Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ENTERPRISE FINANCIAL SERVICES CORP | ' |
Entity Central Index Key | '0001025835 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 19,785,022 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $54,113 | $19,573 |
Federal funds sold | 36 | 76 |
Interest-bearing deposits (including $980 and $990 pledged as collateral) | 69,663 | 190,920 |
Total cash and cash equivalents | 123,812 | 210,569 |
Interest-bearing deposits greater than 90 days | 5,300 | 5,300 |
Securities available for sale | 456,584 | 434,587 |
Loans held for sale | 4,899 | 1,834 |
Portfolio loans | 2,294,905 | 2,137,313 |
Less: Allowance for loan losses | 28,800 | 27,289 |
Portfolio loans, net | 2,266,105 | 2,110,024 |
Purchase credit impaired loans, net of the allowance for loan losses ($15,544 and $15,438, respectively) | 98,318 | 125,100 |
Total loans, net | 2,364,423 | 2,235,124 |
Other real estate not covered under FDIC loss share | 2,261 | 7,576 |
Other real estate covered under FDIC loss share | 8,826 | 15,676 |
Other investments, at cost | 15,291 | 12,605 |
Fixed assets, net | 18,054 | 18,180 |
Accrued interest receivable | 7,526 | 7,303 |
State tax credits, held for sale, including $15,131 and $16,491 carried at fair value, respectively | 45,631 | 48,457 |
FDIC loss share receivable | 22,039 | 34,319 |
Goodwill | 30,334 | 30,334 |
Intangible assets, net | 4,453 | 5,418 |
Other assets | 100,157 | 102,915 |
Total assets | 3,209,590 | 3,170,197 |
Liabilities and Shareholders' Equity | ' | ' |
Demand deposits | 695,804 | 653,686 |
Interest-bearing transaction accounts | 438,205 | 219,802 |
Money market accounts | 736,840 | 948,884 |
Savings | 80,521 | 79,666 |
Certificates of deposit: | ' | ' |
$100 and over | 426,593 | 475,544 |
Other | 131,801 | 157,371 |
Total deposits | 2,509,764 | 2,534,953 |
Subordinated debentures | 56,807 | 62,581 |
Federal Home Loan Bank advances | 120,000 | 50,000 |
Other borrowings | 181,122 | 203,831 |
Notes payable | 6,000 | 10,500 |
Accrued interest payable | 854 | 957 |
Other liabilities | 26,289 | 27,670 |
Total liabilities | 2,900,836 | 2,890,492 |
Shareholders' equity: | ' | ' |
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 30,000,000 shares authorized; 19,861,022 and 19,399,709 shares issued, respectively | 199 | 194 |
Treasury stock, at cost; 76,000 shares | -1,743 | -1,743 |
Additional paid in capital | 207,079 | 200,258 |
Retained earnings | 103,452 | 85,376 |
Accumulated other comprehensive loss | -233 | -4,380 |
Total shareholders' equity | 308,754 | 279,705 |
Total liabilities and shareholders' equity | $3,209,590 | $3,170,197 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Collateral pledged | $980 | $990 |
Allowance for loan losses on Portfolio loans, covered under FDIC loss share | 15,544 | 15,438 |
State tax credits, held for sale, carried at fair value | $15,131 | $16,491 |
Shareholders' equity: | ' | ' |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (shares) | 19,861,022 | 19,399,709 |
Treasury stock, shares (shares) | 76,000 | 76,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Interest and fees on loans | $28,395 | $34,396 | $89,582 | $109,330 |
Interest on debt securities: | ' | ' | ' | ' |
Taxable | 2,190 | 2,043 | 6,545 | 6,210 |
Nontaxable | 298 | 301 | 896 | 907 |
Interest on interest-bearing deposits | 43 | 37 | 145 | 130 |
Dividends on equity securities | 110 | 106 | 201 | 277 |
Total interest income | 31,036 | 36,883 | 97,369 | 116,854 |
Interest-bearing transaction accounts | ' | ' | ' | ' |
Interest-bearing transaction accounts | 163 | 99 | 385 | 360 |
Money market accounts | 653 | 714 | 2,095 | 2,348 |
Savings | 52 | 56 | 151 | 171 |
Certificates of deposit: | ' | ' | ' | ' |
$100 and over | 1,335 | 1,326 | 3,997 | 4,207 |
Other | 406 | 439 | 1,249 | 1,385 |
Subordinated debentures | 306 | 679 | 1,016 | 2,580 |
Federal Home Loan Bank advances | 490 | 757 | 1,345 | 2,221 |
Notes payable and other borrowings | 187 | 239 | 579 | 801 |
Total interest expense | 3,592 | 4,309 | 10,817 | 14,073 |
Net interest income | 27,444 | 32,574 | 86,552 | 102,781 |
Provision for portfolio loan losses | 66 | -652 | 2,441 | -3,094 |
Provision for purchase credit impaired loan losses | -1,877 | 2,811 | 957 | 2,789 |
Net interest income after provision for loan losses | 29,255 | 30,415 | 83,154 | 103,086 |
Noninterest income: | ' | ' | ' | ' |
Wealth Management revenue | 1,754 | 1,698 | 5,191 | 5,419 |
Service charges on deposit accounts | 1,812 | 1,768 | 5,317 | 5,025 |
Other service charges and fee income | 849 | 722 | 2,188 | 2,030 |
Gain on sale of other real estate | 114 | 472 | 1,514 | 1,562 |
Gain on state tax credits, net | 156 | 308 | 860 | 1,214 |
Gain on sale of investment securities | 0 | 611 | 0 | 1,295 |
Change in FDIC loss share receivable | -2,374 | -2,849 | -7,526 | -13,647 |
Miscellaneous income | 2,141 | 986 | 4,235 | 2,055 |
Total noninterest income | 4,452 | 3,716 | 11,779 | 4,953 |
Noninterest expense: | ' | ' | ' | ' |
Employee compensation and benefits | 11,913 | 10,777 | 35,882 | 33,006 |
Occupancy | 1,683 | 1,689 | 4,998 | 5,298 |
Data processing | 1,045 | 1,143 | 3,296 | 3,000 |
FDIC and other insurance | 710 | 900 | 2,170 | 2,592 |
Loan legal and other real estate expense | 811 | 1,247 | 2,985 | 3,355 |
Professional fees | 710 | 1,041 | 2,569 | 3,394 |
FDIC clawback | 1,028 | 62 | 1,060 | 815 |
Other | 3,221 | 4,149 | 9,708 | 10,979 |
Total noninterest expense | 21,121 | 21,008 | 62,668 | 62,439 |
Income before income tax expense | 12,586 | 13,123 | 32,265 | 45,600 |
Income tax expense | 4,388 | 4,713 | 11,059 | 16,117 |
Net income | $8,198 | $8,410 | $21,206 | $29,483 |
Earnings per common share | ' | ' | ' | ' |
Basic (usd per share) | $0.41 | $0.45 | $1.07 | $1.61 |
Diluted (usd per share) | $0.41 | $0.44 | $1.07 | $1.55 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $8,198 | $8,410 | $21,206 | $29,483 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized gain/(loss) on investment securities available for sale arising during the period, net of income tax expense/(benefit) for three months of $(505), and $598, and for nine months of $2,574 and ($5,716), respectively. | -812 | 939 | 4,147 | -8,981 |
Less reclassification adjustment for realized gains on sale of securities available for sale included in net income, net of income tax expense for three months of $0, and $238, and for the nine months of $0, and $505, respectively. | 0 | -373 | 0 | -790 |
Total other comprehensive income (loss) | -812 | 566 | 4,147 | -9,771 |
Total comprehensive income | $7,386 | $8,976 | $25,353 | $19,712 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($505) | $598 | $2,574 | ($5,716) |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | $0 | $238 | $0 | $505 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated Other Comprehensive Income (Loss) [Member] | Total shareholders' equity |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2012 | ' | $0 | $181 | ($1,743) | $173,299 | $56,218 | $7,790 | $235,745 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 29,483 | 0 | 0 | 0 | 0 | 29,483 | 0 | 29,483 |
Other comprehensive income | -9,771 | 0 | 0 | 0 | 0 | 0 | -9,771 | -9,771 |
Cash dividends paid on common shares | ' | 0 | 0 | 0 | 0 | -2,924 | 0 | -2,924 |
Repurchase of common stock warrants | ' | 0 | 0 | 0 | -1,006 | 0 | 0 | -1,006 |
Issuance under equity compensation plans | ' | 0 | 1 | 0 | 2,550 | 0 | 0 | 2,551 |
Trust preferred securities conversion 287,852 shares | 20,443 | 0 | 12 | 0 | 20,431 | 0 | 0 | ' |
Share-based compensation | ' | 0 | 0 | 0 | 3,136 | 0 | 0 | 3,136 |
Excess tax benefit related to equity compensation plans | ' | 0 | 0 | 0 | 83 | 0 | 0 | 83 |
Balance at Sep. 30, 2013 | ' | 0 | 194 | -1,743 | 198,493 | 82,777 | -1,981 | 277,740 |
Balance at Dec. 31, 2013 | 279,705 | 0 | 194 | -1,743 | 200,258 | 85,376 | -4,380 | 279,705 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 21,206 | 0 | 0 | 0 | 0 | 21,206 | 0 | 21,206 |
Other comprehensive income | 4,147 | 0 | 0 | 0 | 0 | 0 | 4,147 | 4,147 |
Cash dividends paid on common shares | ' | 0 | 0 | 0 | 0 | -3,130 | 0 | -3,130 |
Issuance under equity compensation plans | ' | 0 | 2 | 0 | -484 | 0 | 0 | -482 |
Trust preferred securities conversion 287,852 shares | 5,002 | 0 | 3 | 0 | 4,999 | 0 | 0 | 5,002 |
Share-based compensation | ' | 0 | 0 | 0 | 2,205 | 0 | 0 | 2,205 |
Excess tax benefit related to equity compensation plans | ' | 0 | 0 | 0 | 101 | 0 | 0 | 101 |
Balance at Sep. 30, 2014 | $308,754 | $0 | $199 | ($1,743) | $207,079 | $103,452 | ($233) | $308,754 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends paid on common shares, per share | $0.11 | $0.16 |
Issuance under equity compensation plans, shares | 173,461 | 87,743 |
Trust preferred securities conversion | 287,852 | 1,176,470 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $21,206 | $29,483 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation | 1,681 | 1,936 |
Provision for loan losses | 3,398 | -305 |
Deferred income taxes | 6,458 | 180 |
Net amortization of debt securities | 2,885 | 4,579 |
Amortization of intangible assets | 965 | 1,540 |
Gain on sale of investment securities | 0 | -1,295 |
Mortgage loans originated for sale | -52,475 | -64,463 |
Proceeds from mortgage loans sold | 49,811 | 70,884 |
Gain on sale of other real estate | -1,514 | -1,562 |
Gain on state tax credits, net | -860 | -1,214 |
Excess tax benefit of share-based compensation | -101 | 0 |
Share-based compensation | 2,205 | 3,136 |
Valuation adjustment on other real estate | 618 | 962 |
Net accretion of loan discount and indemnification asset | 731 | -13,853 |
Changes in: | ' | ' |
Accrued interest receivable | -223 | 600 |
Accrued interest payable | -103 | -397 |
Prepaid FDIC insurance | 0 | 2,607 |
Other assets | -2,984 | -21,322 |
Other liabilities | -1,381 | 516 |
Net cash provided by operating activities | 30,317 | 12,012 |
Cash flows from investing activities: | ' | ' |
Net (increase) decrease in loans | -133,782 | 36,955 |
Net cash proceeds received from FDIC loss share receivable | 6,487 | 9,654 |
Proceeds from the sale of debt and equity securities, available for sale | 0 | 159,604 |
Proceeds from the maturity of debt and equity securities, available for sale | 35,503 | 69,017 |
Proceeds from the redemption of other investments | 18,637 | 26,695 |
Proceeds from the sale of state tax credits held for sale | 4,099 | 8,126 |
Proceeds from the sale of other real estate | 14,435 | 15,303 |
Payments for the purchase/origination of: | ' | ' |
Available for sale debt and equity securities | -53,664 | -60,732 |
Other investments | -21,324 | -28,143 |
Bank owned life insurance | 0 | -20,000 |
State tax credits held for sale | 0 | -1,365 |
Fixed assets | -1,556 | -1,122 |
Net cash (used in) provided by investing activities | -131,165 | 213,992 |
Cash flows from financing activities: | ' | ' |
Net increase/(decrease) in noninterest-bearing deposit accounts | 42,118 | -67,242 |
Net decrease in interest-bearing deposit accounts | -67,307 | -143,691 |
Proceeds from Federal Home Loan Bank advances | 799,600 | 743,000 |
Repayments of Federal Home Loan Bank advances | -729,600 | -703,000 |
Repayments of notes payable | -4,500 | -900 |
Repayments of subordinated debentures | 0 | -2,000 |
Net decrease in other borrowings | -22,709 | -66,005 |
Cash dividends paid on common stock | -3,130 | -2,924 |
Excess tax benefit of share-based compensation | 101 | 83 |
Payments for the repurchase of common stock warrants | 0 | -1,006 |
Employee stock issuances, net | -482 | 2,551 |
Net cash provided by (used in) financing activities | 14,091 | -241,134 |
Net decrease in cash and cash equivalents | -86,757 | -15,130 |
Cash and cash equivalents, beginning of period | 210,569 | 116,370 |
Cash and cash equivalents, end of period | 123,812 | 101,240 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest | 10,920 | 14,470 |
Income taxes | 8,998 | 24,348 |
Noncash transactions: | ' | ' |
Transfer to other real estate owned in settlement of loans | 7,468 | 21,116 |
Sales of other real estate financed | 5,102 | 5,564 |
Issuance of common stock from Trust Preferred Securities conversion | $5,002 | $20,443 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The significant accounting policies used by Enterprise Financial Services Corp (the “Company” or “Enterprise”) in the preparation of the condensed consolidated financial statements are summarized below: | |
Business and Consolidation | |
Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers located in the St. Louis, Kansas City and Phoenix metropolitan markets through its banking subsidiary, Enterprise Bank & Trust (the “Bank”). | |
Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Basis of Financial Statement Presentation | |
The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible trust preferred securities. | ||||||||||||||||
The following table presents a summary of per common share data and amounts for the periods indicated. | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income as reported | $ | 8,198 | $ | 8,410 | $ | 21,206 | $ | 29,483 | ||||||||
Impact of assumed conversions | ||||||||||||||||
Interest on 9% convertible trust preferred securities, net of income tax | — | 217 | 66 | 926 | ||||||||||||
Net income available to common shareholders and assumed conversions | $ | 8,198 | $ | 8,627 | $ | 21,272 | $ | 30,409 | ||||||||
Weighted average common shares outstanding | 19,838 | 18,779 | 19,729 | 18,288 | ||||||||||||
Incremental shares from assumed conversions of convertible trust preferred securities | — | 851 | 76 | 1,241 | ||||||||||||
Additional dilutive common stock equivalents | 142 | 200 | 165 | 153 | ||||||||||||
Weighted average diluted common shares outstanding | 19,980 | 19,830 | 19,970 | 19,682 | ||||||||||||
Basic earnings per common share: | $ | 0.41 | $ | 0.45 | $ | 1.07 | $ | 1.61 | ||||||||
Diluted earnings per common share: | $ | 0.41 | $ | 0.44 | $ | 1.07 | $ | 1.55 | ||||||||
For the three months ended September 30, 2014 and 2013, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 289,286, and 474,267 common stock equivalents, respectively. For the nine months ended September 30, 2014 and 2013, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 289,407, and 488,318 common stock equivalents (including 9,497 common stock warrants), respectively. |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale: | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||
Unrealized Gains | Unrealized Losses | |||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 91,823 | $ | 638 | $ | (189 | ) | $ | 92,272 | |||||||||||||||
Obligations of states and political subdivisions | 49,064 | 1,576 | (699 | ) | 49,941 | |||||||||||||||||||
Agency mortgage-backed securities | 315,951 | 3,099 | (4,679 | ) | 314,371 | |||||||||||||||||||
$ | 456,838 | $ | 5,313 | $ | (5,567 | ) | $ | 456,584 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||
Unrealized Gains | Unrealized Losses | |||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 93,218 | $ | 700 | $ | (388 | ) | $ | 93,530 | |||||||||||||||
Obligations of states and political subdivisions | 49,721 | 983 | (1,761 | ) | 48,943 | |||||||||||||||||||
Agency mortgage-backed securities | 298,623 | 2,675 | (9,184 | ) | 292,114 | |||||||||||||||||||
$ | 441,562 | $ | 4,358 | $ | (11,333 | ) | $ | 434,587 | ||||||||||||||||
At September 30, 2014, and December 31, 2013, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. government agencies and sponsored enterprises. The residential mortgage-backed securities are all issued by U.S. government sponsored enterprises. Available for sale securities having a fair value of $255.9 million and $270.1 million at September 30, 2014, and December 31, 2013, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities classified as available for sale at September 30, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years. | ||||||||||||||||||||||||
(in thousands) | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | 3,181 | $ | 3,227 | ||||||||||||||||||||
Due after one year through five years | 109,044 | 110,116 | ||||||||||||||||||||||
Due after five years through ten years | 21,833 | 22,352 | ||||||||||||||||||||||
Due after ten years | 6,829 | 6,518 | ||||||||||||||||||||||
Mortgage-backed securities | 315,951 | 314,371 | ||||||||||||||||||||||
$ | 456,838 | $ | 456,584 | |||||||||||||||||||||
The following table represents a summary of available-for-sale investment securities that had an unrealized loss: | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 5,454 | $ | 7 | $ | 24,813 | $ | 182 | $ | 30,267 | $ | 189 | ||||||||||||
Obligations of states and political subdivisions | $ | 1,092 | $ | 18 | $ | 14,143 | $ | 681 | $ | 15,235 | $ | 699 | ||||||||||||
Agency mortgage-backed securities | 29,404 | 139 | 136,333 | 4,540 | 165,737 | 4,679 | ||||||||||||||||||
$ | 35,950 | $ | 164 | $ | 175,289 | $ | 5,403 | $ | 211,239 | $ | 5,567 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 30,221 | $ | 388 | $ | — | $ | — | $ | 30,221 | $ | 388 | ||||||||||||
Obligations of states and political subdivisions | 17,141 | 952 | 7,168 | 809 | 24,309 | 1,761 | ||||||||||||||||||
Agency mortgage-backed securities | 159,999 | 7,338 | 21,437 | 1,846 | 181,436 | 9,184 | ||||||||||||||||||
$ | 207,361 | $ | 8,678 | $ | 28,605 | $ | 2,655 | $ | 235,966 | $ | 11,333 | |||||||||||||
The unrealized losses at both September 30, 2014, and December 31, 2013, were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security and (5) the intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. At September 30, 2014, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. | ||||||||||||||||||||||||
The gross gains and gross losses realized from sales of available-for-sale investment securities were as follows: | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Gross gains realized | $ | — | $ | 611 | $ | — | $ | 1,477 | ||||||||||||||||
Gross losses realized | — | — | — | (182 | ) | |||||||||||||||||||
Proceeds from sales | — | 36,710 | — | 159,604 | ||||||||||||||||||||
Portfolio_Loans
Portfolio Loans | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Portfolio Loans Not Covered by Loss Share (Non-covered) | ' | |||||||||||||||||||||||||||
PORTFOLIO LOANS | ||||||||||||||||||||||||||||
Below is a summary of Portfolio loans by category at September 30, 2014, and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||
Construction and land development | $ | 123,888 | $ | 117,032 | ||||||||||||||||||||||||
Commercial real estate - Investor owned | 391,791 | 437,688 | ||||||||||||||||||||||||||
Commercial real estate - Owner occupied | 366,724 | 341,631 | ||||||||||||||||||||||||||
Residential real estate | 187,594 | 158,527 | ||||||||||||||||||||||||||
Total real estate loans | $ | 1,069,997 | $ | 1,054,878 | ||||||||||||||||||||||||
Commercial and industrial | 1,172,015 | 1,041,576 | ||||||||||||||||||||||||||
Consumer and other | 51,816 | 39,838 | ||||||||||||||||||||||||||
Portfolio loans | $ | 2,293,828 | $ | 2,136,292 | ||||||||||||||||||||||||
Unearned loan costs, net | 1,077 | 1,021 | ||||||||||||||||||||||||||
Portfolio loans, including unearned loan costs | $ | 2,294,905 | $ | 2,137,313 | ||||||||||||||||||||||||
The Company grants commercial, real estate, and consumer loans primarily in the St. Louis, Kansas City and Phoenix metropolitan areas. The Company has a diversified loan portfolio, with no particular concentration of credit in any one economic sector; however, a substantial portion of the portfolio is concentrated in and secured by real estate. The ability of the Company’s borrowers to honor their contractual obligations is partially dependent upon the local economy and its effect on the real estate market. | ||||||||||||||||||||||||||||
A summary of the year-to-date activity in the allowance for loan losses and the recorded investment in Portfolio loans by class and category based on impairment method through September 30, 2014, and at December 31, 2013, is as follows: | ||||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial | Commercial | Construction and Land Development | Residential Real Estate | Consumer & Other | Total | |||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Owner Occupied | Investor Owned | |||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at | $ | 12,246 | $ | 4,096 | $ | 6,600 | $ | 2,136 | $ | 2,019 | $ | 192 | $ | 27,289 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Provision charged to expense | 899 | 589 | (9 | ) | (532 | ) | 16 | 64 | 1,027 | |||||||||||||||||||
Losses charged off | (474 | ) | (336 | ) | (250 | ) | (305 | ) | — | (4 | ) | (1,369 | ) | |||||||||||||||
Recoveries | 187 | 8 | 34 | 688 | 41 | — | 958 | |||||||||||||||||||||
Balance at | $ | 12,858 | $ | 4,357 | $ | 6,375 | $ | 1,987 | $ | 2,076 | $ | 252 | $ | 27,905 | ||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Provision charged to expense | 3,068 | (262 | ) | (2,064 | ) | 132 | 412 | 62 | 1,348 | |||||||||||||||||||
Losses charged off | (1,005 | ) | (88 | ) | — | — | — | — | (1,093 | ) | ||||||||||||||||||
Recoveries | 154 | 14 | 19 | 36 | 39 | — | 262 | |||||||||||||||||||||
Balance at | $ | 15,075 | $ | 4,021 | $ | 4,330 | $ | 2,155 | $ | 2,527 | $ | 314 | $ | 28,422 | ||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||
Provision charged to expense | 169 | (245 | ) | (101 | ) | 321 | (110 | ) | 32 | 66 | ||||||||||||||||||
Losses charged off | (215 | ) | (50 | ) | — | (600 | ) | — | — | (865 | ) | |||||||||||||||||
Recoveries | 880 | 8 | 23 | 35 | 230 | 1 | 1,177 | |||||||||||||||||||||
Balance at | $ | 15,909 | $ | 3,734 | $ | 4,252 | $ | 1,911 | $ | 2,647 | $ | 347 | $ | 28,800 | ||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial | Commercial | Construction and Land Development | Residential Real Estate | Consumer & Other | Total | |||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Owner Occupied | Investor Owned | |||||||||||||||||||||||||||
Balance September 30, 2014 | ||||||||||||||||||||||||||||
Allowance for Loan Losses - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 404 | $ | 293 | $ | — | $ | 364 | $ | 17 | $ | — | $ | 1,078 | ||||||||||||||
Collectively evaluated for impairment | 15,505 | 3,441 | 4,252 | 1,547 | 2,630 | 347 | 27,722 | |||||||||||||||||||||
Total | $ | 15,909 | $ | 3,734 | $ | 4,252 | $ | 1,911 | $ | 2,647 | $ | 347 | $ | 28,800 | ||||||||||||||
Loans - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,198 | $ | 4,820 | $ | 5,164 | $ | 6,455 | $ | 386 | $ | — | $ | 20,023 | ||||||||||||||
Collectively evaluated for impairment | 1,168,817 | 361,904 | 386,627 | 117,433 | 187,208 | 52,893 | 2,274,882 | |||||||||||||||||||||
Total | $ | 1,172,015 | $ | 366,724 | $ | 391,791 | $ | 123,888 | $ | 187,594 | $ | 52,893 | $ | 2,294,905 | ||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||||||||||
Allowance for Loan Losses - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 736 | $ | 107 | $ | — | $ | 703 | $ | 4 | $ | — | $ | 1,550 | ||||||||||||||
Collectively evaluated for impairment | 11,510 | 3,989 | 6,600 | 1,433 | 2,015 | 192 | 25,739 | |||||||||||||||||||||
Total | $ | 12,246 | $ | 4,096 | $ | 6,600 | $ | 2,136 | $ | 2,019 | $ | 192 | $ | 27,289 | ||||||||||||||
Loans - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,380 | $ | 606 | $ | 6,811 | $ | 9,484 | $ | 559 | $ | — | $ | 20,840 | ||||||||||||||
Collectively evaluated for impairment | 1,038,196 | 341,025 | 430,877 | 107,548 | 157,968 | 40,859 | 2,116,473 | |||||||||||||||||||||
Total | $ | 1,041,576 | $ | 341,631 | $ | 437,688 | $ | 117,032 | $ | 158,527 | $ | 40,859 | $ | 2,137,313 | ||||||||||||||
A summary of Portfolio loans individually evaluated for impairment by category at September 30, 2014, and December 31, 2013, is as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Recorded | Total | Related Allowance | Average | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Principal Balance | With No Allowance | With | ||||||||||||||||||||||||||
Allowance | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 4,512 | $ | 3,198 | $ | — | $ | 3,198 | $ | 404 | $ | 4,037 | ||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 4,876 | 773 | 1,891 | 2,664 | 293 | 1,388 | ||||||||||||||||||||||
Commercial - Investor Owned | 5,164 | — | 5,164 | 5,164 | — | 4,138 | ||||||||||||||||||||||
Construction and Land Development | 7,550 | 430 | 6,026 | 6,456 | 364 | 7,565 | ||||||||||||||||||||||
Residential | 386 | 200 | 185 | 385 | 17 | 495 | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | 519 | ||||||||||||||||||||||
Total | $ | 22,488 | $ | 4,601 | $ | 13,266 | $ | 17,867 | $ | 1,078 | $ | 18,142 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Recorded | Total | Related Allowance | Average | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Principal Balance | With No Allowance | With | ||||||||||||||||||||||||||
Allowance | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 4,377 | $ | — | $ | 3,384 | $ | 3,384 | $ | 736 | $ | 6,574 | ||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 606 | 201 | 421 | 622 | 107 | 1,868 | ||||||||||||||||||||||
Commercial - Investor Owned | 8,033 | 7,190 | — | 7,190 | — | 11,348 | ||||||||||||||||||||||
Construction and Land Development | 10,668 | 7,383 | 2,419 | 9,802 | 703 | 5,770 | ||||||||||||||||||||||
Residential | 559 | 348 | 221 | 569 | 4 | 1,930 | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 24,243 | $ | 15,122 | $ | 6,445 | $ | 21,567 | $ | 1,550 | $ | 27,490 | ||||||||||||||||
The following table presents details for past due and impaired loans: | ||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||
(in thousands) | Three months ended | Nine months ended | Three months ended | Nine months ended | ||||||||||||||||||||||||
Total interest income that would have been recognized under original terms | $ | 246 | $ | 927 | $ | 410 | $ | 1,454 | ||||||||||||||||||||
Total cash received and recognized as interest income on non-accrual loans | 51 | 83 | 4 | 28 | ||||||||||||||||||||||||
Total interest income recognized on impaired loans | 11 | 27 | 4 | 33 | ||||||||||||||||||||||||
There was one loan for $0.3 million over 90 days past due and still accruing interest at September 30, 2014. At September 30, 2014, there were no unadvanced commitments on impaired loans. | ||||||||||||||||||||||||||||
The recorded investment in impaired Portfolio loans by category at September 30, 2014, and December 31, 2013, is as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Non-accrual | Restructured | Loans over 90 days past due and still accruing interest | Total | ||||||||||||||||||||||||
Commercial & Industrial | $ | 3,221 | $ | — | $ | 340 | $ | 3,561 | ||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Investor Owned | 4,755 | 587 | — | 5,342 | ||||||||||||||||||||||||
Commercial - Owner Occupied | 2,192 | 777 | — | 2,969 | ||||||||||||||||||||||||
Construction and Land Development | 6,849 | — | — | 6,849 | ||||||||||||||||||||||||
Residential | 401 | — | — | 401 | ||||||||||||||||||||||||
Consumer & Other | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 17,418 | $ | 1,364 | $ | 340 | $ | 19,122 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Non-accrual | Restructured | Loans over 90 days past due and still accruing interest | Total | ||||||||||||||||||||||||
Commercial & Industrial | $ | 3,384 | $ | — | $ | — | $ | 3,384 | ||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Investor Owned | 6,511 | 678 | — | 7,189 | ||||||||||||||||||||||||
Commercial - Owner Occupied | 622 | — | — | 622 | ||||||||||||||||||||||||
Construction and Land Development | 9,802 | — | — | 9,802 | ||||||||||||||||||||||||
Residential | 569 | — | — | 569 | ||||||||||||||||||||||||
Consumer & Other | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 20,888 | $ | 678 | $ | — | $ | 21,566 | ||||||||||||||||||||
The recorded investment by category for the Portfolio loans that have been restructured during the three and nine months ended September 30, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||||||
(in thousands, except for number of loans) | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | ||||||||||||||||||||||
Recorded Balance | Recorded Balance | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||
Commercial & Industrial | 2 | $ | 658 | $ | 658 | — | $ | — | $ | — | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 1 | 357 | 357 | — | — | — | ||||||||||||||||||||||
Commercial - Investor Owned | — | — | — | — | — | — | ||||||||||||||||||||||
Construction and Land Development | 1 | 2,827 | 2,827 | — | — | — | ||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 4 | $ | 3,842 | $ | 3,842 | — | $ | — | $ | — | ||||||||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||||
(in thousands, except for number of loans) | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | ||||||||||||||||||||||
Recorded Balance | Recorded Balance | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||
Commercial & Industrial | 2 | $ | 658 | $ | 658 | 1 | $ | 5 | $ | 5 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 3 | 1,649 | 1,399 | — | — | — | ||||||||||||||||||||||
Commercial - Investor Owned | 1 | 603 | 603 | — | — | — | ||||||||||||||||||||||
Construction and Land Development | 1 | 2,827 | 2,827 | — | — | — | ||||||||||||||||||||||
Residential | 1 | 125 | 125 | — | — | — | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 8 | $ | 5,862 | $ | 5,612 | 1 | $ | 5 | $ | 5 | ||||||||||||||||||
The restructured Portfolio loans resulted from interest rate concessions and changing the terms of the loans. As of September 30, 2014, the Company allocated $0.3 million of specific reserves to the loans that have been restructured. | ||||||||||||||||||||||||||||
There were no Portfolio loans that have been restructured and subsequently defaulted in the nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||
The aging of the recorded investment in past due Portfolio loans by portfolio class and category at September 30, 2014, and December 31, 2013, is shown below. | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 785 | $ | 706 | $ | 1,491 | $ | 1,170,524 | $ | 1,172,015 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 712 | 1,156 | 1,868 | 364,856 | 366,724 | |||||||||||||||||||||||
Commercial - Investor Owned | 451 | 4,577 | 5,028 | 386,763 | 391,791 | |||||||||||||||||||||||
Construction and Land Development | — | 2,528 | 2,528 | 121,360 | 123,888 | |||||||||||||||||||||||
Residential | — | 385 | 385 | 187,209 | 187,594 | |||||||||||||||||||||||
Consumer & Other | 15 | — | 15 | 52,878 | 52,893 | |||||||||||||||||||||||
Total | $ | 1,963 | $ | 9,352 | $ | 11,315 | $ | 2,283,590 | $ | 2,294,905 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 229 | $ | — | $ | 229 | $ | 1,041,347 | $ | 1,041,576 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | — | 428 | 428 | 341,203 | 341,631 | |||||||||||||||||||||||
Commercial - Investor Owned | — | 6,132 | 6,132 | 431,556 | 437,688 | |||||||||||||||||||||||
Construction and Land Development | 464 | 7,344 | 7,808 | 109,224 | 117,032 | |||||||||||||||||||||||
Residential | 237 | 213 | 450 | 158,077 | 158,527 | |||||||||||||||||||||||
Consumer & Other | — | — | — | 40,859 | 40,859 | |||||||||||||||||||||||
Total | $ | 930 | $ | 14,117 | $ | 15,047 | $ | 2,122,266 | $ | 2,137,313 | ||||||||||||||||||
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, payment experience, credit documentation, and current economic factors, among other factors. The Company uses the following definitions for risk ratings: | ||||||||||||||||||||||||||||
• | Grades 1, 2, and 3- Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry. | |||||||||||||||||||||||||||
• | Grade 4- Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow. | |||||||||||||||||||||||||||
• | Grade 5- Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow. | |||||||||||||||||||||||||||
• | Grade 6- Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7, 8, or 9 rating. | |||||||||||||||||||||||||||
• | Grade 7 - Watch credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support. | |||||||||||||||||||||||||||
• | Grade 8- Substandard credits will include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted. | |||||||||||||||||||||||||||
• | Grade 9- Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual. | |||||||||||||||||||||||||||
The recorded investment by risk category of the Portfolio loans by portfolio class and category at September 30, 2014, which is based upon the most recent analysis performed, and December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass (1-6) | Watch (7) | Substandard (8) | Doubtful (9) | Total | |||||||||||||||||||||||
Commercial & Industrial | $ | 1,066,001 | $ | 66,098 | $ | 39,545 | $ | 371 | $ | 1,172,015 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 337,763 | 20,241 | 8,720 | — | 366,724 | |||||||||||||||||||||||
Commercial - Investor Owned | 353,824 | 24,295 | 13,672 | — | 391,791 | |||||||||||||||||||||||
Construction and Land Development | 99,832 | 13,547 | 10,509 | — | 123,888 | |||||||||||||||||||||||
Residential | 165,300 | 13,730 | 8,564 | — | 187,594 | |||||||||||||||||||||||
Consumer & Other | 52,425 | 54 | 414 | — | 52,893 | |||||||||||||||||||||||
Total | $ | 2,075,145 | $ | 137,965 | $ | 81,424 | $ | 371 | $ | 2,294,905 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Pass (1-6) | Watch (7) | Substandard (8) | Doubtful (9) | Total | |||||||||||||||||||||||
Commercial & Industrial | $ | 977,199 | $ | 40,265 | $ | 23,934 | $ | 178 | $ | 1,041,576 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 306,321 | 26,500 | 8,810 | — | 341,631 | |||||||||||||||||||||||
Commercial - Investor Owned | 368,433 | 42,227 | 27,028 | — | 437,688 | |||||||||||||||||||||||
Construction and Land Development | 87,812 | 17,175 | 11,582 | 463 | 117,032 | |||||||||||||||||||||||
Residential | 143,613 | 8,240 | 6,674 | — | 158,527 | |||||||||||||||||||||||
Consumer & Other | 40,852 | 3 | 4 | — | 40,859 | |||||||||||||||||||||||
Total | $ | 1,924,230 | $ | 134,410 | $ | 78,032 | $ | 641 | $ | 2,137,313 | ||||||||||||||||||
Purchase_Credit_Impaired_PCI_L
Purchase Credit Impaired ("PCI") Loans | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
PORTFOLIO LOANS COVERED BY LOSS SHARE [Abstract] | ' | |||||||||||||||||||
Purchase Credit Impaired (PCI) Loans (Formerly Referred to as Portfolio Loans Covered Under FDIC Loss Share or Covered Loans) | ' | |||||||||||||||||||
PURCHASE CREDIT IMPAIRED ("PCI") LOANS (FORMERLY REFERRED TO AS PORTFOLIO LOANS COVERED UNDER FDIC LOSS SHARE OR COVERED LOANS) | ||||||||||||||||||||
Below is a summary of PCI loans by category at September 30, 2014, and December 31, 2013: | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
(in thousands) | Weighted- | Recorded | Weighted- | Recorded | ||||||||||||||||
Average | Investment | Average | Investment | |||||||||||||||||
Risk Rating | PCI Loans | Risk Rating | PCI Loans | |||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
Construction and land development | 6.33 | $7,842 | 6.84 | $14,325 | ||||||||||||||||
Commercial real estate - Investor owned | 7.17 | 39,275 | 6.81 | 48,146 | ||||||||||||||||
Commercial real estate - Owner occupied | 6.5 | 29,922 | 6.75 | 32,525 | ||||||||||||||||
Residential real estate | 5.94 | 30,289 | 5.92 | 34,498 | ||||||||||||||||
Total real estate loans | $107,328 | $129,494 | ||||||||||||||||||
Commercial and industrial | 7.04 | 6,103 | 6.87 | 9,271 | ||||||||||||||||
Consumer and other | 4.3 | 431 | 6.47 | 1,773 | ||||||||||||||||
Portfolio loans | $113,862 | $140,538 | ||||||||||||||||||
The aging of the recorded investment in past due PCI loans by portfolio class and category at September 30, 2014, and December 31, 2013, is shown below. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||
Past Due | ||||||||||||||||||||
Commercial & Industrial | $ | 338 | $ | 702 | $ | 1,040 | $ | 5,063 | $ | 6,103 | ||||||||||
Real Estate: | ||||||||||||||||||||
Commercial - Owner Occupied | 94 | 3,466 | 3,560 | 26,362 | 29,922 | |||||||||||||||
Commercial - Investor Owned | — | 4,270 | 4,270 | 35,005 | 39,275 | |||||||||||||||
Construction and Land Development | — | 94 | 94 | 7,748 | 7,842 | |||||||||||||||
Residential | 299 | 3,831 | 4,130 | 26,158 | 30,288 | |||||||||||||||
Consumer & Other | — | 13 | 13 | 419 | 432 | |||||||||||||||
Total | $ | 731 | $ | 12,376 | $ | 13,107 | $ | 100,755 | $ | 113,862 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||
Past Due | ||||||||||||||||||||
Commercial & Industrial | $ | 397 | $ | 573 | $ | 970 | $ | 8,301 | $ | 9,271 | ||||||||||
Real Estate: | ||||||||||||||||||||
Commercial - Owner Occupied | 255 | 6,595 | 6,850 | 25,675 | 32,525 | |||||||||||||||
Commercial - Investor Owned | 5,143 | 3,167 | 8,310 | 39,836 | 48,146 | |||||||||||||||
Construction and Land Development | 32 | 4,198 | 4,230 | 10,095 | 14,325 | |||||||||||||||
Residential | 639 | 5,276 | 5,915 | 28,583 | 34,498 | |||||||||||||||
Consumer & Other | — | — | — | 1,773 | 1,773 | |||||||||||||||
Total | $ | 6,466 | $ | 19,809 | $ | 26,275 | $ | 114,263 | $ | 140,538 | ||||||||||
The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||
(In thousands) | Contractual Cashflows | Less: | Less: Accretable Yield | Carrying Amount | ||||||||||||||||
Non-accretable Difference | ||||||||||||||||||||
Balance January 1, 2014 | $ | 266,068 | $ | 87,438 | $ | 53,530 | $ | 125,100 | ||||||||||||
Principal reductions and interest payments | (25,261 | ) | — | — | (25,261 | ) | ||||||||||||||
Accretion of loan discount | — | — | (12,323 | ) | 12,323 | |||||||||||||||
Changes in contractual and expected cash flows due to remeasurement | (2,616 | ) | (7,378 | ) | (500 | ) | 5,262 | |||||||||||||
Reductions due to disposals | (30,334 | ) | (7,379 | ) | (3,849 | ) | (19,106 | ) | ||||||||||||
Balance September 30, 2014 | $ | 207,857 | $ | 72,681 | $ | 36,858 | $ | 98,318 | ||||||||||||
Balance January 1, 2013 | $ | 386,966 | $ | 118,627 | $ | 78,768 | $ | 189,571 | ||||||||||||
Principal reductions and interest payments | (37,421 | ) | — | — | (37,421 | ) | ||||||||||||||
Accretion of loan discount | — | — | (19,987 | ) | 19,987 | |||||||||||||||
Changes in contractual and expected cash flows due to remeasurement | 9,216 | (10,858 | ) | 14,233 | 5,841 | |||||||||||||||
Reductions due to disposals | (68,953 | ) | (23,867 | ) | (12,288 | ) | (32,798 | ) | ||||||||||||
Balance September 30, 2013 | $ | 289,808 | $ | 83,902 | $ | 60,726 | $ | 145,180 | ||||||||||||
The accretable yield is accreted into interest income over the estimated life of the acquired loans using the effective | ||||||||||||||||||||
yield method. | ||||||||||||||||||||
A summary of activity in the FDIC loss share receivable for the nine months ended September 30, 2014 is as follows: | ||||||||||||||||||||
(In thousands) | September 30, | |||||||||||||||||||
2014 | ||||||||||||||||||||
Balance at beginning of period | $ | 34,319 | ||||||||||||||||||
Adjustments not reflected in income: | ||||||||||||||||||||
Cash received from the FDIC for covered assets | (6,487 | ) | ||||||||||||||||||
FDIC reimbursable losses, net | 1,734 | |||||||||||||||||||
Adjustments reflected in income: | ||||||||||||||||||||
Amortization, net | (5,375 | ) | ||||||||||||||||||
Loan impairment | 741 | |||||||||||||||||||
Reductions for payments on covered assets in excess of expected cash flows | (2,893 | ) | ||||||||||||||||||
Balance at end of period | $ | 22,039 | ||||||||||||||||||
Due to continued favorable projections in the expected cash flows, the Company continues to anticipate it will be required to pay the FDIC at the end of two of its loss share agreements. Accordingly, a liability of $2.6 million has been recorded at September 30, 2014. The liability will continue to be adjusted as part of the remeasurement process through the end of the loss share agreements. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
The Company issues financial instruments with off balance sheet risk in the normal course of the business of meeting the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. | ||||||||
The Company’s extent of involvement and maximum potential exposure to credit loss under commitments to extend credit and standby letters of credit in the event of nonperformance by the other party to the financial instrument is represented by the contractual amount of these instruments. | ||||||||
The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its consolidated balance sheets. At September 30, 2014, there were no unadvanced commitments on impaired loans compared to $0.1 million at December 31, 2013. Other liabilities include approximately $0.2 million at both September 30, 2014 and December 31, 2013 for estimated losses attributable to the unadvanced commitments. | ||||||||
The contractual amounts of off-balance-sheet financial instruments as of September 30, 2014, and December 31, 2013, are as follows: | ||||||||
(in thousands) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Commitments to extend credit | $ | 879,258 | $ | 804,420 | ||||
Standby letters of credit | 45,791 | 44,376 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments usually have fixed expiration dates or other termination clauses, may have significant usage restrictions, and may require payment of a fee. Of the total commitments to extend credit at September 30, 2014, and December 31, 2013, approximately $66.4 million and $50.3 million, respectively, represent fixed rate loan commitments. Since certain of the commitments may expire without being drawn upon or may be revoked, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. The type of collateral held varies, but may include accounts receivable, inventory, premises and equipment, and real estate. | ||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These standby letters of credit are issued to support contractual obligations of the Company’s customers. The credit risk involved in issuing standby letters of credit is essentially the same as the risk involved in extending loans to customers. The remaining terms of standby letters of credit range from 1 month to 3.4 years at September 30, 2014. | ||||||||
Contingencies | ||||||||
The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such proceedings pending or threatened against the Company or its subsidiaries which, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
Risk Management Instruments. The Company enters into certain derivative contracts to economically hedge state tax credits and certain loans. The table below summarizes the notional amounts and fair values of the derivative instruments used to manage risk. | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
(Other Assets) | (Other Liabilities) | |||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | ||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate cap contracts | $ | 23,800 | $ | 23,800 | $ | 2 | $ | 10 | $ | — | $ | — | ||||||||||||
The following table shows the location and amount of gains and losses related to derivatives used for risk management purposes recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate cap contracts | Gain on state tax credits, net | $ | — | $ | (9 | ) | $ | (8 | ) | $ | 1 | |||||||||||||
Client-Related Derivative Instruments. As an accommodation to certain customers, the Company enters into interest rate swaps to economically hedge changes in fair value of certain loans. The table below summarizes the notional amounts and fair values of the client-related derivative instruments. | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
(Other Assets) | (Other Liabilities) | |||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | ||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate swap contracts | $ | 175,906 | $ | 185,213 | $ | 949 | $ | 990 | $ | 949 | $ | 990 | ||||||||||||
Changes in the fair value of client-related derivative instruments are recognized currently in operations. The following table shows the location and amount of gains and losses recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013. For the three and nine months ended September 30, 2014 and 2013 the Company entered into derivative contracts with third parties to fully offset the client-related derivative instruments. Accordingly, there was no fair value adjustment recorded. | ||||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate swap contracts | Interest and fees on loans | $ | — | $ | (32 | ) | $ | — | $ | (205 | ) | |||||||||||||
At September 30, 2014 and December 31, 2013, the Company had $0.9 million and $1.0 million, respectively, of counterparty credit exposure on derivatives. At both September 30, 2014, and December 31, 2013, the Company had pledged cash of $1.0 million, as collateral in connection with our interest rate swap agreements. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Below is a description of certain assets and liabilities measured at fair value. | ||||||||||||||||||||||||
The following table summarizes financial instruments measured at fair value on a recurring basis as of September 30, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | Quoted Prices in | Significant | Significant | Total Fair | ||||||||||||||||||||
Active Markets | Other | Unobservable | Value | |||||||||||||||||||||
for Identical Assets | Observable Inputs | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | — | $ | 92,272 | $ | — | $ | 92,272 | ||||||||||||||||
Obligations of states and political subdivisions | — | 46,887 | 3,054 | 49,941 | ||||||||||||||||||||
Agency mortgage-backed securities | — | 314,371 | — | 314,371 | ||||||||||||||||||||
Total securities available for sale | $ | — | $ | 453,530 | $ | 3,054 | $ | 456,584 | ||||||||||||||||
State tax credits held for sale | — | — | 15,131 | 15,131 | ||||||||||||||||||||
Derivative financial instruments | — | 951 | — | 951 | ||||||||||||||||||||
Total assets | $ | — | $ | 454,481 | $ | 18,185 | $ | 472,666 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 949 | $ | — | $ | 949 | ||||||||||||||||
Total liabilities | $ | — | $ | 949 | $ | — | $ | 949 | ||||||||||||||||
• | Securities available for sale. Securities classified as available for sale are reported at fair value utilizing Level 2 and Level 3 inputs. The Company obtains fair value measurements from an independent pricing service. Fair values for Level 2 securities are based upon dealer quotes, market spreads, the U.S. Treasury yield curve, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions at the security level. At September 30, 2014, Level 3 securities available for sale consist primarily of three Auction Rate Securities that are valued based on the securities' estimated cash flows, yields of comparable securities, and live trading levels. | |||||||||||||||||||||||
• | Portfolio Loans. Certain fixed rate portfolio loans are accounted for as trading instruments and reported at fair value. Fair value on these loans is determined using a third party valuation model with observable Level 2 market data inputs. | |||||||||||||||||||||||
• | State tax credits held for sale. At September 30, 2014, of the $45.6 million of state tax credits held for sale on the condensed consolidated balance sheet, approximately $15.1 million were carried at fair value. The remaining $30.5 million of state tax credits were accounted for at cost. | |||||||||||||||||||||||
The Company is not aware of an active market that exists for the 10-year streams of state tax credit financial instruments. However, the Company’s principal market for these tax credits consists of Missouri state residents who buy these credits and from local and regional accounting firms who broker them. As such, the Company employed a discounted cash flow analysis (income approach) to determine the fair value. | ||||||||||||||||||||||||
The fair value measurement is calculated using an internal valuation model with observable market data including discounted cash flows based upon the terms and conditions of the tax credits. If the underlying project remains in compliance with the various federal and state rules governing the tax credit program, each project will generate about 10 years of tax credits. The inputs to the discounted cash flow calculation include: the amount of tax credits generated each year, the anticipated sale price of the tax credit, the timing of the sale and a discount rate. The discount rate is estimated using the LIBOR swap curve at a point equal to the remaining life in years of credits plus a 205 basis point spread. With the exception of the discount rate, the other inputs to the fair value calculation are observable and readily available. The discount rate is considered a Level 3 input because it is an “unobservable input” and is based on the Company’s assumptions. An increase in the discount rate utilized would generally result in a lower estimated fair value of the tax credits. Alternatively, a decrease in the discount rate utilized would generally result in a higher estimated fair value of the tax credits. Given the significance of this input to the fair value calculation, the state tax credit assets are reported as Level 3 assets. | ||||||||||||||||||||||||
• | Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains counterparty quotations to value its interest rate swaps and caps. In addition, the Company validates the counterparty quotations with third party valuation sources. Derivatives with negative fair values are included in Other liabilities in the consolidated balance sheets. Derivatives with positive fair value are included in Other assets in the consolidated balance sheets. | |||||||||||||||||||||||
Level 3 financial instruments | ||||||||||||||||||||||||
The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis for the periods ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
• | Purchases, sales, issuances and settlements, net. There were no Level 3 purchases during the nine months or quarters ended September 30, 2014 or 2013. | |||||||||||||||||||||||
• | Transfers in and/or out of Level 3. There were no Level 3 transfers during the nine months or quarters ended September 30, 2014 or 2013. | |||||||||||||||||||||||
Securities available for sale, at fair value | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 3,051 | $ | 3,039 | $ | 3,040 | $ | 3,049 | ||||||||||||||||
Total (losses) gains: | ||||||||||||||||||||||||
Included in other comprehensive income | 3 | 3 | 14 | (7 | ) | |||||||||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||||||
Transfer in and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||
Ending balance | $ | 3,054 | $ | 3,042 | $ | 3,054 | $ | 3,042 | ||||||||||||||||
Change in unrealized (losses) gains relating to | $ | 3 | $ | 3 | $ | 14 | $ | (7 | ) | |||||||||||||||
assets still held at the reporting date | ||||||||||||||||||||||||
State tax credits held for sale | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 14,985 | $ | 19,822 | $ | 16,491 | $ | 23,020 | ||||||||||||||||
Total gains: | ||||||||||||||||||||||||
Included in earnings | 146 | 317 | 407 | 422 | ||||||||||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||||||||||
Sales | — | — | (1,767 | ) | (3,303 | ) | ||||||||||||||||||
Ending balance | $ | 15,131 | $ | 20,139 | $ | 15,131 | $ | 20,139 | ||||||||||||||||
Change in unrealized gains relating to | $ | 146 | $ | 317 | $ | (58 | ) | $ | (456 | ) | ||||||||||||||
assets still held at the reporting date | ||||||||||||||||||||||||
From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets that are measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of September 30, 2014: | ||||||||||||||||||||||||
-1 | -1 | -1 | -1 | |||||||||||||||||||||
(in thousands) | Total Fair Value | Quoted Prices in Active | Significant | Significant | Total losses for the | Total losses for the | ||||||||||||||||||
Markets for | Other | Unobservable | three months ended | nine months ended | ||||||||||||||||||||
Identical | Observable | Inputs | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Impaired loans | $ | 3,163 | $ | — | $ | — | $ | 3,163 | $ | (865 | ) | $ | (3,328 | ) | ||||||||||
Other real estate | 5,374 | — | — | 5,374 | (28 | ) | (618 | ) | ||||||||||||||||
Total | $ | 8,537 | $ | — | $ | — | $ | 8,537 | $ | (893 | ) | $ | (3,946 | ) | ||||||||||
(1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date. | ||||||||||||||||||||||||
Impaired loans are reported at the fair value of the underlying collateral or by determining the net present value of future cash flows. Fair values for collateral dependent impaired loans are obtained from current appraisals by qualified licensed appraisers or independent valuation specialists. Fair values of impaired loans that are not collateral dependent are determined by using a discounted cash flow model to determine the net present value of future cash flows. Other real estate owned is adjusted to fair value upon foreclosure of the loan collateral. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value less costs to sell. Fair value of other real estate is based upon the current appraised values of the properties as determined by qualified licensed appraisers and the Company’s judgment of other relevant market conditions. | ||||||||||||||||||||||||
Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at September 30, 2014, and December 31, 2013. | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated fair value | Carrying Amount | Estimated fair value | ||||||||||||||||||||
Balance sheet assets | ||||||||||||||||||||||||
Cash and due from banks | $ | 54,113 | $ | 54,113 | $ | 19,573 | $ | 19,573 | ||||||||||||||||
Federal funds sold | 36 | 36 | 76 | 76 | ||||||||||||||||||||
Interest-bearing deposits | 74,963 | 74,963 | 196,220 | 196,220 | ||||||||||||||||||||
Securities available for sale | 456,584 | 456,584 | 434,587 | 434,587 | ||||||||||||||||||||
Other investments, at cost | 15,291 | 15,291 | 12,605 | 12,605 | ||||||||||||||||||||
Loans held for sale | 4,899 | 4,899 | 1,834 | 1,834 | ||||||||||||||||||||
Derivative financial instruments | 951 | 951 | 1,000 | 1,000 | ||||||||||||||||||||
Portfolio loans, net | 2,364,423 | 2,360,077 | 2,235,124 | 2,232,134 | ||||||||||||||||||||
State tax credits, held for sale | 45,631 | 51,037 | 48,457 | 52,159 | ||||||||||||||||||||
Accrued interest receivable | 7,526 | 7,526 | 7,303 | 7,303 | ||||||||||||||||||||
Balance sheet liabilities | ||||||||||||||||||||||||
Deposits | 2,509,764 | 2,513,418 | 2,534,953 | 2,540,822 | ||||||||||||||||||||
Subordinated debentures | 56,807 | 33,997 | 62,581 | 39,358 | ||||||||||||||||||||
Federal Home Loan Bank advances | 120,000 | 123,153 | 50,000 | 54,137 | ||||||||||||||||||||
Other borrowings | 187,122 | 187,123 | 214,331 | 214,377 | ||||||||||||||||||||
Derivative financial instruments | 949 | 949 | 990 | 990 | ||||||||||||||||||||
Accrued interest payable | 854 | 854 | 957 | 957 | ||||||||||||||||||||
For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments for which it is practical to estimate such value, refer to Note 20–Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||||||||||
The following table presents the level in the fair value hierarchy for the estimated fair values of only the Company’s financial instruments that are not already presented on the condensed consolidated balance sheets at fair value at September 30, 2014, and December 31, 2013: | ||||||||||||||||||||||||
Estimated Fair Value Measurement at Reporting Date Using | Balance at | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | 30-Sep-14 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Portfolio loans, net | $ | — | $ | — | $ | 2,360,077 | $ | 2,360,077 | ||||||||||||||||
State tax credits, held for sale | $ | — | $ | — | $ | 35,906 | $ | 35,906 | ||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 1,951,370 | — | 562,048 | 2,513,418 | ||||||||||||||||||||
Subordinated debentures | — | 33,997 | — | 33,997 | ||||||||||||||||||||
Federal Home Loan Bank advances | — | 123,153 | — | 123,153 | ||||||||||||||||||||
Other borrowings | — | 187,123 | — | 187,123 | ||||||||||||||||||||
Estimated Fair Value Measurement at Reporting Date Using | Balance at | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | 31-Dec-13 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Portfolio loans, net | $ | — | $ | — | $ | 2,232,134 | $ | 2,232,134 | ||||||||||||||||
State tax credits, held for sale | $ | — | $ | — | $ | 35,668 | $ | 35,668 | ||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 1,902,038 | — | 638,784 | 2,540,822 | ||||||||||||||||||||
Subordinated debentures | — | 39,358 | — | 39,358 | ||||||||||||||||||||
Federal Home Loan Bank advances | — | 54,137 | — | 54,137 | ||||||||||||||||||||
Other borrowings | — | 214,377 | — | 214,377 | ||||||||||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
SEGMENT REPORTING | ||||||||||||||||
The Company has two primary operating segments, Banking and Wealth Management, which are delineated by the products and services that each segment offers. The segments are evaluated separately on their individual performance, as well as their contribution to the Company as a whole. | ||||||||||||||||
The Banking operating segment consists of a full-service commercial bank, with locations in St. Louis, Kansas City, and Phoenix. The majority of the Company’s assets and income result from the Banking segment. All banking locations have the same product and service offerings, have similar types and classes of customers and utilize similar service delivery methods. Pricing guidelines and operating policies for products and services are the same across all regions. | ||||||||||||||||
The Banking operating segment also includes activities surrounding PCI loans and other assets acquired under FDIC loss share agreements. | ||||||||||||||||
The Wealth Management operating segment includes the Trust division of the Bank and the state tax credit brokerage activities. The Trust division provides estate planning, investment management, and retirement planning as well as strategic planning and management succession issues. State tax credits are part of a fee initiative designed to augment the Company’s Wealth Management segment and Banking lines of business. | ||||||||||||||||
The Company's Corporate and Intercompany activities represent the elimination of items between segments as well as Corporate related items that management feels are not allocable to either of the two respective segments. | ||||||||||||||||
The financial information for each business segment reflects that information which is specifically identifiable or which is allocated based on an internal allocation method. There were no material intersegment revenues among the two segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. When appropriate, these changes are reflected in prior year information presented below. | ||||||||||||||||
Following are the financial results for the Company’s operating segments. | ||||||||||||||||
(in thousands) | Banking | Wealth Management | Corporate and Intercompany | Total | ||||||||||||
Three months ended September 30, | ||||||||||||||||
Income Statement Information | 2014 | |||||||||||||||
Net interest income (expense) | $ | 27,804 | $ | (16 | ) | $ | (344 | ) | $ | 27,444 | ||||||
Provision for loan losses | (1,811 | ) | — | — | (1,811 | ) | ||||||||||
Noninterest income | 2,424 | 1,909 | 119 | 4,452 | ||||||||||||
Noninterest expense | 18,353 | 1,946 | 822 | 21,121 | ||||||||||||
Income (loss) before income tax expense (benefit) | 13,686 | (53 | ) | (1,047 | ) | 12,586 | ||||||||||
2013 | ||||||||||||||||
Net interest income (expense) | $ | 33,476 | $ | (166 | ) | $ | (736 | ) | $ | 32,574 | ||||||
Provision for loan losses | 2,159 | — | — | 2,159 | ||||||||||||
Noninterest income | 1,684 | 2,006 | 26 | 3,716 | ||||||||||||
Noninterest expense | 17,855 | 1,809 | 1,344 | 21,008 | ||||||||||||
Income (loss) before income tax expense (benefit) | 15,146 | 31 | (2,054 | ) | 13,123 | |||||||||||
Nine months ended September 30, | ||||||||||||||||
Income Statement Information | 2014 | |||||||||||||||
Net interest income (expense) | $ | 87,733 | $ | (58 | ) | $ | (1,123 | ) | $ | 86,552 | ||||||
Provision for loan losses | 3,398 | — | — | 3,398 | ||||||||||||
Noninterest income | 5,448 | 6,200 | 131 | 11,779 | ||||||||||||
Noninterest expense | 53,817 | 5,589 | 3,262 | 62,668 | ||||||||||||
Income (loss) before income tax expense (benefit) | 35,966 | 553 | (4,254 | ) | 32,265 | |||||||||||
2013 | ||||||||||||||||
Net interest income (expense) | $ | 105,738 | $ | (292 | ) | $ | (2,665 | ) | $ | 102,781 | ||||||
Provision for loan losses | (305 | ) | — | — | (305 | ) | ||||||||||
Noninterest income | (1,758 | ) | 6,611 | 100 | 4,953 | |||||||||||
Noninterest expense | 53,006 | 5,644 | 3,789 | 62,439 | ||||||||||||
Income (loss) before income tax expense (benefit) | 51,279 | 675 | (6,354 | ) | 45,600 | |||||||||||
Balance Sheet Information | September 30, 2014 | December 31, 2013 | ||||||||||||||
Total assets: | ||||||||||||||||
Banking | $ | 3,093,055 | $ | 3,051,256 | ||||||||||||
Wealth Management | 98,269 | 101,026 | ||||||||||||||
Corporate and Intercompany | 18,266 | 17,915 | ||||||||||||||
Total | 3,209,590 | 3,170,197 |
New_Authoritative_Accounting_G
New Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2014 | |
Prospective Adoption of New Accounting Pronouncements [Abstract] | ' |
New Authoritative Accounting Guidance | ' |
NEW AUTHORITATIVE ACCOUNTING GUIDANCE | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes 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. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements nor decided upon the method of adoption. | |
In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." The objective of ASU 2014-11 is to amend the accounting for certain secured financing transactions, and requires enhanced disclosures with respect to transactions recognized as sales in which exposure to the derecognized asset is retained through a separate agreement with the counterparty. In addition, the guidance requires enhanced disclosures with respect to the types and quality of financial assets pledged in secured financing transactions. The guidance will become effective in the first quarter of 2015, except for the disclosures regarding the types and quality of financial assets pledged, which will become effective in the second quarter of 2015. The Company does not believe the guidance will have a material impact on its consolidated balance sheets or statements of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. | |
Available-for-sale Securities | ' |
Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security and (5) the intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Summary of Per Common Share Data and Amounts | ' | |||||||||||||||
The following table presents a summary of per common share data and amounts for the periods indicated. | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income as reported | $ | 8,198 | $ | 8,410 | $ | 21,206 | $ | 29,483 | ||||||||
Impact of assumed conversions | ||||||||||||||||
Interest on 9% convertible trust preferred securities, net of income tax | — | 217 | 66 | 926 | ||||||||||||
Net income available to common shareholders and assumed conversions | $ | 8,198 | $ | 8,627 | $ | 21,272 | $ | 30,409 | ||||||||
Weighted average common shares outstanding | 19,838 | 18,779 | 19,729 | 18,288 | ||||||||||||
Incremental shares from assumed conversions of convertible trust preferred securities | — | 851 | 76 | 1,241 | ||||||||||||
Additional dilutive common stock equivalents | 142 | 200 | 165 | 153 | ||||||||||||
Weighted average diluted common shares outstanding | 19,980 | 19,830 | 19,970 | 19,682 | ||||||||||||
Basic earnings per common share: | $ | 0.41 | $ | 0.45 | $ | 1.07 | $ | 1.61 | ||||||||
Diluted earnings per common share: | $ | 0.41 | $ | 0.44 | $ | 1.07 | $ | 1.55 | ||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||||||||||
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale: | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||
Unrealized Gains | Unrealized Losses | |||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 91,823 | $ | 638 | $ | (189 | ) | $ | 92,272 | |||||||||||||||
Obligations of states and political subdivisions | 49,064 | 1,576 | (699 | ) | 49,941 | |||||||||||||||||||
Agency mortgage-backed securities | 315,951 | 3,099 | (4,679 | ) | 314,371 | |||||||||||||||||||
$ | 456,838 | $ | 5,313 | $ | (5,567 | ) | $ | 456,584 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||
Unrealized Gains | Unrealized Losses | |||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 93,218 | $ | 700 | $ | (388 | ) | $ | 93,530 | |||||||||||||||
Obligations of states and political subdivisions | 49,721 | 983 | (1,761 | ) | 48,943 | |||||||||||||||||||
Agency mortgage-backed securities | 298,623 | 2,675 | (9,184 | ) | 292,114 | |||||||||||||||||||
$ | 441,562 | $ | 4,358 | $ | (11,333 | ) | $ | 434,587 | ||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities classified as available for sale at September 30, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years. | ||||||||||||||||||||||||
(in thousands) | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | 3,181 | $ | 3,227 | ||||||||||||||||||||
Due after one year through five years | 109,044 | 110,116 | ||||||||||||||||||||||
Due after five years through ten years | 21,833 | 22,352 | ||||||||||||||||||||||
Due after ten years | 6,829 | 6,518 | ||||||||||||||||||||||
Mortgage-backed securities | 315,951 | 314,371 | ||||||||||||||||||||||
$ | 456,838 | $ | 456,584 | |||||||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | |||||||||||||||||||||||
The following table represents a summary of available-for-sale investment securities that had an unrealized loss: | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 5,454 | $ | 7 | $ | 24,813 | $ | 182 | $ | 30,267 | $ | 189 | ||||||||||||
Obligations of states and political subdivisions | $ | 1,092 | $ | 18 | $ | 14,143 | $ | 681 | $ | 15,235 | $ | 699 | ||||||||||||
Agency mortgage-backed securities | 29,404 | 139 | 136,333 | 4,540 | 165,737 | 4,679 | ||||||||||||||||||
$ | 35,950 | $ | 164 | $ | 175,289 | $ | 5,403 | $ | 211,239 | $ | 5,567 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 30,221 | $ | 388 | $ | — | $ | — | $ | 30,221 | $ | 388 | ||||||||||||
Obligations of states and political subdivisions | 17,141 | 952 | 7,168 | 809 | 24,309 | 1,761 | ||||||||||||||||||
Agency mortgage-backed securities | 159,999 | 7,338 | 21,437 | 1,846 | 181,436 | 9,184 | ||||||||||||||||||
$ | 207,361 | $ | 8,678 | $ | 28,605 | $ | 2,655 | $ | 235,966 | $ | 11,333 | |||||||||||||
Schedule of Realized Gain (Loss) | ' | |||||||||||||||||||||||
The gross gains and gross losses realized from sales of available-for-sale investment securities were as follows: | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Gross gains realized | $ | — | $ | 611 | $ | — | $ | 1,477 | ||||||||||||||||
Gross losses realized | — | — | — | (182 | ) | |||||||||||||||||||
Proceeds from sales | — | 36,710 | — | 159,604 | ||||||||||||||||||||
Portfolio_Loans_Tables
Portfolio Loans (Tables) (Non-Covered Loans) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Non-Covered Loans | ' | |||||||||||||||||||||||||||
Non-covered Loans [Line Items] | ' | |||||||||||||||||||||||||||
Summary of Non-covered Loans by Category | ' | |||||||||||||||||||||||||||
Below is a summary of Portfolio loans by category at September 30, 2014, and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||
Construction and land development | $ | 123,888 | $ | 117,032 | ||||||||||||||||||||||||
Commercial real estate - Investor owned | 391,791 | 437,688 | ||||||||||||||||||||||||||
Commercial real estate - Owner occupied | 366,724 | 341,631 | ||||||||||||||||||||||||||
Residential real estate | 187,594 | 158,527 | ||||||||||||||||||||||||||
Total real estate loans | $ | 1,069,997 | $ | 1,054,878 | ||||||||||||||||||||||||
Commercial and industrial | 1,172,015 | 1,041,576 | ||||||||||||||||||||||||||
Consumer and other | 51,816 | 39,838 | ||||||||||||||||||||||||||
Portfolio loans | $ | 2,293,828 | $ | 2,136,292 | ||||||||||||||||||||||||
Unearned loan costs, net | 1,077 | 1,021 | ||||||||||||||||||||||||||
Portfolio loans, including unearned loan costs | $ | 2,294,905 | $ | 2,137,313 | ||||||||||||||||||||||||
Summary of Allowance for Loan Losses for Non-covered Loans by Portfolio Class and Category | ' | |||||||||||||||||||||||||||
A summary of the year-to-date activity in the allowance for loan losses and the recorded investment in Portfolio loans by class and category based on impairment method through September 30, 2014, and at December 31, 2013, is as follows: | ||||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial | Commercial | Construction and Land Development | Residential Real Estate | Consumer & Other | Total | |||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Owner Occupied | Investor Owned | |||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at | $ | 12,246 | $ | 4,096 | $ | 6,600 | $ | 2,136 | $ | 2,019 | $ | 192 | $ | 27,289 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Provision charged to expense | 899 | 589 | (9 | ) | (532 | ) | 16 | 64 | 1,027 | |||||||||||||||||||
Losses charged off | (474 | ) | (336 | ) | (250 | ) | (305 | ) | — | (4 | ) | (1,369 | ) | |||||||||||||||
Recoveries | 187 | 8 | 34 | 688 | 41 | — | 958 | |||||||||||||||||||||
Balance at | $ | 12,858 | $ | 4,357 | $ | 6,375 | $ | 1,987 | $ | 2,076 | $ | 252 | $ | 27,905 | ||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Provision charged to expense | 3,068 | (262 | ) | (2,064 | ) | 132 | 412 | 62 | 1,348 | |||||||||||||||||||
Losses charged off | (1,005 | ) | (88 | ) | — | — | — | — | (1,093 | ) | ||||||||||||||||||
Recoveries | 154 | 14 | 19 | 36 | 39 | — | 262 | |||||||||||||||||||||
Balance at | $ | 15,075 | $ | 4,021 | $ | 4,330 | $ | 2,155 | $ | 2,527 | $ | 314 | $ | 28,422 | ||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||
Provision charged to expense | 169 | (245 | ) | (101 | ) | 321 | (110 | ) | 32 | 66 | ||||||||||||||||||
Losses charged off | (215 | ) | (50 | ) | — | (600 | ) | — | — | (865 | ) | |||||||||||||||||
Recoveries | 880 | 8 | 23 | 35 | 230 | 1 | 1,177 | |||||||||||||||||||||
Balance at | $ | 15,909 | $ | 3,734 | $ | 4,252 | $ | 1,911 | $ | 2,647 | $ | 347 | $ | 28,800 | ||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial | Commercial | Construction and Land Development | Residential Real Estate | Consumer & Other | Total | |||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Owner Occupied | Investor Owned | |||||||||||||||||||||||||||
Balance September 30, 2014 | ||||||||||||||||||||||||||||
Allowance for Loan Losses - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 404 | $ | 293 | $ | — | $ | 364 | $ | 17 | $ | — | $ | 1,078 | ||||||||||||||
Collectively evaluated for impairment | 15,505 | 3,441 | 4,252 | 1,547 | 2,630 | 347 | 27,722 | |||||||||||||||||||||
Total | $ | 15,909 | $ | 3,734 | $ | 4,252 | $ | 1,911 | $ | 2,647 | $ | 347 | $ | 28,800 | ||||||||||||||
Loans - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,198 | $ | 4,820 | $ | 5,164 | $ | 6,455 | $ | 386 | $ | — | $ | 20,023 | ||||||||||||||
Collectively evaluated for impairment | 1,168,817 | 361,904 | 386,627 | 117,433 | 187,208 | 52,893 | 2,274,882 | |||||||||||||||||||||
Total | $ | 1,172,015 | $ | 366,724 | $ | 391,791 | $ | 123,888 | $ | 187,594 | $ | 52,893 | $ | 2,294,905 | ||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||||||||||
Allowance for Loan Losses - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 736 | $ | 107 | $ | — | $ | 703 | $ | 4 | $ | — | $ | 1,550 | ||||||||||||||
Collectively evaluated for impairment | 11,510 | 3,989 | 6,600 | 1,433 | 2,015 | 192 | 25,739 | |||||||||||||||||||||
Total | $ | 12,246 | $ | 4,096 | $ | 6,600 | $ | 2,136 | $ | 2,019 | $ | 192 | $ | 27,289 | ||||||||||||||
Loans - Ending Balance: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,380 | $ | 606 | $ | 6,811 | $ | 9,484 | $ | 559 | $ | — | $ | 20,840 | ||||||||||||||
Collectively evaluated for impairment | 1,038,196 | 341,025 | 430,877 | 107,548 | 157,968 | 40,859 | 2,116,473 | |||||||||||||||||||||
Total | $ | 1,041,576 | $ | 341,631 | $ | 437,688 | $ | 117,032 | $ | 158,527 | $ | 40,859 | $ | 2,137,313 | ||||||||||||||
Summary of Non-covered Loans Individually Evaluated for Impairment by Category | ' | |||||||||||||||||||||||||||
A summary of Portfolio loans individually evaluated for impairment by category at September 30, 2014, and December 31, 2013, is as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Recorded | Total | Related Allowance | Average | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Principal Balance | With No Allowance | With | ||||||||||||||||||||||||||
Allowance | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 4,512 | $ | 3,198 | $ | — | $ | 3,198 | $ | 404 | $ | 4,037 | ||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 4,876 | 773 | 1,891 | 2,664 | 293 | 1,388 | ||||||||||||||||||||||
Commercial - Investor Owned | 5,164 | — | 5,164 | 5,164 | — | 4,138 | ||||||||||||||||||||||
Construction and Land Development | 7,550 | 430 | 6,026 | 6,456 | 364 | 7,565 | ||||||||||||||||||||||
Residential | 386 | 200 | 185 | 385 | 17 | 495 | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | 519 | ||||||||||||||||||||||
Total | $ | 22,488 | $ | 4,601 | $ | 13,266 | $ | 17,867 | $ | 1,078 | $ | 18,142 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Recorded | Total | Related Allowance | Average | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Principal Balance | With No Allowance | With | ||||||||||||||||||||||||||
Allowance | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 4,377 | $ | — | $ | 3,384 | $ | 3,384 | $ | 736 | $ | 6,574 | ||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 606 | 201 | 421 | 622 | 107 | 1,868 | ||||||||||||||||||||||
Commercial - Investor Owned | 8,033 | 7,190 | — | 7,190 | — | 11,348 | ||||||||||||||||||||||
Construction and Land Development | 10,668 | 7,383 | 2,419 | 9,802 | 703 | 5,770 | ||||||||||||||||||||||
Residential | 559 | 348 | 221 | 569 | 4 | 1,930 | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 24,243 | $ | 15,122 | $ | 6,445 | $ | 21,567 | $ | 1,550 | $ | 27,490 | ||||||||||||||||
The recorded investment in impaired Portfolio loans by category at September 30, 2014, and December 31, 2013, is as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Non-accrual | Restructured | Loans over 90 days past due and still accruing interest | Total | ||||||||||||||||||||||||
Commercial & Industrial | $ | 3,221 | $ | — | $ | 340 | $ | 3,561 | ||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Investor Owned | 4,755 | 587 | — | 5,342 | ||||||||||||||||||||||||
Commercial - Owner Occupied | 2,192 | 777 | — | 2,969 | ||||||||||||||||||||||||
Construction and Land Development | 6,849 | — | — | 6,849 | ||||||||||||||||||||||||
Residential | 401 | — | — | 401 | ||||||||||||||||||||||||
Consumer & Other | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 17,418 | $ | 1,364 | $ | 340 | $ | 19,122 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Non-accrual | Restructured | Loans over 90 days past due and still accruing interest | Total | ||||||||||||||||||||||||
Commercial & Industrial | $ | 3,384 | $ | — | $ | — | $ | 3,384 | ||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Investor Owned | 6,511 | 678 | — | 7,189 | ||||||||||||||||||||||||
Commercial - Owner Occupied | 622 | — | — | 622 | ||||||||||||||||||||||||
Construction and Land Development | 9,802 | — | — | 9,802 | ||||||||||||||||||||||||
Residential | 569 | — | — | 569 | ||||||||||||||||||||||||
Consumer & Other | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 20,888 | $ | 678 | $ | — | $ | 21,566 | ||||||||||||||||||||
Summary of Past Due and Impaired Loans | ' | |||||||||||||||||||||||||||
The following table presents details for past due and impaired loans: | ||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||||
(in thousands) | Three months ended | Nine months ended | Three months ended | Nine months ended | ||||||||||||||||||||||||
Total interest income that would have been recognized under original terms | $ | 246 | $ | 927 | $ | 410 | $ | 1,454 | ||||||||||||||||||||
Total cash received and recognized as interest income on non-accrual loans | 51 | 83 | 4 | 28 | ||||||||||||||||||||||||
Total interest income recognized on impaired loans | 11 | 27 | 4 | 33 | ||||||||||||||||||||||||
Summary of Restructured Loans | ' | |||||||||||||||||||||||||||
The recorded investment by category for the Portfolio loans that have been restructured during the three and nine months ended September 30, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||||||
(in thousands, except for number of loans) | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | ||||||||||||||||||||||
Recorded Balance | Recorded Balance | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||
Commercial & Industrial | 2 | $ | 658 | $ | 658 | — | $ | — | $ | — | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 1 | 357 | 357 | — | — | — | ||||||||||||||||||||||
Commercial - Investor Owned | — | — | — | — | — | — | ||||||||||||||||||||||
Construction and Land Development | 1 | 2,827 | 2,827 | — | — | — | ||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 4 | $ | 3,842 | $ | 3,842 | — | $ | — | $ | — | ||||||||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||||
(in thousands, except for number of loans) | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | Number of Loans | Pre-Modification Outstanding | Post-Modification Outstanding | ||||||||||||||||||||||
Recorded Balance | Recorded Balance | Recorded Balance | Recorded Balance | |||||||||||||||||||||||||
Commercial & Industrial | 2 | $ | 658 | $ | 658 | 1 | $ | 5 | $ | 5 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 3 | 1,649 | 1,399 | — | — | — | ||||||||||||||||||||||
Commercial - Investor Owned | 1 | 603 | 603 | — | — | — | ||||||||||||||||||||||
Construction and Land Development | 1 | 2,827 | 2,827 | — | — | — | ||||||||||||||||||||||
Residential | 1 | 125 | 125 | — | — | — | ||||||||||||||||||||||
Consumer & Other | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 8 | $ | 5,862 | $ | 5,612 | 1 | $ | 5 | $ | 5 | ||||||||||||||||||
Summary of Aging of Recorded Investment in Past Due Non-covered Loans by Portfolio Class and Category | ' | |||||||||||||||||||||||||||
The aging of the recorded investment in past due Portfolio loans by portfolio class and category at September 30, 2014, and December 31, 2013, is shown below. | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 785 | $ | 706 | $ | 1,491 | $ | 1,170,524 | $ | 1,172,015 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 712 | 1,156 | 1,868 | 364,856 | 366,724 | |||||||||||||||||||||||
Commercial - Investor Owned | 451 | 4,577 | 5,028 | 386,763 | 391,791 | |||||||||||||||||||||||
Construction and Land Development | — | 2,528 | 2,528 | 121,360 | 123,888 | |||||||||||||||||||||||
Residential | — | 385 | 385 | 187,209 | 187,594 | |||||||||||||||||||||||
Consumer & Other | 15 | — | 15 | 52,878 | 52,893 | |||||||||||||||||||||||
Total | $ | 1,963 | $ | 9,352 | $ | 11,315 | $ | 2,283,590 | $ | 2,294,905 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||
Commercial & Industrial | $ | 229 | $ | — | $ | 229 | $ | 1,041,347 | $ | 1,041,576 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | — | 428 | 428 | 341,203 | 341,631 | |||||||||||||||||||||||
Commercial - Investor Owned | — | 6,132 | 6,132 | 431,556 | 437,688 | |||||||||||||||||||||||
Construction and Land Development | 464 | 7,344 | 7,808 | 109,224 | 117,032 | |||||||||||||||||||||||
Residential | 237 | 213 | 450 | 158,077 | 158,527 | |||||||||||||||||||||||
Consumer & Other | — | — | — | 40,859 | 40,859 | |||||||||||||||||||||||
Total | $ | 930 | $ | 14,117 | $ | 15,047 | $ | 2,122,266 | $ | 2,137,313 | ||||||||||||||||||
Summary of Recorded Investment by Risk Category of Non-covered Loans by Portfolio Class and Category | ' | |||||||||||||||||||||||||||
The recorded investment by risk category of the Portfolio loans by portfolio class and category at September 30, 2014, which is based upon the most recent analysis performed, and December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass (1-6) | Watch (7) | Substandard (8) | Doubtful (9) | Total | |||||||||||||||||||||||
Commercial & Industrial | $ | 1,066,001 | $ | 66,098 | $ | 39,545 | $ | 371 | $ | 1,172,015 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 337,763 | 20,241 | 8,720 | — | 366,724 | |||||||||||||||||||||||
Commercial - Investor Owned | 353,824 | 24,295 | 13,672 | — | 391,791 | |||||||||||||||||||||||
Construction and Land Development | 99,832 | 13,547 | 10,509 | — | 123,888 | |||||||||||||||||||||||
Residential | 165,300 | 13,730 | 8,564 | — | 187,594 | |||||||||||||||||||||||
Consumer & Other | 52,425 | 54 | 414 | — | 52,893 | |||||||||||||||||||||||
Total | $ | 2,075,145 | $ | 137,965 | $ | 81,424 | $ | 371 | $ | 2,294,905 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Pass (1-6) | Watch (7) | Substandard (8) | Doubtful (9) | Total | |||||||||||||||||||||||
Commercial & Industrial | $ | 977,199 | $ | 40,265 | $ | 23,934 | $ | 178 | $ | 1,041,576 | ||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | 306,321 | 26,500 | 8,810 | — | 341,631 | |||||||||||||||||||||||
Commercial - Investor Owned | 368,433 | 42,227 | 27,028 | — | 437,688 | |||||||||||||||||||||||
Construction and Land Development | 87,812 | 17,175 | 11,582 | 463 | 117,032 | |||||||||||||||||||||||
Residential | 143,613 | 8,240 | 6,674 | — | 158,527 | |||||||||||||||||||||||
Consumer & Other | 40,852 | 3 | 4 | — | 40,859 | |||||||||||||||||||||||
Total | $ | 1,924,230 | $ | 134,410 | $ | 78,032 | $ | 641 | $ | 2,137,313 | ||||||||||||||||||
Purchase_Credit_Impaired_PCI_L1
Purchase Credit Impaired ("PCI") Loans (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Covered Loans [Line Items] | ' | |||||||||||||||||||
Summary of Covered Loans by Category | ' | |||||||||||||||||||
Below is a summary of PCI loans by category at September 30, 2014, and December 31, 2013: | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
(in thousands) | Weighted- | Recorded | Weighted- | Recorded | ||||||||||||||||
Average | Investment | Average | Investment | |||||||||||||||||
Risk Rating | PCI Loans | Risk Rating | PCI Loans | |||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
Construction and land development | 6.33 | $7,842 | 6.84 | $14,325 | ||||||||||||||||
Commercial real estate - Investor owned | 7.17 | 39,275 | 6.81 | 48,146 | ||||||||||||||||
Commercial real estate - Owner occupied | 6.5 | 29,922 | 6.75 | 32,525 | ||||||||||||||||
Residential real estate | 5.94 | 30,289 | 5.92 | 34,498 | ||||||||||||||||
Total real estate loans | $107,328 | $129,494 | ||||||||||||||||||
Commercial and industrial | 7.04 | 6,103 | 6.87 | 9,271 | ||||||||||||||||
Consumer and other | 4.3 | 431 | 6.47 | 1,773 | ||||||||||||||||
Portfolio loans | $113,862 | $140,538 | ||||||||||||||||||
Rollforward of Covered Loans | ' | |||||||||||||||||||
The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||
(In thousands) | Contractual Cashflows | Less: | Less: Accretable Yield | Carrying Amount | ||||||||||||||||
Non-accretable Difference | ||||||||||||||||||||
Balance January 1, 2014 | $ | 266,068 | $ | 87,438 | $ | 53,530 | $ | 125,100 | ||||||||||||
Principal reductions and interest payments | (25,261 | ) | — | — | (25,261 | ) | ||||||||||||||
Accretion of loan discount | — | — | (12,323 | ) | 12,323 | |||||||||||||||
Changes in contractual and expected cash flows due to remeasurement | (2,616 | ) | (7,378 | ) | (500 | ) | 5,262 | |||||||||||||
Reductions due to disposals | (30,334 | ) | (7,379 | ) | (3,849 | ) | (19,106 | ) | ||||||||||||
Balance September 30, 2014 | $ | 207,857 | $ | 72,681 | $ | 36,858 | $ | 98,318 | ||||||||||||
Balance January 1, 2013 | $ | 386,966 | $ | 118,627 | $ | 78,768 | $ | 189,571 | ||||||||||||
Principal reductions and interest payments | (37,421 | ) | — | — | (37,421 | ) | ||||||||||||||
Accretion of loan discount | — | — | (19,987 | ) | 19,987 | |||||||||||||||
Changes in contractual and expected cash flows due to remeasurement | 9,216 | (10,858 | ) | 14,233 | 5,841 | |||||||||||||||
Reductions due to disposals | (68,953 | ) | (23,867 | ) | (12,288 | ) | (32,798 | ) | ||||||||||||
Balance September 30, 2013 | $ | 289,808 | $ | 83,902 | $ | 60,726 | $ | 145,180 | ||||||||||||
FDIC Loss Share Receivable | ' | |||||||||||||||||||
A summary of activity in the FDIC loss share receivable for the nine months ended September 30, 2014 is as follows: | ||||||||||||||||||||
(In thousands) | September 30, | |||||||||||||||||||
2014 | ||||||||||||||||||||
Balance at beginning of period | $ | 34,319 | ||||||||||||||||||
Adjustments not reflected in income: | ||||||||||||||||||||
Cash received from the FDIC for covered assets | (6,487 | ) | ||||||||||||||||||
FDIC reimbursable losses, net | 1,734 | |||||||||||||||||||
Adjustments reflected in income: | ||||||||||||||||||||
Amortization, net | (5,375 | ) | ||||||||||||||||||
Loan impairment | 741 | |||||||||||||||||||
Reductions for payments on covered assets in excess of expected cash flows | (2,893 | ) | ||||||||||||||||||
Balance at end of period | $ | 22,039 | ||||||||||||||||||
Covered Loans | ' | |||||||||||||||||||
Covered Loans [Line Items] | ' | |||||||||||||||||||
Summary of Aging of the Recorded Investment in Past Due Covered Loans by Portfolio Class and Category | ' | |||||||||||||||||||
The aging of the recorded investment in past due PCI loans by portfolio class and category at September 30, 2014, and December 31, 2013, is shown below. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||
Past Due | ||||||||||||||||||||
Commercial & Industrial | $ | 338 | $ | 702 | $ | 1,040 | $ | 5,063 | $ | 6,103 | ||||||||||
Real Estate: | ||||||||||||||||||||
Commercial - Owner Occupied | 94 | 3,466 | 3,560 | 26,362 | 29,922 | |||||||||||||||
Commercial - Investor Owned | — | 4,270 | 4,270 | 35,005 | 39,275 | |||||||||||||||
Construction and Land Development | — | 94 | 94 | 7,748 | 7,842 | |||||||||||||||
Residential | 299 | 3,831 | 4,130 | 26,158 | 30,288 | |||||||||||||||
Consumer & Other | — | 13 | 13 | 419 | 432 | |||||||||||||||
Total | $ | 731 | $ | 12,376 | $ | 13,107 | $ | 100,755 | $ | 113,862 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | 30-89 Days | 90 or More | Total | Current | Total | |||||||||||||||
Past Due | Days | Past Due | ||||||||||||||||||
Past Due | ||||||||||||||||||||
Commercial & Industrial | $ | 397 | $ | 573 | $ | 970 | $ | 8,301 | $ | 9,271 | ||||||||||
Real Estate: | ||||||||||||||||||||
Commercial - Owner Occupied | 255 | 6,595 | 6,850 | 25,675 | 32,525 | |||||||||||||||
Commercial - Investor Owned | 5,143 | 3,167 | 8,310 | 39,836 | 48,146 | |||||||||||||||
Construction and Land Development | 32 | 4,198 | 4,230 | 10,095 | 14,325 | |||||||||||||||
Residential | 639 | 5,276 | 5,915 | 28,583 | 34,498 | |||||||||||||||
Consumer & Other | — | — | — | 1,773 | 1,773 | |||||||||||||||
Total | $ | 6,466 | $ | 19,809 | $ | 26,275 | $ | 114,263 | $ | 140,538 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Commitments | ' | |||||||
The contractual amounts of off-balance-sheet financial instruments as of September 30, 2014, and December 31, 2013, are as follows: | ||||||||
(in thousands) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Commitments to extend credit | $ | 879,258 | $ | 804,420 | ||||
Standby letters of credit | 45,791 | 44,376 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Derivatives Not Designated as Hedging Instruments, Notional Amount And Statements of Financial Position, Location | ' | |||||||||||||||||||||||
The table below summarizes the notional amounts and fair values of the derivative instruments used to manage risk. | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
(Other Assets) | (Other Liabilities) | |||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | ||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate cap contracts | $ | 23,800 | $ | 23,800 | $ | 2 | $ | 10 | $ | — | $ | — | ||||||||||||
The table below summarizes the notional amounts and fair values of the client-related derivative instruments. | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
(Other Assets) | (Other Liabilities) | |||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | ||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate swap contracts | $ | 175,906 | $ | 185,213 | $ | 949 | $ | 990 | $ | 949 | $ | 990 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||||||||
The following table shows the location and amount of gains and losses recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013. For the three and nine months ended September 30, 2014 and 2013 the Company entered into derivative contracts with third parties to fully offset the client-related derivative instruments. Accordingly, there was no fair value adjustment recorded. | ||||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate swap contracts | Interest and fees on loans | $ | — | $ | (32 | ) | $ | — | $ | (205 | ) | |||||||||||||
The following table shows the location and amount of gains and losses related to derivatives used for risk management purposes recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | Amount of Gain or (Loss) Recognized in Operations on Derivative | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Non-designated hedging instruments | ||||||||||||||||||||||||
Interest rate cap contracts | Gain on state tax credits, net | $ | — | $ | (9 | ) | $ | (8 | ) | $ | 1 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||
The following table summarizes financial instruments measured at fair value on a recurring basis as of September 30, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | Quoted Prices in | Significant | Significant | Total Fair | ||||||||||||||||||||
Active Markets | Other | Unobservable | Value | |||||||||||||||||||||
for Identical Assets | Observable Inputs | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | — | $ | 92,272 | $ | — | $ | 92,272 | ||||||||||||||||
Obligations of states and political subdivisions | — | 46,887 | 3,054 | 49,941 | ||||||||||||||||||||
Agency mortgage-backed securities | — | 314,371 | — | 314,371 | ||||||||||||||||||||
Total securities available for sale | $ | — | $ | 453,530 | $ | 3,054 | $ | 456,584 | ||||||||||||||||
State tax credits held for sale | — | — | 15,131 | 15,131 | ||||||||||||||||||||
Derivative financial instruments | — | 951 | — | 951 | ||||||||||||||||||||
Total assets | $ | — | $ | 454,481 | $ | 18,185 | $ | 472,666 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 949 | $ | — | $ | 949 | ||||||||||||||||
Total liabilities | $ | — | $ | 949 | $ | — | $ | 949 | ||||||||||||||||
Fair Value, Financial Instruments, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis for the periods ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
• | Purchases, sales, issuances and settlements, net. There were no Level 3 purchases during the nine months or quarters ended September 30, 2014 or 2013. | |||||||||||||||||||||||
• | Transfers in and/or out of Level 3. There were no Level 3 transfers during the nine months or quarters ended September 30, 2014 or 2013. | |||||||||||||||||||||||
Securities available for sale, at fair value | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 3,051 | $ | 3,039 | $ | 3,040 | $ | 3,049 | ||||||||||||||||
Total (losses) gains: | ||||||||||||||||||||||||
Included in other comprehensive income | 3 | 3 | 14 | (7 | ) | |||||||||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||||||
Transfer in and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||
Ending balance | $ | 3,054 | $ | 3,042 | $ | 3,054 | $ | 3,042 | ||||||||||||||||
Change in unrealized (losses) gains relating to | $ | 3 | $ | 3 | $ | 14 | $ | (7 | ) | |||||||||||||||
assets still held at the reporting date | ||||||||||||||||||||||||
State tax credits held for sale | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 14,985 | $ | 19,822 | $ | 16,491 | $ | 23,020 | ||||||||||||||||
Total gains: | ||||||||||||||||||||||||
Included in earnings | 146 | 317 | 407 | 422 | ||||||||||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||||||||||
Sales | — | — | (1,767 | ) | (3,303 | ) | ||||||||||||||||||
Ending balance | $ | 15,131 | $ | 20,139 | $ | 15,131 | $ | 20,139 | ||||||||||||||||
Change in unrealized gains relating to | $ | 146 | $ | 317 | $ | (58 | ) | $ | (456 | ) | ||||||||||||||
assets still held at the reporting date | ||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | |||||||||||||||||||||||
The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of September 30, 2014: | ||||||||||||||||||||||||
-1 | -1 | -1 | -1 | |||||||||||||||||||||
(in thousands) | Total Fair Value | Quoted Prices in Active | Significant | Significant | Total losses for the | Total losses for the | ||||||||||||||||||
Markets for | Other | Unobservable | three months ended | nine months ended | ||||||||||||||||||||
Identical | Observable | Inputs | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Impaired loans | $ | 3,163 | $ | — | $ | — | $ | 3,163 | $ | (865 | ) | $ | (3,328 | ) | ||||||||||
Other real estate | 5,374 | — | — | 5,374 | (28 | ) | (618 | ) | ||||||||||||||||
Total | $ | 8,537 | $ | — | $ | — | $ | 8,537 | $ | (893 | ) | $ | (3,946 | ) | ||||||||||
(1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date. | ||||||||||||||||||||||||
Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets | ' | |||||||||||||||||||||||
Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at September 30, 2014, and December 31, 2013. | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated fair value | Carrying Amount | Estimated fair value | ||||||||||||||||||||
Balance sheet assets | ||||||||||||||||||||||||
Cash and due from banks | $ | 54,113 | $ | 54,113 | $ | 19,573 | $ | 19,573 | ||||||||||||||||
Federal funds sold | 36 | 36 | 76 | 76 | ||||||||||||||||||||
Interest-bearing deposits | 74,963 | 74,963 | 196,220 | 196,220 | ||||||||||||||||||||
Securities available for sale | 456,584 | 456,584 | 434,587 | 434,587 | ||||||||||||||||||||
Other investments, at cost | 15,291 | 15,291 | 12,605 | 12,605 | ||||||||||||||||||||
Loans held for sale | 4,899 | 4,899 | 1,834 | 1,834 | ||||||||||||||||||||
Derivative financial instruments | 951 | 951 | 1,000 | 1,000 | ||||||||||||||||||||
Portfolio loans, net | 2,364,423 | 2,360,077 | 2,235,124 | 2,232,134 | ||||||||||||||||||||
State tax credits, held for sale | 45,631 | 51,037 | 48,457 | 52,159 | ||||||||||||||||||||
Accrued interest receivable | 7,526 | 7,526 | 7,303 | 7,303 | ||||||||||||||||||||
Balance sheet liabilities | ||||||||||||||||||||||||
Deposits | 2,509,764 | 2,513,418 | 2,534,953 | 2,540,822 | ||||||||||||||||||||
Subordinated debentures | 56,807 | 33,997 | 62,581 | 39,358 | ||||||||||||||||||||
Federal Home Loan Bank advances | 120,000 | 123,153 | 50,000 | 54,137 | ||||||||||||||||||||
Other borrowings | 187,122 | 187,123 | 214,331 | 214,377 | ||||||||||||||||||||
Derivative financial instruments | 949 | 949 | 990 | 990 | ||||||||||||||||||||
Accrued interest payable | 854 | 854 | 957 | 957 | ||||||||||||||||||||
Estimate of the Fair Value of Financial Instruments Not Recorded at Fair Value on Balance Sheet | ' | |||||||||||||||||||||||
The following table presents the level in the fair value hierarchy for the estimated fair values of only the Company’s financial instruments that are not already presented on the condensed consolidated balance sheets at fair value at September 30, 2014, and December 31, 2013: | ||||||||||||||||||||||||
Estimated Fair Value Measurement at Reporting Date Using | Balance at | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | 30-Sep-14 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Portfolio loans, net | $ | — | $ | — | $ | 2,360,077 | $ | 2,360,077 | ||||||||||||||||
State tax credits, held for sale | $ | — | $ | — | $ | 35,906 | $ | 35,906 | ||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 1,951,370 | — | 562,048 | 2,513,418 | ||||||||||||||||||||
Subordinated debentures | — | 33,997 | — | 33,997 | ||||||||||||||||||||
Federal Home Loan Bank advances | — | 123,153 | — | 123,153 | ||||||||||||||||||||
Other borrowings | — | 187,123 | — | 187,123 | ||||||||||||||||||||
Estimated Fair Value Measurement at Reporting Date Using | Balance at | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | 31-Dec-13 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Portfolio loans, net | $ | — | $ | — | $ | 2,232,134 | $ | 2,232,134 | ||||||||||||||||
State tax credits, held for sale | $ | — | $ | — | $ | 35,668 | $ | 35,668 | ||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 1,902,038 | — | 638,784 | 2,540,822 | ||||||||||||||||||||
Subordinated debentures | — | 39,358 | — | 39,358 | ||||||||||||||||||||
Federal Home Loan Bank advances | — | 54,137 | — | 54,137 | ||||||||||||||||||||
Other borrowings | — | 214,377 | — | 214,377 | ||||||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Following are the financial results for the Company’s operating segments. | ||||||||||||||||
(in thousands) | Banking | Wealth Management | Corporate and Intercompany | Total | ||||||||||||
Three months ended September 30, | ||||||||||||||||
Income Statement Information | 2014 | |||||||||||||||
Net interest income (expense) | $ | 27,804 | $ | (16 | ) | $ | (344 | ) | $ | 27,444 | ||||||
Provision for loan losses | (1,811 | ) | — | — | (1,811 | ) | ||||||||||
Noninterest income | 2,424 | 1,909 | 119 | 4,452 | ||||||||||||
Noninterest expense | 18,353 | 1,946 | 822 | 21,121 | ||||||||||||
Income (loss) before income tax expense (benefit) | 13,686 | (53 | ) | (1,047 | ) | 12,586 | ||||||||||
2013 | ||||||||||||||||
Net interest income (expense) | $ | 33,476 | $ | (166 | ) | $ | (736 | ) | $ | 32,574 | ||||||
Provision for loan losses | 2,159 | — | — | 2,159 | ||||||||||||
Noninterest income | 1,684 | 2,006 | 26 | 3,716 | ||||||||||||
Noninterest expense | 17,855 | 1,809 | 1,344 | 21,008 | ||||||||||||
Income (loss) before income tax expense (benefit) | 15,146 | 31 | (2,054 | ) | 13,123 | |||||||||||
Nine months ended September 30, | ||||||||||||||||
Income Statement Information | 2014 | |||||||||||||||
Net interest income (expense) | $ | 87,733 | $ | (58 | ) | $ | (1,123 | ) | $ | 86,552 | ||||||
Provision for loan losses | 3,398 | — | — | 3,398 | ||||||||||||
Noninterest income | 5,448 | 6,200 | 131 | 11,779 | ||||||||||||
Noninterest expense | 53,817 | 5,589 | 3,262 | 62,668 | ||||||||||||
Income (loss) before income tax expense (benefit) | 35,966 | 553 | (4,254 | ) | 32,265 | |||||||||||
2013 | ||||||||||||||||
Net interest income (expense) | $ | 105,738 | $ | (292 | ) | $ | (2,665 | ) | $ | 102,781 | ||||||
Provision for loan losses | (305 | ) | — | — | (305 | ) | ||||||||||
Noninterest income | (1,758 | ) | 6,611 | 100 | 4,953 | |||||||||||
Noninterest expense | 53,006 | 5,644 | 3,789 | 62,439 | ||||||||||||
Income (loss) before income tax expense (benefit) | 51,279 | 675 | (6,354 | ) | 45,600 | |||||||||||
Balance Sheet Information | September 30, 2014 | December 31, 2013 | ||||||||||||||
Total assets: | ||||||||||||||||
Banking | $ | 3,093,055 | $ | 3,051,256 | ||||||||||||
Wealth Management | 98,269 | 101,026 | ||||||||||||||
Corporate and Intercompany | 18,266 | 17,915 | ||||||||||||||
Total | 3,209,590 | 3,170,197 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' |
Net income as reported | $8,198 | $8,410 | $21,206 | $29,483 |
Impact of assumed conversions | ' | ' | ' | ' |
Interest on 9% convertible trust preferred securities, net of income tax | 0 | 217 | 66 | 926 |
Net income available to common shareholders and assumed conversions | $8,198 | $8,627 | $21,272 | $30,409 |
Weighted average common shares outstanding (in shares) | 19,838,000 | 18,779,000 | 19,729,000 | 18,288,000 |
Incremental shares from assumed conversions of convertible trust preferred securities (in shares) | 0 | 851,000 | 76,000 | 1,241,000 |
Additional dilutive common stock equivalents (in shares) | 142,000 | 200,000 | 165,000 | 153,000 |
Weighted average diluted common shares outstanding (in shares) | 19,980,000 | 19,830,000 | 19,970,000 | 19,682,000 |
Basic earnings per common share: (in dollars per share) | $0.41 | $0.45 | $1.07 | $1.61 |
Diluted earnings per common share: (in dollars per share) | $0.41 | $0.44 | $1.07 | $1.55 |
Common stock equivalents excluded from earnings per share calculations due to anti-dilutive effect (in shares) | 289,286 | 474,267 | 289,407 | 488,318 |
Warrants | ' | ' | ' | ' |
Impact of assumed conversions | ' | ' | ' | ' |
Common stock equivalents excluded from earnings per share calculations due to anti-dilutive effect (in shares) | ' | ' | ' | 9,497 |
Convertible Debt Securities | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ' | ' | ' | ' |
Interest rate on convertible trust preferred securities (percent) | 9.00% | 9.00% | 9.00% | 9.00% |
Investments_Schedule_of_Availa
Investments - Schedule of Available-for-sale Securities Reconciliation (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Available for sale securities: | ' | ' |
Amortized Cost | $456,838,000 | $441,562,000 |
Gross Unrealized Gains | 5,313,000 | 4,358,000 |
Gross Unrealized Losses | -5,567,000 | -11,333,000 |
Fair Value | 456,584,000 | 434,587,000 |
Maximum percentage of shareholders' equity held by one issuer (percent) | 10.00% | 10.00% |
Available-for-sale securities pledged as collateral, fair value | 255,900,000 | 270,100,000 |
Mortgage-backed securities, weighted average life | '5 years | ' |
Obligations of U.S. Government-sponsored enterprises | ' | ' |
Available for sale securities: | ' | ' |
Amortized Cost | 91,823,000 | 93,218,000 |
Gross Unrealized Gains | 638,000 | 700,000 |
Gross Unrealized Losses | -189,000 | -388,000 |
Fair Value | 92,272,000 | 93,530,000 |
Obligations of states and political subdivisions | ' | ' |
Available for sale securities: | ' | ' |
Amortized Cost | 49,064,000 | 49,721,000 |
Gross Unrealized Gains | 1,576,000 | 983,000 |
Gross Unrealized Losses | -699,000 | -1,761,000 |
Fair Value | 49,941,000 | 48,943,000 |
Agency mortgage-backed securities | ' | ' |
Available for sale securities: | ' | ' |
Amortized Cost | 315,951,000 | 298,623,000 |
Gross Unrealized Gains | 3,099,000 | 2,675,000 |
Gross Unrealized Losses | -4,679,000 | -9,184,000 |
Fair Value | $314,371,000 | $292,114,000 |
Investments_Investments_Classi
Investments - Investments Classified by Contractual Maturity Date (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $3,181 | ' |
Due after one year through five years | 109,044 | ' |
Due after five years through ten years | 21,833 | ' |
Due after ten years | 6,829 | ' |
Mortgage-backed securities | 315,951 | ' |
Amortized Cost | 456,838 | 441,562 |
Estimated Fair Value | ' | ' |
Due in one year or less | 3,227 | ' |
Due after one year through five years | 110,116 | ' |
Due after five years through ten years | 22,352 | ' |
Due after ten years | 6,518 | ' |
Mortgage-backed securities | 314,371 | ' |
Total | $456,584 | $434,587 |
Investments_Schedule_of_Unreal
Investments - Schedule of Unrealized Loss on Investments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Vaule | $35,950 | $207,361 |
Less than 12 months, Unrealized Losses | 164 | 8,678 |
12 months or more, Fair Value | 175,289 | 28,605 |
12 months or more, Unrealized Losses | 5,403 | 2,655 |
Total, Fair Value | 211,239 | 235,966 |
Total, Unrealized Losses | 5,567 | 11,333 |
Obligations of U.S. Government-sponsored enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Vaule | 5,454 | 30,221 |
Less than 12 months, Unrealized Losses | 7 | 388 |
12 months or more, Fair Value | 24,813 | 0 |
12 months or more, Unrealized Losses | 182 | 0 |
Total, Fair Value | 30,267 | 30,221 |
Total, Unrealized Losses | 189 | 388 |
Obligations of states and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Vaule | 1,092 | 17,141 |
Less than 12 months, Unrealized Losses | 18 | 952 |
12 months or more, Fair Value | 14,143 | 7,168 |
12 months or more, Unrealized Losses | 681 | 809 |
Total, Fair Value | 15,235 | 24,309 |
Total, Unrealized Losses | 699 | 1,761 |
Agency mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Vaule | 29,404 | 159,999 |
Less than 12 months, Unrealized Losses | 139 | 7,338 |
12 months or more, Fair Value | 136,333 | 21,437 |
12 months or more, Unrealized Losses | 4,540 | 1,846 |
Total, Fair Value | 165,737 | 181,436 |
Total, Unrealized Losses | $4,679 | $9,184 |
Investments_Schedule_of_Realiz
Investments - Schedule of Realized Gain (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments [Abstract] | ' | ' | ' | ' |
Gross gains realized | $0 | $611 | $0 | $1,477 |
Gross losses realized | 0 | 0 | 0 | -182 |
Proceeds from sales | $0 | $36,710 | $0 | $159,604 |
Portfolio_Loans_Summary_of_Non
Portfolio Loans - Summary of Non-covered Loans by Category (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio loans, including unearned loan costs | $2,294,905 | $2,137,313 |
Non-Covered Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 2,294,905 | 2,137,313 |
Portfolio Loans, net of unearned loan costs | 2,293,828 | 2,136,292 |
Unearned loan costs, net | 1,077 | 1,021 |
Portfolio loans, including unearned loan costs | 2,294,905 | 2,137,313 |
Non-Covered Loans | Construction and land development | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 123,888 | 117,032 |
Non-Covered Loans | Commercial real estate - Investor owned | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 391,791 | 437,688 |
Non-Covered Loans | Commercial real estate - Owner occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 366,724 | 341,631 |
Non-Covered Loans | Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 187,594 | 158,527 |
Non-Covered Loans | Real Estate Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 1,069,997 | 1,054,878 |
Non-Covered Loans | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 1,172,015 | 1,041,576 |
Non-Covered Loans | Consumer and other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Portfolio Loans | 52,893 | 40,859 |
Portfolio Loans, net of unearned loan costs | $51,816 | $39,838 |
Portfolio_Loans_Summary_of_All
Portfolio Loans - Summary of Allowance for Loan Losses for Non-covered Loans by Portfolio Class and Category (Details) (Non-Covered Loans, USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | $28,422 | $27,905 | $27,289 |
Provision charged to expense | 66 | 1,348 | 1,027 |
Losses charged off | -865 | -1,093 | -1,369 |
Recoveries | 1,177 | 262 | 958 |
Balance | 28,800 | 28,422 | 27,905 |
Commercial and industrial | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | 15,075 | 12,858 | 12,246 |
Provision charged to expense | 169 | 3,068 | 899 |
Losses charged off | -215 | -1,005 | -474 |
Recoveries | 880 | 154 | 187 |
Balance | 15,909 | 15,075 | 12,858 |
Commercial real estate - Owner occupied | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | 4,021 | 4,357 | 4,096 |
Provision charged to expense | -245 | -262 | 589 |
Losses charged off | -50 | -88 | -336 |
Recoveries | 8 | 14 | 8 |
Balance | 3,734 | 4,021 | 4,357 |
Commercial real estate - Investor owned | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | 4,330 | 6,375 | 6,600 |
Provision charged to expense | -101 | -2,064 | -9 |
Losses charged off | 0 | 0 | -250 |
Recoveries | 23 | 19 | 34 |
Balance | 4,252 | 4,330 | 6,375 |
Construction and land development | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | 2,155 | 1,987 | 2,136 |
Provision charged to expense | 321 | 132 | -532 |
Losses charged off | -600 | 0 | -305 |
Recoveries | 35 | 36 | 688 |
Balance | 1,911 | 2,155 | 1,987 |
Residential real estate | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | 2,527 | 2,076 | 2,019 |
Provision charged to expense | -110 | 412 | 16 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 230 | 39 | 41 |
Balance | 2,647 | 2,527 | 2,076 |
Consumer and other | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance | 314 | 252 | 192 |
Provision charged to expense | 32 | 62 | 64 |
Losses charged off | 0 | 0 | -4 |
Recoveries | 1 | 0 | 0 |
Balance | $347 | $314 | $252 |
Portfolio_Loans_Summary_of_Rec
Portfolio Loans - Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method (Details) (Non-Covered Loans, USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | $1,078 | ' | ' | $1,550 |
Collectively evaluated for impairment | 27,722 | ' | ' | 25,739 |
Total | 28,800 | 28,422 | 27,905 | 27,289 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 20,023 | ' | ' | 20,840 |
Collectively evaluated for impairment | 2,274,882 | ' | ' | 2,116,473 |
Total | 2,294,905 | ' | ' | 2,137,313 |
Commercial and industrial | ' | ' | ' | ' |
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 404 | ' | ' | 736 |
Collectively evaluated for impairment | 15,505 | ' | ' | 11,510 |
Total | 15,909 | 15,075 | 12,858 | 12,246 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 3,198 | ' | ' | 3,380 |
Collectively evaluated for impairment | 1,168,817 | ' | ' | 1,038,196 |
Total | 1,172,015 | ' | ' | 1,041,576 |
Commercial real estate - Owner occupied | ' | ' | ' | ' |
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 293 | ' | ' | 107 |
Collectively evaluated for impairment | 3,441 | ' | ' | 3,989 |
Total | 3,734 | 4,021 | 4,357 | 4,096 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 4,820 | ' | ' | 606 |
Collectively evaluated for impairment | 361,904 | ' | ' | 341,025 |
Total | 366,724 | ' | ' | 341,631 |
Commercial real estate - Investor owned | ' | ' | ' | ' |
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | ' | 0 |
Collectively evaluated for impairment | 4,252 | ' | ' | 6,600 |
Total | 4,252 | 4,330 | 6,375 | 6,600 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 5,164 | ' | ' | 6,811 |
Collectively evaluated for impairment | 386,627 | ' | ' | 430,877 |
Total | 391,791 | ' | ' | 437,688 |
Construction and land development | ' | ' | ' | ' |
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 364 | ' | ' | 703 |
Collectively evaluated for impairment | 1,547 | ' | ' | 1,433 |
Total | 1,911 | 2,155 | 1,987 | 2,136 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 6,455 | ' | ' | 9,484 |
Collectively evaluated for impairment | 117,433 | ' | ' | 107,548 |
Total | 123,888 | ' | ' | 117,032 |
Residential real estate | ' | ' | ' | ' |
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 17 | ' | ' | 4 |
Collectively evaluated for impairment | 2,630 | ' | ' | 2,015 |
Total | 2,647 | 2,527 | 2,076 | 2,019 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 386 | ' | ' | 559 |
Collectively evaluated for impairment | 187,208 | ' | ' | 157,968 |
Total | 187,594 | ' | ' | 158,527 |
Consumer and other | ' | ' | ' | ' |
Allowance for Loan Losses - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | ' | 0 |
Collectively evaluated for impairment | 347 | ' | ' | 192 |
Total | 347 | 314 | 252 | 192 |
Loans - Ending Balance: | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | ' | 0 |
Collectively evaluated for impairment | 52,893 | ' | ' | 40,859 |
Total | $52,893 | ' | ' | $40,859 |
Portfolio_Loans_Summary_of_Non1
Portfolio Loans - Summary of Non-covered Loans Individually Evaluated for Impairment by Category (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Past Due and Impaired Loans [Abstract] | ' | ' |
Number of loans over 90 days past due and still accruing (loan) | 1 | ' |
Unadvanced commitments on impaired loans | $0 | ' |
Non-Covered Loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 22,488,000 | 24,243,000 |
Recorded Investment With No Allowance | 4,601,000 | 15,122,000 |
Recorded Investment With Allowance | 13,266,000 | 6,445,000 |
Total Recorded Investment | 17,867,000 | 21,567,000 |
Related allowance | 1,078,000 | 1,550,000 |
Average Recorded Investment | 18,142,000 | 27,490,000 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | 340,000 | 0 |
Non-Covered Loans | Commercial and industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 4,512,000 | 4,377,000 |
Recorded Investment With No Allowance | 3,198,000 | 0 |
Recorded Investment With Allowance | 0 | 3,384,000 |
Total Recorded Investment | 3,198,000 | 3,384,000 |
Related allowance | 404,000 | 736,000 |
Average Recorded Investment | 4,037,000 | 6,574,000 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | 340,000 | 0 |
Non-Covered Loans | Commercial real estate - Owner occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 4,876,000 | 606,000 |
Recorded Investment With No Allowance | 773,000 | 201,000 |
Recorded Investment With Allowance | 1,891,000 | 421,000 |
Total Recorded Investment | 2,664,000 | 622,000 |
Related allowance | 293,000 | 107,000 |
Average Recorded Investment | 1,388,000 | 1,868,000 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Non-Covered Loans | Commercial real estate - Investor owned | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 5,164,000 | 8,033,000 |
Recorded Investment With No Allowance | 0 | 7,190,000 |
Recorded Investment With Allowance | 5,164,000 | 0 |
Total Recorded Investment | 5,164,000 | 7,190,000 |
Related allowance | 0 | 0 |
Average Recorded Investment | 4,138,000 | 11,348,000 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Non-Covered Loans | Construction and land development | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 7,550,000 | 10,668,000 |
Recorded Investment With No Allowance | 430,000 | 7,383,000 |
Recorded Investment With Allowance | 6,026,000 | 2,419,000 |
Total Recorded Investment | 6,456,000 | 9,802,000 |
Related allowance | 364,000 | 703,000 |
Average Recorded Investment | 7,565,000 | 5,770,000 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Non-Covered Loans | Residential real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 386,000 | 559,000 |
Recorded Investment With No Allowance | 200,000 | 348,000 |
Recorded Investment With Allowance | 185,000 | 221,000 |
Total Recorded Investment | 385,000 | 569,000 |
Related allowance | 17,000 | 4,000 |
Average Recorded Investment | 495,000 | 1,930,000 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Non-Covered Loans | Consumer and other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related allowance | 0 | 0 |
Average Recorded Investment | 519,000 | 0 |
Past Due and Impaired Loans [Abstract] | ' | ' |
Loans over 90 days past due and still accruing interest | $0 | $0 |
Portfolio_Loans_Summary_of_Pas
Portfolio Loans - Summary of Past Due and Impaired Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Receivables [Abstract] | ' | ' | ' | ' |
Total interest income that would have been recognized under original terms | $246 | $410 | $927 | $1,454 |
Total cash received and recognized as interest income on non-accrual loans | 51 | 4 | 83 | 28 |
Total interest income recognized on impaired loans | $11 | $4 | $27 | $33 |
Portfolio_Loans_Summary_of_Rec1
Portfolio Loans - Summary of Recorded Investment in Impaired Non-covered Loans by Category (Details) (Non-Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | $17,418 | $20,888 |
Restructured | 1,364 | 678 |
Loans over 90 days past due and still accruing interest | 340 | 0 |
Total | 19,122 | 21,566 |
Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | 3,221 | 3,384 |
Restructured | 0 | 0 |
Loans over 90 days past due and still accruing interest | 340 | 0 |
Total | 3,561 | 3,384 |
Commercial real estate - Investor owned | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | 4,755 | 6,511 |
Restructured | 587 | 678 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total | 5,342 | 7,189 |
Commercial real estate - Owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | 2,192 | 622 |
Restructured | 777 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total | 2,969 | 622 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | 6,849 | 9,802 |
Restructured | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total | 6,849 | 9,802 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | 401 | 569 |
Restructured | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total | 401 | 569 |
Consumer and other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual | 0 | 0 |
Restructured | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total | $0 | $0 |
Portfolio_Loans_Summary_of_Res
Portfolio Loans - Summary of Restructured Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
loan | loan | loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Allocated reserves to the restructured loans | $300,000 | ' | $300,000 | ' |
Non-Covered Loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 4 | 0 | 8 | 1 |
Pre-Modification Outstanding Recorded Balance | 3,842,000 | 0 | 5,862,000 | 5,000 |
Post-Modification Outstanding Recorded Balance | 3,842,000 | 0 | 5,612,000 | 5,000 |
Non-Covered Loans | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 2 | 0 | 2 | 1 |
Pre-Modification Outstanding Recorded Balance | 658,000 | 0 | 658,000 | 5,000 |
Post-Modification Outstanding Recorded Balance | 658,000 | 0 | 658,000 | 5,000 |
Non-Covered Loans | Commercial real estate - Owner occupied | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 0 | 3 | 0 |
Pre-Modification Outstanding Recorded Balance | 357,000 | 0 | 1,649,000 | 0 |
Post-Modification Outstanding Recorded Balance | 357,000 | 0 | 1,399,000 | 0 |
Non-Covered Loans | Commercial real estate - Investor owned | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | 0 | 0 | 603,000 | 0 |
Post-Modification Outstanding Recorded Balance | 0 | 0 | 603,000 | 0 |
Non-Covered Loans | Construction and land development | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | 2,827,000 | 0 | 2,827,000 | 0 |
Post-Modification Outstanding Recorded Balance | 2,827,000 | 0 | 2,827,000 | 0 |
Non-Covered Loans | Residential real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | 0 | 0 | 125,000 | 0 |
Post-Modification Outstanding Recorded Balance | 0 | 0 | 125,000 | 0 |
Non-Covered Loans | Consumer and other | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Balance | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Balance | $0 | $0 | $0 | $0 |
Portfolio_Loans_Summary_of_Agi
Portfolio Loans - Summary of Aging of Recorded Investment in Past Due Non-covered Loans by Portfolio Class and Category (Details) (Non-Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | $1,963 | $930 |
90 or More Days Past Due | 9,352 | 14,117 |
Total Past Due | 11,315 | 15,047 |
Current | 2,283,590 | 2,122,266 |
Total | 2,294,905 | 2,137,313 |
Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 785 | 229 |
90 or More Days Past Due | 706 | 0 |
Total Past Due | 1,491 | 229 |
Current | 1,170,524 | 1,041,347 |
Total | 1,172,015 | 1,041,576 |
Commercial real estate - Owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 712 | 0 |
90 or More Days Past Due | 1,156 | 428 |
Total Past Due | 1,868 | 428 |
Current | 364,856 | 341,203 |
Total | 366,724 | 341,631 |
Commercial real estate - Investor owned | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 451 | 0 |
90 or More Days Past Due | 4,577 | 6,132 |
Total Past Due | 5,028 | 6,132 |
Current | 386,763 | 431,556 |
Total | 391,791 | 437,688 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 464 |
90 or More Days Past Due | 2,528 | 7,344 |
Total Past Due | 2,528 | 7,808 |
Current | 121,360 | 109,224 |
Total | 123,888 | 117,032 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 237 |
90 or More Days Past Due | 385 | 213 |
Total Past Due | 385 | 450 |
Current | 187,209 | 158,077 |
Total | 187,594 | 158,527 |
Consumer and other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 15 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 15 | 0 |
Current | 52,878 | 40,859 |
Total | $52,893 | $40,859 |
Portfolio_Loans_Summary_of_Rec2
Portfolio Loans - Summary of Recorded Investment by Risk Category of Non-covered Loans by Portfolio Class and Category (Details) (Non-Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | $2,294,905 | $2,137,313 |
Total | 2,294,905 | 2,137,313 |
Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,075,145 | 1,924,230 |
Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 137,965 | 134,410 |
Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 81,424 | 78,032 |
Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 371 | 641 |
Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 1,172,015 | 1,041,576 |
Commercial and industrial | Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 1,066,001 | 977,199 |
Commercial and industrial | Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 66,098 | 40,265 |
Commercial and industrial | Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 39,545 | 23,934 |
Commercial and industrial | Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 371 | 178 |
Commercial real estate - Owner occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 366,724 | 341,631 |
Commercial real estate - Owner occupied | Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 337,763 | 306,321 |
Commercial real estate - Owner occupied | Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 20,241 | 26,500 |
Commercial real estate - Owner occupied | Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 8,720 | 8,810 |
Commercial real estate - Owner occupied | Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 0 | 0 |
Commercial real estate - Investor owned | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 391,791 | 437,688 |
Commercial real estate - Investor owned | Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 353,824 | 368,433 |
Commercial real estate - Investor owned | Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 24,295 | 42,227 |
Commercial real estate - Investor owned | Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 13,672 | 27,028 |
Commercial real estate - Investor owned | Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 0 | 0 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 123,888 | 117,032 |
Construction and land development | Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 99,832 | 87,812 |
Construction and land development | Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 13,547 | 17,175 |
Construction and land development | Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 10,509 | 11,582 |
Construction and land development | Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 0 | 463 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 187,594 | 158,527 |
Residential real estate | Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 165,300 | 143,613 |
Residential real estate | Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 13,730 | 8,240 |
Residential real estate | Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 8,564 | 6,674 |
Residential real estate | Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 0 | 0 |
Consumer and other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Portfolio Loans | 52,893 | 40,859 |
Total | 52,893 | 40,859 |
Consumer and other | Pass (1-6) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 52,425 | 40,852 |
Consumer and other | Watch (7) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 54 | 3 |
Consumer and other | Substandard (8) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 414 | 4 |
Consumer and other | Doubtful (9) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $0 | $0 |
Purchase_Credit_Impaired_PCI_L2
Purchase Credit Impaired ("PCI") Loans - Summary of Covered Loans by Category (Details) (Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Covered Loans [Line Items] | ' | ' |
Recorded Investment PCI Loans | $113,862 | $140,538 |
Construction and land development | ' | ' |
Covered Loans [Line Items] | ' | ' |
Weighted- Average Risk Rating | 6.33 | 6.84 |
Recorded Investment PCI Loans | 7,842 | 14,325 |
Commercial real estate - Investor owned | ' | ' |
Covered Loans [Line Items] | ' | ' |
Weighted- Average Risk Rating | 7.17 | 6.81 |
Recorded Investment PCI Loans | 39,275 | 48,146 |
Commercial real estate - Owner occupied | ' | ' |
Covered Loans [Line Items] | ' | ' |
Weighted- Average Risk Rating | 6.5 | 6.75 |
Recorded Investment PCI Loans | 29,922 | 32,525 |
Residential real estate | ' | ' |
Covered Loans [Line Items] | ' | ' |
Weighted- Average Risk Rating | 5.94 | 5.92 |
Recorded Investment PCI Loans | 30,289 | 34,498 |
Real Estate Loans | ' | ' |
Covered Loans [Line Items] | ' | ' |
Recorded Investment PCI Loans | 107,328 | 129,494 |
Commercial and industrial | ' | ' |
Covered Loans [Line Items] | ' | ' |
Weighted- Average Risk Rating | 7.04 | 6.87 |
Recorded Investment PCI Loans | 6,103 | 9,271 |
Consumer and other | ' | ' |
Covered Loans [Line Items] | ' | ' |
Weighted- Average Risk Rating | 4.3 | 6.47 |
Recorded Investment PCI Loans | $431 | $1,773 |
Purchase_Credit_Impaired_PCI_L3
Purchase Credit Impaired ("PCI") Loans - Summary of Aging of the Recorded Investment in Past Due Covered Loans by Portfolio Class and Category (Details) (Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | $731 | $6,466 |
90 or More Days Past Due | 12,376 | 19,809 |
Total Past Due | 13,107 | 26,275 |
Current | 100,755 | 114,263 |
Total | 113,862 | 140,538 |
Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 338 | 397 |
90 or More Days Past Due | 702 | 573 |
Total Past Due | 1,040 | 970 |
Current | 5,063 | 8,301 |
Total | 6,103 | 9,271 |
Commercial real estate - Owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 94 | 255 |
90 or More Days Past Due | 3,466 | 6,595 |
Total Past Due | 3,560 | 6,850 |
Current | 26,362 | 25,675 |
Total | 29,922 | 32,525 |
Commercial real estate - Investor owned | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 5,143 |
90 or More Days Past Due | 4,270 | 3,167 |
Total Past Due | 4,270 | 8,310 |
Current | 35,005 | 39,836 |
Total | 39,275 | 48,146 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 32 |
90 or More Days Past Due | 94 | 4,198 |
Total Past Due | 94 | 4,230 |
Current | 7,748 | 10,095 |
Total | 7,842 | 14,325 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 299 | 639 |
90 or More Days Past Due | 3,831 | 5,276 |
Total Past Due | 4,130 | 5,915 |
Current | 26,158 | 28,583 |
Total | 30,288 | 34,498 |
Consumer and other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 13 | 0 |
Total Past Due | 13 | 0 |
Current | 419 | 1,773 |
Total | $432 | $1,773 |
Purchase_Credit_Impaired_PCI_L4
Purchase Credit Impaired ("PCI") Loans - Rollforward of Covered Loans, Net of the Allowance for Loan Losses (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' |
Balance at beginning of period | $125,100 | $189,571 |
Principal reductions and interest payments | -25,261 | -37,421 |
Accretion of loan discount | 12,323 | 19,987 |
Changes in contractual and expected cash flows due to remeasurement | 5,262 | 5,841 |
Reductions due to disposals | -19,106 | -32,798 |
Balance at end of period | 98,318 | 145,180 |
Contractual Cashflows | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' |
Balance at beginning of period | 266,068 | 386,966 |
Principal reductions and interest payments | -25,261 | -37,421 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | -2,616 | 9,216 |
Reductions due to disposals | -30,334 | -68,953 |
Balance at end of period | 207,857 | 289,808 |
Less: Non-accretable Difference | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' |
Balance at beginning of period | 87,438 | 118,627 |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | -7,378 | -10,858 |
Reductions due to disposals | -7,379 | -23,867 |
Balance at end of period | 72,681 | 83,902 |
Less: Accretable Yield | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' |
Balance at beginning of period | 53,530 | 78,768 |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | -12,323 | -19,987 |
Changes in contractual and expected cash flows due to remeasurement | -500 | 14,233 |
Reductions due to disposals | -3,849 | -12,288 |
Balance at end of period | $36,858 | $60,726 |
Purchase_Credit_Impaired_PCI_L5
Purchase Credit Impaired ("PCI") Loans - Summary of Activity in the FDIC Loss Share Receivable (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Loss Receivable [Roll Forward] | ' |
Balance at beginning of period | $34,319,000 |
Cash received from the FDIC for covered assets | -6,487,000 |
FDIC reimbursable losses, net | 1,734,000 |
Amortization, net | -5,375,000 |
Loan impairment | 741,000 |
Reductions for payments on covered assets in excess of expected cash flows | -2,893,000 |
Balance at end of period | 22,039,000 |
Amount of estimated clawback liability | $2,600,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments to extend credit | Commitments to extend credit | Standby letters of credit | Standby letters of credit | Standby letters of credit | Standby letters of credit | Unadvanced Commitment on Impaired Loan | Unadvanced Commitment on Impaired Loan | Fixed Rate Loan Commitment | Fixed Rate Loan Commitment | |
Minimum | Maximum | Commitments to extend credit | Commitments to extend credit | |||||||
Schedule of Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment to lend | ' | ' | ' | ' | ' | ' | $0 | $100,000 | ' | ' |
Estimated losses attributable to unadvanced commitments on impaired loans | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' |
Off-balance sheet financial instruments, contractual amounts | $879,258,000 | $804,420,000 | $45,791,000 | $44,376,000 | ' | ' | ' | ' | $66,400,000 | $50,300,000 |
Remaing term of letters of credit | ' | ' | ' | ' | '1 month | '3 years 4 months 24 days | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | Non-designated hedging instruments | |||
Risk Management | Risk Management | Risk Management | Risk Management | Risk Management | Risk Management | Risk Management | Risk Management | Risk Management | Risk Management | Client-Related | Client-Related | Client-Related | Client-Related | Client-Related | Client-Related | Client-Related | Client-Related | Client-Related | Client-Related | |||
Interest rate cap contracts | Interest rate cap contracts | Gain on state tax credits, net | Gain on state tax credits, net | Gain on state tax credits, net | Gain on state tax credits, net | Asset Derivatives (Other Assets) | Asset Derivatives (Other Assets) | Liability Derivatives (Other Liabilities) | Liability Derivatives (Other Liabilities) | Interest rate swap contracts | Interest rate swap contracts | Interest and fees on loans | Interest and fees on loans | Interest and fees on loans | Interest and fees on loans | Asset Derivatives (Other Assets) | Asset Derivatives (Other Assets) | Liability Derivatives (Other Liabilities) | Liability Derivatives (Other Liabilities) | |||
Interest rate cap contracts | Interest rate cap contracts | Interest rate cap contracts | Interest rate cap contracts | Interest rate cap contracts | Interest rate cap contracts | Interest rate cap contracts | Interest rate cap contracts | Interest rate swap contracts | Interest rate swap contracts | Interest rate swap contracts | Interest rate swap contracts | Interest rate swap contracts | Interest rate swap contracts | Interest rate swap contracts | Interest rate swap contracts | |||||||
Summary of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | $23,800,000 | $23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | $175,906,000 | $185,213,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Derivatives, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | 949,000 | 990,000 | ' | ' |
Liability Derivatives, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 949,000 | 990,000 |
Amount of Gain or (Loss) Recognized in Operations on Derivative | ' | ' | ' | ' | 0 | -9,000 | -8,000 | 1,000 | ' | ' | ' | ' | ' | ' | 0 | -32,000 | 0 | -205,000 | ' | ' | ' | ' |
counter party credit risk derivatives | 900,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Collateral, Right to Reclaim Cash | $1,000,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Securities available for sale | $456,584 | $434,587 |
State tax credits held for sale | 15,131 | 16,491 |
Liabilities | ' | ' |
State tax credits, held for sale | 45,631 | 48,457 |
Tax credit stream, term | '10 years | ' |
Years of tax credits generated | '10 years | ' |
LIBOR Swap Curve | ' | ' |
Liabilities | ' | ' |
Discount rate, basis point spread (percent) | 0.0205 | ' |
Portion Measured as Cost | ' | ' |
Assets | ' | ' |
State tax credits held for sale | 30,500 | ' |
Obligations of U.S. Government-sponsored enterprises | ' | ' |
Assets | ' | ' |
Securities available for sale | 92,272 | 93,530 |
Obligations of states and political subdivisions | ' | ' |
Assets | ' | ' |
Securities available for sale | 49,941 | 48,943 |
Agency mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available for sale | 314,371 | 292,114 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets | ' | ' |
State tax credits held for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Assets | ' | ' |
State tax credits held for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Assets | ' | ' |
State tax credits held for sale | 35,906 | 35,668 |
Significant Unobservable Inputs (Level 3) | Auction Rate Securities | ' | ' |
Liabilities | ' | ' |
Number of securities | 3 | ' |
Total Fair Value | ' | ' |
Assets | ' | ' |
State tax credits held for sale | 35,906 | 35,668 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets | ' | ' |
Securities available for sale | 0 | ' |
State tax credits held for sale | 0 | ' |
Derivative financial instruments | 0 | ' |
Total assets | 0 | ' |
Liabilities | ' | ' |
Derivative financial instruments | 0 | ' |
Total liabilities | 0 | ' |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of U.S. Government-sponsored enterprises | ' | ' |
Assets | ' | ' |
Securities available for sale | 0 | ' |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ' | ' |
Assets | ' | ' |
Securities available for sale | 0 | ' |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available for sale | 0 | ' |
Recurring basis | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets | ' | ' |
Securities available for sale | 453,530 | ' |
State tax credits held for sale | 0 | ' |
Derivative financial instruments | 951 | ' |
Total assets | 454,481 | ' |
Liabilities | ' | ' |
Derivative financial instruments | 949 | ' |
Total liabilities | 949 | ' |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ' | ' |
Assets | ' | ' |
Securities available for sale | 92,272 | ' |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ' | ' |
Assets | ' | ' |
Securities available for sale | 46,887 | ' |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available for sale | 314,371 | ' |
Recurring basis | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets | ' | ' |
Securities available for sale | 3,054 | ' |
State tax credits held for sale | 15,131 | ' |
Derivative financial instruments | 0 | ' |
Total assets | 18,185 | ' |
Liabilities | ' | ' |
Derivative financial instruments | 0 | ' |
Total liabilities | 0 | ' |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of U.S. Government-sponsored enterprises | ' | ' |
Assets | ' | ' |
Securities available for sale | 0 | ' |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ' | ' |
Assets | ' | ' |
Securities available for sale | 3,054 | ' |
Recurring basis | Significant Unobservable Inputs (Level 3) | Agency mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available for sale | 0 | ' |
Recurring basis | Total Fair Value | ' | ' |
Assets | ' | ' |
Securities available for sale | 456,584 | ' |
State tax credits held for sale | 15,131 | ' |
Derivative financial instruments | 951 | ' |
Total assets | 472,666 | ' |
Liabilities | ' | ' |
Derivative financial instruments | 949 | ' |
Total liabilities | 949 | ' |
Recurring basis | Total Fair Value | Obligations of U.S. Government-sponsored enterprises | ' | ' |
Assets | ' | ' |
Securities available for sale | 92,272 | ' |
Recurring basis | Total Fair Value | Obligations of states and political subdivisions | ' | ' |
Assets | ' | ' |
Securities available for sale | 49,941 | ' |
Recurring basis | Total Fair Value | Agency mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available for sale | $314,371 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value, Financial Instruments, Unobservable Input Reconciliation (Details) (Recurring basis, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Securities available for sale, at fair value | ' | ' | ' | ' |
Level 3 Financial Instruments Measured at Fair Value | ' | ' | ' | ' |
Beginning balance | $3,051 | $3,039 | $3,040 | $3,049 |
Total (losses) gains: | ' | ' | ' | ' |
Included in other comprehensive income | 3 | 3 | 14 | -7 |
Purchases, sales, issuances and settlements: | ' | ' | ' | ' |
Purchases | 0 | 0 | 0 | 0 |
Transfer in and/or out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 3,054 | 3,042 | 3,054 | 3,042 |
Change in unrealized (losses) gains relating to assets still held at the reporting date | 3 | 3 | 14 | -7 |
State tax credits held for sale | ' | ' | ' | ' |
Level 3 Financial Instruments Measured at Fair Value | ' | ' | ' | ' |
Beginning balance | 14,985 | 19,822 | 16,491 | 23,020 |
Total (losses) gains: | ' | ' | ' | ' |
Included in earnings | 146 | 317 | 407 | 422 |
Purchases, sales, issuances and settlements: | ' | ' | ' | ' |
Sales | 0 | 0 | -1,767 | -3,303 |
Ending balance | 15,131 | 20,139 | 15,131 | 20,139 |
Change in unrealized (losses) gains relating to assets still held at the reporting date | $146 | $317 | ($58) | ($456) |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value Measurements, Nonrecurring (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total losses | ($893) | ($3,946) | ||
Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total losses | -865 | -3,328 | ||
Other real estate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total losses | -28 | -618 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other real estate | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Other real estate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other real estate | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 8,537 | [1] | 8,537 | [1] |
Significant Unobservable Inputs (Level 3) | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | 3,163 | [1] | 3,163 | [1] |
Significant Unobservable Inputs (Level 3) | Other real estate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other real estate | 5,374 | [1] | 5,374 | [1] |
Total Fair Value | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 8,537 | [1] | 8,537 | [1] |
Total Fair Value | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | 3,163 | [1] | 3,163 | [1] |
Total Fair Value | Other real estate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other real estate | $5,374 | [1] | $5,374 | [1] |
[1] | The amounts represent only balances measured at fair value during the period and still held as of the reporting date. |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of the Carrying Amounts and Fair Values of the Companybs Financial Instruments on the Consolidated Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance sheet assets | ' | ' |
Securities available for sale | $456,584 | $434,587 |
State tax credits held for sale | 15,131 | 16,491 |
Carrying Amount | ' | ' |
Balance sheet assets | ' | ' |
Cash and due from banks | 54,113 | 19,573 |
Federal funds sold | 36 | 76 |
Interest-bearing deposits | 74,963 | 196,220 |
Securities available for sale | 456,584 | 434,587 |
Other investments, at cost | 15,291 | 12,605 |
Loans held for sale | 4,899 | 1,834 |
Derivative financial instruments | 951 | 1,000 |
Portfolio loans, net | 2,364,423 | 2,235,124 |
State tax credits held for sale | 45,631 | 48,457 |
Accrued interest receivable | 7,526 | 7,303 |
Balance sheet liabilities | ' | ' |
Deposits | 2,509,764 | 2,534,953 |
Subordinated debentures | 56,807 | 62,581 |
Federal Home Loan Bank advances | 120,000 | 50,000 |
Other borrowings | 187,122 | 214,331 |
Derivative financial instruments | 949 | 990 |
Accrued interest payable | 854 | 957 |
Estimated fair value | ' | ' |
Balance sheet assets | ' | ' |
Cash and due from banks | 54,113 | 19,573 |
Federal funds sold | 36 | 76 |
Interest-bearing deposits | 74,963 | 196,220 |
Securities available for sale | 456,584 | 434,587 |
Other investments, at cost | 15,291 | 12,605 |
Loans held for sale | 4,899 | 1,834 |
Derivative financial instruments | 951 | 1,000 |
Portfolio loans, net | 2,360,077 | 2,232,134 |
State tax credits held for sale | 51,037 | 52,159 |
Accrued interest receivable | 7,526 | 7,303 |
Balance sheet liabilities | ' | ' |
Deposits | 2,513,418 | 2,540,822 |
Subordinated debentures | 33,997 | 39,358 |
Federal Home Loan Bank advances | 123,153 | 54,137 |
Other borrowings | 187,123 | 214,377 |
Derivative financial instruments | 949 | 990 |
Accrued interest payable | $854 | $957 |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimate of the Fair Value of Financial Instruments Not Recorded at Fair Value on Balance Sheet (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
State tax credits held for sale | $15,131 | $16,491 |
Level 1 | ' | ' |
Financial Assets: | ' | ' |
Portfolio loans, net | 0 | 0 |
State tax credits held for sale | 0 | 0 |
Financial Liabilities: | ' | ' |
Deposits | 1,951,370 | 1,902,038 |
Subordinated debentures | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Other borrowings | 0 | 0 |
Level 2 | ' | ' |
Financial Assets: | ' | ' |
Portfolio loans, net | 0 | 0 |
State tax credits held for sale | 0 | 0 |
Financial Liabilities: | ' | ' |
Deposits | 0 | 0 |
Subordinated debentures | 33,997 | 39,358 |
Federal Home Loan Bank advances | 123,153 | 54,137 |
Other borrowings | 187,123 | 214,377 |
Level 3 | ' | ' |
Financial Assets: | ' | ' |
Portfolio loans, net | 2,360,077 | 2,232,134 |
State tax credits held for sale | 35,906 | 35,668 |
Financial Liabilities: | ' | ' |
Deposits | 562,048 | 638,784 |
Subordinated debentures | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Other borrowings | 0 | 0 |
Estimated fair value | ' | ' |
Financial Assets: | ' | ' |
Portfolio loans, net | 2,360,077 | 2,232,134 |
State tax credits held for sale | 35,906 | 35,668 |
Financial Liabilities: | ' | ' |
Deposits | 2,513,418 | 2,540,822 |
Subordinated debentures | 33,997 | 39,358 |
Federal Home Loan Bank advances | 123,153 | 54,137 |
Other borrowings | $187,123 | $214,377 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of primary operating segments | ' | ' | 2 | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' |
Income Statement Information | ' | ' | ' | ' | ' |
Net interest income (expense) | $27,444 | $32,574 | $86,552 | $102,781 | ' |
Provision for loan losses | -1,811 | 2,159 | 3,398 | -305 | ' |
Noninterest income | 4,452 | 3,716 | 11,779 | 4,953 | ' |
Noninterest expense | 21,121 | 21,008 | 62,668 | 62,439 | ' |
Income before income tax expense | 12,586 | 13,123 | 32,265 | 45,600 | ' |
Total assets | 3,209,590 | ' | 3,209,590 | ' | 3,170,197 |
Banking | ' | ' | ' | ' | ' |
Income Statement Information | ' | ' | ' | ' | ' |
Net interest income (expense) | 27,804 | 33,476 | 87,733 | 105,738 | ' |
Provision for loan losses | -1,811 | 2,159 | 3,398 | -305 | ' |
Noninterest income | 2,424 | 1,684 | 5,448 | -1,758 | ' |
Noninterest expense | 18,353 | 17,855 | 53,817 | 53,006 | ' |
Income before income tax expense | 13,686 | 15,146 | 35,966 | 51,279 | ' |
Total assets | 3,093,055 | ' | 3,093,055 | ' | 3,051,256 |
Wealth Management | ' | ' | ' | ' | ' |
Income Statement Information | ' | ' | ' | ' | ' |
Net interest income (expense) | -16 | -166 | -58 | -292 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Noninterest income | 1,909 | 2,006 | 6,200 | 6,611 | ' |
Noninterest expense | 1,946 | 1,809 | 5,589 | 5,644 | ' |
Income before income tax expense | -53 | 31 | 553 | 675 | ' |
Total assets | 98,269 | ' | 98,269 | ' | 101,026 |
Corporate and Intercompany | ' | ' | ' | ' | ' |
Income Statement Information | ' | ' | ' | ' | ' |
Net interest income (expense) | -344 | -736 | -1,123 | -2,665 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Noninterest income | 119 | 26 | 131 | 100 | ' |
Noninterest expense | 822 | 1,344 | 3,262 | 3,789 | ' |
Income before income tax expense | -1,047 | -2,054 | -4,254 | -6,354 | ' |
Total assets | $18,266 | ' | $18,266 | ' | $17,915 |