Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ENTERPRISE FINANCIAL SERVICES CORP | |
Entity Central Index Key | 1,025,835 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 20,023,376 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 46,775 | $ 42,903 |
Federal funds sold | 45 | 35 |
Interest-bearing deposits (including $1,580 and $980 pledged as collateral) | 80,070 | 57,758 |
Total cash and cash equivalents | 126,890 | 100,696 |
Interest-bearing deposits greater than 90 days | 1,000 | 5,300 |
Securities available for sale | 470,496 | 400,146 |
Securities held to maturity | 44,175 | 45,985 |
Loans held for sale | 4,275 | 4,033 |
Portfolio loans | 2,602,156 | 2,433,916 |
Less: Allowance for loan losses | 32,251 | 30,185 |
Portfolio loans, net | 2,569,905 | 2,403,731 |
Purchase credit impaired loans, net of the allowance for loan losses ($11,339 and $15,410, respectively) | 72,397 | 83,693 |
Total loans, net | 2,642,302 | 2,487,424 |
Other real estate not covered under FDIC loss share | 1,575 | 1,896 |
Other real estate covered under FDIC loss share | 6,795 | 5,944 |
Other investments, at cost | 15,906 | 17,037 |
Fixed assets, net | 14,395 | 14,753 |
Accrued interest receivable | 8,660 | 7,956 |
State tax credits held for sale, including $10,089 and $11,689 carried at fair value, respectively | 48,207 | 38,309 |
FDIC loss share receivable | 8,619 | 15,866 |
Goodwill | 30,334 | 30,334 |
Intangible assets, net | 3,323 | 4,164 |
Other assets | 89,589 | 97,160 |
Total assets | 3,516,541 | 3,277,003 |
Liabilities and Shareholders' Equity | ||
Demand deposits | 691,758 | 642,930 |
Interest-bearing transaction accounts | 529,052 | 508,941 |
Money market accounts | 1,045,699 | 755,569 |
Savings | 90,858 | 78,718 |
Certificates of deposit: | ||
$100 and over | 353,488 | 377,544 |
Other | 103,108 | 127,808 |
Total deposits | 2,813,963 | 2,491,510 |
Subordinated debentures | 56,807 | 56,807 |
Federal Home Loan Bank advances | 75,000 | 144,000 |
Other borrowings | 189,884 | 234,183 |
Notes payable | 4,800 | 5,700 |
Accrued interest payable | 780 | 843 |
Other liabilities | 31,744 | 27,719 |
Total liabilities | 3,172,978 | 2,960,762 |
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; 20,035,165 and 19,913,519 shares issued, respectively | 200 | 199 |
Treasury stock, at cost; 76,000 shares | (1,743) | (1,743) |
Additional paid in capital | 209,643 | 207,731 |
Retained earnings | 132,490 | 108,373 |
Accumulated other comprehensive income | 2,973 | 1,681 |
Total shareholders' equity | 343,563 | 316,241 |
Total liabilities and shareholders' equity | $ 3,516,541 | $ 3,277,003 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Collateral pledged | $ 1,580 | $ 980 |
Allowance for loan losses on Portfolio loans, covered under FDIC loss share | 11,339 | 15,410 |
State tax credits, held for sale, carried at fair value | $ 10,089 | $ 11,689 |
Shareholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 20,035,165 | 19,913,519 |
Treasury stock, shares | 76,000 | 76,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Interest and fees on loans | $ 30,626 | $ 28,395 | $ 90,109 | $ 89,582 |
Interest on debt securities: | ||||
Taxable | 2,176 | 2,190 | 6,434 | 6,545 |
Nontaxable | 298 | 298 | 880 | 896 |
Interest on interest-bearing deposits | 68 | 43 | 153 | 145 |
Dividends on equity securities | 12 | 110 | 107 | 201 |
Total interest income | 33,180 | 31,036 | 97,683 | 97,369 |
Interest expense: | ||||
Interest-bearing transaction accounts | 293 | 163 | 849 | 385 |
Money market accounts | 822 | 653 | 2,136 | 2,095 |
Savings accounts | 58 | 52 | 162 | 151 |
Certificates of deposit: | ||||
$100 and over | 1,195 | 1,335 | 3,654 | 3,997 |
Other | 348 | 406 | 1,074 | 1,249 |
Subordinated debentures | 314 | 306 | 924 | 1,016 |
Federal Home Loan Bank advances | 9 | 490 | 82 | 1,345 |
Notes payable and other borrowings | 135 | 187 | 471 | 579 |
Total interest expense | 3,174 | 3,592 | 9,352 | 10,817 |
Net interest income | 30,006 | 27,444 | 88,331 | 86,552 |
Provision for portfolio loan losses | 599 | 66 | 4,329 | 2,441 |
Provision (provision reversal) for purchase credit impaired loan losses | (227) | (1,877) | (3,497) | 957 |
Net interest income after provision for loan losses | 29,634 | 29,255 | 87,499 | 83,154 |
Noninterest income: | ||||
Wealth management revenue | 1,773 | 1,754 | 5,291 | 5,191 |
Service charges on deposit accounts | 2,044 | 1,812 | 5,898 | 5,317 |
Other service charges and fee income | 871 | 849 | 2,464 | 2,188 |
Gain on sale of other real estate | 32 | 114 | 61 | 1,514 |
Gain on state tax credits, net | 321 | 156 | 1,069 | 860 |
Gain on sale of investment securities | 0 | 0 | 23 | 0 |
Change in FDIC loss share receivable | (1,241) | (2,374) | (4,450) | (7,526) |
Miscellaneous income | 929 | 2,141 | 3,762 | 4,235 |
Total noninterest income | 4,729 | 4,452 | 14,118 | 11,779 |
Noninterest expense: | ||||
Employee compensation and benefits | 11,475 | 11,913 | 34,262 | 35,882 |
Occupancy | 1,605 | 1,683 | 4,920 | 4,998 |
Data processing | 1,138 | 1,045 | 3,295 | 3,296 |
FDIC and other insurance | 654 | 710 | 2,045 | 2,170 |
Loan legal and other real estate expense | 530 | 811 | 1,356 | 2,985 |
Professional fees | 800 | 710 | 2,626 | 2,569 |
FHLB prepayment penalty | 298 | 1,028 | 760 | 1,060 |
Other | 3,432 | 3,221 | 10,076 | 9,708 |
Total noninterest expense | 19,932 | 21,121 | 59,340 | 62,668 |
Income before income tax expense | 14,431 | 12,586 | 42,277 | 32,265 |
Income tax expense | 4,722 | 4,388 | 14,506 | 11,059 |
Net income | $ 9,709 | $ 8,198 | $ 27,771 | $ 21,206 |
Earnings per common share | ||||
Basic (usd per share) | $ 0.49 | $ 0.41 | $ 1.39 | $ 1.07 |
Diluted (usd per share) | $ 0.48 | $ 0.41 | $ 1.37 | $ 1.07 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 9,709 | $ 8,198 | $ 27,771 | $ 21,206 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains (losses) on investment securities arising during the period, net of income tax expense/benefit for three months of $1,070 and $(505), and for nine months of $793 and $2,574, respectively | 1,724 | (812) | 1,306 | 4,147 |
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 $0, and for nine months of $9 and $0, respectively | 0 | 0 | (14) | 0 |
Total other comprehensive income (loss) | 1,724 | (812) | 1,292 | 4,147 |
Total comprehensive income | $ 11,433 | $ 7,386 | $ 29,063 | $ 25,353 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Other comprehensive income, tax: | ||
Unrealized (loss)/gain on investment securities available for sale arising during the period, tax | $ 1,070 | $ (505) |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) | Parent [Member] |
Balance at Dec. 31, 2013 | $ 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 loss | 4,147 | 0 | 0 | 0 | 0 | 0 | 4,147 | 4,147 |
Cash dividends paid on common shares, $0.183 per share | 0 | 0 | 0 | 0 | (3,130) | 0 | (3,130) | |
Payments of Ordinary Dividends, Common Stock | 3,130 | |||||||
Issuance under equity compensation plans, net | 0 | 2 | 0 | (484) | 0 | 0 | (482) | |
Issuance of common stock, net | (482) | |||||||
Trust preferred securities conversion | 0 | 3 | 0 | 4,999 | 0 | 0 | 5,002 | |
Share-based compensation | 0 | 0 | 0 | 2,205 | 0 | 0 | 2,205 | |
Share-based compensation | 2,205 | |||||||
Excess tax benefit related to equity compensation plans | 0 | 0 | 0 | 101 | 0 | 0 | 101 | |
Excess tax benefit of share-based compensation | 101 | |||||||
Balance at Sep. 30, 2014 | 0 | 199 | (1,743) | 207,079 | 103,452 | (233) | 308,754 | |
Balance at Dec. 31, 2014 | 316,241 | 0 | 199 | (1,743) | 207,731 | 108,373 | 1,681 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 27,771 | 0 | 0 | 0 | 0 | 27,771 | 0 | 27,771 |
Other comprehensive loss | 1,292 | 0 | 0 | 0 | 0 | 0 | 1,292 | 1,292 |
Cash dividends paid on common shares, $0.183 per share | 0 | 0 | 0 | 0 | 0 | (3,654) | ||
Payments of Ordinary Dividends, Common Stock | 3,654 | |||||||
Issuance under equity compensation plans, net | 0 | 1 | 0 | (832) | 0 | 0 | ||
Issuance of common stock, net | (831) | |||||||
Share-based compensation | 0 | 0 | 0 | 0 | 0 | 2,588 | ||
Share-based compensation | 2,588 | |||||||
Excess tax benefit related to equity compensation plans | 0 | 0 | 0 | 0 | 0 | 156 | ||
Excess tax benefit of share-based compensation | 156 | |||||||
Balance at Sep. 30, 2015 | $ 343,563 | $ 0 | $ 200 | $ (1,743) | $ 209,643 | $ 132,490 | $ 2,973 | $ 343,563 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash dividends paid on common shares, per share | $ 0.183 | $ 0.105 |
Issuance under equity compensation plans, shares | 121,646 | 173,461 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 287,852 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 27,771 | $ 21,206 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1,510 | 1,681 |
Provision for loan losses | 832 | 3,398 |
Deferred income taxes | 1,937 | 6,458 |
Net amortization of debt securities | 2,473 | 2,885 |
Amortization of intangible assets | 842 | 965 |
Gain on sale of investment securities | (23) | 0 |
Mortgage loans originated for sale | (95,744) | (52,475) |
Proceeds from mortgage loans sold | 95,814 | 49,811 |
Gain on sale of other real estate | (61) | (1,514) |
Gain on state tax credits, net | (1,069) | (860) |
Excess tax benefit of share-based compensation | (156) | (101) |
Share-based compensation | 2,588 | 2,205 |
Valuation adjustment on other real estate | 82 | 618 |
Net accretion of loan discount and indemnification asset | (4,894) | 731 |
Changes in: | ||
Accrued interest receivable | (703) | (223) |
Accrued interest payable | (63) | (103) |
Other assets | 4,851 | (2,984) |
Other liabilities | 4,024 | (1,381) |
Net cash provided by operating activities | 40,011 | 30,317 |
Cash flows from investing activities: | ||
Net increase in loans | (152,970) | (133,782) |
Net cash proceeds received from FDIC loss share receivable | 1,725 | 6,487 |
Proceeds from the sale of securities, available for sale | 41,069 | 0 |
Proceeds from the paydown or maturity of securities, available for sale | 40,230 | 35,503 |
Proceeds from the paydown or maturity of securities, held to maturity | 1,848 | 0 |
Proceeds from the redemption of other investments | 29,362 | 18,637 |
Proceeds from the sale of state tax credits held for sale | 5,353 | 4,099 |
Proceeds from the sale of other real estate | 5,662 | 14,435 |
Payments for the purchase/origination of: | ||
Securities, available for sale | (150,934) | (53,664) |
Other investments | (23,931) | (21,324) |
State tax credits held for sale | (14,004) | 0 |
Fixed assets | (1,152) | (1,556) |
Net cash used in investing activities | (217,742) | (131,165) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposit accounts | 48,828 | 42,118 |
Net increase (decrease) in interest-bearing deposit accounts | 273,625 | (67,307) |
Proceeds from Federal Home Loan Bank advances | 635,900 | 799,600 |
Repayments of Federal Home Loan Bank advances | (704,900) | (729,600) |
Repayments of notes payable | (900) | (4,500) |
Net decrease in other borrowings | (44,299) | (22,709) |
Cash dividends paid on common stock | (3,654) | (3,130) |
Excess tax benefit of share-based compensation | 156 | 101 |
Issuance of common stock, net | (831) | (482) |
Net cash provided by financing activities | 203,925 | 14,091 |
Net increase (decrease) in cash and cash equivalents | 26,194 | (86,757) |
Cash and cash equivalents, beginning of period | 100,696 | 210,569 |
Cash and cash equivalents, end of period | 126,890 | 123,812 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 9,415 | 10,920 |
Cash paid during the period for income taxes | 8,763 | 8,998 |
Noncash transactions: | ||
Transfer to other real estate owned in settlement of loans | 6,604 | 7,468 |
Sales of other real estate financed | 0 | 5,102 |
Issuance of common stock from Trust Preferred Securities conversion | $ 0 | $ 5,002 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2015. 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, 2014. Basis of Financial Statement Presentation The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the 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, 2015 | |
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) 2015 2014 2015 2014 Net income as reported $ 9,709 $ 8,198 $ 27,771 $ 21,206 Impact of assumed conversions Interest on 9% convertible trust preferred securities, net of income tax — — — 66 Net income available to common shareholders and assumed conversions $ 9,709 $ 8,198 $ 27,771 $ 21,272 Weighted average common shares outstanding 19,995 19,838 19,970 19,729 Incremental shares from assumed conversions of convertible trust preferred securities — — — 76 Additional dilutive common stock equivalents 266 142 266 165 Weighted average diluted common shares outstanding $ 20,261 $ 19,980 $ 20,236 $ 19,970 Basic earnings per common share: $ 0.49 $ 0.41 $ 1.39 $ 1.07 Diluted earnings per common share: $ 0.48 $ 0.41 $ 1.37 $ 1.07 For the three and nine months ended September 30, 2015 and 2014 , the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 0.1 million , and 0.3 million common stock equivalents, respectively. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: September 30, 2015 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,015 $ 1,298 $ — $ 100,313 Obligations of states and political subdivisions 40,740 1,219 (380 ) 41,579 Agency mortgage-backed securities 325,417 3,983 (796 ) 328,604 Total securities available for sale $ 465,172 $ 6,500 $ (1,176 ) $ 470,496 Held to maturity securities: Obligations of states and political subdivisions $ 14,848 $ 7 $ (212 ) $ 14,643 Agency mortgage-backed securities 29,327 131 — 29,458 Total securities held to maturity $ 44,175 $ 138 $ (212 ) $ 44,101 December 31, 2014 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 91,355 $ 624 $ (153 ) $ 91,826 Obligations of states and political subdivisions 33,997 1,300 (416 ) 34,881 Agency mortgage-backed securities 271,430 3,577 (1,568 ) 273,439 Total securities available for sale $ 396,782 $ 5,501 $ (2,137 ) $ 400,146 Held to maturity securities: Obligations of states and political subdivisions $ 14,900 $ — $ (325 ) $ 14,575 Agency mortgage-backed securities 31,085 150 (15 ) 31,220 Total securities held to maturity $ 45,985 $ 150 $ (340 ) $ 45,795 At September 30, 2015 , and December 31, 2014 , 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 agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Available for sale securities having a fair value of $260.0 million and $315.8 million at September 30, 2015 , and December 31, 2014 , 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 at September 30, 2015 , 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 4 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 3,091 $ 3,115 $ — $ — Due after one year through five years 115,027 116,882 2,662 2,648 Due after five years through ten years 16,987 17,524 10,319 10,158 Due after ten years 4,650 4,371 1,867 1,837 Mortgage-backed securities 325,417 328,604 29,327 29,458 $ 465,172 $ 470,496 $ 44,175 $ 44,101 The following table represents a summary of investment securities that had an unrealized loss: September 30, 2015 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 $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 15,757 249 3,563 343 19,320 592 Agency mortgage-backed securities 58,913 273 21,138 523 80,051 796 $ 74,670 $ 522 $ 24,701 $ 866 $ 99,371 $ 1,388 December 31, 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 $ 5,399 $ 10 $ 24,852 $ 143 $ 30,251 $ 153 Obligations of states and political subdivisions 16,827 343 5,349 398 22,176 741 Agency mortgage-backed securities 26,367 56 97,054 1,527 123,421 1,583 $ 48,593 $ 409 $ 127,255 $ 2,068 $ 175,848 $ 2,477 The unrealized losses at both September 30, 2015 , and December 31, 2014 , 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 among other considerations (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 the Company would be required to sell the security before its anticipated recovery in market value. At September 30, 2015 , 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) 2015 2014 2015 2014 Gross gains realized $ — $ — $ 63 $ — Gross losses realized — — (40 ) — Proceeds from sales — — 41,069 — |
Portfolio Loans
Portfolio Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Portfolio Loans | PORTFOLIO LOANS Below is a summary of Portfolio loans by category at September 30, 2015 and December 31, 2014 : (in thousands) September 30, 2015 December 31, 2014 Commercial and industrial $ 1,371,095 $ 1,270,259 Real estate loans: Commercial - investor owned 424,090 413,026 Commercial - owner occupied 354,178 357,503 Construction and land development 152,979 144,773 Residential 188,985 185,252 Total real estate loans 1,120,232 1,100,554 Consumer and other 109,853 62,208 Portfolio loans 2,601,180 2,433,021 Unearned loan fees, net 976 895 Portfolio loans, including unearned loan costs $ 2,602,156 $ 2,433,916 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, 2015 , and at December 31, 2014 , is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Allowance for loan losses: Balance at $ 17,004 $ 4,598 $ 3,625 $ 1,720 $ 2,830 $ 408 $ 30,185 Provision charged to expense 823 (12 ) (175 ) 914 74 (44 ) 1,580 Losses charged off (1,484 ) — — — (1,073 ) (11 ) (2,568 ) Recoveries 769 29 127 60 26 80 1,091 Balance at $ 17,112 $ 4,615 $ 3,577 $ 2,694 $ 1,857 $ 433 $ 30,288 Provision charged to expense 2,927 (519 ) (347 ) (91 ) 100 80 2,150 Losses charged off (1,578 ) (664 ) — (350 ) — (4 ) (2,596 ) Recoveries 420 13 1,287 115 87 1 1,923 Balance at $ 18,881 $ 3,445 $ 4,517 $ 2,368 $ 2,044 $ 510 $ 31,765 Provision charged to expense 1,501 788 (1,340 ) (660 ) 40 270 599 Losses charged off (572 ) — — — (240 ) (9 ) (821 ) Recoveries 389 16 68 125 108 2 708 Balance at $ 20,199 $ 4,249 $ 3,245 $ 1,833 $ 1,952 $ 773 $ 32,251 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance September 30, 2015 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 1,802 $ — $ — $ 403 $ — $ — $ 2,205 Collectively evaluated for impairment 18,397 4,249 3,245 1,430 1,952 773 30,046 Total $ 20,199 $ 4,249 $ 3,245 $ 1,833 $ 1,952 $ 773 $ 32,251 Loans - Ending balance: Individually evaluated for impairment $ 2,975 $ 2,954 $ 2,248 $ 2,823 $ 714 $ — $ 11,714 Collectively evaluated for impairment 1,368,120 421,136 351,930 150,156 188,271 110,829 2,590,442 Total $ 1,371,095 $ 424,090 $ 354,178 $ 152,979 $ 188,985 $ 110,829 $ 2,602,156 Balance December 31, 2014 Allowance for Loan Losses - Ending Balance: Individually evaluated for impairment $ 704 $ — $ 286 $ 352 $ 1,052 $ — $ 2,394 Collectively evaluated for impairment 16,300 4,598 3,339 1,368 1,778 408 27,791 Total $ 17,004 $ 4,598 $ 3,625 $ 1,720 $ 2,830 $ 408 $ 30,185 Loans - Ending balance: Individually evaluated for impairment $ 5,998 $ 5,036 $ 3,384 $ 6,866 $ 3,082 $ — $ 24,366 Collectively evaluated for impairment 1,264,261 407,990 354,119 137,907 182,170 63,103 2,409,550 Total $ 1,270,259 $ 413,026 $ 357,503 $ 144,773 $ 185,252 $ 63,103 $ 2,433,916 A summary of Portfolio loans individually evaluated for impairment by category at September 30, 2015 and December 31, 2014 , is as follows: September 30, 2015 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 3,702 $ 658 $ 2,433 $ 3,091 $ 1,802 $ 5,696 Real estate loans: Commercial - investor owned 3,047 2,437 — 2,437 — 1,294 Commercial - owner occupied 321 240 — 240 — 967 Construction and land development 3,728 2,862 542 3,404 403 5,934 Residential 714 735 — 735 — 2,450 Consumer and other — — — — — — Total $ 11,512 $ 6,932 $ 2,975 $ 9,907 $ 2,205 $ 16,341 December 31, 2014 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 8,042 $ 2,609 $ 3,464 $ 6,073 $ 704 $ 4,136 Real estate loans: Commercial - investor owned 5,036 — 5,187 5,187 — 4,375 Commercial - owner occupied 1,376 770 519 1,289 286 1,281 Construction and land development 7,961 419 6,929 7,348 352 7,280 Residential 3,082 2,943 150 3,093 1,052 954 Consumer and other — — — — — 581 Total $ 25,497 $ 6,741 $ 16,249 $ 22,990 $ 2,394 $ 18,607 The following table presents details for past due and impaired loans: Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Total interest income that would have been recognized under original terms $ 369 $ 246 $ 913 $ 927 Total cash received and recognized as interest income on non-accrual loans 81 51 206 83 Total interest income recognized on impaired loans 4 11 31 27 There were no loans over 90 days past due and still accruing interest at September 30, 2015 or December 31, 2014 . At September 30, 2015 , there were $0.3 million unadvanced commitments on impaired loans. Other liabilities include approximately $0.2 million for estimated losses attributable to the unadvanced commitments. The recorded investment in impaired Portfolio loans by category at September 30, 2015 and December 31, 2014 , is as follows: September 30, 2015 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 3,091 $ — $ — $ 3,091 Real estate loans: Commercial - investor owned 2,437 — — 2,437 Commercial - owner occupied 240 — — 240 Construction and land development 3,404 — — 3,404 Residential 735 — — 735 Consumer and other — — — — Total $ 9,907 $ — $ — $ 9,907 December 31, 2014 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 6,073 $ — $ — $ 6,073 Real estate loans: Commercial - investor owned 4,597 590 — 5,187 Commercial - owner occupied 519 770 — 1,289 Construction and land development 7,348 — — 7,348 Residential 3,093 — — 3,093 Consumer and other — — — — Total $ 21,630 $ 1,360 $ — $ 22,990 The recorded investment by category for the Portfolio loans that have been restructured during the three and nine months ended September 30, 2015 and 2014 , is as follows: Three months ended September 30, 2015 Three months ended September 30, 2014 (in thousands, except for number of loans) Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial — $ — $ — 2 $ 658 $ 658 Real estate loans: Commercial - investor owned — — — — — — Commercial - owner occupied — — — 1 357 357 Construction and land development — — — 1 2,827 2,827 Residential — — — — — — Consumer and other — — — — — — Total — $ — $ — 4 $ 3,842 $ 3,842 Nine months ended September 30, 2015 Nine months ended September 30, 2014 (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 Commercial and industrial — $ — $ — 2 $ 658 $ 658 Real estate loans: Commercial - investor owned — — — 1 603 603 Commercial - owner occupied — — — 3 1,649 1,399 Construction and land development — — — 1 2,827 2,827 Residential — — — 1 125 125 Consumer and other — — — — — — Total — $ — $ — 8 $ 5,862 $ 5,612 The restructured Portfolio loans primarily resulted from interest rate concessions and changing the terms of the loans. As of September 30, 2015 , the Company had no specific reserves allocated to the loans that have been restructured. There were no Portfolio loans that were restructured and subsequently defaulted during the nine months ended September 30, 2015 or 2014 . The aging of the recorded investment in past due Portfolio loans by portfolio class and category at September 30, 2015 and December 31, 2014 is shown below. September 30, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 5,472 $ 1,043 $ 6,515 $ 1,364,580 $ 1,371,095 Real estate loans: Commercial - investor owned 577 2,382 2,959 421,131 424,090 Commercial - owner occupied — 85 85 354,093 354,178 Construction and land development 148 2,283 2,431 150,548 152,979 Residential 13 714 727 188,258 188,985 Consumer and other — — — 110,829 110,829 Total $ 6,210 $ 6,507 $ 12,717 $ 2,589,439 $ 2,602,156 December 31, 2014 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 3,059 $ 232 $ 3,291 $ 1,266,968 $ 1,270,259 Real estate loans: Commercial - investor owned 261 4,450 4,711 408,315 413,026 Commercial - owner occupied 766 496 1,262 356,241 357,503 Construction and land development 702 2,524 3,226 141,547 144,773 Residential 168 — 168 185,084 185,252 Consumer and other 8 — 8 63,095 63,103 Total $ 4,964 $ 7,702 $ 12,666 $ 2,421,250 $ 2,433,916 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. 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, 2015 , which is based upon the most recent analysis performed, and December 31, 2014 is as follows: September 30, 2015 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,267,697 $ 67,560 $ 35,838 $ — $ 1,371,095 Real estate loans: Commercial - investor owned 390,403 22,034 11,653 — 424,090 Commercial - owner occupied 328,753 20,813 4,612 — 354,178 Construction and land development 136,374 12,139 4,466 — 152,979 Residential 174,883 10,576 3,526 — 188,985 Consumer and other 110,336 — 493 — 110,829 Total $ 2,408,446 $ 133,122 $ 60,588 $ — $ 2,602,156 December 31, 2014 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,167,751 $ 62,315 $ 40,193 $ — $ 1,270,259 Real estate loans: Commercial - investor owned 372,818 24,088 16,120 — 413,026 Commercial - owner occupied 334,347 18,025 5,131 — 357,503 Construction and land development 123,260 12,993 8,520 — 144,773 Residential 168,543 11,012 5,697 — 185,252 Consumer and other 62,711 51 341 — 63,103 Total $ 2,229,430 $ 128,484 $ 76,002 $ — $ 2,433,916 |
Purchase Credit Impaired ("PCI"
Purchase Credit Impaired ("PCI") Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Purchase Credit Impaired (PCI) Loans | PURCHASE CREDIT IMPAIRED ("PCI") LOANS Below is a summary of PCI loans by category at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 (in thousands) Weighted- Average Risk Rating Recorded Investment PCI Loans Weighted- Average Risk Rating Recorded Investment PCI Loans Commercial and industrial 6.72 $ 3,467 6.57 $ 4,012 Real estate loans: Commercial - investor owned 7.11 32,534 7.07 39,066 Commercial - owner occupied 6.35 20,008 6.35 22,695 Construction and land development 6.31 7,068 6.16 7,740 Residential 5.44 20,404 5.54 25,121 Total real estate loans 80,014 94,622 Consumer and other 6.13 255 5.39 469 Purchase credit impaired loans $ 83,736 $ 99,103 The aging of the recorded investment in past due PCI loans by portfolio class and category at September 30, 2015 and December 31, 2014 is shown below: September 30, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 3,467 $ 3,467 Real estate loans: Commercial - investor owned 4,358 3,441 7,799 24,735 32,534 Commercial - owner occupied — 543 543 19,465 20,008 Construction and land development — 1,975 1,975 5,093 7,068 Residential 89 53 142 20,262 20,404 Consumer and other — — — 255 255 Total $ 4,447 $ 6,012 $ 10,459 $ 73,277 $ 83,736 December 31, 2014 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ 16 $ 16 $ 3,996 $ 4,012 Real estate loans: Commercial - investor owned 878 6,484 7,362 31,704 39,066 Commercial - owner occupied — 2,759 2,759 19,936 22,695 Construction and land development 774 — 774 6,966 7,740 Residential 2,020 1,451 3,471 21,650 25,121 Consumer and other — 12 12 457 469 Total $ 3,672 $ 10,722 $ 14,394 $ 84,709 $ 99,103 The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the nine months ended September 30, 2015 and 2014 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance December 31, 2014 $ 178,145 $ 65,719 $ 28,733 $ 83,693 Principal reductions and interest payments (19,315 ) — — (19,315 ) Accretion of loan discount — — (8,604 ) 8,604 Changes in contractual and expected cash flows due to remeasurement (5,731 ) (26,797 ) 9,233 11,833 Reductions due to disposals (19,734 ) (4,183 ) (3,133 ) (12,418 ) Balance September 30, 2015 $ 133,365 $ 34,739 $ 26,229 $ 72,397 Balance December 31, 2013 $ 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 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, 2015 is as follows: (in thousands) Balance December 31, 2014 $ 15,866 Adjustments not reflected in income: Cash received from the FDIC for covered assets (1,725 ) FDIC reimbursable losses, net (1,072 ) Adjustments reflected in income: Amortization, net (484 ) Loan impairment (2,611 ) Reductions for payments on covered assets in excess of expected cash flows (1,355 ) Balance September 30, 2015 $ 8,619 Outstanding customer balances on PCI loans were $110.6 million and $135.3 million as of September 30, 2015 , and December 31, 2014 , respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Client-Related Derivative Instruments. The Company enters into interest rate swaps to allow customers to 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 (Other Assets) Liability Derivatives (Other Liabilities) Notional Amount Fair Value Fair Value (in thousands) September 30, December 31, September 30, December 31, September 30, December 31, Non-designated hedging instruments Interest rate swap contracts $ 146,884 $ 141,263 $ 1,749 $ 907 $ 1,749 $ 907 Changes in the fair value of client-related derivative instruments are recognized currently in operations. For the three and nine months ended September 30, 2015 and 2014 , the gains and losses offset each other due to the Company's hedging of the client swaps with other bank counterparties. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 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 in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of 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, 2015 , there were $0.3 million of unadvanced commitments on impaired loans. The contractual amounts of off-balance-sheet financial instruments as of September 30, 2015 , and December 31, 2014 , are as follows: (in thousands) September 30, December 31, Commitments to extend credit $ 1,099,224 $ 947,424 Standby letters of credit 51,701 50,108 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, 2015 , and December 31, 2014 , approximately $101.4 million and $65.9 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. Collateral held varies, but may include accounts receivable, inventory, premises and equipment, and real estate. Other liabilities include approximately $0.2 million for estimated losses attributable to the unadvanced commitments at September 30, 2015 and December 31, 2014 . 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 letters of credit is essentially the same as the risk involved in extending loans to customers. The approximate remaining term of standby letters of credit range from 1 month to 2.4 years at September 30, 2015 . 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and December 31, 2014 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 100,313 $ — $ 100,313 Obligations of states and political subdivisions — 38,502 3,077 41,579 Residential mortgage-backed securities — 328,604 — 328,604 Total securities available for sale $ — $ 467,419 $ 3,077 $ 470,496 State tax credits held for sale — — 10,089 10,089 Derivative financial instruments — 1,749 — 1,749 Total assets $ — $ 469,168 $ 13,166 $ 482,334 Liabilities Derivative financial instruments $ — $ 1,749 $ — $ 1,749 Total liabilities $ — $ 1,749 $ — $ 1,749 December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 91,826 $ — $ 91,826 Obligations of states and political subdivisions — 31,822 3,059 34,881 Residential mortgage-backed securities — 273,439 — 273,439 Total securities available for sale $ — $ 397,087 $ 3,059 $ 400,146 State tax credits held for sale — — 11,689 11,689 Derivative financial instruments — 909 — 909 Total assets $ — $ 397,996 $ 14,748 $ 412,744 Liabilities Derivative financial instruments $ — $ 907 $ — $ 907 Total liabilities $ — $ 907 $ — $ 907 • Securities available for sale . Securities classified as available for sale are reported at fair value utilizing Level 2 and Level 3 inputs. 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, 2015 , 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. • State tax credits held for sale. At September 30, 2015 , of the $48.2 million of state tax credits held for sale on the condensed consolidated balance sheet, approximately $10.1 million were carried at fair value. The remaining $38.1 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 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 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 as of September 30, 2015 and 2014 . • Purchases, sales, issuances and settlements . There were no Level 3 purchases during the quarter ended September 30, 2015 or 2014 . • Transfers in and/or out of Level 3 . There were no Level 3 transfers during the quarter ended September 30, 2015 and 2014 . Securities available for sale, at fair value Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Beginning balance $ 3,070 $ 3,051 $ 3,059 $ 3,040 Total gains: Included in other comprehensive income 7 3 18 14 Purchases, sales, issuances and settlements: Purchases — — — — Transfer in and/or out of Level 3 — — — — Ending balance $ 3,077 $ 3,054 $ 3,077 $ 3,054 Change in unrealized gains relating to $ 7 $ 3 $ 18 $ 14 State tax credits held for sale Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Beginning balance $ 9,965 $ 14,985 $ 11,689 $ 16,491 Total gains: Included in earnings 124 146 318 407 Purchases, sales, issuances and settlements: Sales — — (1,918 ) (1,767 ) Ending balance $ 10,089 $ 15,131 $ 10,089 $ 15,131 Change in unrealized gains (losses) relating to $ 124 $ 146 $ (186 ) $ (58 ) 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, 2015 . (1) (1) (1) (1) (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the three Total losses Impaired loans $ 2,427 $ — $ — $ 2,427 $ 821 $ 5,985 Other real estate 890 — — 890 1 83 Total $ 3,317 $ — $ — $ 3,317 $ 822 $ 6,068 (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 for collateral dependent loans. Fair values for impaired loans are obtained from current appraisals by qualified licensed appraisers or independent valuation specialists. Other real estate owned is adjusted to fair value upon foreclosure of the underlying loan. 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. Certain state tax credits are reported at cost. 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, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 46,775 $ 46,775 $ 42,903 $ 42,903 Federal funds sold 45 45 35 35 Interest-bearing deposits 81,070 81,070 63,058 63,058 Securities available for sale 470,496 470,496 400,146 400,146 Securities held to maturity 44,175 44,101 45,985 45,795 Other investments, at cost 15,906 15,906 17,037 17,037 Loans held for sale 4,275 4,275 4,033 4,033 Derivative financial instruments 1,749 1,749 909 909 Portfolio loans, net 2,642,302 2,635,556 2,487,424 2,482,700 State tax credits, held for sale 48,207 53,767 38,309 42,970 Accrued interest receivable 8,660 8,660 7,956 7,956 Balance sheet liabilities Deposits 2,813,963 2,816,039 2,491,510 2,494,624 Subordinated debentures 56,807 34,463 56,807 34,124 Federal Home Loan Bank advances 75,000 74,998 144,000 144,000 Other borrowings 194,684 194,671 239,883 239,950 Derivative financial instruments 1,749 1,749 907 907 Accrued interest payable 780 780 843 843 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, 2014 . 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, 2015 , and December 31, 2014 . Estimated Fair Value Measurement at Reporting Date Using Balance at (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 44,101 $ — $ 44,101 Portfolio loans, net — — 2,635,556 2,635,556 State tax credits, held for sale — — 43,678 43,678 Financial Liabilities: Deposits 2,357,367 — 458,672 2,816,039 Subordinated debentures — 34,463 — 34,463 Federal Home Loan Bank advances — 74,998 — 74,998 Other borrowings — 194,671 — 194,671 Estimated Fair Value Measurement at Reporting Date Using Balance at (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 45,795 $ — $ 45,795 Portfolio loans, net — — 2,482,700 2,482,700 State tax credits, held for sale — — 31,281 31,281 Financial Liabilities: Deposits 1,986,158 — 508,466 2,494,624 Subordinated debentures — 34,124 — 34,124 Federal Home Loan Bank advances — 144,000 — 144,000 Other borrowings — 239,950 — 239,950 |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Authoritative Accounting Guidance | NEW AUTHORITATIVE ACCOUNTING GUIDANCE FASB ASU 2014-09, "Revenue from Contracts with Customers" In May 2014, the FASB issued ASU No. 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 was originally effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this guidance to annual reporting periods beginning after December 15, 2017 for public companies, and permits early adoption on a limited basis. 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. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. FASB ASU 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" 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 became effective in the first quarter of 2015, except for the disclosures regarding the types and quality of financial assets pledged, which became effective in the second quarter of 2015. The adoption of the guidance did not have a material impact on the Company's consolidated balance sheets or statements of operations. FASB ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): FASB Accounting Standards Codification-Simplifying the Presentation of Debt Issuance Costs" In April 2015, the FASB issued ASU No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): FASB Accounting Standards Codification-Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The objective is to reduce cost and complexity in accounting standards while maintaining the usefulness of information being provided to users of financial statements. The guidance becomes effective in the first quarter of 2016 and requires the Company to apply the new guidance on a retrospective basis upon adoption, but early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the effect of this guidance on its consolidated balance sheets and statements of operations. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Business and Consolidation | Basis of Financial Statement Presentation The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the 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 among other considerations (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 the Company would be required to sell the security before its anticipated recovery in market value. At September 30, 2015 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
New Authoritative Accounting Guidance | FASB ASU 2014-09, "Revenue from Contracts with Customers" In May 2014, the FASB issued ASU No. 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 was originally effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this guidance to annual reporting periods beginning after December 15, 2017 for public companies, and permits early adoption on a limited basis. 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. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. FASB ASU 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" 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 became effective in the first quarter of 2015, except for the disclosures regarding the types and quality of financial assets pledged, which became effective in the second quarter of 2015. The adoption of the guidance did not have a material impact on the Company's consolidated balance sheets or statements of operations. FASB ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): FASB Accounting Standards Codification-Simplifying the Presentation of Debt Issuance Costs" In April 2015, the FASB issued ASU No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): FASB Accounting Standards Codification-Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The objective is to reduce cost and complexity in accounting standards while maintaining the usefulness of information being provided to users of financial statements. The guidance becomes effective in the first quarter of 2016 and requires the Company to apply the new guidance on a retrospective basis upon adoption, but early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the effect of this guidance on its consolidated balance sheets and statements of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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) 2015 2014 2015 2014 Net income as reported $ 9,709 $ 8,198 $ 27,771 $ 21,206 Impact of assumed conversions Interest on 9% convertible trust preferred securities, net of income tax — — — 66 Net income available to common shareholders and assumed conversions $ 9,709 $ 8,198 $ 27,771 $ 21,272 Weighted average common shares outstanding 19,995 19,838 19,970 19,729 Incremental shares from assumed conversions of convertible trust preferred securities — — — 76 Additional dilutive common stock equivalents 266 142 266 165 Weighted average diluted common shares outstanding $ 20,261 $ 19,980 $ 20,236 $ 19,970 Basic earnings per common share: $ 0.49 $ 0.41 $ 1.39 $ 1.07 Diluted earnings per common share: $ 0.48 $ 0.41 $ 1.37 $ 1.07 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: September 30, 2015 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,015 $ 1,298 $ — $ 100,313 Obligations of states and political subdivisions 40,740 1,219 (380 ) 41,579 Agency mortgage-backed securities 325,417 3,983 (796 ) 328,604 Total securities available for sale $ 465,172 $ 6,500 $ (1,176 ) $ 470,496 Held to maturity securities: Obligations of states and political subdivisions $ 14,848 $ 7 $ (212 ) $ 14,643 Agency mortgage-backed securities 29,327 131 — 29,458 Total securities held to maturity $ 44,175 $ 138 $ (212 ) $ 44,101 |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: September 30, 2015 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,015 $ 1,298 $ — $ 100,313 Obligations of states and political subdivisions 40,740 1,219 (380 ) 41,579 Agency mortgage-backed securities 325,417 3,983 (796 ) 328,604 Total securities available for sale $ 465,172 $ 6,500 $ (1,176 ) $ 470,496 Held to maturity securities: Obligations of states and political subdivisions $ 14,848 $ 7 $ (212 ) $ 14,643 Agency mortgage-backed securities 29,327 131 — 29,458 Total securities held to maturity $ 44,175 $ 138 $ (212 ) $ 44,101 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at September 30, 2015 , 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 4 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 3,091 $ 3,115 $ — $ — Due after one year through five years 115,027 116,882 2,662 2,648 Due after five years through ten years 16,987 17,524 10,319 10,158 Due after ten years 4,650 4,371 1,867 1,837 Mortgage-backed securities 325,417 328,604 29,327 29,458 $ 465,172 $ 470,496 $ 44,175 $ 44,101 |
Schedule of Unrealized Loss on Investments | The following table represents a summary of investment securities that had an unrealized loss: September 30, 2015 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 $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 15,757 249 3,563 343 19,320 592 Agency mortgage-backed securities 58,913 273 21,138 523 80,051 796 $ 74,670 $ 522 $ 24,701 $ 866 $ 99,371 $ 1,388 December 31, 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 $ 5,399 $ 10 $ 24,852 $ 143 $ 30,251 $ 153 Obligations of states and political subdivisions 16,827 343 5,349 398 22,176 741 Agency mortgage-backed securities 26,367 56 97,054 1,527 123,421 1,583 $ 48,593 $ 409 $ 127,255 $ 2,068 $ 175,848 $ 2,477 |
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) 2015 2014 2015 2014 Gross gains realized $ — $ — $ 63 $ — Gross losses realized — — (40 ) — Proceeds from sales — — 41,069 — |
Portfolio Loans (Tables)
Portfolio Loans (Tables) - Portfolio loans, net | 9 Months Ended |
Sep. 30, 2015 | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | Below is a summary of Portfolio loans by category at September 30, 2015 and December 31, 2014 : (in thousands) September 30, 2015 December 31, 2014 Commercial and industrial $ 1,371,095 $ 1,270,259 Real estate loans: Commercial - investor owned 424,090 413,026 Commercial - owner occupied 354,178 357,503 Construction and land development 152,979 144,773 Residential 188,985 185,252 Total real estate loans 1,120,232 1,100,554 Consumer and other 109,853 62,208 Portfolio loans 2,601,180 2,433,021 Unearned loan fees, net 976 895 Portfolio loans, including unearned loan costs $ 2,602,156 $ 2,433,916 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Allowance for loan losses: Balance at $ 17,004 $ 4,598 $ 3,625 $ 1,720 $ 2,830 $ 408 $ 30,185 Provision charged to expense 823 (12 ) (175 ) 914 74 (44 ) 1,580 Losses charged off (1,484 ) — — — (1,073 ) (11 ) (2,568 ) Recoveries 769 29 127 60 26 80 1,091 Balance at $ 17,112 $ 4,615 $ 3,577 $ 2,694 $ 1,857 $ 433 $ 30,288 Provision charged to expense 2,927 (519 ) (347 ) (91 ) 100 80 2,150 Losses charged off (1,578 ) (664 ) — (350 ) — (4 ) (2,596 ) Recoveries 420 13 1,287 115 87 1 1,923 Balance at $ 18,881 $ 3,445 $ 4,517 $ 2,368 $ 2,044 $ 510 $ 31,765 Provision charged to expense 1,501 788 (1,340 ) (660 ) 40 270 599 Losses charged off (572 ) — — — (240 ) (9 ) (821 ) Recoveries 389 16 68 125 108 2 708 Balance at $ 20,199 $ 4,249 $ 3,245 $ 1,833 $ 1,952 $ 773 $ 32,251 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance September 30, 2015 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 1,802 $ — $ — $ 403 $ — $ — $ 2,205 Collectively evaluated for impairment 18,397 4,249 3,245 1,430 1,952 773 30,046 Total $ 20,199 $ 4,249 $ 3,245 $ 1,833 $ 1,952 $ 773 $ 32,251 Loans - Ending balance: Individually evaluated for impairment $ 2,975 $ 2,954 $ 2,248 $ 2,823 $ 714 $ — $ 11,714 Collectively evaluated for impairment 1,368,120 421,136 351,930 150,156 188,271 110,829 2,590,442 Total $ 1,371,095 $ 424,090 $ 354,178 $ 152,979 $ 188,985 $ 110,829 $ 2,602,156 Balance December 31, 2014 Allowance for Loan Losses - Ending Balance: Individually evaluated for impairment $ 704 $ — $ 286 $ 352 $ 1,052 $ — $ 2,394 Collectively evaluated for impairment 16,300 4,598 3,339 1,368 1,778 408 27,791 Total $ 17,004 $ 4,598 $ 3,625 $ 1,720 $ 2,830 $ 408 $ 30,185 Loans - Ending balance: Individually evaluated for impairment $ 5,998 $ 5,036 $ 3,384 $ 6,866 $ 3,082 $ — $ 24,366 Collectively evaluated for impairment 1,264,261 407,990 354,119 137,907 182,170 63,103 2,409,550 Total $ 1,270,259 $ 413,026 $ 357,503 $ 144,773 $ 185,252 $ 63,103 $ 2,433,916 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | September 30, 2015 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 3,702 $ 658 $ 2,433 $ 3,091 $ 1,802 $ 5,696 Real estate loans: Commercial - investor owned 3,047 2,437 — 2,437 — 1,294 Commercial - owner occupied 321 240 — 240 — 967 Construction and land development 3,728 2,862 542 3,404 403 5,934 Residential 714 735 — 735 — 2,450 Consumer and other — — — — — — Total $ 11,512 $ 6,932 $ 2,975 $ 9,907 $ 2,205 $ 16,341 December 31, 2014 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 8,042 $ 2,609 $ 3,464 $ 6,073 $ 704 $ 4,136 Real estate loans: Commercial - investor owned 5,036 — 5,187 5,187 — 4,375 Commercial - owner occupied 1,376 770 519 1,289 286 1,281 Construction and land development 7,961 419 6,929 7,348 352 7,280 Residential 3,082 2,943 150 3,093 1,052 954 Consumer and other — — — — — 581 Total $ 25,497 $ 6,741 $ 16,249 $ 22,990 $ 2,394 $ 18,607 The following table presents details for past due and impaired loans: Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Total interest income that would have been recognized under original terms $ 369 $ 246 $ 913 $ 927 Total cash received and recognized as interest income on non-accrual loans 81 51 206 83 Total interest income recognized on impaired loans 4 11 31 27 September 30, 2015 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 3,091 $ — $ — $ 3,091 Real estate loans: Commercial - investor owned 2,437 — — 2,437 Commercial - owner occupied 240 — — 240 Construction and land development 3,404 — — 3,404 Residential 735 — — 735 Consumer and other — — — — Total $ 9,907 $ — $ — $ 9,907 December 31, 2014 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 6,073 $ — $ — $ 6,073 Real estate loans: Commercial - investor owned 4,597 590 — 5,187 Commercial - owner occupied 519 770 — 1,289 Construction and land development 7,348 — — 7,348 Residential 3,093 — — 3,093 Consumer and other — — — — Total $ 21,630 $ 1,360 $ — $ 22,990 |
Summary of Recorded Investment by for Portfolio Loans Restructured | The recorded investment by category for the Portfolio loans that have been restructured during the three and nine months ended September 30, 2015 and 2014 , is as follows: Three months ended September 30, 2015 Three months ended September 30, 2014 (in thousands, except for number of loans) Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial — $ — $ — 2 $ 658 $ 658 Real estate loans: Commercial - investor owned — — — — — — Commercial - owner occupied — — — 1 357 357 Construction and land development — — — 1 2,827 2,827 Residential — — — — — — Consumer and other — — — — — — Total — $ — $ — 4 $ 3,842 $ 3,842 Nine months ended September 30, 2015 Nine months ended September 30, 2014 (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 Commercial and industrial — $ — $ — 2 $ 658 $ 658 Real estate loans: Commercial - investor owned — — — 1 603 603 Commercial - owner occupied — — — 3 1,649 1,399 Construction and land development — — — 1 2,827 2,827 Residential — — — 1 125 125 Consumer and other — — — — — — Total — $ — $ — 8 $ 5,862 $ 5,612 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | Portfolio loans that were restructured and subsequently defaulted during the nine months ended September 30, 2015 or 2014 . |
Summary of Aging of Recorded Investment in Past Due Portfolio 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, 2015 and December 31, 2014 is shown below. September 30, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 5,472 $ 1,043 $ 6,515 $ 1,364,580 $ 1,371,095 Real estate loans: Commercial - investor owned 577 2,382 2,959 421,131 424,090 Commercial - owner occupied — 85 85 354,093 354,178 Construction and land development 148 2,283 2,431 150,548 152,979 Residential 13 714 727 188,258 188,985 Consumer and other — — — 110,829 110,829 Total $ 6,210 $ 6,507 $ 12,717 $ 2,589,439 $ 2,602,156 December 31, 2014 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 3,059 $ 232 $ 3,291 $ 1,266,968 $ 1,270,259 Real estate loans: Commercial - investor owned 261 4,450 4,711 408,315 413,026 Commercial - owner occupied 766 496 1,262 356,241 357,503 Construction and land development 702 2,524 3,226 141,547 144,773 Residential 168 — 168 185,084 185,252 Consumer and other 8 — 8 63,095 63,103 Total $ 4,964 $ 7,702 $ 12,666 $ 2,421,250 $ 2,433,916 |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of the Portfolio loans by portfolio class and category at September 30, 2015 , which is based upon the most recent analysis performed, and December 31, 2014 is as follows: September 30, 2015 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,267,697 $ 67,560 $ 35,838 $ — $ 1,371,095 Real estate loans: Commercial - investor owned 390,403 22,034 11,653 — 424,090 Commercial - owner occupied 328,753 20,813 4,612 — 354,178 Construction and land development 136,374 12,139 4,466 — 152,979 Residential 174,883 10,576 3,526 — 188,985 Consumer and other 110,336 — 493 — 110,829 Total $ 2,408,446 $ 133,122 $ 60,588 $ — $ 2,602,156 December 31, 2014 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,167,751 $ 62,315 $ 40,193 $ — $ 1,270,259 Real estate loans: Commercial - investor owned 372,818 24,088 16,120 — 413,026 Commercial - owner occupied 334,347 18,025 5,131 — 357,503 Construction and land development 123,260 12,993 8,520 — 144,773 Residential 168,543 11,012 5,697 — 185,252 Consumer and other 62,711 51 341 — 63,103 Total $ 2,229,430 $ 128,484 $ 76,002 $ — $ 2,433,916 |
Purchase Credit Impaired ("PC23
Purchase Credit Impaired ("PCI") Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Covered Loans [Line Items] | |
Rollforward of PCI Loans, Net of Allowance for Loan Losses | The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the nine months ended September 30, 2015 and 2014 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance December 31, 2014 $ 178,145 $ 65,719 $ 28,733 $ 83,693 Principal reductions and interest payments (19,315 ) — — (19,315 ) Accretion of loan discount — — (8,604 ) 8,604 Changes in contractual and expected cash flows due to remeasurement (5,731 ) (26,797 ) 9,233 11,833 Reductions due to disposals (19,734 ) (4,183 ) (3,133 ) (12,418 ) Balance September 30, 2015 $ 133,365 $ 34,739 $ 26,229 $ 72,397 Balance December 31, 2013 $ 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 |
Covered Loans | |
Covered Loans [Line Items] | |
Summary of PCI Loans by Category | Below is a summary of PCI loans by category at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 (in thousands) Weighted- Average Risk Rating Recorded Investment PCI Loans Weighted- Average Risk Rating Recorded Investment PCI Loans Commercial and industrial 6.72 $ 3,467 6.57 $ 4,012 Real estate loans: Commercial - investor owned 7.11 32,534 7.07 39,066 Commercial - owner occupied 6.35 20,008 6.35 22,695 Construction and land development 6.31 7,068 6.16 7,740 Residential 5.44 20,404 5.54 25,121 Total real estate loans 80,014 94,622 Consumer and other 6.13 255 5.39 469 Purchase credit impaired loans $ 83,736 $ 99,103 |
Summary of Aging of Recorded Investment in Past Due PCI 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, 2015 and December 31, 2014 is shown below: September 30, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 3,467 $ 3,467 Real estate loans: Commercial - investor owned 4,358 3,441 7,799 24,735 32,534 Commercial - owner occupied — 543 543 19,465 20,008 Construction and land development — 1,975 1,975 5,093 7,068 Residential 89 53 142 20,262 20,404 Consumer and other — — — 255 255 Total $ 4,447 $ 6,012 $ 10,459 $ 73,277 $ 83,736 December 31, 2014 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ 16 $ 16 $ 3,996 $ 4,012 Real estate loans: Commercial - investor owned 878 6,484 7,362 31,704 39,066 Commercial - owner occupied — 2,759 2,759 19,936 22,695 Construction and land development 774 — 774 6,966 7,740 Residential 2,020 1,451 3,471 21,650 25,121 Consumer and other — 12 12 457 469 Total $ 3,672 $ 10,722 $ 14,394 $ 84,709 $ 99,103 |
Summary of FDIC Loss Share Receivable | A summary of activity in the FDIC loss share receivable for the nine months ended September 30, 2015 is as follows: (in thousands) Balance December 31, 2014 $ 15,866 Adjustments not reflected in income: Cash received from the FDIC for covered assets (1,725 ) FDIC reimbursable losses, net (1,072 ) Adjustments reflected in income: Amortization, net (484 ) Loan impairment (2,611 ) Reductions for payments on covered assets in excess of expected cash flows (1,355 ) Balance September 30, 2015 $ 8,619 |
Derivative Financial Instrume24
Derivative Financial Instruments (Tables) - Client-Related | 9 Months Ended |
Sep. 30, 2015 | |
Derivative [Line Items] | |
Schedule of Notional Amounts and Fair Values of Derivative Instruments and Client-Related Derivative Instruments | The table below summarizes the notional amounts and fair values of the client-related derivative instruments: Asset Derivatives (Other Assets) Liability Derivatives (Other Liabilities) Notional Amount Fair Value Fair Value (in thousands) September 30, December 31, September 30, December 31, September 30, December 31, Non-designated hedging instruments Interest rate swap contracts $ 146,884 $ 141,263 $ 1,749 $ 907 $ 1,749 $ 907 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | For the three and nine months ended September 30, 2015 and 2014 , the gains and losses offset each other due to the Company's hedging of the client swaps with other bank counterparties. |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments as of September 30, 2015 , and December 31, 2014 , are as follows: (in thousands) September 30, December 31, Commitments to extend credit $ 1,099,224 $ 947,424 Standby letters of credit 51,701 50,108 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of 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, 2015 and December 31, 2014 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 100,313 $ — $ 100,313 Obligations of states and political subdivisions — 38,502 3,077 41,579 Residential mortgage-backed securities — 328,604 — 328,604 Total securities available for sale $ — $ 467,419 $ 3,077 $ 470,496 State tax credits held for sale — — 10,089 10,089 Derivative financial instruments — 1,749 — 1,749 Total assets $ — $ 469,168 $ 13,166 $ 482,334 Liabilities Derivative financial instruments $ — $ 1,749 $ — $ 1,749 Total liabilities $ — $ 1,749 $ — $ 1,749 December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 91,826 $ — $ 91,826 Obligations of states and political subdivisions — 31,822 3,059 34,881 Residential mortgage-backed securities — 273,439 — 273,439 Total securities available for sale $ — $ 397,087 $ 3,059 $ 400,146 State tax credits held for sale — — 11,689 11,689 Derivative financial instruments — 909 — 909 Total assets $ — $ 397,996 $ 14,748 $ 412,744 Liabilities Derivative financial instruments $ — $ 907 $ — $ 907 Total liabilities $ — $ 907 $ — $ 907 |
Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis as of September 30, 2015 and 2014 . • Purchases, sales, issuances and settlements . There were no Level 3 purchases during the quarter ended September 30, 2015 or 2014 . • Transfers in and/or out of Level 3 . There were no Level 3 transfers during the quarter ended September 30, 2015 and 2014 . Securities available for sale, at fair value Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Beginning balance $ 3,070 $ 3,051 $ 3,059 $ 3,040 Total gains: Included in other comprehensive income 7 3 18 14 Purchases, sales, issuances and settlements: Purchases — — — — Transfer in and/or out of Level 3 — — — — Ending balance $ 3,077 $ 3,054 $ 3,077 $ 3,054 Change in unrealized gains relating to $ 7 $ 3 $ 18 $ 14 State tax credits held for sale Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Beginning balance $ 9,965 $ 14,985 $ 11,689 $ 16,491 Total gains: Included in earnings 124 146 318 407 Purchases, sales, issuances and settlements: Sales — — (1,918 ) (1,767 ) Ending balance $ 10,089 $ 15,131 $ 10,089 $ 15,131 Change in unrealized gains (losses) relating to $ 124 $ 146 $ (186 ) $ (58 ) |
Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of September 30, 2015 . (1) (1) (1) (1) (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the three Total losses Impaired loans $ 2,427 $ — $ — $ 2,427 $ 821 $ 5,985 Other real estate 890 — — 890 1 83 Total $ 3,317 $ — $ — $ 3,317 $ 822 $ 6,068 (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, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 46,775 $ 46,775 $ 42,903 $ 42,903 Federal funds sold 45 45 35 35 Interest-bearing deposits 81,070 81,070 63,058 63,058 Securities available for sale 470,496 470,496 400,146 400,146 Securities held to maturity 44,175 44,101 45,985 45,795 Other investments, at cost 15,906 15,906 17,037 17,037 Loans held for sale 4,275 4,275 4,033 4,033 Derivative financial instruments 1,749 1,749 909 909 Portfolio loans, net 2,642,302 2,635,556 2,487,424 2,482,700 State tax credits, held for sale 48,207 53,767 38,309 42,970 Accrued interest receivable 8,660 8,660 7,956 7,956 Balance sheet liabilities Deposits 2,813,963 2,816,039 2,491,510 2,494,624 Subordinated debentures 56,807 34,463 56,807 34,124 Federal Home Loan Bank advances 75,000 74,998 144,000 144,000 Other borrowings 194,684 194,671 239,883 239,950 Derivative financial instruments 1,749 1,749 907 907 Accrued interest payable 780 780 843 843 |
Schedule of Estimated Fair Values 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, 2015 , and December 31, 2014 . Estimated Fair Value Measurement at Reporting Date Using Balance at (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 44,101 $ — $ 44,101 Portfolio loans, net — — 2,635,556 2,635,556 State tax credits, held for sale — — 43,678 43,678 Financial Liabilities: Deposits 2,357,367 — 458,672 2,816,039 Subordinated debentures — 34,463 — 34,463 Federal Home Loan Bank advances — 74,998 — 74,998 Other borrowings — 194,671 — 194,671 Estimated Fair Value Measurement at Reporting Date Using Balance at (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 45,795 $ — $ 45,795 Portfolio loans, net — — 2,482,700 2,482,700 State tax credits, held for sale — — 31,281 31,281 Financial Liabilities: Deposits 1,986,158 — 508,466 2,494,624 Subordinated debentures — 34,124 — 34,124 Federal Home Loan Bank advances — 144,000 — 144,000 Other borrowings — 239,950 — 239,950 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Net income as reported | $ 9,709 | $ 8,198 | $ 27,771 | $ 21,206 |
Impact of assumed conversions | ||||
Interest on 9% convertible trust preferred securities, net of income tax | 0 | 0 | 0 | 66 |
Net income available to common shareholders and assumed conversions | $ 9,709 | $ 8,198 | $ 27,771 | $ 21,272 |
Weighted average common shares outstanding (in shares) | 19,995,000 | 19,838,000 | 19,970,000 | 19,729,000 |
Incremental shares from assumed conversions of convertible trust preferred securities (in shares) | 0 | 0 | 0 | 76,000 |
Additional dilutive common stock equivalents (in shares) | 266,000 | 142,000 | 266,000 | 165,000 |
Weighted average diluted common shares outstanding (in shares) | 20,261,000 | 19,980,000 | 20,236,000 | 19,970,000 |
Basic earnings per common share (in dollars per share) | $ 0.49 | $ 0.41 | $ 1.39 | $ 1.07 |
Diluted earnings per common share (in dollars per share) | $ 0.48 | $ 0.41 | $ 1.37 | $ 1.07 |
Common stock equivalents excluded from earnings per share calculations due to anti-dilutive effect (in shares) | 80,220 | 289,286 | 88,040 | 289,407 |
Convertible Debt Securities | ||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Convertible trust preferred securities, interest rate, stated percentage | 9.00% | 9.00% | 9.00% | 9.00% |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 44,175 | $ 45,985 |
Gross Unrealized Gains | 138 | 150 |
Gross Unrealized Losses | (212) | (340) |
Fair Value | 44,101 | 45,795 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 465,172 | 396,782 |
Gross Unrealized Gains | 6,500 | 5,501 |
Gross Unrealized Losses | (1,176) | (2,137) |
Fair Value | 470,496 | 400,146 |
Obligations of U.S. Government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 99,015 | 91,355 |
Gross Unrealized Gains | 1,298 | 624 |
Gross Unrealized Losses | 0 | (153) |
Fair Value | 100,313 | 91,826 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 40,740 | 33,997 |
Gross Unrealized Gains | 1,219 | 1,300 |
Gross Unrealized Losses | (380) | (416) |
Fair Value | 41,579 | 34,881 |
Agency mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 325,417 | 271,430 |
Gross Unrealized Gains | 3,983 | 3,577 |
Gross Unrealized Losses | (796) | (1,568) |
Fair Value | 328,604 | 273,439 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,848 | 14,900 |
Gross Unrealized Gains | 7 | 0 |
Gross Unrealized Losses | (212) | (325) |
Fair Value | 14,643 | 14,575 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 29,327 | 31,085 |
Gross Unrealized Gains | 131 | 150 |
Gross Unrealized Losses | 0 | (15) |
Fair Value | $ 29,458 | $ 31,220 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 3,091 | |
Due after one year through five years | 115,027 | |
Due after five years through ten years | 16,987 | |
Due after ten years | 4,650 | |
Mortgage-backed securities | 325,417 | |
Amortized Cost | 465,172 | $ 396,782 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 3,115 | |
Due after one year through five years | 116,882 | |
Due after five years through ten years | 17,524 | |
Due after ten years | 4,371 | |
Mortgage-backed securities | 328,604 | |
Available for sale, fair value | 470,496 | 400,146 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 2,662 | |
Due after five years through ten years | 10,319 | |
Due after ten years | 1,867 | |
Mortgage-backed securities | 29,327 | |
Amortized Cost | 44,175 | 45,985 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 2,648 | |
Due after five years through ten years | 10,158 | |
Due after ten years | 1,837 | |
Mortgage-backed securities | 29,458 | |
Held to maturity, fair value | $ 44,101 | $ 45,795 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 74,670 | $ 48,593 |
Less than 12 months, unrealized losses | (522) | 409 |
12 months or more, fair value | 24,701 | 127,255 |
12 months or more, unrealized losses | (866) | 2,068 |
Total, fair value | 99,371 | 175,848 |
Total, unrealized losses | (1,388) | 2,477 |
Obligations of U.S. Government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 5,399 |
Less than 12 months, unrealized losses | 0 | 10 |
12 months or more, fair value | 0 | 24,852 |
12 months or more, unrealized losses | 0 | 143 |
Total, fair value | 0 | 30,251 |
Total, unrealized losses | 0 | 153 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 15,757 | 16,827 |
Less than 12 months, unrealized losses | (249) | 343 |
12 months or more, fair value | 3,563 | 5,349 |
12 months or more, unrealized losses | (343) | 398 |
Total, fair value | 19,320 | 22,176 |
Total, unrealized losses | (592) | 741 |
Agency mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 58,913 | 26,367 |
Less than 12 months, unrealized losses | (273) | 56 |
12 months or more, fair value | 21,138 | 97,054 |
12 months or more, unrealized losses | (523) | 1,527 |
Total, fair value | 80,051 | 123,421 |
Total, unrealized losses | $ (796) | $ 1,583 |
Investments - Schedule of Reali
Investments - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains realized | $ 0 | $ 0 | $ 63 | $ 0 |
Gross losses realized | 0 | 0 | (40) | 0 |
Proceeds from sales | $ 0 | $ 0 | $ 41,069 | $ 0 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other investments, at cost | $ 15,906 | $ 17,037 |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | 10.00% |
Available-for-sale securities pledged as collateral, fair value | $ 260,000 | $ 315,800 |
Mortgage-backed securities, weighted average life | 4 years |
Portfolio Loans - Summary of Po
Portfolio Loans - Summary of Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans, including unearned loan costs | $ 2,602,156 | $ 2,433,916 |
Portfolio loans, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 2,601,180 | 2,433,021 |
Unearned loan fees, net | 976 | 895 |
Portfolio loans, including unearned loan costs | 2,602,156 | 2,433,916 |
Portfolio loans, net | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 152,979 | 144,773 |
Portfolio loans, net | Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 424,090 | 413,026 |
Portfolio loans, net | Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 354,178 | 357,503 |
Portfolio loans, net | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 188,985 | 185,252 |
Portfolio loans, net | Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,120,232 | 1,100,554 |
Portfolio loans, net | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,371,095 | 1,270,259 |
Portfolio loans, net | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 109,853 | 62,208 |
Portfolio loans, including unearned loan costs | $ 110,829 | $ 63,103 |
Portfolio Loans - Summary of Al
Portfolio Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | $ 31,765 | $ 30,288 | $ 30,185 |
Provision charged to expense | (599) | 2,150 | 1,580 |
Losses charged off | (821) | (2,596) | (2,568) |
Recoveries | 708 | 1,923 | 1,091 |
Balance at March 31, 2015 | 32,251 | 31,765 | 30,288 |
Commercial and industrial | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | 18,881 | 17,112 | 17,004 |
Provision charged to expense | (1,501) | 2,927 | 823 |
Losses charged off | (572) | (1,578) | (1,484) |
Recoveries | 389 | 420 | 769 |
Balance at March 31, 2015 | 20,199 | 18,881 | 17,112 |
CRE - owner occupied | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | 4,517 | 3,577 | 3,625 |
Provision charged to expense | 1,340 | 347 | 175 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 68 | 1,287 | 127 |
Balance at March 31, 2015 | 3,245 | 4,517 | 3,577 |
Commercial Real Estate Investor Owned | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | 3,445 | 4,615 | 4,598 |
Provision charged to expense | (788) | 519 | 12 |
Losses charged off | 0 | (664) | 0 |
Recoveries | 16 | 13 | 29 |
Balance at March 31, 2015 | 4,249 | 3,445 | 4,615 |
Construction and land development | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | 2,368 | 2,694 | 1,720 |
Provision charged to expense | 660 | 91 | 914 |
Losses charged off | 0 | (350) | 0 |
Recoveries | 125 | 115 | 60 |
Balance at March 31, 2015 | 1,833 | 2,368 | 2,694 |
Residential real estate | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | 2,044 | 1,857 | 2,830 |
Provision charged to expense | (40) | 100 | 74 |
Losses charged off | (240) | 0 | (1,073) |
Recoveries | 108 | 87 | 26 |
Balance at March 31, 2015 | 1,952 | 2,044 | 1,857 |
Consumer and other | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2014 | 510 | 433 | 408 |
Provision charged to expense | (270) | 80 | 44 |
Losses charged off | (9) | (4) | (11) |
Recoveries | 2 | 1 | 80 |
Balance at March 31, 2015 | $ 773 | $ 510 | $ 433 |
Portfolio Loans - Summary of Re
Portfolio Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans - Ending balance: | ||||
Portfolio loans, including unearned loan costs | $ 2,602,156 | $ 2,433,916 | ||
Portfolio loans, net | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 2,205 | 2,394 | ||
Collectively evaluated for impairment | 30,046 | 27,791 | ||
Total | 32,251 | $ 31,765 | $ 30,288 | 30,185 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 11,714 | 24,366 | ||
Collectively evaluated for impairment | 2,590,442 | 2,409,550 | ||
Total | 2,601,180 | 2,433,021 | ||
Portfolio loans, including unearned loan costs | 2,602,156 | 2,433,916 | ||
Portfolio loans, net | Commercial and industrial | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 1,802 | 704 | ||
Collectively evaluated for impairment | 18,397 | 16,300 | ||
Total | 20,199 | 18,881 | 17,112 | 17,004 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 2,975 | 5,998 | ||
Collectively evaluated for impairment | 1,368,120 | 1,264,261 | ||
Total | 1,371,095 | 1,270,259 | ||
Portfolio loans, net | Commercial Real Estate Investor Owned | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,249 | 4,598 | ||
Total | 4,249 | 3,445 | 4,615 | 4,598 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 2,954 | 5,036 | ||
Collectively evaluated for impairment | 421,136 | 407,990 | ||
Total | 424,090 | 413,026 | ||
Portfolio loans, net | CRE - owner occupied | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 0 | 286 | ||
Collectively evaluated for impairment | 3,245 | 3,339 | ||
Total | 3,245 | 4,517 | 3,577 | 3,625 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 2,248 | 3,384 | ||
Collectively evaluated for impairment | 351,930 | 354,119 | ||
Total | 354,178 | 357,503 | ||
Portfolio loans, net | Construction and land development | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 403 | 352 | ||
Collectively evaluated for impairment | 1,430 | 1,368 | ||
Total | 1,833 | 2,368 | 2,694 | 1,720 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 2,823 | 6,866 | ||
Collectively evaluated for impairment | 150,156 | 137,907 | ||
Total | 152,979 | 144,773 | ||
Portfolio loans, net | Residential real estate | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 0 | 1,052 | ||
Collectively evaluated for impairment | 1,952 | 1,778 | ||
Total | 1,952 | 2,044 | 1,857 | 2,830 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 714 | 3,082 | ||
Collectively evaluated for impairment | 188,271 | 182,170 | ||
Total | 188,985 | 185,252 | ||
Portfolio loans, net | Consumer and other | ||||
Balance September 30, 2015 | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 773 | 408 | ||
Total | 773 | $ 510 | $ 433 | 408 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 110,829 | 63,103 | ||
Total | 109,853 | 62,208 | ||
Portfolio loans, including unearned loan costs | $ 110,829 | $ 63,103 |
Portfolio Loans - Summary of 36
Portfolio Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 11,512 | $ 25,497 |
Recorded Investment With No Allowance | 6,932 | 6,741 |
Recorded Investment With Allowance | 2,975 | 16,249 |
Total Recorded Investment | 9,907 | 22,990 |
Related Allowance | 2,205 | 2,394 |
Average Recorded Investment | 16,341 | 18,607 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 3,702 | 8,042 |
Recorded Investment With No Allowance | 658 | 2,609 |
Recorded Investment With Allowance | 2,433 | 3,464 |
Total Recorded Investment | 3,091 | 6,073 |
Related Allowance | 1,802 | 704 |
Average Recorded Investment | 5,696 | 4,136 |
Commercial - owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 321 | 1,376 |
Recorded Investment With No Allowance | 240 | 770 |
Recorded Investment With Allowance | 0 | 519 |
Total Recorded Investment | 240 | 1,289 |
Related Allowance | 0 | 286 |
Average Recorded Investment | 967 | 1,281 |
Commercial - investor owned | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 3,047 | 5,036 |
Recorded Investment With No Allowance | 2,437 | 0 |
Recorded Investment With Allowance | 0 | 5,187 |
Total Recorded Investment | 2,437 | 5,187 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,294 | 4,375 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 3,728 | 7,961 |
Recorded Investment With No Allowance | 2,862 | 419 |
Recorded Investment With Allowance | 542 | 6,929 |
Total Recorded Investment | 3,404 | 7,348 |
Related Allowance | 403 | 352 |
Average Recorded Investment | 5,934 | 7,280 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 714 | 3,082 |
Recorded Investment With No Allowance | 735 | 2,943 |
Recorded Investment With Allowance | 0 | 150 |
Total Recorded Investment | 735 | 3,093 |
Related Allowance | 0 | 1,052 |
Average Recorded Investment | 2,450 | 954 |
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 | $ 0 | $ 581 |
Portfolio Loans - Summary of Pa
Portfolio Loans - Summary of Past Due and Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||||
Total interest income that would have been recognized under original terms | $ 369 | $ 246 | $ 913 | $ 927 |
Total cash received and recognized as interest income on non-accrual loans | 81 | 51 | 206 | 83 |
Total interest income recognized on impaired loans | $ 4 | $ 11 | $ 31 | $ 27 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014loan | Dec. 31, 2014USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans over 90 days past due and still accruing interest | loan | 0 | 0 | |
Unadvanced commitments on impaired loans | $ 300,000 | $ 200,000 | |
Specific reserves on restructured loans | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 0 | 0 | |
Unadvanced Commitment on Impaired Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 200,000 | 200,000 | |
Non-Covered Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 2,601,180,000 | 2,433,021,000 | |
Non-Covered Loans | Consumer and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $ 109,853,000 | $ 62,208,000 |
Portfolio Loans - Summary of 39
Portfolio Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) - Non-Covered Loans - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 9,907,000 | $ 21,630,000 |
Restructured | 0 | 1,360,000 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 9,907,000 | 22,990,000 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,091,000 | 6,073,000 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 3,091,000 | 6,073,000 |
Commercial - investor owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,437,000 | 4,597,000 |
Restructured | 0 | 590,000 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 2,437,000 | 5,187,000 |
Commercial - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 240,000 | 519,000 |
Restructured | 0 | 770,000 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 240,000 | 1,289,000 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,404,000 | 7,348,000 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 3,404,000 | 7,348,000 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 735,000 | 3,093,000 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 735,000 | 3,093,000 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | $ 0 | $ 0 |
Portfolio Loans - Summary of 40
Portfolio Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured (Details) - Non-Covered Loans $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 4 | 0 | 8 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 3,842 | $ 0 | $ 5,862 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 3,842 | $ 0 | $ 5,612 |
Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 2 | 0 | 2 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 658 | $ 0 | $ 658 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 658 | $ 0 | $ 658 |
CRE - owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | 3 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 357 | $ 1,649 | |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 357 | $ 0 | $ 1,399 |
Real Estate Loans Portfolio Segment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Outstanding Recorded Balance | $ 0 | |||
Commercial Real Estate Investor Owned | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 0 | $ 603 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 0 | $ 603 |
Construction and land development | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 2,827 | $ 0 | $ 2,827 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 2,827 | $ 0 | $ 2,827 |
Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 0 | $ 125 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 0 | $ 125 |
Consumer and other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 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 Ag
Portfolio Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Portfolio loans, including unearned loan costs | $ 2,602,156 | $ 2,433,916 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 6,210 | 4,964 |
90 or More Days Past Due | 6,507 | 7,702 |
Total Past Due | 12,717 | 12,666 |
Current | 2,589,439 | 2,421,250 |
Total | 2,601,180 | 2,433,021 |
Portfolio loans, including unearned loan costs | 2,602,156 | 2,433,916 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 5,472 | 3,059 |
90 or More Days Past Due | 1,043 | 232 |
Total Past Due | 6,515 | 3,291 |
Current | 1,364,580 | 1,266,968 |
Total | 1,371,095 | 1,270,259 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 766 |
90 or More Days Past Due | 85 | 496 |
Total Past Due | 85 | 1,262 |
Current | 354,093 | 356,241 |
Total | 354,178 | 357,503 |
Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 577 | 261 |
90 or More Days Past Due | 2,382 | 4,450 |
Total Past Due | 2,959 | 4,711 |
Current | 421,131 | 408,315 |
Total | 424,090 | 413,026 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 148 | 702 |
90 or More Days Past Due | 2,283 | 2,524 |
Total Past Due | 2,431 | 3,226 |
Current | 150,548 | 141,547 |
Total | 152,979 | 144,773 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 13 | 168 |
90 or More Days Past Due | 714 | 0 |
Total Past Due | 727 | 168 |
Current | 188,258 | 185,084 |
Total | 188,985 | 185,252 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 8 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 8 |
Current | 110,829 | 63,095 |
Total | 109,853 | 62,208 |
Portfolio loans, including unearned loan costs | $ 110,829 | $ 63,103 |
Portfolio Loans - Summary of 42
Portfolio Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | $ 2,602,156 | $ 2,433,916 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 2,601,180 | 2,433,021 |
Portfolio loans, including unearned loan costs | 2,602,156 | 2,433,916 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 1,371,095 | 1,270,259 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 354,178 | 357,503 |
Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 424,090 | 413,026 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 152,979 | 144,773 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 188,985 | 185,252 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 109,853 | 62,208 |
Portfolio loans, including unearned loan costs | 110,829 | 63,103 |
Pass (1-6) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 2,408,446 | 2,229,430 |
Pass (1-6) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 1,267,697 | 1,167,751 |
Pass (1-6) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 328,753 | 334,347 |
Pass (1-6) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 390,403 | 372,818 |
Pass (1-6) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 136,374 | 123,260 |
Pass (1-6) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 174,883 | 168,543 |
Pass (1-6) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 110,336 | 62,711 |
Watch (7) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 133,122 | 128,484 |
Watch (7) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 67,560 | 62,315 |
Watch (7) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 20,813 | 18,025 |
Watch (7) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 22,034 | 24,088 |
Watch (7) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 12,139 | 12,993 |
Watch (7) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 10,576 | 11,012 |
Watch (7) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 0 | 51 |
Substandard (8) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 60,588 | 76,002 |
Substandard (8) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 35,838 | 40,193 |
Substandard (8) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 4,612 | 5,131 |
Substandard (8) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 11,653 | 16,120 |
Substandard (8) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 4,466 | 8,520 |
Substandard (8) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 3,526 | 5,697 |
Substandard (8) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 493 | 341 |
Doubtful (9) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | 0 | 0 |
Doubtful (9) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 0 | 0 |
Doubtful (9) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 0 | 0 |
Doubtful (9) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 0 | 0 |
Doubtful (9) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 0 | 0 |
Doubtful (9) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 0 | 0 |
Doubtful (9) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, including unearned loan costs | $ 0 | $ 0 |
Purchase Credit Impaired ("PC43
Purchase Credit Impaired ("PCI") Loans - Summary of PCI Loans by Category (Details) - Covered Loans $ in Thousands | Sep. 30, 2015USD ($)rating | Dec. 31, 2014USD ($)rating |
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 83,736 | $ 99,103 |
Construction and land development | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating | rating | 6.31 | 6.16 |
Recorded Investment PCI Loans | $ 7,068 | $ 7,740 |
Commercial Real Estate Investor Owned | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating | rating | 7.11 | 7.07 |
Recorded Investment PCI Loans | $ 32,534 | $ 39,066 |
CRE - owner occupied | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating | rating | 6.35 | 6.35 |
Recorded Investment PCI Loans | $ 20,008 | $ 22,695 |
Residential real estate | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating | rating | 5.44 | 5.54 |
Recorded Investment PCI Loans | $ 20,404 | $ 25,121 |
Total real estate loans | ||
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 80,014 | $ 94,622 |
Commercial and industrial | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating | rating | 6.72 | 6.57 |
Recorded Investment PCI Loans | $ 3,467 | $ 4,012 |
Consumer and other | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating | rating | 6.13 | 5.39 |
Recorded Investment PCI Loans | $ 255 | $ 469 |
Purchase Credit Impaired ("PC44
Purchase Credit Impaired ("PCI") Loans - Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category (Details) - Covered Loans - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | $ 4,447 | $ 3,672 |
90 or More Days Past Due | 6,012 | 10,722 |
Total Past Due | 10,459 | 14,394 |
Current | 73,277 | 84,709 |
Total | 83,736 | 99,103 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 16 |
Total Past Due | 0 | 16 |
Current | 3,467 | 3,996 |
Total | 3,467 | 4,012 |
CRE - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 543 | 2,759 |
Total Past Due | 543 | 2,759 |
Current | 19,465 | 19,936 |
Total | 20,008 | 22,695 |
Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 4,358 | 878 |
90 or More Days Past Due | 3,441 | 6,484 |
Total Past Due | 7,799 | 7,362 |
Current | 24,735 | 31,704 |
Total | 32,534 | 39,066 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 774 |
90 or More Days Past Due | 1,975 | 0 |
Total Past Due | 1,975 | 774 |
Current | 5,093 | 6,966 |
Total | 7,068 | 7,740 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 89 | 2,020 |
90 or More Days Past Due | 53 | 1,451 |
Total Past Due | 142 | 3,471 |
Current | 20,262 | 21,650 |
Total | 20,404 | 25,121 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 12 |
Total Past Due | 0 | 12 |
Current | 255 | 457 |
Total | $ 255 | $ 469 |
Purchase Credit Impaired ("PC45
Purchase Credit Impaired ("PCI") Loans - Rollforward of PCI Loans, Net of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 83,693 | $ 125,100 |
Principal reductions and interest payments | (19,315) | (25,261) |
Accretion of loan discount | (8,604) | 12,323 |
Changes in contractual and expected cash flows due to remeasurement | 11,833 | 5,262 |
Reductions due to disposals | (12,418) | (19,106) |
Balance at end of period | 72,397 | 98,318 |
Contractual Cashflows | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 178,145 | 266,068 |
Principal reductions and interest payments | (19,315) | (25,261) |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | (5,731) | (2,616) |
Reductions due to disposals | (19,734) | (30,334) |
Balance at end of period | 133,365 | 207,857 |
Non-accretable Difference | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 65,719 | 87,438 |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | (26,797) | (7,378) |
Reductions due to disposals | (4,183) | (7,379) |
Balance at end of period | 34,739 | 72,681 |
Accretable Yield | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 28,733 | 53,530 |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 8,604 | 12,323 |
Changes in contractual and expected cash flows due to remeasurement | 9,233 | (500) |
Reductions due to disposals | (3,133) | (3,849) |
Balance at end of period | $ 26,229 | $ 36,858 |
Purchase Credit Impaired ("PC46
Purchase Credit Impaired ("PCI") Loans - Summary of FDIC Loss Share Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
FDIC Indemnification Asset [Roll Forward] | ||
Balance December 31, 2014 | $ 15,866 | |
Cash received from the FDIC for covered assets | (1,725) | $ (6,487) |
FDIC reimbursable losses, net | (1,072) | |
Amortization, net | (484) | |
Loan impairment | (2,611) | |
Reductions for payments on covered assets in excess of expected cash flows | (1,355) | |
Balance at end of period | $ 8,619 |
Purchase Credit Impaired ("PC47
Purchase Credit Impaired ("PCI") Loans - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
PCI loans outstanding | $ 110.6 | $ 135.3 |
Derivative Financial Instrume48
Derivative Financial Instruments (Details) - Non-designated hedging instruments - Client-Related - Interest rate swap contracts - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summary of Derivative Instruments [Abstract] | ||
Notional Amount | $ 146,884 | $ 141,263 |
Other Assets | ||
Summary of Derivative Instruments [Abstract] | ||
Asset derivatives (other assets), fair value | 1,749 | 907 |
Other Liabilities | ||
Summary of Derivative Instruments [Abstract] | ||
Liability derivatives (other liabilities), fair value | $ 1,749 | $ 907 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Commitments [Line Items] | ||
Unadvanced commitments on impaired loans | $ 300 | $ 200 |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 1,099,224 | 947,424 |
Standby letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 51,701 | 50,108 |
Standby letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 2 years 5 months | |
Standby letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month | |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 200 | 200 |
Fixed Rate Loan Commitment | Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 101,400 | $ 65,900 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Securities available for sale | $ 470,496 | $ 400,146 |
State tax credits held for sale | 10,089 | 11,689 |
Portion at Other than Fair Value, Fair Value Disclosure | ||
Assets | ||
State tax credits held for sale | 38,100 | |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 470,496 | 400,146 |
State tax credits held for sale | 53,767 | 42,970 |
Derivative financial instruments | 1,749 | 909 |
Liabilities | ||
Derivative financial instruments | 1,749 | 907 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 100,313 | 91,826 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 41,579 | 34,881 |
Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 328,604 | 273,439 |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 470,496 | 400,146 |
State tax credits held for sale | 10,089 | 11,689 |
Derivative financial instruments | 1,749 | 909 |
Total assets | 482,334 | 412,744 |
Liabilities | ||
Derivative financial instruments | 907 | |
Total liabilities | 1,749 | 907 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 100,313 | 91,826 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 41,579 | 34,881 |
Recurring basis | Residential mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 328,604 | 273,439 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available for sale | 0 | 0 |
State tax credits held for sale | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Total liabilities | 0 | 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 | 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 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Securities available for sale | 467,419 | 397,087 |
State tax credits held for sale | 0 | 0 |
Derivative financial instruments | 1,749 | 909 |
Total assets | 469,168 | 397,996 |
Liabilities | ||
Derivative financial instruments | 1,749 | 907 |
Total liabilities | 1,749 | 907 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 100,313 | 91,826 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 38,502 | 31,822 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 328,604 | 273,439 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 3,077 | 3,059 |
State tax credits held for sale | 10,089 | 11,689 |
Derivative financial instruments | 0 | 0 |
Total assets | 13,166 | 14,748 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 3,077 | 3,059 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
State tax credits held for sale, including $10,089 and $11,689 carried at fair value, respectively | $ 48,207 | $ 48,207 | $ 38,309 | ||
State tax credits, held for sale, carried at fair value | 10,089 | $ 10,089 | 11,689 | ||
State tax credit term | 10 years | ||||
Years of tax credits generated | 10 years | ||||
Recurring basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
State tax credits held for sale, including $10,089 and $11,689 carried at fair value, respectively | 48,200 | $ 48,200 | |||
Recurring basis | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
State tax credits, held for sale, carried at fair value | $ 10,089 | $ 10,089 | 11,689 | ||
Auction Rate Securities | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of available-for-sale securities | security | 3 | 3 | |||
Portion at Other than Fair Value, Fair Value Disclosure | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
State tax credits, held for sale, carried at fair value | $ 38,100 | $ 38,100 | |||
Estimated fair value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
State tax credits, held for sale, carried at fair value | 53,767 | 53,767 | 42,970 | ||
Estimated fair value | Recurring basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
State tax credits, held for sale, carried at fair value | 10,089 | 10,089 | $ 11,689 | ||
State tax credits held for sale, at fair value | Recurring basis | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change in unrealized gains relating to assets still held at the reporting date | $ 124 | $ (146) | $ (186) | $ 58 | |
LIBOR | LIBOR Swap Curve [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate basis spread on variable rate | 205.00% | 205.00% | |||
LIBOR Swap Curve [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate basis point spread | 205 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Level 3 - Recurring basis - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Securities available for sale, at fair value | ||||
Level 3 Financial Instruments Measured at Fair Value | ||||
Beginning balance | $ 3,070 | $ 3,051 | $ 3,059 | $ 3,040 |
Total gains: | ||||
Included in other comprehensive income | 7 | 3 | 18 | 14 |
Purchases, sales, issuances and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Transfer in and/or out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 3,077 | 3,054 | 3,077 | 3,054 |
Change in unrealized gains relating to assets still held at the reporting date | (7) | (3) | (18) | (14) |
State tax credits held for sale, at fair value | ||||
Level 3 Financial Instruments Measured at Fair Value | ||||
Beginning balance | 9,965 | 14,985 | 11,689 | 16,491 |
Total gains: | ||||
Total gains: | 124 | 146 | 318 | 407 |
Purchases, sales, issuances and settlements: | ||||
Sales | 0 | 0 | (1,918) | (1,767) |
Ending balance | 10,089 | 15,131 | 10,089 | 15,131 |
Change in unrealized gains relating to assets still held at the reporting date | $ 124 | $ (146) | $ (186) | $ 58 |
Fair Value Measurements - Sum53
Fair Value Measurements - Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | $ 822 | $ 6,068 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 821 | 5,985 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 1 | 83 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
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 | 0 |
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 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
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 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,317 | 3,317 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,427 | 2,427 |
Significant Unobservable Inputs (Level 3) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 890 | 890 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,317 | 3,317 |
Estimate of Fair Value Measurement [Member] | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,427 | 2,427 |
Estimate of Fair Value Measurement [Member] | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 890 | $ 890 |
Fair Value Measurements - Sum54
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Balance sheet assets | ||
Securities available for sale | $ 470,496 | $ 400,146 |
Securities held to maturity | 44,175 | 45,985 |
State tax credits held for sale | 10,089 | 11,689 |
Carrying Amount | ||
Balance sheet assets | ||
Cash and due from banks | 46,775 | 42,903 |
Federal funds sold | 45 | 35 |
Interest-bearing deposits | 81,070 | 63,058 |
Securities available for sale | 470,496 | 400,146 |
Securities held to maturity | 44,175 | 45,985 |
Other investments, at cost | 15,906 | 17,037 |
Loans held for sale | 4,275 | 4,033 |
Derivative financial instruments | 909 | |
Portfolio loans, net | 2,642,302 | 2,487,424 |
State tax credits held for sale | 48,207 | 38,309 |
Accrued interest receivable | 8,660 | 7,956 |
Balance sheet liabilities | ||
Deposits | 2,813,963 | 2,491,510 |
Subordinated debentures | 56,807 | 56,807 |
Federal Home Loan Bank advances | 75,000 | 144,000 |
Other borrowings | 194,684 | 239,883 |
Derivative financial instruments | 1,749 | 907 |
Accrued interest payable | 780 | 843 |
Estimated fair value | ||
Balance sheet assets | ||
Cash and due from banks | 46,775 | 42,903 |
Federal funds sold | 45 | 35 |
Interest-bearing deposits | 81,070 | 63,058 |
Securities available for sale | 470,496 | 400,146 |
Securities held to maturity | 44,101 | 45,795 |
Other investments, at cost | 15,906 | 17,037 |
Loans held for sale | 4,275 | 4,033 |
Derivative financial instruments | 1,749 | 909 |
Portfolio loans, net | 2,635,556 | 2,482,700 |
State tax credits held for sale | 53,767 | 42,970 |
Accrued interest receivable | 8,660 | 7,956 |
Balance sheet liabilities | ||
Deposits | 2,816,039 | 2,494,624 |
Subordinated debentures | 34,463 | 34,124 |
Federal Home Loan Bank advances | 74,998 | 144,000 |
Other borrowings | 194,671 | 239,950 |
Derivative financial instruments | 1,749 | 907 |
Accrued interest payable | $ 780 | $ 843 |
Fair Value Measurements - Sch55
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Estimated fair value | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | $ 44,101 | $ 45,795 |
Estimated fair value | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 2,635,556 | 2,482,700 |
Estimated fair value | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 43,678 | 31,281 |
Estimated fair value | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 2,816,039 | 2,494,624 |
Estimated fair value | Subordinated debentures | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 34,463 | 34,124 |
Estimated fair value | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 74,998 | 144,000 |
Estimated fair value | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 194,671 | 239,950 |
Level 1 | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 2,357,367 | 1,986,158 |
Level 1 | Subordinated debentures | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 44,101 | 45,795 |
Level 2 | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | Subordinated debentures | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 34,463 | 34,124 |
Level 2 | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 74,998 | 144,000 |
Level 2 | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 194,671 | 239,950 |
Level 3 | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 3 | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 2,635,556 | 2,482,700 |
Level 3 | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 43,678 | 31,281 |
Level 3 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 458,672 | 508,466 |
Level 3 | Subordinated debentures | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 3 | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 3 | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | $ 0 | $ 0 |