|
|
|
Maryland
|
|
20-0154352
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(State
or other jurisdiction
|
|
(I.R.S.
Employer
|
of
incorporation or organization)
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|
Identification
No.)
|
|
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|
1525 Pointer Ridge Place
|
|
|
Bowie, Maryland
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|
20716
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(Address
of principal executive offices)
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|
(Zip
Code)
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|
|
Large
accelerated filer ☐
|
Accelerated
filer ☒
|
Non-accelerated
filer ☐ (Do not check if a smaller reporting
company)
|
Smaller
reporting company ☐
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|
Emerging
growth company ☐
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Page
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|||
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Number
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|||
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PART I.
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FINANCIAL
INFORMATION
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3
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|||
|
|
|
|||
Item
1.
|
Financial
Statements
|
|
|||
|
|
|
|||
|
Consolidated
Balance Sheets as of June 30, 2017 (Unaudited) and
December 31, 2016
|
3
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|||
|
|
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|||
|
Consolidated
Statements of Income (Unaudited) for the Three and Six Months Ended
June 30, 2017 and 2016
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4
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|||
|
|
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|||
|
Consolidated
Statements of Comprehensive Income (Unaudited) for the Three and
Six Months Ended June 30, 2017 and 2016
|
5
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|||
|
|
|
|||
|
Consolidated
Statements of Changes in Stockholders’ Equity (Unaudited) for
the Six Months Ended June 30, 2017
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6
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|||
|
|
|
|||
|
Consolidated
Statements of Cash Flows (Unaudited) for the Six Months Ended June
30, 2017 and 2016
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7
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|||
|
|
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|||
|
Notes
to Consolidated Financial Statements (Unaudited)
|
8
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|||
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|
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|||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
34
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|||
|
|
|
|||
Item
3.
|
Quantitative and
Qualitative Disclosures about Market Risk
|
62
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|||
|
|
|
|||
Item
4.
|
Controls and
Procedures
|
63
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|||
|
|
|
|||
PART II.
|
|
|
|||
|
|
|
|||
Item
1.
|
Legal
Proceedings
|
63
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|||
|
|
|
|||
Item
1A.
|
Risk
Factors
|
63
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|||
|
|
|
|||
Item
2.
|
Unregistered Sales
of Equity Securities and Use of Proceeds
|
64
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|||
|
|
|
|||
Item
3.
|
Defaults Upon
Senior Securities
|
64
|
|||
|
|
|
|||
Item
4.
|
Mine
Safety Disclosures
|
64
|
|||
|
|
|
|||
Item
5.
|
Other
Information
|
64
|
|||
|
|
|
|||
Item
6.
|
Exhibits
65
|
64
|
|||
|
|
|
|||
Signatures
|
|
65
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|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
(Unaudited)
|
|
Assets
|
||
Cash
and due from banks
|
$25,025,269
|
$22,062,912
|
Interest
bearing accounts
|
1,136,343
|
1,151,917
|
Federal
funds sold
|
302,970
|
248,342
|
Total
cash and cash equivalents
|
26,464,582
|
23,463,171
|
Investment
securities available for sale-at fair value
|
198,372,453
|
199,505,204
|
Loans
held for sale, fair value of $6,857,924 and $8,707,516
|
6,615,208
|
8,418,435
|
Loans
held for investment (net of allowance for loan losses of $5,911,842
and $6,195,469, respectively)
|
1,446,573,249
|
1,361,175,206
|
Equity
securities at cost
|
9,972,744
|
8,303,347
|
Premises
and equipment
|
36,999,988
|
36,744,704
|
Accrued
interest receivable
|
4,144,803
|
4,278,229
|
Deferred
income taxes
|
7,323,124
|
9,578,350
|
Bank
owned life insurance
|
38,025,982
|
37,557,566
|
Other
real estate owned
|
2,895,893
|
2,746,000
|
Goodwill
|
9,786,357
|
9,786,357
|
Core
deposit intangible
|
3,141,162
|
3,520,421
|
Other
assets
|
4,001,391
|
3,942,640
|
Total
assets
|
$1,794,316,936
|
$1,709,019,630
|
|
|
|
Liabilities and Stockholders’ Equity
|
||
Deposits
|
|
|
Non-interest
bearing
|
$366,468,569
|
$331,331,263
|
Interest
bearing
|
1,012,960,448
|
994,549,269
|
Total
deposits
|
1,379,429,017
|
1,325,880,532
|
Short
term borrowings
|
203,781,308
|
183,433,892
|
Long
term borrowings
|
37,974,308
|
37,842,567
|
Accrued
interest payable
|
1,340,591
|
1,269,356
|
Supplemental
executive retirement plan
|
5,753,527
|
5,613,799
|
Income
taxes payable
|
1,357,159
|
18,706
|
Other
liabilities
|
3,633,602
|
4,293,993
|
Total
liabilities
|
1,633,269,512
|
1,558,352,845
|
Stockholders’
equity
|
|
|
Common
stock, par value $0.01 per share; 25,000,000 shares authorized;
10,956,130 and 10,910,915 shares issued and outstanding in 2017 and
2016, respectively
|
109,561
|
109,109
|
Additional
paid-in capital
|
107,333,216
|
106,692,958
|
Retained
earnings
|
55,032,717
|
48,842,026
|
Accumulated
other comprehensive loss
|
(1,428,070)
|
(4,977,308)
|
Total
Old Line Bancshares, Inc. stockholders’
equity
|
161,047,424
|
150,666,785
|
Total
liabilities and stockholders’ equity
|
$1,794,316,936
|
$1,709,019,630
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Interest Income
|
|
|
|
|
Loans,
including fees
|
$15,765,250
|
$13,562,643
|
$31,130,904
|
$26,619,823
|
U.S.
treasury securities
|
6,847
|
4,997
|
11,914
|
8,774
|
U.S.
government agency securities
|
67,333
|
85,686
|
115,837
|
211,418
|
Corporate
bonds
|
121,042
|
—
|
238,878
|
—
|
Mortgage
backed securities
|
554,411
|
494,145
|
1,108,840
|
1,007,450
|
Municipal
securities
|
410,801
|
371,596
|
846,355
|
731,032
|
Federal
funds sold
|
971
|
376
|
1,583
|
1,501
|
Other
|
127,116
|
94,297
|
234,794
|
192,068
|
Total
interest income
|
17,053,771
|
14,613,740
|
33,689,105
|
28,772,066
|
Interest expense
|
|
|
|
|
Deposits
|
1,706,993
|
1,309,379
|
3,248,050
|
2,579,811
|
Borrowed
funds
|
1,094,133
|
328,613
|
2,027,021
|
604,272
|
Total
interest expense
|
2,801,126
|
1,637,992
|
5,275,071
|
3,184,083
|
Net
interest income
|
14,252,645
|
12,975,748
|
28,414,034
|
25,587,983
|
Provision for loan losses
|
278,916
|
300,000
|
719,407
|
1,078,611
|
Net
interest income after provision for loan losses
|
13,973,729
|
12,675,748
|
27,694,627
|
24,509,372
|
Non-interest income
|
|
|
|
|
Service
charges on deposit accounts
|
434,272
|
433,498
|
846,431
|
844,835
|
Gain
on sales or calls of investment securities
|
19,581
|
823,214
|
35,258
|
900,212
|
Earnings
on bank owned life insurance
|
282,100
|
282,358
|
563,456
|
564,544
|
Gain
on disposal of assets
|
—
|
22,784
|
112,594
|
22,784
|
Gain
on sale of loans
|
94,714
|
—
|
94,714
|
—
|
Rental
Income
|
169,862
|
208,556
|
310,455
|
417,135
|
Income
on marketable loans
|
726,647
|
587,030
|
1,357,577
|
964,168
|
Other
fees and commissions
|
268,443
|
206,244
|
529,868
|
833,659
|
Total
non-interest income
|
1,995,619
|
2,563,684
|
3,850,353
|
4,547,337
|
Non-interest expense
|
|
|
|
|
Salaries
and benefits
|
5,050,635
|
5,079,143
|
9,918,166
|
10,455,695
|
Severence
expense
|
—
|
393,495
|
—
|
393,495
|
Occupancy
and equipment
|
1,655,270
|
1,647,490
|
3,308,683
|
3,372,043
|
Data
processing
|
361,546
|
383,689
|
718,194
|
781,481
|
FDIC
insurance and State of Maryland assessments
|
256,513
|
285,630
|
518,113
|
520,914
|
Merger
and integration
|
—
|
301,538
|
—
|
661,019
|
Core
deposit premium amortization
|
181,357
|
200,998
|
379,258
|
427,239
|
Gain
on sales of other real estate owned
|
—
|
(48,099)
|
(17,689)
|
(52,307)
|
OREO
expense
|
27,634
|
63,192
|
55,211
|
218,158
|
Directors
Fees
|
159,700
|
162,900
|
336,900
|
331,700
|
Network
services
|
164,232
|
146,334
|
303,839
|
283,230
|
Telephone
|
186,159
|
201,141
|
380,301
|
419,775
|
Other
operating
|
1,886,405
|
1,735,287
|
3,560,605
|
3,364,815
|
Total
non-interest expense
|
9,929,451
|
10,552,738
|
19,461,581
|
21,177,257
|
|
|
|
|
|
Income
before income taxes
|
6,039,897
|
4,686,694
|
12,083,399
|
7,879,452
|
Income
tax expense
|
2,070,488
|
1,554,000
|
4,140,208
|
2,597,366
|
Net
income
|
3,969,409
|
3,132,694
|
7,943,191
|
5,282,086
|
Less:
Net loss attributable to the non-controlling interest
|
—
|
1,728
|
—
|
62
|
Net income available to common stockholders
|
$3,969,409
|
$3,130,966
|
$7,943,191
|
$5,282,024
|
|
|
|
|
|
Basic
earnings per common share
|
$0.36
|
$0.29
|
$0.73
|
$0.49
|
Diluted
earnings per common share
|
$0.36
|
$0.28
|
$0.71
|
$0.48
|
Dividend
per common share
|
$0.08
|
$0.06
|
$0.16
|
$0.12
|
Three Months Ended June 30,
|
2017
|
2016
|
Net
income
|
$3,969,409
|
$3,132,694
|
|
|
|
Other
comprehensive income:
|
|
|
Unrealized gain on
securities available for sale, net of taxes of $1,610,802, and
$514,611, respectively
|
2,472,861
|
790,018
|
Reclassification
adjustment for realized gain on securities available for sale
included in net income, net of taxes of $7,724 and $324,717,
respectively
|
(11,857)
|
(498,497)
|
Other
comprehensive income
|
2,461,004
|
291,521
|
Comprehensive
income
|
6,430,413
|
3,424,215
|
Comprehensive
loss attributable to the non-controlling interest
|
—
|
1,728
|
Comprehensive
income available to common stockholders
|
$6,430,413
|
$3,422,487
|
Six Months Ended June 30,
|
2017
|
2016
|
Net
income
|
$7,943,191
|
$5,282,086
|
|
|
|
Other
comprehensive income:
|
|
|
Unrealized gain on
securities available for sale, net of taxes of $2,325,851 and
$987,721, respectively
|
3,570,588
|
1,516,325
|
Reclassification
adjustment for realized gain on securities available for sale
included in net income, net of taxes of $13,908 and $355,089,
respectively
|
(21,350)
|
(545,123)
|
Other
comprehensive income
|
3,549,238
|
971,202
|
Comprehensive
income
|
11,492,429
|
6,253,288
|
Comprehensive
income attributable to the non-controlling interest
|
—
|
62
|
Comprehensive
income available to common stockholders
|
$11,492,429
|
$6,253,226
|
|
|
|
|
|
Accumulated
|
|
|
|
|
Additional
|
|
other
|
Total
|
|
Common stock
|
paid-in
|
Retained
|
comprehensive
|
Stockholders’
|
|
|
Shares
|
Par value
|
capital
|
earnings
|
loss
|
Equity
|
|
|
|
|
|
|
|
Balance
December 31, 2016
|
10,910,915
|
$109,109
|
$106,692,958
|
$48,842,026
|
$(4,977,308)
|
$150,666,785
|
Net
income attributable to Old Line Bancshares, Inc.
|
—
|
—
|
—
|
7,943,191
|
—
|
7,943,191
|
Other comprehensive
income, net of income tax of $2,311,943
|
—
|
—
|
—
|
—
|
3,549,238
|
3,549,238
|
Stock
based compensation awards
|
—
|
—
|
262,031
|
—
|
—
|
262,031
|
Stock
options exercised
|
20,800
|
208
|
378,471
|
—
|
—
|
378,679
|
Restricted
stock issued
|
24,415
|
244
|
(244)
|
—
|
—
|
—
|
Common
stock cash dividends $0.16 per share
|
—
|
—
|
—
|
(1,752,500)
|
—
|
(1,752,500)
|
Balance
June 30, 2017
|
10,956,130
|
$109,561
|
$107,333,216
|
$55,032,717
|
$(1,428,070)
|
$161,047,424
|
|
Six Months Ended June 30,
|
|
|
2017
|
2016
|
Cash flows from operating activities
|
|
|
Net
income
|
$7,943,191
|
$5,282,086
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
Depreciation
and amortization
|
1,221,445
|
1,320,718
|
Provision
for loan losses
|
719,407
|
1,078,611
|
Change
in deferred loan fees net of costs
|
(75,162)
|
47,952
|
Gain
on sales or calls of securities
|
(35,258)
|
(900,212)
|
Amortization
of premiums and discounts
|
510,194
|
445,587
|
Origination
of loans held for sale
|
(51,745,329)
|
(38,982,301)
|
Proceeds
from sale of loans held for sale
|
53,548,556
|
40,982,984
|
Income
on marketable loans
|
(1,357,577)
|
(964,168)
|
Gain
on sales of other real estate owned
|
(17,689)
|
(52,307)
|
Gain
on sale of loans
|
(94,714)
|
—
|
Gain
on sale of fixed assets
|
(112,594)
|
(22,784)
|
Amortization
of intangible assets
|
379,259
|
427,239
|
Deferred
income taxes
|
(56,718)
|
521,555
|
Stock
based compensation awards
|
262,031
|
262,080
|
Increase
(decrease) in
|
|
|
Accrued
interest payable
|
71,235
|
31,720
|
Income
tax payable
|
1,338,453
|
1,802,946
|
Supplemental
executive retirement plan
|
139,728
|
143,333
|
Other
liabilities
|
(660,391)
|
(424,794)
|
Decrease
(increase) in
|
|
|
Accrued
interest receivable
|
133,426
|
110,259
|
Bank
owned life insurance
|
(468,416)
|
(475,533)
|
Other
assets
|
985,294
|
84,057
|
Net
cash provided by operating activities
|
$12,628,371
|
$10,719,028
|
Cash flows from investing activities
|
|
|
Purchase
of investment securities available for sale
|
(21,167,506)
|
(88,943,976)
|
Proceeds
from disposal of investment securities
|
|
|
Available
for sale at maturity, call or paydowns
|
14,686,479
|
7,934,077
|
Available
for sale sold
|
13,000,024
|
87,476,437
|
Loans
made, net of principal collected
|
(85,012,845)
|
(95,145,250)
|
Proceeds
from sale of other real estate owned
|
290,644
|
80,808
|
Change
in equity securities
|
(1,669,397)
|
(2,362,300)
|
Purchase
of premises and equipment
|
(2,520,774)
|
(1,689,968)
|
Proceeds
from the sale of premises and equipment
|
112,594
|
—
|
Net
cash used in investing activities
|
(82,280,781)
|
(92,650,172)
|
Cash flows from financing activities
|
|
|
Net
increase (decrease) in
|
|
|
Time
deposits
|
15,239,072
|
5,654,458
|
Other
deposits
|
38,309,413
|
21,356,195
|
Short
term borrowings
|
20,347,416
|
46,194,479
|
Long
term borrowings
|
131,741
|
(34,300)
|
Proceeds
from stock options exercised
|
378,679
|
—
|
Cash
dividends paid-common stock
|
(1,752,500)
|
(1,297,384)
|
Net
cash provided by financing activities
|
72,653,821
|
71,873,448
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
|
3,001,411
|
(10,057,696)
|
|
|
|
Cash
and cash equivalents at beginning of period
|
23,463,171
|
43,700,692
|
Cash
and cash equivalents at end of period
|
$26,464,582
|
$33,642,996
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
Cash
paid during the period for:
|
|
|
Interest
|
$4,716,692
|
$2,743,048
|
Income
taxes
|
$2,728,000
|
$885,000
|
Supplemental Disclosure of Non-Cash Flow Operating
Activities:
|
|
|
Loans
transferred to other real estate owned
|
$422,848
|
$261,700
|
|
June 30,
|
December 31,
|
Balance Sheets
|
2017
|
2016
|
|
|
|
Current
assets
|
$86,941
|
$257,438
|
Non-current
assets
|
6,104,146
|
6,164,486
|
Liabilities
|
18,640
|
13,974
|
Equity
|
6,172,447
|
6,407,950
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
Statements of Income
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Revenue
|
$3,175
|
$251,300
|
$6,351
|
$502,374
|
Expenses
|
105,637
|
246,691
|
241,854
|
502,210
|
Net
income (loss)
|
$(102,462)
|
$4,609
|
$(235,503)
|
$164
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
unrealized
|
unrealized
|
Estimated
|
|
cost
|
gains
|
losses
|
fair value
|
June 30, 2017
|
|
|
|
|
Available for sale
|
|
|
|
|
U.S.
treasury
|
$3,019,443
|
$—
|
$(6,084)
|
$3,013,359
|
U.S.
government agency
|
18,438,208
|
67,505
|
(160,941)
|
18,344,772
|
Corporate
bonds
|
9,100,000
|
142,887
|
—
|
9,242,887
|
Municipal
securities
|
67,047,540
|
289,060
|
(862,311)
|
66,474,289
|
Mortgage
backed securities:
|
|
|
|
|
FHLMC
certificates
|
21,321,085
|
5,481
|
(369,834)
|
20,956,732
|
FNMA
certificates
|
68,152,342
|
11,144
|
(1,246,977)
|
66,916,509
|
GNMA
certificates
|
13,652,136
|
—
|
(228,231)
|
13,423,905
|
|
$200,730,754
|
$516,077
|
$(2,874,378)
|
$198,372,453
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
Available for sale
|
|
|
|
|
U.S.
treasury
|
$2,999,483
|
$27
|
$(3,728)
|
$2,995,782
|
U.S.
government agency
|
7,653,595
|
—
|
(387,280)
|
7,266,315
|
Corporate
bonds
|
8,100,000
|
90,477
|
(18,840)
|
8,171,637
|
Municipal
securities
|
71,103,969
|
170,512
|
(3,587,676)
|
67,686,805
|
Mortgage
backed securities
|
|
|
|
|
FHLMC
certificates
|
22,706,185
|
11,712
|
(917,543)
|
21,800,354
|
FNMA
certificates
|
73,425,200
|
—
|
(2,976,384)
|
70,448,816
|
GNMA
certificates
|
21,736,255
|
3,506
|
(604,266)
|
21,135,495
|
|
$207,724,687
|
$276,234
|
$(8,495,717)
|
$199,505,204
|
|
June 30, 2017
|
|||||
|
Less than 12 months
|
12 Months or More
|
Total
|
|||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|
value
|
losses
|
value
|
losses
|
value
|
losses
|
U.S.
treasury
|
$3,013,359
|
$6,084
|
$—
|
$—
|
$3,013,359
|
$6,084
|
U.S.
government agency
|
13,382,939
|
160,941
|
—
|
—
|
13,382,939
|
160,941
|
Municipal
securities
|
32,234,681
|
785,478
|
2,500,197
|
76,833
|
34,734,878
|
862,311
|
Mortgage
backed securities
|
|
|
|
|
|
|
FHLMC
certificates
|
19,120,575
|
326,452
|
1,645,932
|
43,382
|
20,766,507
|
369,834
|
FNMA
certificates
|
50,323,982
|
879,626
|
15,126,935
|
367,351
|
65,450,917
|
1,246,977
|
GNMA
certificates
|
10,425,797
|
171,715
|
2,998,109
|
56,516
|
13,423,906
|
228,231
|
Total
|
$128,501,333
|
$2,330,296
|
$22,271,173
|
$544,082
|
$150,772,506
|
$2,874,378
|
|
December 31, 2016
|
|||||
|
Less than 12 months
|
12 Months or More
|
Total
|
|||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|
value
|
losses
|
value
|
losses
|
value
|
losses
|
U.S.
treasury
|
$1,496,016
|
$3,728
|
$—
|
$—
|
$1,496,016
|
$3,728
|
U.S.
government agency
|
7,266,315
|
387,280
|
—
|
—
|
7,266,315
|
387,280
|
Corporate
bonds
|
1,981,160
|
18,840
|
—
|
—
|
1,981,160
|
18,840
|
Municipal
securities
|
50,722,187
|
3,587,676
|
—
|
—
|
50,722,187
|
3,587,676
|
Mortgage
backed securities
|
|
|
|
|
|
|
FHLMC
certificates
|
21,413,620
|
917,543
|
—
|
—
|
21,413,620
|
917,543
|
FNMA
certificates
|
70,448,817
|
2,976,384
|
—
|
—
|
70,448,817
|
2,976,384
|
GNMA
certificates
|
16,403,268
|
475,022
|
4,227,210
|
129,244
|
20,630,479
|
604,266
|
Total
|
$169,731,383
|
$8,366,473
|
$4,227,210
|
$129,244
|
$173,958,594
|
$8,495,717
|
|
Available for Sale
|
|
|
Amortized
|
Fair
|
June 30, 2017
|
cost
|
value
|
|
|
|
Maturing
|
|
|
Within
one year
|
$3,019,443
|
$3,013,359
|
Over
one to five years
|
2,265,522
|
2,271,340
|
Over
five to ten years
|
41,915,898
|
42,012,426
|
Over
ten years
|
153,529,891
|
151,075,328
|
|
$200,730,754
|
$198,372,453
|
Pledged
securities
|
$39,637,225
|
$39,043,138
|
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy (1)
|
Acquired
|
Total
|
Legacy (1)
|
Acquired
|
Total
|
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$266,686,058
|
$45,923,998
|
$312,610,056
|
$238,220,475
|
$53,850,612
|
$292,071,087
|
Investment
|
453,597,514
|
32,857,002
|
486,454,516
|
414,012,709
|
37,687,804
|
451,700,513
|
Hospitality
|
157,457,044
|
6,814,105
|
164,271,149
|
141,611,858
|
11,193,427
|
152,805,285
|
Land
and A&D
|
44,742,020
|
5,452,470
|
50,194,490
|
51,323,297
|
6,015,813
|
57,339,110
|
Residential
Real Estate
|
|
|
|
|
|
|
First
Lien-Investment
|
81,285,353
|
20,860,372
|
102,145,725
|
72,150,512
|
23,623,660
|
95,774,172
|
First
Lien-Owner Occupied
|
61,719,823
|
40,800,994
|
102,520,817
|
54,732,604
|
42,443,767
|
97,176,371
|
Residential
Land and A&D
|
43,290,769
|
5,012,688
|
48,303,457
|
39,667,222
|
5,558,232
|
45,225,454
|
HELOC
and Jr. Liens
|
22,692,006
|
2,352,459
|
25,044,465
|
24,385,215
|
2,633,718
|
27,018,933
|
Commercial
and Industrial
|
149,943,871
|
4,823,533
|
154,767,404
|
136,259,560
|
5,733,904
|
141,993,464
|
Consumer
|
4,405,042
|
88,696
|
4,493,738
|
4,868,909
|
139,966
|
5,008,875
|
|
1,285,819,500
|
164,986,317
|
1,450,805,817
|
1,177,232,361
|
188,880,903
|
1,366,113,264
|
Allowance
for loan losses
|
(5,807,254)
|
(104,588)
|
(5,911,842)
|
(6,084,478)
|
(110,991)
|
(6,195,469)
|
Deferred
loan costs, net
|
1,679,274
|
—
|
1,679,274
|
1,257,411
|
—
|
1,257,411
|
|
$1,281,691,520
|
$164,881,729
|
$1,446,573,249
|
$1,172,405,294
|
$188,769,912
|
$1,361,175,206
|
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy
|
Acquired
|
Total
|
Legacy
|
Acquired
|
Total
|
Current
|
$1,279,091,477
|
$160,607,927
|
$1,439,699,404
|
$1,167,380,870
|
$185,631,054
|
$1,353,011,924
|
Accruing
past due loans:
|
|
|
|
|
|
|
30-89
days past due
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
Owner
Occupied
|
4,864,845
|
717,930
|
5,582,775
|
2,799,802
|
—
|
2,799,802
|
Investment
|
—
|
769,539
|
769,539
|
—
|
794,037
|
794,037
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Investment
|
461,119
|
515,168
|
976,287
|
517,498
|
397,944
|
915,442
|
First
Lien-Owner Occupied
|
233,891
|
1,134,676
|
1,368,567
|
—
|
879,718
|
879,718
|
HELOC
and Jr. Liens
|
136,820
|
—
|
136,820
|
99,946
|
—
|
99,946
|
Commercial
and Industrial
|
353,665
|
—
|
353,665
|
325,161
|
—
|
325,161
|
Consumer
|
—
|
550
|
550
|
—
|
—
|
—
|
Total
30-89 days past due
|
6,050,340
|
3,137,863
|
9,188,203
|
3,742,407
|
2,071,699
|
5,814,106
|
90
or more days past due
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
Owner
Occupied
|
—
|
—
|
—
|
—
|
634,290
|
634,290
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Owner Occupied
|
—
|
3,360
|
3,360
|
—
|
250,000
|
250,000
|
Commercial
|
19,159
|
—
|
19,159
|
—
|
—
|
—
|
Consumer
|
—
|
—
|
—
|
19,242
|
—
|
19,242
|
Total
90 or more days past due
|
19,159
|
3,360
|
22,519
|
19,242
|
884,290
|
903,532
|
Total
accruing past due loans
|
6,069,499
|
3,141,223
|
9,210,722
|
3,761,649
|
2,955,989
|
6,717,638
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
Owner
Occupied
|
—
|
225,432
|
225,432
|
2,370,589
|
—
|
2,370,589
|
Hospitality
|
—
|
—
|
—
|
1,346,736
|
—
|
1,346,736
|
Land
and A&D
|
—
|
192,382
|
192,382
|
77,395
|
194,567
|
271,962
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Investment
|
233,759
|
—
|
233,759
|
312,061
|
99,293
|
411,354
|
First
Lien-Owner Occupied
|
222,237
|
819,353
|
1,041,590
|
222,237
|
—
|
222,237
|
Commercial
and Industrial
|
202,528
|
—
|
202,528
|
1,760,824
|
—
|
1,760,824
|
Non-accruing
loans:
|
658,524
|
1,237,167
|
1,895,691
|
6,089,842
|
293,860
|
6,383,702
|
Total
Loans
|
$1,285,819,500
|
$164,986,317
|
$1,450,805,817
|
$1,177,232,361
|
$188,880,903
|
$1,366,113,264
|
|
Impaired at June 30, 2017
|
|
|
|
|
||
|
|
|
|
Three months June 30, 2017
|
Six Months June 30, 2017
|
||
|
Unpaid
|
|
|
Average
|
Interest
|
Average
|
Interest
|
|
Principal
|
Recorded
|
Related
|
Recorded
|
Income
|
Recorded
|
Income
|
|
Balance
|
Investment
|
Allowance
|
Investment
|
Recognized
|
Investment
|
Recognized
|
Legacy
|
|
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
$1,825,757
|
$1,825,757
|
$—
|
$1,825,757
|
$19,303
|
$1,967,633
|
$32431
|
Investment
|
1,183,812
|
1,183,812
|
—
|
1,183,812
|
9,070
|
1,196,978
|
26,001
|
Residential
Real Estate:
|
|
|
|
|
|
|
|
First
Lien-Investment
|
41,258
|
41,258
|
—
|
41,258
|
—
|
41,258
|
—
|
First
Lien-Owner Occupied
|
222,237
|
222,237
|
—
|
222,237
|
—
|
222,237
|
—
|
Commercial
|
405,368
|
405,368
|
—
|
405,368
|
3,700
|
345,972
|
23,130
|
With
an allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
—
|
—
|
—
|
—
|
—
|
|
|
Investment
|
601,535
|
601,535
|
28,803
|
601,535
|
7,739
|
605,929
|
15,364
|
Residential
Real Estate:
|
|
|
|
|
|
|
|
First
Lien-Investment
|
192,501
|
192,501
|
20,263
|
192,501
|
—
|
192,501
|
—
|
Commercial
|
300,234
|
300,234
|
300,234
|
300,234
|
1,255
|
300,806
|
2,493
|
Total
legacy impaired
|
4,772,702
|
4,772,702
|
349,300
|
4,772,702
|
41,067
|
4,873,314
|
99,419
|
Acquired(1)
|
|
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
252,687
|
252,687
|
—
|
252,687
|
—
|
252,743
|
2,155
|
Residential
Real Estate:
|
|
|
|
|
|
|
|
First
Lien-Owner Occupied
|
1,581,891
|
1,469,632
|
—
|
1,581,653
|
8,526
|
1,587,209
|
21,844
|
First
Lien-Investment
|
132,715
|
71,348
|
—
|
132,715
|
1,106
|
133,367
|
2,194
|
Land
and A&D
|
334,271
|
45,000
|
—
|
334,271
|
—
|
334,271
|
—
|
With
an allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Land
and A&D
|
150,430
|
150,430
|
80,072
|
155,611
|
—
|
155,780
|
823
|
Commercial
|
74,197
|
74,197
|
24,516
|
73,898
|
948
|
75,077
|
1900
|
Total
acquired impaired
|
2,526,191
|
2,063,294
|
104,588
|
2,530,835
|
10,580
|
2,538,447
|
28,916
|
Total
impaired
|
$7,298,893
|
$6,835,996
|
$453,888
|
$7,303,537
|
$51,647
|
$7,411,761
|
$128,335
|
Impaired Loans
|
|||||
December 31, 2016
|
|||||
|
Unpaid
|
|
|
Average
|
Interest
|
|
Principal
|
Recorded
|
Related
|
Recorded
|
Income
|
|
Balance
|
Investment
|
Allowance
|
Investment
|
Recognized
|
Legacy
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Owner
Occupied
|
$566,973
|
$566,973
|
$—
|
$1,223,360
|
$12,759
|
Investment
|
1,212,771
|
1,212,771
|
—
|
1,208,240
|
54,531
|
Residential
Real Estate:
|
|
|
|
|
|
First
Lien-Owner Occupied
|
222,237
|
222,237
|
—
|
243,699
|
5,440
|
Commercial
|
843,809
|
843,809
|
—
|
3,338,295
|
3,761
|
With
an allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Owner
Occupied
|
2,048,989
|
2,048,989
|
443,489
|
6,605,858
|
50,348
|
Investment
|
610,485
|
610,485
|
33,335
|
610,373
|
46,550
|
Hospitality
|
1,346,736
|
1,346,736
|
134,674
|
4,199,162
|
20,959
|
Land
and A&D
|
77,395
|
77,395
|
15,860
|
82,587
|
4,729
|
Residential
Real Estate:
|
|
|
|
|
|
First
Lien-Owner Occupied
|
312,061
|
312,061
|
45,505
|
547,024
|
9,348
|
Commercial
|
1,016,479
|
1,016,479
|
609,152
|
1,976,689
|
4,476
|
Total
legacy impaired
|
8,257,935
|
8,257,935
|
1,282,015
|
20,035,287
|
212,901
|
Acquired(1)
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Land
and A&D
|
255,716
|
91,669
|
—
|
255,661
|
13,686
|
Residential
Real Estate:
|
|
|
|
|
|
First
Lien-Owner Occupied
|
662,835
|
662,835
|
—
|
1,408,689
|
19,899
|
First
Lien-Investment
|
292,349
|
171,348
|
—
|
233,133
|
4,383
|
Land
and A&D
|
334,271
|
45,000
|
—
|
334,271
|
—
|
With
an allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Land
and A&D
|
151,634
|
151,634
|
83,784
|
161,622
|
5,264
|
Commercial
|
76,243
|
76,243
|
27,207
|
83,049
|
3,992
|
Total
acquired impaired
|
1,773,048
|
1,198,729
|
110,991
|
2,476,425
|
47,224
|
Total
impaired
|
$10,030,983
|
$9,456,664
|
$1,393,006
|
$22,511,712
|
$260,125
|
|
Loans Modified as a TDR for the three
months ended
|
|||||
|
June 30, 2017
|
June 30, 2016
|
||||
|
|
Pre-
|
Post
|
|
Pre-
|
Post
|
|
|
Modification
|
Modification
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Outstanding
|
Outstanding
|
Troubled Debt Restructurings—
|
# of
|
Recorded
|
Recorded
|
# of
|
Recorded
|
Recorded
|
(Dollars in thousands)
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
Legacy
|
|
|
|
|
|
|
Commercial
Real Estate
|
—
|
—
|
—
|
—
|
—
|
—
|
Residential
Real Estate Non-Owner Occupied
|
—
|
—
|
—
|
—
|
—
|
—
|
Commercial
|
—
|
—
|
—
|
—
|
—
|
—
|
Total
legacy TDR's
|
—
|
—
|
—
|
—
|
—
|
—
|
Acquired
|
|
|
|
|
|
|
Commercial
Real Estate
|
—
|
—
|
—
|
—
|
—
|
—
|
Residential
Real Estate Non-Owner Occupied
|
—
|
—
|
—
|
—
|
—
|
—
|
Commercial
|
—
|
—
|
—
|
—
|
—
|
—
|
Total
acquired TDR's
|
—
|
—
|
—
|
—
|
—
|
—
|
Total
Troubled Debt Restructurings
|
—
|
$—
|
$—
|
—
|
$—
|
$—
|
|
Loans Modified as a TDR for the six
months ended
|
|||||
|
June 30, 2017
|
June 30, 2016
|
||||
|
|
Pre-
|
Post
|
|
Pre-
|
Post
|
|
|
Modification
|
Modification
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Outstanding
|
Outstanding
|
Troubled Debt Restructurings—
|
# of
|
Recorded
|
Recorded
|
# of
|
Recorded
|
Recorded
|
(Dollars in thousands)
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
Legacy
|
|
|
|
|
|
|
Commercial
Real Estate
|
1
|
1,596,740
|
1,584,913
|
—
|
—
|
—
|
Commercial
|
1
|
414,324
|
405,328
|
—
|
—
|
—
|
Total
legacy TDR's
|
2
|
2,011,064
|
1,990,241
|
—
|
—
|
—
|
Acquired
|
|
|
|
|
|
|
Commercial
Real Estate
|
—
|
—
|
—
|
1
|
256,669
|
91,929
|
Residential
Real Estate Non-Owner Occupied
|
—
|
—
|
—
|
1
|
136,173
|
66,453
|
Total
acquired TDR's
|
—
|
—
|
—
|
2
|
392,842
|
158,382
|
Total
Troubled Debt Restructurings
|
2
|
$2,011,064
|
$1,990,241
|
2
|
$392,842
|
$158,382
|
|
June 30, 2017
|
June 30, 2016
|
Balance
at beginning of period
|
$(22,980)
|
$276,892
|
Accretion
of fair value discounts
|
(51,722)
|
(44,967)
|
Payoff
of acquired loans
|
—
|
(390,990)
|
Reclassification
from non-accretable discount
|
52,807
|
352,714
|
Balance
at end of period
|
$(21,895)
|
$193,649
|
|
Contractually
|
|
|
Required Payments
|
|
|
Receivable
|
Carrying Amount
|
At
June 30, 2017
|
$8,311,088
|
$6,643,878
|
At
December 31, 2016
|
9,597,703
|
7,558,415
|
At
June 30, 2016
|
12,798,858
|
10,099,810
|
At
December 31, 2015
|
14,875,352
|
10,675,943
|
June 30, 2017
|
Legacy
|
Acquired
|
Total
|
Risk
Rating
|
|
|
|
Pass(1
- 5)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
$259,552,188
|
$40,967,683
|
$300,519,871
|
Investment
|
450,729,071
|
31,408,378
|
482,137,449
|
Hospitality
|
157,457,044
|
5,409,549
|
162,866,593
|
Land
and A&D
|
42,304,057
|
5,269,440
|
47,573,497
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
80,284,280
|
19,451,885
|
99,736,165
|
First
Lien-Owner Occupied
|
61,193,426
|
36,843,774
|
98,037,200
|
Land
and A&D
|
40,849,195
|
4,076,796
|
44,925,991
|
HELOC
and Jr. Liens
|
22,692,006
|
2,352,459
|
25,044,465
|
Commercial
|
146,413,343
|
4,692,996
|
151,106,339
|
Consumer
|
4,405,042
|
88,696
|
4,493,738
|
|
1,265,879,652
|
150,561,656
|
1,416,441,308
|
Special
Mention(6)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
4,503,876
|
3,538,877
|
8,042,753
|
Investment
|
1,083,096
|
1,057,944
|
2,141,040
|
Hospitality
|
—
|
1,404,556
|
1,404,556
|
Land
and A&D
|
2,437,963
|
138,031
|
2,575,994
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
491,815
|
1,051,720
|
1,543,535
|
First
Lien-Owner Occupied
|
304,160
|
1,852,090
|
2,156,250
|
Land
and A&D
|
2,441,574
|
678,778
|
3,120,352
|
Commercial
|
1,420,075
|
56,868
|
1,476,943
|
|
12,682,559
|
9,778,864
|
22,461,423
|
Substandard(7)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
2,629,993
|
1,417,438
|
4,047,431
|
Investment
|
1,785,347
|
390,679
|
2,176,026
|
Land
and A&D
|
—
|
45,000
|
45,000
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
509,258
|
356,767
|
866,025
|
First
Lien-Owner Occupied
|
222,237
|
2,105,131
|
2,327,368
|
Land
and A&D
|
—
|
257,114
|
257,114
|
Commercial
|
2,110,454
|
73,668
|
2,184,122
|
|
7,257,289
|
4,645,797
|
11,903,086
|
Doubtful(8)
|
—
|
—
|
—
|
Loss(9)
|
—
|
—
|
—
|
Total
|
$1,285,819,500
|
$164,986,317
|
$1,450,805,817
|
At December 31, 2016
|
Legacy
|
Acquired
|
Total
|
Risk
Rating
|
|
|
|
Pass(1
- 5)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
$231,985,682
|
$48,069,046
|
$280,054,728
|
Investment
|
408,875,014
|
35,130,038
|
444,005,052
|
Hospitality
|
140,265,123
|
9,781,737
|
150,046,860
|
Land
and A&D
|
48,817,229
|
5,815,572
|
54,632,801
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
70,980,640
|
21,898,603
|
92,879,243
|
First
Lien-Owner Occupied
|
54,201,816
|
39,011,487
|
93,213,303
|
Land
and A&D
|
36,910,902
|
4,299,830
|
41,210,732
|
HELOC
and Jr. Liens
|
24,385,215
|
2,633,718
|
27,018,933
|
Commercial
|
132,518,224
|
5,460,820
|
137,979,044
|
Consumer
|
4,868,909
|
139,966
|
5,008,875
|
|
1,153,808,754
|
172,240,817
|
1,326,049,571
|
Special
Mention(6)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
2,799,801
|
4,572,278
|
7,372,079
|
Investment
|
400,228
|
1,776,837
|
2,177,065
|
Hospitality
|
—
|
1,411,689
|
1,411,689
|
Land
and A&D
|
2,506,068
|
155,241
|
2,661,309
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
577,767
|
1,248,453
|
1,826,220
|
First
Lien-Owner Occupied
|
308,552
|
1,882,182
|
2,190,734
|
Land
and A&D
|
2,678,925
|
791,399
|
3,470,324
|
Commercial
|
456,093
|
197,383
|
653,476
|
|
9,727,434
|
12,035,462
|
21,762,896
|
Substandard(7)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
3,434,990
|
1,209,289
|
4,644,279
|
Investment
|
4,737,465
|
780,929
|
5,518,394
|
Hospitality
|
1,346,736
|
—
|
1,346,736
|
Land
and A&D
|
—
|
45,000
|
45,000
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
592,106
|
476,603
|
1,068,709
|
First
Lien-Owner Occupied
|
222,237
|
1,550,098
|
1,772,335
|
Land
and A&D
|
77,395
|
467,004
|
544,399
|
Commercial
|
3,285,244
|
75,701
|
3,360,945
|
Consumer
|
—
|
—
|
—
|
|
13,696,173
|
4,604,624
|
18,300,797
|
Doubtful(8)
|
—
|
—
|
—
|
Loss(9)
|
—
|
—
|
—
|
Total
|
$1,177,232,361
|
$188,880,903
|
$1,366,113,264
|
|
|
Commercial
|
Residential
|
|
|
Three Months Ended June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,233,152
|
$3,683,260
|
$684,541
|
$8,836
|
$5,609,789
|
Provision
for loan losses
|
84,583
|
105,746
|
109,254
|
(20,667)
|
278,916
|
Recoveries
|
512
|
417
|
—
|
22,208
|
23,137
|
|
1,318,247
|
3,789,423
|
793,795
|
10,377
|
5,911,842
|
Loans
charged off
|
—
|
—
|
—
|
—
|
—
|
Ending
Balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
|
|
Commercial
|
Residential
|
|
|
Six Months Ended June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
Provision
for loan losses
|
514,972
|
238,360
|
(28,357)
|
(5,568)
|
719,407
|
Recoveries
|
1,563
|
833
|
900
|
25,532
|
28,828
|
|
1,888,770
|
4,229,345
|
796,063
|
29,526
|
6,943,704
|
Loans
charged off
|
(570,523)
|
(439,922)
|
(2,268)
|
(19,149)
|
(1,031,862)
|
Ending
Balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$300,234
|
$28,803
|
$20,262
|
$—
|
$349,299
|
Other
loans not individually evaluated
|
993,496
|
3,760,620
|
693,461
|
10,377
|
5,457,954
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
24,517
|
—
|
80,072
|
—
|
104,589
|
Ending
balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
|
|
Commercial
|
Residential
|
|
|
Three Months Ended June 30, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$989,005
|
$3,801,163
|
$904,204
|
$11,485
|
$5,705,857
|
Provision
for loan losses
|
146,461
|
138,069
|
14,615
|
855
|
300,000
|
Recoveries
|
7,386
|
—
|
11,308
|
3,212
|
21,906
|
|
1,142,852
|
3,939,232
|
930,127
|
15,552
|
6,027,763
|
Loans
charged off
|
—
|
—
|
(3,055)
|
(5,785)
|
(8,840)
|
Ending
Balance
|
$1,142,852
|
$3,939,232
|
$927,072
|
$9,767
|
$6,018,923
|
|
|
|
|
|
|
|
|
Commercial
|
Residential
|
|
|
Six Months Ended June 30, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,168,529
|
$3,046,714
|
$682,962
|
$11,613
|
$4,909,818
|
Provision
for loan losses
|
(35,490)
|
892,518
|
227,996
|
(6,413)
|
1,078,611
|
Recoveries
|
14,285
|
—
|
19,169
|
10,853
|
44,307
|
|
1,147,324
|
3,939,232
|
930,127
|
16,053
|
6,032,736
|
Loans
charged off
|
(4,472)
|
—
|
(3,055)
|
(6,286)
|
(13,813)
|
Ending
Balance
|
$1,142,852
|
$3,939,232
|
$927,072
|
$9,767
|
$6,018,923
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$550,046
|
$676,747
|
$—
|
$—
|
$1,226,793
|
Other
loans not individually evaluated
|
592,806
|
3,262,485
|
611,006
|
9,767
|
4,476,064
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
—
|
—
|
316,066
|
—
|
316,066
|
Ending
balance
|
$1,142,852
|
$3,939,232
|
$927,072
|
$9,767
|
$6,018,923
|
|
|
Commercial
|
Residential
|
|
|
June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Legacy loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve
|
$300,234
|
$601,535
|
$192,501
|
$—
|
$1,094,270
|
Individually
evaluated for impairment without specific reserve
|
405,368
|
3,009,569
|
263,495
|
—
|
3,678,432
|
Other
loans not individually evaluated
|
149,238,270
|
918,871,531
|
208,531,955
|
4,405,042
|
1,281,046,798
|
Acquired loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve subsequent to
acquisition (ASC 310-20 at acquisition)
|
74,197
|
150,430
|
—
|
—
|
224,627
|
Individually
evaluated for impairment without specific reserve (ASC 310-20 at
acquisition)
|
—
|
252,687
|
1,585,980
|
—
|
1,838,667
|
Individually
evaluated for impairment without specific reserve (ASC 310-30 at
acquisition)
|
—
|
3,515,652
|
3,128,226
|
—
|
6,643,878
|
Collectively
evaluated for impairment without reserve (ASC 310-20 at
acquisition)
|
4,749,336
|
87,128,806
|
64,312,307
|
88,696
|
156,279,145
|
Ending
balance
|
$154,767,405
|
$1,013,530,210
|
$278,014,464
|
$4,493,738
|
$1,450,805,817
|
|
|
Commercial
|
Residential
|
|
|
June 30, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Legacy loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve
|
$1,009,512
|
$3,495,551
|
$—
|
$—
|
$4,505,063
|
Individually
evaluated for impairment without specific reserve
|
885,570
|
1,814,606
|
—
|
—
|
2,700,176
|
Other
loans not individually evaluated
|
110,924,558
|
718,453,673
|
185,608,582
|
5,386,911
|
1,020,373,724
|
Acquired loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve subsequent to
acquisition (ASC 310-20 at acquisition)
|
—
|
—
|
377,212
|
—
|
377,212
|
Individually
evaluated for impairment without specific reserve (ASC 310-20 at
acquisition)
|
952,002
|
616,862
|
1,954,409
|
—
|
3,523,273
|
Individually
evaluated for impairment without specific reserve (ASC 310-30 at
acquisition)
|
—
|
5,789,245
|
4,310,565
|
—
|
10,099,810
|
Collectively
evaluated for impairment without reserve (ASC 310-20 at
acquisition)
|
7,010,584
|
118,600,602
|
79,468,134
|
171,324
|
205,250,644
|
Ending
balance
|
$120,782,226
|
$848,770,539
|
$271,718,902
|
$5,558,235
|
$1,246,829,902
|
Six Months Ended June 30, 2017
|
Legacy
|
Acquired
|
Total
|
Beginning
balance
|
$425,000
|
$2,321,000
|
$2,746,000
|
Real
estate acquired through foreclosure of loans
|
321,600
|
101,248
|
422,848
|
Sales/deposit
on sales
|
—
|
(290,644)
|
(290,644)
|
Net
realized gain on sale of real estate owned
|
—
|
17,689
|
17,689
|
Ending
balance
|
$746,600
|
$2,149,293
|
$2,895,893
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Weighted
average number of shares
|
10,951,464
|
10,816,429
|
10,938,892
|
10,812,314
|
Dilutive
average number of shares
|
11,165,814
|
10,989,854
|
11,152,901
|
10,980,534
|
|
At June 30, 2017 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Available-for-sale:
|
|
|
|
|
Treasury
securities
|
$3,013
|
$3,013
|
$—
|
$—
|
U.S.
government agency
|
18,345
|
—
|
18,345
|
—
|
Corporate
bonds
|
9,243
|
—
|
—
|
9,243
|
Municipal
securities
|
66,474
|
—
|
66,474
|
—
|
FHLMC
MBS
|
20,957
|
—
|
20,957
|
—
|
FNMA
MBS
|
66,916
|
—
|
66,916
|
—
|
GNMA
MBS
|
13,424
|
—
|
13,424
|
—
|
Total
recurring assets at fair value
|
$198,372
|
$3,013
|
$186,116
|
$9,243
|
|
At December 31, 2016 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Available-for-sale:
|
|
|
|
|
Treasury
securities
|
$2,996
|
$2,996
|
$—
|
$—
|
U.S.
government agency
|
7,266
|
—
|
7,266
|
—
|
Corporate
bonds
|
8,172
|
—
|
—
|
8,172
|
Municipal
securities
|
67,687
|
—
|
67,687
|
—
|
FHLMC
MBS
|
21,800
|
—
|
21,800
|
—
|
FNMA
MBS
|
70,449
|
—
|
70,449
|
—
|
GNMA
MBS
|
21,135
|
—
|
21,135
|
—
|
Total
recurring assets at fair value
|
$199,505
|
$2,996
|
$188,337
|
$8,172
|
(in
thousands)
|
Level 3
|
Investment
available-for-sale
|
|
Balance
as of January 1, 2017
|
$8,172
|
Realized
and unrealized gains (losses)
|
|
Included
in earnings
|
—
|
Included
in other comprehensive income
|
71
|
Purchases,
issuances, sales and settlements
|
1,000
|
Transfers
into or out of level 3
|
—
|
Balance
at June 30, 2017
|
$9,243
|
|
At June 30, 2017 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Impaired
Loans
|
|
|
|
|
Legacy:
|
$4,423
|
—
|
—
|
$4,423
|
Acquired:
|
1,959
|
—
|
—
|
1,959
|
Total
Impaired Loans
|
6,382
|
—
|
—
|
6,382
|
|
|
|
|
|
Other
real estate owned:
|
|
|
|
|
Legacy:
|
$747
|
—
|
—
|
$747
|
Acquired:
|
2,149
|
—
|
—
|
2,149
|
Total
other real estate owned:
|
2,896
|
—
|
—
|
2,896
|
Total
|
$9,278
|
$—
|
$—
|
$9,278
|
|
At December 31, 2016 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Impaired
Loans
|
|
|
|
|
Legacy:
|
$6,976
|
—
|
—
|
$6,976
|
Acquired:
|
1,088
|
—
|
—
|
1,088
|
Total
Impaired Loans
|
8,064
|
—
|
—
|
8,064
|
|
|
|
|
|
Other
real estate owned:
|
|
|
|
|
Legacy:
|
$425
|
—
|
—
|
$425
|
Acquired:
|
2,321
|
—
|
—
|
2,321
|
Total
other real estate owned:
|
2,746
|
—
|
—
|
2,746
|
Total
|
$10,810
|
$—
|
$—
|
$10,810
|
|
June 30, 2017 (In thousands)
|
||||
|
|
|
Quoted Prices
|
Significant
|
Significant
|
|
|
Total
|
in Active
|
Other
|
Other
|
|
Carrying
|
Estimated
|
Markets for
|
Observable
|
Unobservable
|
|
Amount
|
Fair
|
Identical Assets
|
Inputs
|
Inputs
|
|
(000’s)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Assets:
|
|
|
|
|
|
Cashand
cash equivalents$
|
26,465
|
$26,465
|
$26,465
|
$—
|
$—
|
Loans
receivable, net
|
1,446,573
|
1,443,615
|
—
|
—
|
1,443,615
|
Loans
held for sale
|
6,615
|
6,858
|
—
|
6,858
|
—
|
Investment
securities available for sale
|
198,372
|
198,372
|
3,013
|
186,116
|
9,243
|
Equity
Securities at cost
|
9,973
|
9,973
|
—
|
9,973
|
—
|
Bank
Owned Life Insurance
|
38,026
|
38,026
|
—
|
38,026
|
—
|
Accrued
interest receivable
|
4,145
|
4,145
|
—
|
936
|
3,209
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest-bearing
|
366,469
|
366,469
|
—
|
366,469
|
—
|
Interest
bearing
|
1,012,960
|
1,016,434
|
—
|
1,016,434
|
—
|
Short
term borrowings
|
203,781
|
203,781
|
—
|
203,781
|
—
|
Long
term borrowings
|
37,974
|
37,974
|
—
|
37,974
|
—
|
Accrued
Interest payable
|
1,341
|
1,341
|
—
|
1,341
|
—
|
|
December 31, 2016 (In thousands)
|
||||
|
|
|
Quoted Prices
|
Significant
|
Significant
|
|
|
Total
|
in Active
|
Other
|
Other
|
|
Carrying
|
Estimated
|
Markets for
|
Observable
|
Unobservable
|
|
Amount
|
Fair
|
Identical Assets
|
Inputs
|
Inputs
|
|
(000’s)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Assets:
|
|
|
|
|
|
Cashand
cash equivalents$
|
23,463
|
$23,463
|
$23,463
|
$—
|
$—
|
Loans
receivable, net
|
1,361,175
|
1,364,361
|
—
|
—
|
1,364,361
|
Loans
held for sale
|
8,418
|
8,707
|
—
|
8,707
|
—
|
Investment
securities available for sale
|
199,505
|
199,505
|
2,996
|
188,337
|
8,172
|
Equity
Securities at cost
|
8,303
|
8,303
|
—
|
8,303
|
—
|
Bank
Owned Life Insurance
|
37,558
|
37,558
|
—
|
37,558
|
—
|
Accrued
interest receivable
|
4,278
|
4,278
|
—
|
991
|
3,287
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest-bearing
|
331,331
|
331,331
|
—
|
331,331
|
—
|
Interest
bearing
|
994,549
|
998,489
|
—
|
998,489
|
—
|
Short
term borrowings
|
183,434
|
183,434
|
—
|
183,434
|
—
|
Long
term borrowings
|
37,843
|
37,843
|
—
|
37,843
|
—
|
Accrued
Interest payable
|
1,269
|
1,269
|
—
|
1,269
|
—
|
|
Three months ended June 30,
|
|||
|
(Dollars in thousands)
|
|||
|
2017
|
2016
|
$ Change
|
% Change
|
|
|
|
|
|
Net
income available to common stockholders
|
$3,969
|
$3,131
|
$838
|
26.76%
|
Interest
income
|
17,054
|
14,614
|
2,440
|
16.70
|
Interest
expense
|
2,801
|
1,638
|
1,163
|
71.00
|
Net
interest income before provision for loan losses
|
14,253
|
12,976
|
1,277
|
9.84
|
Provision
for loan losses
|
279
|
300
|
(21)
|
(7.00)
|
Non-interest
income
|
1,996
|
2,564
|
(568)
|
(22.15)
|
Non-interest
expense
|
9,929
|
10,553
|
(624)
|
(5.91)
|
Average
total loans
|
1,439,841
|
1,214,193
|
225,648
|
18.58
|
Average
interest earning assets
|
1,648,820
|
1,402,850
|
245,970
|
17.53
|
Average
total interest bearing deposits
|
1,010,827
|
916,952
|
93,875
|
10.24
|
Average
non-interest bearing deposits
|
357,710
|
313,709
|
44,001
|
14.03
|
Net
interest margin
|
3.60%
|
3.85%
|
|
(6.49)
|
Return
on average equity
|
9.37%
|
8.63%
|
|
8.57
|
Basic
earnings per common share
|
$0.36
|
$0.29
|
$0.07
|
24.14
|
Diluted
earnings per common share
|
0.36
|
0.28
|
0.08
|
28.57
|
|
Six months ended June 30,
|
|||
|
(Dollars in thousands)
|
|||
|
2017
|
2016
|
$ Change
|
% Change
|
|
|
|
|
|
Net
income available to common stockholders
|
$7,943
|
$5,282
|
$2,661
|
50.37%
|
Interest
income
|
33,689
|
28,772
|
4,917
|
17.09
|
Interest
expense
|
5,275
|
3,184
|
2,091
|
65.65
|
Net
interest income before provision for loan losses
|
28,414
|
25,588
|
2,826
|
11.04
|
Provision
for loan losses
|
719
|
1,079
|
(360)
|
(33.36)
|
Non-interest
income
|
3,850
|
4,547
|
(697)
|
(15.33)
|
Non-interest
expense
|
19,462
|
21,177
|
(1,715)
|
(8.10)
|
Average
total loans
|
1,411,251
|
1,193,476
|
217,775
|
18.25
|
Average
interest earning assets
|
1,621,318
|
1,385,537
|
235,781
|
17.02
|
Average
total interest bearing deposits
|
999,834
|
912,731
|
87,103
|
9.54
|
Average
non-interest bearing deposits
|
347,236
|
319,979
|
27,257
|
8.52
|
Net
interest margin
|
3.66%
|
3.85%
|
|
(4.94)
|
Return
on average equity
|
9.50%
|
7.41%
|
|
28.21
|
Basic
earnings per common share
|
$0.73
|
$0.49
|
$0.24
|
48.98
|
Diluted
earnings per common share
|
0.71
|
0.48
|
0.23
|
47.92
|
|
Three months ended June 30,
|
|||
|
2017
|
2016
|
||
|
|
% Impact on
|
|
% Impact on
|
|
Accretion
|
Net Interest
|
Accretion
|
Net Interest
|
|
Dollars
|
Margin
|
Dollars
|
Margin
|
Commercial
loans
|
$(6,028)
|
—%
|
$(479)
|
—%
|
Mortgage
loans
|
302,687
|
0.07
|
127,100
|
0.04
|
Consumer
loans
|
5,038
|
—
|
10,963
|
—
|
Interest
bearing deposits
|
29,538
|
0.01
|
68,569
|
0.02
|
Total
accretion (amortization)
|
$331,235
|
0.08%
|
$206,153
|
0.06%
|
|
Average Balances, Interest and Yields
|
|||||
|
2017
|
2016
|
||||
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
Three months ended June 30,
|
balance
|
Interest
|
Rate
|
balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
Federal
funds sold (1)
|
$334,761
|
$996
|
1.19%
|
$327,683
|
$379
|
0.47%
|
Interest
bearing deposits (1)
|
1,139,932
|
4
|
—
|
1,520,554
|
3
|
—
|
Investment
securities (1)(2)
|
|
|
|
|
|
|
U.S.
Treasury
|
3,023,053
|
7,578
|
1.01
|
2,997,364
|
5,285
|
0.71
|
U.S.
government agency
|
10,852,617
|
71,214
|
2.63
|
23,454,182
|
90,625
|
1.55
|
Corporate
bonds
|
9,100,000
|
121,042
|
5.34
|
—
|
—
|
—
|
Mortgage
backed securities
|
113,281,791
|
554,411
|
1.96
|
104,087,876
|
494,145
|
1.91
|
Municipal
securities
|
67,296,987
|
646,047
|
3.85
|
55,881,307
|
591,467
|
4.26
|
Other
equity securities
|
9,730,114
|
132,793
|
5.47
|
6,231,432
|
97,728
|
6.31
|
Total
investment securities
|
213,284,562
|
1,533,085
|
2.88
|
192,652,161
|
1,279,250
|
2.67
|
Loans(1)
|
|
|
|
|
|
|
Commercial
|
179,581,927
|
1,723,985
|
3.85
|
145,376,806
|
1,458,969
|
4.04
|
Mortgage
real estate
|
1,255,389,706
|
14,264,687
|
4.56
|
1,061,962,806
|
12,236,782
|
4.63
|
Consumer
|
4,869,487
|
62,228
|
5.13
|
6,853,629
|
87,168
|
5.12
|
Total
loans
|
1,439,841,120
|
16,050,900
|
4.47
|
1,214,193,241
|
13,782,919
|
4.57
|
Allowance
for loan losses
|
5,780,277
|
—
|
|
5,844,078
|
—
|
|
Total
loans, net of allowance
|
1,434,060,843
|
16,050,900
|
4.49
|
1,208,349,163
|
13,782,919
|
4.59
|
Total
interest earning assets(1)
|
1,648,820,098
|
17,584,985
|
4.28
|
1,402,849,561
|
15,062,551
|
4.32
|
Non-interest
bearing cash
|
29,113,718
|
|
|
43,063,212
|
|
|
Premises
and equipment
|
37,054,746
|
|
|
36,183,279
|
|
|
Other
assets
|
75,941,367
|
|
|
73,789,163
|
|
|
Total
assets(1)
|
1,790,929,929
|
|
|
1,555,885,215
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
Interest
bearing deposits
|
|
|
|
|
|
|
Savings
|
105,199,972
|
31,542
|
0.12
|
102,310,829
|
30,739
|
0.12
|
Money
market and NOW
|
434,279,367
|
422,991
|
0.39
|
381,648,262
|
227,643
|
0.24
|
Time
deposits
|
471,347,240
|
1,252,460
|
1.07
|
432,992,550
|
1,050,997
|
0.98
|
Total
interest bearing deposits
|
1,010,826,579
|
1,706,993
|
0.68
|
916,951,641
|
1,309,379
|
0.57
|
Borrowed
funds
|
241,256,198
|
1,094,133
|
1.82
|
165,943,308
|
328,613
|
0.80
|
Total
interest bearing liabilities
|
1,252,082,777
|
2,801,126
|
0.90
|
1,082,894,949
|
1,637,992
|
0.61
|
Non-interest
bearing deposits
|
357,709,853
|
|
|
313,709,097
|
|
|
|
1,609,792,630
|
|
|
1,396,604,046
|
|
|
Other
liabilities
|
11,261,452
|
|
|
13,171,739
|
|
|
Non-controlling
interest
|
—
|
|
|
257,582
|
|
|
Stockholders’
equity
|
169,875,847
|
|
|
145,851,848
|
|
|
Total
liabilities and stockholders’ equity
|
$1,790,929,929
|
|
|
$1,555,885,215
|
|
|
Net interest
spread(1)
|
|
|
3.38
|
|
|
3.71
|
Net interest
margin(1)
|
|
$14,783,859
|
3.60%
|
|
$13,424,559
|
3.85%
|
|
Three months ended June 30,
|
||
|
2017 compared to 2016
|
||
|
Variance due to:
|
||
|
Total
|
Rate
|
Volume
|
|
|
|
|
Interest earning assets:
|
|
|
|
Federal
funds sold(1)
|
$617
|
$615
|
$2
|
Interest
bearing deposits
|
1
|
2
|
(1)
|
Investment
Securities(1)
|
|
|
|
U.S.
treasury
|
2,293
|
2,281
|
12
|
U.S.
government agency
|
(19,411)
|
65,575
|
(84,986)
|
Corporate
bonds
|
121,042
|
—
|
121,042
|
Mortgage
backed securities
|
60,266
|
33,780
|
26,486
|
Municipal
securities
|
54,580
|
(122,432)
|
177,012
|
Other
|
35,065
|
(36,411)
|
71,476
|
Loans:(1)
|
|
|
|
Commercial
|
265,016
|
(186,181)
|
451,197
|
Mortgage
|
2,027,905
|
(653,221)
|
2,681,126
|
Consumer
|
(24,940)
|
700
|
(25,640)
|
Total
interest income (1)
|
2,522,434
|
(895,292)
|
3,417,726
|
|
|
|
|
Interest bearing
liabilities
|
|
|
|
Savings
|
803
|
(379)
|
1,182
|
Money
market and NOW
|
195,348
|
185,216
|
10,132
|
Time
deposits
|
201,463
|
162,370
|
39,093
|
Borrowed
funds
|
765,520
|
703,526
|
61,994
|
Total
interest expense
|
1,163,134
|
1,050,733
|
112,401
|
|
|
|
|
Net
interest income(1)
|
$1,359,300
|
$(1,946,025)
|
$3,305,325
|
|
Three months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Service
charges on deposit accounts
|
$434,272
|
$433,498
|
$774
|
0.18%
|
Gain
on sales or calls of investment securities
|
19,581
|
823,214
|
(803,633)
|
(97.62)
|
Earnings
on bank owned life insurance
|
282,100
|
282,358
|
(258)
|
(0.09)
|
Gain
on disposal of assets
|
—
|
22,784
|
(22,784)
|
(100.00)
|
Gain
on sale of loans
|
94,714
|
—
|
94,714
|
100.00
|
Rental
income
|
169,862
|
208,556
|
(38,694)
|
(18.55)
|
Income
on marketable loans
|
726,647
|
587,030
|
139,617
|
23.78
|
Other
fees and commissions
|
268,443
|
206,244
|
62,199
|
30.16
|
Total non-interest income
|
$1,995,619
|
$2,563,684
|
$(568,065)
|
(22.16)%
|
|
Three months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Salaries
and benefits
|
$5,050,635
|
$5,079,143
|
$(28,508)
|
(0.56)%
|
Severance
expense
|
—
|
393,495
|
(393,495)
|
(100.00)
|
Occupancy
and equipment
|
1,655,270
|
1,647,490
|
7,780
|
0.47
|
Data
processing
|
361,546
|
383,689
|
(22,143)
|
(5.77)
|
FDIC
insurance and State of Maryland assessments
|
256,513
|
285,630
|
(29,117)
|
(10.19)
|
Merger
and integration
|
—
|
301,538
|
(301,538)
|
(100.00)
|
Core
deposit premium amortization
|
181,357
|
200,998
|
(19,641)
|
(9.77)
|
Gain
on sale of other real estate owned
|
—
|
(48,099)
|
48,099
|
(100.00)
|
OREO
expense
|
27,634
|
63,192
|
(35,558)
|
(56.27)
|
Director
fees
|
159,700
|
162,900
|
(3,200)
|
(1.96)
|
Network
services
|
164,232
|
146,334
|
17,898
|
12.23
|
Telephone
|
186,159
|
201,141
|
(14,982)
|
(7.45)
|
Other
operating
|
1,886,405
|
1,735,287
|
151,118
|
8.71
|
Total non-interest expenses
|
$9,929,451
|
$10,552,738
|
$(623,287)
|
(5.91)%
|
|
Six months ended June 30,
|
|||
|
2017
|
2016
|
||
|
|
% Impact on
|
|
% Impact on
|
|
Accretion
|
Net Interest
|
Accretion
|
Net Interest
|
|
Dollars
|
Margin
|
Dollars
|
Margin
|
Commercial
loans
|
$3,699
|
—%
|
$26,925
|
—%
|
Mortgage
loans
|
588,169
|
0.07
|
306,650
|
0.04
|
Consumer
loans
|
10,315
|
—
|
22,516
|
—
|
Interest
bearing deposits
|
64,574
|
0.01
|
161,402
|
0.02
|
Total
accretion (amortization)
|
$666,757
|
0.08%
|
$517,493
|
0.06%
|
|
Average Balances, Interest and Yields
|
|||||
|
2017
|
2016
|
||||
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
Six months ended June 30,
|
balance
|
Interest
|
Rate
|
balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
Federal
funds sold (1)
|
$293,027
|
$1,619
|
1.11%
|
$644,457
|
$1,509
|
0.47%
|
Interest
bearing deposits (1)
|
1,143,800
|
4
|
—
|
1,549,022
|
11
|
—
|
Investment
securities (1)(2)
|
|
|
|
|
|
|
U.S.
Treasury
|
3,028,386
|
12,948
|
0.86
|
3,006,641
|
9,285
|
0.62
|
U.S.
government agency
|
9,604,138
|
122,514
|
2.57
|
29,694,920
|
223,604
|
1.51
|
Corporate
bonds
|
8,995,028
|
238,878
|
5.36
|
—
|
—
|
—
|
Mortgage
backed securities
|
115,082,500
|
1,108,840
|
1.94
|
102,632,817
|
1,007,450
|
1.97
|
Municipal
securities
|
68,626,297
|
1,329,131
|
3.91
|
53,748,864
|
1,166,576
|
4.36
|
Other
equity securities
|
9,249,015
|
245,062
|
5.34
|
6,231,432
|
199,207
|
6.43
|
Total
investment securities
|
214,585,364
|
3,057,373
|
2.87
|
195,314,674
|
2,606,122
|
2.68
|
Loans(1)
|
|
|
|
|
|
|
Commercial
|
173,597,006
|
3,358,105
|
3.90
|
144,593,771
|
2,905,008
|
4.04
|
Mortgage
real estate
|
1,232,592,239
|
28,193,171
|
4.61
|
1,041,826,785
|
23,993,295
|
4.63
|
Consumer
|
5,062,059
|
126,281
|
5.03
|
7,055,492
|
180,515
|
5.15
|
Total
loans
|
1,411,251,304
|
31,677,557
|
4.53
|
1,193,476,048
|
27,078,818
|
4.56
|
Allowance
for loan losses
|
5,955,492
|
—
|
|
5,447,403
|
—
|
|
Total
loans, net of allowance
|
1,405,295,812
|
31,677,557
|
4.55
|
1,188,028,645
|
27,078,818
|
4.58
|
Total
interest earning assets(1)
|
1,621,318,003
|
34,736,553
|
4.32
|
1,385,536,798
|
29,686,460
|
4.31
|
Non-interest
bearing cash
|
28,955,509
|
|
|
43,437,395
|
|
|
Premises
and equipment
|
36,160,555
|
|
|
36,172,478
|
|
|
Other
assets
|
77,133,846
|
|
|
72,086,270
|
|
|
Total
assets(1)
|
1,763,567,913
|
|
|
1,537,232,941
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
Interest
bearing deposits
|
|
|
|
|
|
|
Savings
|
103,454,948
|
61,892
|
0.12
|
100,253,407
|
60,371
|
0.12
|
Money
market and NOW
|
431,589,356
|
766,543
|
0.36
|
377,385,565
|
452,838
|
0.24
|
Time
deposits
|
464,789,750
|
2,419,616
|
1.05
|
435,091,908
|
2,066,603
|
0.96
|
Total
interest bearing deposits
|
999,834,054
|
3,248,051
|
0.66
|
912,730,880
|
2,579,812
|
0.57
|
Borrowed
funds
|
236,796,669
|
2,027,021
|
1.73
|
147,692,134
|
604,272
|
0.82
|
Total
interest bearing liabilities
|
1,236,630,723
|
5,275,072
|
0.86
|
1,060,423,014
|
3,184,084
|
0.60
|
Non-interest
bearing deposits
|
347,235,809
|
|
|
319,978,869
|
|
|
|
1,583,866,532
|
|
|
1,380,401,883
|
|
|
Other
liabilities
|
11,073,953
|
|
|
13,151,052
|
|
|
Non-controlling
interest
|
—
|
|
|
256,956
|
|
|
Stockholders’
equity
|
168,627,428
|
|
|
143,423,050
|
|
|
Total
liabilities and stockholders’ equity
|
$1,763,567,913
|
|
|
$1,537,232,941
|
|
|
Net interest
spread(1)
|
|
|
3.46
|
|
|
3.71
|
Net interest
margin(1)
|
|
$29,461,481
|
3.66%
|
|
$26,502,376
|
3.85%
|
|
Six months ended June 30,
|
||
|
2017 compared to 2016
|
||
|
Variance due to:
|
||
|
Total
|
Rate
|
Volume
|
|
|
|
|
Interest earning assets:
|
|
|
|
Federal
funds sold(1)
|
$110
|
$1,467
|
$(1,357)
|
Interest
bearing deposits
|
(7)
|
(6)
|
(1)
|
Investment
Securities(1)
|
|
|
|
U.S.
treasury
|
3,663
|
3,629
|
34
|
U.S.
government agency
|
(101,090)
|
135,555
|
(236,645)
|
Corporate
bond
|
238,878
|
—
|
238,878
|
Mortgage
backed securities
|
101,390
|
(29,465)
|
130,855
|
Municipal
securities
|
162,555
|
(208,871)
|
371,426
|
Other
|
45,855
|
(60,505)
|
106,360
|
Loans:(1)
|
|
|
|
Commercial
|
453,097
|
(182,546)
|
635,643
|
Mortgage
|
4,199,876
|
(195,108)
|
4,394,984
|
Consumer
|
(54,234)
|
(7,431)
|
(46,803)
|
Total
interest income (1)
|
5,050,093
|
(543,281)
|
5,593,374
|
|
|
|
|
Interest bearing
liabilities
|
|
|
|
Savings
|
1,521
|
(447)
|
1,968
|
Money
market and NOW
|
313,705
|
273,482
|
40,223
|
Time
deposits
|
353,013
|
463,106
|
(110,093)
|
Borrowed
funds
|
1,422,749
|
1,118,103
|
304,646
|
Total
interest expense
|
2,090,988
|
1,854,244
|
236,744
|
|
|
|
|
Net
interest income(1)
|
$2,959,105
|
$(2,397,525)
|
$5,356,630
|
|
Six months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Service
charges on deposit accounts
|
$846,431
|
$844,835
|
$1,596
|
0.19%
|
Gain
on sales or calls of investment securities
|
35,258
|
900,212
|
(864,954)
|
(96.08)
|
Earnings
on bank owned life insurance
|
563,456
|
564,544
|
(1,088)
|
(0.19)
|
Gain
on disposal of assets
|
112,594
|
22,784
|
89,810
|
394.18
|
Gain
on sale of loans
|
94,714
|
—
|
94,714
|
100.00
|
Rental
income
|
310,455
|
417,135
|
(106,680)
|
(25.57)
|
Income
on marketable loans
|
1,357,577
|
964,168
|
393,409
|
40.80
|
Other
fees and commissions
|
529,866
|
833,659
|
(303,793)
|
(36.44)
|
Total non-interest income
|
$3,850,351
|
$4,547,337
|
$(696,986)
|
(15.33)%
|
|
Six months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Salaries
and benefits
|
$9,918,166
|
$10,455,695
|
$(537,529)
|
(5.14)%
|
Severance
expense
|
—
|
393,495
|
(393,495)
|
(100.00)
|
Occupancy
and equipment
|
3,308,683
|
3,372,043
|
(63,360)
|
(1.88)
|
Data
processing
|
718,194
|
781,481
|
(63,287)
|
(8.10)
|
FDIC
insurance and State of Maryland assessments
|
518,113
|
520,914
|
(2,801)
|
(0.54)
|
Merger
and integration
|
—
|
661,019
|
(661,019)
|
(100.00)
|
Core
deposit premium amortization
|
379,258
|
427,239
|
(47,981)
|
(11.23)
|
Gain
on sale of other real estate owned
|
(17,689)
|
(52,307)
|
34,618
|
(66.18)
|
OREO
expense
|
55,211
|
218,158
|
(162,947)
|
(74.69)
|
Director
fees
|
336,900
|
331,700
|
5,200
|
1.57
|
Network
services
|
303,839
|
283,230
|
20,609
|
7.28
|
Telephone
|
380,301
|
419,775
|
(39,474)
|
(9.40)
|
Other
operating
|
3,560,605
|
3,364,815
|
195,790
|
5.82
|
Total non-interest expenses
|
$19,461,581
|
$21,177,257
|
$(1,715,676)
|
(8.10)%
|
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy(1)
|
Acquired
|
Total
|
Legacy(1)
|
Acquired
|
Total
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$266,686,058
|
$45,923,998
|
$312,610,056
|
$238,220,475
|
$53,850,612
|
$292,071,087
|
Investment
|
453,597,514
|
32,857,002
|
486,454,516
|
414,012,709
|
37,687,804
|
451,700,513
|
Hospitality
|
157,457,044
|
6,814,105
|
164,271,149
|
141,611,858
|
11,193,427
|
152,805,285
|
Land
and A&D
|
44,742,020
|
5,452,470
|
50,194,490
|
51,323,297
|
6,015,813
|
57,339,110
|
Residential
Real Estate
|
|
|
|
|
|
|
First
Lien-Investment
|
81,285,353
|
20,860,372
|
102,145,725
|
72,150,512
|
23,623,660
|
95,774,172
|
First
Lien-Owner Occupied
|
61,719,823
|
40,800,994
|
102,520,817
|
54,732,604
|
42,443,767
|
97,176,371
|
Residential
Land and A&D
|
43,290,769
|
5,012,688
|
48,303,457
|
39,667,222
|
5,558,232
|
45,225,454
|
HELOC
and Jr. Liens
|
22,692,006
|
2,352,459
|
25,044,465
|
24,385,215
|
2,633,718
|
27,018,933
|
Commercial
and Industrial
|
149,943,871
|
4,823,533
|
154,767,404
|
136,259,560
|
5,733,904
|
141,993,464
|
Consumer
|
4,405,042
|
88,696
|
4,493,738
|
4,868,909
|
139,966
|
5,008,875
|
|
1,285,819,500
|
164,986,317
|
1,450,805,817
|
1,177,232,361
|
188,880,903
|
1,366,113,264
|
Allowance
for loan losses
|
(5,807,254)
|
(104,588)
|
(5,911,842)
|
(6,084,478)
|
(110,991)
|
(6,195,469)
|
Deferred
loan costs, net
|
1,679,274
|
—
|
1,679,274
|
1,257,411
|
—
|
1,257,411
|
|
$1,281,691,520
|
$164,881,729
|
$1,446,573,249
|
$1,172,405,294
|
$188,769,912
|
$1,361,175,206
|
|
June 30,
|
December 31,
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
|
(Dollars in thousands)
|
|||
Certificates
of deposit
|
$475,833
|
$460,595
|
$15,238
|
3.31%
|
Interest
bearing checking
|
430,095
|
433,195
|
(3,100)
|
(0.72)
|
Savings
|
107,032
|
100,759
|
6,273
|
6.23
|
Total
|
$1,012,960
|
$994,549
|
$18,411
|
1.85%
|
|
|
|
Minimum capital
|
To be well
|
||
|
Actual
|
adequacy
|
capitalized
|
|||
June 30, 2017
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
(Dollars in 000’s)
|
|||||
Common
equity tier 1 (to risk-weighted assets)
|
$172,548
|
10.84%
|
$71,609
|
4.5%
|
$103,435
|
6.5
|
Total
capital (to risk weighted assets)
|
$178,522
|
11.22%
|
$127,305
|
8%
|
$159,132
|
10
|
Tier
1 capital (to risk weighted assets)
|
$172,548
|
10.84%
|
$95,479
|
6%
|
$127,305
|
8
|
Tier
1 leverage (to average assets)
|
$172,548
|
9.79%
|
$70,504
|
4%
|
$88,130
|
5
|
|
Nonperforming Assets
|
|||||
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy
|
Acquired
|
Total
|
Legacy
|
Acquired
|
Total
|
Accruing
loans 90 or more days past due
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$—
|
$—
|
$—
|
$—
|
$634,290
|
$634,290
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Owner Occupied
|
—
|
3,360
|
3,360
|
—
|
250,000
|
250,000
|
Commercial
|
19,159
|
—
|
19,159
|
—
|
—
|
—
|
Consumer
|
—
|
—
|
—
|
19,242
|
—
|
19,242
|
Total
accruing loans 90 or more days past due
|
19,159
|
3,360
|
22,519
|
19,242
|
884,290
|
903,532
|
Non-accruing
loans:
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$—
|
$225,432
|
$225,432
|
$2,370,589
|
$—
|
$2,370,589
|
Hospitality
|
—
|
—
|
—
|
1,346,736
|
—
|
1,346,736
|
Land
and A&D
|
—
|
192,382
|
192,382
|
77,395
|
194,567
|
271,962
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Investment
|
233,759
|
—
|
233,759
|
312,061
|
99,293
|
411,354
|
First
Lien-Owner Occupied
|
222,237
|
819,353
|
1,041,590
|
222,237
|
—
|
222,237
|
Commercial
and Industrial
|
202,528
|
—
|
202,528
|
1,760,824
|
—
|
1,760,824
|
Total
Non-accruing loans:
|
658,524
|
1,237,167
|
1,895,691
|
6,089,842
|
293,860
|
6,383,702
|
|
|
|
|
|
|
|
Other
real estate owned (“OREO”)
|
746,600
|
2,149,293
|
2,895,893
|
425,000
|
2,321,000
|
2,746,000
|
|
|
|
|
|
|
|
Total
nonperforming assets
|
$1,424,283
|
$3,389,820
|
$4,814,103
|
$6,534,084
|
$3,499,150
|
$10,033,234
|
|
|
|
|
|
|
|
Accruing
Troubled Debt Restructurings
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$1,584,912
|
$—
|
$1,584,912
|
$—
|
$—
|
$—
|
Residential
Real Estate:
|
|
|
|
|
|
|
Land
and A&D
|
—
|
—
|
—
|
—
|
91,669
|
91,669
|
First
Lien-Investment
|
—
|
132,715
|
132,715
|
—
|
67,397
|
67,397
|
First
Lien-Owner Occupied
|
—
|
653,501
|
653,501
|
—
|
662,661
|
662,661
|
Commercial
and Industrial
|
405,368
|
74,197
|
479,565
|
—
|
75,701
|
75,701
|
Total
Accruing Troubled Debt Restructurings
|
$1,990,280
|
$860,413
|
$2,850,693
|
$—
|
$897,428
|
$897,428
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
Ratios, Excluding Acquired
Assets
|
|
|
Total
nonperforming assets as a percentage of total loans held for
investment and OREO
|
0.11%
|
0.55%
|
Total
nonperforming assets as a percentage of total assets
|
0.09%
|
0.43%
|
Total
nonperforming assets as a percentage of total loans held for
investment
|
0.11%
|
0.56%
|
|
|
|
Ratios, Including Acquired
Assets
|
|
|
Total
nonperforming assets as a percentage of total loans held for
investment and OREO
|
0.33%
|
0.73%
|
Total
nonperforming assets as a percentage of total assets
|
0.27%
|
0.59%
|
Total
nonperforming assets as a percentage of total loans held for
investment
|
0.33%
|
0.73%
|
|
June 30, 2017
|
December 31, 2016
|
||||||
|
|
Unpaid
|
|
Interest
|
|
Unpaid
|
|
|
|
# of
|
Principal
|
Recorded
|
Not
|
# of
|
Principal
|
Recorded
|
Interest Not
|
|
Contracts
|
Balance
|
Investment
|
Accrued
|
Contracts
|
Balance
|
Investment
|
Accrued
|
Legacy
|
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
|
Owner
Occupied
|
1
|
$252,687
|
$225,432
|
$—
|
3
|
$2,370,589
|
$2,370,589
|
$89,204
|
Investment
|
—
|
—
|
—
|
—
|
1
|
77,395
|
77,395
|
2,290
|
Hospitality
|
—
|
—
|
—
|
—
|
1
|
1,346,736
|
1,346,736
|
61,937
|
Land
and A & D
|
2
|
484,701
|
192,382
|
—
|
—
|
—
|
—
|
—
|
Residential
Real Estate
|
|
|
|
|
|
|
|
|
First
Lien-Investment
|
4
|
928,391
|
819,353
|
11,794
|
3
|
312,061
|
312,061
|
12,229
|
First
Lien-Owner Occupied
|
—
|
—
|
—
|
—
|
1
|
222,237
|
222,237
|
5,436
|
Commercial
|
—
|
—
|
—
|
—
|
24
|
1,760,824
|
1,760,824
|
264,259
|
Total
non-accrual loans
|
7
|
1,665,779
|
1,237,167
|
11,794
|
33
|
6,089,842
|
6,089,842
|
435,355
|
Acquired(1)
|
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
|
Land
and A & D
|
—
|
—
|
—
|
—
|
2
|
485,905
|
194,567
|
5,503
|
Residential
Real Estate
|
|
|
|
|
|
|
|
|
First
Lien-Investment
|
2
|
233,759
|
233,759
|
17,856
|
—
|
—
|
—
|
—
|
First
Lien-Owner Occupied
|
2
|
222,237
|
222,237
|
10,671
|
|
|
|
|
Commercial
|
2
|
202,528
|
202,528
|
22,799
|
1
|
158,224
|
99,293
|
22,130
|
Total
non-accrual loans
|
6
|
$658,524
|
$658,524
|
$51,326
|
3
|
$644,129
|
$293,860
|
$27,633
|
Total
all non-accrual loans
|
13
|
$2,324,303
|
$1,895,691
|
$63,120
|
36
|
$6,733,971
|
$6,383,702
|
$462,988
|
|
|
Commercial
|
Residential
|
|
|
Six months ended June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
Provision
for loan losses
|
514,972
|
238,360
|
(28,357)
|
(5,568)
|
719,407
|
Recoveries
|
1,563
|
833
|
900
|
25,532
|
28,828
|
|
1,888,770
|
4,229,345
|
796,063
|
29,526
|
6,943,704
|
Loans
charged off
|
(570,523)
|
(439,922)
|
(2,268)
|
(19,149)
|
(1,031,862)
|
Ending
Balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$300,234
|
$28,803
|
$20,262
|
$—
|
$349,299
|
Other
loans not individually evaluated
|
993,496
|
3,760,620
|
693,461
|
10,377
|
5,457,954
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
24,517
|
—
|
80,072
|
—
|
104,589
|
Ending
balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
|
|
Commercial
|
Residential
|
|
|
At December 31, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,161,318
|
$3,053,925
|
$682,962
|
$11,613
|
$4,909,818
|
Provision
for loan losses
|
172,059
|
936,227
|
486,935
|
(10,679)
|
1,584,542
|
Recoveries
|
43,330
|
—
|
49,464
|
18,482
|
111,276
|
|
1,376,707
|
3,990,152
|
1,219,361
|
19,416
|
6,605,636
|
Loans
charged off
|
(4,472)
|
—
|
(395,841)
|
(9,854)
|
(410,167)
|
Ending
Balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$609,152
|
$611,498
|
$61,365
|
$—
|
$1,282,015
|
Other
loans not individually evaluated
|
735,876
|
3,378,654
|
678,371
|
9,562
|
4,802,463
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
27,207
|
—
|
83,784
|
—
|
110,991
|
Ending
balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
|
|
|
|
|
|
|
June 30, 2017
|
December 31, 2016
|
Ratio
of allowance for loan losses to:
|
|
|
Total
gross loans held for investment
|
0.41%
|
0.45%
|
Non-accrual
loans
|
311.86%
|
97.05%
|
Net
charge-offs to average loans
|
0.08%
|
0.02%
|
|
June 30, 2017
|
December 31, 2016
|
|
(Dollars in thousands)
|
|
|
|
|
Commitments
to extend credit and available credit lines:
|
|
|
Commercial
|
$102,951
|
$92,263
|
Real
estate-undisbursed development and construction
|
127,726
|
134,944
|
Consumer
|
23,816
|
26,204
|
|
$254,493
|
$253,411
|
Standby
letters of credit
|
$18,422
|
$18,907
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$14,252,645
|
3.47%
|
3.25%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
25
|
—
|
—
|
Investment
securities
|
245,539
|
0.06
|
0.06
|
Loans
|
285,650
|
0.07
|
0.07
|
Total
tax equivalent adjustment
|
531,214
|
0.13
|
0.13
|
Tax
equivalent interest yield
|
$14,783,859
|
3.60%
|
3.38%
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$12,975,748
|
3.72%
|
3.58%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
3
|
—
|
—
|
Investment
securities
|
228,532
|
0.07
|
0.07
|
Loans
|
220,276
|
0.06
|
0.06
|
Total
tax equivalent adjustment
|
448,811
|
0.13
|
0.13
|
Tax
equivalent interest yield
|
$13,424,559
|
3.85%
|
3.71%
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$28,414,034
|
3.53%
|
3.33%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
36
|
—
|
—
|
Investment
securities
|
500,759
|
0.06
|
0.06
|
Loans
|
546,652
|
0.07
|
0.07
|
Total
tax equivalent adjustment
|
1,047,447
|
0.13
|
0.13
|
Tax
equivalent interest yield
|
$29,461,481
|
3.66%
|
3.46%
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$25,587,983
|
3.71%
|
3.57%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
8
|
—
|
—
|
Investment
securities
|
455,393
|
0.07
|
0.07
|
Loans
|
458,992
|
0.07
|
0.07
|
Total
tax equivalent adjustment
|
914,393
|
0.14
|
0.14
|
Tax
equivalent interest yield
|
$26,502,376
|
3.85%
|
3.71%
|
|
Interest Sensitivity Analysis
|
||||
|
June 30, 2017
|
||||
|
Maturing or Repricing
|
||||
|
Within
|
4 - 12
|
1 - 5
|
Over
|
|
|
3 Months
|
Months
|
Years
|
5 Years
|
Total
|
|
(Dollars in thousands)
|
||||
Interest
Earning Assets:
|
|
|
|
|
|
Interest
bearing accounts
|
$30
|
$—
|
$—
|
$—
|
$30
|
Time
deposits in other banks
|
—
|
—
|
—
|
—
|
—
|
Federal
funds sold
|
303
|
—
|
—
|
—
|
303
|
Investment
securities
|
—
|
3,013
|
2,771
|
193,088
|
198,872
|
Loans
|
247,262
|
89,069
|
623,492
|
490,982
|
1,450,805
|
Total
interest earning assets
|
247,595
|
92,082
|
625,763
|
684,070
|
1,649,510
|
Interest
Bearing Liabilities:
|
|
|
|
|
|
Interest-bearing
transaction deposits
|
284,102
|
145,994
|
—
|
—
|
430,096
|
Savings
accounts
|
35,677
|
35,677
|
35,677
|
—
|
107,031
|
Time
deposits
|
73,300
|
207,993
|
194,540
|
—
|
475,833
|
Total
interest-bearing deposits
|
393,079
|
389,664
|
230,217
|
—
|
1,012,960
|
FHLB
advances
|
185,000
|
—
|
—
|
—
|
185,000
|
Other
borrowings
|
18,781
|
—
|
—
|
37,974
|
56,755
|
Total
interest-bearing liabilities
|
596,860
|
389,664
|
230,217
|
37,974
|
1,254,715
|
Period
Gap
|
$(349,265)
|
$(297,582)
|
$395,546
|
$646,096
|
$394,795
|
Cumulative
Gap
|
$(349,265)
|
$(646,847)
|
$(251,301)
|
$394,795
|
|
Cumulative
Gap/Total Assets
|
(19.47)%
|
(36.05)%
|
(14.01)%
|
22.00%
|
|
|
Interest Sensitivity Analysis
|
||||
|
December 31, 2016
|
||||
|
Maturing or Repricing
|
||||
|
Within
|
4 - 12
|
1 - 5
|
Over
|
|
|
3 Months
|
Months
|
Years
|
5 Years
|
Total
|
|
(Dollars in thousands)
|
||||
Interest
Earning Assets:
|
|
|
|
|
|
Interest
bearing accounts
|
$30
|
$—
|
$—
|
$—
|
$30
|
Time
deposits in other banks
|
—
|
—
|
—
|
—
|
—
|
Federal
funds sold
|
248
|
—
|
—
|
—
|
248
|
Investment
securities
|
1,500
|
—
|
4,801
|
193,204
|
199,505
|
Loans
|
229,057
|
87,073
|
681,793
|
368,191
|
1,366,114
|
Total
interest earning assets
|
230,835
|
87,073
|
686,594
|
561,395
|
1,565,897
|
Interest
Bearing Liabilities:
|
|
|
|
|
|
Interest-bearing
transaction deposits
|
288,797
|
144,398
|
—
|
—
|
433,195
|
Savings
accounts
|
33,586
|
33,586
|
33,586
|
—
|
100,758
|
Time
deposits
|
68,952
|
182,481
|
209,163
|
—
|
460,596
|
Total
interest-bearing deposits
|
391,335
|
360,465
|
242,749
|
—
|
994,549
|
FHLB
advances
|
150,000
|
—
|
—
|
—
|
150,000
|
Other
borrowings
|
33,434
|
—
|
—
|
37,843
|
71,277
|
Total
interest-bearing liabilities
|
574,769
|
360,465
|
242,749
|
37,843
|
1,215,826
|
Period
Gap
|
$(343,934)
|
$(273,392)
|
$443,845
|
$523,552
|
$350,071
|
Cumulative
Gap
|
$(343,934)
|
$(617,326)
|
$(173,481)
|
$350,071
|
|
Cumulative
Gap/Total Assets
|
(20.12)%
|
(36.12)%
|
(10.15)%
|
20.48%
|
|
|
|
|
|
|
|
|
|
|
Shares Purchased during the period:
|
|
Total number of shares repurchased
|
|
Average Pricepaid per share
|
|
Total number ofshare purchased aspart of publicly
announced program(1)
|
|
Maximum number of shares that may yet be
purchased under the program (1)
|
|
|
|
|
|
|
|
|
|
April 1 - June 30, 2017
|
|
—
|
|
—
|
|
339,237
|
|
160,763
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
31.1
|
Rule 13a-14(a) Certification
of Chief Executive Officer
|
|
|
31.2
|
Rule 13a-14(a) Certification
of Chief Financial Officer
|
|
|
32
|
Section 1350
Certification of Chief Executive Officer and Chief Financial
Officer
|
|
|
101
|
Interactive
Data Files pursuant to Rule 405 of Regulation
S-T.
|
|
|
|
|
Old
Line Bancshares, Inc.
|
|
|
|
|
|
|
|
Date:
August 4, 2017
|
By:
|
/s/
James W. Cornelsen
|
|
|
James
W. Cornelsen, President and Chief Executive Officer
|
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
|
Date:
August 4, 2017
|
By:
|
/s/
Elise M. Hubbard
|
|
|
Elise
M. Hubbard, Senior Vice President and Chief Financial
Officer
|
|
|
(Principal
Accounting and Financial Officer)
|
|
|
|
Date: August 4,
2017
|
By:
|
/s/ James W.
Cornelsen
|
|
Name: James W.
Cornelsen
|
|
|
Title: President
and
|
|
|
Chief Executive
Officer
|
|
|
|
Date: August 4,
2017
|
By:
|
/s/ Elise M.
Hubbard
|
|
Name: Elise M.
Hubbard
|
|
|
Title: Senior Vice
President and Chief Financial Officer
|
|
|
|
By:
|
/s/ James W.
Cornelsen
|
|
James W.
Cornelsen
|
|
|
President and Chief
Executive Officer
|
|
|
August 4,
2017
|
|
|
|
|
|
By:
|
/s/ Elise M.
Hubbard
|
|
Elise M.
Hubbard
|
|
|
Senior Vice
President and Chief Financial Officer
|
|
|
August 4,
2017
|
|
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Aug. 01, 2017 |
|
Document and Entity Information | ||
Entity Registrant Name | OLD LINE BANCSHARES INC | |
Entity Central Index Key | 0001253317 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,451,220 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Loans held for sale, fair value (in dollars) | $ 6,857,924 | $ 8,707,516 |
Loans held for investment, allowance for loan losses (in dollars) | $ 5,911,842 | $ 6,195,469 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 25,000,000 | 25,000,000 |
Common stock, shares issued | 10,956,130 | 10,910,915 |
Common stock, shares outstanding | 10,956,130 | 10,910,915 |
Consolidated Statements of Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Interest Income | ||||
Loans, including fees | $ 15,765,250 | $ 13,562,643 | $ 31,130,904 | $ 26,619,823 |
U.S. treasury securities | 6,847 | 4,997 | 11,914 | 8,774 |
U.S. government agency securities | 67,333 | 85,686 | 115,837 | 211,418 |
Corporate bond | 121,042 | 0 | 238,878 | 0 |
Mortgage backed securities | 554,411 | 494,145 | 1,108,840 | 1,007,450 |
Municipal securities | 410,801 | 371,596 | 846,355 | 731,032 |
Federal funds sold | 971 | 376 | 1,583 | 1,501 |
Other | 127,116 | 94,297 | 234,794 | 192,068 |
Total interest income | 17,053,771 | 14,613,740 | 33,689,105 | 28,772,066 |
Interest expense | ||||
Deposits | 1,706,993 | 1,309,379 | 3,248,050 | 2,579,811 |
Borrowed funds | 1,094,133 | 328,613 | 2,027,021 | 604,272 |
Total interest expense | 2,801,126 | 1,637,992 | 5,275,071 | 3,184,083 |
Net interest income | 14,252,645 | 12,975,748 | 28,414,034 | 25,587,983 |
Provision for loan losses | 278,916 | 300,000 | 719,407 | 1,078,611 |
Net interest income after provision for loan losses | 13,973,729 | 12,675,748 | 27,694,627 | 24,509,372 |
Non-interest income | ||||
Service charges on deposit accounts | 434,272 | 433,498 | 846,431 | 844,835 |
Gain on sales or calls of investment securities | 19,581 | 823,214 | 35,258 | 900,212 |
Earnings on bank owned life insurance | 282,100 | 282,358 | 563,456 | 564,544 |
Gain on disposal of assets | 0 | 22,784 | 112,594 | 22,784 |
Gain on sale of loans | 94,714 | 0 | 94,714 | 0 |
Rental Income | 169,862 | 208,556 | 310,455 | 417,135 |
Income on marketable loans | 726,647 | 587,030 | 1,357,577 | 964,168 |
Other fees and commissions | 268,443 | 206,244 | 529,868 | 833,659 |
Total non-interest income | 1,995,619 | 2,563,684 | 3,850,353 | 4,547,337 |
Non-interest expense | ||||
Salaries and benefits | 5,050,635 | 5,079,143 | 9,918,166 | 10,455,695 |
Severence expense | 0 | 393,495 | 0 | 393,495 |
Occupancy and equipment | 1,655,270 | 1,647,490 | 3,308,683 | 3,372,043 |
Data processing | 361,546 | 383,689 | 718,194 | 781,481 |
FDIC insurance and State of Maryland assessments | 256,513 | 285,630 | 518,113 | 520,914 |
Merger and integration | 0 | 301,538 | 0 | 661,019 |
Core Deposit Premium Amortization | 181,357 | 200,998 | 379,258 | 427,239 |
Gain on sales of other real estate owned | 0 | (48,099) | (17,689) | (52,307) |
OREO expense | 27,634 | 63,192 | 55,211 | 218,158 |
Directors Fees | 159,700 | 162,900 | 336,900 | 331,700 |
Network services | 164,232 | 146,334 | 303,839 | 283,230 |
Telephone | 186,159 | 201,141 | 380,301 | 419,775 |
Other operating | 1,886,405 | 1,735,287 | 3,560,605 | 3,364,815 |
Total non-interest expense | 9,929,451 | 10,552,738 | 19,461,581 | 21,177,257 |
Income before income taxes | 6,039,897 | 4,686,694 | 12,083,399 | 7,879,452 |
Income tax expense | 2,070,488 | 1,554,000 | 4,140,208 | 2,597,366 |
Net income | 3,969,409 | 3,132,694 | 7,943,191 | 5,282,086 |
Less: Net loss attributable to the non-controlling interest | 0 | 1,728 | 0 | 62 |
Net income available to common stockholders | $ 3,969,409 | $ 3,130,966 | $ 7,943,191 | $ 5,282,024 |
Basic earnings per common share (in dollars per share) | $ 0.36 | $ 0.29 | $ 0.73 | $ 0.49 |
Diluted earnings per common share (in dollars per share) | 0.36 | 0.28 | 0.71 | 0.48 |
Dividend per common share (in dollars per share) | $ 0.08 | $ 0.06 | $ 0.16 | $ 0.12 |
Consolidated Statements of Comprehensive Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,969,409 | $ 3,132,694 | $ 7,943,191 | $ 5,282,086 |
Other comprehensive income: | ||||
Unrealized gain on securities available for sale, net of taxes of $1,610,802, $514,611, $2,325,851, and $987,721 respectively | 2,472,861 | 790,018 | 3,570,588 | 1,516,325 |
Reclassification adjustment for realized gain on securities available for sale included in net income, net of taxes of $7,724, $324,717, $13,908, and $355,089, respectively | (11,857) | (498,497) | (21,350) | (545,123) |
Other comprehensive income | 2,461,004 | 291,521 | 3,549,238 | 971,202 |
Comprehensive Income | 6,430,413 | 3,424,215 | 11,492,429 | 6,253,288 |
Comprehensive income (loss) attributable to the non-controlling interest | 0 | 1,728 | 0 | 62 |
Comprehensive income available to common stockholders | $ 6,430,413 | $ 3,422,487 | $ 11,492,429 | $ 6,253,226 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on securities available for sale, taxes | $ 1,610,802 | $ 514,611 | $ 2,325,851 | $ 987,721 |
Reclassification adjustment for realized gain on securities available for sale included in net income, taxes | $ 7,724 | $ 324,717 | $ 13,908 | $ 355,089 |
Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) |
Common Stock [Member] |
Additional Paid In Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss [Member] |
Total |
---|---|---|---|---|---|
Balance at Dec. 31, 2016 | $ 109,109 | $ 106,692,958 | $ 48,842,026 | $ (4,977,308) | $ 150,666,785 |
Balance (in shares) at Dec. 31, 2016 | 10,910,915 | 10,910,915 | |||
Net income attributable to Old Line Bancshares, Inc. | 7,943,191 | $ 7,943,191 | |||
Other comprehensive income, net of income tax of $2,311,943 | 3,549,238 | 3,549,238 | |||
Stock based compensation awards | 262,031 | 262,031 | |||
Stock options exercised | $ 208 | 378,471 | $ 378,679 | ||
Stock options exercised (in shares) | 20,800 | 14,300 | |||
Restricted stock issued | $ 244 | (244) | $ 0 | ||
Restricted stock issued (in shares) | 24,415 | ||||
Common stock cash dividends $0.16 per share | (1,752,500) | (1,752,500) | |||
Balance at Jun. 30, 2017 | $ 109,561 | $ 107,333,216 | $ 55,032,717 | $ (1,428,070) | $ 161,047,424 |
Balance (in shares) at Jun. 30, 2017 | 10,956,130 | 10,956,130 |
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Unrealized gain on securities available for sale, income tax expense (benefit) | $ | $ 2,311,943 |
Dividend per common share (in dollars per share) | $ / shares | $ .16 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Organization and Description of Business - Old Line Bancshares, Inc. (“Old Line Bancshares”) was incorporated under the laws of the State of Maryland on April 11, 2003 to serve as the holding company of Old Line Bank. The primary business of Old Line Bancshares is to own all of the capital stock of Old Line Bank. We provide a full range of banking services to customers located in Anne Arundel, Baltimore, Calvert, Carroll, Charles, Montgomery, Prince George’s, and St. Mary’s Counties in Maryland and surrounding areas.
Basis of Presentation and Consolidation - The accompanying condensed consolidated financial statements include the activity of Old Line Bancshares and its wholly owned subsidiary, Old Line Bank, and their wholly-owned subsidiary Pointer Ridge Office Investments, LLC (Pointer Ridge), a real estate investment company. We have eliminated all significant intercompany transactions and balances.
The foregoing consolidated financial statements for the periods ended June 30, 2017 and 2016 are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), however, in the opinion of management we have included all adjustments necessary for a fair presentation of the results of the interim period. We derived the balances as of December 31, 2016 from audited financial statements. These statements should be read in conjunction with Old Line Bancshares’ financial statements and accompanying notes included in Old Line Bancshares’ Form 10-K for the year ended December 31, 2016. We have made no significant changes to Old Line Bancshares’ accounting policies as disclosed in the Form 10-K.
Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions may affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses.
Reclassifications - We have made certain reclassifications to the 2016 financial presentation to conform to the 2017 presentation. These reclassifications did not change net income or stockholders’ equity.
Recent Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 – Revenue from Contracts with Customers, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of this ASU is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The ASU allows for either full retrospective or modified retrospective adoption. The ASU does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under U.S. GAAP. Revenue streams from services provided by financial institutions that could be impacted by this ASU include credit card arrangements, trust and custody services, and administration services for customer deposit accounts. This update will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This ASU will be effective for us in our first quarter of 2018. Early adoption is not permitted. Old Line Bancshares is currently performing an overall assessment of the revenue streams potentially affected by this ASU to determine the potential impact to its consolidated financial statements. Old Line Bancshares continues to monitor implementation issues relevant to the banking industry with respect to this ASU that are still pending resolution. Old Line Bancshares does not expect the ASU to have a material impact on its consolidated financial statements.
In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Liabilities, which is intended to improve the recognition and measurement of financial instruments by: requiring equity investments (other than equity method or consolidation) to be measured at fair value with changes in fair value recognized in net income; requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This ASU is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU permits early adoption of the instrument-specific credit risk provision. This ASU will be effective for us in our first quarter of 2018. This ASU is not expected to have a significant impact on our consolidated financial statements. We will monitor any new developments and additional guidance for this ASU.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. This ASU will be effective for us in our first quarter of 2018. Old Line Bancshares is currently assessing the impact that the adoption of this standard will have on its financial condition and results of operations and will closely monitor any new developments or additional guidance to determine the potential impact the new standard will on have on our consolidated financial statements.
In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The adoption of ASU 2016-09 on January 1, 2017 did not impact Old Line Bancshares’ consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which sets forth a “current expected credit loss” ("CECL") model requiring Old Line Bancshares to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. For public business entities that are U.S. Securities and Exchange Commission filers, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Old Line Bancshares has implemented a committee and has the responsibility to gather loan information and consider acceptable methodologies to comply with this ASU. The implementation team meets periodically to discuss the latest developments and updates via webcasts, publications, and conferences. Old Line Bancshares’ evaluation indicates that the provisions of ASU No. 2016-13 are expected to impact its consolidated financial statements, in particular the level of the reserve for loan losses. We are, however, continuing to evaluate the extent of the potential impact.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following nine specific cash flow issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned; 6) life insurance policies; 7) distributions received from equity method investees; 8) beneficial interests in securitization transactions; and 9) separately identifiable cash flows and application of the predominance principle. The amendments are effective for public companies for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Old Line Bancshares is currently evaluating the impact of adopting these amendments on its consolidated financial statements, but the adoption is not expected to have a significant impact as of the filing of this report.
In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business, which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. This guidance is effective for interim and annual periods for Old Line Bancshares on January 1, 2018, with early adoption permitted. Old Line Bancshares does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements.
In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Old Line Bancshares does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. |
Pointer Ridge Office Investment, LLC |
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Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pointer Ridge Office Investment, LLC | We currently own 100% of Pointer Ridge and we have consolidated its results of operations from the date of acquisition. In August 2016, Old Line Bank purchased the aggregate 37.5% minority interest in Pointer Ridge not held by Old Line Bancshares and on September 2, 2016, we paid off the entire $5.8 million principal amount of a promissory note previously issued by Pointer Ridge. Pointer Ridge owns our headquarters building located at 1525 Pointer Ridge Place, Bowie, Maryland, containing approximately 40,000 square feet. We lease 98% of this building for our main office and operate a branch of Old Line Bank from this address. Prior to this purchase, we owned 62.5% of Pointer Ridge.
The following table summarizes the condensed Balance Sheets and Statements of Income information for Pointer Ridge.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Presented below is a summary of the amortized cost and estimated fair value of securities.
At June 30, 2017 and December 31, 2016, securities with unrealized losses segregated by length of impairment were as follows:
At June 30, 2017 and December 31, 2016, we had 18 and seven investment securities, respectively, in an unrealized loss position greater than the 12 month time frame and 107 and 166 securities, respectively, in an unrealized loss position less than the 12 month time frame. We consider all unrealized losses on securities as of June 30, 2017 to be temporary losses because we will redeem each security at face value at or prior to maturity. We have the ability and intent to hold these securities until recovery or maturity. As of June 30, 2017, we do not have the intent to sell any of the securities classified as available for sale and believe that it is more likely than not that we will not have to sell any such securities before a recovery of cost. In most cases, market interest rate fluctuations cause a temporary impairment in value. We expect the fair value to recover as the investments approach their maturity date or re-pricing date or if market yields for these investments decline. We do not believe that credit quality caused the impairment in any of these securities. Because we believe these impairments are temporary, we have not realized any loss in our consolidated statement of income.
During the three months ended June 30, 2017, we received $19.3 million in proceeds from sales, maturities or calls and principal pay-downs on investment securities and realized gains of $148 thousand and realized losses of $129 thousand for a net gain of $20 thousand. The net proceeds of these transactions were used to purchase new investment securities. During the three month period ending June 30, 2016, we received proceeds of $74.5 million from sales, maturities or calls and principal pay-downs on investment securities. Such transactions consisted of 25 mortgage backed securities (“MBS”) pools, 20 municipal bonds and 17 callable agency securities, resulting in realized gains of $823 thousand. The net proceeds of these transactions and the proceeds of principal paydowns in the first quarter of 2016 were used to purchase new investment securities and remainder for new loan originations. During the six months ended June 30, 2017, we received $27.7 million in proceeds from sales, maturities or calls and principal pay-downs on investment securities and realized gains of $164 thousand and realized losses of $129 thousand for total realized net gain of $35 thousand. The net proceeds of these transactions were used to re-balance the investment portfolio, which resulted in an overall slightly higher yield on our security investments. For the six month period ending June 30, 2016, we received $95.4 million in proceeds from sales, maturities or calls and principal pay-downs on investment securities and realized gain of $967 thousand and realized losses of $67 thousand for total realized net gain of $900 thousand. The proceeds of these transactions were used for re-investment in the investment portfolio to increase the yield on such investments.
Contractual maturities and pledged securities at June 30, 2017 are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. We classify MBS based on maturity date. However, we receive payments on a monthly basis.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Major classifications of loans held for investment are as follows:
Credit Policies and Administration
We have adopted a comprehensive lending policy, which includes stringent underwriting standards for all types of loans. We have designed our underwriting standards to promote a complete banking relationship rather than a transactional relationship. In an effort to manage risk, prior to funding, the loan committee consisting of the Executive Officers and seven members of the Board of Directors must approve by a majority vote all credit decisions in excess of a lending officer’s lending authority.
Management believes that it employs experienced lending officers, secures appropriate collateral and carefully monitors the financial condition of its borrowers and loan concentrations.
In addition to the internal business processes employed in the credit administration area, Old Line Bank retains an outside independent firm to review the loan portfolio. This firm performs a detailed annual review and an interim update. We use the results of the firm’s report to validate our internal ratings and we review the commentary on specific loans and on our loan administration activities in order to improve our operations.
Commercial Real Estate Loans
We finance commercial real estate for our clients, for owner occupied and investment properties, hospitality and land acquisition and development. Commercial real estate loans totaled $1.0 billion and $953.9 million at June 30, 2017 and December 31, 2016, respectively. This lending has involved loans secured by owner-occupied commercial buildings for office, storage and warehouse space, as well as non-owner occupied commercial buildings. Our underwriting criteria for commercial real estate loans include maximum loan-to-value ratios, debt coverage ratios, secondary sources of repayments, guarantor requirements, net worth requirements and quality of cash flows. Loans secured by commercial real estate may be large in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties. We will generally finance owner occupied commercial real estate that does not exceed loan to value of 80% and investor real estate at a maximum loan to value of 75%.
Commercial real estate lending entails significant risks. Risks inherent in managing our commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate that may detrimentally impact the borrower’s ability to repay. We monitor the financial condition and operating performance of the borrower through a review of annual tax returns and updated financial statements. In addition, we meet with the borrower and/or perform site visits as required.
At June 30, 2017, we had approximately $164.3 million of commercial real estate loans outstanding to the hospitality industry. An individual review of these loans indicates that they generally have a low loan to value, more than acceptable existing or projected cash flow, are to experienced operators and are generally dispersed throughout the region.
Residential Real Estate Loans
We offer a variety of consumer oriented residential real estate loans including home equity lines of credit, home improvement loans and first or second mortgages on owner occupied and investment properties. Our residential loan portfolio amounted to $278.0 million and $265.2 million at June 30, 2017 and December 31, 2016, respectively. Although most of these loans are in our market area, the diversity of the individual loans in the portfolio reduces our potential risk. Usually, we secure our residential real estate loans with a security interest in the borrower’s primary or secondary residence with a loan to value not exceeding 85%. Our initial underwriting includes an analysis of the borrower’s debt/income ratio which generally may not exceed 43%, collateral value, length of employment and prior credit history. A credit score of 660 is required. We do not originate any subprime residential real estate loans.
This segment of our portfolio also consists of funds advanced for construction of custom single family residences homes (where the home buyer is the borrower) and financing to builders for the construction of pre-sold homes and multi-family housing. These loans generally have short durations, meaning maturities typically of twelve months or less. Old Line Bank limits its construction lending risk through adherence to established underwriting procedures. These loans generally have short durations, meaning maturities typically of twelve months or less. Residential houses, multi-family dwellings and commercial buildings under construction and the underlying land for which the loan was obtained secure the construction loans. The vast majority of these loans are concentrated in our market area.
Construction lending also entails significant risk. These risks generally involve larger loan balances concentrated with single borrowers with funds advanced upon the security of the land or the project under construction. An appraisal of the property estimates the value of the project “as is and as if” completed. An appraisal of the property estimates the value of the project prior to completion of construction. Thus, initial funds are advanced based on the current value of the property with the remaining construction funds advanced under a budget sufficient to successfully complete the project within the “as completed” loan to value. To further mitigate the risks, we generally limit loan amounts to 80% or less of appraised values and obtain first lien positions on the property.
We generally only offer real estate construction financing only to experienced builders, commercial entities or individuals who have demonstrated the ability to obtain a permanent loan “take-out” (conversion to a permanent mortgage upon completion of the project). We also perform a complete analysis of the borrower and the project under construction. This analysis includes a review of the cost to construct, the borrower’s ability to obtain a permanent “take-out” the cash flow available to support the debt payments and construction costs in excess of loan proceeds, and the value of the collateral. During construction, we advance funds on these loans on a percentage of completion basis. We inspect each project as needed prior to advancing funds during the term of the construction loan. We may provide permanent financing on the same projects for which we have provided the construction financing.
We also offer fixed rate home improvement loans. Our home equity and home improvement loan portfolio gives us a diverse client base. Although most of these loans are in our market area, the diversity of the individual loans in the portfolio reduces our potential risk. Usually, we secure our home equity loans and lines of credit with a security interest in the borrower’s primary or secondary residence.
Under our loan approval policy, all residential real estate loans approved must comply with federal regulations. Generally, we will make residential mortgage loans in amounts up to the limits established by Fannie Mae and Freddie Mac for secondary market resale purposes. Currently this amount for single-family residential loans currently varies from $424,100 up to a maximum of $636,150 for certain high-cost designated areas. We also make residential mortgage loans up to limits established by the Federal Housing Administration, which currently is $636,150. The Washington, D.C. and Baltimore areas are both considered high-cost designated areas. We will, however, make loans in excess of these amounts if we believe that we can sell the loans in the secondary market or that the loans should be held in our portfolio. For loans sold in the secondary market, we typically require a credit score or 640, with some exceptions provided we receive an approval recommendation from FannieMae, FreddieMac or FHA’s automated underwriting approval system. For Veteran Administration loans, we require a minimum score of 620. Loans sold in the secondary market are sold to investors on a servicing released basis and recorded as loans as held-for-sale. The premium is recorded in income on marketable loans in non-interest income, net of commissions paid to the loan officers.
Commercial and Industrial Lending
Our commercial and industrial lending consists of lines of credit, revolving credit facilities, accounts receivable financing, term loans, equipment loans, Small Business Administration (“SBA”) loans, standby letters of credit and unsecured loans. We originate commercial loans for any business purpose including the financing of leasehold improvements and equipment, the carrying of accounts receivable, general working capital, and acquisition activities. We have a diverse client base and we do not have a concentration of these types of loans in any specific industry segment. We generally secure commercial business loans with accounts receivable, equipment, deeds of trust and other collateral such as marketable securities, cash value of life insurance and time deposits at Old Line Bank.
Commercial business loans have a higher degree of risk than residential mortgage loans because the availability of funds for repayment generally depends on the success of the business. They may also involve high average balances, increased difficulty monitoring and a high risk of default. To help manage this risk, we typically limit these loans to proven businesses and we generally obtain appropriate collateral and personal guarantees from the borrower’s principal owners and monitor the financial condition of the business. For loans in excess of $250,000, monitoring generally includes a review of the borrower’s annual tax returns and updated financial statements.
Consumer Installment Lending
We offer various types of secured and unsecured consumer loans. We make consumer loans for personal, family or household purposes as a convenience to our customer base. Consumer loans, however, are not a focus of our lending activities. The underwriting standards for consumer loans include a determination of the applicant’s payment history on other debts and an assessment of his or her ability to meet existing obligations and payments on the proposed loan. As a general guideline, a consumer’s total debt service should not exceed 40% of his or her gross income.
Consumer loans may present greater credit risk than residential mortgage loans because many consumer loans are unsecured or rapidly depreciating assets secure these loans. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage, loss or depreciation. Consumer loan collections depend on the borrower’s continuing financial stability. If a borrower suffers personal financial difficulties, the consumer may not repay the loan. Also, various federal and state laws, including bankruptcy and insolvency laws, may limit the amount we can recover on such loans.
Concentrations of Credit
Most of our lending activity occurs within the state of Maryland within the suburban Washington, D.C. market area in Anne Arundel, Calvert, Charles, Montgomery, Prince George’s and St. Mary’s Counties. The majority of our loan portfolio consists of commercial real estate loans and residential real estate loans. We also have a presence in Baltimore County and Carroll County, Maryland due to the Regal acquisition.
Non-Accrual and Past Due Loans
We consider loans past due if the borrower has not paid the required principal and interest payments when due under the original or modified terms of the promissory note and place a loan on non-accrual status when the payment of principal or interest has become 90 days past due. When we classify a loan as non-accrual, we no longer accrue interest on such loan and we reverse any interest previously accrued but not collected. We will generally restore a non-accrual loan to accrual status when the borrower brings delinquent principal and interest payments current and we expect to collect future monthly principal and interest payments. We recognize interest on non-accrual legacy loans only when received. We originally recorded purchased, credit-impaired loans at fair value upon acquisition, and an accretable yield is established and recognized as interest income on purchased loans to the extent subsequent cash flows support the estimated accretable yield. Purchased, credit-impaired loans that perform consistently with the accretable yield expectations are not reported as non-accrual or nonperforming. However, purchased, credit-impaired loans that do not continue to perform according to accretable yield expectations are considered impaired, and presented as non-accrual and nonperforming. Currently, management expects to fully collect the carrying value of acquired, credit-impaired loans.
The table below presents an age analysis of the loans held for investment portfolio at June 30, 2017 and December 31, 2016.
Age Analysis of Past Due Loans
We consider all nonperforming loans and troubled debt restructurings (“TDRs”) to be impaired. We do not recognize interest income on nonperforming loans during the time period that the loans are nonperforming. We only recognize interest income on nonperforming loans when we receive payment in full for all amounts due of all contractually required principle and interest, and the loan is current with its contractual terms. The tables below present our impaired loans at and for the periods ended June 30, 2017 and December 31, 2016.
We consider a loan a TDR when we conclude that both of the following conditions exist: the restructuring constitutes a concession and the debtor is experiencing financial difficulties. Restructured loans at June 30, 2017 consisted of eight loans for $2.8 million compared to seven loans at December 31, 2016 for $897 thousand.
The following table includes the recorded investment in and number of modifications of TDRs for the three and six months ended June 30, 2017 and 2016. We report the recorded investment in loans prior to a modification and also the recorded investment in the loans after the loans were restructured. Reductions in the recorded investment are primarily due to the partial charge-off of the principal balance prior to the modification. We had no loans that were modified as a TDR that defaulted within the three and six month periods ending June 30, 2017 or 2016.
Acquired impaired loans
The following table documents changes in the accretable (premium) discount on acquired impaired loans during the six months ended June 30, 2017 and 2016, along with the outstanding balances and related carrying amounts for the beginning and end of those respective periods.
Credit Quality Indicators
We review the adequacy of the allowance for loan losses at least quarterly. We base the evaluation of the adequacy of the allowance for loan losses upon loan categories. We categorize loans as residential real estate loans, commercial real estate loans, commercial loans and consumer loans. We further divide commercial real estate loans by owner occupied, investment, hospitality and land acquisition and development. We also divide residential real estate by owner occupied, investment, land acquisition and development and junior liens. All categories are divided by risk rating and loss factors and weighed by risk rating to determine estimated loss amounts. We evaluate delinquent loans and loans for which management has knowledge about possible credit problems of the borrower or knowledge of problems with collateral separately and assign loss amounts based upon the evaluation.
We determine loss ratios for all loans based upon a review of the three year loss ratio for the category and qualitative factors.
We charge off loans that management has identified as losses. We consider suggestions from our external loan review firm and bank examiners when determining which loans to charge off. We automatically charge off consumer loan accounts based on regulatory requirements. We partially charge off real estate loans that are collateral dependent based on the value of the collateral.
If a loan that was previously rated a pass performing loan, from our acquisitions, deteriorates subsequent to the acquisition, the subject loan will be assessed for risk and, if necessary, evaluated for impairment. If the risk assessment rating is adversely changed and the loan is determined to not be impaired, the loan will be placed in a migration category and the credit mark established for the loan will be compared to the general reserve allocation that would be applied using the current allowance for loan losses formula for General Reserves. If the credit mark exceeds the allowance for loan losses formula for General Reserves, there will be no change to the allowance for loan losses. If the credit mark is less than the current allowance for loan losses formula for General Reserves, the allowance for loan losses will be increased by the amount of the shortfall by a provision recorded in the income statement. If the loan is deemed impaired, the loan will be subject to evaluation for loss exposure and a specific reserve. If the estimate of loss exposure exceeds the credit mark, the allowance for loan losses will be increased by the amount of the excess loss exposure through a provision. If the credit mark exceeds the estimate of loss exposure there will be no change to the allowance for loan losses. If a loan from the acquired loan portfolio is carrying a specific credit mark and a current evaluation determines that there has been an increase in loss exposure, the allowance for loan losses will be increased by the amount of the current loss exposure in excess of the credit mark.
The following tables outline the class of loans by risk rating at June 30, 2017 and December 31, 2016:
The following table details activity in the allowance for loan losses by portfolio segment for the three and six month periods ended June 30, 2017 and 2016. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.
Our recorded investment in loans at June 30, 2017 and 2016 related to each balance in the allowance for probable loan losses by portfolio segment and disaggregated on the basis of our impairment methodology was as follows:
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Other Real Estate Owned |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | At June 30, 2017 and December 31, 2016, the fair value of other real estate owned was $2.9 million and $2.7 million, respectively. As a result of the acquisitions of MB&T, WSB and Regal Bank, we have segmented the other real estate owned (“OREO”) into two components, real estate obtained as a result of loans originated by Old Line Bank (legacy) and other real estate acquired from MB&T, WSB and Regal Bank or obtained as a result of loans originated by MB&T, WSB and Regal Bank (acquired). We are currently aggressively either marketing these properties for sale or improving them in preparation for sale.
The following outlines the transactions in OREO during the period.
Residential Foreclosures and Repossessed Assets — Once all potential alternatives for reinstatement are exhausted, past due loans collateralized by residential real estate are referred for foreclosure proceedings in accordance with local requirements of the applicable jurisdiction. Once possession of the property collateralizing the loan is obtained, the repossessed property will be recorded within other assets either as other real estate owned or, where management has both the intent and ability to recover its losses through a government guarantee, as a foreclosure claim receivable. At June 30, 2017, residential foreclosures classified as other real estate owned totaled $1.2 million. We had no loans secured by residential real estate in process of foreclosure at June 30, 2017 compared to $99 thousand at December 31, 2016. |
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Earnings Per Common Share | We determine basic earnings per common share by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding giving retroactive effect to stock dividends.
We calculate diluted earnings per common share by including the average dilutive common stock equivalents outstanding during the period. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method.
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Stock Based Compensation |
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Stock Based Compensation | |
Stock Based Compensation | For the three and six months ended June 30, 2017 and 2016, we recorded stock-based compensation expense of $146,918 and $147,649, respectively. For the six months ended June 30, 2017 and 2016, we recorded stock-based compensation expense of $262,031 and $262,080, respectively. At June 30, 2017, there was $1.3 million of total unrecognized compensation cost related to non-vested stock options and restricted stock awards that we expect to realize over the next 2.5 years. As of June 30, 2017, there were 307,746 shares remaining available for future issuance under the 2010 equity incentive plan. The officers exercised 14,300 options during the six month period ended June 30, 2017 compared to no options exercised during the six month period ended June 30, 2016.
For purposes of determining estimated fair value of stock options, we have computed the estimated fair values using the Black-Scholes option pricing model and, for stock options granted prior to December 31, 2016, have applied the assumptions set forth in Old Line Bancshares’ Annual Report on Form 10-K for the year ended December 31, 2016. There were no stock options granted during the six months ended June 30, 2017 compared to 58,927 stock options granted during the six months ended June 30, 2016. The weighted average grant date fair value of the 2016 stock options is $5.38 and was computed using the Black-Scholes option pricing model under similar assumptions.
During the six months ended June 30, 2017 and 2016, we granted 24,415 and 13,869 restricted common stock awards, respectively. The weighted average grant date fair value of these restricted stock awards is $28.63 at June 30, 2017. There were no restricted shares forfeited during the six month periods ending June 30, 2017 or 2016.
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Fair Value Measurement |
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Fair Value Measurement | The fair value of an asset or liability is the price that participants would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact.
The fair value hierarchy established by accounting standards defines three input levels for fair value measurement. The applicable standard describes three levels of inputs that may be used to measure fair value: Level 1 is based on quoted market prices in active markets for identical assets. Level 2 is based on significant observable inputs other than Level 1 prices. Level 3 is based on significant unobservable inputs that reflect a company’s own assumptions about the assumption that market participants would use in pricing an asset or liability. We evaluate fair value measurement inputs on an ongoing basis in order to determine if there is a change of sufficient significance to warrant a transfer between levels. There were no transfers between levels during the three and six months ended June 30, 2017 or the year ended December 31, 2016.
At June 30, 2017, we hold, as part of our investment portfolio, available for sale securities reported at fair value consisting of municipal securities, U.S. government sponsored entities, corporate bonds, and mortgage-backed securities. The fair value of the majority of these securities is determined using widely accepted valuation techniques including matrix pricing and broker-quote based applications. Inputs include benchmark yields, reported trades, issuer spreads, prepayments speeds and other relevant items. These are inputs used by a third-party pricing service used by us.
To validate the appropriateness of the valuations provided by the third party, we regularly update the understanding of the inputs used and compare valuations to an additional third party source. We classify all our investment securities available for sale in Level 2 of the fair value hierarchy, with the exception of treasury securities that fall into Level 1 and our corporate bonds, which fall into Level 3.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes our methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. Furthermore, we have not comprehensively revalued the fair value amounts since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the above presented amounts.
The following table provides a reconciliation of changes in fair value included in assets measured in the Consolidated Balance Sheet using inputs classified as level 3 in the fair value for the period indicated:
The fair value calculated may not be indicative of net realized value or reflective of future fair values.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis at June 30, 2017 and December 31, 2016 are included in the tables below.
We also measure certain non-financial assets such as other real estate owned, TDRs, and repossessed or foreclosed property at fair value on a non-recurring basis. Generally, we estimate the fair value of these items using Level 2 inputs based on observable market data or Level 3 inputs based on discounting criteria.
As of June 30, 2017 and December 31, 2016, we estimated the fair value of impaired assets using Level 3 inputs to be $9.2 million and $10.8 million, respectively. We determined these Level 3 inputs based on appraisal evaluations, offers to purchase and/or appraisals that we obtained from an outside third party during the preceding twelve months less costs to sell. Discounts have predominantly been in the range of 0% to 50%. As a result of the acquisitions of Maryland Bankcorp, WSB Holdings and Regal, we have segmented the OREO into two components, real estate obtained as a result of loans originated by Old Line Bank (legacy) and other real estate acquired from MB&T, WSB and Regal Bank or obtained as a result of loans originated by MB&T, WSB and Regal Bank (acquired).
We use the following methodologies for estimating fair values of financial instruments that we do not measure on a recurring basis. The estimated fair values of financial instruments equal the carrying value of the instruments except as noted.
Cash and Cash Equivalents - For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value because of the short maturities of these instruments.
Loans- We estimate the fair value of loans, segregated by type based on similar financial characteristics, by discounting future cash flows using current rates for which we would make similar loans to borrowers with similar credit histories. We then adjust this calculated amount for any credit impairment.
Loans held for Sale- Loans held for sale are carried at the lower of cost or market value. The fair values of loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics.
Investment Securities- We base the fair values of investment securities upon quoted market prices or dealer quotes.
Equity Securities- Equity securities are considered restricted stock and are carried at cost that approximates fair value.
Accrued Interest Receivable and Payable- The carrying amount of accrued interest and dividends receivable on loans and investments and payable on borrowings and deposits approximate their fair values.
Interest bearing deposits-The fair value of demand deposits and savings accounts is the amount payable on demand. We estimate the fair value of fixed maturity certificates of deposit using the rates currently offered for deposits of similar remaining maturities.
Non-Interest bearing deposits- The fair value of non-interest bearing accounts is the amount payable on demand at the reporting date.
Long and short term borrowings- The fair value of long and short term fixed rate borrowings is estimated by discounting the value of contractual cash flows using rates currently offered for advances with similar terms and remaining maturities.
Off-balance Sheet Commitments and Contingencies- Carrying amounts are reasonable estimates of the fair values for such financial instruments. Carrying amounts include unamortized fee income and, in some cases, reserves for any credit losses from those financial instruments. These amounts are not material to our financial position.
Under ASC Topic 825, entities may choose to measure eligible financial instruments at fair value at specified election dates. The fair value measurement option: (i) may be applied instrument by instrument, with certain exceptions; (ii) is generally irrevocable; and (iii) is applied only to entire instruments and not to portions of instruments. We must report in earnings unrealized gains and losses on items for which we have elected the fair value measurement option at each subsequent reporting date. We measure certain financial assets and financial liabilities at fair value on a non-recurring basis. These assets and liabilities are subject to fair value adjustments in certain circumstances such as when there is evidence of impairment.
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Short Term Borrowings |
6 Months Ended |
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Jun. 30, 2017 | |
Short Term Borrowings | |
Short Term Borrowings | Short term borrowings consist of promissory notes or overnight repurchase agreements sold to Old Line Bank’s customers, federal funds purchased and advances from the Federal Home Loan Bank of Atlanta.
Securities Sold Under Agreements to Repurchase
To support the $18.8 million in repurchase agreements at June 30, 2017, we have provided collateral in the form of investment securities. At June 30, 2017 we have pledged $39.0 million in U.S. government agency securities and mortgage-backed securities to customers who require collateral for overnight repurchase agreements and deposits. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. As a result, there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities in the event the collateral fair value falls below stipulated levels. We closely monitor the collateral levels to ensure adequate levels are maintained. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. We have the right to sell or re-pledge the investment securities. For government entity repurchase agreements, the collateral is held by Old Line Bank in a segregated custodial account under a tri-party agreement. The repurchase agreements totaling $18.8 million mature daily and will remain fully collateralized until the account has been closed or terminated. |
Long Term Borrowings |
6 Months Ended |
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Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long Term Borrowings | Long term borrowings consist of $35 million in aggregate principal amount of Old Line Bancshares 5.625% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “Notes”). The Notes were issued pursuant to an indenture and a supplemental indenture, each dated as of August 15, 2016, between Old Line Bancshares and U.S. Bank National Association as Trustee. The Notes are unsecured subordinated obligations of Old Line Bancshares and rank equally with all other unsecured subordinated indebtedness currently outstanding or issued in the future. The Notes are subordinated in right of payment of all senior indebtedness. The fair value of the Notes is $34.0 million.
Also included in long term borrowings are trust preferred subordinated debentures totaling $4.0 million (net of $2.7 million fair value adjustment) at June 30, 2017 acquired in the Regal acquisition. The trust preferred subordinated debentures consists of two trusts – Trust 1 in the amount of $4.0 million (fair value adjustment of $1.5 million) maturing on March 17, 2034 and Trust 2 in the amount of $2.5 million (fair value adjustment $1.2 million) maturing on December 14, 2035. |
Subsequent Event |
6 Months Ended |
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Jun. 30, 2017 | |
Subsequent Event | |
Subsequent Event | On July 28, 2017, Old Line Bancshares acquired DCB Bancshares, Inc. (“DCB”), the parent company of Damascus Community Bank. Upon the consummation of the merger, all outstanding shares of DCB common stock were exchanged for shares of common stock of Old Line Bancshares. As a result of the merger, each share of common stock of DCB was converted into the right to receive 0.9269 shares of Old Line Bancshares’ common stock, provided that cash will be paid in lieu of any fractional shares of Old Line Bancshares common stock. As a result Old Line Bancshares will issue approximately 1,495,256 shares of its common stock in exchange for the shares of common stock of DCB in the merger. The aggregate merger consideration was approximately $40.9 million based on the closing sales price of Old Line Bancshares’ common stock on July 28, 2017.
In connection with the merger, the parties have caused Damascus Community Bank to merge with and into Old Line Bank, with Old Line Bank the surviving bank.
At June 30 2017, DCB had consolidated assets of approximately $313 million. This merger adds six banking locations located in market areas of Montgomery, Frederick and Carroll Counties in Maryland.
The initial accounting for the business combination is incomplete as of the date of this report due to the timing of the closing date for the acquisition. The required information is not yet available for Old Line Bancshares to perform the necessary financial reporting and fair values of the related acquisition. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business - Old Line Bancshares, Inc. (“Old Line Bancshares”) was incorporated under the laws of the State of Maryland on April 11, 2003 to serve as the holding company of Old Line Bank. The primary business of Old Line Bancshares is to own all of the capital stock of Old Line Bank. We provide a full range of banking services to customers located in Anne Arundel, Baltimore, Calvert, Carroll, Charles, Montgomery, Prince George’s, and St. Mary’s Counties in Maryland and surrounding areas. |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation - The accompanying condensed consolidated financial statements include the activity of Old Line Bancshares and its wholly owned subsidiary, Old Line Bank, and their wholly-owned subsidiary Pointer Ridge Office Investments, LLC (Pointer Ridge), a real estate investment company. We have eliminated all significant intercompany transactions and balances.
The foregoing consolidated financial statements for the periods ended June 30, 2017 and 2016 are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), however, in the opinion of management we have included all adjustments necessary for a fair presentation of the results of the interim period. We derived the balances as of December 31, 2016 from audited financial statements. These statements should be read in conjunction with Old Line Bancshares’ financial statements and accompanying notes included in Old Line Bancshares’ Form 10-K for the year ended December 31, 2016. We have made no significant changes to Old Line Bancshares’ accounting policies as disclosed in the Form 10-K.
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Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions may affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses.
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Reclassifications | Reclassifications - We have made certain reclassifications to the 2016 financial presentation to conform to the 2017 presentation. These reclassifications did not change net income or stockholders’ equity.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 – Revenue from Contracts with Customers, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of this ASU is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The ASU allows for either full retrospective or modified retrospective adoption. The ASU does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under U.S. GAAP. Revenue streams from services provided by financial institutions that could be impacted by this ASU include credit card arrangements, trust and custody services, and administration services for customer deposit accounts. This update will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This ASU will be effective for us in our first quarter of 2018. Early adoption is not permitted. Old Line Bancshares is currently performing an overall assessment of the revenue streams potentially affected by this ASU to determine the potential impact to its consolidated financial statements. Old Line Bancshares continues to monitor implementation issues relevant to the banking industry with respect to this ASU that are still pending resolution. Old Line Bancshares does not expect the ASU to have a material impact on its consolidated financial statements.
In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Liabilities, which is intended to improve the recognition and measurement of financial instruments by: requiring equity investments (other than equity method or consolidation) to be measured at fair value with changes in fair value recognized in net income; requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This ASU is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU permits early adoption of the instrument-specific credit risk provision. This ASU will be effective for us in our first quarter of 2018. This ASU is not expected to have a significant impact on our consolidated financial statements. We will monitor any new developments and additional guidance for this ASU.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. This ASU will be effective for us in our first quarter of 2018. Old Line Bancshares is currently assessing the impact that the adoption of this standard will have on its financial condition and results of operations and will closely monitor any new developments or additional guidance to determine the potential impact the new standard will on have on our consolidated financial statements.
In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The adoption of ASU 2016-09 on January 1, 2017 did not impact Old Line Bancshares’ consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which sets forth a “current expected credit loss” ("CECL") model requiring Old Line Bancshares to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. For public business entities that are U.S. Securities and Exchange Commission filers, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Old Line Bancshares has implemented a committee and has the responsibility to gather loan information and consider acceptable methodologies to comply with this ASU. The implementation team meets periodically to discuss the latest developments and updates via webcasts, publications, and conferences. Old Line Bancshares’ evaluation indicates that the provisions of ASU No. 2016-13 are expected to impact its consolidated financial statements, in particular the level of the reserve for loan losses. We are, however, continuing to evaluate the extent of the potential impact.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following nine specific cash flow issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned; 6) life insurance policies; 7) distributions received from equity method investees; 8) beneficial interests in securitization transactions; and 9) separately identifiable cash flows and application of the predominance principle. The amendments are effective for public companies for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Old Line Bancshares is currently evaluating the impact of adopting these amendments on its consolidated financial statements, but the adoption is not expected to have a significant impact as of the filing of this report.
In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business, which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. This guidance is effective for interim and annual periods for Old Line Bancshares on January 1, 2018, with early adoption permitted. Old Line Bancshares does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements.
In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Old Line Bancshares does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements.
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Pointer Ridge Office Investment, LLC (Tables) |
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Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of condensed Balance Sheets and Statements of Income information |
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the amortized cost and estimated fair value of securities |
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Schedule of securities with unrealized losses segregated by length of impairment |
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Schedule of contractual maturities and pledged securities |
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Loans (Tables) |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of major classifications of loans held for investment |
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Summary of aging analysis of the loan held for investment portfolio |
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Summary of impaired loans |
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Summary of information related to loans modified in a TDR |
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Schedule of the outstanding balances and related carrying amounts of acquired impaired loans |
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Schedule of allocation of allowance for loan losses by risk rating |
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Summary of activity in the allowance for loan losses by portfolio segment |
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Summary of recorded investment in loans related to each balance in the allowance for probable loan losses by portfolio segment and disaggregated on the basis of impairment methodology |
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Other Real Estate Owned (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of transactions in other real estate owned during the period |
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Earnings Per Common Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average and dilutive average number of shares |
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis |
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Schedule of changes in fair value included in assets measured in the Consolidated Balance sheet using inputs classified as level 3 |
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Schedule of assets and liabilities measured at fair value on a nonrecurring basis |
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Schedule of estimated fair value of financial instruments |
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Pointer Ridge Office Investment, LLC (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Condensed Balance Sheets | |||||
Liabilities | $ 1,633,269,512 | $ 1,633,269,512 | $ 1,558,352,845 | ||
Equity | 161,047,424 | 161,047,424 | 150,666,785 | ||
Condensed Statements of Income | |||||
Net income | 3,969,409 | $ 3,132,694 | 7,943,191 | $ 5,282,086 | |
Pointer Ridge Office Investment L L C [Member] | |||||
Condensed Balance Sheets | |||||
Current assets | 86,941 | 86,941 | 257,438 | ||
Non-current assets | 6,104,146 | 6,104,146 | 6,164,486 | ||
Liabilities | 18,640 | 18,640 | 13,974 | ||
Equity | 6,172,447 | 6,172,447 | $ 6,407,950 | ||
Condensed Statements of Income | |||||
Revenue | 3,175 | 251,300 | 6,351 | 502,374 | |
Expenses | 105,637 | 246,691 | 241,854 | 502,210 | |
Net income | $ (102,462) | $ 4,609 | $ (235,503) | $ 164 |
Pointer Ridge Office Investment, LLC (Details Narrative) - Pointer Ridge Office Investment L L C [Member] |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Schedule of Investments [Line Items] | |
Ownership percentage | 100.00% |
Minority ownership percentage purchased | 37.50% |
Repayment of principal amount of promissory note issued by Pointer Ridge | $ 5,800,000 |
Percentage of building area leased | 0.625 |
Investment Securities (Details 2) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Available for Sale, Amortized cost | ||
Within one year | $ 3,019,443 | |
Over one to five years | 2,265,522 | |
Over five to ten years | 41,915,898 | |
Over ten years | 153,529,891 | |
Total available for sale, Amortized cost | 200,730,754 | $ 207,724,687 |
Available for Sale, Fair value | ||
Within one year | 3,013,359 | |
Over one to five years | 2,271,340 | |
Over five to ten years | 42,012,426 | |
Over ten years | 151,075,328 | |
Investment securities available for sale-at fair value | 198,372,453 | $ 199,505,204 |
Pledged securities | ||
Amortized cost | 39,637,225 | |
Fair value | $ 39,043,138 |
Loans - (Details 1) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
|||
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | $ 1,439,699,404 | $ 1,353,011,924 | ||||
Total accruing past due loans | 9,210,722 | 6,717,638 | ||||
Total Recorded Investment Non-accruing past due loans: | 1,895,691 | 6,383,702 | ||||
Total loans | 1,450,805,817 | 1,366,113,264 | $ 1,246,829,902 | |||
Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 9,188,203 | 5,814,106 | ||||
Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 22,519 | 903,532 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 1,013,530,210 | 848,770,539 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 225,432 | 2,370,589 | ||||
Total loans | 312,610,056 | 292,071,087 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 5,582,775 | 2,799,802 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 634,290 | ||||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 486,454,516 | 451,700,513 | ||||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 769,539 | 794,037 | ||||
Commercial Real Estate Portfolio Segment [Member] | Hospitality [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 0 | 1,346,736 | ||||
Total loans | 164,271,149 | 152,805,285 | ||||
Commercial Real Estate Portfolio Segment [Member] | Land And A And D [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 192,382 | 271,962 | ||||
Total loans | 50,194,490 | 57,339,110 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 278,014,464 | 271,718,902 | ||||
Real Estate Portfolio Segment [Member] | Residential First Investment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 233,759 | 411,354 | ||||
Total loans | 102,145,725 | 95,774,172 | ||||
Real Estate Portfolio Segment [Member] | Residential First Investment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 976,287 | 915,442 | ||||
Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 1,041,590 | 222,237 | ||||
Total loans | 102,520,817 | 97,176,371 | ||||
Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 1,368,567 | 879,718 | ||||
Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 3,360 | 250,000 | ||||
Real Estate Portfolio Segment [Member] | H E L O C And Jr Leins [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 25,044,465 | 27,018,933 | ||||
Real Estate Portfolio Segment [Member] | H E L O C And Jr Leins [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 136,820 | 99,946 | ||||
Commercial And Industrial Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 202,528 | 1,760,824 | ||||
Total loans | 154,767,404 | 141,993,464 | ||||
Commercial And Industrial Loans [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 353,665 | 325,161 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 4,493,738 | 5,008,875 | 5,558,235 | |||
Consumer Portfolio Segment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 550 | 0 | ||||
Consumer Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 19,242 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 154,767,405 | $ 120,782,226 | ||||
Commercial Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 19,159 | 0 | ||||
Legacy [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | 1,279,091,477 | 1,167,380,870 | ||||
Total accruing past due loans | 6,069,499 | 3,761,649 | ||||
Total Recorded Investment Non-accruing past due loans: | 658,524 | 6,089,842 | ||||
Total loans | [1] | 1,285,819,500 | 1,177,232,361 | |||
Legacy [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 6,050,340 | 3,742,407 | ||||
Legacy [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 19,159 | 19,242 | ||||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | |||||
Total Recorded Investment Non-accruing past due loans: | 2,370,589 | |||||
Total loans | [1] | 266,686,058 | 238,220,475 | |||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 4,864,845 | 2,799,802 | ||||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | [1] | 453,597,514 | 414,012,709 | |||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | |||||
Total Recorded Investment Non-accruing past due loans: | 1,346,736 | |||||
Total loans | [1] | 157,457,044 | 141,611,858 | |||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Land And A And D [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | |||||
Total Recorded Investment Non-accruing past due loans: | 77,395 | |||||
Total loans | [1] | 44,742,020 | 51,323,297 | |||
Legacy [Member] | Real Estate Portfolio Segment [Member] | Residential First Investment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 233,759 | |||||
Total Recorded Investment Non-accruing past due loans: | 312,061 | |||||
Total loans | [1] | 81,285,353 | 72,150,512 | |||
Legacy [Member] | Real Estate Portfolio Segment [Member] | Residential First Investment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 461,119 | 517,498 | ||||
Legacy [Member] | Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 222,237 | |||||
Total Recorded Investment Non-accruing past due loans: | 222,237 | |||||
Total loans | [1] | 61,719,823 | 54,732,604 | |||
Legacy [Member] | Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 233,891 | 0 | ||||
Legacy [Member] | Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Legacy [Member] | Real Estate Portfolio Segment [Member] | H E L O C And Jr Leins [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | [1] | 22,692,006 | 24,385,215 | |||
Legacy [Member] | Real Estate Portfolio Segment [Member] | H E L O C And Jr Leins [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 136,820 | 99,946 | ||||
Legacy [Member] | Commercial And Industrial Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 202,528 | |||||
Total Recorded Investment Non-accruing past due loans: | 1,760,824 | |||||
Total loans | [1] | 149,943,871 | 136,259,560 | |||
Legacy [Member] | Commercial And Industrial Loans [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 353,665 | 325,161 | ||||
Legacy [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | [1] | 4,405,042 | 4,868,909 | |||
Legacy [Member] | Consumer Portfolio Segment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Legacy [Member] | Consumer Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 19,242 | ||||
Legacy [Member] | Commercial Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 19,159 | 0 | ||||
Acquired [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | 160,607,927 | 185,631,054 | ||||
Total accruing past due loans | 3,141,223 | 2,955,989 | ||||
Total Recorded Investment Non-accruing past due loans: | 1,237,167 | 293,860 | ||||
Total loans | 164,986,317 | 188,880,903 | ||||
Acquired [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 3,137,863 | 2,071,699 | ||||
Acquired [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 3,360 | 884,290 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 225,432 | 0 | ||||
Total loans | 45,923,998 | 53,850,612 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 717,930 | 0 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 634,290 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 32,857,002 | 37,687,804 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 769,539 | 794,037 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 0 | 0 | ||||
Total loans | 6,814,105 | 11,193,427 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Land And A And D [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 192,382 | 194,567 | ||||
Total loans | 5,452,470 | 6,015,813 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | Residential First Investment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 0 | 99,293 | ||||
Total loans | 20,860,372 | 23,623,660 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | Residential First Investment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 515,168 | 397,944 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 819,353 | 0 | ||||
Total loans | 40,800,994 | 42,443,767 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 1,134,676 | 879,718 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 3,360 | 250,000 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | H E L O C And Jr Leins [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 2,352,459 | 2,633,718 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | H E L O C And Jr Leins [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Acquired [Member] | Commercial And Industrial Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Recorded Investment Non-accruing past due loans: | 0 | 0 | ||||
Total loans | 4,823,533 | 5,733,904 | ||||
Acquired [Member] | Commercial And Industrial Loans [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Acquired [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans | 88,696 | 139,966 | ||||
Acquired [Member] | Consumer Portfolio Segment [Member] | Financing Receivables30 To89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 550 | 0 | ||||
Acquired [Member] | Consumer Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | 0 | 0 | ||||
Acquired [Member] | Commercial Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total accruing past due loans | $ 0 | $ 0 | ||||
|
Loans - (Details 2) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Unpaid Principal Balance | |||
Total | $ 7,298,893 | $ 7,298,893 | $ 10,030,983 |
Recorded Investment | |||
Total | 6,835,996 | 6,835,996 | 9,456,664 |
Related Allowance | |||
Total | 453,888 | 453,888 | 1,393,006 |
Average Recorded Investment | |||
Total | 7,303,537 | 7,411,761 | 22,511,712 |
Interest Income Recognized | |||
Total | 51,647 | 128,335 | 260,125 |
Legacy [Member] | |||
Unpaid Principal Balance | |||
Total | 4,772,702 | 4,772,702 | 8,257,935 |
Recorded Investment | |||
Total | 4,772,702 | 4,772,702 | 8,257,935,000 |
Related Allowance | |||
Total | 349,300 | 349,300 | 1,282,015 |
Average Recorded Investment | |||
Total | 4,772,702 | 4,873,314 | 20,035,287 |
Interest Income Recognized | |||
Total | 41,067 | 99,419 | 212,901 |
Legacy [Member] | Commercial Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 405,368 | 405,368 | 843,809 |
With an allowance recorded | 1,016,479 | ||
Recorded Investment | |||
With no related allowance recorded | 405,368 | 405,368 | 843,809 |
With an allowance recorded | 1,016,479 | ||
Related Allowance | |||
Total | 609,152 | ||
Average Recorded Investment | |||
With no related allowance recorded | 405,368 | 345,972 | 3,338,295 |
With an allowance recorded | 300,234 | 300,806 | 1,976,689 |
Interest Income Recognized | |||
With no related allowance recorded | 3,700 | 23,130 | 3,761 |
With an allowance recorded | 125 | 2,493 | 4,476 |
Legacy [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 1,825,757 | 1,825,757 | 566,973 |
With an allowance recorded | 0 | 0 | 2,048,989 |
Recorded Investment | |||
With no related allowance recorded | 1,825,757 | 1,825,757 | 566,973 |
With an allowance recorded | 0 | 0 | 2,048,989 |
Related Allowance | |||
Total | 0 | 0 | 443,489 |
Average Recorded Investment | |||
With no related allowance recorded | 1,825,757 | 1,967,633 | 1,223,360 |
With an allowance recorded | 0 | 6,605,858 | |
Interest Income Recognized | |||
With no related allowance recorded | 19,303 | 32,431 | 12,759 |
With an allowance recorded | 0 | 50,348 | |
Legacy [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 1,183,812 | 1,183,812 | 1,212,771 |
With an allowance recorded | 601,535 | 601,535 | 610,485 |
Recorded Investment | |||
With no related allowance recorded | 1,183,812 | 1,183,812 | 1,212,771 |
With an allowance recorded | 601,535 | 601,535 | 610,485 |
Related Allowance | |||
Total | 28,803 | 28,803 | 33,335 |
Average Recorded Investment | |||
With no related allowance recorded | 1,183,812 | 1,196,978 | 1,208,240 |
With an allowance recorded | 601,535 | 605,929 | 610,373 |
Interest Income Recognized | |||
With no related allowance recorded | 9,070 | 26,001 | 54,531 |
With an allowance recorded | 7,739 | 15,364 | 46,550 |
Legacy [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 41,258 | 41,258 | |
With an allowance recorded | 192,501 | 192,501 | |
Recorded Investment | |||
With no related allowance recorded | 41,258 | 41,258 | |
With an allowance recorded | 192,501 | 192,501 | |
Related Allowance | |||
Total | 20,263 | 20,263 | |
Average Recorded Investment | |||
With no related allowance recorded | 41,258 | 41,258 | |
With an allowance recorded | 192,501 | 192,501 | |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | |
With an allowance recorded | 0 | 0 | |
Legacy [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 222,237 | 222,237 | 222,237 |
With an allowance recorded | 300,234 | 300,234 | 312,061 |
Recorded Investment | |||
With no related allowance recorded | 222,237 | 222,237 | 222,237 |
With an allowance recorded | 300,234 | 300,234 | 312,061 |
Related Allowance | |||
Total | 300,234 | 300,234 | 45,505 |
Average Recorded Investment | |||
With no related allowance recorded | 222,237 | 222,237 | 243,699 |
With an allowance recorded | 547,024 | ||
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | 5,440 |
With an allowance recorded | 9,348 | ||
Legacy [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With an allowance recorded | 77,395 | ||
Recorded Investment | |||
With an allowance recorded | 77,395 | ||
Related Allowance | |||
Total | 15,860 | ||
Average Recorded Investment | |||
With an allowance recorded | 82,587 | ||
Interest Income Recognized | |||
With an allowance recorded | 4,729 | ||
Legacy [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With an allowance recorded | 1,346,736 | ||
Recorded Investment | |||
With an allowance recorded | 1,346,736 | ||
Related Allowance | |||
Total | 134,674 | ||
Average Recorded Investment | |||
With an allowance recorded | 4,199,162 | ||
Interest Income Recognized | |||
With an allowance recorded | 20,959 | ||
Acquired [Member] | |||
Unpaid Principal Balance | |||
Total | 2,526,191 | 2,526,191 | 1,773,048 |
Recorded Investment | |||
Total | 2,063,294 | 2,063,294 | 1,198,729,000 |
Related Allowance | |||
Total | 104,588 | 104,588 | 110,991 |
Average Recorded Investment | |||
Total | 2,530,835 | 2,538,447 | 2,476,425 |
Interest Income Recognized | |||
Total | 10,580 | 28,916 | 47,224 |
Acquired [Member] | Commercial Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With an allowance recorded | 74,197 | 74,197 | 76,243 |
Recorded Investment | |||
With an allowance recorded | 74,197 | 74,197 | 76,243 |
Related Allowance | |||
Total | 24,516 | 24,516 | 27,207 |
Average Recorded Investment | |||
With an allowance recorded | 73,898 | 75,077 | 83,049 |
Interest Income Recognized | |||
With an allowance recorded | 948 | 1,900 | 3,992 |
Acquired [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 252,687 | 252,687 | |
Recorded Investment | |||
With no related allowance recorded | 252,687 | 252,687 | |
Average Recorded Investment | |||
With no related allowance recorded | 252,687 | 252,743 | |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 2,155 | |
Acquired [Member] | Investment [Member] | Real Estate Portfolio Segment [Member] | |||
Average Recorded Investment | |||
With no related allowance recorded | 132,715 | 133,367 | |
Interest Income Recognized | |||
With no related allowance recorded | 1,106 | 2,194 | |
Acquired [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 132,715 | 132,715 | 292,349 |
Recorded Investment | |||
With no related allowance recorded | 71,348 | 71,348 | 171,348 |
Average Recorded Investment | |||
With no related allowance recorded | 233,133 | ||
Interest Income Recognized | |||
With no related allowance recorded | 4,383 | ||
Acquired [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 151,891 | 151,891 | 662,835 |
Recorded Investment | |||
With no related allowance recorded | 1,469,632 | 1,469,632 | 662,835 |
Average Recorded Investment | |||
With no related allowance recorded | 1,581,653 | 1,587,209 | 1,408,689 |
Interest Income Recognized | |||
With no related allowance recorded | 8,526 | 21,844 | 19,899 |
Acquired [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 334,271 | 334,271 | 334,271 |
Recorded Investment | |||
With no related allowance recorded | 45,000 | 45,000 | 45,000 |
Average Recorded Investment | |||
With no related allowance recorded | 334,271 | 334,271 | 334,271 |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | 0 |
Acquired [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 255,716 | ||
With an allowance recorded | 150,430 | 150,430 | 151,364 |
Recorded Investment | |||
With no related allowance recorded | 91,669 | ||
With an allowance recorded | 150,430 | 150,430 | 151,364 |
Related Allowance | |||
Total | 80,072 | 80,072 | 83,784 |
Average Recorded Investment | |||
With no related allowance recorded | 255,661 | ||
With an allowance recorded | 155,611 | 155,780 | 161,622 |
Interest Income Recognized | |||
With no related allowance recorded | 13,686 | ||
With an allowance recorded | $ 0 | $ 823 | $ 5,264 |
Loans - (Details 3) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017
USD ($)
contract
|
Jun. 30, 2016
USD ($)
contract
|
Jun. 30, 2017
USD ($)
contract
|
Jun. 30, 2016
USD ($)
contract
|
|
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,011,064 | $ 392,842 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,990,241 | $ 158,382 |
Legacy [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,011,064 | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,990,241 | $ 0 |
Legacy [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,596,740 | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,584,913 | $ 0 |
Legacy [Member] | Residential Non-Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Legacy [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 414,324 | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 405,328 | $ 0 |
Acquired [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 392,842 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 158,382 |
Acquired [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 256,669 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 91,929 |
Acquired [Member] | Residential Non-Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 136,173 |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 66,453 |
Acquired [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Loans - (Details 4) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accretable Yield | ||||
Contractually Required Payments Receivable | $ 8,311,088 | $ 12,798,858 | $ 9,597,703 | $ 14,875,352 |
Carrying Amount | 6,643,878 | 10,099,810 | $ 7,558,415 | $ 10,675,943 |
Acquired [Member] | ||||
Accretable Yield | ||||
Beginning balance | (22,980) | 276,892 | ||
Accretion of fair value discounts | (51,722) | (44,967) | ||
Payoff of acquired loans | 0 | (390,990) | ||
Reclassification from non-accretable | 52,807 | 352,714 | ||
Ending balance | $ (21,895) | $ 193,649 |
Loans - (Details 5) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
|||
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | $ 1,450,805,817 | $ 1,366,113,264 | $ 1,246,829,902 | |||
Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,416,441,308 | 1,326,049,571 | ||||
Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 22,461,423 | 21,762,896 | ||||
Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 11,903,086 | 18,300,797 | ||||
Doubtful [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Loss [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,013,530,210 | 848,770,539 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 278,014,464 | $ 271,718,902 | ||||
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 312,610,056 | 292,071,087 | ||||
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 300,519,871 | 280,054,728 | ||||
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 8,042,753 | 7,372,079 | ||||
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,047,431 | 4,644,279 | ||||
Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 486,454,516 | 451,700,513 | ||||
Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 482,137,449 | 444,005,052 | ||||
Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,141,040 | 2,177,065 | ||||
Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,176,026 | 5,518,394 | ||||
Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 164,271,149 | 152,805,285 | ||||
Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 162,866,593 | 150,046,860 | ||||
Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,404,556 | 1,411,689 | ||||
Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,346,736 | |||||
Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 50,194,490 | 57,339,110 | ||||
Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 47,573,497 | 54,632,801 | ||||
Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,575,994 | 2,661,309 | ||||
Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 45,000 | 45,000 | ||||
Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 102,145,725 | 95,774,172 | ||||
Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 99,736,165 | 92,879,243 | ||||
Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,543,535 | 1,826,220 | ||||
Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 866,025 | 1,068,709 | ||||
Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 102,520,817 | 97,176,371 | ||||
Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 98,037,200 | 93,213,303 | ||||
Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,156,250 | 2,190,734 | ||||
Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,327,368 | 1,772,335 | ||||
Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 48,303,457 | 45,225,454 | ||||
Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 44,925,991 | 41,210,732 | ||||
Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 3,120,352 | 3,470,324 | ||||
Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 257,114 | 544,399 | ||||
H E L O C And Jr Leins [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 25,044,465 | 27,018,933 | ||||
H E L O C And Jr Leins [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 25,044,465 | 27,018,933 | ||||
Commercial [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 151,106,339 | 137,979,044 | ||||
Commercial [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,476,943 | 653,476 | ||||
Commercial [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,184,122 | 3,360,945 | ||||
Consumer [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,493,738 | 5,008,875 | ||||
Consumer [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | |||||
Legacy [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 1,285,819,500 | 1,177,232,361 | |||
Legacy [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,265,879,652 | 1,153,808,754 | ||||
Legacy [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 12,682,559 | 9,727,434 | ||||
Legacy [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 7,257,289 | 13,696,173 | ||||
Legacy [Member] | Doubtful [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Legacy [Member] | Loss [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Legacy [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 266,686,058 | 238,220,475 | |||
Legacy [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 259,552,188 | 231,985,682 | ||||
Legacy [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,503,876 | 2,799,801 | ||||
Legacy [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,629,993 | 3,434,990 | ||||
Legacy [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 453,597,514 | 414,012,709 | |||
Legacy [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 450,729,071 | 408,875,014 | ||||
Legacy [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,083,096 | 400,228 | ||||
Legacy [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,785,347 | 4,737,465 | ||||
Legacy [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 157,457,044 | 141,611,858 | |||
Legacy [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 157,457,044 | 140,265,123 | ||||
Legacy [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Legacy [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,346,736 | |||||
Legacy [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 44,742,020 | 51,323,297 | |||
Legacy [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 42,304,057 | 48,817,229 | ||||
Legacy [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,437,963 | 2,506,068 | ||||
Legacy [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Legacy [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 81,285,353 | 72,150,512 | |||
Legacy [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 80,284,280 | 70,980,640 | ||||
Legacy [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 491,815 | 577,767 | ||||
Legacy [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 509,258 | 592,106 | ||||
Legacy [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 61,719,823 | 54,732,604 | |||
Legacy [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 61,193,426 | 54,201,816 | ||||
Legacy [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 304,160 | 308,552 | ||||
Legacy [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 222,237 | 222,237 | ||||
Legacy [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 43,290,769 | 39,667,222 | |||
Legacy [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 40,849,195 | 36,910,902 | ||||
Legacy [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,441,574 | 2,678,925 | ||||
Legacy [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 77,395 | ||||
Legacy [Member] | H E L O C And Jr Leins [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | [1] | 22,692,006 | 24,385,215 | |||
Legacy [Member] | H E L O C And Jr Leins [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 22,692,006 | 24,385,215 | ||||
Legacy [Member] | Commercial [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 146,413,343 | 132,518,224 | ||||
Legacy [Member] | Commercial [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,420,075 | 456,093 | ||||
Legacy [Member] | Commercial [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,110,454 | 3,285,244 | ||||
Legacy [Member] | Consumer [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,405,042 | 4,868,909 | ||||
Legacy [Member] | Consumer [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | |||||
Acquired [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 164,986,317 | 188,880,903 | ||||
Acquired [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 150,561,656 | 172,240,817 | ||||
Acquired [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 9,778,864 | 12,035,462 | ||||
Acquired [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,645,797 | 4,604,624 | ||||
Acquired [Member] | Doubtful [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Acquired [Member] | Loss [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | 0 | ||||
Acquired [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 45,923,998 | 53,850,612 | ||||
Acquired [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 40,967,683 | 48,069,046 | ||||
Acquired [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 3,538,877 | 4,572,278 | ||||
Acquired [Member] | Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,417,438 | 1,209,289 | ||||
Acquired [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 32,857,002 | 37,687,804 | ||||
Acquired [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 31,408,378 | 35,130,038 | ||||
Acquired [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,057,944 | 1,776,837 | ||||
Acquired [Member] | Investment [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 390,679 | 780,929 | ||||
Acquired [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 6,814,105 | 11,193,427 | ||||
Acquired [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 5,409,549 | 9,781,737 | ||||
Acquired [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,404,556 | 1,411,689 | ||||
Acquired [Member] | Hospitality [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 0 | |||||
Acquired [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 5,452,470 | 6,015,813 | ||||
Acquired [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 5,269,440 | 5,815,572 | ||||
Acquired [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 138,031 | 155,241 | ||||
Acquired [Member] | Land And A And D [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 45,000 | 45,000 | ||||
Acquired [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 20,860,372 | 23,623,660 | ||||
Acquired [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 19,451,885 | 21,898,603 | ||||
Acquired [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,051,720 | 1,248,453 | ||||
Acquired [Member] | Residential First Investment [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 356,767 | 476,603 | ||||
Acquired [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 40,800,994 | 42,443,767 | ||||
Acquired [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 36,843,774 | 39,011,487 | ||||
Acquired [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 1,852,090 | 1,882,182 | ||||
Acquired [Member] | Residential First Owner Occupied [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,105,131 | 1,550,098 | ||||
Acquired [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 5,012,688 | 5,558,232 | ||||
Acquired [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,076,796 | 4,299,830 | ||||
Acquired [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 678,778 | 791,399 | ||||
Acquired [Member] | Residential Land And A And D [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 257,114 | 467,004 | ||||
Acquired [Member] | H E L O C And Jr Leins [Member] | Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,352,459 | 2,633,718 | ||||
Acquired [Member] | H E L O C And Jr Leins [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 2,352,459 | 2,633,718 | ||||
Acquired [Member] | Commercial [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 4,692,996 | 5,460,820 | ||||
Acquired [Member] | Commercial [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 56,868 | 197,383 | ||||
Acquired [Member] | Commercial [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | 73,668 | 75,701 | ||||
Acquired [Member] | Consumer [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | $ 88,696 | 139,966 | ||||
Acquired [Member] | Consumer [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Account balance | $ 0 | |||||
|
Loans - (Details 6) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|||
Activity in the allowance for loan losses | |||||||
Beginning balance | $ 5,609,789 | $ 5,705,857 | $ 6,195,469 | $ 4,909,818 | |||
Provision for loan losses | 278,916 | 300,000 | 719,407 | 1,078,611 | |||
Recoveries | 23,137 | 21,906 | 28,828 | 44,307 | |||
Allowance for loan losses before charge offs | 5,911,842 | 6,027,763 | 6,943,704 | 6,032,736 | |||
Loans charged off | 0 | (8,840) | (1,031,862) | (13,813) | |||
Ending Balance | 5,911,842 | 6,018,923 | 5,911,842 | 6,018,923 | |||
Amount allocated to: | |||||||
Ending balance | 5,911,842 | 6,018,923 | 5,911,842 | 6,018,923 | $ 6,195,469 | ||
Commercial Portfolio Segment [Member] | |||||||
Activity in the allowance for loan losses | |||||||
Beginning balance | 1,233,152 | 989,005 | 1,372,235 | 1,168,529 | |||
Provision for loan losses | 84,583 | 146,461 | 514,972 | (35,490) | |||
Recoveries | 512 | 7,386 | 1,563 | 14,285 | |||
Allowance for loan losses before charge offs | 1,318,247 | 1,142,852 | 1,888,770 | 1,147,324 | |||
Loans charged off | 0 | 0 | (570,523) | (4,472) | |||
Ending Balance | 1,318,247 | 1,142,852 | 1,318,247 | 1,142,852 | |||
Amount allocated to: | |||||||
Ending balance | 1,318,247 | 1,142,852 | 1,318,247 | 1,142,852 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Activity in the allowance for loan losses | |||||||
Beginning balance | 3,683,260 | 3,801,163 | 3,990,152 | 3,046,714 | |||
Provision for loan losses | 105,746 | 138,069 | 238,360 | 892,518 | |||
Recoveries | 417 | 0 | 833 | 0 | |||
Allowance for loan losses before charge offs | 3,789,423 | 3,939,232 | 4,229,345 | 3,939,232 | |||
Loans charged off | 0 | 0 | (439,922) | 0 | |||
Ending Balance | 3,789,423 | 3,939,232 | 3,789,423 | 3,939,232 | |||
Amount allocated to: | |||||||
Ending balance | 3,789,423 | 3,939,232 | 3,789,423 | 3,939,232 | |||
Real Estate Portfolio Segment [Member] | |||||||
Activity in the allowance for loan losses | |||||||
Beginning balance | 684,541 | 904,204 | 823,520 | 682,962 | |||
Provision for loan losses | 109,254 | 14,615 | (28,357) | 227,996 | |||
Recoveries | 0 | 11,308 | 900 | 19,169 | |||
Allowance for loan losses before charge offs | 793,795 | 930,127 | 796,063 | 930,127 | |||
Loans charged off | 0 | (3,055) | (2,268) | (3,055) | |||
Ending Balance | 793,795 | 927,072 | 793,795 | 927,072 | |||
Amount allocated to: | |||||||
Ending balance | 793,795 | 927,072 | 793,795 | 927,072 | |||
Consumer Portfolio Segment [Member] | |||||||
Activity in the allowance for loan losses | |||||||
Beginning balance | 8,836 | 11,485 | 9,562 | 11,613 | |||
Provision for loan losses | (20,667) | 855 | (5,568) | (6,413) | |||
Recoveries | 22,208 | 3,212 | 25,532 | 10,853 | |||
Allowance for loan losses before charge offs | 10,377 | 15,552 | 29,526 | 16,053 | |||
Loans charged off | 0 | (5,785) | (19,149) | (6,286) | |||
Ending Balance | 10,377 | 9,767 | 10,377 | 9,767 | |||
Amount allocated to: | |||||||
Ending balance | 10,377 | 9,767 | 10,377 | 9,767 | |||
Legacy [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 349,299 | 1,226,793 | 349,299 | 1,226,793 | |||
Other loans not individually evaluated | 5,457,954 | 4,476,064 | 5,457,954 | 4,476,064 | |||
Ending balance | [1] | 5,807,254 | 5,807,254 | 6,084,478 | |||
Legacy [Member] | Commercial Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 300,234 | 550,046 | 300,234 | 550,046 | |||
Other loans not individually evaluated | 993,496 | 592,806 | 993,496 | 592,806 | |||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 28,803 | 676,747 | 28,803 | 676,747 | |||
Other loans not individually evaluated | 3,760,620 | 3,262,485 | 3,760,620 | 3,262,485 | |||
Legacy [Member] | Real Estate Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 20,262 | 0 | 20,262 | 0 | |||
Other loans not individually evaluated | 693,461 | 611,006 | 693,461 | 611,006 | |||
Legacy [Member] | Consumer Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Other loans not individually evaluated | 10,377 | 9,767 | 10,377 | 9,767 | |||
Acquired [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 104,589 | 316,066 | 104,589 | 316,066 | |||
Ending balance | 104,588 | 104,588 | $ 110,991 | ||||
Acquired [Member] | Commercial Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 24,517 | 0 | 24,517 | 0 | |||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Acquired [Member] | Real Estate Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | 80,072 | 316,066 | 80,072 | 316,066 | |||
Acquired [Member] | Consumer Portfolio Segment [Member] | |||||||
Amount allocated to: | |||||||
Individually evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 | |||
|
Loans - (Details 7) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
|||
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Account balance | $ 1,450,805,817 | $ 1,366,113,264 | $ 1,246,829,902 | |||
Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Account balance | 154,767,405 | 120,782,226 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Account balance | 1,013,530,210 | 848,770,539 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Account balance | 278,014,464 | 271,718,902 | ||||
Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Account balance | 4,493,738 | 5,008,875 | 5,558,235 | |||
Legacy [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve | 1,094,270 | 4,505,063 | ||||
Individually evaluated for impairment without specific reserve | 3,678,432 | 2,700,176 | ||||
Other loans not individually evaluated | 1,281,046,798 | 1,020,373,724 | ||||
Account balance | [1] | 1,285,819,500 | 1,177,232,361 | |||
Legacy [Member] | Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve | 300,234 | 1,009,512 | ||||
Individually evaluated for impairment without specific reserve | 405,368 | 885,570 | ||||
Other loans not individually evaluated | 149,238,270 | 110,924,558 | ||||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve | 601,535 | 3,495,551 | ||||
Individually evaluated for impairment without specific reserve | 3,009,569 | 1,814,606 | ||||
Other loans not individually evaluated | 918,871,531 | 718,453,673 | ||||
Legacy [Member] | Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve | 192,501 | 0 | ||||
Individually evaluated for impairment without specific reserve | 263,495 | 0 | ||||
Other loans not individually evaluated | 208,531,955 | 185,608,582 | ||||
Legacy [Member] | Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve | 0 | 0 | ||||
Individually evaluated for impairment without specific reserve | 0 | 0 | ||||
Other loans not individually evaluated | 4,405,042 | 5,386,911 | ||||
Account balance | [1] | 4,405,042 | 4,868,909 | |||
Acquired [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 224,627 | 377,212 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 1,838,667 | 3,523,273 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 6,643,878 | 10,099,810 | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 156,279,145 | 205,250,644 | ||||
Account balance | 164,986,317 | 188,880,903 | ||||
Acquired [Member] | Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 74,197 | 0 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 0 | 952,002 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 0 | 0 | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 4,749,336 | 7,010,584 | ||||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 150,430 | 0 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 252,687 | 616,862 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 3,515,652 | 5,789,245 | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 87,128,806 | 118,600,602 | ||||
Acquired [Member] | Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 0 | 377,212 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 1,585,980 | 1,954,409 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 3,128,226 | 4,310,565 | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 64,312,307 | 79,468,134 | ||||
Acquired [Member] | Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 0 | 0 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 0 | 0 | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 0 | 0 | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 88,696 | $ 171,324 | ||||
Account balance | $ 88,696 | $ 139,966 | ||||
|
Other Real Estate Owned (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Other Real Estate and Foreclosed Assets [Line Items] | ||||
Beginning balance | $ 2,746,000 | |||
Real estate acquired through foreclosure of loans | 422,848 | $ 261,700 | ||
Sales/deposit on sales | (290,644) | |||
Net realized gain on sale of real estate owned | $ 0 | $ 48,099 | 17,689 | $ 52,307 |
Total end of period | 2,895,893 | 2,895,893 | ||
Legacy [Member] | ||||
Other Real Estate and Foreclosed Assets [Line Items] | ||||
Beginning balance | 425,000 | |||
Real estate acquired through foreclosure of loans | 321,600 | |||
Sales/deposit on sales | 0 | |||
Net realized gain on sale of real estate owned | 0 | |||
Total end of period | 746,600 | 746,600 | ||
Acquired [Member] | ||||
Other Real Estate and Foreclosed Assets [Line Items] | ||||
Beginning balance | 2,321,000 | |||
Real estate acquired through foreclosure of loans | 101,248 | |||
Sales/deposit on sales | (290,644) | |||
Net realized gain on sale of real estate owned | 17,689 | |||
Total end of period | $ 2,149,293 | $ 2,149,293 |
Earnings Per Common Share (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Weighted average number of shares | 10,951,464 | 10,816,429 | 10,938,892 | 10,812,314 |
Dilutive average number of shares | 11,165,814 | 10,989,854 | 11,152,901 | 10,980,534 |
Stock Based Compensation (Details Narrative) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation expense | $ 146,918 | $ 147,649 | $ 262,031 | $ 262,080 |
Unrecognized compensation cost related to non-vested stock options | $ 1,300,000 | $ 1,300,000 | ||
Period over which unrecognized compensation cost is expected to be realized | 2 years 6 months | |||
Shares available for future issuance | 307,746 | 307,746 | ||
Options exercised by directors and officers (in shares) | 14,300 | 0 | ||
Options granted (in shares) | 0 | 58,927 | ||
Options granted (in dollars per share) | $ 5.38 | |||
Restricted stock granted (in shares) | 24,415 | 13,869 | ||
Restricted stock granted (in dollars per share) | $ 28.63 | $ 28.63 | ||
Restricted stock forfeited (in shares) | 0 | 0 |
Fair Value Measurement (Details) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Available-for-sale: | ||
Treasury securities | $ 3,013,000 | $ 2,996,000 |
U.S. government agency | 18,345,000 | 7,266,000 |
Corporate bonds | 9,243,000 | 8,172,000 |
Municipal securities | 66,474,000 | 67,687,000 |
FHLMC MBS | 20,957,000 | 21,800,000 |
FNMA MBS | 66,916,000 | 70,449,000 |
GNMA MBS | 13,424,000 | 21,135,000 |
Investment securities available for sale | 198,372,453 | 199,505,204 |
Fair Value Inputs Level1 [Member] | ||
Available-for-sale: | ||
Treasury securities | 3,013,000 | 2,996,000 |
U.S. government agency | 0 | 0 |
Corporate bonds | 0 | 0 |
Municipal securities | 0 | 0 |
FHLMC MBS | 0 | 0 |
FNMA MBS | 0 | 0 |
GNMA MBS | 0 | 0 |
Investment securities available for sale | 3,013,000 | 2,996,000 |
Fair Value Inputs Level2 [Member] | ||
Available-for-sale: | ||
Treasury securities | 0 | 0 |
U.S. government agency | 18,345,000 | 7,266,000 |
Corporate bonds | 0 | 0 |
Municipal securities | 66,474,000 | 67,687,000 |
FHLMC MBS | 20,957,000 | 21,800,000 |
FNMA MBS | 66,916,000 | 70,449,000 |
GNMA MBS | 13,424,000 | 21,135,000 |
Investment securities available for sale | 186,116,000 | 188,337,000 |
Fair Value Inputs Level3 [Member] | ||
Available-for-sale: | ||
Treasury securities | 0 | 0 |
U.S. government agency | 0 | 0 |
Corporate bonds | 9,243,000 | 8,172,000 |
Municipal securities | 0 | 0 |
FHLMC MBS | 0 | 0 |
FNMA MBS | 0 | 0 |
GNMA MBS | 0 | 0 |
Investment securities available for sale | $ 9,243,000 | $ 8,172,000 |
Fair Value Measurement (Details 1) - Fair Value Inputs Level3 [Member] $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Balance begining | $ 8,172 |
Included in earnings | 0 |
Included in other comprehensive income | 71 |
Purchases, issuances, sales and settlements | 1,000 |
Transfers into or out of level 3 | 0 |
Balance ending | $ 9,243 |
Fair Value Measurement (Details 2) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ 6,835,996 | $ 9,456,664 |
Fair Value Measurements Nonrecurring [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 6,382,000 | 8,064,000 |
Other real estate owned | 2,896,000 | 2,746,000 |
Assets | 9,278,000 | 10,810,000 |
Fair Value Inputs Level3 [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 6,382,000 | 8,064,000 |
Other real estate owned | 2,896,000 | 2,746,000 |
Assets | 9,278,000 | 10,810,000 |
Legacy [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 4,772,702 | 8,257,935,000 |
Legacy [Member] | Fair Value Measurements Nonrecurring [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 4,423,000 | 6,976,000 |
Other real estate owned | 747,000 | 425,000 |
Legacy [Member] | Fair Value Inputs Level3 [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 4,423,000 | 6,976,000 |
Other real estate owned | 747,000 | 425,000 |
Acquired [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 2,063,294 | 1,198,729,000 |
Acquired [Member] | Fair Value Measurements Nonrecurring [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 1,959,000 | 1,088,000 |
Other real estate owned | 2,149,000 | 2,321,000 |
Acquired [Member] | Fair Value Inputs Level3 [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 1,959,000 | 1,088,000 |
Other real estate owned | $ 2,149,000 | $ 2,321,000 |
Fair Value Measurement (Details 3) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets: | ||
Loans held-for-sale | $ 6,857,924 | $ 8,707,516 |
Investment securities available for sale | 198,372,453 | 199,505,204 |
Bank Owned Life Insurance | 38,025,982 | 37,557,566 |
Accrued interest receivable | 4,144,803 | 4,278,229 |
Liabilities: | ||
Non-interest bearing | 366,468,569 | 331,331,263 |
Interest bearing | 1,012,960,448 | 994,549,269 |
Accrued interest payable | 1,340,591 | 1,269,356 |
Fair Value Inputs Level1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 26,465,000 | 23,463,000 |
Loans receivable, net | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Investment securities available for sale | 3,013,000 | 2,996,000 |
Equity securities at cost | 0 | 0 |
Bank Owned Life Insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities: | ||
Non-interest bearing | 0 | 0 |
Interest bearing | 0 | 0 |
Short term borrowings | 0 | 0 |
Long term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value Inputs Level2 [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Loans receivable, net | 0 | 0 |
Loans held-for-sale | 6,858,000 | 8,707,000 |
Investment securities available for sale | 186,116,000 | 188,337,000 |
Equity securities at cost | 9,973,000 | 8,303,000 |
Bank Owned Life Insurance | 38,026,000 | 37,558,000 |
Accrued interest receivable | 936,000 | 991,000 |
Liabilities: | ||
Non-interest bearing | 366,469,000 | 331,331,000 |
Interest bearing | 1,016,434,000 | 998,489,000 |
Short term borrowings | 203,781,000 | 183,434,000 |
Long term borrowings | 37,974,000 | 37,843,000 |
Accrued interest payable | 1,341,000 | 1,269,000 |
Fair Value Inputs Level3 [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Loans receivable, net | 1,443,615,000 | 1,364,361,000 |
Loans held-for-sale | 0 | 0 |
Investment securities available for sale | 9,243,000 | 8,172,000 |
Equity securities at cost | 0 | 0 |
Bank Owned Life Insurance | 0 | 0 |
Accrued interest receivable | 3,209,000 | 3,287,000 |
Liabilities: | ||
Non-interest bearing | 0 | 0 |
Interest bearing | 0 | 0 |
Short term borrowings | 0 | 0 |
Long term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
Assets: | ||
Cash and cash equivalents | 26,465,000 | 23,463,000 |
Loans receivable, net | 1,446,573,000 | 1,361,175,000 |
Loans held-for-sale | 6,615,000 | 8,418,000 |
Investment securities available for sale | 198,372,000 | 199,505,000 |
Equity securities at cost | 9,973,000 | 8,303,000 |
Bank Owned Life Insurance | 38,026,000 | 37,558,000 |
Accrued interest receivable | 4,145,000 | 4,278,000 |
Liabilities: | ||
Non-interest bearing | 366,469,000 | 331,331,000 |
Interest bearing | 1,012,960,000 | 994,549,000 |
Short term borrowings | 203,781,000 | 183,434,000 |
Long term borrowings | 37,974,000 | 37,843,000 |
Accrued interest payable | 1,341,000 | 1,269,000 |
Total Estimated Fair Value [Member] | ||
Assets: | ||
Cash and cash equivalents | 26,465,000 | 23,463,000 |
Loans receivable, net | 1,443,615,000 | 1,364,361,000 |
Loans held-for-sale | 6,858,000 | 8,707,000 |
Investment securities available for sale | 198,372,000 | 199,505,000 |
Equity securities at cost | 9,973,000 | 8,303,000 |
Bank Owned Life Insurance | 38,026,000 | 37,558,000 |
Accrued interest receivable | 4,145,000 | 4,278,000 |
Liabilities: | ||
Non-interest bearing | 366,469,000 | 331,331,000 |
Interest bearing | 1,016,434,000 | 998,489,000 |
Short term borrowings | 203,781,000 | 183,434,000 |
Long term borrowings | 37,974,000 | 37,843,000 |
Accrued interest payable | $ 1,341,000 | $ 1,269,000 |
Short Term Borrowings (Details Narrative) |
Jun. 30, 2017
USD ($)
|
---|---|
Securities Sold Under Agreements To Repurchase [Member] | |
Short-term Debt [Line Items] | |
Value of collateral provided | $ 39,000,000 |
Long Term Borrowings (Details Narrative) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Long-term Debt | $ 37,974,308 | $ 37,842,567 |
Trust One Maturing On March 17 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | 4,000,000 | |
Fair value adjustment | 1,500,000 | |
Trust Two Maturing December 14 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | 2,500,000 | |
Fair value adjustment | 1,200,000 | |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 35,000,000 | |
Interest rate (as a percent) | 5.625% | |
Notes, fair value | $ 34,000,000 | |
Regal Acquisition [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | 4,000,000 | |
Fair value adjustment | $ 2,700,000 |
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