XML 54 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACQUISITION OF CORNERSTONE BANCORP, INC. - CONTRIBUTION (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME:        
Loans, including fees $ 41,597 $ 34,040 $ 120,772 $ 99,247
Taxable investment securities 1,942 1,733 5,817 5,285
Federal Home Loan Bank stock and other 395 334 1,500 1,058
Total interest income 43,934 36,107 128,089 105,590
INTEREST EXPENSE:        
Deposits 1,620 1,068 4,359 3,233
Subordinated note 241 616 680 1,874
Total interest expense 4,536 4,683 13,680 14,086
NET INTEREST INCOME 39,398 31,424 114,409 91,504
Provision for loan and lease losses 2,489 2,233 9,489 3,322
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 36,909 29,191 104,920 88,182
NONINTEREST INCOME:        
Service charges on deposit accounts 3,416 3,399 9,838 9,685
Interchange fee income 2,415 1,967 6,755 6,205
Other 1,009 557 2,163 1,772
Total noninterest income 11,301 7,806 47,024 40,277
NONINTEREST EXPENSES:        
Salaries and employee benefits 18,068 15,297 52,965 44,897
Occupancy and equipment, net 5,631 5,217 16,159 15,560
Communication and transportation 1,029 951 2,974 2,768
Marketing and development 1,076 756 2,773 2,318
FDIC insurance expense 345 474 1,483 1,622
Data processing 1,659 959 4,535 3,017
Supplies 280 229 969 809
Legal and professional fees 539 653 1,965 2,796
Other 1,938 1,801 5,904 5,264
Total noninterest expenses 33,534 28,238 97,941 86,477
INCOME BEFORE INCOME TAX EXPENSE 14,676 8,759 54,003 41,982
Income tax expense (benefit) 4,848 3,119 18,100 14,234
NET INCOME 9,828 $ 5,640 35,903 $ 27,748
Cornerstone        
INTEREST INCOME:        
Loans, including fees 2,382   3,437  
Taxable investment securities 547   750  
Total interest income 2,929   4,187  
INTEREST EXPENSE:        
Deposits 139   206  
Borrowings 848   1,099  
Subordinated note 25   37  
Total interest expense 1,012   1,342  
NET INTEREST INCOME 1,917   2,845  
Provision for loan and lease losses 9   95  
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 1,908   2,750  
NONINTEREST INCOME:        
Service charges on deposit accounts 86   123  
Interchange fee income 57   76  
Other 140   176  
Total noninterest income 283   375  
NONINTEREST EXPENSES:        
Salaries and employee benefits 831   1,524  
Occupancy and equipment, net 225   325  
Communication and transportation 67   107  
Marketing and development 100   127  
FDIC insurance expense 11   30  
Data processing 215   663  
Supplies 24   51  
Legal and professional fees 11   190  
Other 197   296  
Total noninterest expenses 1,681   3,313  
INCOME BEFORE INCOME TAX EXPENSE 510   (188)  
Income tax expense (benefit) 151   (60)  
NET INCOME 359   (128)  
Cornerstone | Non-Acquisition Related        
INTEREST INCOME:        
Loans, including fees 2,348   3,403  
Taxable investment securities 547   750  
Total interest income 2,895   4,153  
INTEREST EXPENSE:        
Deposits 144   215  
Borrowings 848   1,099  
Subordinated note 25   37  
Total interest expense 1,017   1,351  
NET INTEREST INCOME 1,878   2,802  
Provision for loan and lease losses 9   95  
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 1,869   2,707  
NONINTEREST INCOME:        
Service charges on deposit accounts 86   123  
Interchange fee income 57   76  
Other 140   176  
Total noninterest income 283   375  
NONINTEREST EXPENSES:        
Salaries and employee benefits 831   1,250  
Occupancy and equipment, net 225   325  
Communication and transportation 67   97  
Marketing and development 100   127  
FDIC insurance expense 11   30  
Data processing 3      
Supplies 24   31  
Legal and professional fees 11   40  
Other 152   220  
Total noninterest expenses 1,424   2,120  
INCOME BEFORE INCOME TAX EXPENSE 728   962  
Income tax expense (benefit) 218   288  
NET INCOME 510   674  
Cornerstone | Acquisition-Related        
INTEREST INCOME:        
Loans, including fees 34   34  
Total interest income 34   34  
INTEREST EXPENSE:        
Deposits (5)   (9)  
Total interest expense (5)   (9)  
NET INTEREST INCOME 39   43  
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 39   43  
NONINTEREST EXPENSES:        
Salaries and employee benefits     274  
Communication and transportation     10  
Data processing 212   663  
Supplies     20  
Legal and professional fees     150  
Other 45   76  
Total noninterest expenses 257   1,193  
INCOME BEFORE INCOME TAX EXPENSE (218)   (1,150)  
Income tax expense (benefit) (67)   (348)  
NET INCOME $ (151)   $ (802)