is not redeemable by the holder, ranks pari passu with the Company’s Preferred Stock Series A, and is senior to the Company’s common stock. The Preferred Stock Series B are redeemable at liquidation value by the Company subject to regulatory approval at any time on or after October 15, 2018. The Preferred Stock Series B shares are convertible to common stock at the option of the holder any time at a preferred to common stock conversion ratio of 6.94008. Exchange Offer During 2013, the Company consummated a voluntary exchange offer whereby the holders of the Series A Preferred and TCF Class B Units could elect to exchange their holdings for common stock. Holders of 4,500 shares of Series A Preferred and 58,620 shares of TCF Class B Units elected to receive 545,069 shares of common stock, plus a cash payment for accrued but unpaid dividends at a rate of 8% per annum through the date of the exchange. Noncontrolling Interests The Company did not have any noncontrolling interests as of December 31, 2015 and 2014. The Company’s noncontrolling interests as of December 31, 2013 were comprised of TCF Class B units totaling $1,100,000 and Senior Preferred Stock, Series T-1 and T-2 totaling $25,897,000. TCF Class B Units The capital structure of TCF as a Limited Liability Company included B units representing non-voting interest in TCF. The Class B units were structured with terms comparable to a non-cumulative, non-voting, perpetual preferred stock. Holders were entitled to quarterly distributions accruing at the Wall Street Journal Prime Rate plus 2%, subject to a minimum rate of 8% per annum. Subject to regulatory approval, TCF Class B holders had the right to receive a special, one-time dividend with respect to their respective units within 30 days after the occurrence of any of the following events: (i) the sale of all of the limited liability company interests of TCF in TBC, (ii) a merger of TBC resulting in TCF no longer owning any limited liability company interests in TBC or (iii) the sale of all or substantially all of the assets of TBC, subject to certain organizational restructuring exceptions. Holders of Class B Units were allocated taxable income from TCF to the extent cash distributions were made. The Company had redemption rights, subject to regulatory approval, to redeem the Class B Units. All B units were held by third parties and were considered noncontrolling interest to the Company. At December 31, 2013 TCF had 11,000 Class B Units with a $100 liquidation value per unit outstanding, respectively. On June 15, 2014, TCF redeemed all 11,000 of its non-cumulative non-voting Class B Units at their redemption rate of $102 per unit plus accrued and unpaid dividends through the redemption date. Senior Preferred Stock Series T-1 and T-2 In February 2009, as part of the United States Treasury Department’s (the “UST”) Capital Purchase Plan (“CPP”), NBI entered into a Letter Agreement with the UST. Pursuant to the Security Purchase Agreement Standard Terms (the “Securities Purchase Agreement”) attached to the Letter Agreement, NBI sold 24,664 shares of Senior Preferred Stock, Series T-1 (the “Series T-1 Stock”), having a liquidation preference of $1,000 per share, for a total face value of $24,664,000, and 1,233 shares of Senior Preferred Stock, Series T-2 (the “Series T-2 Stock” and, together with the Series T-1 Stock, the “NBI Senior Preferred Stock”) with a liquidation preference of $1,000 per share, for a total face value of $1,233,000. The Series T-1 Stock paid cumulative compounding dividends at a rate of 5.00% per annum for the period from the original issue date of the Series T-1 Stock to, but excluding, the first day of the first dividend period commencing on or after the fifth anniversary of such original issue date, and 9.00% per annum thereafter. The Series T-2 Stock paid cumulative compounding dividends at a rate of 9.00% per annum. The NBI Senior Preferred Stock qualified as Tier 1 capital. On December 2, 2014, the Company received all necessary regulatory approvals to redeem all of the outstanding shares of the NBI Senior Preferred Stock. On December 31, 2014, the NBI Senior Preferred Stock was redeemed for a total redemption price of $26,200,000, which reflects the aggregate liquidation amount of the NBI Senior Preferred Stock and accrued dividends since the most recent dividend payment date. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | NOTE 19 — STOCK-BASED COMPENSATION Stock based compensation expense that has been charged against income was $3,077,000, $2,690,000 and $129,000 for the years ended December 31, 2015, 2014 and 2013, respectively. 2014 Omnibus Incentive Plan In connection with the Company’s initial public offering in November 2014, the Company adopted the 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, our common stock. The aggregate number of shares of our common stock available for issuance under the Omnibus Incentive Plan is 1,200,000 shares. RSAs granted to employees under the Omnibus Incentive Plan generally vest over two to three years, but vesting periods may vary. A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the years ended December 31, 2015 and 2014 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2015 252,256 $ 14.71 Granted 77,956 13.50 Vested (125,310 ) 14.71 Forfeited (3,632 ) 14.60 Nonvested at December 31, 2015 201,270 $ 14.24 Nonvested at January 1, 2014 — $ — Granted 378,343 14.71 Vested (126,087 ) 14.71 Forfeited — — Nonvested at December 31, 2014 252,256 $ 14.71 Compensation expense for RSAs granted under the Omnibus Incentive Plan will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2015, there was $1,401,000 of total unrecognized compensation cost related to nonvested RSAs granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 1.46 years. Amended and Restricted Stock Plan The Company’s Amended and Restricted Stock Plan (the “Terminated Plan”) provided for the issuance of up to 750,000 shares of restricted common stock to officers, directors and employees of the Company and its subsidiaries. Compensation expense for RSUs granted under the Terminated Plan was recognized over the vesting period of the awards based on the fair value of the stock at the issue date. In August 2014, the Company approved the immediate and full acceleration of vesting on all remaining nonvested RSUs in anticipation of its contemplated initial public offering. As a result, the Company recognized all remaining unrecognized compensation cost associated with these shares during the third quarter of 2014. Upon effectiveness of the 2014 Omnibus Incentive Plan in November 2014, no additional awards were permissible under the Terminated Plan. A summary of changes in the Company’s nonvested RSUs under the Terminated Plan for the year ended December 31, 2014 was as follows: Weighted-Average Grant-Date Nonvested RSUs Units Fair Value Nonvested at January 1, 2014 26,120 $ 10.77 Granted 32,275 14.08 Vested (58,395 ) 12.60 Forfeited — — Nonvested at December 31, 2014 — $ — |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following tables present parent company only condensed financial information. Effective October 1, 2015, National Bancshares, Inc. was merged into Triumph Bancorp, Inc. Condensed Parent Company Only Balance Sheets: December 31, December 31, (Dollars in thousands) 2015 2014 ASSETS Cash and cash equivalents $ 21,749 $ 52,553 Loans 18,455 — Investment in subsidiaries 233,147 181,133 Other investments 22,807 2,611 Other assets 7,095 1,383 Total assets $ 303,253 $ 237,680 LIABILITIES AND EQUITY Junior subordinated debentures $ 24,687 $ — Intercompany payables 8,798 — Accrued expenses and other liabilities 1,730 171 Total liabilities 35,215 171 Stockholders' equity 268,038 237,509 Total liabilities and equity $ 303,253 $ 237,680 Condensed Parent Company Only Statements of Income: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest income $ 718 $ 75 $ 58 Interest expense (291 ) (584 ) (123 ) Bargain purchase gain — — 9,014 Other income 1,040 545 — Other expense (5,880 ) (4,699 ) (4,262 ) Income (loss) before income tax and undistributed subsidiary income (4,413 ) (4,663 ) 4,687 Income tax benefit 700 2,015 1,360 Equity in undistributed subsidiary income 32,846 22,437 7,380 Net income 29,133 19,789 13,427 Income attributable to noncontrolling interests — (2,060 ) (867 ) Dividends on preferred stock (780 ) (780 ) (721 ) Net income available to common stockholders $ 28,353 $ 16,949 $ 11,839 Comprehensive income attributable to Parent $ 28,459 $ 18,547 $ 12,237 Condensed Parent Company Only Statements of Cash Flows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 29,133 $ 19,789 $ 13,427 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed subsidiary income (32,846 ) (22,437 ) (7,380 ) Amortization of junior subordinated debentures 67 — — Bargain purchase gain — — (9,014 ) Change in other investments and other assets (171 ) 707 (2,310 ) Change in accrued expenses and other liabilities 10,316 (3,094 ) 3,119 Net cash provided by (used in) operating activities 6,499 (5,035 ) (2,158 ) Cash flows from investing activities: Investment in subsidiaries 325 (6,513 ) (13,984 ) Purchases of loans (shared national credits) (18,601 ) — — Net change in loans 146 — — Net proceeds from (cash paid for) CLO warehouse investments (18,050 ) 50 (2,000 ) Cash used in acquisition of subsidiaries — — (15,277 ) Net cash provided by (used in) investing activities (36,180 ) (6,463 ) (31,261 ) Cash flows from financing activities: Issuance of senior secured note — — 12,573 Issuance of common stock in connection with initial public offering, net of expenses — 83,767 — Issuance of common stock — 43 42,402 Exchange offer — — (38 ) Distributions on noncontrolling interest and dividends on preferred stock (780 ) (3,037 ) (1,060 ) Repayment of senior secured note — (12,573 ) — Redemption of noncontrolling interests — (26,997 ) — Purchase of Treasury Stock (343 ) (161 ) — Net cash provided by (used in) financing activities (1,123 ) 41,042 53,877 Net increase (decrease) in cash and cash equivalents (30,804 ) 29,544 20,458 Cash and cash equivalents at beginning of period 52,553 23,009 2,551 Cash and cash equivalents at end of period $ 21,749 $ 52,553 $ 23,009 |
Earning Per Share
Earning Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 21 – EARNINGS PER SHARE The factors used in the earnings per share computation follow: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Basic Net income to common stockholders $ 28,353 $ 16,949 $ 11,839 Weighted average common shares outstanding 17,720,479 10,940,083 8,481,137 Basic earnings per common share $ 1.60 $ 1.55 $ 1.40 Diluted Net income to common stockholders $ 28,353 $ 16,949 $ 11,839 Dilutive effect of preferred stock 780 780 167 Net income to common stockholders - diluted $ 29,133 $ 17,729 $ 12,006 Weighted average common shares outstanding 17,720,479 10,940,083 8,481,137 Add: Dilutive effects of restricted stock 79,821 15,366 5,117 Add: Dilutive effects of assumed exercises of stock warrants 48,238 40,980 — Add: Dilutive effects of assumed conversion of Preferred A 315,773 315,773 66,930 Add: Dilutive effects of assumed conversion of Preferred B 360,578 360,578 76,427 Average shares and dilutive potential common shares 18,524,889 11,672,780 8,629,611 Dilutive earnings per common share $ 1.57 $ 1.52 $ 1.39 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 22 – BUSINESS SEGMENT INFORMATION The following presents the Company’s operating segments. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring segment based on the Company’s prime rate. The provision for loan loss is allocated based on the segment’s allowance for loan loss determination which considers the effects of charge-offs. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis but not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. General factoring services not originated through TBC are included in the Banking segment. (Dollars in thousands) Asset Year Ended December 31, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 32,103 $ 65,831 $ 108 $ 718 $ 98,760 Intersegment interest allocations (3,144 ) 3,144 — — — Total interest expense — 6,978 10 1,121 8,109 Net interest income (expense) 28,959 61,997 98 (403 ) 90,651 Provision for loan losses 1,303 3,226 — — 4,529 Net interest income (expense) after provision 27,656 58,771 98 (403 ) 86,122 Bargain purchase gain — — 15,117 — 15,117 Other noninterest income 1,739 9,644 5,757 1,040 18,180 Noninterest expense 17,871 51,249 6,866 5,879 81,865 Operating income (loss) $ 11,524 $ 17,166 $ 14,106 $ (5,242 ) $ 37,554 (Dollars in thousands) Asset Year Ended December 31, 2014 Factoring Banking Management Corporate Consolidated Total interest income $ 27,332 $ 59,824 $ — $ 74 $ 87,230 Intersegment interest allocations (3,562 ) 3,562 — — — Total interest expense — 5,091 — 1,679 6,770 Net interest income (expense) 23,770 58,295 — (1,605 ) 80,460 Provision for loan losses 1,792 4,066 — — 5,858 Net interest income (expense) after provision 21,978 54,229 — (1,605 ) 74,602 Gain on branch sale — 12,619 — — 12,619 Other noninterest income 1,589 8,898 989 672 12,148 Noninterest expense 15,141 46,808 2,381 4,872 69,202 Operating income (loss) $ 8,426 $ 28,938 $ (1,392 ) $ (5,805 ) $ 30,167 (Dollars in thousands) Asset Year Ended December 31, 2013 Factoring Banking Management Corporate Consolidated Total interest income $ 17,388 $ 25,184 $ — $ 58 $ 42,630 Intersegment interest allocations (2,155 ) 2,155 — — — Total interest expense 1 3,577 — 369 3,947 Net interest income (expense) 15,232 23,762 — (311 ) 38,683 Provision for loan losses 881 2,531 — — 3,412 Net interest income (expense) after provision 14,351 21,231 — (311 ) 35,271 Bargain purchase gain — — — 9,014 9,014 Other noninterest income 1,042 2,674 — 283 3,999 Noninterest expense 9,938 18,191 176 4,419 32,724 Operating income (loss) $ 5,455 $ 5,714 $ (176 ) $ 4,567 $ 15,560 (Dollars in thousands) Asset December 31, 2015 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 198,629 $ 1,601,072 $ 17,676 $ 303,253 $ (429,317 ) $ 1,691,313 Gross loans $ 186,457 $ 1,223,028 $ 945 $ 18,455 $ (137,000 ) $ 1,291,885 (Dollars in thousands) Asset December 31, 2014 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 180,527 $ 1,210,325 $ 737 $ 237,680 $ (181,371 ) $ 1,447,898 Gross loans $ 170,426 $ 835,452 $ — $ — $ — $ 1,005,878 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 23 — QUARTERLY FINANCIAL DATA (UNAUDITED) The following presents quarterly financial data for the years ended December 31, 2015 and 2014. Year Ended December 31, 2015 Fourth Third Second First (Dollars in thousands) Quarter Quarter Quarter Quarter Interest income $ 25,281 $ 25,303 $ 26,597 $ 21,579 Interest expense 2,231 2,072 1,952 1,854 Net interest income 23,050 23,231 24,645 19,725 Provision for loan losses 1,178 165 2,541 645 Net interest income after provision 21,872 23,066 22,104 19,080 Bargain purchase gain 900 1,708 — 12,509 Other noninterest income 4,671 4,590 4,769 4,150 Noninterest income 5,571 6,298 4,769 16,659 Noninterest expense 20,902 20,545 19,635 20,783 Net income before income taxes 6,541 8,819 7,238 14,956 Income tax expense 2,032 2,891 2,586 912 Net income 4,509 5,928 4,652 14,044 Dividends on preferred stock (197 ) (196 ) (195 ) (192 ) Net income available to common stockholders $ 4,312 $ 5,732 $ 4,457 $ 13,852 Earnings per common share Basic $ 0.24 $ 0.32 $ 0.25 $ 0.78 Diluted $ 0.24 $ 0.32 $ 0.25 $ 0.76 Year Ended December 31, 2014 Fourth Third Second First (Dollars in thousands) Quarter Quarter Quarter Quarter Interest income $ 23,280 $ 22,118 $ 21,453 $ 20,379 Interest expense 1,951 1,723 1,572 1,524 Net interest income 21,329 20,395 19,881 18,855 Provision for loan losses 1,811 1,375 1,747 925 Net interest income after provision 19,518 19,020 18,134 17,930 Gain on branch sale — 12,619 — — Other noninterest income 3,721 3,185 2,633 2,609 Noninterest income 3,721 15,804 2,633 2,609 Noninterest expense 19,685 18,461 16,160 14,896 Net income before income taxes 3,554 16,363 4,607 5,643 Income tax expense 747 6,089 1,626 1,916 Net income 2,807 10,274 2,981 3,727 Income attributable to noncontrolling interests (591 ) (582 ) (500 ) (387 ) Dividends on preferred stock (195 ) (197 ) (196 ) (192 ) Net income available to common stockholders $ 2,021 $ 9,495 $ 2,285 $ 3,148 Earnings per common share Basic $ 0.14 $ 0.96 $ 0.23 $ 0.32 Diluted $ 0.14 $ 0.91 $ 0.23 $ 0.32 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph Capital Advisors, LLC (“TCA”), Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group (“TIG”). Effective October 1, 2015, the Company completed the merger of its subsidiary banks, Triumph Community Bank, N.A. and Triumph Savings Bank, SSB, into a single bank. The combined bank, TBK Bank, is a direct subsidiary of Triumph Bancorp, Inc., and conducts business under the Triumph Community Bank and Triumph Savings Bank names in the markets where the Company historically operated under such names. In addition, effective October 1, 2015, National Bancshares, Inc. (“NBI”) was merged into Triumph Bancorp, Inc. TBK Bank does business under the following names: (i) Triumph Community Bank (“TCB”) and Triumph Savings Bank (“TSB”) with respect to its community banking business in respective markets; (ii)Triumph Commercial Finance (“TCF”) with respect to its asset-based lending, equipment lending and general factoring commercial finance products; (iii) Triumph Healthcare Finance (“THF”) with respect to its healthcare asset-based lending business; and (iv) Triumph Premium Finance (“TPF”) with respect to its insurance premium financing business. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The Company consolidates subsidiaries in which it holds, directly or indirectly, a controlling financial interest. In consolidation, all significant intercompany accounts and transactions are eliminated. Investments in unconsolidated entities are accounted for using the equity method of accounting when the Company has the ability to exercise significant influence over operating and financing decisions. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (“GAAP”) and general practice within the banking industry. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company uses the accrual basis of accounting for financial reporting purposes. |
Use of Estimates | Use of Estimates To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, other short-term investments and federal funds sold. All highly liquid investments with an initial maturity of less than 90 days are considered to be cash equivalents. Certain items, including loan and deposit transactions, customer repurchase agreements, and FHLB advances and repayments, are presented net in the statement of cash flows. |
Securities | Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held to maturity or trading, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at fair value. The fair value of mortgage loans held for sale is determined based on outstanding commitments from investors to purchase such loans and upon prevailing market rates. Increases or decreases in the fair value of these loans held for sale, if any, are charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the final selling price and the fair value of the related loan sold. |
Loans | Loans Originated Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the remaining life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. Generally, loans are placed in nonaccrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. The accrual of interest income on 1-4 family residential mortgage, commercial and commercial real estate loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection, or if full collection of interest or principal becomes uncertain. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual is charged against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Purchased Loans: Purchased loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Larger purchased loans are individually evaluated while smaller purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. The cash flows expected to be collected on purchased credit impaired (“PCI”) loans are estimated based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. Purchased loans are considered credit impaired if there is evidence of credit deterioration at the date of purchase and if it is probable that not all contractually required payments will be collected. Interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows is recognized on all PCI loans for which the timing and amount of future cash flows can be reasonably projected. Expected cash flows are re-estimated quarterly. A decline in the present value of current expected cash flows compared to the previously estimated expected cash flows, due in any part to change in credit, is referred to as credit impairment and recorded as provision for loan losses during the period. Declines in the present value of expected cash flows only from the expected timing of such cash flows are recognized prospectively as a decrease in yield on the loan. Improvement in expected cash flows is recognized prospectively as an adjustment to the yield on the loan once any previously recorded impairment is recaptured. Purchased loans that are not considered PCI at acquisition have premiums or discounts. Premiums and discounts recognized when the loans are recorded at their estimated fair values at acquisition are amortized or accreted over the remaining term of the loan as an adjustment to the related loan’s yield. The subsequent accounting for acquired non-PCI loans follows the accounting for originated loans. Factored Receivables: The Company purchases invoices from its factoring clients in schedules or batches. Cash is advanced to the client to the extent of the applicable advance rate, less fees, as set forth in the individual factoring agreements. The face value of the invoices purchased are recorded by the Company as factored receivables, and the unadvanced portions of the invoices purchased, less fees, are considered client reserves. The client reserves are held to settle any payment disputes or collection shortfalls, may be used to pay clients’ obligations to various third parties as directed by the client, are periodically released to or withdrawn by clients, and are reported as deposits. Unearned factoring fees, less unearned net origination fees, are deferred and recognized over the weighted average collection period for each client. Subsequent factoring fees are recognized in interest income as incurred by the client and deducted from the clients’ reserve balances. Other factoring-related fees, which include wire transfer fees, carrier payment fees, fuel advance fees, and other similar fees, are reported by the Company as non-interest income as incurred by the client. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The allowance for loan and lease losses (“ALLL”) is a valuation allowance for probable incurred credit losses. The determination of the ALLL is inherently subjective as it requires material estimates which may be susceptible to significant changes. Loan losses are charged against the ALLL when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the ALLL. Management estimates the ALLL balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the ALLL may be made for specific impaired loans, but the entire ALLL is available for any loan that, in management’s judgment, should be charged-off. The ALLL consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All loans are subject to being individually evaluated for impairment. If a loan is impaired, a portion of the ALLL may be allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the ALLL. The general component of the ALLL covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company since acquisition. This actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following loan portfolio categories have been identified: Commercial Real Estate — This category of loans consists of the following loan types: Non-farm Non-residential — This category includes real estate loans for a variety of commercial property types and purposes, including owner occupied commercial real estate loans primarily secured by commercial office or industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. Repayment terms vary considerably, interest rates are fixed or variable, and are structured for full, partial, or no amortization of principal. This category also includes investment real estate loans that are primarily secured by non-owner occupied apartment, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Multi-family residential — Investment real estate loans are primarily secured by non-owner occupied apartment or multifamily residential buildings. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Construction, land development, land —This category of loans consists of loans to finance the ground up construction, improvement and/or carrying for sale after the completion of construction of owner occupied and non-owner occupied residential and commercial properties, and loans secured by raw or improved land. The repayment of construction loans is generally dependent upon the successful completion of the improvements by the builder for the end user, or sale of the property to a third party. Repayment of land secured loans are dependent upon the successful development and sale of the property, the sale of the land as is, or the outside cash flow of the owners to support the retirement of the debt. 1-4 family residential properties — This category of loans includes both first and junior liens on residential real estate. Home equity revolving lines of credit and home equity term loans are included in this group of loans. Farmland — These loans are principally loans to purchase farmland. Commercial — Commercial loans are loans for commercial, corporate and business purposes not otherwise disclosed separately. The Company’s commercial business loan portfolio is comprised of loans for a variety of purposes and across a variety of industries. These loans include general commercial and industrial loans, loans to purchase capital equipment, and business loans for working capital and operational purposes. Commercial loans are generally secured by accounts receivable, inventory and other business assets. Commercial loans also include shared national credits purchased by the Company. A portion of the commercial loan portfolio consists of specialty commercial finance products as follows: Equipment — Equipment finance loans are commercial loans primarily secured by new or used revenue producing, essential-use equipment from major manufacturers that is movable, may be used in more than one type of business, and generally has broad resale markets. Core markets include construction, road, transportation, oil and gas, waste, forestry and machine tool. Loan terms do not exceed the economic life of the equipment and typically are 60 months or less. Asset-based Lending — These loans are originated to borrowers to support general working capital needs. The asset-based loan structure involves advances of loan proceeds against a borrowing base which typically consists of accounts receivable, identified readily marketable inventory, or other collateral of the borrower. The maximum amount a customer may borrow at any time is fixed as a percentage of the borrowing base outstanding. Healthcare — Asset-based loans to businesses dedicated exclusively to the healthcare industry. These loans are made to providers in the areas of skilled nursing, home healthcare, physical therapy, and healthcare product delivery. Premium Finance – Loans that provide customized premium financing solutions for the acquisition of property and casualty insurance coverage. These short-term premium finance loans allow insureds to pay their insurance premiums over the life of the underlying policy, instead of paying the entire premium at the outset. Factored Receivables — The Company operates as a factor by purchasing accounts receivable from its clients, then collecting the receivable from the account debtor. The Company’s smaller factoring relationships are typically structured as “non-recourse” relationships ( , the Company retains the credit risk associated with the ability of the account debtor on a purchased invoice to ultimately make payment) and the Company’s larger factoring relationships are typically structured as “recourse” relationships ( , the Company’s client agrees to repurchase any invoices for which payment is not ultimately received from the account debtor). Advances initially made to the client to acquire the receivables are typically at a discount to the invoice value. The discount balance is held in client reserves, net of the Company’s compensation, to settle any payment disputes or collection shortfalls. Upon collection of the invoice and subsequent settlement of any additional client obligations, outstanding client reserves are typically remitted to the client. Consumer — Loans used for personal use usually on an unsecured basis. Mortgage Warehouse — Mortgage Warehouse facilities are provided to independent mortgage origination companies and are collateralized by 1-4 family residential loans. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Company provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Company has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Company is repaid with the proceeds received from sale of the mortgage loan to the final investor. |
Federal Home Loan Bank (FHLB) Stock and Federal Reserve Bank (FRB) Stock | Federal Home Loan Bank (“FHLB”) Stock and Federal Reserve Bank (“FRB”) Stock The Company is a member of the FHLB system and was previously a member of the regional Federal Reserve Banks. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Effective October 1, 2015, the Company’s subsidiary banks, TCB and TSB, were merged into a single bank, TBK Bank. Upon this merger, the Company redeemed all of its stock in FHLB Des Moines and FRB Chicago as these investments were associated with TCB. The merged TBK Bank is not a member of the regional Federal Reserve Banks. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 30 years. Furniture, fixtures and equipment are depreciated using the straight-line method over five years. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired as part of a business acquisition or through loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of acquisition, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. At the time of acquisition of properties not acquired as part of an acquisition, losses are charged against the ALLL, and gains realized to the extent fair value exceeds the carrying amount of the foreclosed loan are recorded as income. Improvements to the value of the properties are capitalized, but not in excess of the net realizable value of the property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill resulting from business combinations is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired as of the acquisition date. In the event the fair value of the net assets acquired exceeds the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, a bargain purchase gain is recognized. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Other intangible assets consist primarily of core deposit and customer relationship assets and acquired asset management contracts arising from whole bank and business acquisitions and are amortized on an accelerated method over their estimated useful lives. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Income Taxes | Income Taxes The Company files a consolidated tax return with its subsidiaries and is taxed as a C corporation. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and penalties related to income tax matters in income tax expense. No interest or tax penalties have been incurred for the years ended December 31, 2015, 2014 or 2013. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that may use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and/or the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Changes in assumptions or in market conditions could significantly affect these estimates. In the ordinary course of business, the Company generally does not sell or transfer non-impaired loans and deposits. As such, the disclosures that present the December 31, 2015 and 2014 estimated fair value for non-impaired loans and deposits are highly judgmental and may not represent amounts to be received if the Company were to sell or transfer such items. |
Asset Management Fees | Asset Management Fees Asset management fee income is recognized through the Company’s collateralized loan obligation (“CLO”) asset management business operated by TCA and consists of senior (or base) asset management fees, subordinated management fees, and performance-based incentive fees. Senior and subordinated management fees are based upon a fixed fee rate applied to the amount of outstanding assets being managed by TCA and are accrued by the Company as earned. Performance-based incentive fees are variable in nature and dependent upon the performance of a managed CLO above a prescribed level. The Company does not accrue for performance-based incentive fees that are not finalized until the end of a specified contract period, but records such revenues only when final payment is confirmed and related services are completed. The Company has not recognized any revenue that is at risk due to future asset management performance contingencies. |
Operating Segments | Operating Segments The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and our segment reporting is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. Our chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. The factoring segment includes the operations of TBC with revenue derived from factoring services. The banking segment includes the operations of TBK Bank. The banking segment derives its revenue principally from investments in interest earning assets as well as noninterest income typical for the banking industry. The banking segment also includes commercial factoring services which are originated through the commercial finance division of TBK Bank. The asset management segment includes the operations of TCA with revenue derived from fees for managing collateralized loan obligation funds. Corporate includes holding company financing and investment activities and management and administrative expenses to support the overall operations of the Company. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Stock-Based Compensation | Stock-Based Compensation Compensation cost for restricted stock awards is recognized over the required service period, generally defined as the vesting period. The fair value of the awards is based upon the market value of the Company’s common stock at the date of grant. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income less effects of noncontrolling interests and preferred shares divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock warrants, restricted stock awards, and preferred shares that are convertible to common shares. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Effective January 1, 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors” (“ASU 2014-04”). Issued in January 2014, ASU 2014-04 affects all creditors when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable has occurred. Adoption of this ASU did not have a material impact on the Company’s financial statements. Effective April 1, 2015, the Company adopted ASU No. 2014-11, “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure” (“ASU 2014-11”). Issued in June 2014, ASU 2014-11 aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The ASU requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, disclosures are required related to collateral, remaining contractual tenor, and the potential risks associated with repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions. Adoption of this ASU did not have a material impact on the Company’s financial statements as the Company’s repurchase agreements consist primarily of overnight customer sweep agreements secured by pledged U.S. Government agency and residential mortgage-backed securities. Effective January 1, 2015, the Company retrospectively adopted ASU No. 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”). Issued in February 2015, ASU 2015-02 simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. Adoption of this ASU did not have a material impact on the Company’s financial statements. Effective July 1, 2015, the Company retrospectively adopted ASU No. 2015-16, “Business Combinations – Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). Issued in September 2015, ASU 2015-16 requires that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Upon adoption of this ASU, the Company’s financial statements reflect measurement period adjustments in the reporting period in which the adjustment amounts were determined. |
Newly Issued, But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard was originally effective for the Company on January 1, 2017. However, in August 2015 the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date” which deferred the mandatory effective date the new standard would take effect to reporting periods beginning after December 15, 2017, with early adoption allowed as of the original effective date for public companies. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. . |
Business Combinations and Div32
Business Combinations and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Doral Money Acquisition | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the fair values of assets acquired, liabilities assumed, net consideration transferred, and the resulting bargain purchase gain is as follows: Initial Values Measurement Recorded at Period Adjusted (Dollars in thousands) Acquisition Date Adjustments Values Assets acquired: Cash $ 8,273 $ — $ 8,273 CLO Securities 98,316 — 98,316 Intangible asset - CLO management contracts 1,918 — 1,918 Loans 36,765 900 37,665 Prepaid corporate income tax 3,014 1,688 4,702 Other assets 772 — 772 149,058 2,588 151,646 Liabilities assumed: Deferred tax liability 663 — 663 Other liabilities 22 (20 ) 2 685 (20 ) 665 Fair value of net assets acquired 148,373 2,608 150,981 Net consideration transferred 135,864 — 135,864 Bargain purchase gain $ (12,509 ) $ (2,608 ) $ (15,117 ) |
Doral Healthcare Acquisition | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the fair values of assets acquired, liabilities assumed, consideration paid for DHF, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Loans $ 45,334 Customer relationship intangible 2,029 Premises and equipment 50 Other assets 276 47,689 Liabilities assumed: Customer deposits 128 Fair value of net assets acquired 47,561 Cash paid 49,482 Goodwill $ 1,921 |
Schedule of Loans Acquired in Business Combination | Information about the acquired DHF loan portfolio subject to PCI loan accounting guidance as of the acquisition date is as follows: (Dollars in thousands) PCI Contractual balance at acquisition $ 5,009 Contractual cash flows not expected to be collected (nonaccretable difference) (873 ) Expected cash flows at acquisition $ 4,136 Accretable yield (482 ) Fair value of acquired PCI loans $ 3,654 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost of Securities and Their Approximate Fair Values | Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at December 31, 2015 and 2014 are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 90,533 $ 518 $ (17 ) $ 91,034 Mortgage-backed securities, residential 28,006 361 (27 ) 28,340 Asset backed securities 17,957 24 (455 ) 17,526 State and municipal 1,509 17 — 1,526 Corporate bonds 24,542 74 (57 ) 24,559 SBA pooled securities 183 1 — 184 Total available for sale securities $ 162,730 $ 995 $ (556 ) $ 163,169 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2014 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 93,150 $ 691 $ — $ 93,841 Mortgage-backed securities, residential 28,298 580 — 28,878 Asset backed securities 18,559 129 (90 ) 18,598 State and municipal 6,833 28 — 6,861 Corporate bonds 13,492 144 — 13,636 SBA pooled securities 207 3 — 210 Total available for sale securities $ 160,539 $ 1,575 $ (90 ) $ 162,024 Held to maturity securities: Other debt securities $ 745 $ 5 $ — $ 750 |
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 381 $ 382 Due from one year to five years 113,976 114,468 Due from five years to ten years 1,558 1,572 Due after ten years 669 697 116,584 117,119 Mortgage-backed securities, residential 28,006 28,340 Asset backed securities 17,957 17,526 SBA pooled securities 183 184 $ 162,730 $ 163,169 |
Schedule of Information Pertaining to Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at December 31, 2015 and 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses U.S. Government agency obligations $ 10,029 $ (17 ) $ — $ — $ 10,029 $ (17 ) Mortgage-backed securities, residential 4,948 (27 ) — — 4,948 (27 ) Asset backed securities 8,031 (416 ) 4,605 (39 ) 12,636 (455 ) State and municipal — — — — — — Corporate bonds 10,434 (57 ) — — 10,434 (57 ) SBA pooled securities — — — — — — $ 33,442 $ (517 ) $ 4,605 $ (39 ) $ 38,047 $ (556 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — — — — — Asset backed securities 8,703 (82 ) 4,959 (8 ) 13,662 (90 ) State and municipal — — — — — — Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 8,703 $ (82 ) $ 4,959 $ (8 ) $ 13,662 $ (90 ) |
Loans and Allowance for Loan 34
Loans and Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Summary of Information Concerning Loan Portfolio | Loans at December 31, 2015 and 2014 consisted of the following: December 31, December 31, (Dollars in thousands) 2015 2014 Commercial real estate $ 291,819 $ 249,164 Construction, land development, land 43,876 42,914 1-4 family residential properties 78,244 78,738 Farmland 33,573 22,496 Commercial 495,356 364,567 Factored receivables 215,088 180,910 Consumer 13,050 11,941 Mortgage warehouse 120,879 55,148 Total 1,291,885 1,005,878 Allowance for loan and lease losses (12,567 ) (8,843 ) $ 1,279,318 $ 997,035 |
Summary of Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses (Dollars in thousands) Beginning Ending Year ended December 31, 2015 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 533 $ 1,055 $ (152 ) $ 53 $ 1,489 Construction, land development, land 333 34 — — 367 1-4 family residential properties 215 60 (205 ) 204 274 Farmland 19 115 — — 134 Commercial 4,003 1,375 (145 ) 43 5,276 Factored receivables 3,462 1,508 (540 ) 79 4,509 Consumer 140 218 (347 ) 205 216 Mortgage warehouse 138 164 — — 302 $ 8,843 $ 4,529 $ (1,389 ) $ 584 $ 12,567 (Dollars in thousands) Beginning Ending Year ended December 31, 2014 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 348 $ 199 $ (18 ) $ 4 $ 533 Construction, land development, land 110 310 (100 ) 13 333 1-4 family residential properties 100 416 (409 ) 108 215 Farmland 7 12 — — 19 Commercial 1,145 2,652 (13 ) 219 4,003 Factored receivables 1,842 1,971 (419 ) 68 3,462 Consumer 49 204 (393 ) 280 140 Mortgage warehouse 44 94 — — 138 $ 3,645 $ 5,858 $ (1,352 ) $ 692 $ 8,843 (Dollars in thousands) Beginning Ending Year ended December 31, 2013 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 261 $ 114 $ (156 ) $ 129 $ 348 Construction, land development, land 40 58 — 12 110 1-4 family residential properties 227 (166 ) (94 ) 133 100 Farmland 5 2 — — 7 Commercial 172 2,474 (1,515 ) 14 1,145 Factored receivables 1,221 783 (226 ) 64 1,842 Consumer — 103 (113 ) 59 49 Mortgage warehouse — 44 — — 44 $ 1,926 $ 3,412 $ (2,104 ) $ 411 $ 3,645 |
Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class | The following table presents loans individually and collectively evaluated for impairment, as well as PCI loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2015 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 724 $ 286,006 $ 5,089 $ 291,819 $ 100 $ 1,034 $ 355 $ 1,489 Construction, land development, land — 42,499 1,377 43,876 — 367 — 367 1-4 family residential properties 618 74,714 2,912 78,244 1 273 — 274 Farmland — 33,573 — 33,573 — 134 — 134 Commercial 7,916 483,587 3,853 495,356 796 4,480 — 5,276 Factored receivables 3,422 211,666 — 215,088 1,694 2,815 — 4,509 Consumer — 13,050 — 13,050 — 216 — 216 Mortgage warehouse — 120,879 — 120,879 — 302 — 302 $ 12,680 $ 1,265,974 $ 13,231 $ 1,291,885 $ 2,591 $ 9,621 $ 355 $ 12,567 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2014 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 1,934 $ 238,640 $ 8,590 $ 249,164 $ — $ 533 $ — $ 533 Construction, land development, land — 41,431 1,483 42,914 — 333 — 333 1-4 family residential properties 627 76,041 2,070 78,738 — 215 — 215 Farmland — 22,496 — 22,496 — 19 — 19 Commercial 7,188 353,022 4,357 364,567 716 3,287 — 4,003 Factored receivables 1,271 179,639 — 180,910 1,033 2,429 — 3,462 Consumer — 11,941 — 11,941 — 140 — 140 Mortgage warehouse — 55,148 — 55,148 — 138 — 138 $ 11,020 $ 978,358 $ 16,500 $ 1,005,878 $ 1,749 $ 7,094 $ — $ 8,843 |
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans. Loans included in these tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an ALLL and are excluded from these tables. Impaired Loans and PCI Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid December 31, 2015 Investment Principal Allowance Investment Principal Commercial real estate $ 531 $ 532 $ 100 $ 193 $ 229 Construction, land development, land — — — — — 1-4 family residential properties 14 21 1 604 793 Farmland — — — — — Commercial 1,491 1,520 796 6,425 6,433 Factored receivables 2,850 2,850 1,694 572 572 Consumer — — — — — Mortgage warehouse — — — — — PCI 525 525 355 — — $ 5,411 $ 5,448 $ 2,946 $ 7,794 $ 8,027 Impaired Loans and PCI Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid December 31, 2014 Investment Principal Allowance Investment Principal Commercial real estate $ — $ — $ — $ 1,934 $ 1,960 Construction, land development, land — — — — — 1-4 family residential properties — — — 627 748 Farmland — — — — — Commercial 1,845 2,527 716 5,343 5,368 Factored receivables 1,271 1,271 1,033 — — Consumer — — — — — Mortgage warehouse — — — — — PCI — — — — — $ 3,116 $ 3,798 $ 1,749 $ 7,904 $ 8,076 The following table presents average impaired loans and interest recognized on impaired loans for the years ended December 31, 2015, 2014, and 2013: Years Ended December 31, 2015 December 31, 2014 December 31, 2013 Average Interest Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 1,329 $ — $ 1,023 $ 213 $ 201 $ 7 Construction, land development, land — — 4 1 — — 1-4 family residential properties 623 42 613 195 228 10 Farmland — — — — — — Commercial 7,552 187 6,653 290 2,740 14 Factored receivables 2,347 — 1,017 12 632 — Consumer — — — — — — Mortgage warehouse — — — — — — PCI 263 — 7 — 14 6 $ 12,114 $ 229 $ 9,317 $ 711 $ 3,815 $ 37 |
Schedule of Recorded Investment and Unpaid Principal Balances | The following table presents the unpaid principal and recorded investment for loans at December 31, 2015 and 2014. The difference between the unpaid principal balance and recorded investment is principally associated with (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI), (2) net deferred origination costs and fees, and (3) previous charge-offs. (Dollars in thousands) Recorded Unpaid December 31, 2015 Investment Principal Difference Commercial real estate $ 291,819 $ 299,272 $ (7,453 ) Construction, land development, land 43,876 45,376 (1,500 ) 1-4 family residential properties 78,244 81,141 (2,897 ) Farmland 33,573 33,533 40 Commercial 495,356 496,719 (1,363 ) Factored receivables 215,088 216,201 (1,113 ) Consumer 13,050 13,072 (22 ) Mortgage warehouse 120,879 120,879 — $ 1,291,885 $ 1,306,193 $ (14,308 ) (Dollars in thousands) Recorded Unpaid December 31, 2014 Investment Principal Difference Commercial real estate $ 249,164 $ 263,060 $ (13,896 ) Construction, land development, land 42,914 44,609 (1,695 ) 1-4 family residential properties 78,738 82,263 (3,525 ) Farmland 22,496 22,400 96 Commercial 364,567 366,753 (2,186 ) Factored receivables 180,910 181,817 (907 ) Consumer 11,941 12,012 (71 ) Mortgage warehouse 55,148 55,148 — $ 1,005,878 $ 1,028,062 $ (22,184 ) |
Summary of Contractually Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2015 Past Due Still Accruing Non-accrual Total Commercial real estate $ 693 $ — $ 673 $ 1,366 Construction, land development, land — — — — 1-4 family residential properties 909 9 533 1,451 Farmland — — — — Commercial 3,704 — 2,021 5,725 Factored receivables 12,379 1,931 — 14,310 Consumer 286 — — 286 Mortgage warehouse — — — — PCI 1,092 — 6,867 7,959 $ 19,063 $ 1,940 $ 10,094 $ 31,097 Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2014 Past Due Still Accruing Non-accrual Total Commercial real estate $ 643 $ — $ 1,995 $ 2,638 Construction, land development, land — — — — 1-4 family residential properties 584 49 638 1,271 Farmland — — — — Commercial 114 — 7,188 7,302 Factored receivables 7,202 651 — 7,853 Consumer 296 — — 296 Mortgage warehouse — — — — PCI 260 — 6,206 6,466 $ 9,099 $ 700 $ 16,027 $ 25,826 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans at the dates indicated: (Dollars in thousands) December 31, 2015 December 31, 2014 Nonaccrual loans (1) $ 10,094 $ 16,027 Factored receivables greater than 90 days past due 1,931 651 Troubled debt restructurings accruing interest 1,330 — $ 13,355 $ 16,678 (1) |
Summary of Risk Category of Loans | As of December 31, 2015 and 2014 based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) December 31, 2015 Pass Substandard Doubtful PCI Total Commercial real estate $ 284,753 $ 1,977 $ — $ 5,089 $ 291,819 Construction, land development, land 42,499 — — 1,377 43,876 1-4 family residential 73,838 1,494 — 2,912 78,244 Farmland 33,573 — — — 33,573 Commercial 470,208 21,295 — 3,853 495,356 Factored receivables 212,588 1,019 1,481 — 215,088 Consumer 13,050 — — — 13,050 Mortgage warehouse 120,879 — — — 120,879 $ 1,251,388 $ 25,785 $ 1,481 $ 13,231 $ 1,291,885 (Dollars in thousands) December 31, 2014 Pass Substandard Doubtful PCI Total Commercial real estate $ 233,971 $ 6,603 $ — $ 8,590 $ 249,164 Construction, land development, land 41,431 — — 1,483 42,914 1-4 family residential 75,858 810 — 2,070 78,738 Farmland 22,496 — — — 22,496 Commercial 349,969 10,241 — 4,357 364,567 Factored receivables 179,639 350 921 — 180,910 Consumer 11,941 — — — 11,941 Mortgage warehouse 55,148 — — — 55,148 $ 970,453 $ 18,004 $ 921 $ 16,500 $ 1,005,878 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents loans modified as troubled debt restructurings that occurred during the year ended December 31, 2015: Recorded Investment Recorded (Dollars in thousands) Number of at Date of Investment December 31, 2015 Loans Restructure at Year-End Commercial 4 $ 1,544 $ 1,214 |
Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans Receivable | The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans receivable at December 31, 2015 and 2014, are as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Contractually required principal and interest: Real estate loans $ 17,800 $ 23,457 Commercial loans 5,335 6,293 Outstanding contractually required principal and interest $ 23,135 $ 29,750 Gross carrying amount included in loans receivable $ 13,231 $ 16,500 |
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the years ended December 31, 2015, 2014 and 2013 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Accretable yield, beginning balance $ 4,977 $ 4,587 $ 4,244 Additions — 482 1,717 Accretion (4,023 ) (4,276 ) (2,812 ) Reclassification from nonaccretable to accretable yield 1,805 4,677 1,461 Disposals (165 ) (493 ) (23 ) Accretable yield, ending balance $ 2,594 $ 4,977 $ 4,587 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate [Abstract] | |
Summary of Other Real Estate Owned Activity | Other real estate owned activity was as follows: December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2013 Beginning balance $ 8,423 $ 13,783 $ 4,749 Acquired through business acquisition — — 11,285 Loans transferred to OREO 743 543 1,532 Net OREO gains (losses) and valuation adjustments (108 ) (582 ) 154 Sales of OREO (3,881 ) (5,321 ) (3,937 ) Ending balance $ 5,177 $ 8,423 $ 13,783 |
Schedule of Operating Expenses Related to OREO | Operating expenses related to OREO include: (Dollars in thousands) 2015 2014 2013 Net OREO gains (losses) and valuation adjustments $ (108 ) $ (582 ) $ 154 Carrying costs for OREO (337 ) (373 ) (233 ) $ (445 ) $ (955 ) $ (79 ) |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment at December 31, 2015 and 2014 consisted of the following: December 31, December 31, (Dollars in thousands) 2015 2014 Land $ 4,866 $ 4,783 Buildings 12,084 11,041 Leasehold improvements 4,179 4,000 Furniture, fixtures and equipment 6,554 5,440 27,683 25,264 Accumulated depreciation (5,456 ) (3,331 ) $ 22,227 $ 21,933 |
Schedule of Operating Leases Rent Commitments | Rent commitments at December 31, 2015, before considering renewal options that generally are present, were as follows: (Dollars in thousands) 2016 $ 1,679 2017 1,560 2018 1,434 2019 1,098 2020 1,087 Thereafter 355 $ 7,213 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: December 31 December 31, (Dollars in thousands) 2015 2014 Goodwill $ 15,968 $ 15,968 December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 14,586 $ (5,765 ) $ 8,821 $ 14,586 $ (3,368 ) $ 11,218 Other intangible assets 4,830 (1,765 ) 3,065 2,054 (183 ) 1,871 $ 19,416 $ (7,530 ) $ 11,886 $ 16,640 $ (3,551 ) $ 13,089 |
Schedule of Changes in Goodwill and Intangible Assets by Operating Segment | The changes in goodwill and intangible assets by operating segment during the year are as follows: (Dollars in thousands) Asset December 31, 2015 Factoring Banking Management Total Beginning balance $ 8,870 $ 20,187 $ — $ 29,057 Acquired goodwill — — — — Acquired intangibles 8 — 2,768 2,776 Divestiture — — — — Amortization of intangibles (3 ) (2,705 ) (1,271 ) (3,979 ) Ending balance $ 8,875 $ 17,482 $ 1,497 $ 27,854 (Dollars in thousands) Asset December 31, 2014 Factoring Banking Management Total Beginning balance $ 8,846 $ 19,672 $ — $ 28,518 Acquired goodwill — 1,921 — 1,921 Acquired intangibles 26 2,029 — 2,055 Divestiture — (514 ) — (514 ) Amortization of intangibles (2 ) (2,921 ) — (2,923 ) Ending balance $ 8,870 $ 20,187 $ — $ 29,057 (Dollars in thousands) Asset December 31, 2013 Factoring Banking Management Total Beginning balance $ 8,846 $ 5,201 $ — $ 14,047 Acquired goodwill — — — — Acquired intangibles — 15,091 — 15,091 Divestiture — — — — Amortization of intangibles — (620 ) — (620 ) Ending balance $ 8,846 $ 19,672 $ — $ 28,518 |
Schedule of Future Amortization Schedule for the Company's Intangible Assets | The future amortization schedule for the Company’s intangible assets is as follows: (Dollars in thousands) 2016 $ 3,065 2017 2,486 2018 2,120 2019 1,500 2020 1,129 Thereafter 1,586 $ 11,886 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company, through its subsidiary TCA, acts as asset manager to various CLO funds. TCA earns asset management fees in accordance with the terms of its asset management agreements with the following CLO funds. Offering Offering (Dollars in thousands) Date Amount Trinitas CLO I, LTD (Trinitas I) May 1, 2014 $ 400,000 Trinitas CLO II, LTD (Trinitas II) August 4, 2014 $ 416,000 Doral CLO II, LTD (Doral II) (1) April 26, 2012 $ 416,460 Doral CLO III, LTD (Doral III) (1) December 17, 2012 $ 310,800 Trinitas CLO III, LTD (Trinitas III) June 9, 2015 $ 409,375 (1) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Summary Of Deposits | Deposits at December 31, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) December 31, 2015 December 31, 2014 Noninterest bearing demand $ 168,264 $ 179,848 Interest bearing demand 238,833 236,525 Individual retirement accounts 60,971 55,034 Money market 112,214 117,514 Savings 74,759 70,407 Certificates of deposit 543,909 455,901 Brokered deposits 50,000 50,000 Total deposits $ 1,248,950 $ 1,165,229 |
Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits | At December 31, 2015, scheduled maturities of time deposits, including certificates of deposits, individual retirement accounts and brokered deposits, are as follows: (Dollars in thousands) December 31, 2015 Within one year $ 490,335 After one but within two years 123,141 After two but within three years 20,837 After three but within four years 13,898 After four but within five years 6,669 Total $ 654,880 |
Borrowings and Borrowing Capa40
Borrowings and Borrowing Capacity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Customer Repurchase Agreements | Information concerning customer repurchase agreements is summarized as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Amount outstanding at end of period $ 9,317 $ 9,282 Weighted average interest rate at end of period 0.02 % 0.05 % Average daily balance during the year $ 13,158 $ 14,531 Weighted average interest rate during the year 0.02 % 0.04 % Maximum month-end balance during the year $ 16,033 $ 17,670 |
Schedule of FHLB Advances and Weighted Average Interest Rates by Contractual Maturity | FHLB Advances FHLB advances are collateralized by assets, including a blanket pledge of certain loans. FHLB advances and weighted average interest rates at end of period by contractual maturity are summarized as follows: Fixed Rate Variable Rate (Dollars in thousands) Balance Outstanding Weighted Average Interest Rate Balance Outstanding Weighted Average Interest Rate 2016 $ 20,000 0.41 % $ — — 2017 — — 110,000 0.30 % $ 20,000 0.41 % $ 110,000 0.30 % |
Schedule of Information Concerning FHLB Advances | Information concerning FHLB advances is summarized as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Amount outstanding at end of period $ 130,000 $ 3,000 Weighted average interest rate at end of period 0.32 % 0.05 % Average daily balance during the year $ 34,244 $ 24,987 Weighted average interest rate during the year 0.19 % 0.18 % Maximum month-end balance during the year $ 130,000 $ 70,000 |
Schedule of FHLB Advances | The Company’s unused borrowing capacity with the FHLB is as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Borrowing capacity $ 280,289 $ 107,361 Borrowings outstanding 130,000 3,000 Unused borrowing capacity $ 150,289 $ 104,361 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | Income tax expense for the years ended December 31, 2015, 2014, and 2013 consisted of the following: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Income tax expense: Current $ 8,701 $ 6,005 $ 242 Deferred 666 4,814 1,884 Change in valuation allowance for deferred tax asset (946 ) (441 ) 7 Income tax expense $ 8,421 $ 10,378 $ 2,133 |
Summary of Effective Income Tax Rate Reconciliation | Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Tax provision computed at federal statutory rate $ 13,144 $ 10,436 $ 5,290 Effect of: State taxes, net 1,444 1,160 148 Change in effective tax rate (142 ) (528 ) — Bargain purchase gain (5,291 ) — (3,065 ) Transaction costs — — 259 Noncontrolling interest in subsidiary — (22 ) (215 ) Bank-owned life insurance (158 ) (165 ) (40 ) Tax exempt interest (119 ) (189 ) (42 ) Change in valuation allowance for deferred tax asset (946 ) (441 ) 7 Other 489 127 (209 ) Income tax expense (benefit) $ 8,421 $ 10,378 $ 2,133 |
Significant Components of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: (Dollars in thousands) 2015 2014 Deferred tax assets Federal net operating loss carryforwards $ 10,873 $ 11,570 State net operating loss carryforwards 1,215 2,296 Acquired loan basis 3,563 5,422 Other real estate owned 1,698 1,543 AMT credit carryforward 1,634 1,634 Acquired deposit basis 44 158 Allowance for loan losses 3,802 3,081 Other 1,183 587 Total deferred tax assets 24,012 26,291 Deferred tax liabilities Goodwill and intangible assets 3,426 4,025 Fair value adjustment on junior subordinated debentures 3,232 3,182 Unrealized gain on securities available for sale 162 534 Other 1,035 1,436 Total deferred tax liabilities 7,855 9,177 Net deferred tax asset before valuation allowance 16,157 17,114 Valuation allowance (212 ) (1,158 ) Net deferred tax asset $ 15,945 $ 15,956 |
Off-Balance Sheet Loan Commit42
Off-Balance Sheet Loan Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance Sheet Risk | The contractual amounts of financial instruments with off-balance-sheet risk were as follows: December 31, 2015 December 31, 2014 Fixed Variable Fixed Variable (Dollars in thousands) Rate Rate Rate Rate Commitments to make loans $ 6,571 $ 2,949 $ 5,192 $ 14,600 Unused lines of credit $ 35,514 $ 81,189 $ 30,369 $ 141,025 Standby letters of credit $ 1,030 $ 1,999 $ 1,840 $ 1,915 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | There were no liabilities measured at fair value on a recurring basis at December 31, 2015 and 2014. (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 91,034 $ — $ 91,034 Mortgage-backed securities-residential — 28,340 — 28,340 Asset backed securities — 17,526 — 17,526 State and municipal — 1,526 — 1,526 Corporate bonds — 24,559 — 24,559 SBA pooled securities — 184 — 184 $ — $ 163,169 $ — $ 163,169 Loans held for sale $ — $ 1,341 $ — $ 1,341 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 Level 1 Level 2 Level 3 Fair Value Securities available for sale U.S. Government agency obligations $ — $ 93,841 $ — $ 93,841 Mortgage-backed securities-residential — 28,878 — 28,878 Asset backed securities — 18,598 — 18,598 State and municipal — 3,592 3,269 6,861 Corporate bonds — 13,636 — 13,636 SBA pooled securities — 210 — 210 $ — $ 158,755 $ 3,269 $ 162,024 Loans held for sale $ — $ 3,288 $ — $ 3,288 |
Fair Value of Assets Measured on Non-recurring Basis | There were no liabilities measured at fair value on a non-recurring basis at December 31, 2015 and 2014 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2015 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 431 $ 431 1-4 family residential properties — — 13 13 Commercial — — 695 695 Factored receivables — — 1,156 1,156 PCI — — 170 170 Other real estate owned (1) 1-4 family residential properties — — 128 128 Construction, land development, land — — 1,377 1,377 $ — $ — $ 3,970 $ 3,970 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2014 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial $ — $ — $ 1,129 $ 1,129 Factored receivables — — 238 238 Other real estate owned (1) Commercial — — 2,163 2,163 Construction, land development, land — — 1,487 1,487 1-4 family residential properties — — 97 97 $ — $ — $ 5,114 $ 5,114 (1) |
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments not previously presented at December 31, 2015 and 2014 were as follows: December 31, 2015 Carrying Fair Value Measurements Using Total (Dollars in thousands) Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 105,277 $ 105,277 $ — $ — $ 105,277 Loans not previously presented, net 1,276,853 — — 1,281,408 1,281,408 FHLB and FRB stock 3,818 N/A N/A N/A N/A Accrued interest receivable 4,832 — 4,832 — 4,832 Financial liabilities: Deposits 1,248,950 — 1,249,751 — 1,249,751 Customer repurchase agreements 9,317 — 9,317 — 9,317 Federal Home Loan Bank advances 130,000 — 130,000 — 130,000 Junior subordinated debentures 24,687 — 23,153 — 23,153 Accrued interest payable 1,231 — 1,231 — 1,231 December 31, 2014 Carrying Fair Value Measurements Using Total (Dollars in thousands) Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 160,888 $ 160,888 $ — $ — $ 160,888 Securities - held to maturity 745 — 750 — 750 Loans not previously presented, net 995,668 — — 1,001,548 1,001,548 FHLB and FRB stock 4,903 N/A N/A N/A N/A Accrued interest receivable 3,727 — 3,727 — 3,727 Financial liabilities: Deposits 1,165,229 — 1,167,479 — 1,167,479 Customer repurchase agreements 9,282 — 9,282 — 9,282 Federal Home Loan Bank advances 3,000 — 3,000 — 3,000 Junior subordinated debentures 24,423 — 24,423 — 24,423 Accrued interest payable 971 — 971 — 971 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Principal Officers, Directors, and their Affiliates | Loans to related parties and their affiliates during 2015 and 2014 were as follows: (Dollars in thousands) 2015 2014 Beginning balance $ 36,647 $ 18,247 New loans and advances 77,327 79,429 Effect of changes in composition of related parties — 8,298 Repayments (78,209 ) (69,327 ) Ending balance $ 35,765 $ 36,647 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company and TBK Bank as of December 31, 2015 and for the Company, Triumph Savings Bank, SSB, and Triumph Community Bank as of December 31, 2014 are presented in the following table: To Be Adequately To Be Well Capitalized Under Capitalized Under Prompt Corrective Prompt Corrective Actual Action Provisions Action Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 276,924 19.1% $ 115,929 8.0% N/A N/A TBK Bank, SSB $ 206,451 14.8% $ 111,903 8.0% $ 139,879 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 264,239 18.2% $ 86,968 6.0% N/A N/A TBK Bank, SSB $ 193,766 13.9% $ 83,927 6.0% $ 111,903 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 235,253 16.2% $ 65,227 4.5% N/A N/A TBK Bank, SSB $ 193,766 13.9% $ 62,946 4.5% $ 90,921 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 264,239 16.6% $ 63,824 4.0% N/A N/A TBK Bank, SSB $ 193,766 12.7% $ 61,066 4.0% $ 76,333 5.0% As of December 31, 2014 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 229,509 20.4% $ 90,213 8.0% N/A N/A Triumph Savings Bank, SSB $ 56,013 16.5% $ 27,118 8.0% $ 33,898 10.0% Triumph Community Bank $ 117,254 15.0% $ 62,547 8.0% $ 78,184 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 220,550 19.6% $ 45,107 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 15.3% $ 13,559 4.0% $ 20,339 6.0% Triumph Community Bank $ 112,289 14.4% $ 31,273 4.0% $ 46,910 6.0% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 220,550 15.9% $ 55,412 4.0% N/A N/A Triumph Savings Bank, SSB $ 52,020 13.0% $ 15,982 4.0% $ 19,978 5.0% Triumph Community Bank $ 112,289 11.9% $ 37,812 4.0% $ 47,265 5.0% |
Equity and Noncontrolling Int46
Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the Company’s capital structure: Preferred Stock Preferred Stock Series A Series B Common Stock Treasury Stock December 31, December 31, December 31, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Number of shares authorized 50,000 50,000 115,000 115,000 50,000,000 50,000,000 Number of shares issued 45,500 45,500 51,956 51,956 18,052,723 17,974,767 Number of shares outstanding 45,500 45,500 51,956 51,956 18,018,200 17,963,783 34,523 10,984 Par value per share $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 Liquidation preference per share $ 100 $ 100 $ 100 $ 100 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of changes in the Company's nonvested RSAs | A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the years ended December 31, 2015 and 2014 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2015 252,256 $ 14.71 Granted 77,956 13.50 Vested (125,310 ) 14.71 Forfeited (3,632 ) 14.60 Nonvested at December 31, 2015 201,270 $ 14.24 Nonvested at January 1, 2014 — $ — Granted 378,343 14.71 Vested (126,087 ) 14.71 Forfeited — — Nonvested at December 31, 2014 252,256 $ 14.71 |
Summary of changes in the Company's nonvested RSUs | A summary of changes in the Company’s nonvested RSUs under the Terminated Plan for the year ended December 31, 2014 was as follows: Weighted-Average Grant-Date Nonvested RSUs Units Fair Value Nonvested at January 1, 2014 26,120 $ 10.77 Granted 32,275 14.08 Vested (58,395 ) 12.60 Forfeited — — Nonvested at December 31, 2014 — $ — |
Parent Company Only Condensed48
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Only Balance Sheets | Condensed Parent Company Only Balance Sheets: December 31, December 31, (Dollars in thousands) 2015 2014 ASSETS Cash and cash equivalents $ 21,749 $ 52,553 Loans 18,455 — Investment in subsidiaries 233,147 181,133 Other investments 22,807 2,611 Other assets 7,095 1,383 Total assets $ 303,253 $ 237,680 LIABILITIES AND EQUITY Junior subordinated debentures $ 24,687 $ — Intercompany payables 8,798 — Accrued expenses and other liabilities 1,730 171 Total liabilities 35,215 171 Stockholders' equity 268,038 237,509 Total liabilities and equity $ 303,253 $ 237,680 |
Condensed Parent Company Only Statements of Income | Condensed Parent Company Only Statements of Income: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest income $ 718 $ 75 $ 58 Interest expense (291 ) (584 ) (123 ) Bargain purchase gain — — 9,014 Other income 1,040 545 — Other expense (5,880 ) (4,699 ) (4,262 ) Income (loss) before income tax and undistributed subsidiary income (4,413 ) (4,663 ) 4,687 Income tax benefit 700 2,015 1,360 Equity in undistributed subsidiary income 32,846 22,437 7,380 Net income 29,133 19,789 13,427 Income attributable to noncontrolling interests — (2,060 ) (867 ) Dividends on preferred stock (780 ) (780 ) (721 ) Net income available to common stockholders $ 28,353 $ 16,949 $ 11,839 Comprehensive income attributable to Parent $ 28,459 $ 18,547 $ 12,237 |
Condensed Parent Company Only Statements of Cash Flows | Condensed Parent Company Only Statements of Cash Flows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 29,133 $ 19,789 $ 13,427 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed subsidiary income (32,846 ) (22,437 ) (7,380 ) Amortization of junior subordinated debentures 67 — — Bargain purchase gain — — (9,014 ) Change in other investments and other assets (171 ) 707 (2,310 ) Change in accrued expenses and other liabilities 10,316 (3,094 ) 3,119 Net cash provided by (used in) operating activities 6,499 (5,035 ) (2,158 ) Cash flows from investing activities: Investment in subsidiaries 325 (6,513 ) (13,984 ) Purchases of loans (shared national credits) (18,601 ) — — Net change in loans 146 — — Net proceeds from (cash paid for) CLO warehouse investments (18,050 ) 50 (2,000 ) Cash used in acquisition of subsidiaries — — (15,277 ) Net cash provided by (used in) investing activities (36,180 ) (6,463 ) (31,261 ) Cash flows from financing activities: Issuance of senior secured note — — 12,573 Issuance of common stock in connection with initial public offering, net of expenses — 83,767 — Issuance of common stock — 43 42,402 Exchange offer — — (38 ) Distributions on noncontrolling interest and dividends on preferred stock (780 ) (3,037 ) (1,060 ) Repayment of senior secured note — (12,573 ) — Redemption of noncontrolling interests — (26,997 ) — Purchase of Treasury Stock (343 ) (161 ) — Net cash provided by (used in) financing activities (1,123 ) 41,042 53,877 Net increase (decrease) in cash and cash equivalents (30,804 ) 29,544 20,458 Cash and cash equivalents at beginning of period 52,553 23,009 2,551 Cash and cash equivalents at end of period $ 21,749 $ 52,553 $ 23,009 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Basic Net income to common stockholders $ 28,353 $ 16,949 $ 11,839 Weighted average common shares outstanding 17,720,479 10,940,083 8,481,137 Basic earnings per common share $ 1.60 $ 1.55 $ 1.40 Diluted Net income to common stockholders $ 28,353 $ 16,949 $ 11,839 Dilutive effect of preferred stock 780 780 167 Net income to common stockholders - diluted $ 29,133 $ 17,729 $ 12,006 Weighted average common shares outstanding 17,720,479 10,940,083 8,481,137 Add: Dilutive effects of restricted stock 79,821 15,366 5,117 Add: Dilutive effects of assumed exercises of stock warrants 48,238 40,980 — Add: Dilutive effects of assumed conversion of Preferred A 315,773 315,773 66,930 Add: Dilutive effects of assumed conversion of Preferred B 360,578 360,578 76,427 Average shares and dilutive potential common shares 18,524,889 11,672,780 8,629,611 Dilutive earnings per common share $ 1.57 $ 1.52 $ 1.39 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (Dollars in thousands) Asset Year Ended December 31, 2015 Factoring Banking Management Corporate Consolidated Total interest income $ 32,103 $ 65,831 $ 108 $ 718 $ 98,760 Intersegment interest allocations (3,144 ) 3,144 — — — Total interest expense — 6,978 10 1,121 8,109 Net interest income (expense) 28,959 61,997 98 (403 ) 90,651 Provision for loan losses 1,303 3,226 — — 4,529 Net interest income (expense) after provision 27,656 58,771 98 (403 ) 86,122 Bargain purchase gain — — 15,117 — 15,117 Other noninterest income 1,739 9,644 5,757 1,040 18,180 Noninterest expense 17,871 51,249 6,866 5,879 81,865 Operating income (loss) $ 11,524 $ 17,166 $ 14,106 $ (5,242 ) $ 37,554 (Dollars in thousands) Asset Year Ended December 31, 2014 Factoring Banking Management Corporate Consolidated Total interest income $ 27,332 $ 59,824 $ — $ 74 $ 87,230 Intersegment interest allocations (3,562 ) 3,562 — — — Total interest expense — 5,091 — 1,679 6,770 Net interest income (expense) 23,770 58,295 — (1,605 ) 80,460 Provision for loan losses 1,792 4,066 — — 5,858 Net interest income (expense) after provision 21,978 54,229 — (1,605 ) 74,602 Gain on branch sale — 12,619 — — 12,619 Other noninterest income 1,589 8,898 989 672 12,148 Noninterest expense 15,141 46,808 2,381 4,872 69,202 Operating income (loss) $ 8,426 $ 28,938 $ (1,392 ) $ (5,805 ) $ 30,167 (Dollars in thousands) Asset Year Ended December 31, 2013 Factoring Banking Management Corporate Consolidated Total interest income $ 17,388 $ 25,184 $ — $ 58 $ 42,630 Intersegment interest allocations (2,155 ) 2,155 — — — Total interest expense 1 3,577 — 369 3,947 Net interest income (expense) 15,232 23,762 — (311 ) 38,683 Provision for loan losses 881 2,531 — — 3,412 Net interest income (expense) after provision 14,351 21,231 — (311 ) 35,271 Bargain purchase gain — — — 9,014 9,014 Other noninterest income 1,042 2,674 — 283 3,999 Noninterest expense 9,938 18,191 176 4,419 32,724 Operating income (loss) $ 5,455 $ 5,714 $ (176 ) $ 4,567 $ 15,560 (Dollars in thousands) Asset December 31, 2015 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 198,629 $ 1,601,072 $ 17,676 $ 303,253 $ (429,317 ) $ 1,691,313 Gross loans $ 186,457 $ 1,223,028 $ 945 $ 18,455 $ (137,000 ) $ 1,291,885 (Dollars in thousands) Asset December 31, 2014 Factoring Banking Management Corporate Eliminations Consolidated Total assets $ 180,527 $ 1,210,325 $ 737 $ 237,680 $ (181,371 ) $ 1,447,898 Gross loans $ 170,426 $ 835,452 $ — $ — $ — $ 1,005,878 |
Quarterly Financial Data (Una51
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | The following presents quarterly financial data for the years ended December 31, 2015 and 2014. Year Ended December 31, 2015 Fourth Third Second First (Dollars in thousands) Quarter Quarter Quarter Quarter Interest income $ 25,281 $ 25,303 $ 26,597 $ 21,579 Interest expense 2,231 2,072 1,952 1,854 Net interest income 23,050 23,231 24,645 19,725 Provision for loan losses 1,178 165 2,541 645 Net interest income after provision 21,872 23,066 22,104 19,080 Bargain purchase gain 900 1,708 — 12,509 Other noninterest income 4,671 4,590 4,769 4,150 Noninterest income 5,571 6,298 4,769 16,659 Noninterest expense 20,902 20,545 19,635 20,783 Net income before income taxes 6,541 8,819 7,238 14,956 Income tax expense 2,032 2,891 2,586 912 Net income 4,509 5,928 4,652 14,044 Dividends on preferred stock (197 ) (196 ) (195 ) (192 ) Net income available to common stockholders $ 4,312 $ 5,732 $ 4,457 $ 13,852 Earnings per common share Basic $ 0.24 $ 0.32 $ 0.25 $ 0.78 Diluted $ 0.24 $ 0.32 $ 0.25 $ 0.76 Year Ended December 31, 2014 Fourth Third Second First (Dollars in thousands) Quarter Quarter Quarter Quarter Interest income $ 23,280 $ 22,118 $ 21,453 $ 20,379 Interest expense 1,951 1,723 1,572 1,524 Net interest income 21,329 20,395 19,881 18,855 Provision for loan losses 1,811 1,375 1,747 925 Net interest income after provision 19,518 19,020 18,134 17,930 Gain on branch sale — 12,619 — — Other noninterest income 3,721 3,185 2,633 2,609 Noninterest income 3,721 15,804 2,633 2,609 Noninterest expense 19,685 18,461 16,160 14,896 Net income before income taxes 3,554 16,363 4,607 5,643 Income tax expense 747 6,089 1,626 1,916 Net income 2,807 10,274 2,981 3,727 Income attributable to noncontrolling interests (591 ) (582 ) (500 ) (387 ) Dividends on preferred stock (195 ) (197 ) (196 ) (192 ) Net income available to common stockholders $ 2,021 $ 9,495 $ 2,285 $ 3,148 Earnings per common share Basic $ 0.14 $ 0.96 $ 0.23 $ 0.32 Diluted $ 0.14 $ 0.91 $ 0.23 $ 0.32 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Business acquisition, effective date of acquisition | Oct. 1, 2015 | ||
Cash and cash equivalent maturity period | 90 days | ||
Period of consumer loans charged off | 120 days | ||
Useful life of assets | 60 months | ||
Minimum probability for recognizing tax benefit | 50.00% | ||
Unrecognized tax benefits | $ 0 | $ 0 | |
Interest and tax penalties incurred | $ 0 | $ 0 | $ 0 |
Buildings and Improvements | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of assets | 10 years | ||
Buildings and Improvements | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of assets | 30 years | ||
Furniture, Fixtures and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of assets | 5 years | ||
Commercial Loans | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days within which accrual of interest income discontinues | 90 days | ||
Commercial Real Estate Loans | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days within which accrual of interest income discontinues | 90 days | ||
1-4 Family Residential Mortgage Loans | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days within which accrual of interest income discontinues | 90 days |
Business Combinations and Div53
Business Combinations and Divestitures - Additional Information (Details) - USD ($) | Mar. 03, 2015 | Feb. 27, 2015 | Feb. 26, 2015 | Jul. 11, 2014 | Jun. 13, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||||||||
Securities transferred in satisfaction of other borrowings | $ 98,316,000 | |||||||||||
Repayment of other borrowings | 1,659,000 | |||||||||||
Business acquisition, bargain purchase gain | $ 900,000 | $ 1,708,000 | $ 12,509,000 | 15,117,000 | $ 9,014,000 | |||||||
Net cash proceeds | $ 57,409,000 | |||||||||||
Pre-tax gain | $ 12,619,000 | 12,619,000 | ||||||||||
Cash paid | 127,591,000 | 49,482,000 | $ (74,713,000) | |||||||||
Goodwill | $ 1,921,000 | |||||||||||
TCB | Sale of Pewaukee Branch | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net cash proceeds | $ 57,409,000 | |||||||||||
Deposits | 36,326,000 | |||||||||||
Carrying amount of Loans Sold | 78,071,000 | |||||||||||
Pre-tax gain | $ 12,619,000 | |||||||||||
Doral Money Acquisition | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||
CLO management contract acquired - Assets under management | $ 700,000,000 | |||||||||||
Total consideration transferred | $ 135,864,000 | 135,864,000 | ||||||||||
Business acquisition, bargain purchase gain | 15,117,000 | |||||||||||
Pre-tax expenses | 243,000 | |||||||||||
Gain (loss) on sale of loans | $ 0 | |||||||||||
Loans | 37,665,000 | 37,665,000 | ||||||||||
Doral Money Acquisition | Measurement Period Adjustments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, bargain purchase gain | 2,608,000 | |||||||||||
Loans | $ 900,000 | $ 900,000 | ||||||||||
Doral Money Acquisition | Secured term loan credit facility | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other borrowings payable to third party | $ 99,975,000 | |||||||||||
Debt instrument maturity date | Mar. 31, 2015 | |||||||||||
Repayment of debt instrument | $ 99,975,000 | |||||||||||
Securities transferred in satisfaction of other borrowings | 98,316,000 | |||||||||||
Repayment of other borrowings | $ 1,659,000 | |||||||||||
Doral Money Acquisition | Secured term loan credit facility | London Interbank Offered Rate (LIBOR) | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Debt instrument, marginal interest rate | 3.50% | |||||||||||
Debt instrument, interest rate description | LIBOR plus 3.5% | |||||||||||
Doral Healthcare Acquisition | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Loans | $ 45,334,000 | |||||||||||
Cash paid | 49,482,000 | $ 49,482,000 | ||||||||||
Goodwill | 1,921,000 | 1,921,000 | ||||||||||
Fair value of acquired loans not classified as PCI | $ 41,680,000 | |||||||||||
NBI | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, bargain purchase gain | 9,014,000 | |||||||||||
Payment of cash consideration | 15,277,000 | |||||||||||
NBI | Common Stock | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payment of consideration | 11,916,000 | |||||||||||
NBI | Preferred Stock | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payment of consideration | 5,196,000 | |||||||||||
NBI | Noncontrolling Interest | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payment of consideration | $ 25,897,000 |
Business Combinations and Div54
Business Combinations and Divestitures - Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 03, 2015 | Feb. 27, 2015 | Jun. 13, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Liabilities assumed: | |||||||||
Bargain purchase gain | $ (900,000) | $ (1,708,000) | $ (12,509,000) | $ (15,117,000) | $ (9,014,000) | ||||
Cash paid | 127,591,000 | $ 49,482,000 | $ (74,713,000) | ||||||
Goodwill | $ 1,921,000 | ||||||||
Doral Money Acquisition | |||||||||
Assets acquired: | |||||||||
Cash | 8,273,000 | 8,273,000 | |||||||
CLO Securities | 98,316,000 | 98,316,000 | |||||||
Loans | 37,665,000 | 37,665,000 | |||||||
Prepaid corporate income tax | 4,702,000 | 4,702,000 | |||||||
Other assets | 772,000 | 772,000 | |||||||
Total Assets Acquired | 151,646,000 | 151,646,000 | |||||||
Liabilities assumed: | |||||||||
Deferred tax liability | 663,000 | 663,000 | |||||||
Other liabilities | 2,000 | 2,000 | |||||||
Total liabilities | 665,000 | 665,000 | |||||||
Fair value of net assets acquired | 150,981,000 | 150,981,000 | |||||||
Net consideration transferred | $ 135,864,000 | 135,864,000 | |||||||
Bargain purchase gain | (15,117,000) | ||||||||
Doral Healthcare Acquisition | |||||||||
Assets acquired: | |||||||||
Loans | $ 45,334,000 | ||||||||
Premises and equipment | 50,000 | ||||||||
Other assets | 276,000 | ||||||||
Total Assets Acquired | 47,689,000 | ||||||||
Liabilities assumed: | |||||||||
Customer deposits | 128,000 | ||||||||
Fair value of net assets acquired | 47,561,000 | ||||||||
Cash paid | 49,482,000 | 49,482,000 | |||||||
Goodwill | 1,921,000 | 1,921,000 | |||||||
Initial Values Recorded at Acquisition Date | Doral Money Acquisition | |||||||||
Assets acquired: | |||||||||
Cash | $ 8,273,000 | ||||||||
CLO Securities | 98,316,000 | ||||||||
Loans | 36,765,000 | ||||||||
Prepaid corporate income tax | 3,014,000 | ||||||||
Other assets | 772,000 | ||||||||
Total Assets Acquired | 149,058,000 | ||||||||
Liabilities assumed: | |||||||||
Deferred tax liability | 663,000 | ||||||||
Other liabilities | 22,000 | ||||||||
Total liabilities | 685,000 | ||||||||
Fair value of net assets acquired | 148,373,000 | ||||||||
Net consideration transferred | 135,864,000 | ||||||||
Bargain purchase gain | (12,509,000) | ||||||||
Measurement Period Adjustments | Doral Money Acquisition | |||||||||
Assets acquired: | |||||||||
Loans | 900,000 | 900,000 | |||||||
Prepaid corporate income tax | 1,688,000 | 1,688,000 | |||||||
Total Assets Acquired | 2,588,000 | 2,588,000 | |||||||
Liabilities assumed: | |||||||||
Other liabilities | (20,000) | (20,000) | |||||||
Total liabilities | (20,000) | (20,000) | |||||||
Fair value of net assets acquired | 2,608,000 | 2,608,000 | |||||||
Bargain purchase gain | (2,608,000) | ||||||||
CLO Management Contracts | Doral Money Acquisition | |||||||||
Assets acquired: | |||||||||
Intangible assets | $ 1,918,000 | $ 1,918,000 | |||||||
CLO Management Contracts | Initial Values Recorded at Acquisition Date | Doral Money Acquisition | |||||||||
Assets acquired: | |||||||||
Intangible assets | $ 1,918,000 | ||||||||
Customer Relationship | Doral Healthcare Acquisition | |||||||||
Assets acquired: | |||||||||
Intangible assets | $ 2,029,000 |
Business Combinations and Div55
Business Combinations and Divestitures - Schedule of Loans Acquired in Business Combination (Details) - Doral Healthcare Acquisition $ in Thousands | Dec. 31, 2015USD ($) |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | |
Contractual balance at acquisition | $ 5,009 |
Contractual cash flows not expected to be collected (nonaccretable difference) | (873) |
Expected cash flows at acquisition | 4,136 |
Accretable yield | (482) |
Fair value of acquired PCI loans | $ 3,654 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $ 162,730 | $ 160,539 |
Available for sale securities, Gross Unrealized Gains | 995 | 1,575 |
Available for sale securities, Gross Unrealized Losses | (556) | (90) |
Available for sale securities, Fair Value | 163,169 | 162,024 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 745 | |
Held to maturity securities, Fair Value | 0 | 750 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 90,533 | 93,150 |
Available for sale securities, Gross Unrealized Gains | 518 | 691 |
Available for sale securities, Gross Unrealized Losses | (17) | |
Available for sale securities, Fair Value | 91,034 | 93,841 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 28,006 | 28,298 |
Available for sale securities, Gross Unrealized Gains | 361 | 580 |
Available for sale securities, Gross Unrealized Losses | (27) | |
Available for sale securities, Fair Value | 28,340 | 28,878 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 17,957 | 18,559 |
Available for sale securities, Gross Unrealized Gains | 24 | 129 |
Available for sale securities, Gross Unrealized Losses | (455) | (90) |
Available for sale securities, Fair Value | 17,526 | 18,598 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 1,509 | 6,833 |
Available for sale securities, Gross Unrealized Gains | 17 | 28 |
Available for sale securities, Fair Value | 1,526 | 6,861 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 24,542 | 13,492 |
Available for sale securities, Gross Unrealized Gains | 74 | 144 |
Available for sale securities, Gross Unrealized Losses | (57) | |
Available for sale securities, Fair Value | 24,559 | 13,636 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 183 | 207 |
Available for sale securities, Gross Unrealized Gains | 1 | 3 |
Available for sale securities, Fair Value | $ 184 | 210 |
Other Debt Securities | ||
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 745 | |
Held to maturity securities, Gross Unrealized Gains | 5 | |
Held to maturity securities, Fair Value | $ 750 |
Securities - Schedule of Amor57
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 381 | |
Due from one year to five years, Amortized Cost | 113,976 | |
Due from five years to ten years, Amortized Cost | 1,558 | |
Due after ten years, Amortized Cost | 669 | |
Available for Sale Securities, with single maturity date, Amortized Cost | 116,584 | |
Available for sale securities, Amortized Cost | 162,730 | $ 160,539 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, Fair Value | 382 | |
Due from one year to five years, Fair Value | 114,468 | |
Due from five years to ten years, Fair Value | 1,572 | |
Due after ten years, Fair Value | 697 | |
Available for Sale Securities, with single maturity date, Fair Value | 117,119 | |
Available for Sale Securities, Fair Value | 163,169 | 162,024 |
Mortgage-backed Securities, Residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 28,006 | |
Available for sale securities, Amortized Cost | 28,006 | 28,298 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 28,340 | |
Available for Sale Securities, Fair Value | 28,340 | 28,878 |
Asset Backed Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 17,957 | |
Available for sale securities, Amortized Cost | 17,957 | 18,559 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 17,526 | |
Available for Sale Securities, Fair Value | 17,526 | 18,598 |
SBA Pooled Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 183 | |
Available for sale securities, Amortized Cost | 183 | 207 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 184 | |
Available for Sale Securities, Fair Value | $ 184 | $ 210 |
Securities - Additional Informa
Securities - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)securities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sales of securities available for sale | $ 17,635,000 | $ 24,424,000 | $ 0 |
Gross gains on sale of securities | 259,000 | 98,000 | |
Gross losses on sale of securities | 0 | 10,000 | |
Pledged securities, at carrying value | $ 100,034,000 | $ 113,980,000 | |
Number of securities which is in unrealized loss position | securities | 15 |
Securities - Schedule of Inform
Securities - Schedule of Information Pertaining to Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 33,442 | $ 8,703 |
Less than 12 Months, Unrealized Losses | (517) | (82) |
12 Months or More, Fair Value | 4,605 | 4,959 |
12 Months or More, Unrealized Losses | (39) | (8) |
Total, Fair Value | 38,047 | 13,662 |
Total, Unrealized Losses | (556) | (90) |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 10,029 | |
Less than 12 Months, Unrealized Losses | (17) | |
Total, Fair Value | 10,029 | |
Total, Unrealized Losses | (17) | |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,948 | |
Less than 12 Months, Unrealized Losses | (27) | |
Total, Fair Value | 4,948 | |
Total, Unrealized Losses | (27) | |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 8,031 | 8,703 |
Less than 12 Months, Unrealized Losses | (416) | (82) |
12 Months or More, Fair Value | 4,605 | 4,959 |
12 Months or More, Unrealized Losses | (39) | (8) |
Total, Fair Value | 12,636 | 13,662 |
Total, Unrealized Losses | (455) | $ (90) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 10,434 | |
Less than 12 Months, Unrealized Losses | (57) | |
Total, Fair Value | 10,434 | |
Total, Unrealized Losses | $ (57) |
Loans and Allowance for Loan 60
Loans and Allowance for Loan and Lease Losses - Summary of Information Concerning Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | $ 1,291,885 | $ 1,005,878 | ||
Allowance for loan and lease losses | (12,567) | (8,843) | $ (3,645) | $ (1,926) |
Loans, net | 1,279,318 | 997,035 | ||
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 291,819 | 249,164 | ||
Allowance for loan and lease losses | (1,489) | (533) | (348) | (261) |
Construction, land development, land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 43,876 | 42,914 | ||
Allowance for loan and lease losses | (367) | (333) | (110) | (40) |
1-4 family residential properties | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 78,244 | 78,738 | ||
Allowance for loan and lease losses | (274) | (215) | (100) | (227) |
Farmland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 33,573 | 22,496 | ||
Allowance for loan and lease losses | (134) | (19) | (7) | (5) |
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 495,356 | 364,567 | ||
Allowance for loan and lease losses | (5,276) | (4,003) | (1,145) | (172) |
Factored receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 215,088 | 180,910 | ||
Allowance for loan and lease losses | (4,509) | (3,462) | (1,842) | $ (1,221) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 13,050 | 11,941 | ||
Allowance for loan and lease losses | (216) | (140) | (49) | |
Mortgage warehouse | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 120,879 | 55,148 | ||
Allowance for loan and lease losses | $ (302) | $ (138) | $ (44) |
Loans and Allowance for Loan 61
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Net deferred origination and factoring fees | $ 1,218 | $ 906 |
Pledged loans | $ 280,289 | 141,427 |
Percentage of total loan portfolio on factored receivables | 14.00% | |
Majority of factored receivables percentage of loan portfolio | 82.00% | |
Recorded investments in troubled debt restructurings | $ 1,383,000 | |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Customer reserves | $ 21,188 | $ 18,976 |
Geographic Concentration Risk | Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of customers located within states | 75.00% | |
Geographic Concentration Risk | Illinois | Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of customers located within states | 30.00% | |
Geographic Concentration Risk | Iowa | Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of customers located within states | 14.00% | |
Geographic Concentration Risk | Texas | Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of customers located within states | 31.00% |
Loans and Allowance for Loan 62
Loans and Allowance for Loan and Lease Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | $ 8,843 | $ 3,645 | $ 8,843 | $ 3,645 | $ 1,926 | ||||||
Provision for loan losses | $ 1,178 | $ 165 | $ 2,541 | 645 | $ 1,811 | $ 1,375 | $ 1,747 | 925 | 4,529 | 5,858 | 3,412 |
Charge-offs | (1,389) | (1,352) | (2,104) | ||||||||
Recoveries | 584 | 692 | 411 | ||||||||
Ending Balance | 12,567 | 8,843 | 12,567 | 8,843 | 3,645 | ||||||
Commercial real estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 533 | 348 | 533 | 348 | 261 | ||||||
Provision for loan losses | 1,055 | 199 | 114 | ||||||||
Charge-offs | (152) | (18) | (156) | ||||||||
Recoveries | 53 | 4 | 129 | ||||||||
Ending Balance | 1,489 | 533 | 1,489 | 533 | 348 | ||||||
Construction, land development, land | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 333 | 110 | 333 | 110 | 40 | ||||||
Provision for loan losses | 34 | 310 | 58 | ||||||||
Charge-offs | (100) | ||||||||||
Recoveries | 13 | 12 | |||||||||
Ending Balance | 367 | 333 | 367 | 333 | 110 | ||||||
1-4 family residential properties | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 215 | 100 | 215 | 100 | 227 | ||||||
Provision for loan losses | 60 | 416 | (166) | ||||||||
Charge-offs | (205) | (409) | (94) | ||||||||
Recoveries | 204 | 108 | 133 | ||||||||
Ending Balance | 274 | 215 | 274 | 215 | 100 | ||||||
Farmland | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 19 | 7 | 19 | 7 | 5 | ||||||
Provision for loan losses | 115 | 12 | 2 | ||||||||
Ending Balance | 134 | 19 | 134 | 19 | 7 | ||||||
Commercial Loans | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 4,003 | 1,145 | 4,003 | 1,145 | 172 | ||||||
Provision for loan losses | 1,375 | 2,652 | 2,474 | ||||||||
Charge-offs | (145) | (13) | (1,515) | ||||||||
Recoveries | 43 | 219 | 14 | ||||||||
Ending Balance | 5,276 | 4,003 | 5,276 | 4,003 | 1,145 | ||||||
Factored receivables | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 3,462 | 1,842 | 3,462 | 1,842 | 1,221 | ||||||
Provision for loan losses | 1,508 | 1,971 | 783 | ||||||||
Charge-offs | (540) | (419) | (226) | ||||||||
Recoveries | 79 | 68 | 64 | ||||||||
Ending Balance | 4,509 | 3,462 | 4,509 | 3,462 | 1,842 | ||||||
Consumer | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 140 | 49 | 140 | 49 | |||||||
Provision for loan losses | 218 | 204 | 103 | ||||||||
Charge-offs | (347) | (393) | (113) | ||||||||
Recoveries | 205 | 280 | 59 | ||||||||
Ending Balance | 216 | 140 | 216 | 140 | 49 | ||||||
Mortgage warehouse | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | $ 138 | $ 44 | 138 | 44 | |||||||
Provision for loan losses | 164 | 94 | 44 | ||||||||
Ending Balance | $ 302 | $ 138 | $ 302 | $ 138 | $ 44 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan and Lease Losses - Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | $ 12,680 | $ 11,020 | ||
Loan Evaluation, Collectively | 1,265,974 | 978,358 | ||
Loan, Total | 1,291,885 | 1,005,878 | ||
ALLL Allocations, Individually | 2,591 | 1,749 | ||
ALLL Allocations, Collectively | 9,621 | 7,094 | ||
ALLL Allocations, Total ALLL | 12,567 | 8,843 | $ 3,645 | $ 1,926 |
Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 13,231 | 16,500 | ||
ALLL Allocations, PCI | 355 | |||
Commercial real estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 724 | 1,934 | ||
Loan Evaluation, Collectively | 286,006 | 238,640 | ||
Loan, Total | 291,819 | 249,164 | ||
ALLL Allocations, Individually | 100 | |||
ALLL Allocations, Collectively | 1,034 | 533 | ||
ALLL Allocations, Total ALLL | 1,489 | 533 | 348 | 261 |
Commercial real estate | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 5,089 | 8,590 | ||
ALLL Allocations, PCI | 355 | |||
Construction, land development, land | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 42,499 | 41,431 | ||
Loan, Total | 43,876 | 42,914 | ||
ALLL Allocations, Collectively | 367 | 333 | ||
ALLL Allocations, Total ALLL | 367 | 333 | 110 | 40 |
Construction, land development, land | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 1,377 | 1,483 | ||
1-4 family residential properties | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 618 | 627 | ||
Loan Evaluation, Collectively | 74,714 | 76,041 | ||
Loan, Total | 78,244 | 78,738 | ||
ALLL Allocations, Individually | 1 | |||
ALLL Allocations, Collectively | 273 | 215 | ||
ALLL Allocations, Total ALLL | 274 | 215 | 100 | 227 |
1-4 family residential properties | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 2,912 | 2,070 | ||
Farmland | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 33,573 | 22,496 | ||
Loan, Total | 33,573 | 22,496 | ||
ALLL Allocations, Collectively | 134 | 19 | ||
ALLL Allocations, Total ALLL | 134 | 19 | 7 | 5 |
Commercial Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 7,916 | 7,188 | ||
Loan Evaluation, Collectively | 483,587 | 353,022 | ||
Loan, Total | 495,356 | 364,567 | ||
ALLL Allocations, Individually | 796 | 716 | ||
ALLL Allocations, Collectively | 4,480 | 3,287 | ||
ALLL Allocations, Total ALLL | 5,276 | 4,003 | 1,145 | 172 |
Commercial Loans | Purchase Credit Impaired | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, PCI | 3,853 | 4,357 | ||
Factored receivables | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Individually | 3,422 | 1,271 | ||
Loan Evaluation, Collectively | 211,666 | 179,639 | ||
Loan, Total | 215,088 | 180,910 | ||
ALLL Allocations, Individually | 1,694 | 1,033 | ||
ALLL Allocations, Collectively | 2,815 | 2,429 | ||
ALLL Allocations, Total ALLL | 4,509 | 3,462 | 1,842 | $ 1,221 |
Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 13,050 | 11,941 | ||
Loan, Total | 13,050 | 11,941 | ||
ALLL Allocations, Collectively | 216 | 140 | ||
ALLL Allocations, Total ALLL | 216 | 140 | 49 | |
Mortgage warehouse | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loan Evaluation, Collectively | 120,879 | 55,148 | ||
Loan, Total | 120,879 | 55,148 | ||
ALLL Allocations, Collectively | 302 | 138 | ||
ALLL Allocations, Total ALLL | $ 302 | $ 138 | $ 44 |
Loans and Allowance for Loan 64
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | $ 5,411 | $ 3,116 | |
Unpaid Principal, With Valuation Allowance | 5,448 | 3,798 | |
Related Allowance, With Valuation Allowance | 2,946 | 1,749 | |
Recorded Investment, Without Valuation Allowance | 7,794 | 7,904 | |
Unpaid Principal, Without Valuation Allowance | 8,027 | 8,076 | |
Average Impaired Loans | 12,114 | 9,317 | $ 3,815 |
Interest Recognized | 229 | 711 | 37 |
Purchased Credit Impaired Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 525 | ||
Unpaid Principal, With Valuation Allowance | 525 | ||
Related Allowance, With Valuation Allowance | 355 | ||
Average Impaired Loans | 263 | 7 | 14 |
Interest Recognized | 6 | ||
Commercial real estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 531 | ||
Unpaid Principal, With Valuation Allowance | 532 | ||
Related Allowance, With Valuation Allowance | 100 | ||
Recorded Investment, Without Valuation Allowance | 193 | 1,934 | |
Unpaid Principal, Without Valuation Allowance | 229 | 1,960 | |
Average Impaired Loans | 1,329 | 1,023 | 201 |
Interest Recognized | 213 | 7 | |
Construction, land development, land | |||
Financing Receivable Impaired [Line Items] | |||
Average Impaired Loans | 4 | ||
Interest Recognized | 1 | ||
1-4 family residential properties | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 14 | ||
Unpaid Principal, With Valuation Allowance | 21 | ||
Related Allowance, With Valuation Allowance | 1 | ||
Recorded Investment, Without Valuation Allowance | 604 | 627 | |
Unpaid Principal, Without Valuation Allowance | 793 | 748 | |
Average Impaired Loans | 623 | 613 | 228 |
Interest Recognized | 42 | 195 | 10 |
Commercial Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 1,491 | 1,845 | |
Unpaid Principal, With Valuation Allowance | 1,520 | 2,527 | |
Related Allowance, With Valuation Allowance | 796 | 716 | |
Recorded Investment, Without Valuation Allowance | 6,425 | 5,343 | |
Unpaid Principal, Without Valuation Allowance | 6,433 | 5,368 | |
Average Impaired Loans | 7,552 | 6,653 | 2,740 |
Interest Recognized | 187 | 290 | 14 |
Factored receivables | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With Valuation Allowance | 2,850 | 1,271 | |
Unpaid Principal, With Valuation Allowance | 2,850 | 1,271 | |
Related Allowance, With Valuation Allowance | 1,694 | 1,033 | |
Recorded Investment, Without Valuation Allowance | 572 | ||
Unpaid Principal, Without Valuation Allowance | 572 | ||
Average Impaired Loans | $ 2,347 | 1,017 | $ 632 |
Interest Recognized | $ 12 |
Loans and Allowance for Loan 65
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal Balances for Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | $ 1,291,885 | $ 1,005,878 |
Unpaid Principal | 1,306,193 | 1,028,062 |
Difference | (14,308) | (22,184) |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 291,819 | 249,164 |
Unpaid Principal | 299,272 | 263,060 |
Difference | (7,453) | (13,896) |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 43,876 | 42,914 |
Unpaid Principal | 45,376 | 44,609 |
Difference | (1,500) | (1,695) |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 78,244 | 78,738 |
Unpaid Principal | 81,141 | 82,263 |
Difference | (2,897) | (3,525) |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 33,573 | 22,496 |
Unpaid Principal | 33,533 | 22,400 |
Difference | 40 | 96 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 495,356 | 364,567 |
Unpaid Principal | 496,719 | 366,753 |
Difference | (1,363) | (2,186) |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 215,088 | 180,910 |
Unpaid Principal | 216,201 | 181,817 |
Difference | (1,113) | (907) |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 13,050 | 11,941 |
Unpaid Principal | 13,072 | 12,012 |
Difference | (22) | (71) |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan, Total | 120,879 | 55,148 |
Unpaid Principal | $ 120,879 | $ 55,148 |
Loans and Allowance for Loan 66
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $ 19,063 | $ 9,099 |
Past Due 90 Days or More Still Accruing | 1,940 | 700 |
Non-accrual | 10,094 | 16,027 |
Total Past Due | 31,097 | 25,826 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 1,092 | 260 |
Non-accrual | 6,867 | 6,206 |
Total Past Due | 7,959 | 6,466 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 693 | 643 |
Non-accrual | 673 | 1,995 |
Total Past Due | 1,366 | 2,638 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 909 | 584 |
Past Due 90 Days or More Still Accruing | 9 | 49 |
Non-accrual | 533 | 638 |
Total Past Due | 1,451 | 1,271 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 3,704 | 114 |
Non-accrual | 2,021 | 7,188 |
Total Past Due | 5,725 | 7,302 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 12,379 | 7,202 |
Past Due 90 Days or More Still Accruing | 1,931 | 651 |
Total Past Due | 14,310 | 7,853 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 286 | 296 |
Total Past Due | $ 286 | $ 296 |
Loans and Allowance for Loan 67
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 10,094 | $ 16,027 | |
Factored receivables greater than 90 days past due | 1,940 | 700 | |
Nonperforming Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | [1] | 10,094 | 16,027 |
Factored receivables greater than 90 days past due | 1,931 | 651 | |
Troubled debt restructurings accruing interest | 1,330 | ||
Total loans | $ 13,355 | $ 16,678 | |
[1] | Includes troubled debt restructurings of $53,000 and $360,000 at December 31, 2015 and 2014, respectively. |
Loans and Allowance for Loan 68
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 10,094 | $ 16,027 |
Troubled Debt Restructuring | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 53 | $ 360 |
Loans and Allowance for Loan 69
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 1,291,885 | $ 1,005,878 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 291,819 | 249,164 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 43,876 | 42,914 |
1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 78,244 | 78,738 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 33,573 | 22,496 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 495,356 | 364,567 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 215,088 | 180,910 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 13,050 | 11,941 |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 120,879 | 55,148 |
Pass | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,251,388 | 970,453 |
Pass | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 284,753 | 233,971 |
Pass | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 42,499 | 41,431 |
Pass | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 73,838 | 75,858 |
Pass | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 33,573 | 22,496 |
Pass | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 470,208 | 349,969 |
Pass | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 212,588 | 179,639 |
Pass | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 13,050 | 11,941 |
Pass | Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 120,879 | 55,148 |
Substandard | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 25,785 | 18,004 |
Substandard | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,977 | 6,603 |
Substandard | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,494 | 810 |
Substandard | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 21,295 | 10,241 |
Substandard | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,019 | 350 |
Doubtful | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,481 | 921 |
Doubtful | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,481 | 921 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 13,231 | 16,500 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 5,089 | 8,590 |
Purchased Credit Impaired Loans | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,377 | 1,483 |
Purchased Credit Impaired Loans | 1-4 family residential properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 2,912 | 2,070 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 3,853 | $ 4,357 |
Loans and Allowance for Loan 70
Loans and Allowance for Loan and Lease Losses - Schedule of Loans Modified as Troubled Debt Restructurings (Details) - Commercial Loans $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)loans | |
Accounts Notes And Loans Receivable [Line Items] | |
Number of Loans | loans | 4 |
Recorded Investment at Date of Restructure | $ 1,544 |
Recorded Investment at Year-End | $ 1,214 |
Loans and Allowance for Loan 71
Loans and Allowance for Loan and Lease Losses - Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $ 23,135 | $ 29,750 |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 17,800 | 23,457 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 5,335 | 6,293 |
Purchase Credit Impaired | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Gross carrying amount included in loans receivable | $ 13,231 | $ 16,500 |
Loans and Allowance for Loan 72
Loans and Allowance for Loan and Lease Losses - Schedule of Changes in Accretable Yield for the PCI Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretable yield, beginning balance | $ 4,977 | $ 4,587 | $ 4,244 |
Additions | 482 | 1,717 | |
Accretion | (4,023) | (4,276) | (2,812) |
Reclassification from nonaccretable to accretable yield | 1,805 | 4,677 | 1,461 |
Disposals | (165) | (493) | (23) |
Accretable yield, ending balance | $ 2,594 | $ 4,977 | $ 4,587 |
Other Real Estate Owned - Sched
Other Real Estate Owned - Schedule of Other Real Estate Owned Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate [Abstract] | |||
Beginning balance | $ 8,423 | $ 13,783 | $ 4,749 |
Acquired through business acquisition | 11,285 | ||
Loans transferred to OREO | 743 | 543 | 1,532 |
Net OREO gains (losses) and valuation adjustments | (108) | (582) | 154 |
Sales of OREO | (3,881) | (5,321) | (3,937) |
Ending balance | $ 5,177 | $ 8,423 | $ 13,783 |
Other Real Estate Owned - Sch74
Other Real Estate Owned - Schedule of Operating Expenses Related to OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate And Foreclosed Assets [Abstract] | |||
Net OREO gains (losses) and valuation adjustments | $ (108) | $ (582) | $ 154 |
Carrying costs for OREO | (337) | (373) | (233) |
OREO foreclosed, income (loss) | $ (445) | $ (955) | $ (79) |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate [Abstract] | |||
Rental income | $ 73 | $ 170 | $ 166 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 27,683 | $ 25,264 |
Accumulated depreciation | (5,456) | (3,331) |
Premises and equipment, net | 22,227 | 21,933 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,866 | 4,783 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 12,084 | 11,041 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,179 | 4,000 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 6,554 | $ 5,440 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 2,143 | $ 1,946 | $ 786 |
Rent expense | $ 1,985 | $ 1,771 | $ 963 |
Premises and Equipment - Sche78
Premises and Equipment - Schedule of Operating Leases Rent Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 1,679 |
2,017 | 1,560 |
2,018 | 1,434 |
2,019 | 1,098 |
2,020 | 1,087 |
Thereafter | 355 |
Operating leases, total | $ 7,213 |
Goodwill and Intangible Asset79
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 15,968 | $ 15,968 |
Finite-Lived Intangible Assets, Gross Carrying Amount | 19,416 | 16,640 |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,530) | (3,551) |
Finite-Lived Intangible Assets, Net Carrying Amount | 11,886 | 13,089 |
Core Deposit Intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 14,586 | 14,586 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,765) | (3,368) |
Finite-Lived Intangible Assets, Net Carrying Amount | 8,821 | 11,218 |
Other Intangible Assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 4,830 | 2,054 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,765) | (183) |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 3,065 | $ 1,871 |
Goodwill and Intangible Asset80
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets by Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill and intangible assets, beginning | $ 29,057 | $ 28,518 | $ 14,047 |
Acquired goodwill | 1,921 | ||
Acquired intangibles | 2,776 | 2,055 | 15,091 |
Divestiture | (514) | ||
Amortization of intangibles | (3,979) | (2,923) | (620) |
Goodwill and intangible assets, ending | 27,854 | 29,057 | 28,518 |
Factoring | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill and intangible assets, beginning | 8,870 | 8,846 | 8,846 |
Acquired intangibles | 8 | 26 | |
Amortization of intangibles | (3) | (2) | |
Goodwill and intangible assets, ending | 8,875 | 8,870 | 8,846 |
Banking | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill and intangible assets, beginning | 20,187 | 19,672 | 5,201 |
Acquired goodwill | 1,921 | ||
Acquired intangibles | 2,029 | 15,091 | |
Divestiture | (514) | ||
Amortization of intangibles | (2,705) | (2,921) | (620) |
Goodwill and intangible assets, ending | 17,482 | $ 20,187 | $ 19,672 |
Asset Management | |||
Goodwill And Intangible Assets [Line Items] | |||
Acquired intangibles | 2,768 | ||
Amortization of intangibles | (1,271) | ||
Goodwill and intangible assets, ending | $ 1,497 |
Goodwill and Intangible Asset81
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill and intangible assets, net | $ 27,854 | $ 29,057 | $ 28,518 | $ 14,047 |
Goodwill and intangible asset impairment | $ 0 | |||
Minimum | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Finite lived intangible assets, Amortization period | 1 year | |||
Maximum | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Finite lived intangible assets, Amortization period | 12 years | |||
Corporate | Operating Segment | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill and intangible assets, net | $ 0 |
Goodwill and Intangible Asset82
Goodwill and Intangible Assets - Schedule of Future Amortization Related to Company's Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 3,065 | |
2,017 | 2,486 | |
2,018 | 2,120 | |
2,019 | 1,500 | |
2,020 | 1,129 | |
Thereafter | 1,586 | |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 11,886 | $ 13,089 |
Variable Interest Entities - Su
Variable Interest Entities - Summarizes of Closed CLO Offerings with Assets (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Jun. 09, 2015 | Aug. 04, 2014 | May. 01, 2014 | Dec. 17, 2012 | Apr. 26, 2012 | |
Trinitas I | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 400,000 | |||||
Offering Date | May 1, 2014 | |||||
Trinitas II | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 416,000 | |||||
Offering Date | Aug. 4, 2014 | |||||
Doral II | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 416,460 | |||||
Offering Date | Apr. 26, 2012 | |||||
Doral III | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 310,800 | |||||
Offering Date | Dec. 17, 2012 | |||||
Trinitas III | ||||||
Variable Interest Entity [Line Items] | ||||||
Offering Amount | $ 409,375 | |||||
Offering Date | Jun. 9, 2015 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2015 | Sep. 21, 2015 | Jul. 22, 2015 | |
Variable Interest Entity [Line Items] | ||||||
Asset management fees | $ 5,646 | $ 989 | $ 0 | |||
Trinitas IV | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity investments | $ 10,000 | |||||
Trinitas IV | Preferred Stock | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity investments in CLO | $ 36,000 | |||||
Equity investments | $ 4,000 | |||||
Trinitas V | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity investments in CLO | 4,500 | |||||
Equity investments | $ 5,500 | |||||
Subordinated debt issued to third party in CLO | $ 9,000 | |||||
Subordinated debt issued in CLO | $ 1,000 | |||||
Trinitas IV and V | Collateralized Loan Obligation Funds | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity investments | $ 21,255 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Noninterest bearing demand | $ 168,264 | $ 179,848 |
Interest bearing demand | 238,833 | 236,525 |
Individual retirement accounts | 60,971 | 55,034 |
Money market | 112,214 | 117,514 |
Savings | 74,759 | 70,407 |
Certificates of deposit | 543,909 | 455,901 |
Brokered deposits | 50,000 | 50,000 |
Total deposits | $ 1,248,950 | $ 1,165,229 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificate of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Deposits [Abstract] | |
Within one year | $ 490,335 |
After one but within two years | 123,141 |
After two but within three years | 20,837 |
After three but within four years | 13,898 |
After four but within five years | 6,669 |
Total | $ 654,880 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Time deposits | $ 106,258 | $ 66,366 |
Borrowings and Borrowing Capa88
Borrowings and Borrowing Capacity - Summary of Customer Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Customer repurchase agreements | $ 9,317 | $ 9,282 |
Weighted average interest rate at end of period | 0.02% | 0.05% |
Average daily balance during the year | $ 13,158 | $ 14,531 |
Weighted average interest rate during the year | 0.02% | 0.04% |
Maximum month-end balance during the year | $ 16,033 | $ 17,670 |
Borrowings and Borrowing Capa89
Borrowings and Borrowing Capacity - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 15, 2013 | |
Debt Instrument [Line Items] | |||
Customer repurchase agreements | $ 100,034,000 | $ 113,980,000 | |
Federal funds purchased | 0 | 0 | |
Unsecured federal funds line of credit | 107,500,000 | ||
Junior subordinated debentures | $ 24,687,000 | $ 24,423,000 | |
National Bancshares Capital Trusts II and III | |||
Debt Instrument [Line Items] | |||
Investments in nonconsolidated subsidiaries, percentage | 100.00% | ||
National Bancshares Capital Trusts II | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 15,464,000 | ||
Obligated capital securities | $ 15,000,000 | ||
National Bancshares Capital Trusts II | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | three-month LIBOR | ||
Variable interest rate | 3.00% | ||
Effective interest rate | 3.51% | 3.24% | |
Maturity date | Sep. 15, 2033 | ||
National Bancshares Capital Trusts III | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 17,526,000 | ||
Obligated capital securities | $ 17,000,000 | ||
National Bancshares Capital Trusts III | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | three-month LIBOR | ||
Variable interest rate | 1.64% | ||
Effective interest rate | 1.96% | 1.87% | |
Maturity date | Jul. 7, 2036 | ||
NBI | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, face value outstanding | $ 32,990,000 | ||
Junior subordinated debentures, fair value | $ 24,120,000 | ||
U.S. Government Agency Obligations | |||
Debt Instrument [Line Items] | |||
Customer repurchase agreements | $ 10,352,000 | $ 14,598,000 | |
Mortgage-backed Securities, Residential | |||
Debt Instrument [Line Items] | |||
Customer repurchase agreements | $ 203,000 | $ 302,000 |
Borrowings and Borrowing Capa90
Borrowings and Borrowing Capacity - Summary of FHLB Advances and Weighted Average Interest Rates by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2016, Balance Outstanding, Fixed Rate | $ 20,000 |
Total Balance Outstanding, Fixed Rate | $ 20,000 |
2016, Fixed Weighted Average Interest Rate | 0.41% |
Total Fixed Weighted Average Interest Rate | 0.41% |
2017, Balance Outstanding, Variable Rate | $ 110,000 |
Total Balance Outstanding, Variable Rate | $ 110,000 |
2017, Variable Weighted Average Interest Rate | 0.30% |
Total Variable Weighted Average Interest Rate | 0.30% |
Borrowings and Borrowing Capa91
Borrowings and Borrowing Capacity - Summary of Information Concerning FHLB Advances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 130,000,000 | $ 3,000,000 |
Weighted average interest rate at end of period | 0.32% | 0.05% |
Average daily balance during the year | $ 34,244,000 | $ 24,987,000 |
Weighted average interest rate during the year | 0.19% | 0.18% |
Maximum month-end balance during the year | $ 130,000,000 | $ 70,000,000 |
Borrowings and Borrowing Capa92
Borrowings and Borrowing Capacity - Schedule of FHLB Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
FHLB Advances, Borrowing capacity | $ 280,289 | $ 107,361 |
FHLB Advances, Borrowings outstanding | 130,000 | 3,000 |
FHLB Advances, Unused borrowing capacity | $ 150,289 | $ 104,361 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Employee contribution to benefit plan | 15.00% | ||
Employer contribution towards compensation | 100.00% | ||
Compensation contributed percentage | 4.00% | ||
Compensation expenses | $ 1,100 | $ 925 | $ 482 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax expense: | |||||||||||
Current | $ 8,701 | $ 6,005 | $ 242 | ||||||||
Deferred | 666 | 4,814 | 1,884 | ||||||||
Change in valuation allowance for deferred tax asset | (946) | (441) | 7 | ||||||||
Income tax expense | $ 2,032 | $ 2,891 | $ 2,586 | $ 912 | $ 747 | $ 6,089 | $ 1,626 | $ 1,916 | $ 8,421 | $ 10,378 | $ 2,133 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax provision computed at federal statutory rate | $ 13,144 | $ 10,436 | $ 5,290 | ||||||||
State taxes, net | 1,444 | 1,160 | 148 | ||||||||
Change in effective tax rate | (142) | (528) | |||||||||
Bargain purchase gain | (5,291) | (3,065) | |||||||||
Transaction costs | 259 | ||||||||||
Noncontrolling interest in subsidiary | (22) | (215) | |||||||||
Bank-owned life insurance | (158) | (165) | (40) | ||||||||
Tax exempt interest | (119) | (189) | (42) | ||||||||
Change in valuation allowance for deferred tax asset | (946) | (441) | 7 | ||||||||
Other | 489 | 127 | (209) | ||||||||
Income tax expense | $ 2,032 | $ 2,891 | $ 2,586 | $ 912 | $ 747 | $ 6,089 | $ 1,626 | $ 1,916 | $ 8,421 | $ 10,378 | $ 2,133 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Acquired loan basis | $ 3,563 | $ 5,422 |
Other real estate owned | 1,698 | 1,543 |
AMT credit carryforward | 1,634 | 1,634 |
Acquired deposit basis | 44 | 158 |
Allowance for loan losses | 3,802 | 3,081 |
Other | 1,183 | 587 |
Total deferred tax assets | 24,012 | 26,291 |
Deferred tax liabilities | ||
Goodwill and intangible assets | 3,426 | 4,025 |
Fair value adjustment on junior subordinated debentures | 3,232 | 3,182 |
Unrealized gain on securities available for sale | 162 | 534 |
Other | 1,035 | 1,436 |
Total deferred tax liabilities | 7,855 | 9,177 |
Net deferred tax asset before valuation allowance | 16,157 | 17,114 |
Valuation allowance | (212) | (1,158) |
Net deferred tax asset | 15,945 | 15,956 |
Federal | ||
Deferred tax assets | ||
Net operating loss carryforwards | 10,873 | 11,570 |
State | ||
Deferred tax assets | ||
Net operating loss carryforwards | $ 1,215 | $ 2,296 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Tax credit carryforwards, annual limitation on use amount | $ 3,696,000 | |
Uncertain tax position | 0 | $ 0 |
EJ Acquisition | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards, annual limitation on use amount | 341,000 | |
NBI Acquisition | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards, annual limitation on use amount | 2,040,000 | |
Federal | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | $ 31,065,000 | $ 33,444,000 |
Federal | Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, expiration year | 2,029 | 2,029 |
State | Illinois | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | $ 16,964,000 | $ 17,477,000 |
State | Iowa | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | 5,686,000 | 32,812,000 |
State | Wisconsin | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | $ 2,651,000 | $ 2,645,000 |
State | Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, expiration year | 2,021 | 2,021 |
State | Latest Tax Year | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, expiration year | 2,030 | 2,030 |
Off-Balance Sheet Loan Commit98
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | $ 1,030 | $ 1,840 |
Financial instruments, off balance sheet risk, variable rate | 1,999 | 1,915 |
Commitments to Make Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 6,571 | 5,192 |
Financial instruments, off balance sheet risk, variable rate | 2,949 | 14,600 |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, fixed rate | 35,514 | 30,369 |
Financial instruments, off balance sheet risk, variable rate | $ 81,189 | $ 141,025 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure, recurring | $ 0 | $ 0 |
Securities - available for sale | 163,169 | 162,024 |
Liabilities, fair value disclosure, nonrecurring | $ 0 | 0 |
Level 3 | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | |
Real estate selling and closing costs as a percentage of appraised value | 5.00% | |
Level 3 | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | |
Real estate selling and closing costs as a percentage of appraised value | 8.00% | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities - available for sale | $ 163,169 | 162,024 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 3,269 | |
State and Municipal | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities - available for sale | $ 3,269 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for sale securities: | ||
Securities - available for sale | $ 163,169 | $ 162,024 |
Loans held for sale | 1,341 | 3,288 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 163,169 | 162,024 |
Loans held for sale | 1,341 | 3,288 |
US Government Agency Obligations [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 91,034 | 93,841 |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 91,034 | 93,841 |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Securities - available for sale | 28,340 | 28,878 |
Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 28,340 | 28,878 |
Asset Backed Securities | ||
Available for sale securities: | ||
Securities - available for sale | 17,526 | 18,598 |
Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 17,526 | 18,598 |
State and Municipal | ||
Available for sale securities: | ||
Securities - available for sale | 1,526 | 6,861 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 1,526 | 6,861 |
Corporate Bonds | ||
Available for sale securities: | ||
Securities - available for sale | 24,559 | 13,636 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 24,559 | 13,636 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Securities - available for sale | 184 | 210 |
SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 184 | 210 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 163,169 | 158,755 |
Loans held for sale | 1,341 | 3,288 |
Level 2 | US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 91,034 | 93,841 |
Level 2 | Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 28,340 | 28,878 |
Level 2 | Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 17,526 | 18,598 |
Level 2 | State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 1,526 | 3,592 |
Level 2 | Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 24,559 | 13,636 |
Level 2 | SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | $ 184 | 210 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | 3,269 | |
Level 3 | State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Securities - available for sale | $ 3,269 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 3,970 | $ 5,114 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 3,970 | 5,114 |
Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 431 | |
Impaired Loans | Commercial real estate | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 431 | |
Impaired Loans | 1-4 family residential properties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 13 | |
Impaired Loans | 1-4 family residential properties | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 13 | |
Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 695 | 1,129 |
Impaired Loans | Commercial Loans | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 695 | 1,129 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,156 | 238 |
Impaired Loans | Factored receivables | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,156 | 238 |
Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 170 | |
Impaired Loans | PCI | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 170 | |
Other real estate owned | 1-4 family residential properties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 128 | 97 |
Other real estate owned | 1-4 family residential properties | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 128 | 97 |
Other real estate owned | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,163 | |
Other real estate owned | Commercial Loans | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,163 | |
Other real estate owned | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,377 | 1,487 |
Other real estate owned | Construction, land development, land | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,377 | $ 1,487 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $ 105,277 | $ 160,888 | ||
Securities - Held to maturity, Fair value | 0 | 750 | ||
Loans not previously presented, net, Fair Value | 1,281,408 | 1,001,548 | ||
Accrued interest receivable, Fair Value | 4,832 | 3,727 | ||
Cash and cash equivalents, Carrying Amount | 105,277 | 160,888 | $ 85,797 | $ 15,784 |
Securities - held to maturity, Carrying Amount | 745 | |||
Loans not previously presented, net, Carrying Amount | 1,276,853 | 995,668 | ||
FHLB and FRB stock, Carrying Amount | 3,818 | 4,903 | ||
Accrued interest receivable, Carrying Amount | 4,832 | 3,727 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,249,751 | 1,167,479 | ||
Customer repurchase agreements, Fair Value | 9,317 | 9,282 | ||
Federal Home Loan Bank advances, Fair Value | 130,000 | 3,000 | ||
Junior subordinated debentures, Fair Value | 23,153 | 24,423 | ||
Accrued interest payable, Fair Value | 1,231 | 971 | ||
Deposits, Carrying Amount | 1,248,950 | 1,165,229 | ||
Customer repurchase agreements, Carrying Amount | 9,317 | 9,282 | ||
Federal Home Loan Bank advances, Carrying Amount | 130,000 | 3,000 | ||
Junior subordinated debentures, Carrying Amount | 24,687 | 24,423 | ||
Accrued interest payable, Carrying Amount | 1,231 | 971 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 105,277 | 160,888 | ||
Level 2 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 750 | |||
Accrued interest receivable, Fair Value | 4,832 | 3,727 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 1,249,751 | 1,167,479 | ||
Customer repurchase agreements, Fair Value | 9,317 | 9,282 | ||
Federal Home Loan Bank advances, Fair Value | 130,000 | 3,000 | ||
Junior subordinated debentures, Fair Value | 23,153 | 24,423 | ||
Accrued interest payable, Fair Value | 1,231 | 971 | ||
Level 3 | ||||
Financial assets: | ||||
Loans not previously presented, net, Fair Value | $ 1,281,408 | $ 1,001,548 |
Related-Party Transactions - Sc
Related-Party Transactions - Schedule of Loans to Principal Officers, Directors, and their Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 36,647 | $ 18,247 |
New loans and advances | 77,327 | 79,429 |
Effect of changes in composition of related parties | 8,298 | |
Repayments | (78,209) | (69,327) |
Ending balance | $ 35,765 | $ 36,647 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Amount of deposits held | $ 20,773 | $ 13,484 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Capital conservation buffer rate | 2.50% |
Capital requirements phase-in period | 4 years |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | $ 276,924 | $ 229,509 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 19.10% | 20.40% |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 115,929 | $ 90,213 |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 264,239 | $ 220,550 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 18.20% | 19.60% |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 86,968 | $ 45,107 |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 4.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 235,253 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 16.20% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 65,227 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.50% | |
Tier 1 Capital (to Average Assets) Actual Amount | $ 264,239 | $ 220,550 |
Tier 1 Capital (to Average Assets) Actual Ratio | 16.60% | 15.90% |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 63,824 | $ 55,412 |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | 4.00% |
TBK Bank SSB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | $ 206,451 | |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.80% | |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 111,903 | |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 139,879 | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 193,766 | |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 13.90% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 83,927 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 111,903 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 193,766 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 13.90% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 62,946 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.50% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 90,921 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
Tier 1 Capital (to Average Assets) Actual Amount | $ 193,766 | |
Tier 1 Capital (to Average Assets) Actual Ratio | 12.70% | |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 61,066 | |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 76,333 | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | |
Triumph Savings Bank SSB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | $ 56,013 | |
Total Capital (to Risk Weighted Assets) Actual Ratio | 16.50% | |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 27,118 | |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 33,898 | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 52,020 | |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 15.30% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 13,559 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 20,339 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | |
Tier 1 Capital (to Average Assets) Actual Amount | $ 52,020 | |
Tier 1 Capital (to Average Assets) Actual Ratio | 13.00% | |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 15,982 | |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 19,978 | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | |
TCB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) Actual Amount | $ 117,254 | |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.00% | |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 62,547 | |
Total Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 78,184 | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 112,289 | |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 14.40% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 31,273 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 46,910 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | |
Tier 1 Capital (to Average Assets) Actual Amount | $ 112,289 | |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.90% | |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Amount | $ 37,812 | |
Tier 1 Capital (to Average Assets) To Be Adequately Capitalized Under Prompt Corrective Action Provisions Ratio | 4.00% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 47,265 | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Equity and Noncontrolling In107
Equity and Noncontrolling Interests - Summary of Capital Structure (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued | 18,052,723 | 17,974,767 |
Number of shares outstanding | 18,018,200 | 17,963,783 |
Par value per share | $ 0.01 | $ 0.01 |
Number of shares outstanding, treasury stock | 34,523 | 10,984 |
Preferred Stock - Series A | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 50,000 | 50,000 |
Number of shares issued | 45,500 | 45,500 |
Number of shares outstanding | 45,500 | 45,500 |
Par value per share | $ 0.01 | $ 0.01 |
Liquidation preference per share | $ 100 | $ 100 |
Preferred Stock - Series B | ||
Class Of Stock [Line Items] | ||
Number of shares authorized | 115,000 | 115,000 |
Number of shares issued | 51,956 | 51,956 |
Number of shares outstanding | 51,956 | 51,956 |
Par value per share | $ 0.01 | $ 0.01 |
Liquidation preference per share | $ 100 | $ 100 |
Equity and Noncontrolling In108
Equity and Noncontrolling Interests - Additional Information (Details) - USD ($) | Dec. 31, 2014 | Nov. 13, 2014 | Feb. 28, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 15, 2014 |
Class Of Stock [Line Items] | ||||||||
Par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, issued additional | $ 12 | |||||||
Gross proceeds from initial public offering | $ 92,460,000 | $ 83,767,000 | ||||||
Net proceeds after underwriting discounts and offering expenses | $ 83,767,000 | |||||||
Common stock outstanding | 252,256 | 201,270 | 252,256 | |||||
Exercise price of warrants, per share | $ 11.58 | |||||||
Warrant expiration date | Dec. 12, 2022 | |||||||
Maximum time to receive shares at special events | 30 days | |||||||
Dividend rate - floor | 8.00% | |||||||
Stockholders equity noncontrolling interest | $ 237,509,000 | $ 268,038,000 | $ 237,509,000 | $ 160,597,000 | $ 63,474,000 | |||
Stock issuance, net of costs | $ 6,000 | $ 42,402,000 | ||||||
Preferred stock redemption value | 26,200,000 | |||||||
Series T-1 | ||||||||
Class Of Stock [Line Items] | ||||||||
Dividend rate - floor | 5.00% | |||||||
Number of shares issued | 24,664 | |||||||
Liquidation preference per share | $ 1,000 | |||||||
Stock issuance, net of costs | $ 24,664,000 | |||||||
Series T-2 | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares issued | 1,233 | |||||||
Preferred Stock - Series A | ||||||||
Class Of Stock [Line Items] | ||||||||
Dividend rate | Prime + 2% | Prime + 2% | ||||||
Dividend rate | 8.00% | 8.00% | ||||||
Company’s redemption rights modified date | Oct. 15, 2018 | |||||||
Conversion ratio - preferred to common | 6.94008 | |||||||
Exchange offer (in shares) | (4,500) | |||||||
Stockholders equity noncontrolling interest | $ 4,550,000 | $ 4,550,000 | $ 4,550,000 | $ 4,550,000 | $ 5,000,000 | |||
Number of shares issued | 45,500 | 45,500 | 45,500 | |||||
Liquidation preference per share | $ 100 | $ 100 | $ 100 | |||||
Preferred Stock - Series B | ||||||||
Class Of Stock [Line Items] | ||||||||
Dividend rate | 8.00% | 8.00% | ||||||
Company’s redemption rights modified date | Oct. 15, 2018 | |||||||
Conversion ratio - preferred to common | 6.94008 | |||||||
Stockholders equity noncontrolling interest | $ 5,196,000 | $ 5,196,000 | $ 5,196,000 | $ 5,196,000 | ||||
Number of shares issued | 51,956 | 51,956 | 51,956 | |||||
Liquidation preference per share | $ 100 | $ 100 | $ 100 | |||||
Class B Units | Triumph Commercial Finance Llc | ||||||||
Class Of Stock [Line Items] | ||||||||
Exchange offer (in shares) | 58,620 | |||||||
Dividend rate - floor | 8.00% | |||||||
Preferred stock, dividend payment rate, variable | 2.00% | |||||||
Redeemable noncontrolling interest, units outstanding (in Shares) | 11,000 | |||||||
Preferred stock, liquidation preference, value | $ 100 | |||||||
Redemption of non cumulative non-voting shares | 11,000 | |||||||
Redemption price per share | $ 102 | |||||||
NBI Senior Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Liquidation preference per share | $ 1,000 | |||||||
NBI Senior Preferred Stock | Series T-2 | ||||||||
Class Of Stock [Line Items] | ||||||||
Dividend rate - floor | 9.00% | |||||||
Stock issuance, net of costs | $ 1,233,000 | |||||||
Warrant | ||||||||
Class Of Stock [Line Items] | ||||||||
Warrants issued to Triumph Consolidated Cos LLC | 259,067 | |||||||
Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issuance, net of cost (in shares) | 444 | 3,672,115 | ||||||
Exchange offer (in shares) | 545,069 | |||||||
Stockholders equity noncontrolling interest | $ 180,000 | $ 181,000 | $ 180,000 | $ 98,000 | $ 46,000 | |||
Stock issuance, net of costs | 37,000 | |||||||
Noncontrolling Interest | ||||||||
Class Of Stock [Line Items] | ||||||||
Stockholders equity noncontrolling interest | 26,997,000 | $ 6,962,000 | ||||||
Noncontrolling Interest | Class B Units | ||||||||
Class Of Stock [Line Items] | ||||||||
Stockholders equity noncontrolling interest | 1,100,000 | |||||||
Noncontrolling Interest | Series T-1 and T-2 | ||||||||
Class Of Stock [Line Items] | ||||||||
Stockholders equity noncontrolling interest | $ 25,897,000 | |||||||
IPO | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issuance, net of cost (in shares) | 6,700,000 | |||||||
Par value per share | $ 0.01 | |||||||
Common stock, issued additional | $ 12 | |||||||
Gross proceeds from initial public offering | $ 80,400,000 | |||||||
Stock issuance, net of costs | $ 83,767,000 | |||||||
IPO | Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issuance, net of cost (in shares) | 7,705,000 | |||||||
Stock issuance, net of costs | $ 77,000 | |||||||
Overallotment | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issuance, net of cost (in shares) | 1,005,000 | |||||||
Gross proceeds from initial public offering | $ 12,060,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation | $ 3,077 | $ 2,690 | $ 129 |
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares approved for issuance | 750,000 | ||
2014 Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares approved for issuance | 1,200,000 | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 1,401 | ||
Weighted-average period to recognize cost | 1 year 5 months 16 days | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 2 years | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 3 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Nonvested RSAs (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 252,256 | |
Nonvested, Ending balance | 201,270 | 252,256 |
Restricted Stock Awards (RSAs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 252,256 | |
Nonvested, Granted | 77,956 | 378,343 |
Nonvested, Vested | (125,310) | (126,087) |
Nonvested, Forfeited | (3,632) | |
Nonvested, Ending balance | 201,270 | 252,256 |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $ 14.71 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | 13.50 | $ 14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | 14.71 | 14.71 |
Weighted-Average Granted-Date Fair Value, Nonvested, Forfeited | 14.60 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Ending balance | $ 14.24 | $ 14.71 |
Stock Based Compensation - S111
Stock Based Compensation - Summary of Changes in Nonvested RSUs (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 252,256 | |
Nonvested, Ending balance | 201,270 | 252,256 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Nonvested, Beginning balance | 26,120 | |
Nonvested, Granted | 32,275 | |
Nonvested, Vested | (58,395) | |
Weighted-Average Granted-Date Fair Value, Nonvested, Beginning balance | $ 10.77 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Granted | 14.08 | |
Weighted-Average Granted-Date Fair Value, Nonvested, Vested | $ 12.60 |
Parent Company Only Condense112
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 105,277 | $ 160,888 | $ 85,797 | $ 15,784 |
Loans | 1,291,885 | 1,005,878 | ||
Other assets | 37,652 | 14,563 | ||
Total assets | 1,691,313 | 1,447,898 | ||
LIABILITIES AND EQUITY | ||||
Junior subordinated debentures | 24,687 | 24,423 | ||
Total liabilities | 1,423,275 | 1,210,389 | ||
Total liabilities and stockholders' equity | 1,691,313 | 1,447,898 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 21,749 | 52,553 | $ 23,009 | $ 2,551 |
Loans | 18,455 | |||
Investment in subsidiaries | 233,147 | 181,133 | ||
Other investments | 22,807 | 2,611 | ||
Other assets | 7,095 | 1,383 | ||
Total assets | 303,253 | 237,680 | ||
LIABILITIES AND EQUITY | ||||
Junior subordinated debentures | 24,687 | |||
Intercompany payables | 8,798 | |||
Accrued expenses and other liabilities | 1,730 | 171 | ||
Total liabilities | 35,215 | 171 | ||
Stockholders' equity | 268,038 | 237,509 | ||
Total liabilities and stockholders' equity | $ 303,253 | $ 237,680 |
Parent Company Only Condense113
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest income | $ 25,281 | $ 25,303 | $ 26,597 | $ 21,579 | $ 23,280 | $ 22,118 | $ 21,453 | $ 20,379 | $ 98,760 | $ 87,230 | $ 42,630 |
Interest expense | (2,231) | (2,072) | (1,952) | (1,854) | (1,951) | (1,723) | (1,572) | (1,524) | (8,109) | (6,770) | (3,947) |
Bargain purchase gain | 900 | 1,708 | 12,509 | 15,117 | 9,014 | ||||||
Other expense | (9,516) | (7,716) | (3,849) | ||||||||
Income tax benefit | (2,032) | (2,891) | (2,586) | (912) | (747) | (6,089) | (1,626) | (1,916) | (8,421) | (10,378) | (2,133) |
Net income attributable to Triumph Bancorp, Inc. | 29,133 | 17,729 | 12,560 | ||||||||
Income attributable to noncontrolling interests | (591) | (582) | (500) | (387) | |||||||
Dividends on preferred stock | (197) | (196) | (195) | (192) | (195) | (197) | (196) | (192) | |||
Net income available to common stockholders | $ 4,312 | $ 5,732 | $ 4,457 | $ 13,852 | $ 2,021 | $ 9,495 | $ 2,285 | $ 3,148 | 28,353 | 16,949 | 11,839 |
Comprehensive income attributable to Parent | 28,459 | 18,547 | 12,237 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest income | 718 | 75 | 58 | ||||||||
Interest expense | (291) | (584) | (123) | ||||||||
Bargain purchase gain | 9,014 | ||||||||||
Other income | 1,040 | 545 | |||||||||
Other expense | (5,880) | (4,699) | (4,262) | ||||||||
Income (loss) before income tax and undistributed subsidiary income | (4,413) | (4,663) | 4,687 | ||||||||
Income tax benefit | 700 | 2,015 | 1,360 | ||||||||
Equity in undistributed subsidiary income | 32,846 | 22,437 | 7,380 | ||||||||
Net income attributable to Triumph Bancorp, Inc. | 29,133 | 19,789 | 13,427 | ||||||||
Income attributable to noncontrolling interests | (2,060) | (867) | |||||||||
Dividends on preferred stock | (780) | (780) | (721) | ||||||||
Net income available to common stockholders | 28,353 | 16,949 | 11,839 | ||||||||
Comprehensive income attributable to Parent | $ 28,459 | $ 18,547 | $ 12,237 |
Parent Company Only Condense114
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements of Cash Flows (Details) - USD ($) $ in Thousands | Nov. 13, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||||||||||||
Net income | $ 4,509 | $ 5,928 | $ 4,652 | $ 14,044 | $ 2,807 | $ 10,274 | $ 2,981 | $ 3,727 | $ 29,133 | $ 19,789 | $ 13,427 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Amortization of junior subordinated debentures | 264 | 252 | 51 | |||||||||
Bargain purchase gain | (900) | $ (1,708) | (12,509) | (15,117) | (9,014) | |||||||
(Increase) decrease in other assets | (76) | (1,670) | 13,455 | |||||||||
Net cash provided by (used in) operating activities | 25,296 | 20,080 | 10,866 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of loans (shared national credits) | (28,619) | |||||||||||
Net change in loans | (252,390) | (156,946) | (98,114) | |||||||||
Net proceeds from (cash paid for) CLO warehouse investments | (18,050) | 50 | (2,000) | |||||||||
Net cash provided by (used in) investing activities | (389,133) | (122,492) | (5,560) | |||||||||
Cash flows from financing activities: | ||||||||||||
Issuance of senior secured note | 12,573 | |||||||||||
Issuance of common stock in connection with initial public offering, net of expenses | $ 92,460 | 83,767 | ||||||||||
Issuance of common stock | 43 | 42,402 | ||||||||||
Exchange offer | (461) | |||||||||||
Distributions on noncontrolling interest and preferred stock | (780) | (3,037) | (1,060) | |||||||||
Repayment of senior secured note | (12,573) | (11,858) | ||||||||||
Purchase of Treasury Stock | (343) | (161) | ||||||||||
Net cash provided by (used in) financing activities | 308,226 | 177,503 | 64,707 | |||||||||
Net increase (decrease) in cash and cash equivalents | (55,611) | 75,091 | 70,013 | |||||||||
Cash and cash equivalents at beginning of period | 160,888 | 85,797 | 160,888 | 85,797 | 15,784 | |||||||
Cash and cash equivalents at end of period | 105,277 | 160,888 | 105,277 | 160,888 | 85,797 | |||||||
Parent Company | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | 29,133 | 19,789 | 13,427 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Equity in undistributed subsidiary income | (32,846) | (22,437) | (7,380) | |||||||||
Amortization of junior subordinated debentures | 67 | |||||||||||
Bargain purchase gain | (9,014) | |||||||||||
(Increase) decrease in other assets | (171) | 707 | (2,310) | |||||||||
Change in accrued expenses and other liabilities | 10,316 | (3,094) | 3,119 | |||||||||
Net cash provided by (used in) operating activities | 6,499 | (5,035) | (2,158) | |||||||||
Cash flows from investing activities: | ||||||||||||
Investment in subsidiaries | 325 | (6,513) | (13,984) | |||||||||
Purchases of loans (shared national credits) | (18,601) | |||||||||||
Net change in loans | 146 | |||||||||||
Net proceeds from (cash paid for) CLO warehouse investments | (18,050) | 50 | (2,000) | |||||||||
Cash used in acquisition of subsidiaries | (15,277) | |||||||||||
Net cash provided by (used in) investing activities | (36,180) | (6,463) | (31,261) | |||||||||
Cash flows from financing activities: | ||||||||||||
Issuance of senior secured note | 12,573 | |||||||||||
Issuance of common stock in connection with initial public offering, net of expenses | 83,767 | |||||||||||
Issuance of common stock | 43 | 42,402 | ||||||||||
Exchange offer | (38) | |||||||||||
Distributions on noncontrolling interest and preferred stock | (780) | (3,037) | (1,060) | |||||||||
Repayment of senior secured note | (12,573) | |||||||||||
Redemption of noncontrolling interests | (26,997) | |||||||||||
Purchase of Treasury Stock | (343) | (161) | ||||||||||
Net cash provided by (used in) financing activities | (1,123) | 41,042 | 53,877 | |||||||||
Net increase (decrease) in cash and cash equivalents | (30,804) | 29,544 | 20,458 | |||||||||
Cash and cash equivalents at beginning of period | $ 52,553 | $ 23,009 | 52,553 | 23,009 | 2,551 | |||||||
Cash and cash equivalents at end of period | $ 21,749 | $ 52,553 | $ 21,749 | $ 52,553 | $ 23,009 |
Earnings Per Share - Factors Us
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic | |||||||||||
Net income to common stockholders | $ 4,312 | $ 5,732 | $ 4,457 | $ 13,852 | $ 2,021 | $ 9,495 | $ 2,285 | $ 3,148 | $ 28,353 | $ 16,949 | $ 11,839 |
Weighted average common shares outstanding | 17,720,479 | 10,940,083 | 8,481,137 | ||||||||
Basic earnings per common share | $ 0.24 | $ 0.32 | $ 0.25 | $ 0.78 | $ 0.14 | $ 0.96 | $ 0.23 | $ 0.32 | $ 1.60 | $ 1.55 | $ 1.40 |
Diluted | |||||||||||
Net income to common stockholders | $ 4,312 | $ 5,732 | $ 4,457 | $ 13,852 | $ 2,021 | $ 9,495 | $ 2,285 | $ 3,148 | $ 28,353 | $ 16,949 | $ 11,839 |
Dilutive effect of preferred stock | 780 | 780 | 167 | ||||||||
Net income to common stockholders - diluted | $ 29,133 | $ 17,729 | $ 12,006 | ||||||||
Weighted average common shares outstanding | 17,720,479 | 10,940,083 | 8,481,137 | ||||||||
Average shares and dilutive potential common shares | 18,524,889 | 11,672,780 | 8,629,611 | ||||||||
Dilutive earnings per common share | $ 0.24 | $ 0.32 | $ 0.25 | $ 0.76 | $ 0.14 | $ 0.91 | $ 0.23 | $ 0.32 | $ 1.57 | $ 1.52 | $ 1.39 |
Restricted Stock | |||||||||||
Diluted | |||||||||||
Dilutive effects of restricted stock | 79,821 | 15,366 | 5,117 | ||||||||
Preferred Stock - Series A | |||||||||||
Diluted | |||||||||||
Dilutive effects of assumed conversion of shares | 315,773 | 315,773 | 66,930 | ||||||||
Preferred Stock - Series B | |||||||||||
Diluted | |||||||||||
Dilutive effects of assumed conversion of shares | 360,578 | 360,578 | 76,427 | ||||||||
Warrant | |||||||||||
Diluted | |||||||||||
Dilutive effects of assumed exercises of stock warrants | 48,238 | 40,980 |
Business Segment Information -
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | $ 25,281 | $ 25,303 | $ 26,597 | $ 21,579 | $ 23,280 | $ 22,118 | $ 21,453 | $ 20,379 | $ 98,760 | $ 87,230 | $ 42,630 |
Total interest expense | 2,231 | 2,072 | 1,952 | 1,854 | 1,951 | 1,723 | 1,572 | 1,524 | 8,109 | 6,770 | 3,947 |
Net interest income | 23,050 | 23,231 | 24,645 | 19,725 | 21,329 | 20,395 | 19,881 | 18,855 | 90,651 | 80,460 | 38,683 |
Provision for loan losses | 1,178 | 165 | 2,541 | 645 | 1,811 | 1,375 | 1,747 | 925 | 4,529 | 5,858 | 3,412 |
Net interest income after provision for loan losses | 21,872 | 23,066 | 22,104 | 19,080 | 19,518 | 19,020 | 18,134 | 17,930 | 86,122 | 74,602 | 35,271 |
Bargain purchase gain | 900 | 1,708 | 12,509 | 15,117 | 9,014 | ||||||
Gain on branch sale | 12,619 | 12,619 | |||||||||
Other noninterest income | 18,180 | 12,148 | 3,999 | ||||||||
Noninterest expense | 20,902 | 20,545 | 19,635 | 20,783 | 19,685 | 18,461 | 16,160 | 14,896 | 81,865 | 69,202 | 32,724 |
Net income before income tax | 6,541 | $ 8,819 | $ 7,238 | $ 14,956 | 3,554 | $ 16,363 | $ 4,607 | $ 5,643 | 37,554 | 30,167 | 15,560 |
Total assets | 1,691,313 | 1,447,898 | 1,691,313 | 1,447,898 | |||||||
Gross loans | 1,291,885 | 1,005,878 | 1,291,885 | 1,005,878 | |||||||
Operating Segments | Factoring | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 32,103 | 27,332 | 17,388 | ||||||||
Intersegment interest allocations | (3,144) | (3,562) | (2,155) | ||||||||
Total interest expense | 1 | ||||||||||
Net interest income | 28,959 | 23,770 | 15,232 | ||||||||
Provision for loan losses | 1,303 | 1,792 | 881 | ||||||||
Net interest income after provision for loan losses | 27,656 | 21,978 | 14,351 | ||||||||
Other noninterest income | 1,739 | 1,589 | 1,042 | ||||||||
Noninterest expense | 17,871 | 15,141 | 9,938 | ||||||||
Net income before income tax | 11,524 | 8,426 | 5,455 | ||||||||
Total assets | 198,629 | 180,527 | 198,629 | 180,527 | |||||||
Gross loans | 186,457 | 170,426 | 186,457 | 170,426 | |||||||
Operating Segments | Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 65,831 | 59,824 | 25,184 | ||||||||
Intersegment interest allocations | 3,144 | 3,562 | 2,155 | ||||||||
Total interest expense | 6,978 | 5,091 | 3,577 | ||||||||
Net interest income | 61,997 | 58,295 | 23,762 | ||||||||
Provision for loan losses | 3,226 | 4,066 | 2,531 | ||||||||
Net interest income after provision for loan losses | 58,771 | 54,229 | 21,231 | ||||||||
Gain on branch sale | 12,619 | ||||||||||
Other noninterest income | 9,644 | 8,898 | 2,674 | ||||||||
Noninterest expense | 51,249 | 46,808 | 18,191 | ||||||||
Net income before income tax | 17,166 | 28,938 | 5,714 | ||||||||
Total assets | 1,601,072 | 1,210,325 | 1,601,072 | 1,210,325 | |||||||
Gross loans | 1,223,028 | 835,452 | 1,223,028 | 835,452 | |||||||
Operating Segments | Asset Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 108 | ||||||||||
Total interest expense | 10 | ||||||||||
Net interest income | 98 | ||||||||||
Net interest income after provision for loan losses | 98 | ||||||||||
Bargain purchase gain | 15,117 | ||||||||||
Other noninterest income | 5,757 | 989 | |||||||||
Noninterest expense | 6,866 | 2,381 | 176 | ||||||||
Net income before income tax | 14,106 | (1,392) | (176) | ||||||||
Total assets | 17,676 | 737 | 17,676 | 737 | |||||||
Gross loans | 945 | 945 | |||||||||
Operating Segments | Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 718 | 74 | 58 | ||||||||
Total interest expense | 1,121 | 1,679 | 369 | ||||||||
Net interest income | (403) | (1,605) | (311) | ||||||||
Net interest income after provision for loan losses | (403) | (1,605) | (311) | ||||||||
Bargain purchase gain | 9,014 | ||||||||||
Other noninterest income | 1,040 | 672 | 283 | ||||||||
Noninterest expense | 5,879 | 4,872 | 4,419 | ||||||||
Net income before income tax | (5,242) | (5,805) | $ 4,567 | ||||||||
Total assets | 303,253 | 237,680 | 303,253 | 237,680 | |||||||
Gross loans | 18,455 | 18,455 | |||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | (429,317) | $ (181,371) | (429,317) | $ (181,371) | |||||||
Gross loans | $ (137,000) | $ (137,000) |
Quarterly Financial Data (Un117
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 25,281 | $ 25,303 | $ 26,597 | $ 21,579 | $ 23,280 | $ 22,118 | $ 21,453 | $ 20,379 | $ 98,760 | $ 87,230 | $ 42,630 |
Interest expense | 2,231 | 2,072 | 1,952 | 1,854 | 1,951 | 1,723 | 1,572 | 1,524 | 8,109 | 6,770 | 3,947 |
Net interest income | 23,050 | 23,231 | 24,645 | 19,725 | 21,329 | 20,395 | 19,881 | 18,855 | 90,651 | 80,460 | 38,683 |
Provision for loan losses | 1,178 | 165 | 2,541 | 645 | 1,811 | 1,375 | 1,747 | 925 | 4,529 | 5,858 | 3,412 |
Net interest income after provision for loan losses | 21,872 | 23,066 | 22,104 | 19,080 | 19,518 | 19,020 | 18,134 | 17,930 | 86,122 | 74,602 | 35,271 |
Gain on branch sale | 12,619 | 12,619 | |||||||||
Bargain purchase gain | 900 | 1,708 | 12,509 | 15,117 | 9,014 | ||||||
Other noninterest income | 4,671 | 4,590 | 4,769 | 4,150 | 3,721 | 3,185 | 2,633 | 2,609 | 3,856 | 3,231 | 702 |
Total noninterest income | 5,571 | 6,298 | 4,769 | 16,659 | 3,721 | 15,804 | 2,633 | 2,609 | 33,297 | 24,767 | 13,013 |
Noninterest expense | 20,902 | 20,545 | 19,635 | 20,783 | 19,685 | 18,461 | 16,160 | 14,896 | 81,865 | 69,202 | 32,724 |
Net income before income tax | 6,541 | 8,819 | 7,238 | 14,956 | 3,554 | 16,363 | 4,607 | 5,643 | 37,554 | 30,167 | 15,560 |
Income tax expense | 2,032 | 2,891 | 2,586 | 912 | 747 | 6,089 | 1,626 | 1,916 | 8,421 | 10,378 | 2,133 |
Net income | 4,509 | 5,928 | 4,652 | 14,044 | 2,807 | 10,274 | 2,981 | 3,727 | 29,133 | 19,789 | 13,427 |
Income attributable to noncontrolling interests | (591) | (582) | (500) | (387) | |||||||
Dividends on preferred stock | (197) | (196) | (195) | (192) | (195) | (197) | (196) | (192) | |||
Net income available to common stockholders | $ 4,312 | $ 5,732 | $ 4,457 | $ 13,852 | $ 2,021 | $ 9,495 | $ 2,285 | $ 3,148 | $ 28,353 | $ 16,949 | $ 11,839 |
Earnings (loss) per common share | |||||||||||
Basic | $ 0.24 | $ 0.32 | $ 0.25 | $ 0.78 | $ 0.14 | $ 0.96 | $ 0.23 | $ 0.32 | $ 1.60 | $ 1.55 | $ 1.40 |
Diluted | $ 0.24 | $ 0.32 | $ 0.25 | $ 0.76 | $ 0.14 | $ 0.91 | $ 0.23 | $ 0.32 | $ 1.57 | $ 1.52 | $ 1.39 |