UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30, 2018
Commission file number: 000-22507
THE FIRST BANCshARES, INC.
(Exact name of Registrant as specified in its charter)
Mississippi | 64-0862173 |
(State of Incorporation) | (IRS Employer Identification No) |
6480 U.S. Highway 98 West, Suite A, Hattiesburg, Mississippi | 39402 |
(Address of principal executive offices) | (Zip Code) |
(601) 268-8998
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes þ No ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ No ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨ | Accelerated filer þ |
Non-accelerated filer ¨ | Smaller Reporting Company ¨ |
Emerging growth company ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock, $1.00 par value, 14,864,046 shares issued and 14,837,552 outstanding as of November 7, 2018.
Explanatory Note
The First Bancshares, Inc. (the “Company”) is filing this Amendment No. 1 (this “Amendment”) to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 (the “Form 10-Q”) solely for the purpose of correcting the number of shares of common stock issued and outstanding at November 7, 2018 reported in the cover page.
Except as described above, this Amendment does not reflect events occurring after the filing of the original Form 10-Q and no revisions are being made pursuant to this Amendment to the Company’s financial statements or any other disclosure contained in the Form 10-Q.
PART II
ITEM 6. EXHIBITS
101.INS | XBRL Instance Document* |
101.SCH | XBRL Taxonomy Extension Schema* |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase* |
101.DEF | XBRL Taxonomy Extension Definition Linkbase* |
101.LAB | XBRL Taxonomy Extension Label Linkbase* |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase* |
* Filed herewith.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
THE FIRST BANCSHARES, INC. | |||
(Registrant) | |||
/s/ M. RAY (HOPPY) COLE, JR. | |||
November 15, 2018 | M. Ray (Hoppy) Cole, Jr. | ||
(Date) | Chief Executive Officer | ||
/s/ DONNA T. (DEE DEE) LOWERY | |||
November 15, 2018 | Donna T. (Dee Dee) Lowery, Executive | ||
(Date) | Vice President and Chief | ||
Financial Officer |
Exhibit 31.1
Certification of Chief Executive Officer
I, M. Ray (Hoppy) Cole, Jr., certify that:
1. | I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of The First Bancshares, Inc.; and |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report. |
Date: November 15, 2018 | /s/ M. Ray (Hoppy )Cole, Jr. | |
M. Ray (Hoppy) Cole, Jr. | ||
Chief Executive Officer |
Exhibit 31.2
Certification of Chief Financial Officer
I, Dee Dee Lowery, certify that:
1. | I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of The First Bancshares, Inc.; and |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report. |
Date: November 15, 2018 | /s/ Donna T. (Dee Dee) Lowery | |
Donna T. (Dee Dee) Lowery, Executive Vice | ||
President and Chief Financial Officer | ||
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 07, 2018 |
|
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | true | |
Amendment Description | The First Bancshares, Inc. (the "Company") is filing this Amendment No. 1 (this "Amendment") to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 (the "Form 10-Q") solely for the purpose of correcting the number of shares of common stock issued and outstanding at November 7, 2018 reported in the cover page. Except as described above, this Amendment does not reflect events occurring after the filing of the original Form 10-Q and no revisions are being made pursuant to this Amendment to the Company's financial statements or any other disclosure contained in the Form 10-Q. | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | FIRST BANCSHARES INC /MS/ | |
Entity Central Index Key | 0000947559 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | FBMS | |
Entity Common Stock, Shares Outstanding | 14,837,552 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,101,010 | 11,192,401 |
Treasury stock, shares | 26,494 | 26,494 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Net income per consolidated statements of income | $ 5,162 | $ 4,714 | $ 14,364 | $ 8,202 |
Other Comprehensive Income: | ||||
Unrealized holding (losses)/gains arising during period on available-for sale securities | (2,463) | (823) | (7,873) | 4,436 |
Unrealized holding (losses)/gains arising during period on available-for-sale securities | (2,463) | (823) | (7,873) | 4,436 |
Income tax benefit(expense) | 623 | 322 | 1,990 | (1,708) |
Other comprehensive (loss) income | (1,840) | (501) | (5,883) | 2,728 |
Comprehensive Income | $ 3,322 | $ 4,213 | $ 8,481 | $ 10,930 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2016 | $ 154,527 | $ 9,018 | $ 102,574 | $ 44,477 | $ (1,078) | $ (464) |
Net income | 8,202 | 0 | 0 | 8,202 | 0 | 0 |
Other comprehensive income | 2,728 | 0 | 0 | 0 | 2,728 | 0 |
Dividends on common stock | (1,030) | 0 | 0 | (1,030) | 0 | 0 |
Issuance of common shares | 2,249 | 89 | 2,160 | 0 | 0 | 0 |
Restricted stock grant | 0 | 85 | (85) | 0 | 0 | 0 |
Compensation Expense | 634 | 0 | 634 | 0 | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (330) | (12) | (318) | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2017 | 166,980 | 9,180 | 104,965 | 51,649 | 1,650 | (464) |
Beginning Balance at Dec. 31, 2017 | 222,468 | 11,192 | 158,456 | 53,722 | (438) | (464) |
Net income | 14,364 | 0 | 0 | 14,364 | ||
Other comprehensive income | (5,883) | 0 | 0 | 0 | (5,883) | 0 |
Dividends on common stock | (1,859) | 0 | 0 | (1,859) | 0 | 0 |
Issuance of common shares | 36,005 | 1,134 | 34,871 | 0 | 0 | 0 |
Issuance of 726,461 common shares for Sunshine acquisition | 23,428 | 726 | 22,702 | 0 | 0 | 0 |
Restricted stock grant | 0 | 62 | (62) | 0 | 0 | 0 |
Restricted stock grants Forfeited | 0 | (12) | 12 | 0 | 0 | 0 |
Expenses associated with common stock issuance | (237) | 0 | (237) | 0 | 0 | 0 |
Compensation Expense | 884 | 0 | 884 | 0 | 0 | 0 |
ASU 2016-01 Implementation | (349) | 0 | 0 | (349) | 0 | 0 |
Repurchase of restricted stock for payment of taxes | (23) | (1) | (22) | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2018 | $ 288,798 | $ 13,101 | $ 216,604 | $ 65,878 | $ (6,321) | $ (464) |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Dividends on common stock, per Share | $ 0.15 | $ 0.1125 |
GCCB acquisition [Member] | ||
Stock Issued During Period, Shares, Acquisitions | 89,591 | |
Southwest acquisition [Member] | ||
Stock Issued During Period, Shares, Acquisitions | 1,134,010 | |
Sunshine acquisition [Member] | ||
Stock Issued During Period, Shares, Acquisitions | 726,461 |
BASIS OF PRESENTATION |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
BASIS OF PRESENTATION | NOTE 1 — BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements and the instructions to Form 10-Q of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company's Form 10-K for the fiscal year ended December 31, 2017. |
SUMMARY OF ORGANIZATION |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 | ||
Notes To Financial Statements [Abstract] | ||
SUMMARY OF ORGANIZATION | NOTE 2 — SUMMARY OF ORGANIZATION The First Bancshares, Inc., Hattiesburg, Mississippi (the "Company"), was incorporated June 23, 1995, under the laws of the State of Mississippi for the purpose of operating as a bank holding company. The Company’s primary asset is its interest in its wholly-owned subsidiary, The First, A National Banking Association (the “Bank” or “The First”). At September 30, 2018, the Company had approximately $2.5 billion in assets, $1.7 billion in net loans, $2.0 billion in deposits, and 0.3 billion in stockholders' equity. For the nine months ended September 30, 2018, the Company reported net income of $14.4 million. After tax merger related costs of $3.0 million were expensed during the nine months ended September 30, 2018. On August 22, 2018, the Company paid a cash dividend in the amount of $0.05 per share to shareholders of record as of the close of business on Tuesday, August 7, 2018. On May 22, 2018, the Company paid a cash dividend in the amount of $0.05 per share to shareholders of record as of the close of business on Monday, May 7, 2018. On February 22, 2018, the Company paid a cash dividend in the amount of $0.05 per share to shareholders of record as of the close of business on Friday, February 5, 2018. |
RECENT ACCOUNTING PRONOUNCEMENTS |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 | ||
Accounting Changes and Error Corrections [Abstract] | ||
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 — RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-11 eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect for early adoption the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The revised disclosure requirements will not have a material impact on the Company’s Consolidated Financial Statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 has been issued as part of a simplification initiative which will expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and expands the scope through the amendments to address and improve aspects of the accounting for non-employee share-based payment transactions. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions of ASU 2018-07 to determine the potential impact the new standard will have on its Consolidated Financial Statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP as follows: (1) require equity investments (except those accounted for under the equity method of accounting for those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate 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; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity 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 when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (7) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (8) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Starting with the first quarter of 2018, the Company began using an exit price notion when measuring the fair value of its loan portfolio, excluding loans held for sale, for disclosure purposes. The new guidance did not materially impact the Company’s Consolidated Financial Statements. In February, 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU No. 2018-02 allows for the reclassification from other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the Act). ASU 2018-02 also allows an accounting policy election to reclassify other stranded tax effects that relate to the Act but are not directly related to the change in federal tax rate. ASU 2018-02 is effective in the first quarter of 2019. Early adoption is permitted for reporting periods for which financial statements have not yet been issued. The Company adopted ASU 2018-02 in the fourth quarter of 2017 by retrospective application. Upon adoption, the Company made a policy election to reclassify stranded tax effects of approximately $76 thousand from Accumulated Other Comprehensive Income to retained earnings using the specific identification method. In May 2017, the FASB issued ASU No. 2017-09, “ Stock Compensation, Scope of Modification Accounting.” ASU 2017-09 clarifies when changes to the terms of conditions of a share-based payment award must be accounted for as modifications. Companies will apply the modification accounting guidance if any change in the value, vesting conditions or classification of the award occurs. The new guidance should reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications, as the guidance will allow companies to make certain non-substantive changes to awards without accounting for them as modifications. It does not change the accounting for modifications. ASU 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017. ASU 2017-09 did not have a material impact on the Company’s Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-08, “ Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Currently, entities generally amortize the premium as an adjustment of yield over the contractual life of the security. ASU 2017-08 does not change the accounting for purchased callable debt securities held at a discount as the discount will continue to be accreted to maturity. ASU 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which ASU 2017-08 is adopted. The Company is currently evaluating the provisions of ASU 2017-08 to determine the potential impact the new standard will have on its Consolidated Financial Statements. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. This guidance is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company is currently assessing the impact of ASU 2017-04 on its Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 included specific guidance on how to classify certain transactions in the statement of cash flows and reduced diversity in practice in how eight particular transactions are classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Entities were required to apply the guidance retrospectively unless it would have been impracticable to do, in which case the amendments could have been applied prospectively. The Company applied the guidance retrospectively. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 did not have a material impact on the Company's Consolidated Financial Statements. In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” . ASU 2016-13 requires a new impairment model known as the current expected credit loss (“CECL”) which significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. The main provisions of ASU 2016-13 include (1) replacing the “incurred loss” approach under current GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for credit losses related to available-for-sale debt securities rather than a direct write-down of the carrying amount of the investments, as is required by the other-than-temporary-impairment model under current GAAP, and (3) a simplified accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted. The Company is currently working with a third party to assess the impact of the adoption of ASU 2016-13 on its Consolidated Financial Statements. While we are currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption could be influenced by the composition, characteristics and quality of our loan portfolio as well as the prevailing economic conditions and forecasts as of the adoption date. As part of our implementation process, we have established a working group that includes individuals from various functional areas that made initial assessments regarding portfolio segmentation, reviewed system requirements, engaged a third party software vendor, and have begun to model expected loss estimates. In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842).” ASU 2016-02 establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with terms longer than 12 months. Leases will be classified as either finance or operating with classification affecting the pattern of expense recognition in the income statement. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If neither risks and rewards nor control is conveyed, an operating lease results. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years for public business entities. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, with certain practical expedients available. Early adoption is permitted. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements. ASU 2018-11 provides entities with relief from the costs of implementing certain aspects of ASU 2016-02. Under the amendments in ASU 2018-11 entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard and lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02, January 1, 2019. The Company is currently assessing the impact of ASU 2016-02 and ASU 2018-11 on Consolidated Financial Statements. |
BUSINESS COMBINATIONS |
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Business Combination, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | NOTE 4 – BUSINESS COMBINATIONS Acquisitions Sunshine Financial, Inc. On April 1, 2018, the Company completed its acquisition of Sunshine Financial, Inc., (“Sunshine”), and immediately thereafter merged its wholly-owned subsidiary, Sunshine Community Bank, with and into The First. The Company paid a total consideration of approximately $30.5 million to the Sunshine shareholders as consideration in the merger which included 726,461 shares of Company common stock and approximately $7 million in cash. In connection with the acquisition, preliminarily, the Company recorded approximately $10.0 million of goodwill and $2.8 million of core deposit intangible. The core deposit intangible will be expensed over 10 years. The Company acquired the $173.1 million loan portfolio at an estimated fair value discount of $2.2 million. The discount represents expected credit losses, adjusted for market interest rates and liquidity adjustments. Expenses associated with the acquisition were $3.7 million and $4.9 million for the three month and nine month periods ended September 30, 2018, respectively. These costs included system conversion and integrating operations charges as well as legal and consulting expenses, which have been expensed as incurred. The preliminary amounts of the acquired identifiable assets and liabilities as of the acquisition date were as follows:
The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheet as of the date of acquisition and at September 30, 2018, are as follows ($ In Thousands):
Southwest Banc Shares, Inc. On March 1, 2018, the Company completed its acquisition of Southwest Banc Shares, Inc., (“Southwest”), and immediately thereafter merged its wholly-owned subsidiary, First Community Bank, with and into The First. The Company paid a total consideration of approximately $60.0 million to the Southwest shareholders as consideration in the merger which included 1,134,010 shares of Company common stock and $24 million in cash. In connection with the acquisition, preliminarily, the Company recorded approximately $24.6 million of goodwill and $4.2 million of core deposit intangible. The core deposit intangible will be expensed over 10 years. The Company acquired the $274.7 million loan portfolio at an estimated fair value discount of $8.4 million. The discount represents expected credit losses, adjusted for market interest rates, and liquidity adjustments. Expenses associated with the acquisition were $0.4 million and $ 4.4 million for the three month and nine month periods ended September 30, 2018, respectively. These costs included systems conversions and integrating operations charges, as well as legal and consulting expenses, which have been expensed as incurred. The preliminary amounts of the acquired identifiable assets and liabilities as of the acquisition date were as follows:
The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheet as of the date of acquisition and at September 30, 2018, are as follows ($ In Thousands):
The following unaudited pro-forma financial information for the nine months ended September 30, 2018 and September 30, 2017 gives effect to the acquisitions of Southwest Banc Shares and Sunshine Financial as if the acquisitions had occurred on January 1, 2017. The pro-forma financial information is not necessarily indicative of the results of operations had the acquisitions been effective as of this date.
Supplemental pro-forma earnings were adjusted to exclude acquisition costs incurred. Iberville Bank On January 1, 2017, the Company completed its acquisition of 100% of the common stock of Iberville Bank, Plaquemine, Louisiana, from A. Wilbert’s Sons Lumber and Shingle Co. (“Iberville Parent”), and immediately thereafter merged Iberville Bank (“Iberville”), the wholly-owned subsidiary of Iberville Parent, with and into The First. The Company paid a total of $31.1 million in cash. Approximately $2.5 million of the purchase price was held in escrow as contingency for flood-related losses in the loan portfolio incurred due to flooding in Iberville’s market area in the fall of 2016. The Company received $498,207 from the escrow for settlement of flood-related loans. Goodwill at September 30, 2018, reflects the escrow settlement. In connection with the acquisition, the Company recorded $5.1 million of goodwill and $2.7 million of core deposit intangible. The core deposit intangible will be amortized to expense over 10 years. The Company acquired Iberville’s $149.4 million loan portfolio at an estimated fair value discount of $0.8 million. The discount represents expected credit losses, adjusted for market interest rates and liquidity adjustments. Expenses associated with the acquisition were $0 and $3.5 million for the nine months ended September 30, 2018 and 2017, respectively. These costs included system conversion and integrating operations charges, as well as legal and consulting expenses, which have been expensed as incurred. Gulf Coast Community Bank Also on January 1, 2017, the Company completed the merger of Gulf Coast Community Bank (“GCCB”), Pensacola, Florida, with and into The First. The Company issued to GCCB’s shareholders shares of the Company’s common stock which, for purposes of the GCCB acquisition, were valued through averaging the trading price of the Company’s common stock price over a 30 day trading period ending on the fifth business day prior to the closing of the acquisition. Fractional shares were acquired with cash. The consideration totaled $2.3 million. In connection with the acquisition, the Company recorded $1.1 million of goodwill and $1.0 million of core deposit intangible. The core deposit intangible will be amortized to expense over 10 years. The Company acquired GCCB’s $91.0 million loan portfolio at a fair value discount of approximately $2.2 million. The discount represents expected credit losses, adjusted for market interest rates and liquidity adjustments. Expenses associated with the acquisition were $0 and $2.8 million for the nine months ended September 30, 2018 and 2017, respectively. These costs included systems conversion and integrating operations charges, as well as legal and consulting expenses, which have been expensed as incurred. On March 3, 2017, $5.0 million of loans acquired in the acquisition were sold. In connection with the sale, the acquisition credit mark was decreased by $2.2 million, the amount of which was included in the credit mark at acquisition. Loans acquired in the two acquisitions discussed in Note 4 – Business Combinations were accounted for in accordance with ASC 310-20, Receivables-Nonrefundable Fees and Other Costs . |
EARNINGS APPLICABLE TO COMMON STOCKHOLDERS |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS APPLICABLE TO COMMON STOCKHOLDERS | NOTE 5 — EARNINGS APPLICABLE TO COMMON STOCKHOLDERS Basic per share data is calculated based on the weighted-average number of common shares outstanding during the reporting period. Diluted per share data includes any dilution from potential common stock outstanding, such as restricted stock grants. There were no antidilutive common stock equivalents excluded in the calculations.
The Company granted 51,851 shares of restricted stock in the first quarter of 2018 and 73,827 shares of restricted stock in the first quarter of 2017. There were no grants of restricted stock in the second quarter of 2018 and 9,709 shares of restricted stock were granted during the second quarter of 2017. There were 9,133 shares of restricted stock in the third quarter of 2018 and 750 shares granted during the third quarter of 2017. |
COMPREHENSIVE INCOME |
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Equity [Abstract] | ||
COMPREHNSIVE INCOME | NOTE 6 – COMPREHENSIVE INCOME As presented in the Consolidated Statements of Comprehensive Income, comprehensive income includes net income and other comprehensive income. The Company’s sources of other comprehensive income are unrealized gains and losses on available-for-sale debt securities. Gains or losses on debt securities that had previously been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose were realized and reflected in net income of the current period, and as a result are considered to be reclassification adjustments that are excluded from other comprehensive income in the current period. |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | NOTE 7 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. At September 30, 2018, and December 31, 2017, these financial instruments consisted of the following:
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FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS | NOTE 8 – FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS FASB’s standards on financial instruments, and on fair value measurements and disclosures, require all entities to disclose in their financial statement footnotes the estimated fair values of financial instruments for which it is practicable to estimate fair values. In addition to disclosure requirements, FASB’s standard on investments requires that our debt securities which are classified as available-for-sale and our equity securities that have readily determinable fair values be measured and reported at fair value in our Consolidated Financial Statements. Certain impaired loans are also reported at fair value, as explained in greater detail below, and foreclosed assets are carried at the lower of cost or fair value. FASB’s standard on financial instruments permits companies to report certain other financial assets and liabilities at fair value, but we have not elected the fair value option for any of those financial instruments. Fair value measurement and disclosure standards also establish a framework for measuring fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Further, the standards establish a fair value hierarchy that encourages an entity to maximize the use of observable inputs and limit the use of unobservable inputs when measuring fair values. The standards describe three levels of inputs that may be used to measure fair values:
Fair value estimates are made at a specific point in time based on relevant market data and information about the financial instruments. The estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to realized gains and losses could have a significant effect on fair value estimates but have not been considered in those estimates. Because no active market exists for a significant portion of our financial instruments, fair value disclosures are based on judgments regarding current economic conditions, risk characteristics of various financial instruments and other factors. The estimates are subjective and involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly alter the fair values presented. The following methods and assumptions were used by the Company to estimate its financial instrument fair values disclosed at September 30, 2018 and December 31, 2017:
Estimated fair values for the Company’s financial instruments are as follows, as of the dates noted: As of September 30, 2018 ($ In Thousands)
As of December 31, 2017 ($ In Thousands)
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, securities are classified within Level 2 of the valuation hierarchy, and fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities include U. S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Assets measured at fair value on a recurring basis are summarized below: September 30, 2018 ($ In Thousands)
December 31, 2017 ($ In Thousands)
The following is a reconciliation of activity for assets measured at fair value based on significant unobservable (non-market) information.
The following table presents quantitative information about recurring Level 3 fair value measurements (in thousands):
Following is a description of the valuation methodologies used for assets measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Impaired Loans Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for estimating fair value include using the fair value of the collateral for collateral dependent loans or, where a loan is determined not to be collateral dependent, using the discounted cash flow method. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a 10 percent discount factor to the value. If the impaired loan is determined not to be collateral dependent, then the discounted cash flow method is used. This method requires the impaired loan to be recorded at the present value of expected future cash flows discounted at the loan’s effective interest rate. The effective interest rate of a loan is the contractual interest rate adjusted for any net deferred loan fees or costs, or premium or discount existing at origination or acquisition of the loan. Impaired loans are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned Other real estate owned acquired through loan foreclosure is initially recorded by obtaining a current independent appraisal of the collateral and applying a 10 percent discount factor to the value. The adjustment at the time of foreclosure is recorded through the allowance for loan losses. Due to the subjective nature of establishing the fair value, the actual fair value of the other real estate owned or foreclosed asset could differ from the original estimate. If it is determined the fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest expense. Operating costs associated with the assets are also recorded as non-interest expense. Gains and losses on the disposition of other real estate owned and foreclosed assets are netted and posted to other non-interest expense. Other real estate owned measured at fair value on a nonrecurring basis at September 30, 2018, amounted to $8.5 million. Other real estate owned is classified within Level 3 of the fair value hierarchy. The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2018 and December 31, 2017. ($ In Thousands) September 30, 2018
December 31, 2017
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SECURITIES |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | NOTE 9 - SECURITIES The following disclosure of the estimated fair value of financial instruments is made in accordance with authoritative guidance. The estimated fair value amounts have been determined using available market information and valuation methodologies that management believes are appropriate. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. A summary of the amortized cost and estimated fair value of available-for-sale securities and held-to-maturity securities at September 30, 2018 and December 31, 2017, follows: ($ In Thousands)
The scheduled maturities of securities at September 30, 2018 and December 31, 2017 were as follows:
Actual maturities can differ from contractual maturities because the obligations may be called or prepaid with or without penalties. The details concerning securities classified as available-for-sale with unrealized losses as of September 30, 2018 and December 31, 2017 were as follows:
At September 30, 2018 and December 31, 2017, the Company security portfolio consisted of 515 and 235 securities, respectively, that were in an unrealized loss position. The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”), with attention given to securities in a continuous loss position of at least ten percent for over twelve months. Management believes that none of the losses on available-for-sale securities noted above constitute an OTTI. The noted losses are considered temporary due to market fluctuations in available interest rates. Management considers the issuers of the securities to be financially sound, the corporate bonds are investment grade, and the collectability of all contractual principal and interest payments is reasonably expected. No OTTI losses were recognized during the nine months ended September 30, 2018 or the year ended December 31, 2017. |
LOANS |
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Loans Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS | NOTE 10 – LOANS Generally, the Company will place a delinquent loan in nonaccrual status when the loan becomes 90 days or more past due. At the time a loan is placed in nonaccrual status, all interest which has been accrued on the loan but remains unpaid is reversed and deducted from earnings as a reduction of reported interest income. No additional interest is accrued on the loan balance until the collection of both principal and interest becomes reasonably certain. The following tables summarize by class our loans classified as past due in excess of 30 days or more in addition to those loans classified as non-accrual:
In connection with our acquisition of BCB Holding Company, Inc. in 2014, we acquired loans with deteriorated credit quality. These loans were recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. The acquired loans were segregated as of the acquisition date between those considered to be performing (acquired non-impaired loans) and those with evidence of credit deterioration (acquired impaired loans). Acquired loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, all contractually required payments will not be collected. Total outstanding acquired impaired loans were $2.0 million as of September 30, 2018 and $2.0 million as of December 31, 2017. The outstanding balance of these loans is the undiscounted sum of all amounts, including amounts deemed principal, interest, fees, penalties, and other under the loans, owed at the reporting date, whether or not currently due and whether or not any such amounts have been charged off. Changes in the carrying amount and accretable yield for acquired impaired loans were as follows at September 30, 2018 and December 31, 2017: ($ In Thousands)
The following tables provide additional detail of impaired loans broken out according to class as of September 30, 2018 and December 31, 2017. The recorded investment included in the following tables represents customer balances net of any partial charge-offs recognized on the loans, net of any deferred fees and costs. As nearly all of our impaired loans at September 30, 2018 are on nonaccrual status, recorded investment excludes any insignificant amount of accrued interest receivable on loans 90-days or more past due and still accruing. The unpaid balance represents the recorded balance prior to any partial charge-offs. September 30, 2018 ($ In Thousands)
As of September 30, 2018, the Company had $1.2 million of foreclosed residential real estate property obtained by physical possession and $0.3 million of consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process according to local jurisdictions. December 31, 2017 ($ In Thousands)
The following table is a summary of interest recognized and cash-basis interest earned on impaired loans:
The gross interest income that would have been recorded in the period that ended if the nonaccrual loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination, if held for part of the three months and nine months ended September 30, 2018 was $211,000 and $441,000, respectively. The Company had no loan commitments to borrowers in nonaccrual status at September 30, 2018 and December 31, 2017. If the Company grants a concession to a borrower in financial difficulty, the loan is classified as a troubled debt restructuring (“TDR”). One TDR was modified during the three months and nine months ended September 30, 2018. There were 0 and 5 TDRs modified during the three months and nine months ended September 30, 2017, respectively. The balance of TDRs was $9.1 million at September 30, 2018 and $6.9 million at December 31, 2017. The increase of $2.2 million is attributable to acquired loans. There was $0.1 million allocated in specific reserves established with respect to these loans as of September 30, 2018. As of September 30, 2018, the Company had no additional amount committed on any loan classified as TDR. The following tables set forth the amounts and past due status for the Bank TDRs at September 30, 2018 and December 31, 2017: ($ In Thousands)
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no loans during the quarter ending September 30, 2018 and 1 loan which totaled $84,000 that was modified as a troubled debt restructuring for which there was a payment default within twelve months following the modification during the quarter ending September 30, 2017. There were no loans during the nine months ending September 30, 2018 and 3 loans which totaled $355,000 that were modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the nine months ending September 30, 2017. Internal Risk Ratings The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company uses the following definitions for risk ratings, which are consistent with the definitions used in supervisory guidance: Special Mention : Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.Substandard : Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.Doubtful : Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of September 30, 2018 and December 31, 2017, and based on the most recent analysis performed, the risk categories of loans by class of loans (excluding mortgage loans held for sale) were as follows: September 30, 2018 ($ In Thousands)
December 31, 2017 ($ In thousands)
Activity in the allowance for loan losses for the period was as follows:
The following tables provide the ending balances in the Company's loans (excluding mortgage loans held for sale) and allowance for loan losses, broken down by portfolio segment as of September 30, 2018 and December 31, 2017. The tables also provide additional detail as to the amount of our loans and allowance that correspond to individual versus collective impairment evaluation. The impairment evaluation corresponds to the Company's systematic methodology for estimating its Allowance for Loan Losses. See Item 2. – “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Provision for Loan and Lease Losses” for a description of our methodology. September 30, 2018
December 31, 2017
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REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 11 – REVENUE FROM CONTRACTS WITH CUSTOMERS On January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of 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. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract; (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams or the presentation of revenue as gross versus net. No adjustment to retained earnings was required on the adoption date. Because there was no change to the timing and pattern of revenue recognition, there were no material changes to the Company’s processes and internal controls. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The guidance does not apply to revenue associated with financial instruments, including loans and investment securities that are accounted for under other GAAP, which comprise a significant portion of our revenue stream. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts : The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.Interchange Income : The Company earns interchange fees from debit and credit card holder transaction conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided by the cardholder.Gains/Losses on Sales of OREO : The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction prices is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. The following table presents the Company’s sources of non-interest income for the three months ended September 30, 2018 and 2017 and nine months ended September 30, 2018 and 2017. Items outside the scope of ASC 606 are noted as such.
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SUBSEQUENT EVENTS/OTHER |
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Sep. 30, 2018 | ||
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS/OTHER | NOTE 12 – SUBSEQUENT EVENTS/OTHER Subsequent events have been evaluated by management through the date the financial statements were issued. FPB Financial Corp. On November 6, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with FPB Financial Corp., a Louisiana corporation (“FPB”), whereby FPB will be merged with and into the Company. Pursuant to and simultaneously with entering into the Merger Agreement, The First, and FPB’s wholly owned subsidiary bank, Florida Parishes Bank, entered into a Plan of Bank Merger whereby Florida Parishes Bank will be merged with and into The First immediately following the merger of FPB with and into the Company with a purchase price of approximately $ 86.1approximately $ 382.7 million. FMB Banking Corporation On November 1, 2018, the Company completed its acquisition of FMB Banking Corporation (“FMB”), and immediately thereafter merged its wholly-owned subsidiary, Farmers & Merchants Bank, with and into The First. The Company paid a total consideration of approximately $79.5 million to the former FMB shareholders including 1,763,036 shares of the Company’s common stock and approximately $16.0 million in cash. At September 30, 2018, FMB had $481.2 million in total assets. Expenses associated with the acquisition were $92 thousand for the three month period ended September 30, 2018. These costs included charges associated with due diligence, which have been expensed as incurred. |
RECLASSIFICATION |
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Sep. 30, 2018 | ||
Reclassification [Abstract] | ||
RECLASSIFICATION | NOTE 13 – RECLASSIFICATION Certain amounts in the 2017 financial statements have been reclassified for comparative purposes to conform to the current period financial statement presentation. |
BUSINESS COMBINATIONS (Tables) |
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Sunshine Financial, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary amounts of the acquired identifiable assets and liabilities as of the acquisition date were as follows:
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Business Combination, Separately Recognized Transactions | The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheet as of the date of acquisition and at September 30, 2018, are as follows ($ In Thousands):
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Southwest Banc Shares, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary amounts of the acquired identifiable assets and liabilities as of the acquisition date were as follows:
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Business Combination, Separately Recognized Transactions | The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheet as of the date of acquisition and at September 30, 2018, are as follows ($ In Thousands):
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Business Acquisition, Pro Forma Information | The following unaudited pro-forma financial information for the nine months ended September 30, 2018 and September 30, 2017 gives effect to the acquisitions of Southwest Banc Shares and Sunshine Financial as if the acquisitions had occurred on January 1, 2017. The pro-forma financial information is not necessarily indicative of the results of operations had the acquisitions been effective as of this date.
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EARNINGS APPLICABLE TO COMMON STOCKHOLDERS (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding | Basic per share data is calculated based on the weighted-average number of common shares outstanding during the reporting period. Diluted per share data includes any dilution from potential common stock outstanding, such as restricted stock grants. There were no antidilutive common stock equivalents excluded in the calculations.
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FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||
Financial Instruments with Off-Balance-Sheet Risk | The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. At September 30, 2018, and December 31, 2017, these financial instruments consisted of the following:
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FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments with No Distinguishable Fair Value | Estimated fair values for the Company’s financial instruments are as follows, as of the dates noted: As of September 30, 2018 ($ In Thousands)
As of December 31, 2017 ($ In Thousands)
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Fair Value Assets Measured on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: September 30, 2018 ($ In Thousands)
December 31, 2017 ($ In Thousands)
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Reconciliation of Activity for Assets Measured at Fair Value based on Significant Unobservable (Non-market) Information | The following is a reconciliation of activity for assets measured at fair value based on significant unobservable (non-market) information.
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Quantitative Information About Recurring Level 3 Fair Value Measurements | The following table presents quantitative information about recurring Level 3 fair value measurements (in thousands):
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Fair Value Assets Measured on Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2018 and December 31, 2017. ($ In Thousands) September 30, 2018
December 31, 2017
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SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities and Held-to-Maturity Securities | A summary of the amortized cost and estimated fair value of available-for-sale securities and held-to-maturity securities at September 30, 2018 and December 31, 2017, follows: ($ In Thousands)
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Maturities of Securities | The scheduled maturities of securities at September 30, 2018 and December 31, 2017 were as follows:
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Securities Classified as Available-for-Sale with Unrealized Losses | The details concerning securities classified as available-for-sale with unrealized losses as of September 30, 2018 and December 31, 2017 were as follows:
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LOANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans Classified as Past Due in Excess of Thirty Days or More and Loans Classified as Non-Accrual | The following tables summarize by class our loans classified as past due in excess of 30 days or more in addition to those loans classified as non-accrual:
The following tables set forth the amounts and past due status for the Bank TDRs at September 30, 2018 and December 31, 2017: ($ In Thousands)
($ In Thousands)
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Schedule of certain loans acquired in transfer carrying amount and accretable yield for acquired impaired loans | Changes in the carrying amount and accretable yield for acquired impaired loans were as follows at September 30, 2018 and December 31, 2017: ($ In Thousands)
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Troubled Debt Restructurings | The following tables provide additional detail of impaired loans broken out according to class as of September 30, 2018 and December 31, 2017. The recorded investment included in the following tables represents customer balances net of any partial charge-offs recognized on the loans, net of any deferred fees and costs. As nearly all of our impaired loans at September 30, 2018 are on nonaccrual status, recorded investment excludes any insignificant amount of accrued interest receivable on loans 90-days or more past due and still accruing. The unpaid balance represents the recorded balance prior to any partial charge-offs. September 30, 2018 ($ In Thousands)
As of September 30, 2018, the Company had $1.2 million of foreclosed residential real estate property obtained by physical possession and $0.3 million of consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process according to local jurisdictions. December 31, 2017 ($ In Thousands)
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Summary of Interest Recognized and Cash-Basis Interest Earned on Impaired Loans | The following table is a summary of interest recognized and cash-basis interest earned on impaired loans:
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Risk Category of Loans by Class of Loans | As of September 30, 2018 and December 31, 2017, and based on the most recent analysis performed, the risk categories of loans by class of loans (excluding mortgage loans held for sale) were as follows: September 30, 2018 ($ In Thousands)
December 31, 2017 ($ In thousands)
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Activity in Allowance for Loan Losses | Activity in the allowance for loan losses for the period was as follows:
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Loans and Allowance for Loan Losses Evaluated Individually and Collectively | The following tables provide the ending balances in the Company's loans (excluding mortgage loans held for sale) and allowance for loan losses, broken down by portfolio segment as of September 30, 2018 and December 31, 2017. The tables also provide additional detail as to the amount of our loans and allowance that correspond to individual versus collective impairment evaluation. The impairment evaluation corresponds to the Company's systematic methodology for estimating its Allowance for Loan Losses. See Item 2. – “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Provision for Loan and Lease Losses” for a description of our methodology. September 30, 2018
December 31, 2017
|
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer By NonInterest Income | The following table presents the Company’s sources of non-interest income for the three months ended September 30, 2018 and 2017 and nine months ended September 30, 2018 and 2017. Items outside the scope of ASC 606 are noted as such.
|
SUMMARY OF ORGANIZATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 22, 2018 |
May 22, 2018 |
Feb. 22, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Organization [Line Items] | |||||||||
Assets | $ 2,508,942 | $ 2,508,942 | $ 1,813,238 | ||||||
Loans, including Loans held for sale | 1,700,000 | 1,700,000 | |||||||
Deposits | 2,046,446 | 2,046,446 | 1,470,565 | ||||||
Stockholders' equity | 288,798 | $ 166,980 | 288,798 | $ 166,980 | $ 222,468 | $ 154,527 | |||
Net income | $ 5,162 | $ 4,714 | $ 14,364 | $ 8,202 | |||||
Dividends on common stock, per share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.0375 | $ 0.15 | $ 0.1125 | ||
Noncash Merger Related Costs | $ 3,000 |
RECENT ACCOUNTING PRONOUNCEMENTS - Additional Information (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Accounting Changes and Error Corrections [Abstract] | |
Reclassification from AOCI, Current Period, Tax | $ 76 |
Summary of Acquired Identifiable Assets and Liabilities for Sunshine Financial, Inc. (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Liabilities and equity: | ||
Goodwill resulting from acquisition | $ 54,426 | $ 19,960 |
Sunshine Financial, Inc. [Member] | ||
Purchase price: | ||
Cash and stock | 30,461 | |
Total purchase price | 30,461 | |
Identifiable assets: | ||
Cash and due from banks | 16,099 | |
Investments | 13,812 | |
Loans | 170,843 | |
Bank owned life insurance | 3,284 | |
Core deposit intangible | 2,831 | |
Personal and real property | 4,121 | |
Other assets | 2,614 | |
Total assets | 213,604 | |
Liabilities and equity: | ||
Deposits | 151,973 | |
Borrowed funds | 38,250 | |
Other liabilities | 2,920 | |
Total liabilities | 193,143 | |
Net assets acquired | 20,461 | |
Goodwill resulting from acquisition | $ 10,000 |
Outstanding Principal Balance and Carrying Amount of Loans for Sunshine Financial, Inc. (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Outstanding principal balance | $ 168,212 | $ 173,052 | $ 2,000 | |
Carrying amount | $ 1,138 | $ 170,843 | $ 1,185 | $ 1,305 |
Summary of Acquired Identifiable Assets and Liabilities for Southwest Banc Shares, Inc. (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Liabilities and equity: | ||
Goodwill resulting from acquisition | $ 54,426 | $ 19,960 |
Southwest Banc Shares, Inc. [Member] | ||
Purchase price: | ||
Cash and stock | 60,005 | |
Total purchase price | 60,005 | |
Identifiable assets: | ||
Cash and due from banks | 44,836 | |
Investments | 66,940 | |
Loans | 266,307 | |
Bank owned life insurance | 5,885 | |
Core deposit intangible | 4,177 | |
Personal and real property | 10,500 | |
Other assets | 3,433 | |
Total assets | 402,078 | |
Liabilities and equity: | ||
Deposits | 357,221 | |
Borrowed funds | 6,858 | |
Other liabilities | 2,561 | |
Total liabilities | 366,640 | |
Net assets acquired | 35,438 | |
Goodwill resulting from acquisition | $ 24,567 |
Outstanding Principal Balance and Carrying Amount of Loans for Southwest Banc Shares, Inc. (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Apr. 01, 2018 |
Mar. 01, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|
Outstanding principal balance | $ 168,212 | $ 173,052 | $ 2,000 | ||
Carrying amount | 1,138 | $ 170,843 | $ 1,185 | $ 1,305 | |
Southwest Banc Shares, Inc. [Member] | |||||
Outstanding principal balance | 212,695 | $ 274,669 | |||
Carrying amount | $ 209,538 | $ 266,307 |
Unaudited Supplemental Pro Forma Information for Southwest Banc Shares, Inc. (Detail) - Southwest Banc Shares, Inc. [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 26,743 | $ 24,674 | $ 78,966 | $ 73,564 |
Income before income taxes | 10,604 | 10,669 | 29,178 | 24,170 |
Net interest income [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | 21,669 | 20,731 | 64,025 | 60,040 |
Non-interest income [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 5,074 | $ 3,943 | $ 14,941 | $ 13,524 |
EARNINGS APPLICABLE TO COMMON STOCKHOLDERS - Additional Information (Detail) - shares |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share Basic [Line Items] | ||||||
Shares of restricted stock granted | 51,851 | 73,827 | 0 | 9,709 | 9,133 | 750 |
Reconciliation of Numerators and Denominators of Basic and Diluted Computations (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share Basic [Line Items] | ||||
Net income available to common stock holders, basic earnings per share | $ 5,162,000 | $ 4,714,000 | $ 14,364,000 | $ 8,202,000 |
Net income available to common stock holders, diluted earnings per share | $ 5,162,000 | $ 4,714,000 | $ 14,364,000 | $ 8,202,000 |
Effect of dilutive shares: | ||||
Weighted average number of shares outstanding, basic earnings per share | 13,072,455 | 9,152,674 | 12,565,000 | 9,140,375 |
Restricted stock grants | 119,752 | 71,807 | 119,752 | 71,807 |
Weighted average number of shares outstanding, diluted earnings per share | 13,192,207 | 9,224,481 | 12,684,752 | 9,212,182 |
Basic earnings per share | $ 0.39 | $ 0.52 | $ 1.14 | $ 0.90 |
Diluted earnings per share | $ 0.39 | $ 0.51 | $ 1.13 | $ 0.89 |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 294,991 | $ 281,381 |
Commercial & similar letters of credit | $ 9,725 | $ 8,207 |
FAIR VALUE DISCLOSURES AND REPORTING, THE FAIR VALUE OPTION AND FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Millions |
Sep. 30, 2018
USD ($)
Number
|
---|---|
Measurement Input, Discount Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Loans Held-for-sale, Measurement Input | 10 |
Other Real Estate Owned, Measurement Input | 10 |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on a non recurring basis | $ | $ 8.5 |
Reconciliation of Activity for Assets Measured at Fair Value based on Significant Unobservable (Non-market) Information (Detail) - Bank-Issued Trust Preferred Securities - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, January 1 | $ 2,569 | $ 2,241 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Other-than-temporary impairment loss included in earnings (loss) | 0 | 0 |
Unrealized (loss) gain included in comprehensive income | (122) | 328 |
Balance at September 30, 2018 and December 31, 2017 | $ 2,447 | $ 2,569 |
Quantitative Information About Recurring Level 3 Fair Value Measurements (Detail) - Valuation Technique, Discounted Cash Flow [Member] - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Quantitative Information About Recurring Fair Value Measurements [Line Items] | ||
Significant Unobservable Inputs | Probability of default | Probability of default |
Range of Inputs, Minimum | 2.88% | 2.07% |
Range of Inputs, Maximum | 4.59% | 3.77% |
Fair Value Input Level 3 | ||
Quantitative Information About Recurring Fair Value Measurements [Line Items] | ||
Fair Value | $ 2,477 | $ 2,569 |
SECURITIES - Additional Information (Detail) - Number |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Number of Security Portfolio | 515 | 235 |
Changes in the Carrying Amount and Accretable Yield for Acquired Impaired Loans (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement [Line Items] | ||
Balance at beginning of period, Accretable Yield | $ 836 | $ 894 |
Accretion, Accretable Yield | (41) | (58) |
Payments received, net, Accretable Yield | 0 | |
Charge-off, Accretable Yield | (10) | 0 |
Balance at end of period, Accretable Yield | 785 | 836 |
Balance at beginning of period, Carrying Amount of Loans | 1,185 | 1,305 |
Accretion, Carrying Amount of Loans | 41 | 58 |
Payments received, net, Carrying Amount of Loans | (78) | (178) |
Charge-off, Carrying Amount of Loans | (10) | 0 |
Balance at end of period, Carrying Amount of Loans | $ 1,138 | $ 1,185 |
Summary of Interest Recognized and Cash-Basis Interest Earned on Impaired Loans (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
|
Financing Receivable, Impaired [Line Items] | ||
Interest income recognized during impairment | $ 81 | $ 235 |
Cash-basis interest income recognized | $ 113 | $ 401 |
Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 9,512 | $ 8,288 | ||
Loans charged-off: | (323) | (377) | ||
Recoveries on loans previously charged-off: | 164 | 308 | ||
Net charge-off | (159) | (69) | ||
Provision for Loan Losses | 412 | $ 90 | 1,546 | $ 384 |
Balance at end of period | 9,765 | 9,765 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans charged-off: | (42) | (59) | ||
Recoveries on loans previously charged-off: | 107 | 170 | ||
Installment and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans charged-off: | (39) | (71) | ||
Recoveries on loans previously charged-off: | 39 | 102 | ||
Commercial, Financial And Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans charged-off: | (242) | (247) | ||
Recoveries on loans previously charged-off: | $ 18 | $ 36 |
REVENUE FROM CONTRACTS WITH CUSTOMERS (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Non-interest income | ||||
Service charges on Deposits Overdraft fees | $ 961 | $ 556 | $ 2,299 | $ 1,675 |
Service charges on Deposits Other | 577 | 346 | 1,607 | 1,017 |
Interchange income | 1,180 | 935 | 3,720 | 2,797 |
Investment brokerage Fees | 10 | 5 | 36 | 13 |
Loan servicing fees | 0 | 0 | 0 | 0 |
Net losses on securities | 0 | (10) | (5) | (19) |
Other | 2,346 | 1,826 | 6,507 | 5,324 |
Total non-interest income | $ 5,074 | $ 3,658 | $ 14,164 | $ 10,807 |
SUBSEQUENT EVENTS/OTHER - Additional Information (Detail) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Nov. 06, 2018 |
Nov. 01, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Subsequent Event [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 24,000 | |||
Assets | 2,508,942 | $ 1,813,238 | ||
FMB Banking Corporation [Member] | ||||
Subsequent Event [Line Items] | ||||
Assets | 481,200 | |||
Business Acquisition, Transaction Costs | 92 | |||
FPB Financial Corporation [Member] | ||||
Subsequent Event [Line Items] | ||||
Assets | $ 382,700 | |||
Subsequent Event [Member] | FMB Banking Corporation [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 16,000 | |||
Purchase Price | $ 79,500 | |||
Stock Issued During Period, Shares, Acquisitions | 1,763,036 | |||
Subsequent Event [Member] | FPB Financial Corporation [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase Price | $ 86,100 |
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